Bureau Veritas: Robust Organic Revenue Growth and Strong Margin Increase in H1 2025 as the LEAP | 28 Strategy Execution Accelerates; Confirmed 2025 Outlook
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H1 2025 key figures 1
› Revenue of
› Adjusted operating profit of
› Operating profit of
› Adjusted net profit of
› Adjusted EPS stood at
› Attributable net profit of
› Free Cash Flow of
› Adjusted net debt/EBITDA ratio of 1.11x as of
H1 2025 highlights
› Continued momentum of LEAP I 28 strategy execution with broad and resilient growth across most activities and regions, and with tangible impact from performance programs in the first half,
› Executive Committee leadership changes to accelerate strategy execution,
› Acquisition of six bolt-on companies, with four signed between April and July, for a total cumulative annualized revenue of c.
› Completion of a
2025 outlook confirmed
Based on a robust first-half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions,
› Mid-to-high single-digit organic revenue growth,
› Improvement in adjusted operating margin at constant exchange rates,
› Strong cash flow, with a cash conversion2 above 90%.
“In the first half of 2025,
Looking ahead, our strategic priorities are clear: to execute our portfolio programs both organically and inorganically, driving a step change in organic growth and market leadership, and to enable consistent and continued margin improvements.
Given our robust first-half performance, solid backlog, and the proven resilience of our diversified portfolio, we confirm our full-year 2025 outlook.”
H1 2025 KEY FIGURES
On
IN |
H1 2025 |
H1 2024 |
CHANGE |
CONSTANT CURRENCY |
Revenue |
3,192.5 |
3,021.7 |
+5.7% |
+8.0% |
Adjusted operating profit(a) |
491.5 |
451.9 |
+8.8% |
+12.0% |
Adjusted operating margin(a) |
15.4% |
15.0% |
+44bps |
+55bps |
Operating profit |
513.1 |
388.5 |
+32.1% |
+35.3% |
Adjusted net profit(a) |
292.4 |
288.3 |
+1.4% |
+5.4% |
Attributable net profit |
322.3 |
234.3 |
+37.6% |
+41.6% |
Adjusted EPS(a) |
0.65 |
0.64 |
+2.4% |
+6.4% |
EPS |
0.72 |
0.52 |
+38.9% |
+42.9% |
Operating cash-flow |
261.9 |
262.4 |
(0.2)% |
+2.8% |
Free cash flow(a) |
168.0 |
189.9 |
(11.5)% |
(8.2)% |
Adjusted net financial debt(a) |
1,254.7 |
1,112.2 |
+12.8% |
- |
(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release |
H1 2025 HIGHLIGHTS
› Robust organic revenue growth across the board throughout the first half
Company revenue in the first half of 2025 increased by 6.7% organically compared to the first half of 2024, including a 6.2% organic increase in the second quarter and broad organic growth across most businesses and geographies.
› Double-digit growth: nearly a third of the portfolio, consisting of Marine & Offshore and Industry, delivered double-digit organic revenue growth in the first half, ranging from 12.3% to 12.7%. These divisions benefited from the strong trends in decarbonization and energy transition.
› Mid and high single-digit growth: forty percent of the portfolio, consisting of Certification,
› Low single-digit growth: nearly a third of the portfolio, consisting of Buildings & Infrastructure, achieved low single-digit organic revenue growth (up 2.6%). Construction-related activities (Capex) growth was the highest within the division.
›
At the Bureau Veritas Annual Shareholders’ Meeting, shareholders approved the distribution of a dividend of
› 2025 share buyback program
The Company carried out the
This decision reflected the Company's confidence in its resilient business model and took advantage of the attractive share price at the time. The repurchased shares will be used for cancellation and other purposes as authorized by shareholders at the 2024 Annual General Meeting.
LEAP I 28 FOCUSED PORTFOLIO UPDATE
Since the beginning of the year, the Company announced the acquisition of six companies, including four signed between April and
› Expand Leadership: The Company aims to expand leadership for businesses in existing strongholds with established leadership positions, through a combination of rapid organic scaling and inorganic expansion.
-
In line with its Buildings & Infrastructure (Capex & Opex) portfolio development strategy, in the first quarter of 2025,
Bureau Veritas acquired Contec AQS. ThisItaly -basedcompany provides services in construction, infrastructure, and Health, Safety, & Environment (HSE) domains for public authorities, infrastructure operators, and private manufacturing companies. The company employs c. 190 highly skilled experts and generated revenue of c.EUR 30 million in 2024.
› Create New Strongholds: The Company aims to accelerate growth in selected markets to create new long-term strongholds, investing early in fast-growing strategic sectors, where the Company has a clear path to market leadership.
-
To accelerate growth in Cybersecurity, a fast-growing strategic sector,
Bureau Veritas signed an agreement to acquire theInstitute for Cyber Risk (IFCR) inJuly 2025 . ThisDenmark -based company provides digital security services for private companies and public organizations. It generated revenue of c.EUR 3 million in 2024. Its 25 employees specialize in governance, risk, and compliance, offensive security, and cybersecurity training. -
In Power & Utilities and Renewables, the Company signed an agreement in
July 2025 to acquireDornier Hinneburg GmbH , expanding its Nuclear services with the addition of expertise in decommissioning nuclear power facilities. This acquisition will also expand its services to include owner’s engineering and radiation protection services, and will develop its geographical reach outsideFrance and theUK . The company generated c.EUR 14 million in revenue in 2024 and employs 108 experts. -
In Sustainability Transition Services, the Company signed an agreement in
July 2025 to acquire Ecoplus, a Korean company providing sustainability consulting services to the Consumer Tech sector. With 13 employees and annualized revenue of c.EUR 1 million , the company provides life cycle assessment certification, and environmental regulation consulting.
› Optimize Value and Impact:The Company aims to optimize value and impact from the remainder of the portfolio by managing its performance in a granular and consistent way.
