Bureau Veritas: Robust Organic Revenue Growth and Strong Margin Increase in H1 2025 as the LEAP | 28 Strategy Execution Accelerates; Confirmed 2025 Outlook

Business Wire India

Bureau Veritas (BOURSE:BVI):

 

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H1 2025 key figures¹

 

› Revenue of EUR 3,192.5 million in the first half of 2025, up 5.7% year-on-year and up 6.7% organically (with 6.2% organic growth in Q2 2025),
› Adjusted operating profit of EUR 491.5 million, up 8.8% versus EUR 451.9 million in H1 2024, representing an adjusted operating margin of 15.4%, up 44 basis points year-on-year and up 55 basis points at constant currency,
› Operating profit of EUR 513.1 million, up 32.1% versus EUR 388.5 million in H1 2024,
› Adjusted net profit of EUR 292.4 million, up 1.4% versus EUR 288.3 million in H1 2024,
› Adjusted EPS stood at EUR 0.65 in H1 2025, with a 2.4% increase versus H1 2024 (EUR 0.64 per share) and of 6.4% at constant currency,
› Attributable net profit of EUR 322.3 million, up 37.6% versus EUR 234.3 million in H1 2024,
› Free Cash Flow of EUR 168.0 million, up 3.5% organically, and down 11.5% year-on-year due to the one-off impact related to the Food Testing business divestment,
› Adjusted net debt/EBITDA ratio of 1.11x as of June 30, 2025, broadly stable versus last year.

 

 

H1 2025 highlights

 

 

› Continued momentum of LEAP I 28 strategy execution with broad and resilient growth across most activities and regions, and with tangible impact from performance programs in the first half,
› Executive Committee leadership changes to accelerate strategy execution,
› Acquisition of six bolt-on companies, with four signed between April and July, for a total cumulative annualized revenue of c. EUR 60 million. These acquisitions are aligned with LEAP I 28 portfolio priorities of : i) Expanding leadership positions in Buildings & Infrastructure (Contec in Q1 2025); ii) Creating new strongholds in Power & Utilities and Renewables (Dornier Hinneburg GmbH), Cybersecurity (IFCR), and in Sustainability (Ecoplus), and iii) Optimizing value and impact in mature businesses; in Consumer Product Services (Lab System) and Metals & Minerals (GeoAssay in Q1 2025),
› Completion of a EUR 200 million share buyback program (c.1.5% of the Company’s shares, announced in the Q1 revenue press release in April 2025) to increase shareholders returns.

 

 

2025 outlook confirmed

 

 

Based on a robust first-half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

 

 

› Mid-to-high single-digit organic revenue growth,
› Improvement in adjusted operating margin at constant exchange rates,
› Strong cash flow, with a cash conversion² above 90%.

 

 

Hinda Gharbi, Chief Executive Officer, commented:

 

 

“In the first half of 2025, Bureau Veritas made significant progress in implementing the LEAP I 28 strategy, delivering results that highlight the Company operational resilience and strategic focus: a robust organic growth of 6.7% and a strong margin improvement of 44 basis points. We continued to develop our portfolio through 6 new bolt-on acquisitions, and we progressed with our performance programs, designed to enhance operational efficiency. We have also ensured that specific cost actions are implemented to navigate an uncertain environment for our customers. Additionally, we completed our EUR 200 million share buyback program to drive shareholders’ returns, showcasing our confidence in the Company’s outlook. At the end of the second quarter, we announced changes to our Executive Committee leadership, aimed at accelerating strategy execution. This reorganization will strengthen our regional platforms, enabling more cross-selling, and accelerating our operational excellence and performance programs.

 

 

Looking ahead, our strategic priorities are clear: to execute our portfolio programs both organically and inorganically, driving a step change in organic growth and market leadership, and to enable consistent and continued margin improvements.

 

 

Given our robust first-half performance, solid backlog, and the proven resilience of our diversified portfolio, we confirm our full-year 2025 outlook.”

