COURBEVOIE,France--(BUSINESSWIRE)--BureauVeritas(BOURSE:BVI):
    Q32025Keyfigures1
    ›RevenueofEUR1,583.7million,up2.3%year-on-yearandup6.3%organically
    ›AverystrongorganicgrowthfromMarine&Offshoreat16.2%;solidrecoveryofBuildings&Infrastructureat7.1%organically;strongorganicgrowthmaintainedforbothIndustryandCertification,at6.9%and5.9%respectively,againstchallengingcomparables;moderateorganicgrowthforConsumerProductsServicesat3.5%andAgri-Food&Commoditiesat2.5%
    ›Positivescopeeffectof0.8%,fromtheacceleratedpaceofbolt-onacquisitions(+3.1%contribution)realized,netofdisposals(-2.3%contribution)
    ›Negativecurrencyimpactof4.8%,resultingfromtheeuro’sappreciationagainstmostcurrencies
    Q32025Highlights
    ›ContinuedprogressinimplementingtheLEAPI28strategy,deliveringresultsthathighlighttheCompanyoperationalresilienceandstrategicfocus
    ›AccelerationofM&AprogramswithtwotransactionssignedinOctoberforatotalannualizedrevenueofc.EUR32millioninlinewiththeLEAP|28portfoliostrategy:thefirstonetoexpandleadershipintheB&IdivisioninEurope,andthesecondtocreatenewstrongholdsintheRenewablesspace.Eightacquisitionssignedorclosedyear-to-dateaddingEUR92millionofannualizedrevenue
    ›CompletionofaEUR700millionbondissuancecarryingacouponof3.375%withmaturityinOctober2033,andratedA3byMoody’s.ThisissuanceenablestheCompanytoleverageattractivefinancialmarketconditionsinthecontextofitscapitalallocationwithintheLEAP|28strategy
    2025Outlookconfirmed
    Basedonthe9-monthperformance,leveragingarobustopportunitiespipeline,asolidbacklog,andmid-to-long-termstrongmarketfundamentals,BureauVeritasreaffirmsitsoutlookforthefullyear2025:
    ›Mid-to-highsingle-digitorganicrevenuegrowth,
    ›Improvementinadjustedoperatingmarginatconstantexchangerates,
    ›Strongcashflow,withacashconversion2above90%.
    HindaGharbi,ChiefExecutiveOfficer,commented:
    “Thisquarter,ourteamsaroundtheworlddeliveredanotherrobustperformancewithanorganicgrowthrateof6.3%,reflectingstrengthacrossourentireportfolio.
    Withthisnine-monthorganicgrowthof6.6%,asolidbacklog,andtheprovenresilienceofourdiversifiedportfolio,weconfirmourfull-year2025financialoutlook.
    Inthisthirdquarter,wecontinuedtheexecutionofourLEAP|28strategyroadmapactivelymanagingourportfoliothroughtargetedbolt-onacquisitions.InOctober2025,wesignedagreementsfortwoacquisitionsgeneratingapproximatelyEUR32millioninannualizedrevenue.OnestrengthensourBuildings&InfrastructureleadershippositioninEurope,andthesecondaugmentsourRenewablescapabilities,aswebuildourNewStrongholds.Sofarthisyear,wehaveacquiredEUR92millionincumulativeannualizedrevenue.”
    Q32025KEYFIGURES
    GROWTH
    INEURMILLION
    Q32025
    Q32024
    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)%
    ConsumerProductsServices
    198.2
    202.3
    (2.1)%
    +3.5%
    +0.5%
    (6.1)%
    TotalGrouprevenue
    1,583.7
    1,547.9
    +2.3%
    +6.3%
    +0.8%
    (4.8)%
    ›Robustthirdquarterrevenue
    Inthethirdquarterof2025,BureauVeritasreportedrevenueofEUR1,583.7million,representinga2.3%increasecomparedtothesameperiodin2024.TheGroupdeliveredrobustorganicgrowthof6.3%,maintainingmomentumconsistentwiththe6.6%achievedinthefirstninemonthsoftheyear.
    Fourkeybusinesslinesdrovethegrowth:Marine&Offshore(+16.2%),Buildings&Infrastructure(+7.1%),Industry(+6.9%),andCertification(+5.9%).Agri-Food&CommoditiesandConsumerProductsServicesdemonstratedresilientperformancewithlow-single-digitorganicgrowthinthethirdquarterof2025.