-
For Consumer Product Services (CPS), the Company signed an agreement to acquire Lab System, the largest independent laboratory for toys and hardlines in
Brazil , inJuly 2025 . This acquisition contributes to the building of a comprehensive CPS platform inLatin America , developing synergies with existingBureau Veritas labs in the country. The acquired company employs 149 employees, and generated c.EUR 4 million in revenue in 2024. -
For Metals and Minerals,
Bureau Veritas strengthened its position in the copper market and inChile with the acquisition of GeoAssay inMarch 2025 . The acquired company provides minerals samples analysis to customers across the region. It operates three state-of-the-art laboratories in the country, bringing deep knowledge in robotics, automation, and mining expertise. The acquired company employs 264 technical employees and generated c.EUR 8 million in revenue in 2024. -
The Company announced the divestment of its Food Testing business (
EUR 133 million of revenue in 2023) in Q4 2024. As planned, the divestment of theAsia Pacific ,Africa , andLatin America (excludingPeru ) businesses was completed in the first half of 2025.
For more information, the press releases are available by clicking here .
EXECUTIVE COMMITTEE LEADERSHIP CHANGES TO ACCELERATE THE LEAP | 28 STRATEGY EXECUTION
To accelerate the execution of LEAP | 28,
› The current six operating geographical regions will be reorganized into four larger regions:
› The Product lines will be managed by three Executive Committee members who will lead: Industrials and Commodities, Urbanization and Assurance, and
The transition period extends from
› Regions:
-
Europe : Executive Vice-President > Vincent Bourdil -
Middle East , Caspian, &Africa : Executive Vice-President >Khurram Majeed -
Asia-Pacific : Executive Vice-President > Surachet Tanwongsval -
Americas : Executive Vice-President to be appointed before year end
› Product Lines:
- Industrials and Commodities: Executive Vice-President > Matthieu Gondallier De Tugny
-
Urbanization and Assurance: Executive Vice-President >
Marc Roussel -
Consumer Products Services : Executive Vice-President >Catherine Chen
› Business Functions:
-
Corporate development & sustainability: Executive Vice-President >
Juliano Cardoso - Chief Performance Officer: Executive Vice-President > Laurent Louail
-
Chief Digital & Innovation Officer: Executive Vice-President DxT (Digital & Technology ) > Philipp Karmires
› Support Functions:
-
Chief Financial Officer: Executive Vice-President >
François Chabas -
Chief People Officer : Executive Vice-President >Maria Lorente Fraguas -
Legal affairs & Internal Audit: Executive Vice-President >
Béatrice Place-Faget
For more information, the press release is available by clicking here .
CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
› Corporate Social Responsibility (CSR) key indicators
|
UNITED NATIONS’
|
H1 2024 |
H1 2025 |
2028
|
ENVIRONMENT/NATURAL CAPITAL |
|
|
|
|
CO2 emissions (Scopes 1 & 2, 1,000 tons)3 |
#13 |
147 |
131 |
107 |
SOCIAL & HUMAN CAPITAL |
|
|
|
|
Total Accident Rate (TAR)4 |
#3 |
0.25 |
0.22 |
0.23 |
Gender balance in senior leadership (EC-II)5 |
#5 |
28.4% |
28.4% |
36.0% |
Number of learning hours per employee (per year)6 |
#8 |
30.6 |
38.9 |
40.0 |
GOVERNANCE |
|
|
|
|
Proportion of employees trained to the Code of Ethics |
#16 |
98.8% |
98.5% |
99.0% |
› The Company is highly recognized by non-financial rating agencies
Recognition bodies |
Period |
Recognition |
Sustainalytics |
|
|
CDP |
|
|
S&P Global |
|
|
Axylia |
|
Axylia awarded |
|
|
|
Transparency Awards |
|
|
2025 OUTLOOK AND 2028 AMBITION
› 2025 outlook confirmed
Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions,
› Mid-to-high single-digit organic revenue growth,
› Improvement in adjusted operating margin at constant exchange rates,
› Strong cash flow, with a cash conversion7 above 90%.
› LEAP | 28 ambitions
On
2024-2028 |
|
GROWTH CAGR |
High single-digit total revenue growth8 |
With: |
Organic: mid-to-high single-digit |
And: |
M&A acceleration and portfolio high-grading |
MARGIN |
Consistent adjusted operating margin improvement8 |
EPS CAGR8 + DIVIDEND YIELD |
Double-digit returns |
CASH |
Strong cash conversion7: above 90% |
Over the period 2024-2028, the use of Free Cash Flow generated from the Company’s operations will be balanced between Capital Expenditure (Capex), Mergers & Acquisitions (M&A), and shareholder returns (dividends):
ASSUMPTIONS |
|
CAPEX |
Around 2.5%-3.0% of Company revenue |
M&A |
M&A acceleration |
DIVIDEND |
Pay-out of 65% of Adjusted Net Profit |
NET LEVERAGE |
Between 1.0x-2.0x by 2028 |
ANALYSIS OF THE COMPANY'S RESULTS AND FINANCIAL POSITION
› Revenue up 5.7% year-on-year (up 6.7% on an organic basis)
› Total revenue: in the first half of 2025,
› Organic growth: organic revenue growth was 6.7% compared to first-half 2024, with a 6.2% increase in the second quarter of 2025. This growth was driven by solid underlying trends across most businesses and geographies.
› Geographical breakdown:
-
Americas (25% of revenue): theAmericas region delivered steady growth, with a 5.7% organic increase. This performance was marked by strong momentum in datacenters and energy sectors inNorth America and strong activity levels inLatin America . -
Europe (35% of revenue):Europe delivered organic growth of 2.9%. This growth was primarily driven by high activity levels in the Southern and Eastern parts of the continent. -
Asia-Pacific (29% of revenue): theAsia-Pacific region grew 7.6% organically and benefited from mid-single-digit growth inChina and double-digit growth in Southeast andSouthern Asia . -
Middle East &Africa (11% of revenue): activity was very strong in theMiddle East &Africa region, with a 20.8% organic increase. This growth was supported by urbanization programs and energy projects in theMiddle East .
