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Investing.com -- Fugro NV (AS:FUGR) on Friday reported a 35% drop in third-quarter adjusted earnings before interest and taxes (EBIT) to €64.9 million as revenue declined 15% to €504.7 million, driven by postponed and reduced offshore wind and oil and gas projects.
The company’s EBIT margin fell 3.8 percentage points year over year to 12.9%, though that marked a recovery from 2.3% in the first half of 2025, supported by initial cost savings.
The Netherlands-based geo-data services company said revenue was about €100 million lower due to the absence of U.S. offshore wind projects and weaker demand in Europe and Asia-Pacific.
Lower oil prices further reduced activity in the oil and gas segment, Jefferies said in a note.
Fugro had already withdrawn its full-year 2025 guidance on Sept. 22 after market weakness in offshore wind extended to oil and gas.
About 20 projects were postponed or had their scope reduced, cutting expected annual revenue by roughly €100 million.
The company said oil and gas clients have been emphasizing cost management and cash flow protection in response to lower commodity prices.
Fugro expects a difficult fourth quarter, with continued project descoping and deferrals.
Consensus estimates compiled by the company imply fourth-quarter EBIT of €32 million, down 55% from a year earlier and 50% below the previous quarter.
Fugro’s company-compiled consensus points to a recovery in EBIT to €180 million in fiscal 2026, aided by cost savings.
The company is targeting €100 million to €120 million in annual savings through workforce reductions and operational efficiencies.
The plan includes cutting 1,050 full-time positions, or about 10% of its workforce, along with lowering the use of third-party personnel and short-term vessel charters.
Fugro is also optimizing its fleet by warm stacking vessels during the winter season to reduce costs.
Fugro’s shares have declined 45% this year, compared with a 13% gain in the EuroStoxx index.