NEUILLY-SUR-SEINE,France--(BUSINESSWIRE)--BureauVeritas(BOURSE:BVI):
    2024keyfigures1
    ›RevenueofEUR6,240.9millioninthefullyear2024,up6.4%year-on-yearandup10.2%organically(including9.6%inthefourthquarter),
    ›AdjustedoperatingprofitofEUR996.2million,up7.1%versusEUR930.2millionin2023,representinganadjustedoperatingmarginof16.0%,up11basispointsyear-on-yearandup38basispointsatconstantcurrency,
    ›OperatingprofitofEUR933.4million,up13.2%versusEUR824.4millionin2023,
    ›AdjustednetprofitofEUR620.7million,up8.0%versusEUR574.7millionin2023,
    ›AttributablenetprofitofEUR569.4million,up13.0%versusEUR503.7millionin2023,
    ›AdjustedEarningsPerShare(EPS)ofEUR1.38,up8.7%versusEUR1.27in2023,
    ›RecordFreeCashFlowofEUR843.3million,up27.9%year-on-yearandcashconversionof114%2,
    ›Adjustednetdebt/EBITDAratioof1.06xasofDecember31,2024,versus0.92xlastyear,
    ›ProposeddividendofEUR0.90pershare3,up8.4%year-on-year,payableincash.
    2024highlights
    ›2024financialtargetsoforganicgrowth,marginandcashflowexceeded,
    ›TangibleachievementsandsuccessesdeliveredinthefirstyearofthenewLEAP|28strategy,
    ›StronggrowthrecordedintheAmericas,theMiddleEast,Africa,Asia-PacificandEurope,
    ›Sustainedgrowthmomentuminsustainabilityservicesacrossthefullportfolio,
    ›InlinewiththeLEAPI28focusedportfoliostrategyandthroughactiveportfoliomanagement,in2024thecompanycompleted:i)theacquisitionof10bolt-oncompaniesforatotalannualizedrevenueofc.EUR180million;ii)thedivestmentofitsFoodtestingbusinessandofatechnicalsupervisionbusinessonconstructionprojectsinChina(c.EUR165millioninannualizedcombinedrevenue),
    ›Double-digitshareholderreturnsbasedonEPSgrowthofc.9%,adividendyieldofc.3%andenhancedbyaEUR200millionsharebuybackprogramannouncedinMarch2024,
    ›FirstA3long-termcreditratingbyMoody¡¯s,
    ›EUR1billionbondissuancestorefinancefourUSPrivatePlacementsinadvancewithanominalamountofUSD755millionaswellasthebonddebtofEUR500millionmaturinginJanuary2025,
    ›Goodprogresstowardsachievingthe2028CSRambitionswithmultiplerecognitionsbyseveralnon-financialratingagencies,
    ›InclusionofBureauVeritasintheCAC40ParisstockindexinDecember2024.
    2025outlook
    Buildingonastrong2024momentum,arobustopportunitiespipeline,asolidbacklog,andstrongunderlyingmarketgrowth,andinlinewiththeLEAP|28financialambitions,BureauVeritasexpectstodeliverforthefullyear2025:
    ›Mid-to-highsingle-digitorganicrevenuegrowth,
    ›Improvementinadjustedoperatingmarginatconstantexchangerates,
    ›Strongcashflow,withacashconversion2above90%.
    HindaGharbi,ChiefExecutiveOfficer,commented:
    ¡°2024wasanexcellentyearwiththelaunchofourLEAP|28strategyinQ1-2024andthedeliveryofrecordresultsonmostfronts.Itakethisopportunitytothankallourcolleaguesaroundtheworldfortheircontributionsandfortheircommitment.
    Thistransformativestrategicplanisbuiltaroundthreepillars:afocusedportfolio,aperformance-ledexecution,andanevolvedpeoplemodel.Initsfirstyear,wedeliveredtangibleresultsinlinewithourcommitmenttomakeastepchangeingrowthandreturns.Werecordedanorganicgrowthof10.2%,solidmarginimprovementsof38basispointsandadjustedEPSgrowthof17.0%atconstantcurrency.WealsosuccessfullycompletedourEUR200millionsharebuybackinitiative.Additionally,wesignificantlyacceleratedourM&Aprogramwithtenacquisitionsandtwoimportantdivestments.
    Lookingahead,ourfocusremainsonexecutingourgrowthandmarginaccretionplansandfurtheracceleratingourM&Aprogram.Buildingonthisstrongmomentum,westart2025withconfidencethatBureauVeritasiswellpositionedforcontinuedprogressandforsuperiorvaluecreation.¡±
    2024KEYFIGURES
    OnFebruary24,2025,theBoardofDirectorsofBureauVeritasapprovedthefinancialstatementsforthefullyear2024.Themainconsolidatedfinancialitemsare:
    INEURMILLION
    2024
    2023
    CHANGE
    CONSTANTCURRENCY
    Revenue
    6,240.9
    5,867.8
    +6.4%
    +10.8%
    Adjustedoperatingprofit(a)
    996.2
    930.2
    +7.1%
    +13.4%
    Adjustedoperatingmargin(a)
    16.0%
    15.9%
    +11bps
    +38bps
    Operatingprofit
    933.4
    824.4
    +13.2%
    +20.1%
    Adjustednetprofit(a)
    620.7
    574.7
    +8.0%
    +16.2%
    Attributablenetprofit
    569.4
    503.7
    +13.0%
    +22.2%
    AdjustedEPS(a)
    1.38
    1.27
    +8.7%
    +17.0%
    EPS
    1.27
    1.11
    +13.8%
    +23.0%
    Operatingcash-flow
    1,004.8
    819.7
    +22.6%
    +27.0%
    Freecash-flow(a)
    843.3
    659.1
    +27.9%
    +32.4%
    Adjustednetfinancialdebt(a)
    1,226.3
    936.2
    +31.0%
    (a)Alternativeperformanceindicatorsarepresented,definedandreconciledwithIFRSinappendices6and8ofthispressrelease
    2024HIGHLIGHTS
    ›2024financialtargetsexceededonallmetrics
    ›Double-digitorganicrevenuegrowthinthefullyear
    Grouprevenuein2024increasedby10.2%organicallycomparedto2023,including9.6%inthefourthquarter,benefitingfromrobustmarketunderlyingtrendsacrossbusinessesandgeographies.
    ›Improvementinadjustedoperatingmarginatconstantexchangerates
    TheGroupdeliveredanadjustedoperatingmarginof16.0%,up38basispointsatconstantcurrencyandup11basispointsonareportedbasiscomparedto2023.
    ›Strongcashflow,withacashconversion4above90%
    TheGroupachievedastrongcashflowwithacashconversionof114%in2024.
    ›AchievementsdeliveredinthefirstyearofthenewLEAP|28strategy
    InMarch2024,BureauVeritaslauncheditsnewstrategyLEAPI28todeliverastepchangeingrowthandperformance,withsustainabilityatitscoreandbuiltaroundthreepillars:afocusedportfolio,aperformance-ledexecutionandanevolvedpeoplemodel.In2024,theGroupachievedthefollowing:
    ›Focusedportfolio
    Inthefullyear2024,theGroupenteredintoagreementsfor:
    ›Theacquisitionoftencompanies,representingannualizedcumulatedrevenueofc.EUR180million,
    ›Thedivestmentoftwocompanies,representingannualizedcumulatedrevenueofc.EUR165million.
    InlinewiththeLEAP|28strategyofactiveportfoliomanagement,BureauVeritashasactivatedanM&Aprogramto:
    ›Expandleadership:
    TheGroupaimstoexpandleadershipforbusinessesinexistingstrongholdswithestablishedleadershippositions,throughacombinationofrapidorganicscalingandinorganicexpansion.
    TheexecutionstartedwithafocusonBuildings&Infrastructure(Capex&Opex).Inthefourthquarterof2024,theGroupsignedagreementsfortheacquisitionoftwocompanies(IDPGroupinSpainandAPPGroupinAustralia),strengtheningitsleadershipintheB&Idivision.Theacquiredcompaniesgeneratedacombinedrevenueofc.EUR117millionin2023.
    Additionally,inJanuary2025BureauVeritasannouncedthatanagreementwassignedtoacquireContecAQS,anItaly-basedcompanythatprovidesservicesinconstruction,infrastructureandHealth,Safety&Environment(HSE)domainsforpublicauthorities,infrastructureoperators,andprivatemanufacturingcompanies.Thecompanyemploysc.190highlyskilledexpertsandgeneratedrevenueofc.EUR30millionin2024.
    ›Createmarketnewstrongholds:
    TheGroupaimstoaccelerategrowthinselectedmarketstocreatenewlong-termstrongholds,investingearlyinfast-growingstrategicsectors,wheretheGrouphasaclearpathtomarketleadership.
    InRenewables:theGroupsignedagreementsfortheacquisitionoftwoplayers,(forcombinedannualizedrevenueamountingtoc.EUR11million),expandingcapabilitiesintheenergyandrenewablessector.
    InSustainability:theGroupacquiredAlignedIncentives(US-basedandEUR3millioninannualizedrevenue)focusingonsustainabilitytransitionservicesbyaugmentingtheproductcircularityservices.
    InCybersecurity:theGroupcompletedtheacquisitionofSecurityInnovation,(US-basedandEUR20millioninannualizedrevenue)specializedinsoftwaresecurityservices.
    InConsumerTechnologyTesting:theGroupacquiredthreecompaniesinAsia(combinedannualizedrevenueofc.EUR20million)toexpanditspositionintestingandcertificationservicesfortheElectricalandElectronicssegment.
    ›Optimizevalue&Impact:
    TheGroupaimstooptimizevalueandimpactfromtheremainderoftheportfoliobymanagingtheirperformanceinagranularandconsistentway.Businessesthatdonotmeetstringentfinancialperformancehurdleswillbecandidatesforperformanceimprovementorportfoliohighgrading.
    OntheM&Afront,theGrouphasanopportunisticapproachforthesebusinesses.Specifically,inConsumerProductServices:theGroupstrengtheneditspositioninginluxurythroughtheLBSGroupacquisitioninItaly(annualizedrevenueofc.EUR9million).DetailsofM&Ainappendix7.
    AsitactivelymanagesitsportfoliotheGroup:
    DivesteditstechnicalsupervisionbusinessonconstructionprojectsinChina(EURc.30millioninannualizedrevenue);
    Signedanagreementinthefourthquarterof2024tosellitsFoodtestingbusiness(EUR133millionofrevenuein2023)toM¨¦rieuxNutriSciencesforanEnterpriseValueofEUR360millionandnetproceedsfromdisposalsofc.EUR290million.ThedivestmentoftheCanadaandUSbusinesseswascompletedduring2024;thedivestmentoftheJapan,SouthEastAsiaandAfricabusinesseswascompletedinJanuary2025.Theremainingpart(mainlyAustraliaandLatinAmerica)isbeingexecutedandisexpectedtoclosebytheendofthefirstsemesterof2025.
    Formoreinformation,thepressreleasesareavailablebyclickinghere.
    ›Aperformance-ledexecution
    AspartofitsLEAP|28strategicroadmap,BureauVeritasisimplementingtwoGroup-wideperformancestreamstodriveefficiencyandproductivityacrossitsoperations.
