Courbevoie, France – February 25, 2026
Sector-leading organic revenue growth of 6.5% in FY 2025
Strong margin improvement to 16.3% in FY 2025
Positive growth outlook with continued margin expansion in 2026
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New EUR 200 million share buyback
2025 key figures1
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* Full-year revenue of EUR 6,466.4 million, up 6.5% organically (with 6.3% organic growth in Q4). At constant currency, the growth was up 7.3% year-on-year and up 3.6% on a reported basis,
* Adjusted operating profit of EUR 1,052.9 million, up 5.7% versus EUR 996.2 million in FY 2024, representing an adjusted operating margin of 16.3%, up 32 basis points year-on-year and up 51 basis points at constant currency,
* Operating profit of EUR 992.4 million, up 6.3% versus EUR 933.4 million in FY 2024,
* Adjusted net profit of EUR 631.4 million, up 1.7% versus EUR 620.7 million in FY 2024,
* Adjusted EPS stood at EUR 1.42 in 2025, with a 2.8% increase versus FY 2024 (EUR 1.38 per share) and up 9.2% at constant currency,
* Attributable net profit of EUR 588.0 million, up 3.3% versus EUR 569.4 million in FY 2024,
* Free Cash Flow of EUR 824.2 million, up 3.9% organically and up 2.6% at constant currency, and cash conversion of 107%2,
* Adjusted net debt/EBITDA ratio of 1.1x as of December 31, 2025, slightly up versus last year,
* Proposed dividend of EUR 0.92 per share3, up 2.2% year-on-year, payable in full in cash.2025 highlights
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* 2025 financial targets of revenue, margin and cash met or exceeded,
* Strong drivers of portfolio organic growth from higher energy investments, from the ongoing buildup of digital infrastructure and from clients demand for corporate and enterprise risk assessment solutions,
* Progressive LEAP I 28 strategy execution in its second year yielding tangible impact on operational leverage and functional scalability,
* New organization implementation to accelerate strategy execution,
* Portfolio refocusing continues with nine bolt-on acquisitions, and two divestments in non-core areas closed. These acquisitions added EUR 96 million in annualized revenue and support LEAP I 28 portfolio priorities of: i) Strengthening leadership positions in Buildings & Infrastructure; ii) Creating new strongholds in Power & Utilities and Renewables, Cybersecurity, and in Sustainability and iii) Optimizing value and impact in mature businesses; in Consumer Product Services and in Metals & Minerals. Year-to-date, three more bolt-on deals have been closed, contributing to c. EUR 5 million in annualized revenue,
* Double-digit shareholder returns based on EPS growth of c. 9% at constant currency, a dividend yield of c. 3% and enhanced by a EUR 200 million share buyback program (representing c. 1.5% of outstanding share capital).2026 outlook
Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 aligned with the financial ambition outlined in its strategy:
* Mid-to-high single-digit organic revenue growth,
* Improvement in adjusted operating margin at constant exchange rates,
* Strong cash flow generation.Hinda Gharbi, Chief Executive Officer, commented:
“2025 was a year of solid progress for Bureau Veritas, with sector leading organic growth, strong margin expansion, and a disciplined execution of our LEAP | 28 strategy. I want to thank all our colleagues worldwide for their strong commitment and personal contributions.
In this passing year, the second of our strategic plan, we delivered results fully in line with our ambition to accelerate growth and enhance returns, supported by a strengthened portfolio and a tangible impact from our performance programs.
We again achieved double‑digit shareholder returns at constant currency, reflecting both the quality of our portfolio and the effectiveness of our strategy. With our new organizational structure now almost complete, we are better equipped to scale our product lines’ services within our regional platforms, drive cross‑selling, and elevate our customer service and stickiness.
As we start 2026, we remain focused on executing our growth and margin improvement plans, confident in the resilience of our evolving portfolio and in our ability to generate superior, sustainable value over the mid and long term. We are continuing to improve shareholder returns and will be launching a new EUR 200 million share buyback program, without hindering our M&A plans”.
