Strong margin improvement to 16.3% in FY 2025
Positive growth outlook with continued margin expansion in 2026
New EUR 200 million share buyback
(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):
2025 key figures1
› 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
› 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."
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 MILLION | 2025 | 2024 | CHANGE | CONSTANT CURRENCY | |||
Revenue | 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 | +51bps | |||
Operating 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% |
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(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release | |||||||
2025 HIGHLIGHTS
2025 financial targets achieved with some exceeding expectations
› 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 conversion4 above 90%
The Group achieved a strong cash flow with cash conversion of 107% in 2025.
Double-digit shareholder returns