Slide 1: FY 2025 results
FY 2025 results 27 February 2026
Slide 2: 2025: navigating a challenging year; better positioned for 2026
2025: navigating a challenging year; better positioned for 2026 Revenue ▪ Performance impacted by adverse offshore wind markets throughout 2025, and temporary slowdown EUR 1,848 mln in oil and gas project start-ups during H2 YoY -16.1% EBITDA ▪ After right-sizing the organisation during 2025, we ent
Slide 3: Offshore wind Europe – Improving market conditions & sentiment
Offshore wind Europe – Improving market conditions & sentiment ▪ At the North Sea Summit, 9 countries agreed to collaborate, targeting 15 GW/year during 2031–2040 ▪ UK AR7 auction (8.4 GW) signals renewed confidence ▪ Germany postpones 2026 auctions to 2027 while tender process is redesigned to rest
Slide 4: Offshore wind and O&G are essential for future energy supply
Offshore wind and O&G are essential for future energy supply Offshore wind ▪ Policy refinements around auction design and adoption of Contracts for Difference should provide longer-term clarity to rebuild confidence and momentum ▪ Increased tendering activity in Europe, even though the near term is
Slide 5: Solid mid-to long-term market fundamentals
Solid mid-to long-term market fundamentals Recalibration offshore wind market Ongoing requirement for O&G investment 234 243 248 234 232 62 CAGR 51 CAGR 79 80 Expenditure 40 43 47 7 Expenditure 80 79 83 (‘25-’29) 6 (‘25-’29) 5 5 4 Capex 11% 45 55 Capex 0% 36 38 42 152 155 164 167 151 Opex 12% Opex 1
Slide 6: Well diversified project portfolio
Well diversified project portfolio Selection of recent energy projects NordSee 1 ENI Indonesia geotechnical survey Largest site contract for characterisation award TotalEnergies’ NSE 1 to date in the region offshore wind farm for ENI’s Geng North development and Gehem deepwater gas fields Germany In
Slide 7: Well diversified project portfolio
Well diversified project portfolio Selection of recent infrastructure and water projects LanWin offshore Holtec small modular grid connection reactor units projects Geotechnical licensing GroundIQ® solution to programme, applying support site GroundIQ® investigations for to deliver subsurface TenneT
Slide 8: Highly diversified business
Highly diversified business Revenue by market segment1 % 2025 growth by market2 2025 revenue by client type 13% 13% -2% 37% 37% 10% 9% 39% 38% 45% 45% 54% 52% 7% 9% -40% 10% 29% 24% 30% 21% 35% 38% 26% 11% 14% -5% International energy companies - majors 24% 23% 23% International energy companies - i
Slide 9: Three strategic priorities and progress
Three strategic priorities and progress 1 Grow and transform current business Accelerate remote operations across the fleet Differentiate in marine with USVs Transform land site investigation with GroundIQ® Optimise with digitalisation roadmaps 2 Expand into developing segments Coastal resilience an
Slide 10: Financial highlights 2025
Financial highlights 2025 Revenue EBITDA (margin) Operating cash flow 21.3% -16.1% 14.5% 484 2,275 406 1,848 268 175 2024 2025 2024 2025 2024 2025 Backlog (12 months) EBIT (margin) Free cash flow 13.8% -5.7% 161 315 1,577 4.9% 1,396 91 -137 2024 2025 2024 2025 2024 2025 All 1. amounts Currency in eu
Slide 11: Q4 affected by weak end markets
Q4 affected by weak end markets strongly impacting EBIT, only partly offset by cost savings Revenue -20.5% 588 597 588 503 450 455 505 439 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 EBIT (margin) 16.9% 16.7% 100 8.8% 12.9% 20 12.2% 50 99 99 4.3% 10 72 0.2% 65 1.2% 44 20 0 1 6 0 Q1 24 Q2 24 Q3 2
Slide 12: 2025 Performance Marine
2025 Performance Marine Revenue EBIT (margin) X EUR million 15.9% -138 -15.5% -78 -85 30 -46 7.0% 1,754 278 1,437 101 2024 Europe- Americas Asia Pacific Middle East FX 2025 2024 Europe-Africa Americas Asia Pacific Middle East 2025 Africa & India & India Europe-Africa Americas Asia Pacific Middle Eas
Slide 13: 2025 Performance Land