› Positive scope effect: the scope effect was a positive 1.3% contribution to the total growth. This was driven by bolt-on acquisitions completed in the past few quarters, contributing a positive 3.2% impact, partly offset by the impact of divestments completed over the last twelve months, including the Food Testing business, contributing to a negative (1.9)% impact.
› Negative currency impact: currency fluctuations had a negative impact of (2.3)%, with a higher negative impact of (4.2)% in the second quarter. This is due to the strength of the euro against most currencies.
› Adjusted operating profit up 8.8% to
Half-year adjusted operating profit increased by 8.8% to
CHANGE IN ADJUSTED OPERATING MARGIN |
|
|
ADJUSTED OPERATING PROFIT IN €M |
ADJUSTED OPERATING MARGIN IN PERCENTAGE AND BASIS POINTS |
|
H1 2024 adjusted operating profit / margin |
451.9 |
15.0% |
Organic change |
62.2 |
+104bps |
Organic adjusted operating profit / margin |
514.1 |
16.0% |
Scope |
(8.1) |
(49)bps |
Adjusted operating profit / margin at constant currency |
506.0 |
15.5% |
Currency |
(14.5) |
(11)bps |
H1 2025 adjusted operating profit / margin |
491.5 |
15.4% |
This represents an adjusted operating margin of 15.4%, up 44 basis points compared to half-year 2024:
› The organic adjusted operating margin increased by 104 basis points year-on-year to 16.0%, from higher operating leverage, and from H2 2024 restructuring and active performance management. By division,
› Scope had a negative impact of (49) basis points, reflecting investments in the recently acquired companies that are scaling up their businesses outside their domestic markets.
› Foreign exchange trends had a negative impact of (11) basis points on the Company’s margin due to the strength of the euro against other currencies (primarily skewed to Q2).
Other adjustment items represented a net income of
Operating profit totaled
› Adjusted EPS of
Net financial expense amounted to
In the first half, the Company recorded higher unfavorable exchange rate effects compared to the previous year, with a loss of
Other items (including interest costs on pension plans and other financial expenses) stood at a negative
Consolidated income tax expense stood at
This represents an effective tax rate (ETR- income tax expense divided by profit before tax) of 26.1% for the period, versus 32.0% in H1 2024. The change observed is mainly due to the divestment of Food Testing activities, which benefits from lower taxation.
The adjusted effective tax rate increased by 20 basis points compared to 2024, to 29.2%. It corresponds to the effective tax rate adjusted for the tax effect of adjustment items.
Attributable net profit for the period was
Adjusted attributable net profit totaled
› Free Cash Flow of
The half-year 2025 operating cash flow was broadly stable at
The working capital requirement (WCR) stood at
Purchases of property, plant, and equipment and intangible assets, net of disposals (net Capex), amounted to
Free cash flow (operating cash flow after tax, interest expenses and net Capex) was at
CHANGE IN FREE CASH FLOW |
|
IN |
|
Free cash flow for the period ending on |
189.9 |
Organic change |
6.7 |
Organic free cash flow |
196.6 |
Scope |
(22.2) |
Free cash flow at constant currency |
174.4 |
Currency |
(6.4) |
Free cash flow for the period ending on |
168.0 |
› Solid financial position
The Company has a solid financial structure with no major refinancing before 2027.
At
› Free cash flow of
› Dividend payments totaling
› Net share buyback totaling
› Acquisitions (net) and repayment of amounts owed to shareholders, accounting for a positive
› Lease and interest payments (related to the application of IFRS 16), accounting for
› Other items that increased the Company's debt by
H1 2025 BUSINESS REVIEW
MARINE & OFFSHORE
IN |
H1 2025 |
H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Revenue |
278.0 |
251.3 |
+10.6% |
+12.7% |
- |
(2.1)% |
Adjusted Operating Profit |
65.8 |
61.7 |
+6.7% |
|
|
|
Adjusted Operating Margin |
23.6% |
24.5% |
(89)bps |
(50)bps |
- |
(39)bps |
Marine & Offshore was a top performing business in the first half of 2025 with organic growth of 12.7% including 13.5% in the second quarter, driven by:
› A strong double-digit growth in
› Mid-to-high single-digit growth in Core In-service activity (43% of divisional revenue), with an acceleration in the second quarter from a combination of increased number of serviced ships, and price increases. On
› Stable organic growth in Services (12% of divisional revenue, including Offshore) with good commercial development in non-class services, particularly consulting services focused on ship energy-efficiency.
The division delivers solid sales, supported by the maritime sector's commitment to lower its emissions, to renew its fleet, and to enhance energy efficiency. The Company secured 7.9 million gross tons of new orders at
In the first half of 2025, Marine & Offshore continued to focus on efficiency levers through digitalization and high value-added services. In the second quarter,
The adjusted operating margin for the half year was maintained at a healthy 23.6% on a reported basis compared to 24.5% in H1 2024, negatively impacted by foreign exchange effects (39 basis points).
Green objects highlights
In the first half of 2025,
In the second quarter of 2025,
IN |
H1 2025 |
H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Revenue |
590.1 |
613.9 |
(3.9)% |
+5.0% |
(6.4)% |
(2.5)% |
Adjusted Operating Profit |
84.5 |
75.6 |
+11.9% |
|
|
|
Adjusted Operating Margin |
14.3% |
12.3% |
+200bps |
+186bps |
+23bps |
(9)bps |
The
The Oil & Petrochemicals segment (O&P, 33% of divisional revenue) posted a low single-digit organic growth in the first half of the year, as the activity was hampered by the global trading slowdown from macro uncertainties and low oil prices. Growth remained strong in the
The Metals & Minerals segment (M&M, 36% of divisional revenue) delivered double-digit organic growth in the first half of 2025. In
The
Government services (15% of divisional revenue) delivered a high single-digit organic growth in the first half of 2025 with solid contract ramp-ups in the
The adjusted operating margin for the
Transition services highlights
In the first half of 2025,
INDUSTRY
IN |
H1 2025 |
H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Revenue |
679.0 |
624.0 |
+8.8% |
+12.3% |
+0.8% |
(4.3)% |
Adjusted Operating Profit |
88.9 |
79.2 |
+12.2% |
|
|
|
Adjusted Operating Margin |
13.1% |
12.7% |
+40bps |
+55bps |
(3)bps |
(12)bps |
The Industry division delivered 12.3% organic growth in the first half of 2025, including 10.4% growth in the second quarter. It was driven mostly by a strong energy spending, in response to energy security plans and transition related needs.
