Dutch Geo-Data Specialist Fugro Posts €21 Million Loss as Offshore Wind Sector Struggles

2026-02-27 green

Leidschendam, Friday, 27 February 2026.
Fugro’s dramatic financial reversal from €274 million profit in 2024 to €21 million loss in 2025 highlights the offshore wind industry’s mounting challenges. The Dutch geological survey company saw revenue plunge 16% to €1.85 billion while margins collapsed from 21% to 14%. Adding to investor concerns, CFO Barbara Geelen announced her departure after five years, with the company slashing dividends from €0.75 to €0.15 per share. Despite early signs of market recovery in Europe, Fugro’s stock tumbled 10% as the company cut investment spending by €100 million to preserve cash flow in the turbulent renewable energy sector.

Fourth Quarter Collapse Drives Annual Losses

The severity of Fugro’s financial deterioration became most apparent in the fourth quarter of 2025, when revenue collapsed by 20.5 percent on a comparable basis to €438.7 million [3]. This dramatic quarterly decline drove the company’s full-year revenue down by 16.1 percent to €1.85 billion, falling just short of analyst expectations of €1.86 billion [3]. The company’s EBITDA margin, a key profitability metric, plummeted from 20.3 percent in the fourth quarter of 2024 to just 11.8 percent in the same period of 2025 [3]. For the full year, EBITDA fell from €483.6 million in 2024 to €267.9 million in 2025, representing a margin compression to 14.5 percent from the previous year’s 21.3 percent [3].

Leadership Changes Amid Market Turbulence

The financial pressures coincided with a significant leadership transition at the Nootdorp-based company [1]. Barbara Geelen, who has served as Chief Financial Officer since 2021, announced on February 27, 2026, that she will step down from the Board of Management following the Annual General Meeting scheduled for April 23, 2026 [1]. Sjoerd Vollebregt, Chair of the Supervisory Board, acknowledged Geelen’s “key role in navigating Fugro through the challenging and dynamic market conditions Fugro faced in 2025” [1]. The departure comes as the company implements aggressive cost-cutting measures, with Fugro targeting €120 million in savings at the upper end of its previously announced range of €100 to €120 million [7]. The dividend cut from €0.75 per share in 2024 to €0.15 per share for 2025 further underscores the financial strain [3][6].

Offshore Wind Sector Challenges Impact Core Business

Fugro’s struggles reflect broader challenges facing the offshore wind industry, which represents a critical segment for the geological data specialist [GPT]. The company cited “a challenging offshore wind market and a temporary delay in oil and gas projects towards the end of the year” as primary factors behind the poor performance [3]. According to MarketScreener data, renewables account for 37.9 percent of Fugro’s revenue, making it the company’s largest client segment, followed closely by oil and gas at 37.5 percent [9]. The company’s order book contracted from €1.58 billion at the end of 2024 to €1.36 billion by the end of 2025, reflecting reduced demand for geological surveys and monitoring services essential for renewable energy project development [3]. Free cash flow turned negative €136.6 million, highlighting the operational challenges facing the company [3].

Recovery Outlook and Strategic Adjustments

Despite the challenging 2025 performance, CEO Mark Heine indicated seeing “first signals of recovery, after a challenging year,” particularly noting early signs of improvement in Europe’s offshore wind market [3][5]. The company expects margin improvements in 2026 through cost reductions and operational efficiencies [3]. To support cash flow recovery, Fugro has dramatically reduced its capital expenditure plans from €248 million in 2025 to a range of €150 to €165 million for 2026 [3][6]. However, market analysts remain cautious about the timing of any recovery. KBC Securities analyst Kristof Samoy noted that “it will take until at least the second quarter results before any statement can be made” about whether the revenue decline has ended [7]. The analyst maintained a “Hold” recommendation with a €11.50 price target, while the stock fell 10.6 percent to €10.36 following the results announcement [6][7].

Bronnen

offshore wind geological data