Slide 1: FY 2024 results
FY 2024 results 28 February 2025
Slide 2: Financial highlights 2024
Financial highlights 2024 Strong margin, net profit and cash flow Revenue Operating cash flow 3,000 +3.6% 1.0 600 +19.5% 2,000 400 0.5 1,000 2,187 2,275 200 340 406 0 0.0 0 2023 2024 2023 2024 EBIT (margin) Dividend (EUR & pay-out) 13.8% 400 11.5% 15 30% 10 18% 200 315 252 5 0,75 0,40 0 0 2023 2024
Slide 3: Key highlights 2024
Key highlights 2024 Delivering on mid-term targets for margin, cash flow and ROCE Revenue growth Europe-Africa and APAC, held back by market challenges in Americas and Middle East & India Results highlight Fugro’s resilience On track with implementation of our strategy; we stick to our plan Continue
Slide 4: Steady progress towards achieving 2027 mid-term targets
Steady progress towards achieving 2027 mid-term targets Focused on creating value for all stakeholders People Planet Profit Attract and retain talented employees Deliver solutions for energy transition, sustainable Deliver quality solutions infrastructure, and climate change adaptation <8% >30 >50 v
Slide 5: On track with implementation Towards Full Potential strategy
On track with implementation Towards Full Potential strategy Grow and transform current business ▪ Grow with the market ▪ Transform capabilities ▪ Optimise business performance Expand into developing segments ▪ Coastal resilience and ocean health ▪ Carbon capture, utilisation & storage (CCUS) Build
Slide 6: 1. Grow and transform current business
1. Grow and transform current business Grow with the market ▪ 3 geotechnical vessels added to owned fleet1 , expansion of geotechnical fleet about to be completed ▪ ~2000 people hired and trained Transform capabilities ▪ Increase in USV projects in all regions, further build-out of USV fleet ongoing
Slide 7: 2. Expand into developing segments
2. Expand into developing segments Coastal resilience Ocean health Carbon capture, usage and storage Critical underwater infrastructure Acquisition of EOMAP, adding Biodiversity monitoring for offshore Essential Geo-data provided in GoM, Recent pilot of surveillance of critical satellite Earth Obser
Slide 8: 3. Build recurring revenue with Geo-data as a service
3. Build recurring revenue with Geo-data as a service Data platform access Combined hardware & data solutions ▪ Partnership with Autodesk • TotaLite® Combining subsurface ground data and surface data into one Growing number of installed continuous infrastructure monitoring seamless workflow systems
Slide 9: Highly diversified business
Highly diversified business Revenue by market segment1 % 2024 growth by market2 2024 revenue by client type 12% 14% 1% 10% 9% 39% 37% 38% 37% 45% 6% 54% 52% 13% 57% 10% 11% 25% 24% 30% 21% 35% 38% 7% 11% 14% 0% International energy companies - majors International energy companies - independents 24%
Slide 10: Well diversified project portfolio
Well diversified project portfolio Selection of recent projects Integrated set of consultancy Wide range of fully remote Site characterisation Assessment of pharmaceutical services for Rhein-Main-Link - inspections of Petrobras’ campaign off Japan’s west plant site in Visakhapatnam, 600 km electrici
Slide 11: Strong fundamentals for Fugro's Geo-data markets despite short-term headwinds
Strong fundamentals for Fugro's Geo-data markets World view despite short-term headwinds Global trends Key market developments Macro-economic outlook Renewables ▪ Consistent commitment to energy transition in majority of ▪ Moderate growth in developed countries our markets to address the energy tril
Slide 12: Key markets show continued commitment to offshore wind, US pauses
Key markets show continued commitment to offshore wind, World view US pauses Renewable energy development in our regions EUAF ▪ EU's 'Wind Power Package' and UK's Clean Power Action Plan targeting increases in offshore wind capacity by 2030 ▪ Market is maturing and scaling and developers take more c
Slide 13: Americas - US: new administration approach affects early-stage offshore wind projects
Americas - US | New US administration approach affects USA only early-stage offshore wind projects Commissioned or under construction All federal approvals in place by Jan 2025 5 Maine 6 projects 5.3 GW Southern New England 4 2 3 Construction and Operation Plan (COP) approved New York Bight 1 6 2 1
Slide 14: Americas: other markets in region expected to pick up in mid-term
Americas | Other markets in region expected to pick up Americas tailwinds in mid-term Potential market growth: Low Medium High Market Outlook Key developments ▪ Accelerated leasing and permitting in the US Oil and Gas ▪ Significant greenfield sanctioning activity in LATAM region, particularly, Brazi
