Bureau Veritas: Sector-Leading Organic Revenue Growth of 6.5% in FY 2025

Strong margin improvement to 16.3% in FY 2025

Positive growth outlook with continued margin expansion in 2026

New EUR 200 million share buyback

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

2025 key figures¹

› Full-year revenue of EUR 6,466.4 million, up 6.5% organically (with 6.3% organic growth in Q4). At constant currency, the growth was up 7.3% year-on-year and up 3.6% on a reported basis,

› Adjusted operating profit of EUR 1,052.9 million, up 5.7% versus EUR 996.2 million in FY 2024, representing an adjusted operating margin of 16.3%, up 32 basis points year-on-year and up 51 basis points at constant currency,

› Operating profit of EUR 992.4 million, up 6.3% versus EUR 933.4 million in FY 2024,

› Adjusted net profit of EUR 631.4 million, up 1.7% versus EUR 620.7 million in FY 2024,

› Adjusted EPS stood at EUR 1.42 in 2025, with a 2.8% increase versus FY 2024 (EUR 1.38 per share) and up 9.2% at constant currency,

› Attributable net profit of EUR 588.0 million, up 3.3% versus EUR 569.4 million in FY 2024,

› Free Cash Flow of EUR 824.2 million, up 3.9% organically and up 2.6% at constant currency, and cash conversion of 107%²,

› Adjusted net debt/EBITDA ratio of 1.1x as of December 31, 2025, slightly up versus last year,

› Proposed dividend of EUR 0.92 per share³, up 2.2% year-on-year, payable in full in cash.

2025 highlights

› 2025 financial targets of revenue, margin and cash met or exceeded,

› Strong drivers of portfolio organic growth from higher energy investments, from the ongoing buildup of digital infrastructure and from clients demand for corporate and enterprise risk assessment solutions,

› Progressive LEAP I 28 strategy execution in its second year yielding tangible impact on operational leverage and functional scalability,

› New organization implementation to accelerate strategy execution,

› Portfolio refocusing continues with nine bolt-on acquisitions, and two divestments in non-core areas closed. These acquisitions added EUR 96 million in annualized revenue and support LEAP I 28 portfolio priorities of: i) Strengthening leadership positions in Buildings & Infrastructure; ii) Creating new strongholds in Power & Utilities and Renewables, Cybersecurity, and in Sustainability and iii) Optimizing value and impact in mature businesses; in Consumer Product Services and in Metals & Minerals. Year-to-date, three more bolt-on deals have been closed, contributing to c. EUR 5 million in annualized revenue,

› Double-digit shareholder returns based on EPS growth of c. 9% at constant currency, a dividend yield of c. 3% and enhanced by a EUR 200 million share buyback program (representing c. 1.5% of outstanding share capital).

2026 outlook

Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 aligned with the financial ambition outlined in its strategy:

› Mid-to-high single-digit organic revenue growth,

› Improvement in adjusted operating margin at constant exchange rates,

› Strong cash flow generation.

Hinda Gharbi, Chief Executive Officer, commented:

“2025 was a year of solid progress for Bureau Veritas, with sector leading organic growth, strong margin expansion, and a disciplined execution of our LEAP | 28 strategy. I want to thank all our colleagues worldwide for their strong commitment and personal contributions.

In this passing year, the second of our strategic plan, we delivered results fully in line with our ambition to accelerate growth and enhance returns, supported by a strengthened portfolio and a tangible impact from our performance programs.

We again achieved double‑digit shareholder returns at constant currency, reflecting both the quality of our portfolio and the effectiveness of our strategy. With our new organizational structure now almost complete, we are better equipped to scale our product lines’ services within our regional platforms, drive cross‑selling, and elevate our customer service and stickiness.

As we start 2026, we remain focused on executing our growth and margin improvement plans, confident in the resilience of our evolving portfolio and in our ability to generate superior, sustainable value over the mid and long term. We are continuing to improve shareholder returns and will be launching a new EUR 200 million share buyback program, without hindering our M&A plans.”

2025 KEY FIGURES

On February 24, 2026, the Board of Directors of Bureau Veritas approved the financial statements for the full year 2025. The main consolidated financial items are:

2025 HIGHLIGHTS

2025 financial targets achieved with some exceeding expectations

› Mid-to-high single digit organic revenue growth in the full year

Group revenue in 2025 increased by 6.5% organically compared to 2024, including 6.3% in the fourth quarter, benefiting from underlying robust market trends across businesses and geographies.

