Core Insights - Bureau Veritas is acquiring SPIN360, an Italian consulting firm specializing in sustainable innovation for premium fashion and luxury brands, to enhance its capabilities in the Consumer Product Services industry [1][2][3] Group 1: Acquisition Details - The acquisition aligns with Bureau Veritas' LEAP | 28 strategy aimed at establishing strongholds in key markets, particularly Italy [2] - SPIN360 offers proprietary Life Cycle Assessment (LCA) tools and data-driven advisory services, which will complement Bureau Veritas' certification and supply chain auditing expertise [3] - SPIN360 generated approximately €4 million in revenue in 2024 and employs around 30 experts in various sustainability-related fields [4] Group 2: Strategic Goals - The acquisition is intended to position Bureau Veritas as a global center of excellence for premium fashion and luxury brands, enhancing its portfolio in sustainability solutions [3][5] - Bureau Veritas aims to be the preferred partner for brands navigating sustainable transformation, reflecting its commitment to integrated compliance and sustainability solutions [5]

Core Insights - The increasing expectations for Environmental, Social, and Governance (ESG) from society are putting pressure on non-listed small and medium-sized enterprises (SMEs) to disclose reliable sustainability data [1][3] - The Voluntary Sustainability Reporting Standard for Non-Listed SMEs (VSME) provides a simplified and scalable solution for micro, small, and medium enterprises, serving as an alternative to the Corporate Sustainability Reporting Directive (CSRD) [1][3] Group 1: VSME Overview - VSME is a voluntary standard specifically designed for non-listed micro, small, and medium enterprises that are not required to comply with CSRD but face growing ESG reporting demands [3] - Two modules are available under VSME: a basic module and a comprehensive module, allowing companies to choose based on their needs and capabilities [3] Group 2: Basic Module - The basic module requires SMEs to disclose 11 simplified ESG information items, focusing on key indicators without the need for dual materiality analysis [4] Group 3: Comprehensive Module - The comprehensive module adds nine additional disclosure items for SMEs needing to provide more detailed reports, including general information, environmental indicators, social indicators, governance indicators, business model and strategy, practices and policies, Scope 3 greenhouse gas emissions, climate risks and GHG targets, and human rights [5] Group 4: Benefits of VSME - VSME helps clarify sustainability positions and standardizes ESG reporting, enhancing transparency and building trust with stakeholders [7] - Clear and structured information disclosure improves relationships with banks and investors, facilitating better financing channels [8] - Preparing for future regulations by proactively addressing potential reporting obligations under evolving EU directives and standards [9] - Identifying internal ESG opportunities by recognizing gaps in energy, water, waste, and labor management performance [10] - Gaining a competitive advantage through verified and credible reporting, showcasing sustainability leadership in the industry [11] Group 5: SGS Services - SGS offers end-to-end services covering the entire VSME process, from understanding standards to report preparation, data verification, and report assurance [13] - Customized services for VSME implementation are available based on the company's needs and maturity, providing guidance and tools for understanding and adopting VSME standards [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 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]

Summary of Centre Testing International Group (300012.SZ) Investor Day Company Overview - **Company**: Centre Testing International Group (CTI) - **Ticker**: 300012.SZ - **Market Cap**: Rmb 24.1 billion / $3.4 billion - **Enterprise Value**: Rmb 23.1 billion / $3.2 billion - **Industry**: Testing, Inspection, Certification (TIC) Key Takeaways from the Investor Day 1. Financial Performance and Projections - Expected revenue and net income CAGRs of 11% and 15% respectively from 2025E to 2030E - Operating profit margin (OPM) projected to improve to 18.4% by 2030E from 15.4% in 2025E [1][2][22] 2. Strategic Initiatives - **"123 Strategy"**: - Stabilizing traditional TIC business - Accelerating expansion in rapidly-growing end-markets - Incubating technologies and certifications for potential new markets [2][19] - **LEAN Project**: - Implementation has improved efficiency in 43% of CTI's labs, with plans to increase this to 60% in 2026E and 75% in 2027E [2][19] 3. Digitalization and Automation - Established 31 sets of Laboratory Information Management Systems (LIMS) since 2008 - Achievements in digitalization include reducing manual processing workload by 8% and significant efficiency improvements in various applications [3][19] 4. Overseas Expansion and M&A - Targeting over 20% overseas revenue exposure in the next 5-10 years - Three overseas M&As initiated in 1H25 to expand into food, carbon emission, and ESG testing segments [17][20] 5. Financial Management and Growth Targets - Aiming for double-digit revenue and net income growth over the next three years - CAPEX to revenue ratio expected to drop to 5-7% from 7% previously guided [17][20] - Monthly reviews on cash flow conditions and projects with hard-to-collect accounts receivable [20] 6. Market Position and Competitive Landscape - CTI is positioned as a consolidator in the TIC market, benefiting from a resilient operational performance compared to peers - The TIC market in China is expected to grow at a long-term CAGR of 7% [22] Important Metrics - **Revenue Projections**: - 2025E: Rmb 6,506.6 million - 2026E: Rmb 7,116.2 million - 2027E: Rmb 7,807.9 million [5][14] - **EPS Growth**: - 2025E: Rmb 0.60 - 2026E: Rmb 0.69 - 2027E: Rmb 0.78 [5][14] Risks and Considerations - Key risks include potential damage to the company's credibility, intensifying pricing competition, and greater accounts receivable risk due to the 3rd National Soil Census [23] Conclusion - CTI is positioned for growth with a strong focus on efficiency, digitalization, and strategic expansion into new markets. The company is well-prepared to navigate challenges in the TIC industry while aiming for significant revenue and profit growth in the coming years [22][23]

