Fugro N.V. (FUGRF) Q4 2025 Earnings Call Transcript

SA Transcripts158.69K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Fugro N.V. (FUGRF) Q4 2025 Earnings Call February 27, 2026 4:30 AM EST Company Participants Mark Heine - Chairman of Management Board & CEOBarbara P. Geelen - CFO & Member of Board Management Conference Call Participants Luuk Van Beek - Banque Degroof Petercam S.A., Research DivisionQuirijn Mulder - ING Groep N.V., Research DivisionKristof Samoy - KBC Securities NV, Research DivisionJeremy Kincaid - Kempen & Co. N.V., Research DivisionThijs Berkelder - ODDO BHF Corporate & Markets, Research Division Presentation Mark HeineChairman of Management Board & CEO Okay. Welcome to the full year result presentation of Fugro. Welcome, everybody. Good morning, good afternoon. Good evening for some of you. We'll first start with the presentation and then open up for some questions. Today, we're wrapping up what has been a very challenging year for Fugro. At the start of the year, we were expecting growth, supported by a 4% backlog growth and ongoing client engagement. But instead of that, we actually found ourselves navigating uncertain and volatile market conditions, along with shifting geopolitical circumstances. All of this created a more cautious business environment and prompting many clients to rethink their projects, the timing and the scope of their projects. And I will come back on the markets a little bit later to give a bit more detail. All in all, that resulted in a EUR 427 million decrease in revenue, 16% on a currency comparable basis. That's enormous. And obviously, also with the consequences for EBIT and cash generation. We have responded decisively with a cost program, took control of what we can take control of. After rightsizing our operations during the recent quarters, we enter 2026, we believe, in a better position, more leaner, more focused and more resilient. And there are 3 specific points to highlight. We're nearing the completion of the earlier announced cost reduction program, delivering