Fugro N : Annual Report 2025

About this update from Fugro Nv

2025 Annual Report Unlocking insights from Geo-data, for a safe and liveable world Employing around 10000 talented people in 52 countries, Fugro serves clients around the globe, predominantly in the energy, infrastructure and water markets, both on land and at sea Together we create a safe and liveable world 41 Other information 215 General disclosures 42 Environment 50 Social 68 Governance 80 Annex 86 Leadership G governance 105 Board of Management 106 Executive Leadership Team 107 Risk management 108 Corporate governance 118 Fugro on the capital markets 128 Management statements 131 Supervisory Board 133 Report by the Supervisory Board 134 Remuneration report 143 ‌Contents Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 3 Introduction 4 Fugro at a glance 4 Performance highlights 5 CEO message 6 Profile 10 Business lines 11 Markets 13 Key competitive differentiators 16 Strategy 20 The world around us 21 Outlook for Fugro's markets 23 Towards Full Potential strategy 25 Strategy implementation 27 Financial performance 30 Results 2025 31 2027 guidance and targets 36 Asset portfolio strategy and capital allocation 36 Taxation 37 Sustainability statement 40 Financial statements 153 European single electronic reporting format and PDF version This copy of the annual report is not presented in the ESEF-format as specified in the Regulatory Technical Standards on ESEF (Delegated Regulation (EU) 2019/815). The ESEF single reporting package is available on https://www.fugro.com/investors/results-and-publications/annual-reports Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 4 Fugro at a glance World's leading Geo-data expert for 60+ years We map, model, and monitor the Earth to provide critical insights into both the built and natural environments, supporting clients in Our solutions are essential for energy transition, energy security, large-scale infrastructure Business line Marine site characterisation Marine asset integrity Land 22% Powered by expert people, industry-leading innovation and scalable technology reducing geo-risks throughout the entire life cycle of their assets development, and climate change adaptation 27 % Key market Renewables Oil S Gas Infrastructure Water 5% 24% 51% 26% Revenue (x EUR billion) 1.8 Countries 52 Employees 10227 45% 2025 Revenue split Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 5 Performance highlights Women in senior management (in %) 25-30 23 24 Female employees (in %) 24 23 Employee net promoter score (eNPS) >30 26 36 Voluntary employee turnover rate (in %) <8 9 9 Lost time injury frequency (per mln hours) 0.46 0.20 People Planet Profit Renewables, infra and water (as % of revenue) 55 63 Revenue from renewables (in EUR million) 1,000 483 863 Absolute GHG emissions scope 1 & 2 (ktCO 2 eq) 204 220 Vessel CO 2 intensity reduction owned & chartered vessels (vs 2020) (in %) 8 10 Vessel CO 2 intensity reduction owned vessels (vs 2020) (in %) 25 3 5 R&D spend (as % of revenue) 3.0 2.3 Net promoter score (NPS) >50 56 61 Return on capital employed (ROCE) (in %) >15 5.3 18.1 2025 2024 Target 2027 Targets subject to local laws and regulations EBIT margin (in %) 4.9 11-15 13.8 Free cash flow (in % of revenue) -7.4 6-9 7.1 Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 6 CEO message For Fugro, 2025 proved to be a challenging year. Rapidly changing energy markets - especially the headwinds facing offshore wind projects in several countries - resulted in a marked slowdown in early - stage site characterisation work. This year highlighted how global developments shape the energy and infrastructure landscape. Rising geopolitical tensions are reinforcing the need for national security and secure energy supply, while pressure on the energy transition is increasing, alongside growing demand for modern supply chains and infrastructure. At the same time, population growth and the rapid rise of artificial intelligence are driving sustained, structural increases in energy demand. As a leading provider of Geo - data insights, we help our clients advance renewable and traditional energy resources, and the infrastructure needed for a safe and liveable world. Across all our markets, we support our clients with the industry's most advanced combination of marine robotics, remote operations, AI analytics and digital delivery - empowering clients to make confident decisions in a complex and rapidly changing environment. At the start of 2025, we anticipated growth based on our backlog and client engagement. However, uncertain market conditions and geopolitical unrest created a very challenging investment climate, leading many clients to reassess the timing and scope of their projects. The offshore wind market in particular, after several years of strong momentum, slowed sharply in 2025 as multiple headwinds converged: higher interest rates, rising construction costs, limited grid capacity, lower demand for green energy and shifting political priorities. This resulted in policy reversals, auction failures and widespread uncertainty - most notably in the US - as well as in Europe and Asia. In addition, several traditional energy clients deferred or descoped projects mid - year as low oil prices reinforced disciplined cash and cost management. Adjusting to new market realities These turbulent market conditions negatively impacted in particular our early-cycle site characterisation activities. While we were able to mitigate part of the offshore wind shortfall with revenue from other markets, this was not enough to compensate for the EUR 380 million decrease relative to 2024. As a result, we reported disappointing results and had to withdraw our full-year revenue and margin guidance. Against this backdrop, scenario analysis remains a critical tool, which we will consistently apply to ensure we are well prepared for future shifts in market conditions. We responded decisively, and after right-sizing our operations during recent quarters, we enter 2026 befter positioned: leaner, more focused and more resilient. CEO message Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 7 We are nearing the completion of the cost reduction programme delivering annualised savings of EUR 120 million -including a personnel decrease of 1,050 FTE- resulting in a more flexible cost base. We have successfully recalibrated the business by replenishing the backlog with oil and gas and infrastructure projects. In today's complex global environment, we are adjusting our decarbonisation roadmap. Sustainability remains a core part of our purpose and identity, enhancing our positive impact in renewable energy, climate adaptation, and ocean health services. However, due to changed market conditions and slower technological developments, we have revised our net-zero timeline. We are now fully focused on our Science Based Targets initiative (SBTi) climate commitments, targeting net zero by 2050. Towards Full Potential We remain commifted to executing our Towards Full Potential strategy, while adapting to current market conditions by prioritising cost efficiencies, technological differentiation, market share in the energy markets and growth in infrastructure and water. This transformation agenda is anchored in four programmes: accelerating remote operations across our fleet scaling our fleet of uncrewed surface vessels grow our