Fugro N.V. (FUGRF) Q2 2026 Earnings Call Transcript

Okay. Welcome, everyone. Good morning, good afternoon, good evening to some of you with the Half Year Results Presentation for 2026, first half of this year. This year will be slightly different as we're still in the full process of recruiting our new next CFO. So I will present the whole deck today, and I'm very much supported here by our Interim CFO, Cees den Ouden, who is here, but also our Group Controller, Marijn Feddes. So if there are questions that are going in a bit more depth that I cannot answer, then I always have these support lines. But I will do the presentation myself. So, if we start with looking at the first half of the year, we have an EBIT margin that was 4.1% higher than last year. However, we have to also say that we are looking at a challenging second half of the year. So improvements on the EBIT line as well as the cash flow for the first half of the year, but I'll come back to talk about the second part of the year as we see in the backlog, a development that we feel that needs to get some attention. The volatility in general of the current market conditions has reduced