A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 110 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers' product innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customers' products and reflects an unwavering commitment to advancing ou ...

PRESS RELEASE Courbevoie – December 15th, 2025 New appointments to Bureau Veritas’ Board of Directors Bureau Veritas, a global leader in Testing, Inspection and Certification (TIC), announces that the Board of Directors, under the chairmanship of Mr. Laurent Mignon, has appointed Mr. Geoffroy Roux de Bézieux as Lead Independent Director, Chairman of the Nomination & Compensation Committee, and Vice-Chairman of the Company’s Board of Directors, replacing Mr. Pascal Lebard who no longer qualifies as independe ...

什么是VSME? 随着社会对环境、社会及治理（ESG）的期望不断提高，非上市中小型企业（SME）面临来自投资者、金融机构及合作伙伴的压力日益增大，其中就包括 被要求披露可靠的可持续发展数据。 《非上市中小型企业自愿性可持续发展报告标准》（VSME）为微型、小型和中型企业提供了一种简化且与企业规模相适配的方案，可作为《企业可持续 发展报告指令》（CSRD）的替代选择。 自欧盟推出《综合法案》（OmnibusDirective）以简化其可持续发展相关规则和报告义务以来，VSME的重要性日益凸显。 VSME 适用于什么企业? 《非上市中小型企业自愿可持续发展报告标准》（VSME）是一项针对特定非上市微型、小型和中型企业的自愿性标准：这类企业无需遵守《企业可持续 发展报告指令》（CSRD），但面临日益增长的ESG报告要求，同时需应对压力以满足商业合作伙伴、金融机构及投资者的期望。 根据您的需求和能力，有基础和综合两个模块可以选择。 VSME 主要有哪些益处？ 明确可持续发展立场 基础模块 对于非上市中小型企业（SME），不需要进行双重实质性分析，需要披露以下基本ESG信息： 11项ESG披露内容（全部简化，主要关注重 ...

Core Insights - TIC Solutions is a service company focused on testing, inspection, certification services, and engineering, formed from the merger of Acuren and NV5 Global [1] - The investment strategy emphasizes companies that offer healthy dividends and have potential for capital appreciation, particularly those that are temporarily undervalued compared to fundamentals, peers, or historical levels [1] - The analysis highlights the importance of both technical and fundamental factors that indicate high odds for capital appreciation, ideally driven by foreseeable catalysts [1] Company Overview - TIC Solutions combines the strengths of Acuren and NV5 Global to provide comprehensive service offerings in the testing and inspection sector [1] - The company is positioned to reward shareholders through dividends and capital appreciation, aligning with the investment focus on shareholder value [1] Investment Focus - The investment approach seeks to identify undervalued companies with strong fundamentals and a history of rewarding shareholders [1] - The analysis often includes HVAC-related stocks, reflecting the analyst's previous professional involvement in that industry [1]

Group 1 - The discussion is focused on UL Solutions, a company operating in the Testing, Inspection, and Certification (TIC) industry [1][2] - The TIC industry is recognized as one of the best business services subsectors for U.S. investors and analysts [2]

Core Insights - Bureau Veritas has appointed Santiago Arias Duval as Executive Vice-President for the Americas region, effective November 17, 2025, aligning with the company's new operating model initiated on September 1, 2025 [2][4]. Company Structure and Strategy - The restructuring of the executive committee aims to enhance organizational alignment and empower regional operations with scalable product lines, facilitating global solutions development and cross-selling opportunities [3][4]. - The Americas region is established to capitalize on rapidly developing market opportunities across North, Central, and South America, with a focus on expanding leadership across product lines and creating strongholds in high-growth markets [4]. Leadership and Experience - Santiago Arias Duval will report to Hinda Gharbi, the CEO of Bureau Veritas, and will be part of the Group Executive Committee [5]. - Hinda Gharbi expressed confidence in Santiago's ability to drive growth and performance in the Americas, leveraging his extensive industrial experience and proven business achievements [6]. - Santiago has a strong background, having served as Senior Vice President and General Manager at Ingersoll Rand, where he was responsible for strategy, operations, and commercial performance across various industries [7][8]. Educational Background - Santiago holds an MBA from the Massachusetts Institute of Technology (MIT) and a Bachelor of Science in Electrical Engineering from the Georgia Institute of Technology [10]. Company Overview - Bureau Veritas is a global leader in inspection, certification, and laboratory testing services, with a mission to ensure responsible progress and support customers in navigating change [12]. - Established in 1828, the company employs 84,000 people and operates in 140 countries, addressing challenges in quality, health and safety, environmental protection, and sustainability [13].