    Geographically,theperformancewassolidacrosstheboard:
    Europe(35%ofrevenue,+5.2%organically)wasledbySouthernEuropeandFrance,
    Asia-Pacific(29%ofrevenue,+8.6%organically)wasfueledbydouble-digitgrowthinSouthandSoutheastAsia,andhighsingle-digitexpansioninChina.
    IntheAmericas(25%ofrevenue,+1.9%organically),theUnitedStatescontinueditssolidgrowth.
    AfricaandtheMiddleEast(11%ofrevenue,+15.7%organically)deliveredverystronggrowth,acrossmostcountriesandallbusinesses.
    Thescopeeffectcontributedapositive0.8%,reflectingacceleratedbolt-onacquisitions(+3.1%),partiallyoffsetbydivestmentsoverthepasttwelvemonths(-2.3%,includingtheFoodtestingbusiness).Currencyfluctuationsnegativelyimpactedrevenueby4.8%,primarilyastheEurostrengthenedagainstmostcurrencies.
    ›Solidfinancialposition
    BySeptember30th,2025,netfinancialdebtwashigherthanthatofJune30th,2025,notablyduetodividendpaymentsinJuly2025.TheGrouphadmorethanEUR0.5billioninavailablecashandcashequivalents,andEUR600millioninundrawncommittedcreditlines.TheGrouphasasolidfinancialstructurewithmostofitsdebtmaturitiesbeyond2026,andatfixedinterestrates.
    OnSeptember24th,2025,theCompanysuccessfullyissuedaEUR700millionbond,maturinginOctober2033witha3.375%coupon,andwithanA3ratingbyMoody’s.ThisissuanceenablestheCompanytoleverageattractivefinancialmarketconditionsinthecontextofitscapitalallocationwithintheLEAP|28strategy.
    LEAPI28FOCUSEDPORTFOLIOUPDATE
    Sincethebeginningoftheyear,theCompanyannouncedtheacquisitionofeightcompanies,includingtwosignedinOctober2025,representingannualizedcumulativerevenueofc.EUR92millionin2024.ThenewtwoacquisitionsarefullyalignedwithLEAPI28portfolioprioritiesfocusingonExpandLeadershipandCreateNewStrongholds.
    ›ExpandLeadership:TheCompanyaimstoexpandleadershipforbusinessesinexistingstrongholdswithestablishedleadershippositions,throughacombinationofrapidorganicscalingandinorganicexpansion.
    InlinewithitsBuildings&Infrastructure(Capex&Opex)portfoliodevelopmentstrategy,inOctober2025,BureauVeritasacquiredLondonBuildingControl.ThecompanyisaLeadingRegisteredBuildingControlApprover(RBCA)intheUK,specializinginbuildingcontrolforresidentialrenovationsandimprovements.Thecompanyemploysc.110highlyskilledexpertsandgeneratedrevenueofc.EUR14millionin2024.
    ›CreateNewStrongholds:TheCompanyaimstoaccelerategrowthinselectedmarketstocreatenewlong-termstrongholds,investingearlyinfast-growingstrategicsectors,wheretheCompanyhasaclearpathtomarketleadership.
    ToaccelerategrowthinRenewables,afast-growingstrategicsector,BureauVeritassignedanagreementtoacquireSólidainOctober2025.ThisSpain-basedcompanyprovidesowner’sengineering,technicaladvisory,projectmanagementassistance,constructionmanagementandgridconnectionmainlyforwindandsolarassets.ItstrengthensBureauVeritas’capabilitiesintheRenewablesmarketthroughthecreationofaglobalend-to-endCapexplatformservingtheCompany’sclientsglobally.Itgeneratedrevenuesofc.EUR18millionin2024andemploys225experts.
    Formoreinformation,thepressreleasesareavailablebyclickinghere.