2025 Performance Land Revenue EBIT (margin) X EUR million 7.0% -18.0% -54 -9 -24 -8 -16 5.3% 36 522 (2.4%) 411 -10 2024 Europe- Americas Asia Pacific Middle East FX 2025 2024 Europe-Africa Americas Asia Pacific Middle East 2025 Africa & India & India Europe-Africa Americas Asia Pacific Middle East &
Slide 14: Recalibration of markets visible in backlog
Recalibration of markets visible in backlog Reduction in renewables exposure, partly offset by growth oil & gas and infrastructure 12-month backlog – total and by market segment -5.7% Backlog mix shows value of diversification strategy 1,686 1,544 1,577 Currency comparable growth 1,521 88 62 63 89 1
Slide 15: Cost reduction programme delivering savings of EUR 120 million
Cost reduction programme delivering savings of EUR 120 million Execution of cost reductions during 2025, with programme nearing completion ▪ Workforce reduction of 1,050 FTEs ▪ Reducing short-term charters, third party personnel and equipment ▪ Hiring freeze for non-project staff Delivering EUR 120
Slide 16: Free cash flow bridge Q4 2025
Free cash flow bridge Q4 2025 Balancing capex with cash from operations X EUR million Q4 free cash flow: EUR 24m -137 -161 34 -44 -2 14 22 Free cash flow Operating Changes Capex Other Discontinued Full year free Q1-Q3 cash flow* working investing cash flow capital cash flow 16 * Before changes in wo
Slide 17: Working capital
Working capital Quality of receivables has not declined X EUR million, and as % of 12-month revenue 15.6% 15.9% 15.1% 14.1% 14.4% 13.7% 13.2% 12.8% 12.6% 8.9% 8.2% 7.6% 324 358 323 275 284 264 303 247 253 194 172 181 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 DRO 83 82 8
Slide 18: Capex – phasing the transformation
Capex – phasing the transformation ▪ 2025: EUR 248 million, in line with guidance ▪ 2026: reduction to EUR 150-165 million X EUR million Transformation & expansion 265 260 248 ▪ 2023 - H1 2025: incl investments geotechnical fleet 1 ▪ Discretionary nature of 2026+ transformation & expansion capex ena
Slide 19: Adjusting our decarbonisation roadmap
Adjusting our decarbonisation roadmap In today’s complex global environment Adjusting our net zero timeline ▪ Due to changed market conditions and slower technological developments, we have revised our net zero timeline ▪ We are now fully focused on our Science Based Targets initiative (SBTi) climat
Slide 20: Net result
Net result 2025 2024 x EUR million 1 Specific items Adjusted EBIT 91 315 ▪ EUR 21m restructuring costs in relation to cost savings programme Specific items (114) 1 (7) ▪ EUR 87m impairments incl EUR 51m goodwill impairment related to Middle East & India region, and EUR 25m on HQ following sale & EBI
Slide 21: Robust balance sheet
Robust balance sheet Net leverage Net debt development 2025 X EUR million 1.4 X EUR million 1.2 1.2 0.7 0.6 382 0.5 0.5 0.2 5 47 13 466 465 482 84 429 442 437 411 347 359 382 331 274 240 265 137 198 96 96 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 dec-24 free cash dividend share additions FX de
Slide 22: Capital allocation
Capital allocation Share buy backs added to capital allocation framework & EUR 0.15 dividend proposed over 2025 ▪ Capex in line with strategic priorities Invest for sustainable growth ▪ Selective inorganic growth Company level ▪ Net debt / EBITDA below 1.5x Maintain a strong balance sheet ▪ Maintain
Slide 23: Outlook 2026
Outlook 2026 ▪ Offshore wind market is showing early signs of recovery, though it will take some time to materialise ▪ Margin improvement driven by implemented cost savings and operational efficiencies ▪ To support free cash flow, capex will be reduced to EUR 150-165 mln, well below EUR 248 mln in 2
Slide 24: For inquiries contact Director Investor Relations
For inquiries contact Director Investor Relations Catrien van Buttingha Wichers c.vanbuttingha@fugro.com 24
Slide 25: Disclaimer
Disclaimer This presentation contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This announcement may contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including (b