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]

Core Insights - Bureau Veritas has achieved a score of 84 out of 100 in the S&P Global Corporate Sustainability Assessment (CSA) for 2025, ranking first in the Professional Services sector [1][2] - This marks the seventh consecutive year that Bureau Veritas has been recognized in the Dow Jones Sustainability Indices (DJSI), showcasing the commitment of its 84,000 employees to sustainability [2] Company Overview - Bureau Veritas is a global leader in inspection, certification, and laboratory testing services, with a mission to ensure responsible progress and sustainability [3][4] - The company operates in 140 countries and employs 84,000 individuals, providing expertise in quality, health and safety, environmental protection, and sustainability [4] S&P Global CSA Details - The S&P Global CSA evaluates corporate sustainability practices across over 12,000 companies in 62 sectors, using a rigorous methodology that includes 110 questions on environmental, social, and governance dimensions [6] - The CSA's double materiality methodology assesses both the impact of companies on society and the environment, as well as how sustainability issues affect their performance and value creation [6] ESG Focus Areas - Bureau Veritas is focused on enhancing its Environmental Management Policy, improving Customer Satisfaction, and strengthening Transparency, Reporting, and Risk Management practices [9]

Acuren-NV5 Transaction - The merger between Acuren and NV5 was announced on May 15, 2025, and closed on August 4, 2025 [12] - NV5 shareholders received $10.00 in cash and 1.1523 shares of Acuren stock for each NV5 share [12] - The transaction's enterprise value was approximately $1.7 billion, including the repayment of NV5's $208 million outstanding debt and the issuance of approximately 79 million Acuren shares to NV5 shareholders [12] - New debt financing of $875 million was used to fund the cash consideration, resulting in a net leverage ratio of 4.1x [12] Combined Company Financial Highlights - The combined company is expected to be a $2 billion+ revenue leader in tech-enabled TICC and engineering services [12] - Illustrative combined revenue for 2024 was $2.039 billion [29] - Illustrative combined revenue for the first half of 2025 was $1.034 billion, compared to $976.2 million for the first half of 2024 [30, 80] - Approximately 70% of the combined revenue is from the United States, and approximately 30% is from international markets [20] Legacy Acuren Q2 2025 Performance - Acuren's Q2 2025 revenue was $314 million, compared to $309 million in Q2 2024 [26] - Adjusted EBITDA for Q2 2025 was $54.561 million, compared to $59.111 million in Q2 2024 [71] - Adjusted Gross Profit for Q2 2025 was $90.320 million, with an Adjusted Gross Margin of 28.8% [69]

Group 1 - Bureau Veritas published its half-year financial report for the six months ended June 30, 2025 [1] - The report is available on the company's website and has been filed with the Autorité des marchés financiers [1] - Bureau Veritas is a global leader in inspection, certification, and laboratory testing services [2][3] Group 2 - The company was established in 1828 and employs 84,000 people across 140 countries [3] - Bureau Veritas focuses on quality, health and safety, environmental protection, and sustainability [3] - The company is listed on Euronext Paris and is part of several indices including CAC 40 and CAC 40 ESG [3]

Core Points - The Combined Shareholders' Meeting of Bureau Veritas on June 19, 2025, adopted all submitted resolutions, including the reappointment of Mr. Laurent Mignon as Chairman of the Board of Directors [1][2] - Ms. Elodie Perthuisot was appointed as an independent director for a four-year term, replacing Ms. Lucia Sinapi-Thomas [2][3] - The meeting approved the statutory and consolidated financial statements for the financial year ending December 31, 2024, and a dividend distribution of €0.90 per share to be paid on July 3, 2025 [5][6] Company Leadership - Mr. Laurent Mignon's term as Director was renewed, along with the terms of Ms. Julie Avrane, Ms. Ana Giros Calpe, and Mr. Jérôme Michiels [1] - Ms. Hinda Gharbi, the Chief Executive Officer, presented the Group's activities for the 2024 financial year and provided an outlook for 2025 [6][7] Financial Highlights - The financial results presented included details on revenue, adjusted operating profit, net earnings per share, and cash flow statement [4][5] - The approval of compensation policies for Directors and the Chief Executive Officer for 2025 was also part of the resolutions adopted [5][7] Strategic Direction - The meeting included updates on the LEAP I 2028 strategic plan, indicating the company's focus on future growth and transformation [6]

Core Insights - Bureau Veritas is accelerating the execution of its LEAP | 28 strategy to enhance customer excellence and sustainability [2][3] - The company is evolving its Executive Committee structure to improve organizational alignment and operational efficiency [2][4] Strategy Execution - Since the launch of the LEAP | 28 strategy in March 2024, progress has been made across the three pillars: Portfolio, Performance, and People [3] - The new operating model will empower regions with scalable Product Lines, facilitating global offers development and cross-selling opportunities [3][4] Organizational Changes - The current six geographical regions will be reorganized into four: Americas, Europe, Asia Pacific, and Middle East Caspian & Africa [4] - Product Lines will be managed by three executive committee members focusing on Industrials and Commodities, Urbanization and Assurance, and Consumer Products Services [4] Leadership Roles - A Chief Performance Officer role will be created to lead the performance pillar and optimize key performance functions [5] - The new Executive Committee will include leaders for each region and product line, enhancing regional expertise and customer relations [6][9] Transition Timeline - The transition period for the new organizational structure will last from July 1 to the end of August 2025, with the new structure effective from September 1, 2025 [8]

Core Points - Bureau Veritas will hold its Combined Shareholders' Meeting on June 19, 2025, at 3:00 p.m. in Neuilly-sur-Seine, France [2] - Preparatory documents for the meeting are available in accordance with applicable laws and regulations [3][4] - Bureau Veritas is a global leader in inspection, certification, and laboratory testing services, with a mission to ensure responsible progress [6][7] Company Overview - Established in 1828, Bureau Veritas employs 84,000 people across 140 countries [7] - The company is listed on Euronext Paris and is part of several indices, including CAC 40 and CAC 40 ESG [7] - Bureau Veritas focuses on quality, health and safety, environmental protection, and sustainability [7]

Group 1 - Lleida.net will propose the appointment of four new independent female directors to achieve gender parity on its board [1][2] - The General Shareholders' Meeting is scheduled for June 5, 2025, in Madrid, where the voluntary departure of two board members will also be addressed [2] - The new directors bring extensive experience in various sectors, including talent management, finance, energy, and digitalization, which are crucial for the company's growth [3][4] Group 2 - The proposal aligns with Organic Law 2/2024, which mandates at least 40% representation of the less represented gender on boards by June 2026 [5] - Lleida.net aims to enhance its reputation for transparency and compliance with legal guidelines through these appointments [5] - The board will also vote on the annual accounts for the 2024 financial year, including profit allocation and management approval [5] Group 3 - Founded in 1995, Lleida.net is a leading player in certification, notification, and electronic signatures in Europe, holding over 300 patents across 60 countries [6]