› Improvement in adjusted operating margin at constant exchange rates

The Group delivered an adjusted operating margin of 16.3%, up 51 basis points at constant currency and up 32 basis points on a reported basis compared to 2024.

› Strong cash flow, with cash conversion⁴ above 90%

The Group achieved a strong cash flow with cash conversion of 107% in 2025.

Double-digit shareholder returns

In line with its LEAP | 28 strategy, the Group aims to deliver double-digit shareholder returns within the period.

In 2025, double-digit shareholder returns were achieved based on EPS growth of c. 9%, a dividend yield of c. 3%, and a EUR 200 million share buyback program announced in the second quarter of 2025 (c. 1.5% of the outstanding share capital).

› Proposed dividend of EUR 0.92 per share for 2025

The Board of Directors of Bureau Veritas is recommending a dividend of EUR 0.92 per share for 2025, up 2.2% compared to the prior year. This corresponds to a payout ratio of 65% of its adjusted net profit.

This is subject to the approval of the Shareholders’ Meeting to be held on May 19, 2026, at 3:00pm at the Bureau Veritas Headquarters, Tour Alto – 4 Place des Saisons, 92400 Courbevoie, France. The dividend will be paid in cash on May 28 (shareholders on the register on May 27, 2026, will be entitled to the dividend and the share will go ex-dividend on May 26, 2026).

› Share buyback programs

• In May and June 2025, the Group executed the EUR 200 million share buyback program through the acquisitions of shares on the market (c. 1.5% of the outstanding share capital, i.e. 6.7 million shares). The repurchased shares will be used for cancellation and other purposes as approved by shareholders at the 2024 Annual General Meeting.
• In line with the commitment to continue to improve shareholder returns, on February 25, 2026, a new EUR 200 million share buyback program is announced, to be completed within the next twelve months. The program is subject to approval by the Annual General Meeting of May 19, 2026 if any or all is to be executed after that date.
  
  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 June 19, 2025, for any or all of the program to be executed before the Annual General Meeting of May 19, 2026.
  
  For any or all of the program to be executed after the Annual General Meeting of May 19, 2026, the purchased shares will be used for any purpose authorized by the Company’s shareholders at that date.

Financing

The Group carried out the following transactions during the year:

› In January 2025, the Group redeemed at maturity a EUR 500 million bond issue carrying a 1.875% coupon;

› In October 2025, the Group completed a new EUR 700 million bond issuance, maturing in October 2033 and carrying a 3.375% coupon.

In April 2025, the rating agency Moody’s reaffirmed Bureau Veritas’ A3 credit rating with a stable outlook.

LEAP I 28 FOCUSED PORTFOLIO UPDATE

As part of the LEAP | 28 strategy objectives, Bureau Veritas has implemented an active portfolio management program to strengthen its market position.

In 2025, the Group completed the acquisition of nine companies, with three transactions finalized in the last quarter. These acquisitions represent an annualized cumulative revenue of c. EUR 96 million.

Year-to-date, the Group has closed three additional bolt-on deals adding c. EUR 5 million of annualized revenue. Additionally, Bureau Veritas finalized the divestment of two activities, representing annualized cumulated revenue of c. EUR 172 million, in line with its objective to optimize the value of its portfolio.

In 2025, as the Group advances its portfolio transformation, it has activated the following M&A deals to:

› Expand the Group’s existing leadership positions:

In the Building & Infrastructure (Capex & Opex) segment, the Group acquired two companies in the first and fourth quarters of 2025:

• Contec AQS (Italy) in March 2025, a provider of construction, infrastructure, and HSE services for public authorities, infrastructure operators, and private industrial companies.
• London Building Control (UK), closed in October 2025, a leading Registered Building Control Approver (RBCA) specializing in building compliance services for renovation and upgrade projects.

› Create new strongholds:

• Renewables and low-carbon energy: the Group acquired two companies, Hinneburg (Germany) in August and Sólida (Spain) in November 2025, expanding its capabilities in the fast-growing nuclear and renewable energy sectors.
• Cybersecurity: in August 2025, the Group acquired the Institute for Cyber Risk (IFCR), a Danish company providing digital security services to private companies and public organizations.
• Sustainability transition services: the Group acquired Ecoplus (South Korea) in August 2025 and SPIN360 (Italy) in December 2025, strengthening its advisory offerings in sustainability for the consumer space.