new, transformative and scaleable land site investigation service GroundIQ® optimising ways-of-working across the group with digitalised workflows to increase efficiencies and deliver faster insights to our clients. Looking ahead Offshore wind remains essential to a balanced and secure energy system, and government efforts to reinvigorate the sector are pointing towards early signs of recovery. The UK's successful Allocation Round 7 in early 2026 signals renewed momentum, while ten countries at the North Sea Summit commifted to installing 15 GW annually from 2031-2040 - expanding regional capacity from today's 37 GW toward 300 GW by 2050. There is a growing recognition of the need for energy security and affordability, and the required accelerated investments in grids, interconnectors, nuclear and renewables. To reduce risk for developers, European governments are expected to expand the use of Contracts for Difference: price stability mechanisms that top up revenue when market prices fall and return excess revenue when they rise. Through our unique map, model and monitor solutions, we help clients make informed decisions that support energy security, the energy transition, major infrastructure development and climate change adaptation. In 2025, we supported numerous offshore wind projects, including Dogger Bank South in the UK, Windbostel in Germany and the Rimini development in Italy. We also advanced site investigations for traditional energy projects, such as the Vaca Muerta Oil Sur Export Pipeline in Argentina and ENI's deepwater gas fields in Indonesia. Onshore, our teams contributed to major new infrastructure developments ranging from the Dubai Metro Blue Line to TenneT's LanWin grid connection projects and Holtec's two small modular reactor units in Michigan, US. An increasing number of these projects benefited from our scalable GroundIQ® land site screening solution, providing clients with faster, higher-quality insights. We also secured long-term contracts, including a four-year monitoring and inspection agreement for Petrobras' subsea infrastructure in Brazil, and a seven-year framework agreement with EirGrid in Ireland. In the defence sector, we are supporting surveillance of critical offshore infrastructure with DSS Galatea for the Royal Netherlands Navy. These examples represent only a fraction of the work delivered by our teams, but together, they highlight our contribution to a safe and liveable world. We continue to engage closely with our clients to understand their evolving needs and strategic plans, positioning us to secure valuable new opportunities. For Fugro, 2025 was a challenging year. We responded decisively, and afler right-sizing our operations during recent quarters, we enter 2026 befter positioned: leaner, more focused and more resilient. CEO message Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 8 Overall, the offshore wind market - in Europe in particular - is showing early signs of recovery as governments and industry collaborate to revitalise the sector. However, it will take some time for the benefits to materialise and the upcoming period is expected to be focused on industry realignment, before activity levels will rebound. In the medium term, the outlook for offshore wind is one of gradual improvement across Europe and Asia, with emerging potential in Latin America and Canada, while no meaningful market activity is expected in the US for the foreseeable future. The complexity of the energy transition, combined with growing energy demand, means fossil fuels - especially gas - will remain vital for years to come, as fossil fuels still supply over 50% of worldwide energy consumption today. Even if oil demand peaks later this decade, continued upstream investment will be needed to offset depletion and maintain spare capacity. All in all, our mid- to long-term business fundamentals remain solid, also in our infrastructure and water markets, and emerging market segments such as critical minerals and maritime security and surveillance present promising opportunities. For 2026, we expect to deliver margin improvement, driven by cost savings and operational efficiencies. To strengthen free cash flow, capital expenditure will be reduced to EUR 150 to 165 million. We will continue to implement measures to safeguard profitability, cash flow and balance sheet strength. Thank you I express my sincere appreciation to our clients, shareholders and partners - and, above all, to our employees. This has not been an easy year, and our team's dedication and resilience have been remarkable. This year, our annual Values Awards were a particular source of inspiration, once again highlighting the exceptional contributions of colleagues around the world. They remind us of the strength we gain from one another and energise us as we look to the year ahead. Mark Heine Chief Executive Officer Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 9 CLIENT PROJECT Fugro and Ørsted break new ground with revolutionary technology In Australia, Fugro has completed a landmark site investigation for Ørsted at a future offshore wind farm landing site along Victoria's eastern coastline. The project featured the first onshore deployment of Fugro's patented Heat Flow Module cone penetration probe, which measures thermal properties of the soil. The probe was used as part of a wider ground investigation carried out using our GroundIQ® solution, accompanied by various geophysical and geotechnical techniques. This innovative and integrated approach delivers faster, more accurate insights essential for infrastructure planning. ‌Profile Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 10 Fugro is the world's leading Geo-data specialist. Through our unique map, model and monitor solutions, we deliver critical insights into both built and natural environments. These insights enable clients to make informed decisions - supporting energy security and the energy transition, large-scale infrastructure development and climate change adaptation. Our purpose is to create a safe and liveable world Our values We are determined to deliver We prepare for tomorrow We do what's right We build trust Our planet is a complex and dynamic system which continuously moves and evolves. To understand it requires Geo-data: information about the Earth's surface, subsurface, and the built and natural environments around us. Fugro's Geo-data links what's on the surface with what's underground. This gives our clients the knowledge they need to design, build, and maintain their assets, while also helping to understand and manage the impacts of climate change and biodiversity loss. The world is going through accelerated change, propelled by major developments such as population growth, urbanisation, climate change and declining biodiversity. The energy mix and built environment have to evolve if these challenges are to be tackled successfully. Therefore, Fugro's services are more essential than ever. Our Vision 2030 In line with our purpose, we are extending our know-how and solutions to the understanding and preservation of ecosystems. By combining real-time insights into ground, water and environmental conditions with predictive digital twin ground models, we look beyond individual projects. In doing so we help our clients, from energy and engineering companies to governments, in their efforts to build safe energy systems, infrastructure and future-proof urban environments, as well as adapt to climate change and preserve natural environments. To further improve the impact of our technologies and data, we look for new ways of bringing them to the market. Next to our existing site characterisation and asset integrity business, we are introducing new business models such as subscription-based access to Geo-data. We aim for our digital ground models and subscription-based portals to become the backbone of our clients' Geo-data decisions throughout the lifecycle of their assets, with the goal of reducing cost of development and long-term operation. Our Geo-data are increasingly gathered with remote, autonomous and digital technologies, delivering insights to our clients in real-time, safer, and with a lower asset intensity and carbon footprint. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 11 Business lines Fugro delivers comprehensive site characterisation and asset integrity solutions to address client challenges across both marine and land environments. While land and marine markets differ in terms of projects and clients, they share strong synergies: we deliver the same core services and benefit from common strengths -cufting-edge technology and innovation, world-class laboratories, and one global support network. Site characterisation Through geophysical surveys we map the Earth's surface and subsurface. We measure wind and weather pafterns, water currents, environmental conditions and biodiversity. Geotechnical investigations allow us to determine soil composition and properties. Leveraging our expertise, advanced technology, equipment, and world-class laboratory facilities, we transform this data into ground model s and actionable advice - covering site assessments, foundation selection and design, and coastal resilience strategies. These insights enable clients to make informed decisions, mitigate design risks, and reduce construction and operational costs. Asset integrity We offer subscription - based positioning services that help vessel operators and offshore contractors navigate safely during marine operations. We also support construction projects with precise surface and subsea positioning and detailed surveys. Once operational, we support asset management programmes to optimise reliability, utilisation, maintenance and longevity. We use advanced, remote and real-time methods to scan, monitor , analyse and manage data to assess structural behaviour. Through predictive model ling, we identify vulnerabilities before they become risks, ensuring the reliability and longevity of the asset. Since 2024, land site characterisation and asset integrity have been integrated into a single land business line to enhance efficiency and improve service delivery to clients by leveraging shared technology, best practices and greater scale. Marine Land Site characterisation Revenue 2025 Asset integrity Revenue 2025 51% 27% Revenue 2025 22% Business lines Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 12 Fugro's map, model and monitor solutions reduce Geo-risk for clients throughout the asset life cycle Feasibility planning Risk & conceptual design Detailed design Final design Construction Operations Client capex Client opex (20+ years) Value for client Explore feasibility and layout options mapping (sub)seabed conditions and Geo-hazards to assess design concepts and ensure optimal site selection Mitigate design risks analysing soil properties and their effect on foundations, moorings and cable routes, enabling most efficient design Expedite decision making and action combining Geo-data insights to inform engineering inputs to enable accurate budgeting Accurate installation providing accurate positioning for asset installation to reduce safety risk and structural failures Safety assurance and extended lifespan periodic inspection and other solutions to support structural health monitoring Geophysical survey mapping of seabed's (sub)surface Geotechnical investigation determining soil composition via extraction of samples and laboratory or 'in-situ' testing Geoconsulting including ground modelling and geohazard risk assessment Metocean real-time monitoring S forecasting of weather, currents and environmental conditions Solutions Satellite positioning providing subscription-based positioning signals to vessel operators, to ensure safe navigation and marine operations Positioning & construction support providing surface S subsea positioning, survey, and ROV services for installation of offshore energy infrastructure Inspection & monitoring of the condition of marine assets by acquiring and analysing inspection data Site screening & consulting geophysical mapping, advanced analytics and modelling to derive ground characteristics and engineering insights for design and construction on land and in coastal zones Onshore site investigation geophysical and geotechnical mapping, to deliver engineering insights to reduce construction risk on land Nearshore site investigation mapping to provide engineering insights, to deliver engineering insights to construction risk in coastal zones Inspection & monitoring mapping, modelling and monitoring of infrastructure including roads and power assets - for insights to better manage asset operating risk Marine site characterisation Marine asset integrity Land site characterisation S asset integrity ‌Markets Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 13 Revenue by market segment (in %) Oil S gas Renewables Infrastructure Nautical Water Other With our market-agnostic resources we offer our client-led solutions across industries and geographies. It allows us to optimise utilisation, pricing and costs across multiple projects, share knowledge, and further diversify towards long-term growth markets. 54% 11% 24% 6% 5% 52% 14% 23% 7% 4% 45% 21% 23% 8% 3% 39% 24% 32% 5% 37 % 30% 29% 4% 38% 35% 23% 4% 37 % 38% 21% 4% 45% 26% 24% 5% 2018 2019 2020 2021 2022 2023 2024 2025 In 2022, the 'nautical' segment was changed to 'water'. Water includes water infrastructure and water resource management services, which were previously included in infrastructure, while telecom cables was moved from nautical to infrastructure. In addition, 'other' is now largely included in infrastructure. For revenue per market in euro, see note 8.1 of the financial statements. Markets Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 14 Renewables 26% Revenue Oil and gas 45% Revenue Energy - renewables For over 25 years, Fugro has supported the development of offshore wind parks, which represents the majority of our renewables business. We work with a range of clients, including government agencies, renewable energy specialists, traditional energy companies, and contractors involved in wind farm installation and maintenance. After a strong start to the decade, the development of new offshore wind farms slowed sharply in 2025 as headwinds such as rising construction costs, limited grid capacity and shifting political priorities converged. Following the current recalibration phase, the market is expected to recover, as offshore wind remains essential to an affordable, secure and sustainable energy system and governments continue to reaffirm their commitment to the ongoing energy transition. Our leading portfolio of site characterisation services supports wind farm development. We map oceanographic