Bureau Veritas: A Robust First Quarter and an Unchanged 2025 Outlook; Increased Returns to Shareholders with a EUR 200m Share Buyback Program

NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):

Q1 2025 Key figures1

› Revenue of EUR 1,558.7 million, up 8.3% year-on-year and up 7.3% organically
› Strong organic growth from Industry at +14.3%, Marine & Offshore at +11.8% and Certification at +10.9% with moderate growth for Agri-Food & Commodities at +6.0%, Consumer Products Services at +3.4%, and Buildings & Infrastructure at +2.5%
› Positive scope effect of 1.4%, from bolt-on acquisitions (+3.0% contribution), net of disposals (-1.6% contribution)
› Negative currency impact of 0.4%, resulting from the euro’s appreciation against most currencies

Q1 2025 Highlights

› Steady and consistent growth in every region, demonstrating clear business plans and showing strong execution
› Broad growth across all activities. Capex activities driven by a solid backlog, and Opex activities derived from sustained and recurrent customer spending
› Two acquisitions completed in the first quarter, adding annualized revenue of c. EUR 38 million, in line with the LEAP | 28 portfolio strategy
› New share buyback program of EUR 200 million to be completed by the end of June 2025, reflecting the Group's confidence in its resilient business model and taking advantage of the current share price

2025 Outlook unchanged

While customers are navigating an uncertain period, the Group has a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals. Therefore, Bureau Veritas keeps its outlook unchanged, and expects to deliver 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:

“We are starting the year with a robust first quarter performance, with strong organic growth across most of our businesses. Bureau Veritas has a resilient business and geographical mix, and will continue to actively manage its portfolio with disciplined bolt-on acquisitions.

While we are navigating an uncertain and complex macroeconomic environment, our Group has a solid backlog, an engaged workforce and a proven execution track record. Therefore, we are keeping our outlook unchanged, closely monitoring market developments and accelerating our performance programs to bring additional resilience to our business.

Finally, with a healthy balance sheet and to further increase shareholder value, we are launching a new €200 million share buyback program, reflecting our strong cash generation and our confidence in the upside potential of our shares.”

Q1 2025 KEY FIGURES