Fugro N.V. (0LNT) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm Katrien van Buttinga, Fugro Investor Relations. Thank you for attending this Q3 trading update webcast and analyst call. First, you're all in listen-only mode. We have a presentation. Mark Heine, CEO, and Barbara Gele, CFO. I think that that will last around 20 minutes or so. And thereafter, there'll be room for your questions. Mark, I'd like to hand over to you now, please. Yeah, thank you, Katrien. Good morning, good afternoon, everyone. Welcome to the Q3 2025 trading update. So we start with the first slide and have a look at the key financial headlines of our results. The year 2025 has turned out to be a difficult year up to now, with lower revenue against a very volatile market backdrop, something I will elaborate on a little bit more shortly. Still, the third quarter did show an anticipated performance improvement compared to the first half of the year, and we're now at 12.9% for Q3. The EBIT margin reflects a notable improvement Obviously, compared to the first quarter where we have a margin around zero and a 4.3% margin in the second quarter. Compared to Q3 2024, however, the decline was primarily driven by lower revenue. We're taking control of what we can by reducing our cost base and protecting our cash flow. And Barbara will also talk a bit more about that a little bit later. Our balance sheet remains robust with a net leverage of 1.2 times. Above all, we're staying closely aligned with our client's evolving needs, supporting them through key projects. In this quarter, for example, we are doing a significant, or we started a significant site characterization for E&I Deepwater Gas Field in Indonesia, but also work for RWE and Total Energies in the wind environment, wind postal project, and our innovative and scalable ground IQ l...