Brunel Q4 2025 results: Stabilising performance with increased efficiency

Amsterdam, 20 February 2026 – Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent, today announced its fourth quarter and full year results.

Q4 2025 Key points

• Revenue of EUR 300.4 million, down 10% year-on-year (down 4% organically).
• Gross profit of EUR 52.8 million, down 15% year-on-year (down 11% organically).
• Underlying EBIT of EUR 11.6 million, demonstrating stabilisation compared to previous quarters down 20% year-on-year (down 15% organically).
• Underlying operating costs reduced to EUR 41.2 million, improved 13% year-on-year (improved 9% organically). Cost reduction programme announced at Q2 results fully implemented, additional cost savings programme of EUR 10 million launched in Q4, bringing the total annual savings to EUR 20 million, with part of the savings to be re-invested in sales and recruitment capabilities.

FY 2025 Key points

• Revenue of EUR 1,217.7 million, down 11% year-on-year (down 7% organically), reflecting a challenging market environment across key regions.
• Gross Profit of EUR 218.1 million, down 17% year-on-year (down 14% organically).
• Underlying EBIT of EUR 38.2 million, down 35% year-on-year (down 26% organically).
• Underlying operating cost reduced to EUR 179.9 million, improved EUR 24.6 million or 12% versus prior year, driven by accelerated implementation of cost measures. Total one-off restructuring costs for 2025 amount to EUR 14 million.
• Continued acceleration of advanced IT platforms and AI capabilities to enhance performance and speed in placements.
• Free cash flow in 2025 of EUR 8.7 million, down 88% (2024: EUR 74.6 million).
• Earnings per share of EUR 0.06, down 90% with proposed dividend of EUR 0.06 per share and an additional super dividend of EUR 0.29 per share

Strategy update to be presented on 12 May 2026.

Peter de Laat, CEO: “I am pleased to report that Brunel has delivered a resilient performance, with Q4 continuing the stabilisation in revenue, gross profit and underlying EBIT. Overall, revenue and underlying EBIT in Q4 remained broadly in line with Q3, which aligns with our expectations and reflects the stabilisation of our operations in Europe, alongside continued improvement in our global business.

Our cost reduction initiatives are delivering the expected results, as operating costs declined by 9% organically year-on-year. In Q4, we expanded our cost savings programmes from EUR 10 million to a EUR 20 million annual savings target, part of which will be reinvested in strengthening our sales and recruitment capabilities in existing and new verticals, such as utilities and defence. This positions us to better capture opportunities as market conditions improve. 

Looking ahead, we expect additional efficiency gains as we continue to leverage our digital and AI driven solutions, alongside the rollout of upgrades across our backbone IT systems. Initial impact from new tooling that automates end-to-end recruitment and contracting processes is already visible, with a broader roll-out planned for 2026.

Although economic uncertainty persists, our performance has stabilised over recent quarters, supported by disciplined execution of our efficiency programmes and strengthened client relationships. With a healthy project pipeline, and the capabilities of our talented people, Brunel is well positioned to support clients and specialists on pioneering projects. At the same time, we are reviewing our strategy to ensure it fully reflects current market dynamics and technological developments, with an updated strategy to be presented in May 2026. As we enter 2026, we do so with cautious optimism and a clear focus on achieving profitable growth.”

Results call
Today (20 February 2026), at 10:30 AM CET, Brunel will be hosting a results call. ID 387478 The dial-in number for the Netherlands is +31 85 888 7233, for UK: +44 20 3936 2999, for US: +1 646 233 4753. Other locations – see www.brunelinternational.net. 

You can listen to the call through a real-time audio webcast. You can access the webcast and presentation at https://events.q4inc.com/attendee/862033782 . A replay of the presentation and the Q&A will be available on our website by the end of the day.

Attachment

• Press Release Brunel - Q4 2025

Source: Brunel International NV