Slide 15: Positive mid-term market fundamentals
Positive mid-term market fundamentals World view Strong long-term outlook for offshore wind despite headwinds in the US Sustained level of offshore O&G investment 82 224 229 234 228 CAGR 64 6 CAGR 210 Expenditure 48 53 Expenditure 76 75 75 77 (‘24-’28) 42 6 (‘24-’28) 71 4 5 4 75 CAPEX 18% 59 CAPEX 2
Slide 16: Financial highlights 2024
Financial highlights 2024 Revenue EBITDA (margin)2 Operating cash flow3 21.3% +3.6%1 18.2% 600 550 22 21 20 +19.5% 19 500 18 17 450 16 15 400 14 13 350 12 2,275 300 11 2,187 484 406 10 250 397 9 340 8 200 7 6 150 5 4 100 3 2 50 1 0 0 2023 2024 2023 2024 2023 2024 Backlog (12 months) EBIT (margin)2 D
Slide 17: Growth trajectory provides solid base going forward – last 12 months
Growth trajectory recent years provides solid base going forward – last 12 months Revenue (& currency comparable growth) – last 12 months +28% +4% +15% 2,081 2,188 2,225 2,260 2,248 2,276 1,723 1,766 1,867 1,952 1,353 1,370 1,462 1,543 1,621 1,312 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 2
Slide 18: Growth trajectory provides solid base going forward – quarterly phasing
Growth trajectory recent years provides solid base going forward – quarterly phasing Revenue 609 588 597 588 553 560 480 503 468 453 466 390 378 410 365 284 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Adjusted EBIT (margin) 16.0% 16.9% 16.7% 100 20
Slide 19: Marine: strong revenue and margin in Europe-Africa and APAC
Strong revenue and margin in Europe-Africa and APAC Marine Revenue EBIT (margin) X EUR million +5.5% 15.9% -53 61 -28 0 121 13.5% 1,754 278 1,653 224 2023 Europe- Americas Asia Pacific Middle East FX 2024 2023 Europe- Americas Asia Pacific Middle East 2024 Africa & India Africa & India Europe-Africa
Slide 20: Land: margin increase despite small revenue decline
Margin increase despite small revenue decline Land Revenue EBIT (margin) X EUR million -2.2% 5 -11 7 -13 7.0% 0 5.3% 534 522 36 28 2023 Europe- Americas Asia Pacific Middle East FX 2024 2023 Europe- Americas Asia Pacific Middle East 2024 Africa & India Africa & India Europe-Africa Americas Asia Paci
Slide 21: Highest net result in more than 10 years
Highest net result in more than 10 years 2024 2023 x EUR million Exchange rate variances EBIT 308 252 Appreciation US dollar compared to devaluation in Finance income 7 10 2023 Finance expenses (34) (34) Exchange rate variances 17 (30) Tax Equity accounted investees 14 21 Relatively low effective ta
Slide 22: Free cash flow at 7.1% of revenue
Free cash flow at 7.1% of revenue Free cash flow Working capital X EUR million X EUR million, and as % of 12-month revenue 15.6% 15.9% 14.1% 14.4% 4 13.2% 12.8% 7.1% of -242 revenue 8.9% 7.6% 2024 406 -23 16 324 359 323 161 247 275 284 194 172 operating changes capex capex other free cash flow Q1 23
Slide 23: Capex - Investing for sustainable growth
Capex - Investing for sustainable growth Capex X EUR million 260 242 ~ 250 1 76 ~225 Transformation & expansion capex ~ 200 ▪ Discretionary, dependent on development of opportunities in our markets 153 ~ 150 ▪ 2024: Transformation & expansion: including 123 1 119 investments in geotechnical fleet 80
Slide 24: 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 Land and Marine reve
Slide 25: On track with asset lighter strategy
On track with asset lighter strategy Vessel overview Changes in vessel base 2027 guidance at time of CMD (’23) Q4 ’23 to Q1 ’25 provided at CMD Geotechnical Service line with largest 15 vessels* Marine equipment – asset intensity (o/w 7 long-term will remain the same in the chartered) mid-term + 3**
Slide 26: Strong balance sheet
Strong balance sheet Net leverage Dividend & share buy backs 0.9 1.0 0.7 0.7 0.6 0.5 ▪ Dividend of EUR 0.75 per share (2023: EUR 0.40), 0.3 0.2 pay out of 30% in line with 25-45 % pay-out policy 466 469 482 429 340 401 347 ▪ Two share buyback programmes of EUR 96 million in total 222 252 266 280 246
Slide 27: Capital allocation framework
Capital allocation framework ▪ 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 ▪ Annual dividends in line with policy Attract
Slide 28: Outlook
Outlook ▪ Overall market fundamentals of our key markets remain strong ▪ Growing opportunities in emerging segments such as coastal resilience, carbon capture & storage, critical minerals and surveillance of critical underwater infrastructure ▪ In 2025, we expect to deliver EBIT margin well within t
Slide 29: 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
Slide 30: Unlocking Insights from Geo-data
Unlocking Insights from Geo-data