    CORPORATESOCIALRESPONSIBILITYCOMMITMENTS
    ›CorporateSocialResponsibility(CSR)keyindicators
    UNITEDNATIONS’
    SDGS
    9M2024
    9M2025
    2028
    TARGET
    ENVIRONMENT/NATURALCAPITAL
    CO2emissions(Scopes1&2,1,000tons)3
    #13
    146
    128
    107
    SOCIAL&HUMANCAPITAL
    TotalAccidentRate(TAR)4
    #3
    0.24
    0.24
    0.23
    Genderbalanceinseniorleadership(EC-II)5
    #5
    27.5%
    27.0%
    36.0%
    Numberoflearninghoursperemployee(peryear)6
    #8
    26.4
    40.0
    40.0
    GOVERNANCE
    ProportionofemployeestrainedtotheCodeofEthics
    #16
    98.6%
    99.4%
    99.0%
    ›Awards&Recognitions
    BureauVeritashasbeenawardedtheSupplyChainInitiativeoftheYearbyEnvironmentalFinanceforitsupdateoftheVigilancePlan.TheupdateanticipatestheupcomingEuropeanUnionCorporateSustainabilityDueDiligenceDirective.7
    IntheS&PGlobalCSA(CorporateSustainabilityAssessment),BureauVeritasachievedascoreof84/100,positioningtheCompanyinthetop1%ofprofessionalservicescompaniesevaluatedforsustainabilityperformance.
    2025OUTLOOKAND2028AMBITION
    ›2025Outlookconfirmed
    Basedonthe9-monthperformance,leveragingarobustopportunitiespipeline,asolidbacklog,andmid-to-long-termstrongmarketfundamentals,BureauVeritasreaffirmsitsoutlookforthefullyear2025:
    ›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,theuseofFreeCashFlowgeneratedfromtheCompany’soperationswillbebalancedbetweenCapitalExpenditure(Capex),Mergers&Acquisitions(M&A),andshareholderreturns(dividends):
    ASSUMPTIONS
    CAPEX
    Around2.5%-3.0%ofCompanyrevenue
    M&A
    M&Aacceleration
    DIVIDEND
    Pay-outof65%ofAdjustedNetProfit
    NETLEVERAGE
    Between1.0x-2.0xby2028
    Q32025BUSINESSREVIEW
    MARINE&OFFSHORE
    INEURMILLION
    2025
    2024
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Q3revenue
    136.6
    122.7
    +11.4%
    +16.2%
    -
    (4.8)%
    9Mrevenue
    414.6
    374.0
    +10.9%
    +13.8%
    -
    (2.9)%
    Marine&Offshoredeliveredastrong16.2%organicgrowthinthethirdquarterof2025(and13.8%inthefirstninemonths),with:
    ›Astrongdouble-digitorganicincreaseinNewConstruction(48%ofdivisionalrevenue),propelledbyaccelerateddeliveriesinkeyAsianmarkets,primarilyChinaandKorea,andcomplementedbyfavorablepricingdynamics.
    ›High-single-digitorganicgrowthinCoreIn-serviceactivity(42%ofdivisionalrevenue),benefitingfrombothvolumesaswellaspricing.AsofSeptember30th,2025,thefleetclassedbyBureauVeritasincluded12,277ships,up3.1%year-on-yearandrepresenting157millionGrossRegisterTonnage(GRT).
    ›DeclineinServices(10%ofdivisionalrevenue,includingOffshore),attributedtothereductionofnon-coreadvisoryactivitiesoffsettingpositivetrendsinOffshoreactivities.
    Thedivisionmaintainsitsstronggrowthtrajectory,leveragingthemaritimeindustry'smodernizationdrive,emissionsreduction,andoperationalefficiency.Thedivisionsecured12.3milliongrosstonsofnewordersyear-to-date,bringingtheorderbookto32.0milliongrosstons,up19.3%year-on-year.Theycompriseprimarilycontainerships,dual-fueltechnologies,LNGcarriers,andpassengerships.
    Greenobjectshighlights
    Duringthethirdquarterof2025,BureauVeritascontributedtothedevelopmentoflowcarbonemissionstechnologiesbydeliveringaGasandHeatApprovalinPrinciple(AiP)foritsliquefiedhydrogen(LH2)containmentsystem,pioneeringnext-generationhydrogen-poweredmaritimesolutions.Itwasalsoselectedtoclassifyandcertify6LNGdualfuelcontainershipsforalargeFrenchshippingcompanyaswellas4LNGcarriersusingdualfuelsystemforaGreekship-owningcompany.
