Fugro N.V. (0LNT) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, good afternoon, good evening to some of you with the half year results presentation for 2026, first half of this year. This year will be slightly different as we're still in the full process of recruiting our new next CFO. So I will present the whole deck today. And I'm very much supported here by our interim CFO, Kees den Aulden, who is here, but also our Group Controller, Marine Fettis. So if there are questions that are going in a bit more depth that I cannot answer, then I always have these support lines. But I will do the presentation myself. So if we start with looking at the first half of the year, we have an EBIT margin that was 4.1%, higher than last year. However, we have to also say that we are looking at a challenging second half of the year. So improvements on the EBIT line as well as the cash flow for the first half of the year, but I'll come back to talk about the second part of the year as we see in the backlog a development that we feel that needs to get some attention. The volatility in general of the current market conditions has reduced the near term visibility beyond of what we would normally expect at this stage of the year, making the earlier expected margin improvement for the full year unlikely. And we continue to focus on the control what we can control ourselves, including the rationalization of our fleet to rightsize our cost base to the current market conditions, targeting also an annualized saving on top of the earlier savings of €50,000,000 with obviously a continued focus and emphasis on cash generation. We will remain committed to our execution of the Towards Full Potential strategy to benefit from the structural demands that underpin our markets, while also obviously adapting to the operational current environment. And ...