By market, Oil & Gas activities (33% of divisional revenue) posted double-digit growth on an organic basis in the first half. Capex activities experienced a positive momentum, leveraging the favorable investment cycle in the
Power & Utilities (15% of divisional revenue) grew organically at a strong double-digit rate for both Capex and Opex activities as global electricity demand continues to grow. Renewables developments continued for wind and solar farms in
Industry Products Certification (17% of divisional revenue) services recorded a high single-digit growth in the first half of 2025, with a strong growth in
The Environmental Testing business (9% of divisional revenue) grew to a mid-single-digit organically in the first half of the year. Increased sales teams boosted growth in the second quarter after a slow start to the year, caused by poor weather conditions.
Other Industry-related activities (26% of divisional revenue) posted a low single-digit growth, with mining-related activities performing particularly well in
Industry’s adjusted operating margin for the year increased by 40 basis points to 13.1%. Organically, it rose by 55 basis points benefiting from operational leverage and arbitrage on low profitability contracts.
Transition services and Green objects highlights
In the second quarter, the Company signed a framework agreement to perform methane emission detection services using drone technology, helping a French gas transmission and storage company, prepare for the upcoming methane transparency regulations. Additionally,
BUILDINGS & INFRASTRUCTURE
IN |
H1 2025 |
H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Revenue |
961.7 |
896.7 |
+7.3% |
+2.6% |
+5.8% |
(1.1)% |
Adjusted Operating Profit |
115.8 |
104.3 |
+11.0% |
|
|
|
Adjusted Operating Margin |
12.0% |
11.6% |
+41bps |
+167bps |
(122)bps |
(4)bps |
The Buildings & Infrastructure (B&I) business recorded an organic revenue growth of 2.6% in the first half of 2025 (including a 2.7% growth in the second quarter).
During the period, construction-related activities (Capex) showed robust performance, outpacing the building-in serviceactivity (Opex).
By market,
Business in Infrastructure (20% of divisional revenue) was solid overall, up mid-single-digit organically. In
Adjusted operating margin for the half-year improved by 41 basis points to 12.0% from 11.6% in the prior year. At constant currency, margins increased by 45 basis points, from H1 2024 levels that were below normative levels, thanks to good operational leverage (notably in the US) and restructuring benefits in
Transition services highlights
In the first half of 2025,
CERTIFICATION
IN |
H1 2025 |
H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Revenue |
283.6 |
255.3 |
+11.1% |
+8.6% |
+4.0% |
(1.5)% |
Adjusted Operating Profit |
51.0 |
50.0 |
+2.1% |
|
|
|
Adjusted Operating Margin |
18.0% |
19.6% |
(159)bps |
+20bps |
(164)bps |
(15)bps |
Certification displayed an 8.6% organic performance in the first half of 2025, including a 6.6% increase in the second quarter. Decarbonization services, supply chains resilience, and cybersecurity solutions were instrumental to this growth.
QHSE & Specialized Schemes solutions (55% of divisional revenue) recorded high single-digit organic growth against tougher comparison base following a year of recertifications for several schemes across different industries. The growth was sustained by solid demand for food safety certifications related to the FSSC (Food Safety Systems Certification) transition. The Company also continued to grow from the ramp-up of the large public outsourcing contract for food safety inspections in
Sustainability-related solutions & Digital (Cyber) certification activities (27% of divisional revenue) delivered low double-digit organic growth in the first half of 2025. More moderate growth was recorded on the sustainability front, as customers rearranged their programs to focus on ESG supply chain audits, product life cycle and carbon footprint assessments. Strong growth in the cybersecurity, certification and assurance services was fueled by increased customers’ awareness about cyber risks. On
Other solutions, including Training (18% of divisional revenue) generated mid-single-digit organic revenue growth during the first half of 2025, propelled by solid performance in training.
The adjusted operating margin for the first half of the year for the Certification business stood at 18.0%. Organically, margins increased by 20 basis points, a positive impact from performance management programs. Investments in recently acquired sustainability and cybersecurity companies contributed to the 159 basis points reduction in reported margins compared to last year.
Transition services highlights
In the second quarter of 2025,
IN |
H1 2025 |
H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Revenue |
400.1 |
380.5 |
+5.2% |
+4.5% |
+3.3% |
(2.6)% |
Adjusted Operating Profit |
85.5 |
81.1 |
+5.4% |
|
|
|
Adjusted Operating Margin |
21.4% |
21.3% |
+6bps |
+34bps |
(23)bps |
(5)bps |
The
The Softlines, Hardlines & Toys segment (accounting for 48% of divisional revenue) posted mid-single-digit organic growth in the first half of the year. This performance was attributed to three factors: (i) early-ordering effect of US companies anticipating tariffs for their sourcing regions, notably for the Softlines sub segment; (ii) higher growth in
In line with LEAP I 28 strategy, the Company signed an agreement to acquire Lab System, the largest independent laboratory for toys and hardlines in
Healthcare (including Beauty and Household) (8% of divisional revenue) delivered solid high single-digit organic growth in the period, led by the North American activities serving the domestic markets and leveraging global accounts.
Supply Chain & Sustainability services (15% of divisional revenue) grew high single-digit organically in the first half of 2025. Social audits and green claim verification services were the main drivers of the growth, especially in
Technology (29% of divisional revenue) recorded a low single-digit contraction in the first half of 2025 with a return to growth in the second quarter. Electrical appliances segment continued to grow solidly, driven by domestic markets in both
Adjusted operating margin for the half-year increased slightly by 6 basis points to 21.4% from 21.3% in the prior year. Organically, it rose by 34 basis points thanks to good operational leverage, offset by a negative scope (23 bps) and limited forex effects.
