Bureau Veritas: Robust and Consistent Revenue Performance Delivered in Q3 2025; FY 2025 Outlook Reaffirmed

COURBEVOIE, France -- (BUSINESS WIRE) --

Bureau Veritas (BOURSE:BVI):

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Q3 2025 Key figures1

› Revenue of EUR 1,583.7 million, up 2.3% year-on-year and up 6.3% organically
› A very strong organic growth from Marine & Offshore at 16.2%; solid recovery of Buildings & Infrastructure at 7.1% organically; strong organic growth maintained for both Industry and Certification, at 6.9% and 5.9% respectively, against challenging comparables; moderate organic growth for Consumer Products Services at 3.5% and Agri-Food & Commodities at 2.5%
› Positive scope effect of 0.8%, from the accelerated pace of bolt-on acquisitions (+3.1% contribution) realized, net of disposals (-2.3% contribution)
› Negative currency impact of 4.8%, resulting from the euro’s appreciation against most currencies

Q3 2025 Highlights

› Continued progress in implementing the LEAP I 28 strategy, delivering results that highlight the Company operational resilience and strategic focus
› Acceleration of M&A programs with two transactions signed in October for a total annualized revenue of c. EUR 32 million in line with the LEAP | 28 portfolio strategy: the first one to expand leadership in the B&I division in Europe, and the second to create new strongholds in the Renewables space. Eight acquisitions signed or closed year-to-date adding EUR 92 million of annualized revenue
› Completion of a EUR 700 million bond issuance carrying a coupon of 3.375% with maturity in October 2033, and rated A3 by Moody’s. This issuance enables the Company to leverage attractive financial market conditions in the context of its capital allocation within the LEAP | 28 strategy

2025 Outlook confirmed

Based on the 9-month performance, leveraging a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals, Bureau Veritas reaffirms its outlook for the full year 2025:

› 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%.

Hinda Gharbi, Chief Executive Officer, commented:

“This quarter, our teams around the world delivered another robust performance with an organic growth rate of 6.3%, reflecting strength across our entire portfolio.

With this nine-month organic growth of 6.6%, a solid backlog, and the proven resilience of our diversified portfolio, we confirm our full-year 2025 financial outlook.

In this third quarter, we continued the execution of our LEAP | 28 strategy roadmap actively managing our portfolio through targeted bolt-on acquisitions. In October 2025, we signed agreements for two acquisitions generating approximately EUR 32 million in annualized revenue. One strengthens our Buildings & Infrastructure leadership position in Europe, and the second augments our Renewables capabilities, as we build our New Strongholds. So far this year, we have acquired EUR 92 million in cumulative annualized revenue.”

Q3 2025 KEY FIGURES

			GROWTH
IN EUR MILLION	Q3 2025	Q3 2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Marine & Offshore	136.6	122.7	+11.4%	+16.2%	-	(4.8)%
Agri-Food & Commodities	284.5	322.3	(11.7)%	+2.5%	(9.6)%	(4.6)%
Industry	337.7	336.0	+0.5%	+6.9%	+0.8%	(7.2)%
Buildings & Infrastructure	495.0	440.5	+12.4%	+7.1%	+8.4%	(3.1)%
Certification	131.7	124.1	+6.1%	+5.9%	+3.3%	(3.1)%
Consumer Products Services	198.2	202.3	(2.1)%	+3.5%	+0.5%	(6.1)%
Total Group revenue	1,583.7	1,547.9	+2.3%	+6.3%	+0.8%	(4.8)%

› Robust third quarter revenue

In the third quarter of 2025, Bureau Veritas reported revenue of EUR 1,583.7 million, representing a 2.3% increase compared to the same period in 2024. The Group delivered robust organic growth of 6.3%, maintaining momentum consistent with the 6.6% achieved in the first nine months of the year.

Four key business lines drove the growth: Marine & Offshore (+16.2%), Buildings & Infrastructure (+7.1%), Industry (+6.9%), and Certification (+5.9%). Agri-Food & Commodities and Consumer Products Services demonstrated resilient performance with low-single-digit organic growth in the third quarter of 2025.

Geographically, the performance was solid across the board:

• Europe (35% of revenue, +5.2% organically) was led by Southern Europe and France,
• Asia-Pacific (29% of revenue, +8.6% organically) was fueled by double-digit growth in South and Southeast Asia, and high single-digit expansion in China.
• In the Americas (25% of revenue, +1.9% organically), the United States continued its solid growth.
• Africa and the Middle East (11% of revenue, +15.7% organically) delivered very strong growth, across most countries and all businesses.

The scope effect contributed a positive 0.8%, reflecting accelerated bolt-on acquisitions (+3.1%), partially offset by divestments over the past twelve months (-2.3%, including the Food testing business). Currency fluctuations negatively impacted revenue by 4.8%, primarily as the Euro strengthened against most currencies.

› Solid financial position

By September 30th, 2025, net financial debt was higher than that of June 30th, 2025, notably due to dividend payments in July 2025. The Group had more than EUR 0.5 billion in available cash and cash equivalents, and EUR 600 million in undrawn committed credit lines. The Group has a solid financial structure with most of its debt maturities beyond 2026, and at fixed interest rates.

On September 24th, 2025, the Company successfully issued a EUR 700 million bond, maturing in October 2033 with a 3.375% coupon, and with an A3 rating by Moody’s. This issuance enables the Company to leverage attractive financial market conditions in the context of its capital allocation within the LEAP | 28 strategy.

LEAP I 28 FOCUSED PORTFOLIO UPDATE

Since the beginning of the year, the Company announced the acquisition of eight companies, including two signed in October 2025, representing annualized cumulative revenue of c. EUR 92 million in 2024. The new two acquisitions are fully aligned with LEAP I 28 portfolio priorities focusing on Expand Leadership and Create New Strongholds.

› 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 October 2025, Bureau Veritas acquired London Building Control. The company is a Leading Registered Building Control Approver (RBCA) in the UK, specializing in building control for residential renovations and improvements. The company employs c. 110 highly skilled experts and generated revenue of c. EUR 14 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 Renewables, a fast-growing strategic sector, Bureau Veritas signed an agreement to acquire Sólida in October 2025. This Spain-based company provides owner’s engineering, technical advisory, project management assistance, construction management and grid connection mainly for wind and solar assets. It strengthens Bureau Veritas’ capabilities in the Renewables market through the creation of a global end-to-end Capex platform serving the Company’s clients globally. It generated revenues of c. EUR 18 million in 2024 and employs 225 experts.

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