and meteorological conditions, model the seabed to understand its geology and behaviour, assess biodiversity and environmental impacts, and identify risks from hazards such as boulders or unexploded ordnance. These insights enable clients to optimise foundations and cable route design. During installation, we provide positioning services, operational weather forecasting and dimensional control to ensure safe and efficient construction. The operational phase of the wind farm life cycle represents a relatively new but growing market for our inspection and monitoring solutions. Beyond offshore wind, we also support carbon capture utilisation and storage (CCUS) development by providing site condition assessments and structural health monitoring solutions. This contributes to the urgently needed reduction of carbon in the atmosphere, particularly in hard-to-abate industries. Energy - oil and gas The energy transition is crucial but also highly complex. Growing global energy demand and heightened security concerns mean that fossil fuels -particularly natural gas as a transition fuel - will continue to play a significant role for years to come. Recent geopolitical events have underscored the importance of secure and reliable energy supply. While oil demand may peak towards the end of this decade, continued investment in upstream capacity will be required to offset natural decline rates and maintain sufficient spare capacity to absorb potential supply shocks. While we are not involved in oil and gas exploration, we support early-stage field development by collecting and analysing detailed seabed and metocean data to enable the safe, efficient and sustainable design and installation of offshore infrastructure, complemented by environmental studies. The new developments that we are involved in, particularly new gas fields, increasingly incorporate carbon capture and storage elements. We are particularly well positioned to undertake work in frontier and deepwater environments. A substantial part of the work in the oil and gas market is focused on asset integrity, helping clients maintain the safety and reliability of their infrastructure through inspection and corrosion detection - protecting environments and preventing coastal pollution. Regular inspection of infrastructure at sea is therefore essential. Markets Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 15 Infrastructure 24% Revenue Water 5% Revenue Infrastructure With a growing global population and ongoing urbanisation, the demand for future - proof, climate - resilient infrastructure is increasing. This includes upgrading and expanding electricity networks to support the energy Water For decades, we have delivered services across oceanic, coastal and inland water environments, improving understanding of these complex ecosystems. Climate change is increasing the demand for Geo-data to assess transition, alongside major investments in data centres. Geo - data is essential for data - driven decision making, enabling effective infrastructure management and a deeper understanding of climate change impacts. Our advanced site characterisation services position us at the heart of complex, large-scale projects. We partner with clients to investigate construction sites, supporting the safe, cost - effective, and sustainable design and construction of buildings, industrial facilities, bridges, LNG or nuclear facilities, airports, roads, railways, and electricity networks. In addition, we conduct cable route surveys for submarine telecommunications systems to inform optimal routing and installation. We also support the critical minerals sector by delivering integrated subsurface intelligence that reduces uncertainty and accelerates responsible development. We also provide condition monitoring throughout the asset's lifetime to optimise maintenance, reliability, utilisation, and longevity. This is increasingly important as much existing infrastructure was built decades ago and has exceeded its original design life. climate impacts, support adaptation for coastal communities and protect the natural marine environment. Rising sea levels and more frequent extreme weather events, such as flooding and drought, require major investment to safeguard communities and critical infrastructure. We support national and local stakeholders with coastal erosion studies and design advice for barrier structures along the coast, and we help ports and harbours adapt their facilities to changing maritime conditions. For inland waterways, we provide risk assessments and flood mitigation solutions that offer rapid, actionable insights. Despite their importance, 75% of the world's ocean floor remains unexplored, even though the ocean produces half of our oxygen and absorbs around 30% of global CO 2 . To improve ocean health, we map the seabed, habitats and ocean conditions for governmental and non-governmental organisations and research institutes. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 16 Key competitive differentiators Fugro is the world's leading Geo - data specialist, empowering clients with the insights they need to design, build and operate their assets with confidence. Our unparalleled portfolio of solutions positions us at the forefront of our key markets. By combining our unique map, model and monitor capabilities with highly skilled people, market - agnostic assets and innovative, scalable technology, we deliver unmatched clarity and actionable intelligence for critical decision - making. The marine market is global, with large internationally active clients, many of whom we serve across all regions. With unmatched breadth and depth of expertise, Fugro is the leading provider of site characterisation services. We also hold strong positions in satellite positioning, construction support, and inspection S monitoring solutions. These asset integrity services, particularly inspection and monitoring, are delivered throughout the entire lifecycle of our clients' assets. Fugro serves the dynamic onshore market with fully integrated Geo-solutions powered by advanced technology. In markets where competition is mainly local, our strong presence in key geographies, scale and innovation secure a strong share of large, complex projects in growth markets. Trusted for quality and reliability, we combine local expertise with global capabilities to reduce geo-risk and optimise performance - delivering sustainable value across the full asset lifecycle. Supported by our marine leadership we have a strong position in nearshore environments, creating seamless connections between offshore facilities and onshore infrastructure. Diversified and long-standing client base We provide services to a wide range of clients - from energy companies to construction S installation contractors, government agencies and design S engineering companies. We have long-standing, strategic partnership relationships with many of our clients, of which many go back decades. Early and ongoing engagement by commifted client-facing employees across the company enables us to understand their needs and most significant challenges. Company estimates 1 Geotechnical site investigation ■ Inspection and monitoring ■ #2 ■ Nearshore site investigation Site screening and consulting Inspection and monitoring (US S AU) ■ ■ ■ ■ ■ ■ Geotechnical investigation Geophysical survey Hydrography Metocean Positioning