    ›Thefirststream,focusedonOperationalLeverage,aimstoimprovetheGroup¡¯sgrossmarginsthroughprogramssuchasnewcommercialandpricingmethodologieswhilemodernizinganddigitalizingtheprocessdelivery.
    ›ThesecondstreamisfocusedontheScalabilityoffunctionalcosts,wheretheGroupintendstokeepthosecostsaslowaspossible,leveragingthecompany¡¯sscaleanddigitalenablement.
    TheambitionsattachedtotheseOperationalLeverageandFunctionScalabilityprogramsarearespective100-basis-pointandan80-basispointsimprovement,withhalfofthegainsreinvestedtodrivefurthergrowthandmarginexpansion.
    Tremendousworkwasachievedin2024tocompleteacomprehensiveprocessmappingexercisetoidentifyopportunitiesforimprovementacrosstheorganization.Basingonthisassessment,theGroupstartedtherolloutofwell-definedprogramstoenhancetheoperatingmodelsofselectfunctions.TheyaimtodefineandstructuretheGroup'sdatamanagement,bringinggreatervisibilitytothedeliveryworkflows,andtocapturescalebenefitsacrossvariousprocesses.Theperformancemanagementinitiativeshavecenteredonincreasingthegranularityandvisibilityofkeyoperationalmetrics.Additionally,BureauVeritashasdeployedpricingenhancementtools,whichalsocontributedtothefinancialperformance.Asanillustration:
    ›IntheMarine&Offshoreactivity,theGroupimplementednewtoolstoreducecontractleakageandimprovepricingapplications.Thisimplementationhelpedoptimizeadhocserviceinvoicingandboostdivisionalrevenueandmargins.ThisapproachwillbereplicatedtootherbusinesslineslikeBuildings&InfrastructureandIndustry.
    ›Additionally,duringtheyear,theGrouplauncheditsSmartCertificationprogramtomodernizeitsservicedeliverybyautomatingauditplanning,reporting,andback-officetasks.TheSmartCertplatformwilleliminatetime-consumingmanualtasks,allowingtheGrouptoscaleitsoperations,optimizeresourceutilization,andgeneratereportsmoreefficiently.
    TheGroup'sstrategicactionshaveyieldedtangiblefinancialresults,asevidencedbythe33-basispointyear-over-yearimprovementinitsorganicoperatingmarginin2024.Theseearlyoutcomesprovepromisingandaugurwellforthemulti-yearprogram,whichwillimplyinvestment,learning,andcomprehensivechangemanagementacrosstheorganization.
    ›Double-digitshareholderreturns
    InlinewithitsLEAP|28strategy,theGroupaimstodeliverdouble-digitshareholderreturnswithintheperiod.
    In2024,double-digitshareholderreturnswereachievedbasedonEPSgrowthofc.9%,adividendyieldofc.3%andenhancedbyaEUR200millionsharebuybackprogramannouncedinthefirstquarterof2024.
    ›ProposeddividendofEUR0.90persharefor2024
    TheBoardofDirectorsofBureauVeritasisproposingadividendofEUR0.90persharefor2024,up8.4%comparedtotheprioryear.Thiscorrespondstoapayoutratioof65%ofitsadjustednetprofit.
    ThisissubjecttotheapprovaloftheShareholders¡¯MeetingtobeheldonJune19,2025,at3:00pmattheBureauVeritasHeadquarters,ImmeubleNewtime,40-52BoulevardduParc,92200,Neuilly-sur-Seine,France.ThedividendwillbepaidincashonJuly3,2025(shareholdersontheregisteronJuly2,2025willbeentitledtothedividendandthesharewillgoex-dividendonJuly1,2025).
    ›2024sharebuybackprogram
    TheGroupexecutedtheEUR200millionsharebuybackprogramannouncedinMarch2024,through:
    ›TheacquisitionofEUR100milliononApril5,2024,completedundertheWendelplacement,
    ›TheacquisitionoftheremainingEUR100million,boughtbytheGrouponthemarketbetweenMayandJune2024.
    Therepurchasedshareswillbeusedforcancellationandotherpurposesasauthorizedbyshareholdersatthe2023AnnualMeeting.
    ›FirstA3long-termcreditratingbyMoody¡¯sandbondissuances
    BureauVeritasreceiveditsfirstlong-termcreditratingofA3fromMoody'switha¡°stable¡±outlookonApril24,2024.ThiswillhelptheGroupdiversifyitsfundingsources,gainenhancedaccesstocapitalmarkets,andmanagedebtmaturities.Thefullratingreportisavailableonmoodys.com.
    Subsequently:
    ›InMay2024,BureauVeritasissuedaEUR500millionbondmaturinginMay2036witha3.5%coupon,
    ›InNovember2024,BureauVeritasissuedaEUR500millionbondmaturinginNovember2031witha3.125%coupon.
    TheseissueswerecarriedouttorefinancefourUSPrivatePlacementsinadvancewithanominalamountofUSD755millionaswellasthebonddebtofEUR500millionmaturinginJanuary2025.
    CORPORATESOCIALRESPONSIBILITYCOMMITMENTS
    ›CorporateSocialResponsibility(CSR)keyindicators
    UNITEDNATIONS¡¯SDGS
    2023
    2024
    2028TARGET
    ENVIRONMENT/NATURALCAPITAL
    CO2emissions(Scopes1&2,1,000tons)5
    #13
    149
    135
    107
    SOCIAL&HUMANCAPITAL
    TotalAccidentRate(TAR)6
    #3
    0.25
    0.24
    0.23
    Genderbalanceinseniorleadership(EC-II)7
    #5
    29.3%
    26.7%
    36%
    Numberoflearninghoursperemployee(peryear)
    #8
    36.1
    41.3
    40.0
    GOVERNANCE
    ProportionofemployeestrainedtotheCodeofEthics
    #16
    97.4%
    98.8%
    99.0%
    ›TheGroupisrecognizedbynon-financialratingagenciesandjoinedtheUnitedNationsGlobalCompact
    OnFebruary26,2024,BureauVeritasjoinedtheUnitedNationsGlobalCompact,theworld¡¯slargestCSR(corporatesocialresponsibility)initiative.Withthismove,theGroupconfirmsitscommitmenttoabidingbytheTenPrinciplesofthevoluntaryinitiative,whichseekstoadvanceuniversalprinciplesonHumanRights,labor,theenvironment,andanti-corruption.
    OnMarch5,2024,theGroupwasranked#1outof72companiesinthe¡°ResearchandConsulting¡±subindustrybyMorningstarSustainalytics.Withan8.9rating,itwasclassifiedinthe"Negligiblerisk"category.
    OnJanuary21,2025,theGroupwasincludedinSustainalytics¡¯2025ESGtop-ratedcompaniesbyregionandindustrybasedonESGriskratingscore.
    OnOctober8,2024,BureauVeritaswasawardedagoldmedal(top5%)intheEcovadisSustainabilityRating,withascoreof77/100,up10pointsversusthelastratinginMay2024,andwellbalancedacrossallcategories(environment,labor&HumanRights,ethicsandsustainableprocurement).
    OnOctober23,2024,theGroupimproveditsESGperformanceintheS&PGlobalRating(DJSI),achievingascoreof84/100for2024andranking#2outof184intheProfessionalServicesIndustrycategory,whichencompassestheTICsector.
    OnFebruary7,2025,BureauVeritaswasnamedinCDP¡¯sprestigious¡®AList¡¯,basedontheGroup¡¯sclimatereportingin2024.ThisprestigiousaccoladeunderscoresBureauVeritas'unwaveringcommitmenttomitigatingclimateriskandacceleratingthetransitiontowardsadecarbonizedeconomyasapartofitsLEAP|28StrategywhichputsSustainabilityatitscore.
    ›Ayearofsignificantrecognition&awards
    ›BureauVeritasenterstheCAC40Parisstockindex
    InDecember2024,theEuronextExpertIndicesCommitteeannouncedtheinclusionofBureauVeritasintheCAC40,thebenchmarkindexoftheParisstockexchange,effectivefromDecember20,2024.ThisachievementunderscorestheGroup'sconsistentoperationalsuccessandmarksasignificantmilestoneinBureauVeritas'remarkablejourney.
    ›2024TransparencyAwards
    InJuly2024,BureauVeritaswontheTransparencyAwardinthe"CACLarge60"category,recognizingitsexcellenceinfinancialcommunicationandpublicinformationtransparency.TheGrouprankedamongthetop3of121companiesevaluated.
    ›Extel
    InSeptember2024,theGroupwasalsonamedaMostHonoredCompanyintheDevelopedEurope&EmergingEMEAExecutivesurveybyExtelin2024,amongc.60companiesintheBusiness&Employmentservicessector.TheGroupobtainedthefollowingdistinctions:BestCEO(Top2),BestCFO(Top1),BestInvestorRelationsteam&BestInvestorRelationsprofessional(Top1),BestESGprogram(Top2)andBestInvestorRelationsprogram&Bestinvestorevent(Top2).
    OPERATIONALAPPOINTMENTS
    ›KhurramMajeedappointedExecutiveVice-President,Commodities,IndustryandFacilities,MiddleEast,CaspianandAfrica
    OnApril1,2024,KhurramMajeedbecameExecutiveVice-PresidentfortheMiddleEast,CaspianandAfrica,overseeingtheCommodities,IndustryandFacilitiessegments.Thisnewregionalorganizationaimstocapitalizeontheregion'sgrowingmarketopportunitiesinnaturalresources,constructionandindustry.Itwillenhancecustomerfocus,acceleratesolutiondeployment,andoptimizeresourceutilization.KhurramMajeedisamemberoftheGroupExecutiveCommittee.
    Formoreinformation,thepressreleaseisavailablebyclickinghere.
    ›MariaLorenteFraguasappointedExecutiveVice-PresidentandChiefPeopleOfficer
    OnJuly25,2024,theGroupannouncedtheappointmentofMariaLorenteFraguasasExecutiveVicePresidentandChiefPeopleOfficer,effectivefromOctober1,2024.ThiskeyrolewillsupporttheLEAPI28byevolvingtheGroup¡¯speoplemodel,developingstrategicskills,andenablingnewwaysofworkingthroughtechnology.MariaLorenteFraguasisamemberoftheGroupExecutiveCommittee.
    Formoreinformation,thepressreleaseisavailablebyclickinghere.
    2025OUTLOOKAND2028AMBITION
    ›2025outlook
    Buildingonastrong2024momentum,arobustopportunitiespipeline,asolidbacklog,andastrongunderlyingmarketgrowth,andinlinewiththeLEAP|28financialambitions,BureauVeritasexpectstodeliverforthefullyear2025:
    ›Mid-to-highsingle-digitorganicrevenuegrowth,
    ›Improvementinadjustedoperatingmarginatconstantexchangerates,
    ›Strongcashflow,withacashconversion8above90%.
