Slide 1: Investor slide pack
Fugro Investor slide pack August 2026
Slide 2: Included in this deck
Included in this deck 1. Highlights 2. Capital allocation 3. Market trends 4. Competitive differentiators 5. Financial performance H1 2026 6. Outlook FY 2026 7. Strategy and mid-term guidance 8. Appendix – competitive differentiators, strategy implementation 2
Slide 3: Today's topics: Highlights
Today’s topics 1. Introduction to Fugro 2.1. Toward Highlights Full Potential strategy 3. Highlights H1 2024 results 3
Slide 4: The world's leading Geo-data expert
The world’s leading Geo-data expert We use the power of Geo-data to unlock the secrets of Earth What we do We map, model, and monitor the Earth to provide critical insights into both the built and natural environments, supporting clients in reducing geo-risks throughout the entire life cycle of thei
Slide 5: Highly diversified and long-standing client base
Highly diversified and long-standing client base Revenue by market segment1 Revenue by client type International energy companies - majors Oil & gas International energy companies - independents 39% 37% 38% 37% 13% 13% 52% 45% 45% 46% 54% Renewables National energy companies 10% 9% Infrastructure Go
Slide 6: Reducing geo-risk for clients throughout asset life cycle
Reducing geo-risk for clients throughout asset life cycle From early cyclical site characterisation projects, to ongoing inspection & monitoring solutions Feasibility / Concept Detailed design Final design Construction Operations PROJECT RISK Client capex Client opex (20+ years) VALUE FOR CLIENT + O
Slide 7: Marine solutions and market position
Marine solutions and market position Unparalleled portfolio of global solutions with #1 or #2 market positions Gradually shifting towards asset lighter solutions where high barriers to entry remain, particularly in geotechnical site investigations Marine site characterisation 51% of group revenue #1
Slide 8: Land solutions and market positions
Land solutions and market positions Leading positions in number of core geographies Relatively asset light Strong focus on scaleable site characterisation solutions, consultancy, large projects Land #2 #1 #1 #1 Globally Globally Globally USA + AU 22% of group revenue Onshore site Nearshore site Site
Slide 9: Fugro's strategic priorities
Fugro’s 3 strategic priorities 1 Grow and transform current business ✓ 1.6 million offshore staff hours operated from remote operation centres to date ▪ Accelerate remote operations across the fleet ✓ Expansion of geotechnical fleet completed; full focus on roll-out of next gen ▪ Differentiate in ma
Slide 10: Financial highlights 2022 – 1H 2026
Financial highlights 2022 – 1H 2026 Revenue 2,188 2,276 1,848 1,864 1,766 2022 2023 2024 2025 1H 2026 (LTM) 13.8% 11.5% 6.1% 4.9% 5.8% EBIT (margin) 252 314 107 91 109 2022 2023 2024 2025 1H 2026 (LTM) 179 347 213 406 175 202 ▪ 2022 – 2024 strong growth and result improvement 24 161 11 Cash flow ▪ 2
Slide 11: 2. Capital allocation
2. Capital allocation 11
Slide 12: Capital allocation
Capital allocation ▪ 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 ample liquidity to support business ▪ Dividend pay-out policy of 25-45% of net profit Attrac
Slide 13: Invest for sustainable growth at attractive returns
Invest for sustainable growth at attractive returns In line with strategy and subject to differentiated hurdle rates ORGANIC M&A More • Selective Expansion Transformation Accretive to ROCE • Strategic fit Annual capex budget • Targeted partnerships Maintenance Carbon reduction • Technology focused L
Slide 14: 3. Market trends
3. Market trends 14
Slide 15: Global trends drive demand for Geo-data
Global trends drive demand for Geo-data Global developments are driving key challenges… …which Fugro can address in its markets… …contributing to 5 UN SDGs Population growth Energy transition Energy and security Global warming Urbanisation Growing inequality Infrastructure Infrastructure investments
Slide 16: Offshore wind - reset ongoing, start of recovery expected in 2027
Offshore wind - reset ongoing, start of recovery expected in 2027 Key developments Developments in key regions ▪ Evolving auction regimes are driving greater alignment between Europe- ▪ UK is anchor market: AR8 results expected end 26/early 27 government ambitions and developer commitments Africa ▪
Slide 17: Offshore oil and gas market – selective growth
Offshore oil and gas market – selective growth Key developments Developments in key regions ▪ Ongoing energy shock and oil market volatility due to war in Europe- ▪ Stable sanctioning and exploration activity in Norway; UK restricting new Middle East, but IEA foresees oil oversupply in 2027 Africa d
Slide 18: Infrastructure market – sustained activity with emerging hotspots