and construction support ■ #1 Land Fugro's competitive position 1 Marine Revenue by client type (2025, in %) International energy companies - majors International energy companies -independents National energy companies Governments Contractors Large international corporations (Public) service companies Other 12% 14% 10% 9% 13% 6% 11% 25% Key competitive differentiators Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 17 We are successfully cross selling our services, to mitigate our clients' challenges across multiple markets. In offshore wind developments, we partner with energy companies we have supported for decades in traditional projects, leveraging these long - standing relationships as they expand into renewables. We also serve clients active in both energy and infrastructure, reinforcing our role as a trusted, multi - market partner. Our client base is highly diversified, with only a few clients contributing 2% or more of total revenue in any given year. Moreover, the top 10 clients combined typically account for less than 25% of our total revenue, underscoring the absence of significant client concentration. Highly skilled people with unique Geo-data expertise Our success is determined by Fugro's people and our ability to identify, develop and retain top talent. We employ around 10000 people from over 100 nationalities. Their skills, experience and specialist knowledge, combined with effective teamwork and passion for solving our clients' challenges, are key for our ability to offer the best quality of work and services to clients today, while developing the best solutions for tomorrow. Fugro is the world's largest employer of Geo-data specialists, with approximately 2400 engineers in this field. In addition, we have around 500 people in our innovation department. We invest in employees' professional and personal growth through development programmes and training in technical skills, project management, commercial excellence, health and safety, as well as interpersonal and leadership skills. At the same time, we are currently navigating a significant workforce reduction with care and integrity, ensuring resilience in the face of ongoing market challenges. We recognise the impact on both those leaving and those who remain, and will continue to support our people through this transition. Market-agnostic resources We can deploy our vessels, equipment and people across multiple markets and geographies, providing flexibility to further diversify and optimise asset utilisation. Differentiating through technology Fugro is a technology leader in marine robotics, remote operations, AI analytics and digital delivery -providing clients with safer, faster and befter Geo-data insights. We are integrating AI across our technology products, digital solutions and internal processes, already achieving measurable gains such as improved software development productivity and quicker turnaround for important client deliverables. Our AI initiatives are supported by a robust governance framework and a unified data backbone, ensuring innovation with integrity. Highly skilled people with unique Geo-data expertise 2400 Geo-data engineers >100 Nationalities Market-agnostic assets 29 vessels (plus 7 long-term charters) 10 uncrewed surface vessels (USVs) 5 autonomous underwater vehicles (AUVs) 65 remotely operated vehicles (ROVs) 112 cone penetration testing systems (CPTs) 210 onshore and 18 offshore geotechnical drilling rigs 32 jack-up platforms 33 laboratories Global network of remote operations centres Key competitive differentiators Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 18 Fugro is a first mover in maritime robotic operations, leading to an asset-lighter business model. Using lightly and uncrewed vessels and more modular assets and sensors, we remove personnel from a high-risk environment and significantly cut carbon emissions compared to a traditional vessel, also supporting our clients in their digitalisation and net-zero goals. Cloud-based data processing allows near real-time data delivery for faster, more informed decision making. We deliver real-time insights through automated digital workflows and client portals. We are transforming land site characterisation with GroundIQ® - using innovative sensors, advanced analytics, deep learning algorithms and AI to deliver 3D model of the underground in weeks instead of months. By providing asset developers with early insights into the ground risks, it helps prevent delays and reduce construction costs. Global player with local presence We have a global reach, with major hubs in each region and a local presence in 52 countries. Fugro's offices are predominantly staffed and managed by local employees, which ensures that we understand local business procedures, culture and traditions. At the same time, through close cooperation throughout the group, we are able to deliver the same quality of integrated solutions to clients worldwide. Revenue Employees Europe & Africa 881 4499 Americas 393 1818 Asia Pacific 345 2205 Middle East & India 229 1705 Major office locations Revenue in EUR million. Data is based on FY2025 results. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 19 CLIENT PROJECT Efficient site characterisation for major offshore grid connection project in Germany with GroundIQ® Fugro deployed its GroundIQ solution to support site investigations for TenneT Germany's LanWin offshore grid connection projects, a major programme linking large-scale offshore wind capacity to the European onshore grid. Using low impact geophysical surveys along onshore and nearshore cable routes, GroundIQ delivered early, site wide insight into subsurface conditions in environmentally sensitive areas. By combining patented 3D ambient noise tomography with complementary geophysical and geotechnical data, we built a detailed understanding of ground conditions while keeping disturbance to a minimum. This integrated and data rich approach strengthened routing and design decisions, demonstrating GroundIQ's value in complex infrastructure projects that require both technical certainty and environmental responsibility. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 20 Strategy The world around us 21 Outlook for Fugro's markets 23 Towards Full Potential strategy 25 Strategy implementation 27 Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 21 The world around us Major global challenges - including population growth, urbanisation, growing inequality, geopolitical tensions and the realignment of international alliances, the growing importance and implications of artificial intelligence (AI), climate change and biodiversity decline - are pufting both our planet and our way of life under immense pressure. According to the United Nations, the population is expected to grow from 8.2 billion today to around 10 billion by 2050. During the same period, an average of 1.5 million people will move to urban areas every week. These trends are fuelling a steadily increasing demand for food, water, infrastructure, and energy, creating a widespread need to renew and invest in critical infrastructure. Meanwhile, global warming has become an undeniable and escalating threat, driving extreme weather events, rising sea levels, and declining biodiversity. The transition to green energy is essential and already underway, with renewables steadily increasing their