Brunel International N.v. · EURONEXT:BRNL
Brunel International — Kepler Cheuvreux Autumn Conference 2025
44 slides from Brunel International's conference presentation, Sep 10, 2025
Slide 1: Kepler Cheuvreux – Autumn Conference
l 1975 - 2025 Kepler Cheuvreux – Autumn Conference 10 September 2025
Slide 2: 50 year Brunel
50 year Brunel First First office interna- Launch of in the tional Brunel Netherlands office Energy IPO 1975 1987 1995 1997 Brunel with Implemen- Major client offices tation of one Launch of wins in across global Brunel Conventional 37 countries database Foundation Energy 2017 2013 2012 2003 +1997 +
Slide 3: Connecting specialists to pioneering projects
Connecting specialists to pioneering projects Expanding Attracting & pioneering Connecting through internal retaining projects talent and technology specialists 3
Slide 4: Our services
Our services Project & Consulting Workforce Global Mobility Solutions Solutions Solutions Brunel provides custom support, an Brunel leverages advanced Brunel seamlessly transfers international network and local recruitment techniques and strategic individuals, teams and even whole knowledge to deliv
Slide 5: Global network, local presence
Global network, local presence Global Verticals 7 Renewable Energy Regions Conventional Energy Mining 45 Life Sciences Countries 120+ Local verticals Offices Future Mobility 12,000+ Infrastructure Specialists Industry & Technology Financial Services Public Sector 5
Slide 6: Our Global Verticals
Our Global Verticals 6
Slide 7: Renewables
Renewables • Fully-integrated project support: specialists, payroll, vendor inspection, and consulting • Specialized recruitment in wind, solar, and hydrogen energy sectors • Global mobility and compliance solutions for international projects • Acquired and integrated Taylor Hopkinson to enhance sec
Slide 8: Conventional Energy
Conventional Energy • Over 50 years of experience in Oil & Gas across Upstream, Midstream, and Downstream • Support for Capex and Opex projects including LNG, FLNG, refineries, and CCUS facilities • Comprehensive services: project management, global mobility, compliance, and risk mitigation • Traini
Slide 9: Mining
Mining • Expertise across all phases of mining life cycle • Solutions for talent acquisition, technical training, and global mobility • Support for digital transformation and sustainability in mining operations • Access to over 100,000 mining specialists globally • Focus on safety, productivity, and
Slide 10: Life Sciences
Life Sciences • 15+ years of experience in pharmaceuticals, medical devices, and food production • Support for clients in R&D, digital transformation, and innovative manufacturing • Global network of specialists across 45+ countries and 200+ clients • Recruitment solutions including RPO, direct hire
Slide 11: Global recruitment platform
Global recruitment platform Contract Candidate AI Profile AI Validation Client Validation Creation Matching Data Real-time Steering Automated Next Best Enrichment Information Retention Project CRM/ATS – Mercury Digital Onboarding Time & Expense, Pay, Bill Finance and Payroll Power BI Power Apps Powe
Slide 12: Brunel vision on AI
Brunel vision on AI For Brunel, humans will keep making a key difference. Technology and AI can complement the work of our consultants. We strive for efficiency by using AI to eliminate repetitive tasks. Spend more time on valuable interactions with our specialists and clients. 12
Slide 13: AI - Application
Brunel Automated Recruitment Cycle After Care Generate Leads 1 1 Maintain engagement Attract and qualify - Application on loons saad ates aay Out-Process Define Roles Establish clear job specifications Finalize documentation and legal aspects Source Follow-Up Candidates Check-in and suggest upskilli
Slide 14: Results