Activity levels are expected to moderate in the second half against a more challenging base of comparison. However, the diversification strategy of
Transition services highlights
During the first half of 2025, Transition Services continued to grow as the Company accompanied clients’ ESG transformation.
PRESENTATION
› H1 2025 results will be presented on
› A video conference will be webcast live. Please connect to: Link to video conference
› The presentation slides will be available on: https://company.bureauveritas.com/investors/financial-information/financial-results
› All supporting documents will be available on the website
› Live dial-in numbers:
-
-
- US: +1 786 697 3501
- International: +44 (0) 33 0551 0200
- Password:
2025 & 2026 FINANCIAL CALENDAR
› Q3 2025 Revenue:
› FY 2025 Results:
› Q1 2026 Revenue:
› Shareholder’s meeting:
› H1 2026 Results:
› Q3 2026 Revenue:
ABOUT
Created in 1828, Bureau Veritas’ 84,000 employees deliver services in 140 countries. The Company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability.
For more information, visit www.bureauveritas.com, and follow us on LinkedIn.
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This press release (including the appendices) contains forward-looking statements, which are based on current plans and forecasts of Bureau Veritas’ management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors such as those described in the Universal Registration Document (“Document d’enregistrement universel”) filed by
APPENDIX 1: Q2 AND H1 2025 REVENUE BY BUSINESS
IN |
Q2 / H1 2025 |
Q2 / H1 2024 |
CHANGE |
ORGANIC |
|
CURRENCY |
Marine & Offshore |
141.8 |
129.2 |
+9.8% |
+13.5% |
- |
(3.7)% |
|
293.3 |
316.6 |
(7.4)% |
+4.1% |
(6.8)% |
(4.7)% |
Industry |
343.2 |
328.4 |
+4.5% |
+10.4% |
+0.8% |
(6.7)% |
Buildings & Infrastructure |
485.2 |
455.7 |
+6.5% |
+2.7% |
+6.4% |
(2.6)% |
Certification |
149.5 |
137.9 |
+8.4% |
+6.6% |
+4.2% |
(2.4)% |
Consumer Products |
220.8 |
214.4 |
+3.0% |
+5.4% |
+2.4% |
(4.8)% |
Total Q2 revenue |
1,633.8 |
1,582.2 |
+3.3% |
+6.2% |
+1.3% |
(4.2)% |
Marine & Offshore |
278.0 |
251.3 |
+10.6% |
+12.7% |
- |
(2.1)% |
|
590.1 |
613.9 |
(3.9)% |
+5.0% |
(6.4)% |
(2.5)% |
Industry |
679.0 |
624.0 |
+8.8% |
+12.3% |
+0.8% |
(4.3)% |
Buildings & Infrastructure |
961.7 |
896.7 |
+7.3% |
+2.6% |
+5.8% |
(1.1)% |
Certification |
283.6 |
255.3 |
+11.1% |
+8.6% |
+4.0% |
(1.5)% |
Consumer Products |
400.1 |
380.5 |
+5.2% |
+4.5% |
+3.3% |
(2.6)% |
Total H1 revenue |
3,192.5 |
3,021.7 |
+5.7% |
+6.7% |
+1.3% |
(2.3)% |
APPENDIX 2: HALF-YEAR 2025 REVENUE BY QUARTER
IN |
Q1 |
Q2 |
Marine & Offshore |
136.2 |
141.8 |
|
296.8 |
293.3 |
Industry |
335.8 |
343.2 |
Buildings & Infrastructure |
476.5 |
485.2 |
Certification |
134.1 |
149.5 |
Consumer Products |
179.3 |
220.8 |
Total revenue |
1,558.7 |
1,633.8 |
APPENDIX 3: ADJUSTED OPERATING PROFIT AND MARGIN BY BUSINESS
|
ADJUSTED OPERATING PROFIT |
ADJUSTED OPERATING MARGIN |
||||
IN |
H1 2025 |
H1 2024(a) |
CHANGE |
H1 2025 |
H1 2024 |
CHANGE |
Marine & Offshore |
65.8 |
61.7 |
+6.6% |
23.6% |
24.5% |
(89)bps |
|
84.5 |
75.6 |
+11.9% |
14.3% |
12.3% |
+200bps |
Industry |
88.9 |
79.2 |
+12.2% |
13.1% |
12.7% |
+40bps |
Buildings & Infrastructure |
115.8 |
104.3 |
+11.0% |
12.0% |
11.6% |
+41bps |
Certification |
51.0 |
50.0 |
+2.1% |
18.0% |
19.6% |
(159)bps |
Consumer Products |
85.5 |
81.1 |
+5.4% |
21.4% |
21.3% |
+6bps |
|
491.5 |
451.9 |
+8.8% |
+15.4% |
+15.0% |
+44bps |
(a) H1 2024 figures by business have been restated following a reclassification of activities impacting the Industry and Marine & Offshore businesses (c. €0.1 million in the first half of the year). |
APPENDIX 4: EXTRACTS FROM THE HALF-YEAR CONSOLIDATED FINANCIAL STATEMENTS
Extracts from the half-year 2025 consolidated financial statements audited and approved on
CONSOLIDATED INCOME STATEMENT |
|
|
IN |
H1 2025 |
H1 2024 |
Revenue |
3,192.5 |
3,021.7 |
Service costs rebilled to clients |
101.9 |
94.9 |
Revenue and services costs rebilled to clients |
3,294.4 |
3,116.6 |
Purchases and external charges |
(987.0) |
(948.8) |
Personnel costs |
(1,711.7) |
(1,598.7) |
Taxes other than on income |
(25.4) |
(23.3) |
Net (additions to)/reversals of provisions |
(13.2) |
(8.4) |
Depreciation and amortization |
(134.7) |
(127.2) |
Other operating income and expense, net |
90.7 |
(21.7) |
Operating profit |
513.1 |
388.5 |
Share of profit of equity-accounted companies |
(0.4) |
(0.2) |
Operating profit after share of profit of equity-accounted companies |
512.7 |
388.3 |
Income from cash and cash equivalents |
10.8 |
22.6 |
Finance costs, gross |
(40.8) |
(42.4) |
Finance costs, net |
(30.0) |
(19.8) |
Other financial income and expense, net |
(26.0) |
(5.8) |
Net financial expense |
(56.0) |
(25.6) |
Profit before income tax |
456.7 |
362.7 |
Income tax expense |
(119.0) |
(115.9) |
Net profit |
337.7 |
246.8 |
Non-controlling interests |
15.4 |
12.5 |
Attributable net profit |