Infrastructure market – sustained activity with emerging hotspots Key developments Developments in key regions ▪ Long-term investment programmes support near-term activity Europe ▪ Nuclear developments: Hinkley Point C and Sizewell C (UK); ITER (France) levels ▪ Power transmission buildout in UK, Fr
Slide 19: Developing markets
Developing markets Coastal resilience & ocean health Critical minerals Security & surveillance ▪ Tightened regulations and rising insurance • Electrification, energy security and supply chain ▪ Increasing number of subsea incidents across the premiums are forcing companies to quantify localisation d
Slide 20: 4. Competitive differentiators
4. Competitive differentiators 20
Slide 21: 5 Competitive differentiators driving leadership and resilience
5 Competitive differentiators driving leadership and resilience > 2,600 Diversified and long- Highly skilled people with unique Geo-data expertise Differentiating through innovation standing client base Geo-data specialists 2,400 46 Priority patents filed in 2025 Geo-data specialists Revenue share R
Slide 22: New technologies are shaping the future
New technologies are shaping the future Blue Dragon® GroundIQ® Early site screening New industry standard for Revolutionary, scalable geotechnical seabed site screening solution Geotechnical characterisation providing clients with validation earlier insights and faster delivery to better manage grou
Slide 23: Diversified project portfolio
Diversified project portfolio Selection of recent energy projects NordSee 1 ENI Indonesia geotechnical survey Site characterisation contract for for ENI’s Geng North TotalEnergies’ NSE 1 and Gehem deepwater offshore wind farm gas fields development Germany Indonesia Early site screening Dogger Bank
Slide 24: Diversified project portfolio
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 char
Slide 25: 5. Financial performance
5. Financial performance 25
Slide 26: Higher margin and cash flow in H1 2026, while anticipating a challenging second half-year
Higher margin and cash flow in H1 2026, while anticipating a challenging second half-year Revenue EBIT Free cash flow Net result Backlog (next 12 months) EUR 921 mn 4.1% margin - EUR 38 mn - EUR 62 mn EUR 1,280 mn YoY +4.3% 1H25: 2.3% 1H25: - EUR 186 mn 1H25: - EUR 18 mn YoY -13.9% ▪ Revenue increas
Slide 27: 2Q26 margin and cash flow increase
2Q26 margin and cash flow increase Supported by revenue growth, cost savings and reduced capex Revenue +10.7% 588 597 588 503 450 455 505 439 418 502 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 EBIT (margin) 16.9% 16.7% 8.8% 100 12.2% 12.9% 7.9% 20 0.2% 4.3% 1.2% -0.4% 44 99 99 72 65
Slide 28: Impact war in the Middle East
Impact war in the Middle East Significant impact in H1 2026; situation continues to be volatile H1 2026 ▪ Direct impact primarily from ‘GNSS navigation signal’ disruptions affecting operations in UAE and Qatar, limiting our ability to operate assets1 ▪ Some knock-on effects in other regions, eg high
Slide 29: Ongoing recalibration; business mix shows value of diversification
Ongoing recalibration; business mix shows value of diversification Subdued offshore wind markets; underlying growth of the other markets Revenue by market segment Backlog by market segment 1H26: ongoing decline offshore wind, offset by growth other markets 47% drop offshore wind, mainly in Europe-Af
Slide 30: Vessel rationalisations
Vessel rationalisations Key contributor to EUR 50 million annualised cost reductions PERMANENT • STRUCTURAL TEMPORARY • FLEXIBLE 1 2 3 4 5 Retirement Charter reductions Relocation Cold lay-up Winter lay-up Permanent removal of owned Ending chartered vessels Cross-regional relocation of Temporary own
Slide 31: H1 2026 Performance Marine
H1 2026 Performance Marine Revenue EBIT (margin) X EUR million +4.2% 13 -14 3.5% 3.5% -3 -19 47 -13 -13 24 7.0% 693 707 24 25 -7 1H25 Europe- Americas Asia Pacific Middle East FX 1H26 1H25 Europe-Africa Americas Asia Pacific Middle East 1H26 Africa & India & India Europe-Africa Americas Asia Pacific
Slide 32: H1 2026 Performance Land
H1 2026 Performance Land Revenue EBIT (margin) X EUR million +4.9% -1 6.1% 22 -10 -1 -8 -2 -5 7 (2.4%) 212 214 - 1.6% 13 16 -3 1H25 Europe- Americas Asia Pacific Middle East FX 1H26 1H25 Europe-Africa Americas Asia Pacific Middle East 1H26 Africa & India & India Europe-Africa Americas Asia Pacific M
Slide 33: Net result
Net result Net result includes asset impairments and derecognition of deferred tax assets 1H26 1H25 1 Specific items x EUR million Adjusted EBIT 38 21 ▪ EUR 36m impairment losses ▪ challenging conditions in geophysical market, resulting in Specific items (48) 1 (7) decision to retire one old vessel