 

 

H1 2025 KEY FIGURES

 

 

On July 24, 2025, the Board of Directors of Bureau Veritas approved the financial statements for H1 2025. The main consolidated financial items are:

 

 

IN EUR MILLION	H1 2025	H1 2024	CHANGE	CONSTANT CURRENCY
Revenue	3,192.5	3,021.7	+5.7%	+8.0%
Adjusted operating profit(a)	491.5	451.9	+8.8%	+12.0%
Adjusted operating margin(a)	15.4%	15.0%	+44bps	+55bps
Operating profit	513.1	388.5	+32.1%	+35.3%
Adjusted net profit(a)	292.4	288.3	+1.4%	+5.4%
Attributable net profit	322.3	234.3	+37.6%	+41.6%
Adjusted EPS(a)	0.65	0.64	+2.4%	+6.4%
EPS	0.72	0.52	+38.9%	+42.9%
Operating cash-flow	261.9	262.4	(0.2)%	+2.8%
Free cash flow(a)	168.0	189.9	(11.5)%	(8.2)%
Adjusted net financial debt(a)	1,254.7	1,112.2	+12.8%	-
(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release

 

 

H1 2025 HIGHLIGHTS

 

› Robust organic revenue growth across the board throughout the first half

 

 

Company revenue in the first half of 2025 increased by 6.7% organically compared to the first half of 2024, including a 6.2% organic increase in the second quarter and broad organic growth across most businesses and geographies.

 

 

› Double-digit growth: nearly a third of the portfolio, consisting of Marine & Offshore and Industry, delivered double-digit organic revenue growth in the first half, ranging from 12.3% to 12.7%. These divisions benefited from the strong trends in decarbonization and energy transition.
› Mid and high single-digit growth: forty percent of the portfolio, consisting of Certification, Agri-Food & Commodities, and Consumer Product Services, achieved mid and high single-digit organic revenue growth, ranging from 4.5% to 8.6%. The consumer segment grew substantially in Asia, as the diversification strategy starts to pay off. The Certification division stemmed from carbon, supply chain-driven and cyber-security services strong demand.
› Low single-digit growth: nearly a third of the portfolio, consisting of Buildings & Infrastructure, achieved low single-digit organic revenue growth (up 2.6%). Construction-related activities (Capex) growth was the highest within the division.

 

 

› Bureau Veritas shareholders approved the distribution of a EUR 0.90 dividend for the 2024 financial year

 

 

resolution, approved at 99.97%), paid in cash on July 3, 2025.

 

 

› 2025 share buyback program

 

 

The Company carried out the EUR 200 million share buyback program announced on April 24, 2025, thus acquiring c.1.5% of the outstanding share capital (6.7 million shares) through the market during the months of May and June 2025. The purchase was completed at an average price of EUR 29.77 per share.

 

 

This decision reflected the Company's confidence in its resilient business model and took advantage of the attractive share price at the time. The repurchased shares will be used for cancellation and other purposes as authorized by shareholders at the 2024 Annual General Meeting.

 

 

LEAP I 28 FOCUSED PORTFOLIO UPDATE

 

 

Since the beginning of the year, the Company announced the acquisition of six companies, including four signed between April and July 2025, representing annualized cumulative revenue of c. EUR 60 million in 2024. These acquisitions are fully aligned with LEAP I 28 portfolio priorities.

 

 

› Expand Leadership: The Company aims to expand leadership for businesses in existing strongholds with established leadership positions, through a combination of rapid organic scaling and inorganic expansion.

 

 

• In line with its Buildings & Infrastructure (Capex & Opex) portfolio development strategy, in the first quarter of 2025, Bureau Veritas acquired Contec AQS. This Italy-basedcompany provides services in construction, infrastructure, and Health, Safety, & Environment (HSE) domains for public authorities, infrastructure operators, and private manufacturing companies. The company employs c. 190 highly skilled experts and generated revenue of c. EUR 30 million in 2024.