322.3 |
234.3 |
Earnings per share (in euros): |
|
|
Basic earnings per share |
0.72 |
0.52 |
Diluted earnings per share |
0.71 |
0.51 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
||
IN |
|
|
|
2,162.6 |
2,313.0 |
Intangible assets |
427.0 |
464.4 |
Property, plant and equipment |
379.8 |
401.9 |
Right-of-use assets |
428.5 |
409.6 |
Non-current financial assets |
93.7 |
100.2 |
Deferred income tax assets |
137.0 |
131.9 |
Total non-current assets |
3,628.6 |
3,821.0 |
Trade and other receivables |
1,629.6 |
1,644.9 |
Contract assets |
321.5 |
309.7 |
Current income tax assets |
77.3 |
46.6 |
Derivative financial instruments |
11.4 |
5.4 |
Other current financial assets |
7.8 |
11.3 |
Cash and cash equivalents |
867.5 |
1 204.2 |
Total current assets |
2,915.1 |
3,222.1 |
Assets held for sale |
14.7 |
151.8 |
TOTAL ASSETS |
6,558.4 |
7,194.9 |
|
|
|
Share capital |
54.5 |
54.5 |
Retained earnings and other reserves |
1,387.4 |
1,917.2 |
Equity attributable to owners of the Company |
1,441.9 |
1,971.7 |
Non-controlling interests |
35.7 |
64.1 |
Total equity |
1,477.6 |
2,035.8 |
Non-current borrowings and financial debt |
1,893.1 |
1,896.5 |
Non-current lease liabilities |
350.4 |
328.0 |
Other non-current financial liabilities |
30.1 |
66.3 |
Deferred income tax liabilities |
98.9 |
102.6 |
Pension plans and other long-term employee benefits |
142.3 |
148.8 |
Provisions for other liabilities and charges |
83.0 |
77.5 |
Total non-current liabilities |
2,597.8 |
2,619.7 |
Trade and other payables |
1,249.5 |
1,392.5 |
Contract liabilities |
262.6 |
269.1 |
Current income tax liabilities |
116.2 |
104.9 |
Current borrowings and financial debt |
229.0 |
534.4 |
Current lease liabilities |
112.4 |
114.3 |
Derivative financial instruments |
11.5 |
5.0 |
Other current financial liabilities |
499.3 |
85.4 |
Total current liabilities |
2,480.5 |
2,505.6 |
Liabilities held for sale |
2.5 |
33.8 |
TOTAL EQUITY AND LIABILITIES |
6,558.4 |
7,194.9 |
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
|
IN |
H1 2025 |
H1 2024 |
Profit before income tax |
456.7 |
362.7 |
Elimination of cash flows from financing and investing activities |
(110.4) |
7.9 |
Provisions and other non-cash items |
106.7 |
53.7 |
Depreciation, amortization and impairment |
134.7 |
127.3 |
Movements in working capital requirement attributable to operations |
(193.7) |
(168.1) |
Income tax paid |
(132.1) |
(121.1) |
Net cash generated from operating activities |
261.9 |
262.4 |
Acquisitions of subsidiaries, net of acquired cash |
(30.2) |
(70.0) |
Impact of sales of subsidiaries and businesses, net of cash disposed |
138.2 |
- |
Purchases of property, plant and equipment and intangible assets |
(67.2) |
(61.6) |
Proceeds from sales of property, plant and equipment and intangible assets |
2.2 |
1.7 |
Purchases of non-current financial assets |
(9.0) |
(4.8) |
Proceeds from sales of non-current financial assets |
10.7 |
4.3 |
Change in loans and advances granted |
(0.6) |
0.2 |
Dividends received |
0.5 |
- |
Net cash used in investing activities |
44.6 |
(130.2) |
Capital increase |
12.2 |
12.5 |
Purchases/sales of treasury shares |
(192.5) |
(199.2) |
Dividends paid |
(25.5) |
(9.1) |
Increase in borrowings and other debt |
210.2 |
492.0 |
Repayment of borrowings and other debt |
(503.6) |
(6.2) |
Repayment of debts and transactions with shareholders |
(6.8) |
(6.9) |
Repayment of lease liabilities and interest |
(68.3) |
(60.9) |
Interest paid |
(28.9) |
(12.6) |
Net cash generated from/(used in) financing activities |
(603.2) |
209.6 |
Impact of currency translation differences |
(39.5) |
6.2 |
Net increase/(decrease) in cash and cash equivalents |
(336.2) |
348.0 |
Net cash and cash equivalents at beginning of the period |
1,200.6 |
1,170.1 |
Net cash and cash equivalents at end of the period |
864.4 |
1,518.1 |
o/w cash and cash equivalents |
867.5 |
1,522.4 |
o/w bank overdrafts |
(3.1) |
(4.3) |
APPENDIX 5: BREAKDOWN OF NET FINANCIAL EXPENSE
NET FINANCIAL EXPENSE |
|
|
IN |
H1 2025 |
H1 2024 |
Finance costs, net |
(30.0) |
(19.8) |
Foreign exchange gains/(losses) |
(15.8) |
8.5 |
Interest cost on pension plans |
(1.7) |
(1.5) |
Other |
(8.5) |
(12.8) |
Net financial expense |
(56.0) |
(25.6) |
APPENDIX 6: ALTERNATIVE PERFORMANCE INDICATORS
ADJUSTED OPERATING PROFIT |
|
|
IN |
H1 2025 |
H1 2024 |
Operating profit |
513.1 |
388.5 |
Amortization of intangible assets resulting from acquisitions |
26.1 |
21.5 |
Impairment and retirement of non-current assets |
6.1 |
1.3 |
Restructuring costs |
11.1 |
7.8 |
Gains and losses on disposals of businesses and other income and expenses relating to acquisitions |
(64.9) |
32.8 |
Total adjustment items |
(21.6) |
63.4 |
Adjusted operating profit |
491.5 |
451.9 |
ADJUSTED EFFECTIVE TAX RATE |
|
|
IN |
H1 2025 |
H1 2024 |
Profit before income tax |
456.7 |
362.7 |
Income tax expense |
119.0 |
115.9 |
ETR(a) |
26.1% |
32.0% |
Adjusted ETR(b) |
29.2% |