    AGRI-FOOD&COMMODITIES
    INEURMILLION
    2025
    2024
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Q3revenue
    284.5
    322.3
    (11.7)%
    +2.5%
    (9.6)%
    (4.6)%
    9Mrevenue
    874.6
    936.2
    (6.6)%
    +4.2%
    (7.5)%
    (3.3)%
    TheAgri-Food&Commoditiesbusinessgreworganicallyat2.5%growthinthethirdquarterof2025,withcontrastingtrendsamongsubsegments,deliveringa4.2%organicgrowthonayear-to-datebasis.
    TheOil&Petrochemicalssegment(O&P,34%ofdivisionalrevenue)deliveredalow-single-digitorganicrevenuegrowth.Europeanoperationshadaleadinggrowthdynamic,asflowsslowlyrecoveredfromreduceddemandexperiencedearlierthisyear.Commercialeffortsinsomenon-tradeactivities,suchasmarinefuelqualityandquantityassessments,providedadditionalgrowthsupport.
    TheMetals&Mineralsactivity(M&M,38%ofdivisionalrevenue)deliveredahigh-single-digitorganicexpansioninthethirdquarter,withbothUpstreamandTradeactivitiesgrowingatasimilarpace.Strongcommoditypricesforpreciousmetal,alongsidevolumeramp-upsinlaboratoriesacrosstheMiddleEast,Europe,andtheUnitedStates,underpinnedthesegment'sperformance.WiththerecentacquisitionofGeoAssayinChileandwithitsexistingnetwork,BureauVeritasisstrategicallypositionedtocapitalizeonthefastgrowthandstrategiccoppermarket.
    Inthethirdquarter,Agriactivities(11%ofdivisionalrevenue)experiencedanorganicrevenuecontraction.Thedivision’sperformancewasnotablyimpactedbyunderperformingactivitiesinLatinAmericaandoperationaldisruptionsfromtheongoingconflictinUkraine.TheMiddleEasternandAfricanmarketscontinuetoofferpromisingopportunities.
    Finally,thedivestmentoffoodtestingactivitiesisnowfullycompleted.
    TheGroupreportedmid-singledigitorganicgrowthinGovernmentservices(17%ofthedivisionalrevenue)inthethirdquarter,drivenbycontractramp-upsinAfricaandAsia.
    Greenobjectshighlights
    Inthethirdquarterof2025,theGroupsecuredanonsitelaboratoryoutsourcingprojectforasustainableaviationfuel(SAF)producerintheUnitedStates.Theprojectincludesservicesduringthecommissioningandin-servicephase,consistingofStandardOperatingProceduresdevelopment,qualityassuranceprotocols,Health,Safety&Environmentalprograms,andpersonneltraining.
    INDUSTRY
    INEURMILLION
    2025
    2024
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Q3revenue
    337.7
    336.0
    +0.5%
    +6.9%
    +0.8%
    (7.2)%
    9Mrevenue
    1,016.7
    960.0
    +5.9%
    +10.4%
    +0.8%
    (5.3)%
    TheIndustrydivisionactivitiesunderpinnedbyafavorableinvestmentcycle,delivered6.9%organicgrowthinthethirdquarter,withnine-monthorganicperformancereaching10.4%.
    IntheOil&Gassegment(31%ofdivisionalrevenue)BureauVeritasreportedconsistentdouble-digitorganicgrowthinthethirdquarter.Capexactivitiesdemonstratedastrongperformancewithasolidbacklogexecutionofnationaloilcompanyprojects,mostlyintheMiddleEastandAsia.Opexactivitiespostedamoremutedgrowthduetohighprioryearcomparisonbaseandtimingofcontractrenewals.
    Power&Utilities(15%ofdivisionalrevenue)postedadouble-digitorganicrevenuegrowth.ServicesfortherenewableenergysectordrovestrongCapexperformanceintheNorthAmericanandAsianmarkets.Thenuclearpowersubsegmentdeliveredrobustorganicresults.Promisingopportunitiesareemerging,especiallyindecommissioning-relatedservicesfollowingtheDornierHinneburgacquisition.