 

 

› Create New Strongholds: The Company aims to accelerate growth in selected markets to create new long-term strongholds, investing early in fast-growing strategic sectors, where the Company has a clear path to market leadership.

 

• To accelerate growth in Cybersecurity, a fast-growing strategic sector, Bureau Veritas signed an agreement to acquire the Institute for Cyber Risk (IFCR) in July 2025. This Denmark-based company provides digital security services for private companies and public organizations. It generated revenue of c. EUR 3 million in 2024. Its 25 employees specialize in governance, risk, and compliance, offensive security, and cybersecurity training.
• In Power & Utilities and Renewables, the Company signed an agreement in July 2025 to acquire Dornier Hinneburg GmbH, expanding its Nuclear services with the addition of expertise in decommissioning nuclear power facilities. This acquisition will also expand its services to include owner’s engineering and radiation protection services, and will develop its geographical reach outside France and the UK. The company generated c. EUR 14 million in revenue in 2024 and employs 108 experts.
• In Sustainability Transition Services, the Company signed an agreement in July 2025 to acquire Ecoplus, a Korean company providing sustainability consulting services to the Consumer Tech sector. With 13 employees and annualized revenue of c. EUR 1 million, the company provides life cycle assessment certification, and environmental regulation consulting.

 

 

› Optimize Value and Impact:The Company aims to optimize value and impact from the remainder of the portfolio by managing its performance in a granular and consistent way.

 

Bureau Veritas has an opportunistic M&A approach for these businesses:

 

 

• For Consumer Product Services (CPS), the Company signed an agreement to acquire Lab System, the largest independent laboratory for toys and hardlines in Brazil, in July 2025. This acquisition contributes to the building of a comprehensive CPS platform in Latin America, developing synergies with existing Bureau Veritas labs in the country. The acquired company employs 149 employees, and generated c. EUR 4 million in revenue in 2024.
• For Metals and Minerals, Bureau Veritas strengthened its position in the copper market and in Chile with the acquisition of GeoAssay in March 2025. The acquired company provides minerals samples analysis to customers across the region. It operates three state-of-the-art laboratories in the country, bringing deep knowledge in robotics, automation, and mining expertise. The acquired company employs 264 technical employees and generated c. EUR 8 million in revenue in 2024.
• The Company announced the divestment of its Food Testing business (EUR 133 million of revenue in 2023) in Q4 2024. As planned, the divestment of the Asia Pacific, Africa, and Latin America (excluding Peru) businesses was completed in the first half of 2025.

 

 

For more information, the press releases are available by clicking here.

 

EXECUTIVE COMMITTEE LEADERSHIP CHANGES TO ACCELERATE THE LEAP | 28 STRATEGY EXECUTION

 

 

To accelerate the execution of LEAP | 28, Bureau Veritas is evolving the structure of its Executive Committee to drive greater organizational alignment, strengthening its geographical platform with scalable Product Line structures, and optimizing its operations to enhance agility and effectiveness:

 

 

› The current six operating geographical regions will be reorganized into four larger regions: Americas, Europe, Asia-Pacific, and Middle East, Caspian, & Africa.
› The Product lines will be managed by three Executive Committee members who will lead: Industrials and Commodities, Urbanization and Assurance, and Consumer Products Services.

