Core Insights - Bureau Veritas reported robust organic revenue growth of 6.7% in H1 2025, with total revenue reaching EUR 3,192.5 million, up 5.7% year-on-year [5][22] - The company achieved an adjusted operating profit of EUR 491.5 million, reflecting an 8.8% increase compared to H1 2024, with an adjusted operating margin of 15.4%, up 44 basis points year-on-year [5][23] - Bureau Veritas confirmed its full-year 2025 outlook, expecting mid-to-high single-digit organic revenue growth and continued margin improvements [4][19] H1 2025 Key Figures - Revenue: EUR 3,192.5 million, up 5.7% year-on-year [7] - Adjusted operating profit: EUR 491.5 million, up 8.8% [7] - Adjusted net profit: EUR 292.4 million, up 1.4% [7] - Attributable net profit: EUR 322.3 million, up 37.6% [7] - Free cash flow: EUR 168.0 million, down 11.5% year-on-year [7] H1 2025 Highlights - Strong organic growth across various sectors, with nearly a third of the portfolio achieving double-digit growth [8] - Significant contributions from Marine & Offshore and Industry segments, driven by trends in decarbonization and energy transition [8] - The company completed six bolt-on acquisitions, contributing approximately EUR 60 million in annualized revenue [5][11] Strategic Developments - Bureau Veritas executed a EUR 200 million share buyback program, representing about 1.5% of the company's shares [9][10] - Changes in the Executive Committee were announced to enhance strategy execution and operational efficiency [6][14] - The company aims to create new strongholds in fast-growing sectors and expand leadership positions in existing markets [12][13] Financial Position - Adjusted net financial debt stood at EUR 1,254.7 million, with a stable adjusted net debt/EBITDA ratio of 1.11x [34][36] - The company maintained a solid financial structure with EUR 867.5 million in cash and cash equivalents as of June 30, 2025 [34][36] - Working capital requirement decreased to EUR 439.0 million, representing 6.8% of revenue [33] Business Segment Performance - Marine & Offshore revenue increased by 10.6%, with a strong order book growth of 22.7% year-on-year [37][38] - Agri-Food & Commodities reported a 5.0% organic growth, with double-digit growth in Metals & Minerals [45][47] - The Industry division achieved 12.3% organic growth, driven by strong energy spending and demand for decarbonization services [52][53] Market Outlook - Bureau Veritas anticipates continued strong cash flow with a cash conversion rate above 90% [19] - The company is focused on executing its LEAP | 28 strategy, aiming for high single-digit total revenue growth and consistent margin improvements through 2028 [20][21]