Slide 34: H1 2026 Free cash flow
H1 2026 Free cash flow Lower cash outflow from changes in working capital and significantly lower capex Free cash flow X EUR million H1 2026 -59 85 -81 -38 -38 0 17 1 H1 2025 58 -97 -202 -186 -168 5 16 Operating CF changes capex other free cash flow FCF from free cash flow before changes working cap
Slide 35: Working capital
Working capital Days of revenue outstanding improved, remains point of attention X EUR million, and as % of 12-month revenue 15.9% 17.1% 16.6% 14.4% 15.1% 13.7% 12.8% 12.6% 7.6% 8.2% 358 323 311 310 284 264 303 253 172 181 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Days of revenue o
Slide 36: Robust balance sheet
Robust balance sheet Net leverage Net debt development H1 2026 X EUR million 1.8 X EUR million 1.7 1.2 1.2 1.4 0.5 0.7 0.6 0.5 0.2 473 466 469 482 464 473 382 17 36 429 442 437 411 38 345 359 382 331 274 240 265 255 278 198 96 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 dec-25 free c
Slide 37: 6. Outlook FY 2026
6. Outlook FY 2026 37
Slide 38: Outlook 2026
Outlook 2026 ▪ Uncertainty remains elevated due to the ongoing conflict in the Middle East and continued weakness in offshore wind markets ▪ As a result, we expect industry overcapacity to persist, leading to pricing pressure and shorter backlog visibility. ▪ Consequently, the previously expected ma
Slide 39: 7. Strategy
7. Strategy 39
Slide 40: 2024-2027: Towards Full Potential
2024-2027: Towards Full Potential Grow and transform current business ▪ Accelerate remote operations across our fleet ▪ Differentiate in market with uncrewed surface vessels ▪ Transform land site characterisation with GroundIQ® ▪ Optimise with digitalisation roadmaps Expand into developing segments
Slide 41: Strongly diversified and future proof business profile
Strongly diversified and future proof business profile 2024-2027 Recurring revenue Infrastructure 3 Build recurring revenue with Towards Full Developing segments Renewables Geo-data as a service Water Oil and Gas Potential Strategy 3 Expand into developing 2 2 segments Grow and transform current 1 1
Slide 42: Mid-term targets
Mid-term targets Target 11-15% Key drivers to reach mid-term targets EBIT 11.5% 13.8% margin 1.4% 4.1% 5.3% 4.9% Improved contract terms and conditions to offset inflationary 2020 2021 2022 2023 2024 2025 2027 pressures Cost control through implementation of digital workflows, Target 6-9% ongoing ro
Slide 43: Efficient asset management model with clear strategy towards low carbon solutions
Efficient asset management model with clear strategy towards low carbon solutions We deploy equipment in land and marine environments, required to acquire Geo-data ~40% revenue Indicative ~60% revenue from asset Revenue from more asset Split light businesses intensive businesses Gradual shift toward
Slide 44: Gradual shift towards asset lighter and low carbon solutions
Gradual shift towards asset lighter and low carbon solutions As presented at the capital markets day in November 2023 Current Changes in Asset intensity portfolio portfolio ‘24-’27 Drone inspection Asset light – further Land introduction of remote and non-invasive technology to Site screening Low op
Slide 45: On track with asset lighter strategy
On track with asset lighter strategy Vessel overview Changes in vessel base 2027 guidance at time of Capital Q4 ’23 to Q4 ’25 provided at CMD Markets Day (Nov ’23) Geotechnical Service line with largest 15 vessels* Marine equipment – asset intensity (o/w 7 long-term will remain the same in the chart
Slide 46: Capex – phasing the transformation
Capex – phasing the transformation ▪ 2026: reduction to lower end of EUR 150-165 million range X EUR million Transformation & expansion 265 260 248 ▪ 2023 - H1 2025: incl investments geotechnical fleet 1 76 ▪ Discretionary nature of 2026+ transformation & expansion capex enables 153 market-responsiv
Slide 47: Appendix: Competitive differentiators
Today’s topics 1. Introduction to Fugro 2.Appendix Toward Full Potential strategy 3.Competitive Highlights H1 2024 results differentiators 47
Slide 48: World's leading Geo-data specialist
World’s leading Geo-data specialist Unparalleled portfolio of global solutions with #1 or #2 market positions Marine site characterisation Marine asset integrity Land Integrated offering Single service Local Global Local Global Local Global Competitors Competitors Competitors Benthic (Acteon) N-Sea
Slide 49: Market-agnostic resources
Market-agnostic resources Examples of assets used in subsequent projects across different markets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Renewables Infrastructure Renewables Water Water Surveys for offshore wind Geophysical surveys for telecom Geophysical surveys for offshore Hydrographic survey for Seagra