 

 

The transition period extends from July 1 to the end of August 2025. Effective September 1^st 2025, the Company Executive Committee will be structured and composed as follows:

 

 

› Regions:

 

 

• Europe: Executive Vice-President > Vincent Bourdil
• Middle East, Caspian, & Africa: Executive Vice-President > Khurram Majeed
• Asia-Pacific: Executive Vice-President > Surachet Tanwongsval
• Americas: Executive Vice-President to be appointed before year end

 

 

› Product Lines:

 

• Industrials and Commodities: Executive Vice-President > Matthieu Gondallier De Tugny
• Urbanization and Assurance: Executive Vice-President > Marc Roussel
• Consumer Products Services: Executive Vice-President > Catherine Chen

 

 

› Business Functions:

 

• Corporate development & sustainability: Executive Vice-President > Juliano Cardoso
• Chief Performance Officer: Executive Vice-President > Laurent Louail
• Chief Digital & Innovation Officer: Executive Vice-President DxT (Digital & Technology) > Philipp Karmires

 

 

› Support Functions:

 

• Chief Financial Officer: Executive Vice-President > François Chabas
• Chief People Officer: Executive Vice-President > Maria Lorente Fraguas
• Legal affairs & Internal Audit: Executive Vice-President > Béatrice Place-Faget

 

 

For more information, the press release is available by clicking here.

 

CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS

 

 

› Corporate Social Responsibility (CSR) key indicators

 

 

	UNITED NATIONS’ SDGS	H1 2024	H1 2025	2028 TARGET
ENVIRONMENT/NATURAL CAPITAL
CO2 emissions (Scopes 1 & 2, 1,000 tons)3	#13	147	131	107
SOCIAL & HUMAN CAPITAL
Total Accident Rate (TAR)4	#3	0.25	0.22	0.23
Gender balance in senior leadership (EC-II)5	#5	28.4%	28.4%	36.0%
Number of learning hours per employee (per year)6	#8	30.6	38.9	40.0
GOVERNANCE
Proportion of employees trained to the Code of Ethics	#16	98.8%	98.5%	99.0%

 

 

› The Company is highly recognized by non-financial rating agencies

 

Recognition bodies	Period	Recognition
Sustainalytics	January 2025	Bureau Veritas included in Sustainalytics' 2025 ESG top-rated companies by region and industry based on its ESG risk rating score.
CDP	February 2025	Bureau Veritas was included in CDP’s prestigious ‘A List’, based on the Company’s climate reporting in 2024.
S&P Global	February 2025	Bureau Veritas achieved a score of 84/100 from S&P Global in their Corporate Sustainability Assessment (CSA) in 2024 and ranks among the Top 5% of companies.
Axylia	May 2025	Axylia awarded Bureau Veritas an A rating and included the Company in the Vérité 40 index.
Time Magazine	June 2025	Bureau Veritas was recognized among the Top 100 Most Sustainable Companies in the World by Time magazine and Statista in their 2025 ranking.
Transparency Awards	July 2025	Bureau Veritas achieved a top-6 position among 135 companies in the Labrador Transparency Awards, which evaluates 360 criteria from four key public information sources.

 

 

2025 OUTLOOK AND 2028 AMBITION

 

› 2025 outlook confirmed

 

 

Based on a robust first half performance, a solid backlog, and strong underlying market fundamentals, and in line with the LEAP | 28 financial ambitions, Bureau Veritas still expects to deliver for the full year 2025:

 

 

› Mid-to-high single-digit organic revenue growth,
› Improvement in adjusted operating margin at constant exchange rates,
› Strong cash flow, with a cash conversion⁷ above 90%.

 

 

› LEAP | 28 ambitions

 

 

On March 20, 2024, Bureau Veritas announced its new strategy, LEAP | 28, with the following ambitions:

 

 

2024-2028
GROWTH CAGR	High single-digit total revenue growth8
With:	Organic: mid-to-high single-digit
And:	M&A acceleration and portfolio high-grading
MARGIN	Consistent adjusted operating margin improvement8
EPS CAGR8 + DIVIDEND YIELD	Double-digit returns
CASH	Strong cash conversion7: above 90%

 

 

Over the period 2024-2028, the use of Free Cash Flow generated from the Company’s operations will be balanced between Capital Expenditure (Capex), Mergers & Acquisitions (M&A), and shareholder returns (dividends):

 

