BUREAU VERITAS - Robust and consistent revenue performance delivered in Q3 2025; FY 2025 outlook reaffirmed

Core Insights - Bureau Veritas reported robust revenue performance in Q3 2025, with total revenue of EUR 1,583.7 million, reflecting a 2.3% year-on-year increase and a strong organic growth of 6.3% [10][8][11] - The company reaffirmed its full-year 2025 outlook, supported by a solid backlog and a strong opportunities pipeline, with an organic growth rate of 6.6% for the first nine months of the year [4][5][21] - The LEAP | 28 strategy continues to drive the company's growth, with targeted acquisitions contributing to revenue and expanding capabilities in key sectors [6][14] Q3 2025 Key Figures - Revenue of EUR 1,583.7 million, up 2.3% year-on-year and up 6.3% organically [10][8] - Organic growth rates by segment: Marine & Offshore (+16.2%), Buildings & Infrastructure (+7.1%), Industry (+6.9%), Certification (+5.9%), Consumer Products Services (+3.5%), and Agri-Food & Commodities (+2.5%) [11][8] - Negative currency impact of 4.8% due to the euro's appreciation against most currencies [8][11] Financial Position - As of September 30, 2025, the company had net financial debt higher than in June 2025, with over EUR 0.5 billion in available cash and EUR 600 million in undrawn committed credit lines [12] - A EUR 700 million bond was successfully issued with a 3.375% coupon, maturing in October 2033, rated A3 by Moody's [13][12] Strategic Acquisitions - Bureau Veritas signed agreements for two acquisitions in October 2025, expected to generate approximately EUR 32 million in annualized revenue, enhancing its leadership in Buildings & Infrastructure and expanding its Renewables capabilities [6][14] - A total of eight acquisitions have been signed or closed year-to-date, adding EUR 92 million of annualized revenue [6][14] Regional Performance - Revenue growth by region: Europe (+5.2% organically), Asia-Pacific (+8.6% organically), Americas (+1.9% organically), and Africa & Middle East (+15.7% organically) [15] - Strong performance in Southern Europe and France, with double-digit growth in South and Southeast Asia [15] Business Segment Highlights - Marine & Offshore: Revenue of EUR 136.6 million, with a strong organic growth of 16.2% driven by new construction and core in-service activities [23][24] - Agri-Food & Commodities: Revenue of EUR 284.5 million, with organic growth of 2.5%, supported by strong performance in Metals & Minerals [27][29] - Industry: Revenue of EUR 337.7 million, with organic growth of 6.9%, driven by Oil & Gas and Power & Utilities segments [33][35] - Buildings & Infrastructure: Revenue of EUR 495.0 million, with organic growth of 7.1%, led by strong demand in the US and Asia-Pacific [41][42] - Certification: Revenue of EUR 131.7 million, with organic growth of 5.9%, reflecting strong demand for QHSE & Specialized Schemes solutions [46][48] - Consumer Products Services: Revenue of EUR 198.2 million, with organic growth of 3.5%, driven by strong performance in Healthcare and Supply Chain & Sustainability services [52][56]