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2025 KEY FIGURES
On February 24, 2026, the Board of Directors of Bureau Veritas approved the financial statements for the full year 2025. The main consolidated financial items are:
IN EUR MILLION20252024CHANGECONSTANT CURRENCYRevenue 6,466.4 6,240.9 +3.6% +7.3% Adjusted operating profit(a) 1,052.9 996.2 +5.7% +10.8% Adjusted operating margin(a)16.3% 16.0% +32bps+51bpsOperating profit 992.4 933.4 +6.3% +11.2% Adjusted net profit(a) 631.4 620.7 +1.7% +8.1% Attributable net profit 588.0 569.4 +3.3% +9.3% Adjusted EPS(a) 1.42 1.38 +2.8% +9.2% EPS 1.32 1.27 +4.3% +10.4% Operating cash-flow 1,006.7 1,004.8 +0.2% +4.6% Free cash flow(a) 824.2 843.3 (2.3)%+2.6% Adjusted net financial debt(a) 1,253.3 1,226.3 +2.2% (a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release2025 HIGHLIGHTS
2025 financial targets achieved with some exceeding expectations
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* Mid-to-high single digit organic revenue growth in the full year Group revenue in 2025 increased by 6.5% organically compared to 2024, including 6.3% in the fourth quarter, benefiting from underlying robust market trends across businesses and geographies.
* Improvement in adjusted operating margin at constant exchange rates The Group delivered an adjusted operating margin of 16.3%, up 51 basis points at constant currency and up 32 basis points on a reported basis compared to 2024.
* Strong cash flow, with cash conversion4above 90% The Group achieved a strong cash flow with cash conversion of 107% in 2025.
Double-digit shareholder returns
In line with its LEAP | 28 strategy, the Group aims to deliver double-digit shareholder returns within the period.
In 2025, double-digit shareholder returns were achieved based on EPS growth of c. 9%, a dividend yield of c. 3%, and a EUR 200 million share buyback program announced in the second quarter of 2025 (c. 1.5% of the outstanding share capital).
* Proposed dividend of EUR 0.92 per share for 2025 The Board of Directors of Bureau Veritas is recommending a dividend of EUR 0.92 per share for 2025, up 2.2% compared to the prior year. This corresponds to a payout ratio of 65% of its adjusted net profit.
This is subject to the approval of the Shareholders’ Meeting to be held on May 19, 2026, at 3:00pm at the Bureau Veritas Headquarters, Tour Alto – 4 Place des Saisons, 92400 Courbevoie, France. The dividend will be paid in cash on May 28 (shareholders on the register on May 27, 2026, will be entitled to the dividend and the share will go ex-dividend on May 26, 2026).
* Share buyback programs In accordance with the terms of the share buyback program approved by the Annual General Meeting, the purchased shares will be used for any purpose authorized by the Company’s shareholders at the Annual General Meeting of June 19, 2025, for any or all of the program to be executed before the Annual General Meeting of May 19, 2026.
For any or all of the program to be executed after the Annual General Meeting of May 19, 2026, the purchased shares will be used for any purpose authorized by the Company’s shareholders at that date.
Financing
The Group carried out the following transactions during the year:
* In January 2025, the Group redeemed at maturity a EUR 500 million bond issue carrying a 1.875% coupon;
* In October 2025, the Group completed a new EUR 700 million bond issuance, maturing in October 2033 and carrying a 3.375% coupon. In April 2025, the rating agency Moody’s reaffirmed Bureau Veritas’ A3 credit rating with a stable outlook.
LEAP I 28 FOCUSED PORTFOLIO UPDATE
As part of the LEAP | 28 strategy objectives, Bureau Veritas has implemented an active portfolio management program to strengthen its market position.
In 2025, the Group completed the acquisition of nine companies, with three transactions finalized in the last quarter. These acquisitions represent an annualized cumulative revenue of c. EUR 96 million.
Year-to-date, the Group has closed three additional bolt-on deals adding c. EUR 5 million of annualized revenue. Additionally, Bureau Veritas finalized the divestment of two activities, representing annualized cumulated revenue of c. EUR 172 million, in line with its objective to optimize the value of its portfolio.
In 2025, as the Group advances its portfolio transformation, it has activated the following M&A deals to:
* Expand the Group’s existing leadership positions: In the Building & Infrastructure (Capex & Opex) segment, the Group acquired two companies in the first and fourth quarters of 2025:
* Create new strongholds:
* Optimize value and impact:* DivestmentsFor further information, please refer to the press releases byclicking hereand consult Appendix 7 for additional details.