Results Brunel Revenue & EBIT development (xEUR m) 80 1600 70 Revenue 1400 60 1200 50 EBIT 1000 40 800 30 600 20 10 400 0 200 -10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 14
Slide 15: Why invest in Brunel
Why invest in Brunel 1. Strong market position and reputation 2. Global presence and diversification 3. Global IT platform, AI and execution improvement opportunities 4. Commitment to sustainability and innovation 5. Robust financial performance and strong balance sheet 6. Highly skilled workforce a
Slide 16: Results Q2 / H1 2025
Results Q2 / H1 2025 16
Slide 17: Financial Highlights Q2 / H1 2025
Financial Highlights Q2 / H1 2025 € 303M € 52M € 46M € 6.3M Revenue down 12% in Q2, Gross Profit down 20% in Q2, Opex down 14% in Q2, Underlying EBIT down 46% in Q2, down 7% organically down 14% organically down 12 % organically down 27% organically € 613M € 109M € 94M € 14.7M Revenue down 11% in H1
Slide 18: Operational Highlights
Operational Highlights ▪ Our global perm placement activities recovered slightly compared to Q1, with fees increasing from EUR 3.3 million to EUR 4.1 million, although still significantly down on last year ▪ Cost reduction program delivered EUR 13.4 lower cost to EUR 94 million, down 12% ▪ Additiona
Slide 19: Q2 and H1 2025 results
Q2 and H1 2025 results Revenue Revenue Q2 2025 Q2 2024 Δ% Org. Δ% H1 2025 H1 2024 Δ% Org. Δ% Compared to Q2 2024, revenue decreased by 12%. Organically, revenue decreased by 7%, excluding a working days effect of 1.5% DACH region 44.4 59.8 -26% -25% 93.8 124.1 -24% -23% and a FX effect of 3.6%. The
Slide 20: Distribution Revenue and Gross Profit H1
Distribution Revenue and Gross Profit H1 Revenue Gross Profit Rest of World Rest of World 11% 12% DACH 15% DACH Asia 25% Asia 11% 12% The EUR EUR Netherlands 613 16% 109 Americas million million 12% Americas 15% Australasia The 16% Netherlands Middle East & India 21% Middle East & 11% India Australa
Slide 21: DACH Region
DACH Region Germany, Austria, Switzerland, Czech Republic ▪ Headcount as of 30 June was 1,454 (30 June € 80 34% 34% 32% 40% 2024: 1,931) € 70 29% 30% 35% 26% 30% € 60 € 50 64 60 60 25% ▪ Revenue per working day decreased by 24.5% 52 49 20% € 40 44 15% € 30 10% ▪ The gross margin adjusted for working
Slide 22: DACH Region
DACH Region (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 49 44 94 Conventional Other 2% Life Sciences Energy 10% 2024 64 60 124 60 52 237 11% Δ YoY -23% -26% -24% Renewables Gross profit 2025 16 12 27 5% 2024 22 18 40 20 16 76 Δ YoY -29% -34% -31% EUR Gross margin 2025 31.5% 26.1% 2
Slide 23: The Netherlands
The Netherlands ▪ Headcount as of 30 June was 1,443 (30 June € 80 30% 26% 25% 25% 25% 2024: 1,676) € 70 23% 22% 25% € 60 € 50 20% ▪ Revenue per working day decreased by 9.4% 56 54 56 52 52 € 40 48 15% € 30 10% ▪ The gross margin, adjusted for working days, was 7% € 20 23.2% in Q2 2025 (Q2 2024: 25.3
Slide 24: The Netherlands
The Netherlands (in € million) Gross Profit H1 Q1 Q2 H1 Q3 Q4 FY Conventional Other 4% Revenue 2025 52 48 100 Energy 7% 2024 56 54 110 52 56 217 Renewables 6% Δ YoY -7% -11% -9% Future Mobility 3% Gross profit 2025 12 11 23 Infrastructure 2024 14 14 28 13 14 55 4% Δ YoY -17% -21% -19% Public EUR Ind
Slide 25: Australasia
Australasia Australia, Papua New Guinea ▪ Headcount as of 30 June was 1,682 (30 June € 70 12% 10% 10% 09% 11% 10% 10% 2024: 1,818) € 60 10% 57 59 57 € 50 55 50 8% ▪ Significantly improved its conversion ratio to 33%, 49 € 40 6% driven by a strategic focus on higher margin € 30 4% business and a lean
Slide 26: Australasia
Australasia (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 50 49 99 Infrastructure 2024 55 57 112 59 57 229 8% Conventional Δ YoY -8% -15% -12% Energy 43% Gross profit 2025 5 5 10 2024 6 6 11 6 6 23 Δ YoY -10% -11% -10% Gross margin 2025 10.0% 10.5% 10.2% EUR 2024 10.1% 10.0% 10.1% 9.