    IndustrialProductCertification(17%ofdivisionalrevenue)servicesdeliveredahighsingledigitorganicgrowthinthethirdquarter,poweredbystrongmomentuminEuropeanandUSmarketsandtherolloutofinnovativedigitaltoolsformachinerysafety.IntheTransports&Logisticssector,thebusinesssawfavorableimpactfromsupplychainreconfigurationduetotheCompany’smarketleadingposition.
    EnvironmentalTestingactivities(12%ofdivisionalrevenue)grewlowsingledigitfromdelayedprojects,andsomespendpostponementfollowingtheUSgovernmentspendreductiondrive.
    Otherindustrialactivities(25%ofdivisionalrevenue)grewlow-singledigitorganicallywithmining-relatedactivitiesperformingwellinAustralia.
    TransitionservicesandGreenobjectshighlights
    Inthethirdquarter,BureauVeritassecuredacomprehensivefacilityassessmentandenergyauditcontractonbehalfofalargeUSelectricityandgasutilitycompany.Thescopeincludesbuildings,equipmentandoperationalpracticesreviewtosupportcarbonreductionandelectrificationgoals.Additionally,afterasuccessfulpilotphase,theGroupwasawardeda3-yearcontracttohelpaSpanishenergyandtransmissioncompanydetect,quantifyandsetupafugitiveemissionsreductionplantocomplywithEuropeanregulation.
    OntheGreenobjectsfront,theGroupwasawardedaconstructionmanagementservicescontractforarenewableenergydeveloperaspartofa125MWsolarand280MWhbatteryenergystoragesystemprojectinCalifornia.
    BUILDINGS&INFRASTRUCTURE
    INEURMILLION
    2025
    2024
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Q3revenue
    495.0
    440.5
    +12.4%
    +7.1%
    +8.4%
    (3.1)%
    9Mrevenue
    1,456.7
    1,337.2
    +8.9%
    +4.1%
    +6.7%
    (1.9)%
    Buildings&Infrastructure(B&I)wasamongthestrongestperformingbusinesseswithintheportfoliointhethirdquarterof2025,withasequentialacceleration,reachinganorganicgrowthof7.1%,thusachieving4.1%growthinthefirstninemonths.
    Bymarket,CapexBuilding(40%ofdivisionalrevenue)achievedahighsingle-digitorganicrevenueincrease.TheUSplatformwasacriticalgrowthdriverinthequarter,withverystronggrowthindatacenterscommissioningfromtheongoingbuildupofAIinfrastructure.TheUSactivitywasfurtherstrengthenedbyincreasedpermittingfornewbuildingspositivelyliftingthecodecomplianceactivity.TheAsia-PacificregionalsodeliveredstrongorganicgrowththroughincreasedcodecomplianceactivityinNortheastAsiafromfavorablenewbuildingscontrolregulations.
    OpexBuildingservices(40%ofdivisionalrevenue)wassolidoverall,upmid-single-digitorganicallyinthethirdquarterof2025.Francecontributedsignificantlytogrowththroughanincreasedvolumeofservices,favorablepricinginitiativesandincreasedactivityfromenergyefficiencyprojects.IntheUS,realestatetransaction-relatedservicesperformedwell,drivenbyapickupincommercialreal-estatetransactions.
    Infrastructureservices(20%ofdivisionalrevenue)deliveredahigh-single-digitorganicrevenueincreaseinthequarter.StronggrowthinEuropefromsustainedprojectsinItalywheregovernmentinfrastructureinvestmentcontinues.IntheAsia-PacificregiontheGroup'snewlyexpandedportfolioinAustralia,throughlastyear’sacquisitionoftheAPPGroup,positionsthebusinesswellforpromisinglarge-scaletransportationinfrastructureprojects.Inthethirdquarter,theCompanysecuredamajormulti-yearprojectmanagementservicescontractwiththeAustraliangovernmentDepartmentofDefense.Lastly,intheMiddleEastregion,sustainedverystronggrowthwasmaintainedacrosskeymarketswiththedevelopmentofnumerouslarge-scaleprojects.
    Transitionserviceshighlights
    Inthethirdquarterof2025,BureauVeritassignedapartnershipwithInternationalFinanceCorporation’s(IFC,amemberoftheWorldBankGroup)BuildingResilienceIndextoexpandResilienceVerificationServicesglobally.TheCompanywasalsoawardedacontracttodelivercertificationservicesfortwoItalianretaildevelopmentprojects,targetingLEEDandWELLgreenbuildingstandardsthroughcomprehensivepre-assessment,designreview,andtechnicalanalysis.