EXECUTIVE COMMITTEE LEADERSHIP AND ORGANIZATION CHANGES TO ACCELERATE LEAP | 28 STRATEGY EXECUTION
To accelerate the execution of LEAP | 28, Bureau Veritas has implemented a new Executive Committee structure in 2025 designed to improve alignment, and strengthen its geographic platforms with scalable Product Line organizations. The aim of this new organization is to enable product lines growth, to properly structure sales expansion plans and performance program implementation. The intent is to speed up cross-selling, to capture an increasing share of multi-country opportunities, and to improve sustainably the Group operational leverage.
The six former regions have been consolidated into four – Americas; Europe; Asia‑Pacific; and Middle East, Caspian & Africa – and Product Lines are now led by three Executive Committee members overseeing Industrials & Commodities, Urbanization & Assurance, and Consumer Products Services product lines grouping. After a transition period in the summer, the new Executive Committee structure became effective from September 2025, with the following Executive Vice-Presidents appointments:
* Regions:
* Product Lines:
* Business Functions:
* Support Functions:For more information, the press release is available here.
CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
Corporate Social Responsibility (CSR) key indicators
UNITED NATIONS’
SDGS
2024
20252028
TARGET
ENVIRONMENT/NATURAL CAPITAL CO2 emissions (Scopes 1 & 2, 1,000 tons)5#13135126107SOCIAL & HUMAN CAPITAL Total Accident Rate (TAR)6#30.240.230.23 Gender balance in senior leadership (EC-II)7#526.7.1.0% Number of learning hours per employee (per year)8#841.344.740.0GOVERNANCE Proportion of employees trained to the Code of Ethics#1698.8.4.0% In 2025, the Company continued to be highly recognized by non-financial rating agencies.
Recognition bodiesPeriodRecognition
EcoVadis
December 2025Bureau Veritas received a Gold rating with a score of 80/100 from EcoVadis.SustainalyticsDecember 2025Bureau Veritas achieved a score of 8.3 with a “Negligible Risk” rating from Sustainalytics.CDPNovember 2025Bureau Veritas was awarded an A- rating by CDP based on the Company’s climate reporting.
ISS ESG
October 2025Bureau Veritas received a B- rating with Prime status from ISS ESG.S&P GlobalAugust 2025Bureau Veritas achieved a score of 84/100 from S&P Global in their Corporate Sustainability Assessment (CSA) and ranks among the Top 1% of companies in the Professional Services sector.MSCIJuly 2025Bureau Veritas achieved an AA rating from MSCI.Time MagazineJune 2025Bureau Veritas was recognized among the Top 100 Most Sustainable Companies in the World by Time magazine and Statista in their 2025 ranking.Transparency AwardsJuly 2025Bureau Veritas achieved a top 6 position among 135 companies in the Labrador Transparency Awards, which evaluates 360 criteria from four key public information sources.AxyliaMay 2025Axylia awarded Bureau Veritas an A rating and included the Company in the Vérité 40® index.2026 OUTLOOK AND 2028 AMBITION
* 2026 outlook Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 that align with the financial ambition outlined in its strategy:
* Mid-to-high single-digit organic revenue growth,
* Improvement in adjusted operating margin at constant exchange rates,
* Strong cash flow generation. On March 20, 2024, Bureau Veritas announced its new strategy, LEAP | 28, with the following ambitions:
2024-2028 GROWTH CAGRHigh single-digit total revenue growth9With: Organic: mid-to-high single-digitAnd: M&A acceleration and portfolio high gradingMARGINConsistent adjusted operating margin improvement9EPS CAGR9 + DIVIDEND YIELDDouble-digit returnsCASHStrong cash conversion10: 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 CAPEXAround 2.5%-3.0% of Company revenueM&AM&A accelerationDIVIDENDPay-out of 65% of Adjusted Net ProfitNET LEVERAGEBetween 1.0x-2.0x by 2028ANALYSIS OF THE COMPANY’S RESULTS AND FINANCIAL POSITION
Revenue up 3.6% year-on-year (up 7.3% at constant currency)
* Total revenue: in the full year of 2025, Bureau Veritas reported total revenue of EUR 6,466.4 million, marking a 3.6% increase compared to 2024.
* Organic growth: organic revenue growth was up 6.5% compared to full year 2024, with a 6.3% increase in the fourth quarter of 2025. This growth was driven by solid underlying trends across most businesses and geographies.
* Geographical breakdown:
* Positive scope effect: the scope effect had a positive 0.8% contribution to total growth. This was driven by bolt-on acquisitions completed in the past few quarters, contributing to a positive 2.9% impact. This was partly offset by divestments completed over the last twelve months, including the Food Testing business, representing a total reduction of 2.1%.
