Bureau Veritas: Delivering on Our Commitments With Higher Sequential Organic Growth in Q2 and Continuous Margin Improvements

COURBEVOIE, France–(BUSINESS WIRE)–Bureau Veritas (BOURSE:BVI):

H1 2026 key figures¹

› Revenue of EUR 3,258.4 million in H1 2026, up 2.1% year-on-year and up 5.0% organically (with a sequential improvement in Q2 2026 at 5.5% organic growth),

› Adjusted operating profit of EUR 506.5 million, up 3.1% versus EUR 491.5 million in H1 2025, representing an adjusted operating margin of 15.5%, up 15 basis points year-on-year and up 29 basis points at constant currency,

› Operating profit of EUR 430.8 million, down 16.0% versus EUR 513.1 million in H1 2025²,

› Adjusted net profit of EUR 303.8 million, up 3.9% versus EUR 292.4 million in H1 2025,

› Adjusted EPS stood at EUR 0.68 in H1 2026, with a 4.8% increase on a reported basis versus H1 2025 (EUR 0.65 per share) and 9.8% at constant currency,

› Attributable net profit of EUR 237.9 million, down 26.2% versus EUR 322.3 in H1 2025,

› Free Cash Flow of EUR 157.7 million, up 3.2% organically, and down 6.1% year-on-year due to forex evolutions,

› Adjusted net debt/EBITDA ratio stood at 1.45x as of June 30, 2026, higher year-on-year due to the earlier payment of dividend on a comparative basis (in Q2 2026 versus Q3 2025), while remaining within the LEAP | 28 indicative range of 1.0x to 2.0x.

H1 2026 highlights

› Steady organic revenue growth in H1 2026, with sequential improvement in Q2, and continued margin expansion with an ongoing Middle East conflict,

› Strong momentum in Mission Critical Assets, Oil & Gas Capex, Metals & Minerals and Consumer Products Services Tech,

› Ongoing execution of the LEAP | 28 portfolio refocusing strategy, with five acquisitions announced year-to-date, adding c. EUR 138 million in annualized 2025 revenue, and one major agreement for divestment signed, representing c. EUR 450 million in annualized 2025 revenue. Upon completion, these transactions contribute to achieving 20% portfolio rotation³ since the strategy launch in 2024. This will further strengthen Bureau Veritas’ exposure to higher growth and higher margin markets,

› Progress with the Group’s planned exit from “Government Services” activities and record of a provision for related risks.

Upgraded 2026 outlook post disposal of activities planned for exit

Bureau Veritas continues to rotate its portfolio and to execute the LEAP | 28 strategy. Based on a solid first-half performance, a robust pipeline and the ongoing portfolio reshaping, including the planned exit from Oil & Petrochemicals and Coal testing and inspection and from “Government Services” businesses, the Group is enhancing its growth profile and upgrades its full-year 2026 guidance as follows:

› Mid-to-high single-digit organic revenue growth, versus mid-single-digit growth previously,

› Adjusted operating margin improvement at constant exchange rates, unchanged,

› Strong cash flow generation, unchanged.

The Group is fully committed to its LEAP | 28 financial guidance, benefiting from specific favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.

Hinda Gharbi, Chief Executive Officer, commented:

“The first half of 2026 marks another period of solid execution for Bureau Veritas, with a steady 5.0% organic revenue growth, with an acceleration to 5.5% in the second quarter, and continued margin expansion in a complex geopolitical environment. I would like to thank all our colleagues for their strong commitment and contributions.

In a rapidly evolving global environment, with supply chain reconfigurations and accelerating AI adoption, we continue to develop Bureau Veritas into a preferred and trusted partner to our clients through a disciplined execution of our LEAP | 28 strategy.

As we reach the midpoint of our LEAP | 28 strategic plan, our performance confirms the relevance of our portfolio transformation. The ongoing rotation of our portfolio strengthens our exposure to higher-growth and higher-margin markets.

Building on our first-half performance, a solid pipeline, and as we dispose our operations as a result of the planned exit of the Oil & Petrochemicals and Coal testing and inspection and “Government Services” businesses, we are improving our growth performance. Therefore, we are upgrading our full-year 2026 guidance⁴, now targeting mid to high single digit organic revenue growth, and we expect to continue our margin improvement and strong cash flow generation.

Looking ahead, at our Capital Markets Day in September we will provide an update on the acceleration of our portfolio pivots, and on how we are unlocking Bureau Veritas next phase of growth and value creation”.