    CERTIFICATION
    INEURMILLION
    2025
    2024
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Q3revenue
    131.7
    124.1
    +6.1%
    +5.9%
    +3.3%
    (3.1)%
    9Mrevenue
    415.3
    379.4
    +9.5%
    +7.7%
    +3.7%
    (1.9)%
    Certificationdelivered5.9%organicgrowthoverthethirdquarterof2025,representingarobustorganicgrowthof7.7%onayear-to-datebasis.
    Geographically,AsiaPacific,MiddleEastandAfricashowedaverystronggrowthdynamicwhileEurope’sactivitylevelsremainedrobust.Thisperformancereflectsthesolidtrendsunderlyingassuranceserviceswhereriskmanagementandmitigationimperativesaredrivingsupplychainresilienceactivities,andoverallspecializedschemesgrowth.
    QHSE&SpecializedSchemessolutions(53%ofthedivisionalrevenue)postedhigh-single-digitgrowthinthethirdquarterof2025,againsttoughcomparablesafterlastyearrecertificationsacrossseveralschemesanddifferentindustries.Thegrowthwasdrivenprimarilybycustomers'heighteneddemandforcustomizedandvoluntarycertificationprograms.Additionally,activityremainedrobustinsizablepublicoutsourcingcontractsforfoodsafetyinspectionsinFrance,aswellasinfoodsecond-partyaudits.
    Sustainability-relatedsolutions&Digital(Cyber)(33%ofdivisionalrevenue)delivereddouble-digitorganicgrowth.ThegrowthwasfueledbyhighdemandforGHG(GreenHouseGas)emissionsverification,forestryservices,andESGsupplychainaudits.Cybersecurityservicesrecordeddouble-digitgrowthfromhighcustomerdemand.Inthethirdquarter,BureauVeritassecuredacomprehensivecontractwithalargesocialmediacompanyintheUStodelivercybersecurityservices.
    Othersolutions,includingTraining(14%ofthedivisionalrevenue)contracteddespiteagoodactivityfortrainingservices.
    Transitionserviceshighlights
    IntheMiddleEast,theCompanysecuredacriticalLifeCycleAssessment(LCA)contractwithamajorenergycompany,conductingacomprehensivereviewofdownstreamproductsandsupplychaintraceabilityprocesses.InEurope,theCompanywonasustainabilityreportingcontractforapharmacompany,providingspecializedconsultingonScope3emissionsanddatamanagement.
    CONSUMERPRODUCTSSERVICES
    INEURMILLION
    2025
    2024
    CHANGE
    ORGANIC
    SCOPE
    CURRENCY
    Q3revenue
    198.2
    202.3
    (2.1)%
    +3.5%
    +0.5%
    (6.1)%
    9Mrevenue
    598.3
    582.8
    +2.7%
    +4.1%
    +2.3%
    (3.7)%
    TheConsumerProductsServicesdivisiondelivereda3.5%organicgrowthperformanceoverthethirdquarterof2025,representingsolidorganicgrowthof4.1%onayear-to-datebasis.
    Bygeography,SouthandSoutheastAsiacontinuedtodemonstrategoodmomentuminthequarter,stillbenefitingfromtheChinade-riskingstrategyundertakenbyWesterncompanies,whileLatinAmericabegantocapitalizeonrecentinvestmentsintheregion.
    TheSoftlines,Hardlines&Toyssegment(accountingfor47%ofdivisionalrevenue)postedlow-single-digitorganicgrowthinthethirdquarterof2025,asUScompaniespull-insinthefirsthalfoftheyearandaheadoftariffsledtoanearlierpeakseason.GrowthwasprimarilydrivenbySouthandSoutheastAsia,leveragingonWesterncompaniessourcingshift.
    Healthcare(includingBeautyandHousehold)(8%ofdivisionalrevenue)delivereddouble-digitorganicgrowthoverthethirdquarterof2025,drivenbyfavorabledynamicsintheUSandastrongperformanceintheChinesedomesticmarket.