Slide 50: Market-agnostic resources
Market-agnostic resources Overview of key assets as per December 2025 29 10 5 autonomous specialised uncrewed underwater service vessels surface vessels vehicles 65 112 228 remotely cone operated penetration geotechnical vehicles testing systems drilling rigs Global network of remote operations 33 3
Slide 51: Appendix: Strategy implementation
Today’s topics 1. Introduction to Fugro 2.Appendix Toward Full Potential strategy 3.strategy Highlights implementation H1 2024 results 51
Slide 52: Transforming land site characterisation with GroundIQ
Transforming land site characterisation with GroundIQ® Grow and transform current business GroundIQ® Subsurface intelligence for infrastructure 1. Early screening 2. Geotechnical validation & modelling 3. Actionable engineering design 4. Powered by digital platform Delivering client benefits ~50% sc
Slide 53: GroundIQ commercial traction is accelerating
GroundIQ® commercial traction is accelerating Project examples INFRASTRUCTURE · EUROPE ENERGY · AMERICAS LNG - Bechtel Data center development 4 wks 3D Key layers Accelerated Optimised Early End-to-end Integrated model Detected Timeliness Pile design Risk mitigation ENERGY · EUROPE Projects won H2 N
Slide 54: Moving to asset-lighter remote operations with USVs
Moving to asset-lighter remote operations with USVs Uncrewed Blue Essence® Blue Prism® surface vessels (USVs) Blue Eclipse® Light-geophysical and Inspection & monitoring USV hydrography capabilities 10 USVs operational with ROV capabilities 90% emission reduction Operated from Remote operations cent
Slide 55: Moving to asset-lighter remote operations with USVs
Moving to asset-lighter remote operations with USVs Examples of recent projects Petrobras First remote subsea inspection surveys of shallow-water infrastructure in Brazil Vår Energy Inspection campaigns for various oil & With Blue Eclipse®, latest generation inspection & monitoring USV gas clients i
Slide 56: Executing large scale mapping projects along coastal zones
Executing large scale mapping projects along coastal zones Expand in developing segments Coastal resilience and ocean health Proven services to new markets Multi-year projects for governmental clients ISPRA Seagrass mapping around coast of Italy, with 11 seawatch® buoys Florida ~42,000km2 vessel and
Slide 57: Investment in DTACT to strengthen Geo-data intelligence capabilities
Investment in DTACT to strengthen Geo-data intelligence capabilities Expand in developing segments ▪ For most clients, the constraint is no longer data access, but turning data into actionable insights at speed ▪ DTACT's FUSION platform unifies and analyses data from many sources in one place, runni
Slide 58: Safeguarding critical underwater infrastructure
Safeguarding critical underwater infrastructure Expand in developing segments Maritime Security and Surveillance Supporting public sector with Geo-intelligence Ecosystem combines satellite, USV, and subsea sensor data into a fused surveillance ecosystem Real-time threat detection, change detection,
Slide 59: The interoperable Geo-data management platform
The interoperable Geo-data management platform Build recurring revenue with Geo-data as a service GeoDin® Geo-data as a services for geotechnical data Recommended ground solution by Autodesk Central platform for all subsurface data, from seamless capture from site to database Ownership of data remai
Slide 60: Unified Geo-data delivery and collaboration platform
Unified Geo-data delivery and collaboration platform Build recurring revenue with Geo-data as a service VirGeo® Geo-data as a services for geotechnical data Single source of Geo-data truth for teams, accessible anytime, anywhere Connect Link existing data to one central place Collaborate Manage acce
Slide 61: Scalable infrastructure monitoring system
Scalable infrastructure monitoring system Build recurring revenue with Geo-data as a service Totalite® <1mm Accuracy at 40m 50 Targets monitored 5min Measuring intervals <1hour Installation time Combining innovative hardware with Geo-data monitoring platform 30+ Clients in over 13 countries Easy Plu
Slide 62: Creating value with Artificial Intelligence
Creating value with Artificial Intelligence 01 C L I E N T F A C I N G 02 ENTERPRISE Geo-data processing and client Streamlined processes and added products capability Faster interpretation. Models turn raw survey Lower cost to serve. Automation across data into interpreted deliverables in a fractio
Slide 63: For inquiries contact Director Investor Relations
For inquiries contact Director Investor Relations Catrien van Buttingha Wichers c.vanbuttingha@fugro.com 63
Slide 64: 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