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]

PRESS RELEASE Paris – October 23, 2025 Bureau Veritas accelerating its LEAP | 28 strategy with two signed agreements for acquisitions in Buildings & Infrastructure and Renewables Bureau Veritas, a global leader in Testing, Inspection, and Certification (TIC) services, announces that it has signed agreements to acquire two companies in Europe, reinforcing its leading position and expanding into high-potential markets: Sólida in the renewables sector, and London Building Control in the Buildings & Infrastruct ...

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]

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 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]

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]

Financial Data and Key Metrics Changes - In 2024, net revenues grew by 1.3% to a record $7 billion, driven by acquisitions and strong organic growth in inspection, service, and monitoring revenues [12][10] - Adjusted EBITDA margins expanded by 140 basis points to 12.7%, with adjusted free cash flow conversion improving from 69% in 2023 to 75% in 2024 [11][14] - Adjusted diluted earnings per share for Q4 2024 was $0.51, a 16% increase compared to the prior year [23] Business Line Data and Key Metrics Changes - Safety Services reported revenues increased by 13% to $1.40 billion, with organic growth of 4.7% driven by double-digit inspection revenue growth in the U.S. Life Safety business [24][25] - Specialty Services revenues decreased by 11.8% to $463 million, impacted by divestitures and project delays [27] - Adjusted gross margin for Safety Services was 35.7%, while Specialty Services saw a decrease to 17.3% [25][28] Market Data and Key Metrics Changes - The company achieved double-digit growth in inspection revenues in the U.S. Life Safety business for the year, marking the 18th consecutive quarter of growth in this area [13] - The international business has improved significantly, with less than 5 loss-making branches at the start of 2025, down from over 50 at the time of acquisition [20] Company Strategy and Development Direction - The company aims to increase the mix of inspection, service, and monitoring revenues from 54% in 2024 to a long-term target of 60% [11] - The focus remains on disciplined customer and project selection, pricing improvements, and strategic M&A, particularly in the fire, life safety, and elevator services sectors [16][17] - The company plans to build a $1 billion-plus elevator and escalator services platform through organic growth and M&A [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to traditional rates of organic growth in 2025, driven by strong inspection, service, and monitoring revenues [18][36] - The company is prepared to manage economic fluctuations due to its variable cost model, which is approximately 70-75% variable [52] - Management noted that project delays experienced in 2024 are mostly behind them, with improved planning and resource deployment for 2025 [56][60] Other Important Information - The company has approximately $400 million remaining on its share repurchase program, reflecting its strong free cash flow generation [15] - The company successfully remediated all prior year material weaknesses in internal controls over financial reporting as of December 31, 2024 [30] Q&A Session Summary Question: Key variables driving EBITDA margin expansion - Management highlighted disciplined customer and project selection, improved revenue mix, pricing, procurement opportunities, and Chubb value capture as key drivers for EBITDA margin expansion [39][40][41][42] Question: Managing business through economic downturns - Management emphasized building resilience through a focus on inspection, service, and monitoring, allowing for better project selection and cost management [47][49][50] Question: Status of project delays - Management indicated that most project delays from the previous year are resolved, with ongoing work progressing as planned [60][62] Question: M&A expectations for the year - The company plans to spend approximately $250 million on bolt-on M&A, focusing on fire, life safety, and elevator services, while remaining disciplined in its approach [82][84][86] Question: Revenue guidance drivers - Management noted that mid- to upper single-digit growth in service revenue and low to mid-single-digit project revenue growth are foundational for achieving revenue guidance [99][100][101]