'Perfect storm' leads Fugro to cut outlook after weak H1, shares fall

Fugro NV

01/08/2025 09:01

** Shares in Dutch geological data specialist Fugro FUGR.AS fall 12% after the company cut its FY EBIT margin outlook following a weak half-year

** The market slowdown in renewables has a bigger than expected impact, leading to a sharp drop in profits in H1'25, Degroof Petercam says

** KBC Securities echo these comments, adding U.S shift on offshore wind, oil prices decline, Middle-East tensions, and tariffs uncertainties caught Fugro in a perfect storm

** The company expects FY EBIT margin around 8-11% vs around 11%-15% previously

** H1 adjusted EBIT falls 86% to 21 million euros  ($23.99 million), coming in below the company-compiled consensus of 61 million euros, while revenues drop 17% to 904.7 million euros, 8% below consensus

** The stable organic backlog and guidance for 20% higher revenues in H2 vs H1 are encouraging, the broker adds

** The stocks trading volumes so far cover 279% of its 30-day moving average

($1 = 0.8753 euros)

 (Reporting by Anna Peverieri)

 ((Anna.peverieri@thomsonreuters.com))