reNews31 Jul 2026Market
Automatically composed with AI from the cited sources
Revenue rose 4.3% year-on-year to €920.5m, with EBIT margin improving from 2.3% to 4.1%, driven by growth in oil and gas, infrastructure, and water markets. The 12-month renewables backlog fell 47%, and Fugro warned of a challenging second half, citing overcapacity and pricing pressure in marine site characterisation alongside Middle East disruptions. Fleet rationalisation is expected to deliver €50m in annual cost savings, and CAPEX was cut by around €150m to support free cash flow.
Context
The 47% renewables backlog decline quantifies the "subdued offshore wind" and "less work" warnings that appeared across at least six Fugro reports on 2026-07-31.