29.0% |
(a) Effective tax rate (ETR) = Income tax expense/Profit before income tax. |
||
(b) Adjusted ETR = Income tax expense adjusted for tax effect on adjustment items/Profit before tax and before taking into account adjustment items. |
ATTRIBUTABLE NET PROFIT |
|
|
IN |
H1 2025 |
H1 2024 |
Attributable net profit |
322.3 |
234.3 |
EPS(a) (€ per share) |
0.72 |
0.52 |
Adjustment items |
(21.6) |
63.4 |
Tax impact on adjustment items |
(8.2) |
(7.7) |
Non-controlling interest on adjustment items |
(0.1) |
(1.7) |
Adjusted attributable net profit |
292.4 |
288.3 |
Adjusted EPS(a) (€ per share) |
0.65 |
0.64 |
(a) Calculated using the weighted average number of shares: 447,541,814 in H1 2025 and 451,680,634 in H1 2024 |
CHANGE IN ADJUSTED ATTRIBUTABLE NET PROFIT |
|
IN |
|
H1 2024 adjusted attributable net profit |
288.3 |
Organic change and scope |
15.5 |
Adjusted attributable net profit at constant currency |
303.8 |
Currency |
(11.4) |
H1 2025 adjusted attributable net profit |
292.4 |
FREE CASH FLOW |
|
|
IN |
H1 2025 |
H1 2024 |
Net cash generated from operating activities (operating cash flow) |
261.9 |
262.4 |
Purchases of property, plant and equipment and intangible assets |
(67.2) |
(61.6) |
Disposals of property, plant and equipment and intangible assets |
2.2 |
1.7 |
Interest paid |
(28.9) |
(12.6) |
Free cash flow |
168.0 |
189.9 |
CHANGE IN NET CASH GENERATED FROM OPERATING ACTIVITIES |
|
IN |
|
Net cash generated from operating activities at |
262.4 |
Organic change |
22.1 |
Organic net cash generated from operating activities |
284.5 |
Scope |
(14.9) |
Net cash generated from operating activities at constant currency |
269.6 |
Currency |
(7.7) |
Net cash generated from operating activities at |
261.9 |
ADJUSTED NET FINANCIAL DEBT |
||
IN |
|
|
Gross financial debt |
2,122.1 |
2,430.9 |
Cash and cash equivalents |
(867.5) |
(1,204.2) |
Consolidated net financial debt |
1,254.6 |
1,226.7 |
Currency hedging instruments |
0.1 |
(0.4) |
Adjusted net financial debt |
1,254.7 |
1,226.3 |
APPENDIX 7: M&A YTD 2025
|
ANNUALIZED REVENUE |
COUNTRY/
|
CLOSING/
|
FIELD OF EXPERTISE |
Expand leadership |
||||
Buildings & Infrastructure |
||||
Contec AQS |
|
|
March
|
Construction, infrastructure, and HSE services for public authorities, infrastructure operators & private manufacturing companies |
Create new market strongholds |
||||
Power & Utilities and Renewables |
||||
|
|
|
July
|
Technical advisory services and training on radiation protection linked to decommissioning and waste management of nuclear facilities |
Sustainability & Transition Services |
||||
Ecoplus |
|
|
July
|
Life cycle assessment certification and environmental regulation research |
Cybersecurity |
||||
|
|
|
July
|
Digital security services, specialized in Governance, Risk, and Compliance (GRC), offensive security, and cybersecurity training |
Optimize value & Impact |
||||
Consumer Product Services |
||||
Lab System |
|
|
July
|
Toys & hardlines testing activities |
Metals & Minerals |
||||
GeoAssay |
|
|
March
|
Mineral testing activities, providing mechanical preparation and analysis of mineral samples for copper |
APPENDIX 8: DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS
The management process used by
GROWTH
Total revenue growth
The total revenue growth percentage measures changes in consolidated revenue between the previous year and the current year. Total revenue growth has three components:
- Organic growth,
- Impact of changes in the scope of consolidation (scope effect),
- Impact of changes in exchange rates (currency effect).
Organic growth
The Company internally monitors and publishes “organic” revenue growth, which it considers to be more representative of the Company’s operating performance in each of its business sectors.
The main measure used to manage and track consolidated revenue growth is like-for-like, also known as organic growth. Determining organic growth enables the Company to monitor trends in its business excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control, as well as scope effects which concern new businesses or businesses that no longer form part of the business portfolio. Organic growth is used to monitor the Company’s performance internally.
The Company also considers that separately presenting organic revenue generated by its businesses provides management and investors with useful information on trends in its industrial businesses and enables a more direct comparison with other companies in its industry.
Organic revenue growth represents the percentage of revenue growth, presented at Company level and for each business, based on a constant scope of consolidation and exchange rates over comparable periods:
- Constant scope of consolidation: data are restated for the impact of changes in the scope of consolidation over a 12‑month period,
- Constant exchange rates: data for the current year are restated using exchange rates for the previous year.