    ›LEAP|28ambitions
    OnMarch20,2024,BureauVeritasannounceditsnewstrategy,LEAP|28,withthefollowingambitions:
    2024-2028
    GROWTHCAGR
    Highsingle-digittotalrevenuegrowth9
    With:
    Organic:mid-to-highsingle-digit
    And:
    M&Aaccelerationandportfoliohigh-grading
    MARGIN
    Consistentadjustedoperatingmarginimprovement9
    EPSCAGR9+DIVIDENDYIELD
    Double-digitreturns
    CASH
    Strongcashconversion8:above90%
    Overtheperiod2024-2028,theuseofFreeCashFlowgeneratedfromtheGroup¡¯soperationswillbebalancedbetweenCapitalExpenditure(Capex),Mergers&Acquisitions(M&A)andshareholderreturns(dividends):
    ASSUMPTIONS
    CAPEX
    Around2.5%-3.0%ofGrouprevenue
    M&A
    M&Aacceleration
    DIVIDEND
    Pay-outof65%ofAdjustedNetProfit
    LEVERAGE
    Between1.0x-2.0xby2028
    ANALYSISOFTHEGROUP'SRESULTSANDFINANCIALPOSITION
    ›Revenueup6.4%year-on-year(up10.2%onanorganicbasis)
    Revenueinthefullyearof2024amountedtoEUR6,240.9million,a6.4%increasecomparedto2023.
    Theorganicincreasewas10.2%comparedto2023(including9.6%inthefourthquarterof2024),benefitingfromsolidunderlyingtrendsacrossmostbusinessesandgeographies.
    Bygeography,theAmericas(27%ofrevenue,up12.5%organically)deliveredstronggrowthledbyadouble-digitincreaseinLatinAmericaandsolidgrowthinNorthAmerica.Europe(35%ofrevenue,up5.6%organically)achievedrobustgrowth,primarilyledbyhighactivitylevelsinFranceandinSouthernandEasternpartsofthecontinent.BusinessinAsia-Pacific(28%ofrevenue,up9.2%organically)benefitedfrommid-singledigitgrowthinChina,anddouble-digitgrowthforAustraliaandIndia.Finally,activitywasverystronginAfricaandtheMiddleEast(10%ofrevenue,up23.9%organically),supportedbyBuildings&InfrastructureandenergyprojectsintheMiddleEast.
    Thescopeeffectwasapositive0.6%,reflectingbolt-onacquisitions(contributingto+1.1%)realizedinthepastfewquartersandpartlyoffsetbytheimpactofsmalldivestmentscompletedoverthelasttwelvemonths(contributingto-0.5%).
    Currencyfluctuationshadanegativeimpactof4.4%(includinganeasingnegativeimpactof2.5%inQ4),duetothestrengthoftheeuroagainstmostcurrencies.
    ›Adjustedoperatingprofitup7.1%toEUR996.2million(organicmarginup33bps)
    Fullyearadjustedoperatingprofitincreasedby7.1%toEUR996.2millionandup13.4%atconstantcurrency.
    CHANGEINADJUSTEDOPERATINGMARGIN
    INPERCENTAGEANDBASISPOINTS
    2023adjustedoperatingmargin
    15.9%
    Organicchange
    +33bps
    Organicadjustedoperatingmargin
    16.2%
    Scope
    +5bps
    Constantcurrencyadjustedoperatingmargin
    16.3%
    Currency
    (27)bps
    2024adjustedoperatingmargin
    16.0%
    Thisrepresentsanadjustedoperatingmarginof16.0%,up11basispointscomparedtothefullyear2023:
    ›Theorganicadjustedoperatingmarginincreasedby33basispointsyear-on-yearto16.2%,withrevenuegrowthandoperatingleveragedeliveringhighermarginsinMarine&Offshore,Industry,CertificationandConsumerProductsServices,partlyoffsettinglowermarginsinAgri-Food&CommoditiesandBuildings&Infrastructure.
    ›Scopehadaslightpositiveimpactof5basispoints.
    ›Foreignexchangetrendswereanegativeimpactof27basispointsontheGroup¡¯smarginduetothestrengthoftheeuroagainstothercurrencies.
    AdjustmentitemsdecreasedsignificantlytoEUR62.8millionversusEUR105.8millionin2023,andcomprised:
    ›EUR44.3millioninamortizationofintangibleassetsresultingfromacquisitions(fromEUR57.1millionin2023),
    ›EUR4.0millioninwrite-offsofnon-currentassetsmainlylinkedtoMarine&Offshore(EUR22.1millionin2023),
    ›EUR13.7millioninrestructuringcosts,relatingchieflytocommodities-relatedactivitiesandConsumerProductsServices(comparedtoEUR30.3millionin2023),
    ›EUR0.8millioninnetlossesondisposalsandacquisitions(EUR3.7millioninnetgainsin2023),linkedtothedivestmentofactivitieswhichoccurredduringtheperiodoffsetbytheacquisitions¡¯costs.
    OperatingprofittotaledEUR933.4million,up13.2%fromEUR824.4millionin2023,andup20.1%onaconstantcurrencybasis.
    ›AdjustedEPSofEUR1.38,up8.7%year-on-yearand17.0%atconstantcurrency
    NetfinancialexpenseamountedtoEUR50.7millionin2024,comparedtoEUR46.0millioninthesameperiodof2023.ThedifferenceinnetfinancecostsismainlyattributabletothedifferencesincouponbetweenthebondredeemedinSeptember2023andtheoneissuedinMay2024.
    In2024,theGrouprecordedhigherunfavorableexchangerateeffectscomparedtothepreviousyear,withagainofEUR5.9million(comparedtoagainofEUR6.9millionin2023).
    Otheritems(includinginterestcostsonpensionplansandotherfinancialexpenses)stoodatanegativeEUR24.8million,fromanegativeEUR29.4millionin2023.
    Asaresult,netfinancialexpensesslightlyincreasedtoEUR69.6millioninfull-year2024comparedwithEUR68.5millionin2023.
    ConsolidatedincometaxexpensestoodatEUR273.8millionfor2024,comparedtoEUR240.7millionfor2023.Thisrepresentsaneffectivetaxrate(ETR-incometaxexpensedividedbyprofitbeforetax)of31.7%fortheperiod,versus31.8%in2023.Theadjustedeffectivetaxratedecreasedby60percentagepointscomparedto2023,to30.5%.Itcorrespondstotheeffectivetaxrateadjustedforthetaxeffectofadjustmentitems.Thedecreaseismainlyduetoareductionintheamountofwithholdingtaxesincurredovertheperiod.
    AttributablenetprofitfortheperiodwasEUR569.4million,versusEUR503.7millionin2023.Earningspershare(EPS)wereEUR1.27,comparedtoEUR1.11in2023.
    AdjustedattributablenetprofittotaledEUR620.7millionin2024,up8.0%versusEUR574.7millionin2023.AdjustedEPSstoodatEUR1.38in2024,an8.7%increaseversus2023(EUR1.27pershare)andof17.0%basedonconstantcurrencies.
    ›RecordFreeCashFlowofEUR843.3million(+27.9%year-on-year)
    Thefullyear2024operatingcashflowincreasedby22.6%toEUR1,004.8millionversusEUR819.7millionin2023.ThiswasfueledbyaworkingcapitalrequirementinflowofEUR60.8million,comparedtoaEUR53.6millionoutflowinthepreviousyear,despitestrongrevenuegrowthdeliveredinthefourthquarter(up9.6%organically).
    Theworkingcapitalrequirement(WCR)stoodatEUR293.0millionasofDecember31,2024,comparedtoEUR379.8millionasofDecember31,2023.Asapercentageofrevenue,WCRdecreasedby180basispointstoarecordlowof4.7%,comparedto6.5%attheendof2023.Thisshowedthecontinuedstrongfocusoftheentireorganizationoncashmetrics,underits¡°MoveForCash¡±program.Thisprograminvolvedoptimizingthe"invoicetocash"process,acceleratingbillingandcashcollectionproceduresacrosstheGroup.
    Purchasesofproperty,plantandequipmentandintangibleassets,netofdisposals(netcapex),amountedtoEUR139.8millionin2024,down2.6%comparedtothe2023figureofEUR143.5million.Thisshoweddisciplinedcontrol,withtheGroup¡¯snetcapex-to-revenueratioachieving2.2%,down20basispointscomparedtothelevelin2023.
    Freecashflow(operatingcashflowaftertax,interestexpensesandnetcapex)wasstrongatEUR843.3million,up27.9%year-on-year,comparedtoEUR659.1millionin2023.Atconstantexchangerates,growthwas32.3%.Onanorganicbasis,freecashflowincreasedby31.2%year-on-year.
    CHANGEINFREECASHFLOW
    INEURMILLION
    FreecashflowfortheperiodendingonDecember31,2023
    659.1
    Organicchange
    205.5
    Organicfreecash-flow
    864.6
    Scope
    7.7
    Freecashflowatconstantcurrency
    872.3
    Currency
    (29.0)
    FreecashflowfortheperiodendingonDecember31,2024
    843.3
    ›Solidfinancialposition
    TheGrouphasasolidfinancialstructurewithmostofitsmaturitiesbeyond2027.BureauVeritashadEUR1.2billioninavailablecashandcashequivalents,andEUR600millioninundrawncommittedcreditlinesasofDecember31,2024.Theadjustednetfinancialdebt/EBITDAratiowasmaintainedatalowlevelof1.06x.TheaveragematurityoftheGroup¡¯sfinancialdebtwas5years,withablendedaveragecostoffundsovertheyearof3.0%(excludingtheimpactofIFRS16),comparedto2.7%atDecember31,2023(excludingtheimpactofIFRS16).
    AtDecember31,2024,adjustednetfinancialdebtwasEUR1,226.3million,i.e.1.06xEBITDAcomparedwith0.92xatDecember31,2023.TheincreaseinadjustednetfinancialdebtofEUR290.1million(includingtheimpactofdebtfromacquiredcompanies)versusDecember31,2023(EUR936.2million)reflects:
    ›FreecashflowofEUR843.3million,
    ›DividendpaymentstotalingEUR406.9million,correspondingmainlytodividendspaidtonon-controllinginterestsandwithholdingtaxesonintra-groupdividends,
    ›NetsharebuybacktotalingEUR173.7million,aspartoftheGroup¡¯sLEAP|28strategy,
    ›Acquisitions(net)andrepaymentofamountsowedtoshareholders,accountingforEUR266.8million,
    ›Leaseandinterestpayments(relatedtotheapplicationofIFRS16),accountingforEUR149.9million,
    ›OtheritemsthatincreasedtheGroup'sdebtbyEUR15.8million(includingforeignexchange).
    2024BUSINESSREVIEW
    MARINE&OFFSHORE
    INEURMILLION
    2024
    2023
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Revenue
    504.2
    455.7
    +10.6%
    +13.7%
    -
    (3.1)%
    AdjustedOperatingProfit
    118.5
    108.6
    +9.1%
    AdjustedOperatingMargin
    23.5%
    23.8%
    (33)bps
    +34bps
    (1)bp
    (66)bps
    Marine&OffshorewasamongthetopperformingbusinesseswithintheGroup¡¯sportfoliointhefullyearof2024withorganicgrowthof13.7%(including12.4%inthefourthquarter),withthefollowingtrends:
    ›Astrongdouble-digitincreaseinNewConstruction(42%ofdivisionalrevenue),ledbyanincreaseinaveragetonnagepervesselandtheconversionofasolidbacklogfromtherenewaloftheworld¡¯sageingfleetandfromcompliancewithdecarbonizationregulations.
    ›Double-digitgrowthinCoreIn-serviceactivity(45%ofdivisionalrevenue),acombinationoftheincreasednumberofservicedships,theagingoftheseships,thereducednumberofscrappedvessels,andpriceincreases.OnDecember31,2024,thefleetclassedbyBureauVeritasreachedforthefirsttimeslightlyover12,000ships,up2.7%year-on-year.