share in the global energy mix, but it is also highly complex. Nations must balance three critical priorities: ensuring energy is secure, keeping it affordable, and making it clean. The rapid rise of AI is reshaping industries and the global economy. AI is enabling breakthroughs in automation, predictive modelling, and data - driven decision - making at unprecedented scale. Additionally, it is acting as a catalyst in our core markets, as its accelerating demand is driving greater energy consumption and increasing the need for large - scale data centres and supporting infrastructure. As this technology expands quickly, the volume and value of data continue to grow, making security and resilience increasingly critical. Fugro's Geo-data services are more essential than ever for meeting the growing demand for energy, enabling the energy transition, supporting substantial infrastructure investments, and addressing the need for climate change adaptation and national security requirements. With our solutions, we can also contribute to the responsible development of critical minerals, and the inspection S monitoring of critical undersea and nearshore infrastructure. The integration of AI amplifies this value, improving our ability to deliver fast, high-quality insights that help clients make befter decisions in an increasingly complex world. Today's volatile geopolitical and macroeconomic environment has prompted many clients to reassess their projects, in particular in offshore wind. The outcomes of numerous 2024 elections - covering nearly half the world's population - triggered significant shifts in economic, social, and policy frameworks. Geopolitical tensions and realignment of international alliances have resulted in heightened national security concerns. While the global economy proved resilient in 2025, growth in 2026 is expected to be modest amid ongoing market uncertainties (source: International Monetary Fund World Economic Outlook 2025). The world around us Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 22 Global trends drive demand for Geo-data Global challenges… Energy trilemma The world needs energy that is available, affordable and sustainable …which Fugro can address in its markets… …contributing to UN Sustainable Development Goals Resilient infrastructure Safe and sustainable infrastructure requires continuous monitoring and risk assessment Energy Energy security S transition Climate adaptation Climate action is needed to protect coastal areas from sea level rise and flooding Biodiversity preservation Ecosystem restoration and conservation are essential to achieve a sustainable ocean economy Infrastructure Sustainable infrastructure Water Climate change adaptation Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 23 Outlook for Fugro's markets Energy Global population growth, emerging regions and improving living standards are driving a steady increase in energy demand. Fugro's Geo-data services are more essential than ever, as our solutions contribute to access to Offshore wind markets in Europe are showing first signs of recovery, and we are seeing increased tendering activity. However, the near term is likely to revolve around industry realignment, and it will take some time for activity levels to rebound. In Asia Pacific, short-term challenges remain, but the sector is cautiously optimistic as auction dependable, clean and affordable energy. We believe that the world should stop the use of coal as quickly as possible, reduce its reliance on oil, accept natural gas as a key transition fuel, and accelerate the adoption of renewable energy. Initially driven by ambitious government roadmaps, renewables now exceeds 30% of global energy generation. Recently, however, priorities have shifted from accelerating the transition to ensuring energy security. Major markets have scaled back near-term expansion plans, with delays or cancellations - the lafter in particular in the US (source: International Energy Agency Renewables Report 2025). In 2025, in particular the offshore wind industry experienced a sharp slowdown as numerous headwinds converged: higher interest rates, rising construction costs, limited grid capacity, reducing demand for green energy, and shifting political priorities. This led to policy reversals, auction failures and widespread uncertainty across both emerging markets - resulting in a complete standstill in the US - and more established European markets, as developers have become increasingly selective about which projects to pursue. Despite these challenges, offshore wind - alongside other renewable and fossil fuel sources - remains a vital component of an affordable, secure and diversified energy system. Meeting future energy demand will rely upon political continuity, engineering expertise, delivery excellence, and sustained investment. To re-energise the sector, throughout 2025 governments are consulting with developers and other industry stakeholders, and signs of recovery are beginning to emerge. The UK's successful Allocation Round 7 auction in January 2026 signals recovery is possible through collaboration. And in the same month, the North Sea Summit in Hamburg brought together nine countries who commifted to delivering 15GW of offshore wind capacity annually from 2031 to 2040. This agreement should increase regional capacity from 37GW today to 300GW by 2050, with 100GW developed through cross-border cooperation -enough green energy to power 143 million homes. frameworks are revised and boftlenecks addressed. While in the US under the current administration no new projects are expected, the sector is emerging in Latin America and Canada. The complexity of the energy transition, combined with growing global energy needs and security concerns, means fossil fuels - especially gas - will remain vital for years to come, as they still supply at least 50% of worldwide energy consumption today. Geopolitical developments during the last couple of years have brought the importance of energy security into sharp focus, in particular in Europe. While oil demand may well peak by the end of this decade, continued upstream investments are essential to offset depletion and maintain spare capacity against potential shocks. However, oversupplied markets and persistently weak oil prices in 2025 have led oil and gas companies to intensify spending discipline. They are concentrating on targeted exploration programmes, placing strong emphasis on timeline discipline and cost efficiency in light of relatively low oil and gas prices. This translates into prioritising short-cycle, high - margin developments, primarily in deep-water basins in the Americas, Asia-Pacific and Africa. Overall, offshore wind related capital expenditure is projected to grow by around 11% per year in the period 2025-2029, while offshore oil and gas related expenditure is projected to remain broadly stable (source: 4C Offshore and Rystad respectively, January 2026). Please note that these market projects mainly reflect build-out activity on the most certain projects, rather than Geo-data work on early-stage projects, which is inherently more volatile. Outlook for Fugro's markets Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 24 Infrastructure Infrastructure investment is accelerating globally, driven by population growth, rapid urbanisation, and the urgent need for climate change