ASSUMPTIONS
CAPEX	Around 2.5%-3.0% of Company revenue
M&A	M&A acceleration
DIVIDEND	Pay-out of 65% of Adjusted Net Profit
NET LEVERAGE	Between 1.0x-2.0x by 2028

 

 

ANALYSIS OF THE COMPANY'S RESULTS AND FINANCIAL POSITION

 

› Revenue up 5.7% year-on-year (up 6.7% on an organic basis)

 

 

› Total revenue: in the first half of 2025, Bureau Veritas reported total revenue of EUR 3,192.5 million, marking a 5.7% increase compared to 2024.

 

 

› Organic growth: organic revenue growth was 6.7% compared to first-half 2024, with a 6.2% increase in the second quarter of 2025. This growth was driven by solid underlying trends across most businesses and geographies.

 

 

› Geographical breakdown:

 

 

• Americas (25% of revenue): the Americas region delivered steady growth, with a 5.7% organic increase. This performance was marked by strong momentum in datacenters and energy sectors in North America and strong activity levels in Latin America.
• Europe (35% of revenue): Europe delivered organic growth of 2.9%. This growth was primarily driven by high activity levels in the Southern and Eastern parts of the continent.
• Asia-Pacific (29% of revenue): the Asia-Pacific region grew 7.6% organically and benefited from mid-single-digit growth in China and double-digit growth in Southeast and Southern Asia.
• Middle East & Africa (11% of revenue): activity was very strong in the Middle East & Africa region, with a 20.8% organic increase. This growth was supported by urbanization programs and energy projects in the Middle East.

 

 

› Positive scope effect: the scope effect was a positive 1.3% contribution to the total growth. This was driven by bolt-on acquisitions completed in the past few quarters, contributing a positive 3.2% impact, partly offset by the impact of divestments completed over the last twelve months, including the Food Testing business, contributing to a negative (1.9)% impact.

 

› Negative currency impact: currency fluctuations had a negative impact of (2.3)%, with a higher negative impact of (4.2)% in the second quarter. This is due to the strength of the euro against most currencies.

 

 

› Adjusted operating profit up 8.8% to EUR 491.5 million (organic margin up 104 bps)

 

 

Half-year adjusted operating profit increased by 8.8% to EUR 491.5 million and increased by 55 basis points at constant currency.

 

 

CHANGE IN ADJUSTED OPERATING MARGIN
	ADJUSTED OPERATING PROFIT IN €M	ADJUSTED OPERATING MARGIN IN PERCENTAGE AND BASIS POINTS
H1 2024 adjusted operating profit / margin	451.9	15.0%
Organic change	62.2	+104bps
Organic adjusted operating profit / margin	514.1	16.0%
Scope	(8.1)	(49)bps
Adjusted operating profit / margin at constant currency	506.0	15.5%
Currency	(14.5)	(11)bps
H1 2025 adjusted operating profit / margin	491.5	15.4%

 

 

This represents an adjusted operating margin of 15.4%, up 44 basis points compared to half-year 2024:

 

› The organic adjusted operating margin increased by 104 basis points year-on-year to 16.0%, from higher operating leverage, and from H2 2024 restructuring and active performance management. By division, Agri-Food & Commodities, Buildings & Infrastructure, Industry, and Consumer Product Services had higher margins which offset lower margins in Certification and Marine & Offshore.
› Scope had a negative impact of (49) basis points, reflecting investments in the recently acquired companies that are scaling up their businesses outside their domestic markets.
› Foreign exchange trends had a negative impact of (11) basis points on the Company’s margin due to the strength of the euro against other currencies (primarily skewed to Q2).

 

 

Other adjustment items represented a net income of EUR 21.6 million versus a EUR 63.4 million expense in the first half of 2024, mainly driven by a EUR 64.9 million in net gains on disposals and acquisitions (net loss of EUR 32.8 million in H1 2024), linked to the divestment of the Food Testing business which was completed in the first half of 2025. Other details are available in Appendix 6.