› Optimize value and impact:

• Consumer Products: in August 2025, the Group acquired Lab System, the largest independent toy and durable goods laboratory in Brazil. This acquisition supports the development of a comprehensive Consumer Products platform in Latin America, creating synergies with Bureau Veritas’ existing laboratories in the country.
• Metals & Minerals: the Group reinforced its position in the copper market and in Chile with the acquisition of GeoAssay in March 2025, a company providing minerals geochemical analysis for regional clients. GeoAssay operates three state‑of‑the‑art laboratories in the country, bringing deep expertise in lab automation and mining processes.

› Divestments

• Bureau Veritas announced the divestment of its food testing business (EUR 133 million of revenue) to Mérieux NutriSciences in October 2024. As of December 31, 2024, the Group had completed the sale of its operations in Canada and the United States. The divestment of its activities in Asia‑Pacific, Africa, and Latin America was subsequently finalized in 2025.
• In January 2026, the Group sold its non-core construction projects technical supervision business in China (EUR c.39 million in annualized revenue) in order to enhance its B&I business mix in the country.

For further information, please refer to the press releases by clicking here and consult Appendix 7 for additional details.

EXECUTIVE COMMITTEE LEADERSHIP AND ORGANIZATION CHANGES TO ACCELERATE LEAP | 28 STRATEGY EXECUTION

To accelerate the execution of LEAP | 28, Bureau Veritas has implemented a new Executive Committee structure in 2025 designed to improve alignment, and strengthen its geographic platforms with scalable Product Line organizations. The aim of this new organization is to enable product lines growth, to properly structure sales expansion plans and performance program implementation. The intent is to speed up cross-selling, to capture an increasing share of multi-country opportunities, and to improve sustainably the Group operational leverage.

The six former regions have been consolidated into four – Americas; Europe; Asia‑Pacific; and Middle East, Caspian & Africa – and Product Lines are now led by three Executive Committee members overseeing Industrials & Commodities, Urbanization & Assurance, and Consumer Products Services product lines grouping. After a transition period in the summer, the new Executive Committee structure became effective from September 2025, with the following Executive Vice-Presidents appointments:

› Regions:

• Europe: Vincent Bourdil
• Middle East, Caspian, & Africa: Khurram Majeed
• Asia-Pacific: Surachet Tanwongsval
• Americas: Santiago Arias Duval, appointed in November 2025

› Product Lines:

• Industrials and Commodities: Matthieu Gondallier De Tugny
• Urbanization and Assurance: Marc Roussel
• Consumer Products Services: Catherine Chen

› Business Functions:

• Corporate Development & Sustainability: Juliano Cardoso
• Chief Performance Officer: Laurent Louail
• Chief Digital & Innovation Officer: Philipp Karmires

› Support Functions:

• Chief Financial Officer: François Chabas
• Chief People Officer: Maria Lorente Fraguas
• Legal affairs & Internal Audit: Béatrice Place-Faget

For more information, the press release is available here.

In 2025, the Company continued to be highly recognized by non-financial rating agencies.

2026 OUTLOOK AND 2028 AMBITION

› 2026 outlook

Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 that align with the financial ambition outlined in its strategy:

› Mid-to-high single-digit organic revenue growth,

› Improvement in adjusted operating margin at constant exchange rates,

› Strong cash flow generation.

› 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 3.6% year-on-year (up 7.3% at constant currency)

› Total revenue: in the full year of 2025, Bureau Veritas reported total revenue of EUR 6,466.4 million, marking a 3.6% increase compared to 2024.

› Organic growth: organic revenue growth was up 6.5% compared to full year 2024, with a 6.3% increase in the fourth quarter of 2025. This growth was driven by solid underlying trends across most businesses and geographies.

› Geographical breakdown:

• Americas (25% of revenue): the Americas region posted solid growth, with organic revenue up 4.0%. This reflects strong momentum in North American data centers and energy markets, along with healthy activity levels across Latin America.
• Europe (36% of revenue): Europe recorded 4.1% organic growth, supported by particularly high activity in the Northern and Eastern parts of the region.
• Asia-Pacific (29% of revenue): the Asia-Pacific region delivered strong organic growth of 8.2%, outperforming GDP growth in China and with strong expansion across all operations in the region.
• Middle East & Africa (10% of revenue): the Middle East & Africa region achieved very strong organic growth of 16.6%. It benefited from ongoing urbanization and infrastructure building programs as well as sustained energy investments in the Middle East.