* Negative currency impact: currency fluctuations had a negative impact of 3.7%, with a higher negative impact of 5.2% in the fourth quarter. This is due to the strength of the euro against most currencies. Adjusted operating profit up 5.7% to EUR 1,052.9 million (up 10.8% at constant currency)
Full year adjusted operating profit increased by 5.7% to EUR 1,052.9 million and increased by 51 basis points at constant currency.
CHANGE IN ADJUSTED OPERATING MARGIN ADJUSTED OPERATING PROFIT IN EUR M ADJUSTED OPERATING MARGIN IN PERCENTAGE AND BASIS POINTSFY 2024 adjusted operating profit / margin 996.2 16.0%Organic change 111.7 +74bpsOrganic adjusted operating profit / margin 1,107.9 16.7%Scope(4.3) (23)bpsAdjusted operating profit / margin at constant currency 1,103.6 16.5%Currency(50.8)(19)bpsFY 2025 adjusted operating profit / margin 1,052.9 16.3% This represents an adjusted operating margin of 16.3%, up 32 basis points compared to the full year 2024:
* The adjusted operating margin increased organically by 74 basis points year-on-year to 16.7%, from higher operating leverage and functional scalability driven by the ongoing performance programs, and from a positive mix. By division, Buildings & Infrastructure, Agri-Food & Commodities, Marine & Offshore, and Consumer Product Services achieved higher margins offsetting margin contraction in Certification and Industry.
* Scope had a negative impact of (23) basis points, reflecting H1 2025 investments in the recently acquired companies to enable geographical expansion beyond existing markets and to develop new services addressing customers’ demand.
* Foreign exchange trends had a negative impact of (19) basis points on the Company’s margin due to the strength of the euro against other currencies. Other adjustment items represented a net expense of EUR 60.5 million versus a EUR 62.8 million expense in the full year of 2024, mainly driven by a EUR 34.7 million in net gain on disposals and acquisitions (net loss of EUR 0.8 million in FY 2024), linked to the divestment of the Food testing activities. Other details are available in Appendix 6.
Operating profit totaled EUR 992.4 million, up 6.3% compared to EUR 933.4 million in the full year of 2024.
Adjusted EPS of EUR 1.42, up 2.8% year on year and 9.2% at constant currency
Net financial expense amounted to EUR 116.0 million in the full year of 2025, compared to EUR 69.6 million in the same period one year earlier. The difference in net finance costs amounting to EUR 66.4 million in 2025 compared to EUR 50.7 million in 2024 is mainly attributable to the decrease in income from cash and cash equivalents.
In 2025, the Company recorded unfavorable exchange rate effects, with a loss of EUR 28.3 million (compared to a gain of EUR 5.9 million in FY 2024).
Other items (including interest costs on pension plans and other financial expenses) stood at a negative EUR 21.3 million, compared to a negative EUR 24.8 million in FY 2024.
Consolidated income tax expense stood at EUR 265.9 million in the full year of 2025. This included the impact of the exceptional contribution on large companies’ profits in France, given that the portion based on the 2024 tax was fully recognized in 2025. For comparison, consolidated income tax expense was EUR 273.8 million in 2024.
This represents an effective tax rate (ETR- income tax expense divided by profit before tax) of 30.4% for the period, versus 31.7% in FY 2024. The reduction observed is mainly linked to the divestment of the food testing activities favorably impacting the overall tax rate.
The adjusted effective tax rate decreased by 50 basis points compared to 2024, to 30.0%. It corresponds to the effective tax rate adjusted for the tax effect of adjustment items. This decrease is mainly due to a reduction in the amount of withholding taxes incurred over the period.
Attributable net profit for the period was EUR 588.0 million, versus EUR 569.4 million in FY 2024. Earnings per share (EPS) were EUR 1.32, compared to EUR 1.27 in FY 2024.
Adjusted attributable net profit totaled EUR 631.4 million in 2025, up 1.7% versus EUR 620.7 million in FY 2024. Adjusted EPS stood at EUR 1.42 in FY 2025, and a 2.8% increase versus FY 2024 (EUR 1.38 per share) and of a 9.2% increase based on constant currencies.
