Full-year results 2024

^{* Corrected for currency effect
** Adjusted for specific items with a total impact of EUR (6.7) million on EBIT in 2024
*** Basic earnings per share
**** Including discontinued operations}

Mark Heine, CEO: “Our financial performance in 2024 was good, as we delivered well against the mid-term targets of our strategy Towards Full Potential. We significantly improved our EBIT margin, as well as our operating cash flow. In three out of four regions, we realised double-digit EBIT margins, driven by both our Marine and Land activities. We are also pleased to be able to raise our dividend to EUR 0.75 per share, combined with a return on capital employed of 18.1%, above our mid-term target.

The strong improvement in EBIT and cash flow was delivered in a year in which our top-line growth was impacted by developments in our Americas and Middle East markets. Although overall lower than anticipated, Fugro generated revenue growth driven by the Europe-Africa and Asia Pacific regions.

Our underlying results are a direct consequence of our resilient and well-diversified business, by geography as well as by market segment. It also demonstrates we are well on track with the implementation of our strategy. We are about to complete the expansion of our geotechnical fleet, which has already contributed significantly to our results in 2024. We continue to invest in asset lighter and low carbon solutions, such as uncrewed surface vessels. And with our recent acquisition of EOMAP, market leader in mapping and monitoring of marine and freshwater environments through satellite Earth Observation, we have added EO technology to our existing mapping solutions. Ultimately, Fugro's capacity to deliver high-quality solutions to our clients is driven by the dedication and expertise of our team. It's great to see the rise in employee engagement and decrease in staff turnover.

In 2025, we remain focused on executing our mid-term strategy. We are well-equipped to capture emerging opportunities across our markets, and continue to grow with the market, recognising the uncertain geopolitical environment and setbacks in US offshore wind. At the same time, we are expanding in developing segments, such as in water, carbon capture, critical minerals and surveillance of critical underwater infrastructure. In these segments, there is growing demand for Geo-data, just like in offshore wind, traditional energy and infrastructure. In short, the market fundamentals for Fugro’s sophisticated Geo-data services are strong both for the mid- and long-term. Overall, for 2025, we expect revenue growth and, more importantly, we are confident that we will continue to deliver against our mid-term targets, leading to a solid and healthy financial performance.”