Fugro posts annual loss, CFO to step down (updated)
27/02/2026 06:31
CFO to step down in April 21 million annual loss, 80% dividend slash to 0.15 euro Shares tumble around 10% in early Amsterdam trading Recasts paragraph 5, adds bullet points, share move paragraph 6, CEO quote paragraph 8, 10, context paragraph 9, outlook details paragraph 11 By Hugo Lhomedet and Jerome Terroy Feb 27 (Reuters) - Dutch geological data specialist Fugro FUGR.AS on Friday reported a 21 million euro ($25 million) annual loss reflecting challenges in the offshore wind industry and said its finance chief would step down in April. The Amsterdam-listed firm's consolidated revenue came in at 1.85 billion euros, 427 million euros less than in 2024, of which 380 million euros was attributable to the slowdown of the renewables market. Fugro, which provides geotechnical, survey, subsea and geosciences services, took a hit partly as offshore wind clients suffered a downturn after U.S. President Donald Trump slammed the brakes on U.S. support for renewable energy. "In the US under the current administration no new projects are expected," the company said in a press release. Fugro's revenue mix continued to tilt toward oil and gas, which rose to 45% of revenue, up from 37% in 2024 while revenue from renewables slowed to 26% last year, down from 38% in 2024. Its shares fell by around 10% in early Amsterdam trading. The company slashed its dividend for the year by 80% to 0.15 euros. "We're very careful after a year… where we have missed the guidance a number of times," CEO Mark Heine told reporters The company withdrew its annual guidance in September and implemented a cost and capex reduction programme, effectively slashing a total of more than 1,000 jobs and aims at saving between 80-100 million euros. Heine added that Fugro is "cautiously optimistic" for 2026. To support free cash flow, Fugro said it will cut capital expenditure to between 150-165 million euros in 2026, down from 248 million euros in 2025, and lower working capital. ($1 = 0.8471 euros) (Reporting by Hugo Lhomedet and Jerome Terroy in Gdansk; Editing by Matt Scuffham) ((hugo.lhomedet@thomsonreuters.com))