Free Cash Flow of EUR 824.2 million (-2.3% year-on-year, +3.9% organically)
The 2025 operating cash flow was slightly up year-on-year at EUR 1,006.7 million versus EUR 1,004.8 million in FY 2024. This is due to working capital requirement inflow of EUR 19.1 million, compared to EUR 60.8 million of inflows in the previous year.
The working capital requirement (WCR) stood at EUR 236.8 million as of December 31, 2025, compared to EUR 293.0 million as of December 31, 2024. As a percentage of revenue, WCR decreased by 100 basis points to a low of 3.7%. This performance demonstrates the entire organization’s focus on cash deliverables.
Purchases of property, plant, and equipment and intangible assets, net of disposals (net Capex), amounted to EUR 141.8 million in 2025, a 1.4% increase from EUR 139.8 million in 2024. This result denotes strict control and reflects the divestment from capital-intensive Food testing, with the Company’s net capex-to-revenue ratio reaching 2.2%, stable compared to 2024.
Free cash flow (operating cash flow after tax, interest expenses and net Capex) was
EUR 824.2 million, representing a 2.3% decrease from the previous year’s record of EUR 843.3 million in 2024. This reflected the one-off effects related to the sale of the Food Testing business, including the income tax cash out on capital gain. On an organic basis, free cash flow rose 3.9% year-on-year.
CHANGE IN FREE CASH FLOW IN EUR MILLION Free cash flow at December 31, 2024 843.3 Organic change 33.2 Organic free cash flow 876.5 Scope(11.7) Free cash flow at constant currency 864.8 Currency(40.6) Free cash flow at December 31, 2025 824.2 Solid financial position
Bureau Veritas has a solid financial structure. The Group had EUR 1.4 billion in available cash and cash equivalents, and EUR 600 million in undrawn committed credit lines as of December 31, 2025. The next refinancing of EUR 200 million is due in September 2026.
At the end of December 2025, the Group’s adjusted net financial debt/EBITDA ratio remained at a low level of 1.12x (vs.1.06x as of December 31, 2024). The average maturity of the Company’s financial debt was 6.0 years, with a blended average cost of funds of 2.9% (excluding the impact of IFRS 16), vs. 3.0% as of December 31, 2024 (excluding the impact of IFRS 16).
At December 31, 2025, adjusted net financial debt was EUR 1,253.3 million. The increase in adjusted net financial debt of EUR 27.0 million (including the impact of debt from acquired companies) versus December 31, 2024 (EUR 1,226.3 million) reflects:
* Free cash flow of EUR 824.2 million,
* Dividend payments totaling EUR 430.0 million, including dividends paid to non-controlling interests and withholding taxes on intra-Company dividends,
* Share buybacks net of transactions on treasury shares totaling EUR 177.3 million, as part of the Group’s LEAP | 28 strategy,
* Net M&A payment, accounting for EUR 5.5 million. This amount reflects the acquisitions spend of EUR 161.8 million (including repayment of amounts owed to shareholders), offset by the proceeds from divestments, amounting to EUR 156.3 million (mostly stemming from the disposal of the food testing activities),
* Lease payments accounting for EUR 157.8 million,
* Other items that increased the Company’s debt by EUR 58.1 million (including foreign exchange).2025 BUSINESS REVIEW
MARINE & OFFSHORE
IN EUR MILLION20252024CHANGEORGANICSCOPECURRENCYRevenue 557.9 504.2 +10.7% +14.3% – (3.6)justed Operating Profit 130.8 118.2 +10.7% Adjusted Operating Margin23.4% 23.4% +1bp+67bps-(66)bps Marine & Offshore delivered very strong results in 2025, achieving organic growth of 14.3%, including 15.6% in the fourth quarter. This is the third year in a row with double-digit growth. This performance was driven by:
* A strong double-digit expansion in New Construction (accounting for 47% of divisional revenue), supported by the global operating fleet renewal and accelerated deliveries as capacity expanded quickly at several shipyards. Growth was strong in the top Asian markets of China and Korea. As of December 31, 2025, the business secured 14.4 million gross tons of new orders, increasing the backlog to 33.5 million gross tons-a growth of 23.2% compared to the previous year.
* Mid-to-high single-digit organic growth for the Core-in service segment (42% of divisional revenue), largely driven by increased volumes and some pricing benefits. As of December 31, 2025, Bureau Veritas is responsible for the classification of a fleet of 12,336 ships, totaling 158.4 million Gross Register Tonnage (GRT), a 3.5% year-on-year increase.