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $783 million, up 7.1% year-over-year and 6.3% on an organic basis [13][14] - Adjusted EBITDA grew 18.6% to $217 million, with an adjusted EBITDA margin of 27.7%, an increase of 270 basis points from the previous year [14][20] - Adjusted net income for Q3 was $119 million, up 14.4% from last year, with adjusted diluted earnings per share increasing to $0.56 from $0.49 [14][20] Business Line Data and Key Metrics Changes - Industrial segment revenues rose 8.2% to $343 million, with organic growth of 7.3%, driven by certification testing and ongoing services [15] - Consumer segment revenues were $340 million, up 5.9% overall and 5.3% organically, with strong demand in non-certification testing [16] - Software and advisory segment revenues increased 7.5% to $100 million, with organic growth of 6.5%, particularly strong in advisory services [17] Market Data and Key Metrics Changes - The company experienced balanced contributions from all three segments, with notable strength in energy and automation within the industrial sector [15][16] - Growth was observed across various geographic markets, with significant demand shifts noted in Vietnam, Thailand, and India, while traditional markets like Germany and Japan showed slight contractions [34][42] Company Strategy and Development Direction - The company is focusing on transformative industry trends, including energy transition and digital transformation, to drive sustainable growth [5][10] - A restructuring initiative was announced to streamline operations, reduce expenses, and focus on core growth areas, with an expected annual run-rate savings of $25-$30 million once fully implemented [9][20] - The launch of Landmark Artificial Intelligence Safety Certification Testing was highlighted as a strategic move to build public trust in AI technologies [23] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient demand for services despite geopolitical uncertainties, with ongoing customer commitment to product development [10][24] - The full-year 2025 guidance was strengthened, expecting consolidated organic revenue growth of 5.5%-6.0% [20][22] - The company anticipates a modest headwind to organic revenue growth in 2026 due to exiting non-strategic service lines, but overall growth rates for core businesses are expected to remain stable [19][88] Other Important Information - The company generated $317 million in free cash flow year-to-date, up 47% from the previous year, with a robust balance sheet [17][18] - Capital expenditures for 2025 are now expected to be 6.5%-7.0% of revenue, down from previous guidance, primarily due to timing [21][22] Q&A Session Summary Question: Impact of macroeconomic conditions in China on business - Management acknowledged ongoing tariff discussions affecting customer behavior, noting a shift towards supply chain diversification and a new normal in operations [26][28] Question: Performance of the software and advisory business - Management indicated that the strong performance was due to high project completion rates, leading to increased staff utilization, but cautioned against assuming this trend would continue [29][30] Question: Tariff impacts and revenue consistency - Management reported a steady performance in Q3, with significant growth in emerging markets, while traditional markets showed some contraction [34][35] Question: Details on the restructuring plan - The restructuring will focus on exiting non-strategic service lines, freeing up resources for core growth areas, with a modest impact on 2026 revenue [36][38] Question: Growth dynamics across regions - Growth was observed in all regions, with particular strength in the U.S. and Greater China, especially in sectors supporting data center growth [41][42] Question: Utilization of new battery testing labs - Management expressed satisfaction with the investments in battery testing labs, noting a shift towards industrial energy storage systems [46] Question: Historical sources of excess costs and changes - Management confirmed ongoing business process improvements and technology investments to enhance service delivery and reduce costs [54][55] Question: Pricing contributions in Q3 - Pricing and volume growth contributed similarly to revenue growth, with ongoing certification services benefiting from pricing adjustments [58][60] Question: Assurance on growth outlook - Management reassured that the underlying growth outlook remains unchanged despite the restructuring, with a focus on core business areas [87][88]

Q3 2025 Financial Highlights - Revenue grew by 71% with organic growth of 63%[9] - Adjusted Net Income increased by 144%[9] - Adjusted EBITDA increased by 186% with Adjusted EBITDA margin up by 270 bps[9] - Free Cash Flow generated was $389 million for the last twelve months ended September 30 2025[9] Q3 2025 Revenue Breakdown - Total revenue for Q3 2025 was $783 million, compared to $731 million in Q3 2024[11] - Industrial revenue increased by 82% to $343 million[20] - Consumer revenue increased by 59% to $340 million[23] - Software and Advisory revenue increased by 75% to $100 million[27] Q3 2025 Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $217 million, a 186% increase from $183 million in Q3 2024[14] - Industrial Adjusted EBITDA increased by 160% to $123 million with a margin of 359%[20] - Consumer Adjusted EBITDA increased by 129% to $70 million with a margin of 206%[23] - Software and Advisory Adjusted EBITDA increased by 600% to $24 million with a margin of 240%[27] 2025 Outlook - The company expects constant currency organic revenue growth to be between 55% and 6%[37] - Adjusted EBITDA margin organic improvement is expected to be approximately 25%[37] - Capital expenditures are projected to be between 65% and 7% of revenue[37]

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]

Core Insights - Bureau Veritas has signed agreements to acquire two companies, Sólida and London Building Control, enhancing its position in the renewables and buildings & infrastructure sectors [2][4] - The acquisitions align with Bureau Veritas' LEAP I 28 strategy, aimed at increasing capability and technical expertise in high-potential markets [3][4] Company Overview - Bureau Veritas is a global leader in Testing, Inspection, and Certification (TIC) services, with a mission to ensure responsible progress and sustainability [5] - The company operates in 140 countries with approximately 84,000 employees, addressing challenges in quality, health and safety, environmental protection, and sustainability [6] Acquisition Details - Sólida specializes in Owner's Engineering, Technical Advisory, and Project Management for renewable energy projects, with a track record of nearly 2,500 projects totaling over 220 GW of renewable capacity [8] - Sólida generated revenues of approximately €18 million in 2024 and employs around 225 professionals [8] - London Building Control is a leading Registered Building Control Approver in the UK, recognized for its services in residential and commercial projects, delivering over 14,000 projects annually [8] - London Building Control generated revenues of approximately €14 million in 2024 and has around 110 employees [8]