adaptation. Many infrastructure systems- particularly in OECD countries Water Most countries are falling short of the pledges made as part of the 2016 Paris Agreement, and climate change is by now recognised as an apparent threat with rising sea-levels and increasing frequency and impacts of extreme - were built during the mid-20th century and are now ageing, requiring significant overhaul and more frequent monitoring to ensure safety, efficiency, and sustainability. The scale of required maintenance and rejuvenation is immense. In parallel, the energy transition and rising data consumption, including edge computing and generative AI, are fuelling investments in power networks and data centres. Sustainable and efficient infrastructure use increasingly depends on extending asset lifetimes through targeted maintenance, repair, and replacement, while adopting smarter, cleaner, and safer construction practices. Understanding the condition of assets and their interaction with surroundings and subsurface environments - such as through structural monitoring - is essential to improve safety, extend lifespans, and reduce operating risk and total cost of ownership. Climate change impacts, particularly along coastlines, further increase the need for adaptation solutions. Governments are responding with major stimulus programs and significant budgets to preserve and enhance critical utility and transport infrastructure. At COP30, the Utilities for Net Zero Alliance and partners pledged around USD 1 trillion by 2030 to expand clean energy, modernise global power grids, and deploy energy storage - supported by new financing principles and regional initiatives to accelerate grid resilience and renewable integration. Overall, infrastructure-related capital expenditure is projected to grow by approximately 7 % annually between 2025 and 2029 (source: Global Data, December 2025). weather events. This leads to adverse impact on ecosystems, the economy, infrastructure and human life, especially as over 3 billion people live at or near the coast. Therefore, there is an increasing need for coastal mapping and resilience solutions. Reducing emissions remains critical, but it is only part of the solution. There is a clear need to befter understand climate risks and design solutions that strengthen resilience -especially in vulnerable coastal zones. National and international initiatives support this effort. At COP30, the Belém Roadmap advanced COP29's targets, raising annual climate finance goals from USD 300 billion to at least USD 1.3 trillion by 2035 to help emerging economies cut emissions and adapt to climate impacts. Climate change is also negatively affecting biodiversity and the health of our oceans. The ocean generates 50% of the oxygen we need, absorbs 30% of all carbon dioxide emissions and captures 90% of the excess heat generated by these emissions. It is the planet's largest ecosystem, providing a livelihood for billions of people. A befter understanding and preservation as well as sustainable use of ocean resources ('blue economy') is of crucial importance, and is supported by national initiatives and international agreements, such as the UN Biodiversity COP15 agreement to guide global action on nature through to 2030. COP30 strengthened and scaled commitments on climate mitigation and adaptation, launching initiatives to accelerate action and financing for safeguarding biodiversity at the level needed to meet global climate goals. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 25 Towards Full Potential strategy The mid- to long-term fundamentals across our markets remain sound. Global demand for Geo-data is rising - driven by its essential role in meeting rising energy needs, enabling the energy transition, supporting major infrastructure investments, and addressing the challenges of climate change adaptation. Capturing this potential is at the heart of our Towards Full Potential strategy. Today's business environment is challenging, particularly in our energy markets. We are commifted to improving our performance, which in 2025 has been significantly affected by in particular the slowdown in early-stage offshore wind site characterisations. To address this, we implemented decisive measures to right-size Fugro's operations, build a more efficient, flexible organisation and protect cash flow. At the same time, while adapting to today's market realities, we continue to advance our transformation agenda to secure long - term success. Sustainability is embedded in our purpose and strategy, driving long-term value for stakeholders and society by maximising the positive impact of our solutions. Fugro's services support offshore wind development for mitigation and enable flood and coastal protection for adaptation. We also help clients manage biodiversity impacts. Our Towards Full Potential strategy was launched in November 2023 and is based on three priorities: 1 Grow and transform current business Grow and transform current business In the coming years, most of our revenues and value creation will come from our existing business in energy, infrastructure and water, which offer a lot of opportunities - driven by the critical role of Geo-data in meeting the growing demand for energy, facilitating the energy transition, supporting substantial infrastructure investments. To unlock these opportunities and ensure long-term success, our transformation agenda has been further focused and is now anchored in four programmes: accelerate remote operations across our fleet expand our fleet of uncrewed surface vessels, for geophysical and inspection S monitoring solutions grow new, transformative scaleable GroundIQ® service to drive business growth in land site investigation optimised ways-of-working with digitised workflows across the group, to realise efficiencies and faster insights to our clients Towards Full Potential strategy Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 26 2 Expand into developing segments In addition to growing and transforming the current business, we have defined two strategic priorities that offer significant value creation potential for the medium and long term and at the same time further strengthen Fugro's resilience: Expand into developing segments Fugro is leveraging its expertise by expanding into developing segments in existing markets with a large requirement for Geo-data insights: Coastal resilience: flood risk management, flood protection, environmental impact assessments, preservation of coastal ecosystems Ocean health: environmental impact assessments, ocean science and biodiversity monitoring Critical minerals: geotechnical characterisation of ground risk for regulatory safer, more sustainable infrastructure development and operations Security and surveillance: integrated maritime security and intelligence solutions for safeguarding critical undersea and nearshore infrastructure, including pipelines and cables Carbon capture, utilisation and storage (CCUS): feasibility assessments, site characterisation, and geo-risk monitoring for the safe transportation and geologic storage of CO 2 . 