 

 

Operating profit totaled EUR 513.1 million, up 32.1% compared to EUR 388.5 million in the first half of 2024.

 

 

› Adjusted EPS of EUR 0.65, up 2.4% year on year and 6.4% at constant currency

 

 

Net financial expense amounted to EUR 56.0 million in the first half of 2025, compared to EUR 25.6 million in the same period one year earlier. The difference in net finance costs is mainly attributable to the decrease in income from cash and cash equivalents.

 

 

In the first half, the Company recorded higher unfavorable exchange rate effects compared to the previous year, with a loss of EUR 15.8 million (compared to a gain of EUR 8.5 million in H1 2024).

 

 

Other items (including interest costs on pension plans and other financial expenses) stood at a negative EUR 10.2 million, from a negative EUR 14.3 million in H1 2024.

 

 

Consolidated income tax expense stood at EUR 119.0 million in the first half of 2025, including the impact of the exceptional contribution on large companies' profits in France, where the portion based on 2024 tax is fully recognized as of June 30, 2025, compared to EUR 115.9 million in the first half of 2024.

 

 

This represents an effective tax rate (ETR- income tax expense divided by profit before tax) of 26.1% for the period, versus 32.0% in H1 2024. The change observed is mainly due to the divestment of Food Testing activities, which benefits from lower taxation.

 

 

The adjusted effective tax rate increased by 20 basis points compared to 2024, to 29.2%. It corresponds to the effective tax rate adjusted for the tax effect of adjustment items.

 

 

Attributable net profit for the period was EUR 322.3 million, versus EUR 234.3 million in H1 2024. Earnings per share (EPS) were EUR 0.72, compared to EUR 0.52 in H1 2024.

 

 

Adjusted attributable net profit totaled EUR 292.4 million in the first half of 2025, up 1.4% versus EUR 288.3 million in H1 2024. Adjusted EPS stood at EUR 0.65 in H1 2025, and a 2.4% increase versus H1 2024 (EUR 0.64 per share) and of a 6.4% increase based on constant currencies.

 

 

› Free Cash Flow of EUR 168.0 million (-11.5% year-on-year, +3.5% organically)

 

 

The half-year 2025 operating cash flow was broadly stable at EUR 261.9 million versus EUR 262.4 million in H1 2024. This is due to a working capital requirement outflow of EUR 193.7 million, compared to a EUR 168.1 million outflow in the previous year.

 

 

The working capital requirement (WCR) stood at EUR 439.0 million as of June 30, 2025, compared to EUR 540.6 million as of June 30, 2024. As a percentage of revenue, WCR decreased by 220 basis points to a low of 6.8%, compared to 9.0% at the end of H1 2024. This showed the continued strong focus of the entire organization on cash metrics.

 

 

Purchases of property, plant, and equipment and intangible assets, net of disposals (net Capex), amounted to EUR 65.0 million in H1 2025, up 8.5% compared to the H1 2024 figure of EUR 59.9 million. This showed strict control, with the Company’s net capex-to-revenue ratio reaching 2.0%, stable compared to H1 2024.

 

 

Free cash flow (operating cash flow after tax, interest expenses and net Capex) was at EUR 168.0 million, down 11.5% year-on-year, compared to a record level of EUR 189.9 million in H1 2024. This reflected the one-off impacts linked to the divestment of the Food Testing business, including the income tax cash out on the profit gain. On an organic basis, free cash flow increased by 3.5% year-on-year.

 

 

CHANGE IN FREE CASH FLOW
IN EUR MILLION
Free cash flow for the period ending on June 30, 2024	189.9
Organic change	6.7
Organic free cash flow	196.6
Scope	(22.2)
Free cash flow at constant currency	174.4
Currency	(6.4)
Free cash flow for the period ending on June 30, 2025	168.0