Scope effect
To establish a meaningful comparison between reporting periods, the impact of changes in the scope of consolidation is determined:
- For acquisitions carried out in the current year: by deducting from revenue for the current year revenue generated by the acquired businesses in the current year,
- For acquisitions carried out in the previous year: by deducting from revenue for the current year revenue generated by the acquired businesses in the months in the previous year in which they were not consolidated,
- For disposals and divestments carried out in the current year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year in the months of the current year in which they were not part of the Company,
- For disposals and divestments carried out in the previous year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year prior to their disposal/divestment.
Currency effect
The currency effect is calculated by translating revenue for the current year at the exchange rates for the previous year.
ADJUSTED OPERATING PROFIT AND ADJUSTED OPERATING MARGIN
Adjusted operating profit and adjusted operating margin are key indicators used to measure the performance of the business, excluding material items that cannot be considered inherent to the Company’s underlying intrinsic performance owing to their nature.
Adjusted operating profit
Adjusted operating profit represents operating profit prior to adjustments for the following:
- Amortization of intangible assets resulting from acquisitions,
- Impairment of goodwill,
- Impairment and retirement of non-current assets,
- Restructuring costs,
-
Gains and losses on the disposal of activities, including in particular:
- Fees and acquisition costs of activities, including, when applicable, external costs related to their integration within the Company,
- Contingent consideration on acquisitions of businesses,
- Gains and losses on the disposal of activities.
When an acquisition is carried out during the financial year, the amortization of the related intangible assets is calculated on a time proportion basis.
Since a measurement period of 12 months is allowed for determining the fair value of acquired assets and liabilities, amortization of intangible assets in the year of acquisition may, in some cases, be based on a temporary measurement and be subject to minor adjustments in the subsequent reporting period, once the definitive value of the intangible assets is known.
Organic adjusted operating profit represents operating profit adjusted for scope and currency effects over comparable periods:
- At constant scope of consolidation: data are restated based on a 12-month period,
- At constant exchange rates: data for the current year are restated using exchange rates for the previous year.
The scope and currency effects are calculated using a similar approach to that used for revenue for each component of operating profit and adjusted operating profit.
Adjusted operating margin
Adjusted operating margin expressed as a percentage represents adjusted operating profit divided by revenue. Adjusted operating margin can be presented on an organic basis or at constant exchange rates, thereby, in the latter case, providing a view of the Company’s performance excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control.
ADJUSTED EFFECTIVE TAX RATE
The effective tax rate (ETR) represents income tax expense divided by the amount of pre-tax profit.
The adjusted effective tax rate (adjusted ETR) represents income tax expense adjusted for the tax effect on adjustment items divided by pre-tax profit before taking into account the adjustment items (see adjusted operating profit definition).
ADJUSTED NET PROFIT
Adjusted attributable net profit
Adjusted attributable net profit is defined as attributable net profit adjusted for adjustment items (see adjusted operating profit definition) and for the tax effect on adjustment items. Adjusted attributable net profit excludes non-controlling interests in adjustment items and only concerns continuing operations.
Adjusted attributable net profit can be presented at constant exchange rates, thereby providing a view of the Company’s performance excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control. The currency effect is calculated by translating the various income statement items for the current year at the exchange rates for the previous year.
Adjusted attributable net profit per share
Adjusted attributable net profit per share (adjusted EPS or earnings per share) is defined as adjusted attributable net profit divided by the weighted average number of shares outstanding in the period (excluding own shares held by the Company).
FREE CASH FLOW
Free cash flow represents net cash generated from operating activities (operating cash flow), adjusted for the following items:
- Purchases of property, plant and equipment and intangible assets,
- Proceeds from disposals of property, plant and equipment and intangible assets,
- Interest paid.
Net cash generated from operating activities is shown after income tax paid.
Organic free cash flow represents free cash flow at constant scope and exchange rates over comparable periods:
- At constant scope of consolidation: data are restated for changes in scope based on a 12-month period,
- At constant exchange rates: data for the current year are restated using exchange rates for the previous year.
The scope and currency effects are calculated using a similar approach to that used for revenue for each component of net cash generated from operating activities and free cash flow.
FINANCIAL DEBT
Gross debt
Gross debt (or gross finance costs/financial debt) represents loans and borrowings (bonds, bank loans, etc) plus bank overdrafts.
Net debt
Net debt (or net finance costs/financial debt) as defined and used by the Company represents gross debt less cash and cash equivalents. Cash and cash equivalents comprise marketable securities and similar receivables as well as cash at bank and on hand.
Adjusted net debt
Adjusted net debt (or adjusted net finance costs/financial debt) as defined and used by the Company represents net debt taking into account currency and interest rate hedging instruments.
CONSOLIDATED EBITDA
Consolidated EBITDA represents net profit before interest, tax, depreciation, amortization and provisions, adjusted for any entities acquired over the last 12 months.
|
|
1 Alternative performance indicators are presented, defined, and reconciled with IFRS in appendix 2 of this press release. |
|
2 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit. |
|
3 Scope 1 and Scope 2 greenhouse gas emissions are calculated over a 12-month period from Q2 2024 to Q1 2025. |
|
4 TAR: Total Accident Rate (number of accidents with and without lost time x 200,000/number of hours worked). |
|
5 Proportion of women from the Executive |
|
6 Number of learning hours per employee is calculated over a 12-month period. |
|
7 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit. |
|
8 At constant currency. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250724086759/en/
ANALYST/INVESTOR CONTACTS
+33 (0)1 55 24 76 09
laurent.brunelle@bureauveritas.com
+33 (0)1 55 24 77 80
colin.verbrugghe@bureauveritas.com
romain.gorge@bureauveritas.com
karine.ansart@bureauveritas.com
Inès Lagoutte
ines.lagoutte@bureauveritas.com
MEDIA CONTACTS
+33 (0)6 69 79 84 88
anette.rey@bureauveritas.com
+33 (0) 6 14 46 79 94
martin.bovo@bureauveritas.com
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