(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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CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
› Corporate Social Responsibility (CSR) key indicators
| UNITED NATIONS’ | 9M 2024 | 9M 2025 | 2028 |
ENVIRONMENT/NATURAL CAPITAL |
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CO2 emissions (Scopes 1 & 2, 1,000 tons)3 | #13 | 146 | 128 | 107 |
SOCIAL & HUMAN CAPITAL |
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Total Accident Rate (TAR)4 | #3 | 0.24 | 0.24 | 0.23 |
Gender balance in senior leadership (EC-II)5 | #5 | 27.5% | 27.0% | 36.0% |
Number of learning hours per employee (per year)6 | #8 | 26.4 | 40.0 | 40.0 |
GOVERNANCE |
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Proportion of employees trained to the Code of Ethics | #16 | 98.6% | 99.4% | 99.0% |
› Awards & Recognitions
Bureau Veritas has been awarded the Supply Chain Initiative of the Year by Environmental Finance for its update of the Vigilance Plan. The update anticipates the upcoming European Union Corporate Sustainability Due Diligence Directive.7
In the S&P Global CSA (Corporate Sustainability Assessment), Bureau Veritas achieved a score of 84/100, positioning the Company in the top 1% of professional services companies evaluated for sustainability performance.
2025 OUTLOOK AND 2028 AMBITION
› 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 conversion8 above 90%.
› LEAP | 28 ambitions
On March 20, 2024, Bureau Veritas announced its new strategy, LEAP | 28, with the following ambitions:
2024-2028 |
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GROWTH CAGR | High single-digit total revenue growth9 |
With: | Organic: mid-to-high single-digit |
And: | M&A acceleration and portfolio high-grading |
MARGIN | Consistent adjusted operating margin improvement9 |
EPS CAGR9 + DIVIDEND YIELD | Double-digit returns |
CASH | Strong cash conversion8: 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 |
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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 |
Q3 2025 BUSINESS REVIEW
MARINE & OFFSHORE
IN EUR MILLION | 2025 | 2024 | CHANGE | ORGANIC | SCOPE | CURRENCY |
Q3 revenue | 136.6 | 122.7 | +11.4% | +16.2% | - | (4.8)% |
9M revenue | 414.6 | 374.0 | +10.9% | +13.8% | - | (2.9)% |
Marine & Offshore delivered a strong 16.2% organic growth in the third quarter of 2025 (and 13.8% in the first nine months), with:
› A strong double-digit organic increase in New Construction (48% of divisional revenue), propelled by accelerated deliveries in key Asian markets, primarily China and Korea, and complemented by favorable pricing dynamics.
› High-single-digit organic growth in Core In-service activity (42% of divisional revenue), benefiting from both volumes as well as pricing. As of September 30th, 2025, the fleet classed by Bureau Veritas included 12,277 ships, up 3.1% year-on-year and representing 157 million Gross Register Tonnage (GRT).
› Decline in Services (10% of divisional revenue, including Offshore), attributed to the reduction of non-core advisory activities offsetting positive trends in Offshore activities.
The division maintains its strong growth trajectory, leveraging the maritime industry's modernization drive, emissions reduction, and operational efficiency. The division secured 12.3 million gross tons of new orders year-to-date, bringing the order book to 32.0 million gross tons, up 19.3% year-on-year. They comprise primarily container ships, dual-fuel technologies, LNG carriers, and passenger ships.
Green objects highlights
During the third quarter of 2025, Bureau Veritas contributed to the development of low carbon emissions technologies by delivering a Gas and Heat Approval in Principle (AiP) for its liquefied hydrogen (LH2) containment system, pioneering next-generation hydrogen-powered maritime solutions. It was also selected to classify and certify 6 LNG dual fuel container ships for a large French shipping company as well as 4 LNG carriers using dual fuel system for a Greek ship-owning company.
AGRI-FOOD & COMMODITIES
IN EUR MILLION | 2025 | 2024 | CHANGE | ORGANIC | SCOPE | CURRENCY |
Q3 revenue | 284.5 | 322.3 | (11.7)% | +2.5% | (9.6)% | (4.6)% |
9M revenue | 874.6 | 936.2 | (6.6)% | +4.2% | (7.5)% | (3.3)% |
The Agri-Food & Commodities business grew organically at 2.5% growth in the third quarter of 2025, with contrasting trends among subsegments, delivering a 4.2% organic growth on a year-to-date basis.
The Oil & Petrochemicals segment (O&P, 34% of divisional revenue) delivered a low-single-digit organic revenue growth. European operations had a leading growth dynamic, as flows slowly recovered from reduced demand experienced earlier this year. Commercial efforts in some non-trade activities, such as marine fuel quality and quantity assessments, provided additional growth support.
The Metals & Minerals activity (M&M, 38% of divisional revenue) delivered a high-single-digit organic expansion in the third quarter, with both Upstream and Trade activities growing at a similar pace. Strong commodity prices for precious metal, alongside volume ramp-ups in laboratories across the Middle East, Europe, and the United States, underpinned the segment's performance. With the recent acquisition of GeoAssay in Chile and with its existing network, Bureau Veritas is strategically positioned to capitalize on the fast growth and strategic copper market.
In the third quarter, Agri activities (11% of divisional revenue) experienced an organic revenue contraction. The division’s performance was notably impacted by underperforming activities in Latin America and operational disruptions from the ongoing conflict in Ukraine. The Middle Eastern and African markets continue to offer promising opportunities.
Finally, the divestment of food testing activities is now fully completed.
The Group reported mid-single digit organic growth in Government services (17% of the divisional revenue) in the third quarter, driven by contract ramp-ups in Africa and Asia.
Green objects highlights