Slide 1: Q1 2026 trading update
Q1 2026 trading update 23 April 2026
Slide 2: Q1 2026: Navigating volatile markets with focus on cost discipline
Q1 2026: Navigating volatile markets with focus on cost discipline Growth in other markets largely offset soft wind market ▪ Revenue decline of 2.1% in seasonally low quarter, with anticipated lower offshore wind activity ▪ Continued geopolitical & macroeconomic uncertainty leading to slower award d
Slide 3: Impact war in the Middle East
Impact war in the Middle East Short-term impact manageable but situation continues to be volatile Q1 2026 ▪ So far, direct impact largely confined to our operations in UAE and Qatar, with some execution delays and increased complexity 1 ▪ Alongside some knock-on effects in other countries and region
Slide 4: Offshore wind and O&G are essential for future energy supply
Offshore wind and O&G are essential for future energy supply Oil and gas ▪ Iran conflict has led to energy shock and oil market volatility, reinforcing concerns around energy security and energy independence ▪ Immediate shock resulted in short-term oil price premium, increasing inflation and recessi
Slide 5: Revenue and margin development
Revenue and margin development Revenue X EUR million Marine -2% Land -1% -7 13 -8 6 -7 1 -12 5 -23 450 418 Q1 2025 Europe-Africa Americas Asia Pacific Middle East Europe-Africa Americas Asia Pacific Middle East FX effect Q1 2026 & India & India EBIT Marine operational performance ▪ Europe-Africa: le
Slide 6: Cash flow and balance sheet development
Cash flow and balance sheet development Free cash flow Working capital X EUR million X EUR million, and as % of 12-month revenue 13 Q1 26 17.1% 15.9% 15.1% 14.4% 13.7% 12.8% 12.6% -55 7.6% 8.2% -31 0 358 323 284 303 311 15 1 -58 -58 264 253 172 181 operating CF changes capex other investing CF opera
Slide 7: 12-month backlog declines by 3.5%
12-month backlog declines by 3.5% Reduction in renewables exposure 12-month backlog – total and by market segment Currency comparable growth 1,686 -3.5% 1,544 1,521 88 1,577 1,482 Backlog mix shows value of 62 63 89 1,396 1,385 335 75 -12% 55 diversification strategy 307 299 336 78 64 343 +10% 361 3
Slide 8: Outlook 2026
Outlook 2026 ▪ We maintain our FY outlook, while assessing knock-on effects on the business environment and implications for Fugro of the Middle East conflict ▪ Full-year 2026 outlook: ▪ margin improvement driven by implemented cost measures and operational efficiencies ▪ to support free cash flow,