4Q 2025 Earnings Presentation March 12, 2026 Disclaimer FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking" statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," " ...

Core Viewpoint - TIC Solutions reported a full year revenue of $1.5 billion for 2025, with a fourth quarter revenue of $508.3 million, alongside a net loss of $87.1 million and an Adjusted EBITDA of $234.1 million. The company also announced a CEO succession plan, with Ben Heraud set to take over from Tal Pizzey on March 31, 2026, following a deliberate succession planning process [1][2][5]. Financial Performance - Full year 2025 revenue reached $1,530.3 million, a 39% increase compared to the prior year's combined revenue of $1.1 billion [1][5]. - The Adjusted EBITDA for 2025 was $234.1 million, reflecting a 25% improvement from the previous year's combined Adjusted EBITDA of $186.7 million [1][5]. - The net loss for 2025 was $87.1 million, an improvement from the prior year's combined net loss of $121.2 million [1][5]. Fourth Quarter Highlights - Fourth quarter revenue for 2025 was $508.3 million, a 94% increase from the previous year's fourth quarter revenue of $262.0 million [1][5]. - Adjusted EBITDA for the fourth quarter was $76.4 million, an 87% increase year-over-year [1][5]. - The net loss for the fourth quarter was $47.2 million, compared to a net loss of $15.6 million in the same quarter of the previous year [1][5]. Business Integration and Strategy - The integration of NV5 is progressing, with $25 million in identified cost synergies expected to be realized, half of which is anticipated in 2026 [1][2]. - The company aims to reduce net leverage to below 3 times and plans to increase the pace of strategic acquisitions supported by strong cash flow generation [2][5]. Capital Resources and Liquidity - As of December 31, 2025, TIC Solutions had total liquidity of $550.6 million, including cash and cash equivalents of $439.5 million [2][5]. - The company completed a $250 million private placement in October 2025, enhancing its balance sheet and providing flexibility for corporate purposes [2][5]. Guidance for 2026 - For the full year 2026, TIC Solutions expects Adjusted EBITDA in the range of $330 to $355 million and revenue between $2,150 to $2,250 million [2][5].

Core Insights - Bureau Veritas achieved sector-leading organic revenue growth of 6.5% in FY 2025, with a strong margin improvement to 16.3% [1][4][10] - The company has a positive growth outlook for 2026, expecting continued margin expansion and a new EUR 200 million share buyback program [1][4][8] Financial Performance - Full-year revenue reached EUR 6,466.4 million, up 6.5% organically, with Q4 organic growth at 6.3% [4][9][40] - Adjusted operating profit increased to EUR 1,052.9 million, a 5.7% rise from EUR 996.2 million in FY 2024, with an adjusted operating margin of 16.3% [4][9][37] - Adjusted net profit was EUR 631.4 million, up 1.7% from EUR 620.7 million in FY 2024, with adjusted EPS at EUR 1.42, reflecting a 2.8% increase [4][9][47] - Free cash flow totaled EUR 824.2 million, a 3.9% organic increase, with cash conversion at 107% [4][9][50] Strategic Developments - The company executed nine bolt-on acquisitions in 2025, contributing EUR 96 million in annualized revenue, while also divesting two non-core activities [4][20][21] - The LEAP I 28 strategy is progressing, with a focus on enhancing operational leverage and functional scalability [4][5][20] - A new organizational structure was implemented to accelerate strategy execution and improve alignment across geographic platforms [4][26][28] Market Trends and Growth Drivers - Strong organic growth was driven by increased energy investments, digital infrastructure development, and demand for corporate risk assessment solutions [4][10][20] - The Americas region saw organic revenue growth of 4.0%, Europe at 4.1%, Asia-Pacific at 8.2%, and the Middle East & Africa at 16.6% [4][40] Shareholder Returns - Bureau Veritas achieved double-digit shareholder returns, supported by a 9% EPS growth at constant currency and a proposed dividend of EUR 0.92 per share, up 2.2% year-on-year [4][13][14] - The new EUR 200 million share buyback program represents approximately 1.5% of outstanding share capital [4][8][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]

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]