Brunel International: Reported EBIT Up 43% in Third Quarter, Underlying EBIT Down 5%
Brunel International published its third-quarter results on November 6, 2026, showing two profit measures moving in opposite directions. Reported EBIT rose 43% to €8.9 million (44% organically), while underlying EBIT fell 5% to €11.4 million (4% organically).
The gap is explained by non-recurring costs, which declined to €2.4 million from €5.7 million in the third quarter of 2025.
Activity remains close to its level of a year earlier: revenue at the Amsterdam-based group, which specializes in the secondment of technical specialists and project solutions, fell 1% to €301.2 million, and 2% organically.
Gross Margin Up, Offset by Higher Operating Costs
Gross margin improved: in value terms, it was stable at €56.6 million, while sales declined 1%. Management highlights this improvement, but it is not reflected in underlying EBIT.
According to Peter de Laat, Chief Executive Officer, “continued investment in growth and operational excellence led to a slight increase in operating costs, resulting in a slight decline in underlying EBIT.” The improvement in reported EBIT therefore stems from lower exceptional charges, not from a reduction in recurring costs.
Cash generation follows the same trend as underlying EBIT: free cash flow declined to €8.0 million from €10.6 million a year earlier. The CEO sums up the quarter by stating that the results “show progress in executing our strategy, although performance remains uneven across our markets.”
DACH Region Drives Europe, Netherlands and Asia Decline
In Europe, EBIT increased. The DACH region (Germany, Austria, Switzerland) recorded its third consecutive quarter of organic revenue growth, despite persistent weakness in the automotive sector. According to management, this growth, combined with cost control, led to a strong increase in EBIT.
In the Netherlands and Belgium, revenue continued to decline, at a less pronounced pace. The group indicates it is finalizing its recovery plan, with the aim of a “return to a healthy EBIT contribution next year.”
In the Global division, EBIT was stable, with contrasting trends across regions. Australasia improved its gross margin thanks to higher-value-added services, and the Americas posted organic growth driven by North America.
Conversely, geopolitical uncertainty weighed on the Middle East and India, while in Asia the revenue decline mainly reflects the end of projects, the timing of new project starts, and changes in the composition of business activity.
Organic Decline Steeper in the Third Quarter Than Over Nine Months
For the first nine months of 2026, revenue fell 2% to €897.8 million (1% organically), and underlying EBIT declined 4% to €25.5 million.
Organically, underlying EBIT fell only 1% on a cumulative basis, compared with 4% in the third quarter alone. Earnings per share reached €0.19 for the period, compared with €0.05 a year earlier.
In the second quarter, revenue had already declined 2% to €297.7 million, and underlying EBIT stood at €6.2 million, compared with €6.3 million a year earlier.
Looking ahead, management highlights significant projects in conventional energy, either approved or close to final investment decision, in Papua New Guinea, Guyana, Brazil, Mozambique and the United States. Their start-up is expected in the first half of 2027, and mining activity follows a comparable trend.
Renewable energy projects, by contrast, are expected to grow in the second half of 2027. According to the group, this portfolio and the ramp-up of its new Power & Grid and Defence activities “will support sustainable growth and structurally improve profitability.”
At this stage, the increase in reported profit relies on lower non-recurring costs, while underlying profit remains slightly down: management places the start of projects expected to revive activity in 2027.