H1 2026 KEY FIGURES

On July 28, 2026, the Board of Directors of Bureau Veritas approved the financial statements for H1 2026. The main consolidated financial items are:

H1 2026 HIGHLIGHTS

H1 2026 financial figures within the full-year 2026 guidance

› Mid-single digit organic revenue growth in the first half of the year

Group revenue in the first half of 2026 increased by 5.0% organically compared to the first half of 2025, including 5.5% growth in the second quarter while navigating an ongoing Middle East conflict. This growth benefited from underlying robust market trends across the Buildings & Infrastructure, Marine & Offshore, Consumer Products Services businesses and in most geographies.

› Improvement in adjusted operating margin at constant exchange rates

The Group delivered an adjusted operating margin of 15.5%, up 29 basis points at constant currency and up 15 basis points on a reported basis compared to the first half of 2025.

› Strong cash flow generation

Double-digit shareholder returns

In line with its LEAP | 28 strategy, the Group aims to deliver double-digit shareholder returns at constant currency in the 2024 to 2028 period. In the first half of 2026, adjusted EPS grew 9.8% at constant currency.

› Bureau Veritas shareholders approved the distribution of a EUR 0.92 dividend per share for 2025

At the Bureau Veritas Annual Shareholders’ Meeting, shareholders approved the distribution of a dividend of EUR 0.92 per share for the 2025 financial year (third resolution, approved by 99.94% of votes cast), paid in cash on May 28, 2026.

› Share buyback program

In line with the commitment to continue to improve shareholder returns, on February 25, 2026, the Group announced a new EUR 200 million share buyback program, to be completed by February 2027.

In accordance with the terms of the share buyback program approved by the Annual General Meeting, the purchased shares will be used for any purpose authorized by the Company’s shareholders at the Annual General Meeting of May 19, 2026.

Financing

In April 2026, Moody’s reaffirmed Bureau Veritas’ A3 credit rating with a stable outlook.

LEAP I 28 FOCUSED PORTFOLIO UPDATE

Since the beginning of the year, the Group has announced, signed or completed seven transactions, fully aligned with LEAP I 28 portfolio priorities.

› Five acquisitions, representing combined annualized revenue of c. EUR 138 million in 2025.

› One completed and one planned divestment, representing combined annualized cumulative revenue of c. EUR 489 million in 2025.

Following completion of these transactions and considering other recent year-to-date acquisitions, the Group will have achieved approximately 20% portfolio rotation⁵ since the launch of LEAP | 28.

› Expand the Group’s existing leadership positions:

• The agreement to acquire LotusWorks was announced in April 2026. This Ireland-based company is a leading provider of commissioning, quality assurance and quality control, calibration, maintenance, and construction management services for mission critical facilities serving semiconductor manufacturers and data center owners. The company operates in the United States and Europe and employs 750 people including highly skilled experts. In 2025, LotusWorks generated EUR 131 million in revenue. This acquisition will enhance Bureau Veritas’ organic growth, will be accretive to the Group’s adjusted operating margin, and will be slightly accretive to earnings in 2026. The acquisition was closed on July 27, 2026.
• The acquisitions of Sustainable Construction Services (SCS) and Verte (UK) were completed in January and February 2026. These companies are providers of sustainability consulting services in the real estate sector, specializing in certification of green buildings, energy efficiency assessments, net zero carbon and energy modeling. Combined, the two companies employ 42 employees and generated annualized cumulated revenue of c. EUR 4 million in 2025.
• The acquisition of ADS COM (France) was completed in January 2026. This company operates in the public sector, delivering examination and review services for building permit application files for local authorities (public service delegation). It employs 13 people and recorded c. EUR 1 million in revenue in 2025.
• Disposal: in January 2026, the Group sold its non-core activity of construction projects technical supervision in China (EUR c.39 million in annualized revenue) in order to enhance its B&I business mix in the country.

› Create New Strongholds:

• In technology testing for Consumer Products, the Group acquired IPS Corporation in June 2026. This Japan-based company provides electromagnetic compatibility (EMC) and product safety testing, and calibration services for medical devices, IT and radio equipment, as well as electrical and electronic products. The company employs 34 people and recorded c. EUR 2 million in revenue in 2025.

› Optimize value and impact:

• In June 2026, the Group signed an agreement to sell its Oil & Petrochemicals and Coal Testing and Inspection businesses. In 2025, the business generated c. EUR 450 million in revenue operating a global network across multiple countries, with a significant footprint of operational sites and employees. These businesses grew at a slower pace than the Group and are margin dilutive. The disposal will have a positive impact on the Group’s organic growth profile, adjusted operating margin and return on capital employed. After closing, expected by the end of Q1 2027, the transaction should be broadly neutral to earnings.
• Based on an enterprise value of EUR 470 million, the transaction implies an Enterprise value/EBIT multiple of 11.1x on 2025 results post-IFRS 16. Proceeds will be redeployed towards higher-growth and higher-margin businesses, in line with the LEAP I 28 portfolio ambitions.