    ›SlightgrowthinServices(13%ofdivisionalrevenue,includingOffshore),benefitingfromgoodcommercialdevelopmentofnon-classservices,includingconsultingservicescoveringshipenergy-efficiency,andincreasedOffshoreservicesinthefourthquarter.
    Thedivisioncontinuestoexperiencesustainedgrowthmomentum,benefitingfromthemaritimeindustry¡¯sactionstoreduceemissions,torenewtheglobalfleetandtoenhanceenergyefficiency.TheGroupsecured14.7milliongrosstonsofnewordersonDecember31,2024,bringingtheorderbookto27.2milliongrosstons,up21.4%versusDecember31,2023.TheorderbookiscomposedofadiversifiedmixincludingspecializedvesselsandincreasednumbersofLNG-fueledships.
    In2024,Marine&Offshorecontinuedtofocusonefficiencyleversthroughdigitalizationandhigh-valueservices.Inthefourthquarter,BureauVeritassignedaMemorandumofUnderstanding(MoU)withHDHyundaiSamhoandSiemenstoadopta3DModel-BasedDesignApprovalprocess,supportingtheindustry'sdigitaltransformationofclassification.
    Theadjustedoperatingmarginforthefullyearwasmaintainedatahealthy23.5%onareportedbasiscomparedto23.8%in2023,negativelyimpactedbyforeignexchangeeffects(66basispoints).Organically,itroseby34basispoints,benefitingfromoperatingleverageandapositivemix.
    Sustainabilityachievements
    In2024,BureauVeritascontinuedtosupportclientsinaddressingsustainabilityandenergytransitionchallengesbyprovidingsafety,risk,andperformanceguidanceforinnovativefuelsandpropulsionsystems.TheGroupalsohelpedclientscomplywithenvironmentalregulations,implementsustainableonboardsolutions,andmeasuredecarbonizationprogress.
    Inthefourthquarterof2024,BureauVeritasprovidedtwo'ApprovalsinPrinciple'toGTTforasystemenablingshipownerstoconvertLNGfueltankstouseammoniaormethanolasalternativefuels,supportingtheindustry'sshifttocleanerenergy.
    AspartoftheWingSailMobilityinitiative,BureauVeritaswasawardedacontracttoconductadesignreviewofinflatable,retractablewingsailswiththeaimtoharnesswindenergyandreducefuelconsumption.
    AGRI-FOOD&COMMODITIES
    INEURMILLION
    2024
    2023
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Revenue
    1,264.2
    1,233.3
    +2.5%
    +5.7%
    -
    (3.2)%
    AdjustedOperatingProfit
    176.0
    183.8
    (4.3)%
    AdjustedOperatingMargin
    13.9%
    14.9%
    (99)bps
    (91)bps
    -
    (8)bps
    TheAgri-Food&Commoditiesbusinessposteda5.7%growthonanorganicbasisin2024,withorganicgrowthinthefourthquarterat5.3%.
    In2024,theOil&Petrochemicalssegment(O&P,31%ofdivisionalrevenue)recordedahigh-single-digitincreaseinorganicrevenue.Thisgoodperformancewasmainlyfueledbymarketsharegainsamongmid-sizeplayersinkeygeographicalareassuchastheMiddleEastandNorthAmerica.Severallaboratorycontractsrampupsandastrongmomentumaroundnon-tradeactivities(renewables,biofuels,OilConditionMonitoringservices)alsoplayedafavorableroleinthegrowth.
    TheMetals&Mineralssegment(M&M,33%ofdivisionalrevenue)achievedmid-single-digitgrowthonanorganicbasisin2024,inayearmarkedbysignificantcommoditiespricesvolatilityandanevolvingmacroeconomicenvironment.Inthesecondhalfof2024,thehistorichighpricesforgoldandcopperstimulatedexplorationdrillingactivities,andfueledUpstreambusinessgrowth,particularlyinAustraliaandtheMiddleEastregion.In2024,BureauVeritasexperiencedsuccessfulexecutionandrampupofmultipleonsitelaboratorycontracts,layingthefoundationforapromisingpipelineofopportunitiesin2025andbeyond.Tradeactivitiesrecordedhighsingle-digitorganicgrowth,primarilydrivenbybaseandbatterymetalsdemandinAsia.
    TheAgri-Foodbusiness(22%ofdivisionalrevenue)alsodeliveredamid-singleorganicgrowthin2024.
    ›Themid-to-highsingle-digitorganicgrowthintheAgrisub-segmentwasdrivenbysolidperformanceinbothUpstreamandTradeactivities.TradeactivitiesmainlybenefitedfromthegoodcornandsoycropsinthefirstpartoftheyearinLatinAmerica.
    ›Foodservicesdeliveredmid-single-digitgrowthoverthecourseoftheyear,withastrongperformanceinAustraliaandSoutheastAsia,reapingthebenefitsofoperationaloptimizationplans.ThedisposaloftheNorthAmericanfoodtestingactivitiestoM¨¦rieuxNutriScienceswasfinalizedbeforetheendof2024.Divestmentsinotherregions,includingAsia-Pacific,AfricaandLatinAmerica,areexpectedtobecompletedinthefirsthalfof2025.
    Governmentservices(14%ofdivisionalrevenue)postedlowsingle-digitorganicgrowthin2024.Thefirsthalfoftheyearfacedunfavorablecomparablesandexpectedcontractscompletion,whilethesecondhalfsawagradualrecovery.TheMiddleEastandAfricancountriesledthegrowth,drivenbyseveralcontractrampupsinbothSingleWindowandVerificationofConformityservices.Thissub-segmentstarts2025witharobustpipelineofopportunities.
    TheadjustedoperatingmarginfortheAgri-Food&Commoditiesbusinessstoodat13.9%,down99basispointscomparedtolastyear.Thiswasattributedtoanunfavorablebusinessmixeffect(duetothesoftperformanceofMetals&Minerals)andanegativeforeximpact.
    Sustainabilityachievements
    In2024,BureauVeritascontinuedtoexpanditssustainabilityandGreenObjectssolutionstoaddresstheneedsofthecommoditiesmarkets.Inthefinalquarteroftheyear,theGroupwasawardedacontracttoperforminspectionsandanalysesonbio-basedfeedstocksinSoutheastAsiaandinEurope,wherethesefeedstocksarebeingprocessedintofinishedbiofuelproducts.
    InEurope,theGroupalsosecuredacontractwithaleadingenergyandcommoditiestradingcompanytotestnewbiomarinefuelblends.ThishelpsshipoperatorsdecreasetheircarbonfootprintandcomplywiththenewInternationalMaritimeOrganization(IMO)requirements.
    INDUSTRY
    INEURMILLION
    2024
    2023
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Revenue
    1,319.3
    1,243.9
    +6.1%
    +19.9%
    (1.2)%
    (12.6)%
    AdjustedOperatingProfit
    189.3
    176.4
    +7.3%
    AdjustedOperatingMargin
    14.3%
    14.2%
    +17bps
    +74bps
    +10bps
    (67)bps
    Industryachievedastrongorganicrevenueincreaseof19.9%in2024,including20.6%growthinthefourthquarterledbymostbusinessesandgeographies.
    Customerspendingremainedstrongacrossallenergysectors,drivenbyenergysecurityandtransitionneeds.Inaddition,theGroupmaintainedsolidgrowthmomentumacrossitsdiversifiedindustrialportfolio.Italsobenefitedfrominflation-relatedpricinginsomecurrencyimpactedgeographies.
    Bymarket,Power&Utilities(13%ofdivisionalrevenue)remainedagrowthdriverfortheportfoliowithadouble-digitorganicperformance.GrowthwasfueledbytheMiddleEastandAsiaoffsetbylowprofitabilitycontractsexitsinBrazil.InEurope,thestablegrowthinthenuclearpowergenerationreflectstherampupofQualityAssuranceandQualityControlinspectionprojectsintheUnitedKingdomandFrance,offsettingthecompletionoftheFrenchEPR(Europeanpressurizedreactor)Flamanville3project.Thepipelineofnewprojectsacrossmanycountriesisonanupwardtrend,alongsidethelifetimeextensionprogramsofmanynuclearpowerplants(France,UnitedStates).
    WithinPower&Utilities,RenewablePowerGenerationactivities(solar,offshore&onshorewind,hydrogen)sustainedtheirgrowthmomentumoverthefullyear,benefitingfromtheramp-upofnewprojectstoincreasenewcapacity.Theyachievedstrongdouble-digitorganicperformanceacrossmostgeographies.TheUnitedStatesledthisgrowth,drivenbytheexecutionofasubstantialnumberofsolarprojects.Meanwhile,China'srobustRenewablesspending,notablyforwindprojects,continuedtofuelasustainedgrowthdynamicfortheGroup.Lastly,theMiddleEastandAsia-Pacificregionsalsoprovidedgrowthopportunities.
    InOil&Gas(31%ofdivisionalrevenue),strongdouble-digitorganicrevenuegrowthwasachieved.BothCapexandOpexservicessawsubstantialincreasesacrossmostregions,astheGroupcapitalizedonafavorableinvestmentcycle,itsrecognizedexpertise,andglobalcapabilities.TheMiddleEast,LatinAmerica,andAsiaweretheprimarygrowthdrivers,whiletheUnitedStatesperformedwellthankstoLNG(liquefiednaturalgas)projects,andEuropebenefitedfromsolidOpex-relatedactivity.
    IndustryProductsCertification(17%ofdivisionalrevenue)servicesachieveddouble-digitorganicgrowthin2024,withstrongperformanceacrossallregions.Europesustainedstronggrowth,drivenbyitssolidbrandreputationinmachineryandadvancedmanufacturingservices.NorthAmericabenefitedfromitsleadingpositioninsolutionsforpressurevesselsandwelding.InAsia,double-digitgrowthwasfueledbystrongindustrialmomentuminthetransportandlogisticssector.
    TheEnvironmentalTestingbusiness(11%ofdivisionalrevenue)deliveredmid-to-highsingle-digitorganicgrowth,boostedbyarobustbaselineactivityinCanadaandagoodmomentumaroundtheindustrialhygienebusinessintheUnitedStates.
    Industry¡¯sadjustedoperatingmarginfortheyearincreasedby17basispointsto14.3%.Organically,itroseby74basispointsbenefitingfromoperationalleverageandincreasedarbitrageonlowprofitabilitycontracts.
    Sustainabilityachievements
    Inthefourthquarterof2024,theGroupwasselectedbyTotalEnergiestoprovideprojectmanagement,owner¡¯sengineering,qualitycontrolandqualityassuranceservicesforanonshorewindfarmandsolarprojectinOman.TheGroupwasalsoawardedacontracttodelivertechnicalsupportservicesforconstructionandinspectionofa3500MWsolarfarminChina.Besides,theGroupsignedthreeframeworkagreementswithEDF,theFrenchelectricityproducer,forregulatoryinspectionofseveralnuclearequipmentmanufacturers.Intermsofitscarbonandclimatetransitionservices,BureauVeritaswasalsoselectedtoprovidecarbonfootprintassessmentandemissionmonitoringservicestosupportthesustainabilityeffortsofanoiloffshoreprojectinMalaysiaandaleadinggassupplierinEurope.