As filed with the Securities and Exchange Commission on October 10, 2025. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TIC Solutions, Inc. (Exact name of registrant as specified in its charter) | Delaware | 7389 | 66-1076867 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) | Identification No.) | ...

Core Insights - Acuren Corporation will rebrand as TIC Solutions, Inc. following its merger with NV5 [1] - The merger combines decades of expertise in testing, inspection, certification, engineering, consulting, and geospatial services [1] - The new corporate identity aims to unify the combined enterprise while maintaining the operation of Acuren, NV5, and other legacy brands as trusted entities [1]

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]

Summary of Centre Testing Intl Group (300012.SZ) Earnings Call Company Overview - **Company**: Centre Testing International Group (CTI) - **Industry**: Testing, Inspection, Certification (TIC) Key Financial Performance - **1H25 Results**: Revenue of Rmb 2,960 million, EBIT of Rmb 493 million, and net profit of Rmb 467 million, representing year-over-year increases of 6%, 10%, and 7% respectively [1] - **2Q25 Results**: Revenue of Rmb 1,673 million, operating profit of Rmb 355 million, and net profit of Rmb 331 million, with year-over-year growth of 5%, 7%, and 9% respectively [1] - **Margins**: Gross profit margin (GPM) at 52%, operating profit margin (OPM) at 21%, and net profit margin (NPM) at 20% [1] Segment Performance - **Life Science**: Revenue growth of 1% in 1H25, but a decline of 3% in 2Q25 due to normalization from a high base in 1H24. Significant drop in soil-census revenue from Rmb 230-250 million in 1H24 to approximately Rmb 20 million in 1H25 [3][7] - **Consumer Goods**: Revenue increased by 13% in 1H25 and 18% in 2Q25, with broad-based growth across sub-lines. Margins under pressure due to increased competition and extended cash collection periods [7] - **Medical**: Revenue growth of 1% in both 1H25 and 2Q25, with profit under pressure from investments and cost growth. Management is focusing on expanding capacity in higher-barrier product lines [7] - **Industrial**: Revenue growth of 7% in 1H25 and 13% in 2Q25, driven by digitalization and carbon-emission certifications [7] - **International Trade**: Revenue growth of 13% in 1H25 and 10% in 2Q25, with ongoing M&A consolidations enhancing local capacity [7] Strategic Initiatives - **M&A Activity**: CTI completed four M&As in 1H25, three of which were overseas, indicating a shift towards accelerating global expansion. The company aims for a 20% mid-term target for overseas revenue contribution [9] - **Cash Flow Improvement**: Operating cash flow surged by approximately 600% year-over-year to Rmb 175 million, reflecting improved cash control and collections [2][10] Future Outlook - **2H25 Guidance**: Expected normalization in life sciences and an accelerating trend in 4Q25 due to M&A consolidations. The company anticipates continued growth in food, consumer goods, and international trade testing [2][8] - **Earnings Projections**: Expected top-line growth of 7% and net profit growth of 10% in 2025E [10] Risks and Challenges - **Key Risks**: Potential damage to company credibility, intensifying pricing competition, greater account receivables risk from the soil census, and potential impairments due to acquisitive growth [13][16] Investment Thesis - **Valuation**: Target price revised to Rmb 14.50 based on a 2026E P/E of 21x, maintaining a Buy rating with an implied upside of 13% [12][17] - **Market Position**: CTI is positioned as a consolidator in the TIC market, with a long-term CAGR of 7% expected for China's TIC market [15]