For more information, the press releases are available by clicking here and additional details are available in Appendix 7.

UPDATE ON THE Q1 2026 REPORTED DEVIATIONS

As announced in April 2026, pursuant to internal alerts, the Company has conducted investigations that uncovered deviations in the Middle East & Africa region, primarily in the “Government Services” subsegment. The Company immediately and voluntarily disclosed the situation to the French authorities, in a spirit of transparency and cooperation.

In this context, after having terminated the contracts in question, the Company completed the review of its activities within the “Government Services” subsegment (which represented c. EUR 185 million in revenue in 2025) and confirms its decision to exit the entire subsegment in the short term. This exit began in the second quarter and will continue gradually throughout 2026, in strict adherence to the Company’s contractual commitments towards its clients.

As of June 30, 2026, the Company had recorded a provision of EUR 32.0 million, reflecting its best estimate to date of the full financial impact it may face.

EXECUTIVE COMMITTEE LEADERSHIP CHANGES

Bureau Veritas announces new strategic appointments within the Executive Committee to support the continued delivery of its LEAP | 28 ambitions, effective in July 2026:

› Marios Broustas, a seasoned M&A expert with 30 years of investment banking and corporate strategy experience in the United States and Europe, is appointed as Executive Vice-President, Corporate Development. He succeeds Juliano Cardoso, who is retiring after 28 years at Bureau Veritas.

› Khurram Majeed is appointed Chief Commercial Officer while retaining his position as Executive Vice-President, Middle East, Caspian & Africa Region, a role he has held since 2024. In this new position, he will drive the performance of Bureau Veritas’ Sales & Marketing function across all regions and product lines.

› Noor Sait is appointed as Chief Performance Officer. He will lead operational excellence, technical integrity, quality, health, safety and environment, and corporate social responsibility teams, as well as all LEAP | 28 performance programs globally. He joined Bureau Veritas in 2025 as Middle East, Caspian & Africa Industry and Operational Excellence and Performance Vice-President.

› Laurent Louail, until now Executive Vice-President Chief Performance Officer, transitions to a Senior Advisor role reporting to Hinda Gharbi, bringing his deep expertise to support strategic projects and an effective transition of the Performance function’s activities. After more than 30 years at Bureau Veritas, he has decided to retire by October 2026.

CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS

Corporate Social Responsibility (CSR) key indicators

The Company continued to be highly recognized by non-financial rating agencies.

EVOLVING THE GROUP REPORTING

The execution of LEAP | 28 is reshaping Bureau Veritas’ portfolio, accelerating its exposure to higher-growth markets and transforming its business mix. As a result, the Group’s organization has evolved, and its reporting structure is evolving accordingly. To better reflect this transformation and provide the market with a clearer view of the business, Bureau Veritas is moving from six reporting lines to four, aligning external reporting with its current organization.

The business will now be organized around:

› Industrials & Commodities;

› Buildings & Infrastructure;

› Business Assurance;

› Product Testing & Services.

The change will be effective starting from July 1^st 2026, and will be reflected in Q3 2026 revenue release.

New H1 2026 reporting structure (illustrative)

2026 OUTLOOK AND 2028 AMBITION

Upgraded 2026 outlook post disposal of activities planned for exit

Bureau Veritas continues to rotate its portfolio and to execute the LEAP | 28 strategy. Based on a solid first-half performance, a robust pipeline and the ongoing portfolio reshaping, including the planned exit from Oil & Petrochemicals and Coal Testing and Inspection and from the “Government Services” businesses, the Group is enhancing its growth profile and is upgrading its full-year 2026 guidance as follows:

› Mid-to-high single-digit organic revenue growth, versus mid-single-digit growth previously,

› Adjusted operating margin improvement at constant exchange rates, unchanged,

› Strong cash flow generation, unchanged.

The Group is fully committed to its LEAP | 28 financial guidance, benefiting from specific favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.

LEAP | 28 ambitions

On March 20, 2024, Bureau Veritas announced its new strategy, LEAP | 28, with the following ambitions:

Over the period 2024-2028, the use of Free Cash Flow generated from the Company’s operations will be balanced between Capital Expenditure (Capex), Mergers & Acquisitions (M&A), and shareholder returns (dividends):

ANALYSIS OF THE COMPANY’S RESULTS AND FINANCIAL POSITION

Revenue up 2.1% year-on-year (up 4.8% at constant currency)

› Total revenue: in the first half of 2026, Bureau Veritas reported total revenue of EUR 3,258.4 million, marking a 2.1% increase compared to the first half of 2025.