    BUILDINGS&INFRASTRUCTURE
    INEURMILLION
    2024
    2023
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Revenue
    1,828.9
    1,759.0
    +4.0%
    +5.2%
    (0.2)%
    (1.0)%
    AdjustedOperatingProfit
    234.7
    227.7
    +3.1%
    AdjustedOperatingMargin
    12.8%
    12.9%
    (11)bps
    (18)bps
    +14bps
    (7)bps
    TheBuildings&Infrastructure(B&I)businessrecordedorganicrevenuegrowthof5.2%in2024(including3.5%growthinthefourthquarter),withgrowthinallmaingeographies.
    Duringtheperiod,theconstruction-relatedactivitiesperformedsimilarlytothebuilding-inserviceactivity.Thegrowthwasprimarilyledbythestrategicassets(infrastructureanddatacenters)onwhichtheGroupisfocusing.
    TheAmericasregion(27%ofdivisionalrevenue)achievedamid-single-digitorganicrevenueincrease.TheUSplatformoutperformed,capitalizingonitsdiversifiedportfolioofactivities.Notably,thedatacenterbusinessmaintainedsignificantdouble-digitorganicexpansionglobally,drivenbygrowingdemandfordatastorage,cloudcomputingandAIneeds,aswellasfrompricinginitiatives.Bothregulatory-drivenOpexservicesandCapexinfrastructureprojectsdeliveredstronggrowth.Thebuildingtransactionalactivitiesrecoveredwithanoticeableimprovementinthesecondhalfoftheyear,drivenbycommercialrealestateandindustrialpropertymarketsactivation.InLatinAmerica,robustgrowthinBrazilwaspartiallyoffsetbytheGroup'sstrategicshift,whichinvolvedtheexitofpubliccontractsandarefocusoninfrastructureprojects.
    BusinessinEurope(51%ofdivisionalrevenue)wassolidoverall,upmid-single-digitorganically.Mostcountriescontributedtothegrowth,withItalyleadingasthecountryincreaseditsnationalinfrastructurespending.FrancehadagoodyearprimarilyledbyitslargeOpexrelatedactivities,withservicevolumeincreases,productivitygainsandfavorablepricing.Theenergyregulatoryenvironmentandcustomers'commitmenttosustainabledevelopmentunderpinneddemandforenergyefficiencyprograms(includingenergyperformancediagnostics).RegardingtheFrenchCapex-relatedactivities,theGroup¡¯sfavorablemixenabledittooutperformtheconstructionmarketthankstoitsexposuretoinfrastructureandpublicworks(includingthe2024ParisOlympicGames).
    TheAsia-Pacificregion(18%ofdivisionalrevenue)achievedamid-single-digitorganicrevenueincreaseledbyhighgrowthinSouthandSoutheastAsiaandAustralia.Chinahadanegativeimpact,asweakpublicspendingconstrainedgrowthintransportinfrastructure.Inthefourthquarter,theGroupacquiredtheAPPGroup,aleadingAustralianPropertyandInfrastructureleader(EUR87millionofannualizedrevenue).ThistransactionstrengthensitspositionintheAustralianmarketbutalsoprovidestheGroupwitharobustandsustainableplatformtosupportB&IservicesgrowthinthewiderAsia-Pacificregion.
    Lastly,theMiddleEast&Africaregion(4%ofdivisionalrevenue),maintaineditsstrongmomentumthroughouttheyear,deliveringdouble-digitorganicrevenuegrowth.ThisperformancewasprimarilydrivenbytheGroup'soperationsinSaudiArabia,whereitbenefitedfromthedevelopmentofnumerouslarge-scaleinfrastructureprojects.
    Adjustedoperatingmarginfortheyearslightlyerodedby11basispointsto12.8%from12.9%intheprioryear.ThisreflectedtheimpactoflowactivityinChinawhichwasnotfullyoffsetbytheUSperformance.
    Sustainabilityachievements
    Duringtheyear,theGroupcontinuedtostrengthenitsSustainabilityoffering,rangingfromclimatechangemitigationserviceslikeenergyaudits,greencertificationsandlabels,decarbonizationassessmentandenergymanagementsolutions,aswellasclimateadaptationservices.Inthefourthquarterof2024,theGroupwasselectedtoassisttheOECD(OrganizationforEconomicCo-operationandDevelopment)byprovidingindependent,expertverificationofsustainabilityclaimsforinfrastructureprojectsseekingthe¡°BlueDotNetwork¡±label.Thiswouldhelpensurethecredibilityandreliabilityofthisglobalsustainableinfrastructurelabel.InJapanandinChina,theGroupwasawardedacontracttocarryoutagreenbuildingLEED(LeadershipinEnergyandEnvironmentalDesign)certificationforaleadingpropertydeveloper.
    CERTIFICATION
    INEURMILLION
    2024
    2023
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Revenue
    527.3
    465.2
    +13.3%
    +15.0%
    +1.7%
    (3.4)%
    AdjustedOperatingProfit
    103.4
    88.2
    +17.3%
    AdjustedOperatingMargin
    19.6%
    19.0%
    +66bps
    +114bps
    (14)bps
    (34)bps
    CertificationwasamongthestrongestperformingbusinesseswithintheGroup¡¯sportfolioinfullyear2024,withorganicgrowthof15.0%,(includingorganicrevenuegrowthof11.3%inthelastquarter).Thiswasledbyincreasingvolumesandrobustpriceescalations.
    TheGroup'sportfoliodiversificationaccelerated,drivingbroad-basedgrowth,andcoveringvariousschemesandallgeographicregions.Thiswasaresultofsuccessfulbusinessdevelopmentprogramsanddeploymentofnewservices,includingsustainabilityandcorporatesocialresponsibilitysolutions.
    QHSE&SpecializedSchemessolutions(51%ofdivisionalrevenue)recordeddouble-digitgrowthintheyear,helpedbytherecertificationcycleoccurringthisyearforseveralschemesacrossdifferentindustries.TheGroupalsobenefitedfromtherampupoflargepublicoutsourcingcontractsforfoodsafetyinspectionsinFranceandforfoodauditsandtrainingservicesinSpain.
    Sustainability-relatedsolutions&Digital(Cyber)certificationactivities(28%ofdivisionalrevenue).
    Onthesustainabilityfront,strongdouble-digitorganicgrowthwasachieved,astheGrouprespondedtohighdemandforcarbonfootprintassessmentsandESGrelatedsupplychainaudits.Additionally,ascustomersdeveloptheirsustainabilityplans,theyhaveincreasingneedsforverificationsandassessmentsoftheirGreenhouseGasemissionsandoftheirsupplychains.TheyalsoneedhelpwiththeirdecarbonizationplansinlinewithapprovedschemeslikeSBTi.Furthermore,manyorganizationsarenowworkingonproductcircularityandrequirelifecycleassessmentstobecompletedonalltheirportfolio.Inlinewiththeincomingregulations,suchastheEUDeforestationRegulation,theEUCorporateSustainabilityReportingDirective(CSRD),andtheCarbonBorderAdjustmentMechanism(CBAM),customershaveoptedforvoluntaryverificationandadvisoryservices.Theseserviceshelpthemreducetheirrisksandpreparefortheimplementationofthesenewregulations.
    Onthecybersecurityfront,certificationandassuranceservicesarebenefitingfromhighcustomerdemandforenterpriseriskmanagementsolutionsandauditingservices,drivingstrongdouble-digitgrowthovertheyear.
    Othersolutions,includingTraining(21%ofdivisionalrevenue)postedlowsingle-digitorganicrevenuegrowthin2024againstchallengingcomparables.
    Theadjustedoperatingmarginfortheyearincreasedby66basispointsto19.6%,comparedto19.0%intheprioryear.Organically,itroseby114basispointsasaresultofsoundoperationalleverageandafavorablebusinessmix.
    Sustainabilityachievements
    Inthefourthquarter,BureauVeritaswasawardedacontractwithaFrenchcarequipmentmanufacturertodevelopamethodologyforenvironmentaldataanalysisin150plantsinseveralcountries.
    TheGroupwasalsoselectedforarainforestallianceaudittoverifythehealthandenvironmentalconditionsforc.40cocoacooperatives.Similarly,theGrouphasbeenchosenbyasupplierofamajorrestaurantchaintotrackitsorganization'scarbonfootprint(includingScope3)forthenextthreeyears.ThiswasmadepossiblethankstothesolutionsoftherecentlyacquiredAlignedIncentivescompanywhichprovidestransitionservicesforproductcircularity.
    In2024,BureauVeritasalsofurtherdevelopeditspioneeringsustainablefinanceportfolioofservices.TheGroupistodaythefirstandonlycompanyintheTesting,InspectionandCertificationmarkettoberecognizedasanExternalReviewerbytheESMA(EuropeanSecurities&MarketAuthorities)fortheEUGreenBondstandard.
    CONSUMERPRODUCTSSERVICES
    INEURMILLION
    2024
    2023
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Revenue
    797.0
    710.7
    +12.1%
    +8.1%
    +6.2%
    (2.2)%
    AdjustedOperatingProfit
    174.3
    145.5
    +19.8%
    AdjustedOperatingMargin
    21.9%
    20.5%
    +140bps
    +198bps
    (47)bps
    (11)bps
    TheConsumerProductsServicesdivisiondelivered8.1%organicrevenuegrowthoverthefullyear2024,includingastrongorganicperformanceof10.2%inQ4,drivenbysomerestockingandcalendareffectslinkedtotheChineseNewYear.
    SouthandSoutheastAsiashowedagooddynamicin2024,drivenbyVietnamandBangladesh,whichbenefittedfromtheChinaderiskingstrategy.TheAmericasbenefitedfromtheongoingdiversificationstrategy,withgoodgrowthintheElectricalandElectronicssegmentinSouthAmerica(BrazilandMexico).
    TheSoftlines,Hardlines&Toyssegment(accountingfor48%ofdivisionalrevenue)delivereddouble-digitorganicgrowthin2024.Inthismaturemarket,thisstrongperformanceisduetoi)anincreaseindemandandinStockKeepingUnits(SKUs),driveninthesecondhalfbytheanticipationofUSTariffsonChina,ii)marketsharegains.ThegrowthwasledbyBangladeshandIndia,leveragingUSclientsshifttowardsSouthAsiancountriesandfromEuropeandemand.
    Healthcare(includingBeautyandHousehold)(8%ofdivisionalrevenue)postedsoliddouble-digitorganicgrowthfor2024spearheadedbytheUSoperationsandleveragingglobalaccounts.Thisgrowthwasrealizedfollowingasuccessfulintegrationofthetwocompaniesacquiredinthelasttwoyears.
    SupplyChain&Sustainabilityservices(14%ofdivisionalrevenue)recordedverygooddouble-digitorganicgrowth.SocialauditsandSustainabilityschemesaredrivingthegrowth,especiallyinEurope,theUSandChina,assomevoluntarysocialandsustainabilityauditsareregulatedandbecomemandatory,andascompaniesprotecttheirbrandandreputation.
    Technology(30%ofdivisionalrevenue)sawalowsingle-digitcontractionin2024,withasequentialimprovementinthesecondhalf.TheElectronicssub-segmentwasstillaffectedbyaglobaldecreaseindemandforwirelessproductsandnewmobilityequipment(electricalvehiclesandcomponents).However,theelectricalappliancessegmentdeliveredgoodperformance,bolsteredbyenhancedconsumerspendingpatterns.
