Fugro reports year-loss due to challenges in renewables

Dutch geological data specialist Fugro reported on Friday a loss of 21 million euros ($25 million), reflecting the challenges faced by the offshore wind industry, and announced that its finance chief will step down in April.

The Amsterdam-listed firm's revenue was 1.85 billion euro, which is 427 millions less than it was in 2024. Of this, 380 million euro were attributable the the slowdown on the renewables markets.

Fugro, which provides geotechnical and survey services as well as subsea, geosciences, and geosciences, has been hit by a decline in offshore wind customers after President Donald Trump put the brakes on U.S. aid for renewable energy.

In a press statement, the company stated that "Under the current administration in the US?no new projects are anticipated."

Fugro's revenue has continued to be dominated by oil and gas. Revenue from this sector increased to 45%, from 37%, in 2024. However, revenue from renewables decreased to 26%, from 38%, in 2024.

The shares of the company fell around 10% at the start of Amsterdam trading.

The company has reduced its dividend by 80%, to 0.15 euro.

Mark Heine, CEO of the company, told reporters: "We are very careful after one year... we have missed the guidance a few times."

The company

Withdrawal

Its annual guidance for September

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A cost-reduction and capex program, which will save between 80 and 100 million euros.

Heine said that Fugro was "cautiously optimist" for 2026.

Fugro has announced that it will reduce capital expenditure to between 150-165 millions euros in 2026 from 248million euros in 2020, as well as lower working capital.

(source: Reuters)