› Organic growth: organic revenue growth was 5.0% compared to the first half of 2025, with growth of 5.5% in the second quarter of 2026. This growth was driven by solid underlying trends across the Buildings & Infrastructure, Marine & Offshore and Consumer Products Services businesses and in most geographies.

› Geographical breakdown:

• Americas (25% of revenue): the region delivered solid organic growth of 3.4% in the first half of the year with a sequential improvement, delivering 4.9% in the second quarter, supported by strong momentum in North American data centers commissioning and in energy markets.
• Europe (37% of revenue): Europe recorded 4.6% organic growth in the first half of the year, with a sequential improvement, delivering 5.6% in the second quarter, supported by particularly high activity in Northern and Western Europe.
• Asia-Pacific (28% of revenue): the Asia-Pacific region delivered strong organic growth of 7.6% in the first half of the year, led by double-digit growth in China, Korea and India.
• Middle East & Africa (10% of revenue): the Middle East & Africa region achieved a resilient organic growth of 3.5% in the first half of the year while navigating the ongoing conflict in the Middle East. It benefited from ongoing urbanization and infrastructure building programs as well as sustained investments in the energy sector in the Gulf Cooperation Council (GCC) countries.

› Negative scope effect: the scope effect had a negative 0.2% contribution to total growth in the first half of the year. This reflected bolt-on acquisitions completed in the past few quarters that contributed to a 1.4% positive impact. It was fully offset by divestments completed over the last twelve months, including the Food Testing business and the construction activities in China, representing a total 1.6% negative impact.

› Negative currency impact: currency fluctuations had a negative impact of 2.7% in the first half of the year, with a lower negative impact of 0.6% in the second quarter. This was due to the strength of the euro against most currencies.

Adjusted operating profit up 3.1% to EUR 506.5 million (margin up 29 basis points at constant currency)

Half-year adjusted operating profit increased by 3.1% to EUR 506.5 million and by 29 basis points at constant currency.

This represents an adjusted operating margin of 15.5%, up 15 basis points compared to the first-half 2025:

› The adjusted operating margin increased organically by 7 basis points year-on-year to 15.5%, driven by higher operating leverage, continued functional scalability from performance improvement programs, effective cost containment and a positive business mix. By division, Marine & Offshore, Buildings & Infrastructure, and Consumer Product Services achieved higher margins, supported by a positive business mix and an accretive impact from past acquisitions. These gains largely offset lower margins in Agri-Food & Commodities and Industry, both impacted by the situation in the Middle East. Certification also delivered reduced margins, reflecting temporary softer growth and was impacted by slower ramp up from recent acquisitions.

› Scope had a positive impact of 22 basis points, reflecting the positive impact of the portfolio rotation with the divestment of Food testing activities and of the Construction business in China.

› Foreign exchange trends had a negative impact of (14) basis points on the Company’s margin due to the strength of the euro against other currencies.

Other adjustment items represented a net expense of EUR 75.7 million versus income of EUR 21.6 million income in the first half of 2025, mainly driven by a EUR 9.8 million in net losses on disposals and acquisitions (net gains of EUR 64.9 million in H1 2025) and costs associated with the exit of “Government Services” activities. Other details are available in Appendix 6.

Operating profit amounted to EUR 430.8 million, down 16.0% from EUR 513.1 million in the first half of 2025. The decrease reflects the tough comparables as last year was inflated by a significant non-recurring gain in relation to the divestment of the Food Testing activities.

Adjusted EPS of EUR 0.68, up 4.8% year on year and up 9.8% at constant currency

Net financial expense amounted to EUR 55.5 million in the first half of 2026, compared to EUR 56.0 million in the same period one year earlier. Finance costs increased year-on-year due to the issue of the EUR 700 million bond in October 2025. However, the Company recorded lower unfavorable exchange rate effects compared to the previous year, with a foreign exchange loss of EUR 6.2 million (compared to a loss of EUR 15.8 million in H1 2025).

Other items (including interest costs on pension plans and other financial expenses) amounted to a negative EUR 9.0 million, compared with a negative EUR 10.2 million in H1 2025.

Consolidated income tax expense stood at EUR 122.

Contacts

ANALYST/INVESTOR CONTACTS


Laurent Brunelle
+33 (0) 7 79 52 69 21

[email protected]

Colin Verbrugghe
+33 (0) 6 80 53 26 72

[email protected]

Romain Gorge
[email protected]

Inès Lagoutte
[email protected]

MEDIA CONTACTS


Karine Havas
+33 (0) 6 68 63 83 18

[email protected]

Frédéric Vallois
+33 (0) 6 21 66 31 04

[email protected]

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