    SupplyChain&Sustainabilityservices(15%ofdivisionalrevenue)recordedhigh-single-digitperformance,withCSRauditsbenefitingfromincreaseddemandfornewsuppliersqualification,adirectconsequenceofsourcingshiftsasaresultofnewAmericantariffsacrossAsiaandmainlyChina.
    Technology(30%ofdivisionalrevenue)remainedbroadlystableinthethirdquarterof2025,withmixedperformanceacrosssub-segments:thebusinesscontinuedtobeimpactedbyglobaldemanddeclineforwirelessproducts,andnewmobilityequipment,primarilyinChinaandTaiwan.Conversely,itbenefitedfromglobalfavorabletrendsforelectricalconsumergoods.Theongoingdiversificationofthisbusinessisprogressingwellastherecentacquisitionsinthisspacestarttocontributetoorganicgrowth.InLatinAmericathedivisiongainedmarketshareindomesticmarketsforelectricalproductsfurtherboostinggrowth.
    Transitionserviceshighlights
    Inthethirdquarterof2025,BureauVeritaswasselectedbyamultinationalclothingretailchaintoprovidesupplierdatamanagementandverificationsolutionsacrossAsianmarkets,enhancingthequalityandcredibilityofthecompany'ssustainabilitydata.TheCompanyalsosecuredacontractwithaglobalindustrialtechnologyleadertodeliverEco-designandLifeCycleAssessmentVerificationservices.
    PRESENTATION
    ›Q32025revenuewillbepresentedonThursday,October23,2025,at3:00p.m.(Paristime)
    ›Avideoconferencewillbewebcastlive.Pleaseconnectto:Linktovideoconference
    ›Thepresentationslideswillbeavailableon:https://company.bureauveritas.com/investors/financial-information/financial-results
    ›Allsupportingdocumentswillbeavailableonthewebsite
    ›Livedial-in:https://engagestream.companywebcast.com/bureauveritas/2025-10-23-2025q3/dial-in
    2025&2026FINANCIALCALENDAR
    ›FY2025Results:February25,2026(premarket)
    ›Q12026Revenue:April22,2026(premarket)
    ›Shareholder’smeeting:May19,2026
    ›H12026Results:July29,2026(premarket)
    ›Q32026Revenue:October21,2026(premarket)
    ABOUTBUREAUVERITAS
    BureauVeritasisaworldleaderininspection,certification,andlaboratorytestingserviceswithapowerfulpurpose:toshapeaworldoftrustbyensuringresponsibleprogress.Withavisiontobethepreferredpartnerforcustomers’excellenceandsustainability,theCompanyinnovatestohelpthemnavigatechange.
    Createdin1828,BureauVeritas’84,000employeesdeliverservicesin140countries.TheCompany’stechnicalexpertssupportcustomerstoaddresschallengesinquality,healthandsafety,environmentalprotection,andsustainability.
    BureauVeritasislistedonEuronextParisandbelongstotheCAC40,CAC40ESG,SBF120indicesandispartoftheCACSBT1.5°index.CompartmentA,ISINcodeFR0006174348,stocksymbol:BVI.
    Formoreinformation,visitwww.bureauveritas.com,andfollowusonLinkedIn.
    Ourinformationiscertifiedwithblockchaintechnology.