    InlinewiththeLEAPI28strategy,theGroupaccelerateditsM&Aprogramto:
    ›InvestinthenewstrongholdofConsumerTechnologyTesting,withthethreeacquisitions-OneTechCorp.,KostecCo.inKoreaandHiPhysixLaboratoryinIndia-tobolsteritspresenceinElectricalandElectronicsconsumerproductstestinginthekeymarketsofSouthKoreaandIndia,and
    ›Optimizevalueandimpactinconsumerproductservices,withtheacquisitionofLBSGroupinItalytostrengthenitspositioninginluxuryandfashion,aswellasitssupplychainsolutions.
    Adjustedoperatingmarginfortheyearincreasedby140basispointsto21.9%from20.5%intheprioryear.Organicallyitroseby198basispointsthankstogoodoperationalleverage,offsetbyanegativescope(47bps)andlimitedforexeffects.
    Sustainabilityachievements
    In2024,transitionservicescontinuedtogrow,withtheGroupsupportingcustomers'ESGtransformationandmonitoringthetraceabilityoftheirsupplychain.Forexample,theGroupwasawardedacontractwithamajorsmartphonecompanyinAsiatocarryoutproductlifecycleanalysisofbatteriesinarecyclingcontext.Additionally,itwasselectedbyamajore-commercecompanytocarryoutsocialauditsatseveralAsiansitestocomplywiththecompany'sprogramrequirements.
    PRESENTATION
    ›2024resultswillbepresentedonTuesday,February25,2025,at3:00p.m.(Paristime)
    ›Avideoconferencewillbewebcastlive.Pleaseconnectto:Linktovideoconference
    ›Thepresentationslideswillbeavailableon:https://group.bureauveritas.com/investors/financial-information/financial-results
    ›Allsupportingdocumentswillbeavailableonthewebsite
    ›Livedial-innumbers:
    -France:+33(0)170377166
    -UK:+44(0)3305510200
    -US:+17866973501
    -International:+44(0)3305510200
    -Password:BureauVeritas
    2025FINANCIALCALENDAR
    ›Q12025Revenue:April24,2025(premarket)
    ›Shareholder¡¯smeeting:June19,2025
    ›HY2025Results:July25,2025(premarket)
    ›Q32025Revenue:October23,2025(premarket)
    ABOUTBUREAUVERITAS
    BureauVeritasisaworldleaderininspection,certification,andlaboratorytestingserviceswithapowerfulpurpose:toshapeaworldoftrustbyensuringresponsibleprogress.Withavisiontobethepreferredpartnerforcustomers¡¯excellenceandsustainability,thecompanyinnovatestohelpthemnavigatechange.
    Createdin1828,BureauVeritas¡¯84,000employeesdeliverservicesin140countries.Thecompany¡¯stechnicalexpertssupportcustomerstoaddresschallengesinquality,healthandsafety,environmentalprotection,andsustainability.
    BureauVeritasislistedonEuronextParisandbelongstotheCAC40,CAC40ESG,SBF120indicesandispartoftheCACSBT1.5¡ãindex.CompartmentA,ISINcodeFR0006174348,stocksymbol:BVI.
    Formoreinformation,visitwww.bureauveritas.com,andfollowusonLinkedIn.
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    Checkthatthispressreleaseisgenuineatwww.wiztrust.com.
    Thispressrelease(includingtheappendices)containsforward-lookingstatements,whicharebasedoncurrentplansandforecastsofBureauVeritas¡¯management.Suchforward-lookingstatementsarebytheirnaturesubjecttoanumberofimportantriskanduncertaintyfactorssuchasthosedescribedintheUniversalRegistrationDocument(¡°Documentd¡¯enregistrementuniversel¡±)filedbyBureauVeritaswiththeFrenchFinancialMarketsAuthority(¡°AMF¡±)thatcouldcauseactualresultstodifferfromtheplans,objectivesandexpectationsexpressedinsuchforward-lookingstatements.Theseforward-lookingstatementsspeakonlyasofthedateonwhichtheyaremade,andBureauVeritasundertakesnoobligationtoupdateorreviseanyofthem,whetherasaresultofnewinformation,futureeventsorotherwise,accordingtoapplicableregulations.
    APPENDIX1:Q4ANDFY2024REVENUEBYBUSINESS
    INEURMILLION
    Q4/FY2024
    Q4/FY2023(a)
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Marine&Offshore
    130.3
    117.1
    +11.3%
    +12.4%
    -
    (1.1)%
    Agri-Food&Commodities
    328.0
    316.4
    +3.7%
    +5.3%
    -
    (1.6)%
    Industry
    359.3
    319.1
    +12.6%
    +20.6%
    +0.5%
    (8.5)%
    Buildings&Infrastructure
    491.7
    473.8
    +3.8%
    +3.5%
    +0.9%
    (0.6)%
    Certification
    148.0
    130.6
    +13.3%
    +11.3%
    +4.2%
    (2.2)%
    ConsumerProducts
    214.2
    182.8
    +17.2%
    +10.2%
    +7.5%
    (0.5)%
    TotalQ4revenue
    1,671.4
    1,539.8
    +8.5%
    +9.6%
    +1.6%
    (2.7)%
    Marine&Offshore
    504.2
    455.7
    +10.6%
    +13.7%
    -
    (3.1)%
    Agri-Food&Commodities
    1,264.2
    1,233.3
    +2.5%
    +5.7%
    -
    (3.2)%
    Industry
    1,319.3
    1,243.9
    +6.1%
    +19.9%
    (1.2)%
    (12.6)%
    Buildings&Infrastructure
    1,828.9
    1,759.0
    +4.0%
    +5.2%
    (0.2)%
    (1.0)%
    Certification
    527.3
    465.2
    +13.3%
    +15.0%
    +1.7%
    (3.4)%
    ConsumerProducts
    797.0
    710.7
    +12.1%
    +8.1%
    +6.2%
    (2.2)%
    TotalFYrevenue
    6,240.9
    5,867.8
    +6.4%
    +10.2%
    +0.6%
    (4.4)%
    (a)Q4andFY2023figuresbybusinesshavebeenrestatedfollowingareclassificationofactivitiesimpactingmainlytheIndustryandBuildings&Infrastructurebusinesses(c.€5.9millioninthefullyear)
    APPENDIX2:2024REVENUEBYQUARTER
    2024REVENUEBYQUARTER
    INEURMILLION
    Q1
    Q2
    Q3
    Q4
    Marine&Offshore
    122.1
    129.2
    122.7
    130.3
    Agri-Food&Commodities
    297.3
    316.6
    322.3
    328.0
    Industry
    295.6
    328.4
    336.0
    359.3
    Buildings&Infrastructure
    441.0
    455.7
    440.5
    491.7
    Certification
    117.4
    137.9
    124.1
    148.0
    ConsumerProducts
    166.1
    214.4
    202.3
    214.2
    Totalrevenue
    1,439.5
    1,582.2
    1,547.9
    1,671.4
    APPENDIX3:ADJUSTEDOPERATINGPROFITANDMARGINBYBUSINESS
    ADJUSTEDOPERATINGPROFIT
    ADJUSTEDOPERATINGMARGIN
    INEURMILLION
    2024
    2023(a)
    CHANGE
    2024
    2023
    CHANGE
    Marine&Offshore
    118.5
    108.6
    +9.1%
    23.5%
    23.8%
    (33)bps
    Agri-Food&Commodities
    176.0
    183.8
    (4.3)%
    13.9%
    14.9%
    (99)bps
    Industry
    189.3
    176.4
    +7.3%
    14.3%
    14.2%
    +17bps
    Buildings&Infrastructure
    234.7
    227.7
    +3.1%
    12.8%
    12.9%
    (11)bps
    Certification
    103.4
    88.2
    +17.3%
    19.6%
    19.0%
    +66bps
    ConsumerProducts
    174.3
    145.5
    +19.8%
    21.9%
    20.5%
    +140bps
    TotalGroup
    996.2
    930.2
    +7.1%
    +16.0%
    +15.9%
    +11bps
    (a)FY2023figuresbybusinesshavebeenrestatedfollowingareclassificationofactivitiesimpactingmainlytheIndustryandBuildings&Infrastructurebusinesses(c.€3.5millioninthefullyear).
    APPENDIX4:EXTRACTSFROMTHEFULL-YEARCONSOLIDATEDFINANCIALSTATEMENTS
    Extractsfromthefullyear2024consolidatedfinancialstatementsauditedandapprovedonFebruary24,2025bytheBoardofDirectors.TheauditproceduresforthefullyearconsolidatedfinancialstatementshavebeenundertakenandtheStatutoryAuditors¡¯reportisbeingissued.
