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

COURBEVOIE, France--(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):

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