    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:Q3AND9M2025REVENUEBYBUSINESS
    INEURMILLION
    Q3/9M
    2025
    Q3/9M
    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)%
    ConsumerProducts
    198.2
    202.3
    (2.1)%
    +3.5%
    +0.5%
    (6.1)%
    TotalQ3revenue
    1,583.7
    1,547.9
    +2.3%
    +6.3%
    +0.8%
    (4.8)%
    Marine&Offshore
    414.6
    374.0
    +10.9%
    +13.8%
    -
    (2.9)%
    Agri-Food&Commodities
    874.6
    936.2
    (6.6)%
    +4.2%
    (7.5)%
    (3.3)%
    Industry
    1,016.7
    960.0
    +5.9%
    +10.4%
    +0.8%
    (5.3)%
    Buildings&Infrastructure
    1,456.7
    1,337.2
    +8.9%
    +4.1%
    +6.7%
    (1.9)%
    Certification
    415.3
    379.4
    +9.5%
    +7.7%
    +3.7%
    (1.9)%
    ConsumerProducts
    598.3
    582.8
    +2.7%
    +4.1%
    +2.3%
    (3.7)%
    Total9Mrevenue
    4,776.2
    4,569.6
    +4.5%
    +6.6%
    +1.1%
    (3.2)%
    APPENDIX2:2025REVENUEBYQUARTER
    2025REVENUEBYQUARTER
    INEURMILLION
    Q1
    Q2
    Q3
    Marine&Offshore
    136.2
    141.8
    136.6
    Agri-Food&Commodities
    296.8
    293.3
    284.5
    Industry
    335.8
    343.2
    337.7
    Buildings&Infrastructure
    476.5
    485.2
    495.0
    Certification
    134.1
    149.5
    131.7
    ConsumerProducts
    179.3
    220.8
    198.2
    Totalrevenue
    1,558.7
    1,633.8
    1,583.7
    APPENDIX3: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–intheeventofinternationalsanctions,forexample)andchangesinexchangeratesforbusinessesexposedtoforeignexchangevolatility,whichcanmaskunderlyingtrends.
    TheGroupalsoconsidersthatseparatelypresentingorganicrevenuegeneratedbyitsbusinessesprovidesmanagementandinvestorswithusefulinformationontrendsinitsindustrialbusinessesandenablesamoredirectcomparisonwithothercompaniesinitsindustry.
    Organicrevenuegrowthrepresentsthepercentageofrevenuegrowth,presentedatGrouplevelandforeachbusiness,basedonaconstantscopeofconsolidationandexchangeratesovercomparableperiods:
    Constantscopeofconsolidation:dataarerestatedfortheimpactofchangesinthescopeofconsolidationovera12monthperiod,
    Constantexchangerates:dataforthecurrentyeararerestatedusingexchangeratesforthepreviousyear.
    Scopeeffect
    Toestablishameaningfulcomparisonbetweenreportingperiods,theimpactofchangesinthescopeofconsolidationisdetermined:
    Foracquisitionscarriedoutinthecurrentyear:bydeductingfromrevenueforthecurrentyearrevenuegeneratedbytheacquiredbusinessesinthecurrentyear,
    Foracquisitionscarriedoutinthepreviousyear:bydeductingfromrevenueforthecurrentyearrevenuegeneratedbytheacquiredbusinessesinthemonthsinthepreviousyearinwhichtheywerenotconsolidated,
    Fordisposalsanddivestmentscarriedoutinthecurrentyear:bydeductingfromrevenueforthepreviousyearrevenuegeneratedbythedisposedanddivestedbusinessesinthepreviousyearinthemonthsofthecurrentyearinwhichtheywerenotpartoftheGroup,
    Fordisposalsanddivestmentscarriedoutinthepreviousyear:bydeductingfromrevenueforthepreviousyearrevenuegeneratedbythedisposedanddivestedbusinessesinthepreviousyearpriortotheirdisposal/divestment.
    Currencyeffect
    Thecurrencyeffectiscalculatedbytranslatingrevenueforthecurrentyearattheexchangeratesforthepreviousyear.
    1Alternativeperformanceindicatorsarepresented,definedandreconciledwithIFRSinappendix3ofthispressrelease.
    2(Netcashgeneratedfromoperatingactivities–leasepayments+corporatetax)/adjustedoperatingprofit.
    3Scope1andScope2greenhousegasemissionsarecalculatedovera12-monthperiodfromQ32024toQ22025.
    4TAR:TotalAccidentRate(numberofaccidentswithandwithoutlosttimex200,000/numberofhoursworked).
    5ProportionofwomenfromtheExecutiveCommitteetoBandII(internalgradecorrespondingtoamanagementorexecutivemanagementposition)intheGroup(numberofwomenonafull-timeequivalentbasisinaleadershipposition/totalnumberoffull-timeequivalentsinleadershippositions).
    6Numberoflearninghoursperemployeeiscalculatedovera12-monthperiod.
    7https://www.environmental-finance.com/content/award/sustainable-company-awards-2025/winners/supply-chain-initiative-of-the-year-bureau-veritas.html
    8(Netcashgeneratedfromoperatingactivities–leasepayments+corporatetax)/adjustedoperatingprofit.
    9Atconstantcurrency.

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