    CONSOLIDATEDINCOMESTATEMENT
    INEURMILLION
    2024
    2023
    Revenue
    6,240.9
    5,867.8
    Servicecostsrebilledtoclients
    203.4
    191.7
    Revenueandservicescostsrebilledtoclients
    6,444.3
    6,059.5
    Purchasesandexternalcharges
    (1,943.2)
    (1,834.0)
    Personnelcosts
    (3,264.9)
    (3,061.8)
    Taxesotherthanonincome
    (41.2)
    (48.9)
    Net(additionsto)/reversalsofprovisions
    (23.0)
    (22.4)
    Depreciationandamortization
    (283.7)
    (291.5)
    Otheroperatingincomeandexpense,net
    45.1
    23.5
    Operatingprofit
    933.4
    824.4
    Shareofprofitofequity-accountedcompanies
    (0.8)
    0.7
    Operatingprofitaftershareofprofitofequity-accountedcompanies
    932.6
    825.1
    Incomefromcashandcashequivalents
    46.0
    45.0
    Financecosts,gross
    (96.7)
    (91.0)
    Financecosts,net
    (50.7)
    (46.0)
    Otherfinancialincomeandexpense,net
    (18.9)
    (22.5)
    Netfinancialexpense
    (69.6)
    (68.5)
    Profitbeforeincometax
    863.0
    756.6
    Incometaxexpense
    (273.8)
    (240.7)
    Netprofit
    589.2
    515.9
    Non-controllinginterests
    19.8
    12.2
    Attributablenetprofit
    569.4
    503.7
    Earningspershare(ineuros):
    Basicearningspershare
    1.27
    1.11
    Dilutedearningspershare
    1.25
    1.10
    CONSOLIDATEDSTATEMENTOFFINANCIALPOSITION
    INEURMILLION
    DEC.31,2024
    DEC.31,2023
    Goodwill
    2,313.0
    2,127.4
    Intangibleassets
    464.4
    360.0
    Property,plantandequipment
    401.9
    389.0
    Right-of-useassets
    409.6
    391.5
    Non-currentfinancialassets
    100.2
    108.9
    Deferredincometaxassets
    131.9
    136.6
    Totalnon-currentassets
    3,821.0
    3,513.4
    Tradeandotherreceivables
    1,644.9
    1,584.5
    Contractassets
    309.7
    325.9
    Currentincometaxassets
    46.6
    33.5
    Derivativefinancialinstruments
    5.4
    4.1
    Othercurrentfinancialassets
    11.3
    9.1
    Cashandcashequivalents
    1,204.2
    1,173.9
    Totalcurrentassets
    3,222.1
    3,131.0
    Assetsheldforsale
    151.8
    -
    TOTALASSETS
    7,194.9
    6,644.4
    Sharecapital
    54.5
    54.5
    Retainedearningsandotherreserves
    1,917.2
    1,881.6
    EquityattributabletoownersoftheCompany
    1,971.7
    1,936.1
    Non-controllinginterests
    64.1
    57.7
    Totalequity
    2,035.8
    1,993.8
    Non-currentborrowingsandfinancialdebt
    1,896.5
    2,079.7
    Non-currentleaseliabilities
    328.0
    319.7
    Othernon-currentfinancialliabilities
    66.3
    73.7
    Deferredincometaxliabilities
    102.6
    85.0
    Pensionplansandotherlong-termemployeebenefits
    148.8
    147.2
    Provisionsforotherliabilitiesandcharges
    77.5
    72.2
    Totalnon-currentliabilities
    2,619.7
    2,777.5
    Tradeandotherpayables
    1,392.5
    1,273.4
    Contractliabilities
    269.1
    257.2
    Currentincometaxliabilities
    104.9
    98.5
    Currentborrowingsandfinancialdebt
    534.4
    31.2
    Currentleaseliabilities
    114.3
    107.5
    Derivativefinancialinstruments
    5.0
    3.3
    Othercurrentfinancialliabilities
    85.4
    102.0
    Totalcurrentliabilities
    2,505.6
    1,873.1
    Liabilitiesheldforsale
    33.8
    -
    TOTALEQUITYANDLIABILITIES
    7,194.9
    6,644.4
    CONSOLIDATEDSTATEMENTOFCASHFLOWS
    INEURMILLION
    2024
    2023
    Profitbeforeincometax
    863.0
    756.6
    Eliminationofcashflowsfromfinancingandinvestingactivities
    53.2
    30.8
    Provisionsandothernon-cashitems
    24.6
    35.7
    Depreciation,amortizationandimpairment
    283.7
    291.5
    Movementsinworkingcapitalrequirementattributabletooperations
    60.8
    (53.6)
    Incometaxpaid
    (280.5)
    (241.3)
    Netcashgeneratedfromoperatingactivities
    1,004.8
    819.7
    Acquisitionsofsubsidiariesandactivities,netofacquiredcash
    (313.9)
    (58.9)
    Proceedsfromsalesofsubsidiariesandbusinesses
    105.4
    17.5
    Purchasesofproperty,plantandequipmentandintangibleassets
    (145.9)
    (157.6)
    Proceedsfromsalesofproperty,plantandequipmentandintangibleassets
    6.1
    14.1
    Purchasesofnon-currentfinancialassets
    (8.2)
    (11.7)
    Proceedsfromsalesofnon-currentfinancialassets
    8.7
    5.8
    Changeinloansandadvancesgranted
    -
    2.8
    Netcashusedininvestingactivities
    (347.8)
    (188.0)
    Capitalincrease
    18.1
    5.7
    Purchases/salesoftreasuryshares
    (191.8)
    (1.9)
    Dividendspaid
    (406.9)
    (396.3)
    Increaseinborrowingsandotherdebt
    1,000.4
    0.9
    Repaymentofborrowingsandotherdebt
    (800.1)
    (500.4)
    Repaymentofamountsowedtoshareholders
    (58.3)
    (29.6)
    Repaymentofleaseliabilitiesandinterest
    (149.9)
    (141.9)
    Interestpaid
    (21.7)
    (17.1)
    Netcashgeneratedfrom/(usedin)financingactivities
    (610.2)
    (1,080.6)
    Impactofcurrencytranslationdifferences
    (12.7)
    (36.7)
    Cashandcashequivalentclassifiedasassetheldforsale
    (3.6)
    -
    Netincrease/(decrease)incashandcashequivalents
    30.5
    (485.6)
    Netcashandcashequivalentsatbeginningoftheperiod
    1,170.1
    1,655.7
    Netcashandcashequivalentsatendoftheperiod
    1,200.6
    1,170.1
    o/wcashandcashequivalents
    1,204.2
    1,173.9
    o/wbankoverdrafts
    (3.6)
    (3.8)
    APPENDIX5:BREAKDOWNOFNETFINANCIALEXPENSE
    NETFINANCIALEXPENSE
    INEURMILLION
    2024
    2023
    Financecosts,net
    (50.7)
    (46.0)
    Foreignexchangegains
    5.9
    6.9
    Interestcostonpensionplans
    (4.4)
    (5.1)
    Other
    (20.4)
    (24.3)
    Netfinancialexpense
    (69.6)
    (68.5)
    APPENDIX6:ALTERNATIVEPERFORMANCEINDICATORS
    ADJUSTEDOPERATINGPROFIT
    INEURMILLION
    2024
    2023
    Operatingprofit
    933.4
    824.4
    Amortizationofintangibleassetsresultingfromacquisitions
    44.3
    57.1
    Impairmentandretirementofnon-currentassets
    4.0
    22.1
    Restructuringcosts
    13.7
    30.3
    Gainsandlossesondisposalsofbusinessesandotherincomeandexpensesrelatingtoacquisitions
    0.8
    (3.7)
    Totaladjustmentitems
    62.8
    105.8
    Adjustedoperatingprofit
    996.2
    930.2
    CHANGEINADJUSTEDOPERATINGPROFIT
    INEURMILLION
    2023adjustedoperatingprofit
    930.2
    Organicchange
    +116.2
    Organicadjustedoperatingprofit
    1,046.4
    Scope
    +8.1
    Constantcurrencyadjustedoperatingprofit
    1,054.5
    Currency
    (58.3)
    2024adjustedoperatingprofit
    996.2
    ADJUSTEDEFFECTIVETAXRATE
    INEURMILLION
    2024
    2023
    Profitbeforeincometax
    863.0
    756.6
    Incometaxexpense
    273.8
    240.7
    ETR(a)
    31.7%
    31.8%
    AdjustedETR(b)
    30.5%
    31.1%
    (a)Effectivetaxrate(ETR)=Incometaxexpense/Profitbeforeincometax.
    (b)AdjustedETR=Incometaxexpenseadjustedfortaxeffectonadjustmentitems/Profitbeforetaxandbeforetakingintoaccountadjustmentitems.
    ATTRIBUTABLENETPROFIT
    INEURMILLION
    2024
    2023
    Attributablenetprofit
    569.4
    503.7
    EPS(a)(€pershare)
    1.27
    1.11
    Adjustmentitems
    62.8
    105.8
    Taximpactonadjustmentitems
    (8.7)
    (27.7)
    Non-controllinginterestonadjustmentitems
    (2.8)
    (7.1)
    Adjustedattributablenetprofit
    620.7
    574.7
    AdjustedEPS(a)(€pershare)
    1.38
    1.27
    (a)Calculatedusingtheweightedaveragenumberofshares:450,009,888in2024and453,009,724in2023.
    CHANGEINADJUSTEDATTRIBUTABLENETPROFIT
    INEURMILLION
    2023adjustedattributablenetprofit
    574.7
    Organicchangeandscope
    93.0
    Adjustedattributablenetprofitatconstantcurrency
    667.7
    Currency
    (47.0)
    2024adjustedattributablenetprofit
    620.7
    FREECASHFLOW
    INEURMILLION
    2024
    2023
    Netcashgeneratedfromoperatingactivities(operatingcashflow)
    1,004.8
    819.7
    Purchasesofproperty,plantandequipmentandintangibleassets
    (145.9)
    (157.6)
    Disposalsofproperty,plantandequipmentandintangibleassets
    6.1
    14.1
    Interestpaid
    (21.7)
    (17.1)
    Freecashflow
    843.3
    659.1
    CHANGEINNETCASHGENERATEDFROMOPERATINGACTIVITIES
    INEURMILLION
    NetcashgeneratedfromoperatingactivitiesatDecember31,2023
    819.7
    Organicchange
    211.6
    Organicnetcashgeneratedfromoperatingactivities
    1,031.3
    Scope
    9.4
    Netcashgeneratedfromoperatingactivitiesatconstantcurrency
    1,040.7
    Currency
    (35.9)
    NetcashgeneratedfromoperatingactivitiesatDecember31,2024
    1,004.8
    ADJUSTEDNETFINANCIALDEBT
    INEURMILLION
    DEC.31,2024
    DEC.312023
    Grossfinancialdebt
    2,430.9
    2,110.9
    Cashandcashequivalents
    (1,204.2)
    (1,173.9)
    Consolidatednetfinancialdebt
    1,226.7
    937.0
    Currencyhedginginstruments
    (0.4)
    (0.8)
    Adjustednetfinancialdebt
    1,226.3
    936.2
    APPENDIX7:M&A
    ANNUALIZEDREVENUE
    COUNTRY/
    AREA
    CLOSINGDATE
    FIELDOFEXPERTISE
    Expandleadership
    Buildings&Infrastructure
    APPGroup
    EUR87m
    Australia
    November
    2024
    EngineeringforInfrastructureandIndependentProjectManagementservicesforBuildings
    IDPGroup
    EUR30m
    Spain
    October
    2024
    BuildingInformationModeling,ProjectManagementAssistanceandDigitalTwinservices
    Createnewmarketstrongholds
    Renewables
    Versatec
    EUR5m
    Netherlands
    November
    2024
    Technicalconsultancyfirmensuringtechnicalcomplianceintheoffshore&onshoreenergyindustry
    ArcVeraRenewables
    EUR6m
    USA
    September
    2024
    Finance-gradeconsultingandtechnicalservicesforwind,solar,andbatterystorageprojects
    Sustainability
    AlignedIncentives
    EUR3m
    USA
    October
    2024
    Enterprisesustainabilityplanningplatform&aggregator
    Cybersecurity
    SecurityInnovation
    EUR20m
    USA
    August
    2024
    Softwaresecurityservicescompanyfocusedonsoftwaretesting,SDLCadvisory&training
    ConsumerTechnologyTesting
    OneTechCorp.
    EUR12m
    SouthKorea
    June2024
    TestingandcertificationservicesforElectricalandElectronicsconsumerproducts
    KostecCo.,Ltd
    EUR5m
    SouthKorea
    April2024
    TestingandcertificationservicesforElectricalandElectronicsconsumerproducts
    HiPhysixLaboratoryIndiaPvt.
    EUR2m
    India
    April2024
    Electricalandelectronicsproductstestingandcertificationserviceslaboratory
    Optimizevalue&Impact
    ConsumerProductServices
    LBSGroup
    EUR9m
    Italy
    December
    2024
    Testingservices/supplychainQA,luxuryaccessoriessegment
    APPENDIX8:DEFINITIONOFALTERNATIVEPERFORMANCEINDICATORSANDRECONCILIATIONWITHIFRS
    ThemanagementprocessusedbyBureauVeritasisbasedonaseriesofalternativeperformanceindicators,aspresentedbelow.TheseindicatorsweredefinedforthepurposesofpreparingtheGroup¡¯sbudgetsandinternalandexternalreporting.BureauVeritasconsidersthattheseindicatorsprovideadditionalusefulinformationtofinancialstatementusers,enablingthemtobetterunderstandtheGroup¡¯sperformance,especiallyitsoperatingperformance.Someoftheseindicatorsrepresentbenchmarksinthetesting,inspectionandcertification(¡°TIC¡±)businessandarecommonlyusedandtrackedbythefinancialcommunity.ThesealternativeperformanceindicatorsshouldbeseenascomplementarytoIFRS-compliantindicatorsandtheresultingchanges.