› Positive scope effect: the scope effect had a positive 0.8% contribution to total growth. This was driven by bolt-on acquisitions completed in the past few quarters, contributing to a positive 2.9% impact. This was partly offset by divestments completed over the last twelve months, including the Food Testing business, representing a total reduction of 2.1%.

› Negative currency impact: currency fluctuations had a negative impact of 3.7%, with a higher negative impact of 5.2% in the fourth quarter. This is due to the strength of the euro against most currencies.

Adjusted operating profit up 5.7% to EUR 1,052.9 million (up 10.8% at constant currency)

Full year adjusted operating profit increased by 5.7% to EUR 1,052.9 million and increased by 51 basis points at constant currency.

This represents an adjusted operating margin of 16.3%, up 32 basis points compared to the full year 2024:

› The adjusted operating margin increased organically by 74 basis points year-on-year to 16.7%, from higher operating leverage and functional scalability driven by the ongoing performance programs, and from a positive mix. By division, Buildings & Infrastructure, Agri-Food & Commodities, Marine & Offshore, and Consumer Product Services achieved higher margins offsetting margin contraction in Certification and Industry.

› Scope had a negative impact of (23) basis points, reflecting H1 2025 investments in the recently acquired companies to enable geographical expansion beyond existing markets and to develop new services addressing customers’ demand.

› Foreign exchange trends had a negative impact of (19) 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 60.5 million versus a EUR 62.8 million expense in the full year of 2024, mainly driven by a EUR 34.7 million in net gain on disposals and acquisitions (net loss of EUR 0.8 million in FY 2024), linked to the divestment of the Food testing activities. Other details are available in Appendix 6.

Operating profit totaled EUR 992.4 million, up 6.3% compared to EUR 933.4 million in the full year of 2024.

Adjusted EPS of EUR 1.42, up 2.8% year on year and 9.2% at constant currency

Net financial expense amounted to EUR 116.0 million in the full year of 2025, compared to EUR 69.6 million in the same period one year earlier. The difference in net finance costs amounting to EUR 66.4 million in 2025 compared to EUR 50.7 million in 2024 is mainly attributable to the decrease in income from cash and cash equivalents.

In 2025, the Company recorded unfavorable exchange rate effects, with a loss of EUR 28.3 million (compared to a gain of EUR 5.9 million in FY 2024).

Other items (including interest costs on pension plans and other financial expenses) stood at a negative EUR 21.3 million, compared to a negative EUR 24.8 million in FY 2024.

Consolidated income tax expense stood at EUR 265.9 million in the full year of 2025. This included the impact of the exceptional contribution on large companies’ profits in France, given that the portion based on the 2024 tax was fully recognized in 2025. For comparison, consolidated income tax expense was EUR 273.8 million in 2024.

This represents an effective tax rate (ETR- income tax expense divided by profit before tax) of 30.4% for the period, versus 31.7% in FY 2024. The reduction observed is mainly linked to the divestment of the food testing activities favorably impacting the overall tax rate.

The adjusted effective tax rate decreased by 50 basis points compared to 2024, to 30.0%. It corresponds to the effective tax rate adjusted for the tax effect of adjustment items. This decrease is mainly due to a reduction in the amount of withholding taxes incurred over the period.

Attributable net profit for the period was EUR 588.0 million, versus EUR 569.4 million in FY 2024. Earnings per share (EPS) were EUR 1.32, compared to EUR 1.27 in FY 2024.

Adjusted attributable net profit totaled EUR 631.4 million in 2025, up 1.7% versus EUR 620.7 million in FY 2024. Adjusted EPS stood at EUR 1.42 in FY 2025, and a 2.8% increase versus FY 2024 (EUR 1.38 per share) and of a 9.2% increase based on constant currencies.

Free Cash Flow of EUR 824.2 million (-2.3% year-on-year, +3.9% organically)

The 2025 operating cash flow was slightly up year-on-year at EUR 1,006.7 million versus EUR 1,004.8 million in FY 2024. This is due to working capital requirement inflow of EUR 19.1 million, compared to EUR 60.8 million of inflows in the previous year.

The working capital requirement (WCR) stood at EUR 236.8 million as of December 31, 2025, compared to EUR 293.0 million as of December 31, 2024. As a percentage of revenue, WCR decreased by 100 basis points to a low of 3.7%. This performance demonstrates the entire organization’s focus on cash deliverables.

Purchases of property, plant, and equipment and intangible assets, net of disposals (net Capex), amounted to EUR 141.

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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