3 Build recurring revenue with Geo-data as a service Build recurring revenue with Geo-data as a service We are building greater resilience by adding recurring revenues to our project - driven business. Building on decades of subscription - based satellite positioning experience, we are expanding through scalable technology, including: VirGeo®: client portal for Geo-data management, collaboration and analytics - delivering insights that accelerate decisions for asset development and maintenance GeoDin®: comprehensive geotechnical data management software that consolidates various types of subsurface data collected during construction processes. Integrated with Autodesk's product Civil 3D software EOMAP: mapping and monitoring of marine and freshwater environments through satellite Earth Observation TotaLite®: user-friendly automated deformation monitoring solution providing realtime sub-millimetre movement insights saving monitoring experts and surveyors man-hours and cost Seawatch® Early warnings: advanced environmental monitoring and forecasting system to deliver insights on variables like algae blooms, oxygen levels and currents. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 27 Strategy implementation We have established a governance framework to ensure the successful implementation of our strategy, built around three key pillars: Roll-out of the strategy: In 2025, we decided to strengthen our focus on those programmes that prioritise cost efficiencies, market share in the energy markets and growth in the infrastructure and water markets. A dedicated and focused transformation team is driving and supporting the implementation of these four programmes - ensuring focus, uniformity and alignment across the organisation while allowing for regional customisation and ownership. Implementation is also supported by three strategy enablers: people, technology, and execution excellence in commerce, operations, and finance. Organisational structure: Since 2024, we have a streamlined organisational framework in place with clearly defined roles and responsibilities, as well as enhanced communication channels to support efficient collaboration across the company. In 2026, we plan to further simplify ways of working across the business by streamlining procedures. Strengthening the culture: Based on our values and Code of Conduct, we are emphasising accountability, entrepreneurial mindset and teamwork. Our leaders are driving significant business transformation while effectively managing ongoing operations. Investment in innovation In 2025, Fugro spent 3.0% of its revenue on RSD and technology innovation (2024: 2.3%). In addition, part of these activities are reflected in our transformation capital expenditure. Fugro will continue to invest in RSD, amongst others in USV technology, digitalisation, data intelligence S AI, and modelling of subsurface data, and climate and biodiversity modelling. Intellectual property Fugro leverages its advanced technologies, expertise, and know-how to create a robust portfolio of intellectual property (IP) rights. The company's IP strategy emphasises business-driven innovation as a core competitive differentiator, delivering future-ready, customer facing technical solutions built on proprietary technologies that support clients around the world. In 2025, Fugro filed 46 new priority patents (2024: 48). Client satisfaction At Fugro, we place high importance on collecting client feedback through direct interaction during and after project completion, as well as via client surveys. This feedback is essential as we aim for both operational and commercial excellence, consistently striving to exceed our clients' expectations. In 2025, Fugro achieved a Net Promoter Score (NPS) of 56, a slight decrease from the 61 in 2024, but still exceeding our target of at least 50. Patent 2025 2024 2023 2022 Priority filings 46 48 39 29 Published patent applications 147 110 63 47 Granted patents 143 129 50 35 Cooperation with universities and other knowledge institutes A significant part of Fugro's technology is developed in close cooperation with a large number of universities and other knowledge institutes around the world, focusing on the development of innovative solutions and research in areas such as autonomy, geotechnics, energy transition, and ocean technology. In the Netherlands, Fugro maintains strong partnerships with multiple universities and research organisations. Fugro works extensively with TU Delft and TNO on advanced maritime and energy transition technologies. These collaborations encompass research into methanol-based propulsion systems, autonomous inspection capabilities and optimisation of offshore wind lifecycles, including digital twins and environmental monitoring. Other academic relations in Europe are for example with the Heriot-Waft University (UK) focusing on autonomy, underwater vision, sonar imaging, and autonomous manipulation algorithms. In Italy, Fugro collaborates with the University Federico II in Naples on artificial intelligence and machine learning for geotechnical classification. In the Americas, Fugro also has many longstanding relationships with academia, for example, with the University of New Hampshire focused on hydrographic surveying and ocean exploration, while research with the University of Louisiana (Lafayefte) spans Computer Science, Computer Engineering, and Geology, including joint RSD product development management initiatives. Further partnerships include the National Research Council Canada for spatially-aware structural health monitoring, The Marine Institute of Memorial University of Newfoundland for ocean technology research and subsea robotics, and workforce development initiatives with North-western Michigan College. Strategy implementation Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 28 In Asia-Pacific, Fugro is an active participant in academic clusters such as the Subsea Innovation Cluster of Australia and the ARC Industrial Transformational Research Hub for Transforming Energy Infrastructure through Digital Engineering (TIDE). Key academic partners include Griffith University in Queensland and the University of Western Australia. Further, Fugro and AMC Search (Australian Maritime College, University of Tasmania) have signed an MoU to co-develop an IBSC-accredited Category "A" Hydrographic Survey Programme. Other notable academic connections include partnerships with James Cook University and the COASTS partnership with Maldives Space Research Organisation (MSRO) which aims aims to fill important knowledge gaps through the integration of earth observation, advanced modelling, surveying, and digital tools. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 29 CLIENT PROJECT Multi-year contracts for monitoring of Petrobras' subsea infrastructure Transforming offshore monitoring with cutting-edge remote capabilities In 2025, Fugro secured four multi-year contracts to monitor Petrobras' subsea infrastructure in Brazil, reinforcing a decades-long partnership. Dedicated vessels equipped with advanced remotely operated vehicles (ROVs) will deliver precise subsea asset monitoring. The contracts highlight Fugro's innovative remote operations capabilities, including remote ROV piloting, which it introduced in Brazil in 2023, enhancing efficiency and enabling real-time data analysis. Introduction Strategy Financial performance Sustainability statement Leadership S governance Financial statements Other information 30 Financial performance Results 2025 31 2027 guidance and targets 36 Asset portfolio strategy and capital allocation 36 Taxation 37

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