    GROWTH
    Totalrevenuegrowth
    Thetotalrevenuegrowthpercentagemeasureschangesinconsolidatedrevenuebetweenthepreviousyearandthecurrentyear.Totalrevenuegrowthhasthreecomponents:
    Organicgrowth,
    Impactofchangesinthescopeofconsolidation(scopeeffect),
    Impactofchangesinexchangerates(currencyeffect).
    Organicgrowth
    TheGroupinternallymonitorsandpublishes¡°organic¡±revenuegrowth,whichitconsiderstobemorerepresentativeoftheGroup¡¯soperatingperformanceineachofitsbusinesssectors.
    Themainmeasureusedtomanageandtrackconsolidatedrevenuegrowthislike-for-like,alsoknownasorganicgrowth.DeterminingorganicgrowthenablestheGrouptomonitortrendsinitsbusinessexcludingtheimpactofcurrencyfluctuations,whichareoutsideofBureauVeritas¡¯control,aswellasscopeeffectswhichconcernnewbusinessesorbusinessesthatnolongerformpartofthebusinessportfolio.OrganicgrowthisusedtomonitortheGroup¡¯sperformanceinternally.
    BureauVeritasconsidersthatorganicgrowthprovidesmanagementandinvestorswithamorecomprehensiveunderstandingofitsunderlyingoperatingperformanceandcurrentbusinesstrends,excludingtheimpactofacquisitions,divestments(outrightdivestmentsaswellastheunplannedsuspensionofoperations¨Cintheeventofinternationalsanctions,forexample)andchangesinexchangeratesforbusinessesexposedtoforeignexchangevolatility,whichcanmaskunderlyingtrends.
    TheGroupalsoconsidersthatseparatelypresentingorganicrevenuegeneratedbyitsbusinessesprovidesmanagementandinvestorswithusefulinformationontrendsinitsindustrialbusinessesandenablesamoredirectcomparisonwithothercompaniesinitsindustry.
    Organicrevenuegrowthrepresentsthepercentageofrevenuegrowth,presentedatGrouplevelandforeachbusiness,basedonaconstantscopeofconsolidationandexchangeratesovercomparableperiods:
    Constantscopeofconsolidation:dataarerestatedfortheimpactofchangesinthescopeofconsolidationovera12monthperiod,
    Constantexchangerates:dataforthecurrentyeararerestatedusingexchangeratesforthepreviousyear.
    Scopeeffect
    Toestablishameaningfulcomparisonbetweenreportingperiods,theimpactofchangesinthescopeofconsolidationisdetermined:
    Foracquisitionscarriedoutinthecurrentyear:bydeductingfromrevenueforthecurrentyearrevenuegeneratedbytheacquiredbusinessesinthecurrentyear,
    Foracquisitionscarriedoutinthepreviousyear:bydeductingfromrevenueforthecurrentyearrevenuegeneratedbytheacquiredbusinessesinthemonthsinthepreviousyearinwhichtheywerenotconsolidated,
    Fordisposalsanddivestmentscarriedoutinthecurrentyear:bydeductingfromrevenueforthepreviousyearrevenuegeneratedbythedisposedanddivestedbusinessesinthepreviousyearinthemonthsofthecurrentyearinwhichtheywerenotpartoftheGroup,
    Fordisposalsanddivestmentscarridoutinthepreviousyear:bydeductingfromrevenueforthepreviousyearrevenuegeneratedbythedisposedanddivestedbusinessesinthepreviousyearpriortotheirdisposal/divestment.
    Currencyeffect
    Thecurrencyeffectiscalculatedbytranslatingrevenueforthecurrentyearattheexchangeratesforthepreviousyear.
    ADJUSTEDOPERATINGPROFITANDADJUSTEDOPERATINGMARGIN
    Adjustedoperatingprofitandadjustedoperatingmarginarekeyindicatorsusedtomeasuretheperformanceofthebusiness,excludingmaterialitemsthatcannotbeconsideredinherenttotheGroup¡¯sunderlyingintrinsicperformanceowingtotheirnature.BureauVeritasconsidersthattheseindicators,presentedatGrouplevelandforeachbusiness,aremorerepresentativeoftheoperatingperformanceinitsindustry.
    Adjustedoperatingprofit
    Adjustedoperatingprofitrepresentsoperatingprofitpriortoadjustmentsforthefollowing:
    Amortizationofintangibleassetsresultingfromacquisitions,
    Impairmentofgoodwill,
    Impairmentandretirementofnon-currentassets,
    Restructuringcosts,
    Gainsandlossesonthedisposalofactivities,includinginparticular:
    Feesandacquisitioncostsofactivities,including,whenapplicable,externalcostsrelatedtotheirintegrationwithintheGroup,
    Contingentconsiderationonacquisitionsofbusinesses,
    Gainsandlossesonthedisposalofactivities.
    Whenanacquisitioniscarriedoutduringthefinancialyear,theamortizationoftherelatedintangibleassetsiscalculatedonatimeproportionbasis.
    Sinceameasurementperiodof12monthsisallowedfordeterminingthefairvalueofacquiredassetsandliabilities,amortizationofintangibleassetsintheyearofacquisitionmay,insomecases,bebasedonatemporarymeasurementandbesubjecttominoradjustmentsinthesubsequentreportingperiod,oncethedefinitivevalueoftheintangibleassetsisknown.
    Organicadjustedoperatingprofitrepresentsoperatingprofitadjustedforscopeandcurrencyeffectsovercomparableperiods:
    Atconstantscopeofconsolidation:dataarerestatedbasedona12-monthperiod,
    Atconstantexchangerates:dataforthecurrentyeararerestatedusingexchangeratesforthepreviousyear.
    Thescopeandcurrencyeffectsarecalculatedusingasimilarapproachtothatusedforrevenueforeachcomponentofoperatingprofitandadjustedoperatingprofit.
    Adjustedoperatingmargin
    Adjustedoperatingmarginexpressedasapercentagerepresentsadjustedoperatingprofitdividedbyrevenue.Adjustedoperatingmargincanbepresentedonanorganicbasisoratconstantexchangerates,thereby,inthelattercase,providingaviewoftheGroup¡¯sperformanceexcludingtheimpactofcurrencyfluctuations,whichareoutsideofBureauVeritas¡¯control.
    Servicecostsrebilledtoclients,thatwerepreviouslyincludedunderthe"Purchasesandexternalcharges"lineitem,arenowpresentedseparately,withnoimpactonoperatingprofitandnetprofitinthecurrentandpreviousyear.
    ADJUSTEDEFFECTIVETAXRATE
    Theeffectivetaxrate(ETR)representsincometaxexpensedividedbytheamountofpre-taxprofit.
    Theadjustedeffectivetaxrate(adjustedETR)representsincometaxexpenseadjustedforthetaxeffectonadjustmentitemsdividedbypre-taxprofitbeforetakingintoaccounttheadjustmentitems(seeadjustedoperatingprofitdefinition).
    ADJUSTEDNETPROFIT
    Adjustedattributablenetprofit
    Adjustedattributablenetprofitisdefinedasattributablenetprofitadjustedforadjustmentitems(seeadjustedoperatingprofitdefinition)andforthetaxeffectonadjustmentitems.Adjustedattributablenetprofitexcludesnon-controllinginterestsinadjustmentitemsandonlyconcernscontinuingoperations.
    Adjustedattributablenetprofitcanbepresentedatconstantexchangerates,therebyprovidingaviewoftheGroup¡¯sperformanceexcludingtheimpactofcurrencyfluctuations,whichareoutsideofBureauVeritas¡¯control.Thecurrencyeffectiscalculatedbytranslatingthevariousincomestatementitemsforthecurrentyearattheexchangeratesforthepreviousyear.
    Adjustedattributablenetprofitpershare
    Adjustedattributablenetprofitpershare(adjustedEPSorearningspershare)isdefinedasadjustedattributablenetprofitdividedbytheweightedaveragenumberofsharesoutstandingintheperiod(excludingownsharesheldbytheGroup).
    FREECASHFLOW
    Freecashflowrepresentsnetcashgeneratedfromoperatingactivities(operatingcashflow),adjustedforthefollowingitems:
    Purchasesofproperty,plantandequipmentandintangibleassets,
    Proceedsfromdisposalsofproperty,plantandequipmentandintangibleassets,
    Interestpaid.
    Netcashgeneratedfromoperatingactivitiesisshownafterincometaxpaid.
    Organicfreecashflowrepresentsfreecashflowatconstantscopeandexchangeratesovercomparableperiods:
    Atconstantscopeofconsolidation:dataarerestatedbasedona12-monthperiod,
    Atconstantexchangerates:dataforthecurrentyeararerestatedusingexchangeratesforthepreviousyear.
    Thescopeandcurrencyeffectsarecalculatedusingasimilarapproachtothatusedforrevenueforeachcomponentofnetcashgeneratedfromoperatingactivitiesandfreecashflow.
    FINANCIALDEBT
    Grossdebt
    Grossdebt(orgrossfinancecosts/financialdebt)representsbankloansandborrowingsplusbankoverdrafts.
    Netdebt
    Netdebt(ornetfinancecosts/financialdebt)asdefinedandusedbytheGrouprepresentsgrossdebtlesscashandcashequivalents.Cashandcashequivalentscomprisemarketablesecuritiesandsimilarreceivablesaswellascashatbankandonhand.
    Adjustednetdebt
    Adjustednetdebt(oradjustednetfinancecosts/financialdebt)asdefinedandusedbytheGrouprepresentsnetdebttakingintoaccountcurrencyandinterestratehedginginstruments.
    CONSOLIDATEDEBITDA
    ConsolidatedEBITDArepresentsnetprofitbeforeinterest,tax,depreciation,amortizationandprovisions,adjustedforanyentitiesacquiredoverthelast12months.
    _____________________
    1Alternativeperformanceindicatorsarepresented,definedandreconciledwithIFRSinappendix2ofthispressrelease.
    2(Netcashgeneratedfromoperatingactivities¨Cleasepayments+corporatetax)/adjustedoperatingprofit.
    3Proposeddividend,subjecttoShareholders¡¯MeetingapprovalonJune19,2025.
    4(Netcashgeneratedfromoperatingactivities¨Cleasepayments+corporatetax)/adjustedoperatingprofit.
    5Scope1andScope2greenhousegasemissionsarecalculatedovera12-monthperiodfromJanuarytoDecember2024.TheemissionsforQ42024areestimatedbasedonQ42023,adjustingforanymajoreventsthatmayimpacttheemissionsduringthatperiod.
    6TAR:TotalAccidentRate(numberofaccidentswithandwithoutlosttimex200,000/numberofhoursworked).
    7ProportionofwomenfromtheExecutiveCommitteetoBandII(internalgradecorrespondingtoamanagementorexecutivemanagementposition)intheGroup(numberofwomenonafull-timeequivalentbasisinaleadershipposition/totalnumberoffull-timeequivalentsinleadershippositions).
    8(Netcashgeneratedfromoperatingactivities¨Cleasepayments+corporatetax)/adjustedoperatingprofit.
    9Atconstantcurrency.

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