Slide 27: Middle East & India
Middle East & India Qatar, Dubai, Kuwait, Iraq, India ▪ Headcount as of 30 June was 2,060 (30 June € 60 14% 14% 16% 12% 13% 13% 13% 14% 2024: 1,882) € 50 12% 47 € 40 43 41 44 42 10% ▪ The overall gross margin increased to 13.2% (from 44 € 30 8% 12.7% in Q2 2024), offsetting the revenue decline 9% €
Slide 28: Middle East & India
Middle East & India (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 44 42 87 Industry & Technology 2% Infrastructure 2024 47 43 91 41 44 175 13% Δ YoY -7% -2% -4% Gross profit 2025 6 6 11 Renewables 2024 6 5 11 6 6 23 5% Δ YoY 1% 2% 1% EUR Gross margin 2025 13.3% 13.2% 13.2% 11 2024 12
Slide 29: Americas
Americas Canada, USA, Mexico, Guyana, Brazil, Surinam ▪ Headcount as at 30 June 1,164 (30 June 2024: € 50 20% 15% 1,077) € 49 15% 15% 14% 14% 13% 15% € 48 49 49 ▪ Higher revenue in Brazil was more than offset by € 47 48 10% lower revenue in USA and Canada € 46 46 47 46 5% ▪ The gross margin slightly
Slide 30: Americas
Americas (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 47 46 93 Other 6% 2024 46 48 94 49 49 191 Life Sciences Δ YoY 2% -3% -1% 8% Gross profit 2025 6 7 13 2024 6 7 14 7 7 28 Δ YoY 1% -8% -4% EUR Gross margin 2025 13.4% 14.6% 14.0% Mining 13 2024 13.6% 15.4% 14.5% 15.2% 14.3% 14.6% O
Slide 31: Asia
Asia Singapore, China, Hong Kong, South Korea, Taiwan, Japan, Indonesia, Thailand, Malaysia € 60 20% 16% 16% 16% 16% 17% ▪ Headcount as at 30 June 1,245 (30 June 2024: € 50 14% 15% 1,485) € 40 44 41 40 41 € 30 44 37 10% ▪ Asia achieved an improved performance compared € 20 to Q1, driven mainly by st
Slide 32: Asia
Asia (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 37 41 78 Life Sciences Other 5% 2024 44 44 88 41 40 169 2% Conventional Δ YoY -16% -7% -11% Industry & Energy Gross profit 2025 Technology 2% 5 7 12 39% 2024 7 7 14 7 6 27 Δ YoY -23% -2% -13% EUR Gross margin 2025 14.4% 16.9% 15.7% 1
Slide 33: Rest of World
Rest of World Europe & Africa, Belgium, Taylor Hopkinson 19% 17% 19% ▪ Headcount as at 30 June 1,199 (30 June 2024: € 60 18% 20% 17% 14% 1,239) € 50 15% € 40 45 46 43 41 10% ▪ Market uncertainty led to a slowdown in the € 30 39 permanent recruitment market, with new hires 37 € 20 5% being delayed or
Slide 34: Rest of World
Rest of World (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 37 39 76 Life Sciences 2% Conventional 2024 45 46 91 43 41 175 Industry & Energy 24% Δ YoY -17% -16% -17% Technology 6% Gross profit 2025 6 6 12 2024 8 8 17 8 7 31 Infrastruc Δ YoY -23% -31% -27% ture 2% EUR Gross margin 202
Slide 35: Brunel International
Brunel International (in € million) Q1 Q2 H1 Q3 Q4 FY Gross Profit H1 Revenue 2025 310 303 613 Public Sector Other 2% 9% Conventional Energy 2024 347 345 692 339 334 1,365 Financial Services 30% Δ YoY -11% -12% -11% Gross profit 2025 56 52 109 5% 2024 69 65 134 67 62 263 Life Sciences Δ YoY -18% -20
Slide 36: Gross profit (net fees) by vertical H1
Gross profit (net fees) by vertical H1 Conventional Energy 32,831 37,216 Renewables 15,324 19,034 Industrials & Technology 14,073 17,703 Future Mobility 8,582 14,896 Mining 10,075 11,576 Life Sciences 5,574 8,083 Public Sector 9,049 9,444 Financial Services 5,699 7,443 Infrastructure 5,098 5,180 202
Slide 37: Net profit and effective tax rate
Net profit and effective tax rate • Net profit for H1 2025 was EUR 0.3 million (H1 2024: EUR 14.9 million) leading to earnings per share of EUR 0.01 (H1 2024: EUR 0.30) • The effective tax rate for the six-month period ended on 30 June 2025 is 76.8% (30 June 2024: 33.1%). For the full year we expect
Slide 38: Additional cost savings program
Additional cost savings program • Given the ongoing market challenges an additional cost savings program has been initiated, expected to deliver around EUR 10 million in annual cost savings • One-off costs associated with this program are expected to total around EUR 8 million, EUR 6.1 million recog
Slide 39: Balance sheet
Balance sheet (in € million) 30 June 2025 31 Dec 2024 • Free cash flow was EUR 24.3 million negative Non-current assets 134.9 140.0 in H1 2025 (H1 2024: EUR 0.2 million negative), due to lower earnings, a delay in Current assets 325.8 330,0 collection and higher corporate income tax Cash & cash equi
Slide 40: Outlook Q3 2025
Outlook Q3 2025 • We expect the organic year on year trend in Q3 to be in line with the trend in Q2 • Reported figures will also reflect the impact of adverse exchange rate movements 40
Slide 41: Strategy update
Strategy update We have started the process of updating our strategy, taking into account the current macro- economic circumstances, the outlook for our core markets and the developments in technology and in particular AI. Therefore, we did not report on the midterm targets. We intend to share the u
Slide 42: Q&A
Q&A
Slide 43: Disclaimer
Disclaimer Certain statements in this document concern prognoses about the future financial condition and the results of operations of Brunel International N.V. as well as plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty since they concern future events and d
Slide 44: Financial calendar 2025 Investor Relations contact
Financial calendar 2025 7 November 2025 Trading update for the third quarter 2025 (before trading) Investor Relations contact: i.prins@brunel.net + 31 6 26407735 brunelinternational.net
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