Bureau Veritas Overview
Bureau Veritas is one of the world's three largest independent testing, inspection and certification groups, with EUR 6.47 billion of revenue in 2025 and close to two centuries of history in marine classification. It sells "trust" services: third-party verification that assets, products, buildings, supply chains and management systems meet regulatory, contractual and voluntary standards. Under the LEAP | 28 strategy launched in March 2024, management is turning a broad, partly commoditized portfolio into a "focused multi-specialist". About 21% of revenue has been rotated out of lower-growth activities such as food testing, oil and coal testing and government services, and into mission-critical assets (data centers and semiconductor fabs), infrastructure, power and renewables, nuclear, cybersecurity and sustainability assurance. The business is now organized in four divisions and ten product lines. It earns a 16%+ adjusted operating margin and converts more than 100% of adjusted operating profit to cash. Its targets are double-digit total revenue growth in 2027–2028 and EUR 1 billion of AI-linked revenue by 2030.
The decline in 2025 reflects disposals, notably Food testing, more than any reduction in the underlying business.
What the company does
Bureau Veritas delivers conformity-assessment services across the life cycle of physical assets, products and organizations:
Inspection: on-site verification of equipment, structures, vessels, construction works, plants and commodities against codes, standards or contracts. Examples are periodic inspection of pressure equipment, lifts and electrical installations; construction-site supervision; and cargo inspection.
Laboratory testing: physical, chemical, electrical, wireless and mechanical testing of products and materials, such as consumer goods, electrical and electronic devices, metals and minerals samples, and textiles.
Certification: accredited audits of management systems (ISO 9001, ISO 14001, ISO 45001, ISO 27001 and others), products and services, with recurring surveillance audits within multi-year certification cycles.
Classification: rule-setting and survey of ships and offshore units by Bureau Veritas Marine & Offshore, one of the major classification societies.
Technical assistance, commissioning and advisory: owner's engineering, technical due diligence, commissioning of mission-critical facilities, Building Information Modeling (BIM), life cycle assessment and ESG verification.
The company's own description
In its corporate boilerplate, Bureau Veritas describes itself as a world leader in inspection, certification and laboratory testing services. It states its purpose as "to shape a world of trust by ensuring responsible progress" and its vision as being "the preferred partner for customers' excellence and sustainability". Its technical experts support clients on quality, health and safety, environmental protection and sustainability. At the September 2026 Capital Markets Day, management restated the identity as a "focused multi-specialist company" built on a "Product Line-centric operating model".
Independent characterization
Bureau Veritas is a labor-intensive, asset-light professional services business. More than four-fifths of its cost base is people. Capex is c.2.1–2.2% of revenue, against a LEAP | 28 planning assumption of c.2.5–3.0%. The model has four structural features:
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Regulatory pull. A large share of demand is mandated by law, insurance or contracts. Examples are periodic inspection of regulated equipment, building-control approvals, ship classification required by flag states and insurers, and market-access certification for electrical and electronic products. This gives the business a resilient, recurring "opex" core.
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Capex-cycle exposure. Construction supervision, commissioning, new-build ship classification and energy project services follow client investment cycles. These are currently strong in data centers, power networks, LNG and newbuild shipping.
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Accreditation moats. Operating permits, notified-body status, classification recognitions and accreditations are country-specific and slow to obtain. This creates barriers to entry and favors global scale players.
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Fragmented market. The TIC market was valued at more than USD 230 billion in 2025 by MarketsandMarkets, as cited by Bloomberg. It is highly fragmented, with in-house testing still a large share. The leaders grow by bolt-on M&A.
Revenue model
| Revenue type | Characteristics | Approximate weight |
|---|---|---|
| Services (inspection, testing, certification, classification, technical assistance) | Fee per inspection, test, audit or survey; time-and-materials day rates; fixed-fee project contracts; framework agreements | Essentially 100% of revenue |
| Recurring and contracted elements | Annual class maintenance fees and surveys; certification surveillance and re-certification over 3-year cycles; periodic regulatory inspection; multi-year framework contracts | Not quantified by the company; the opex-related share is described as the resilient core of B&I, Industry and Certification |
| Products / licensing / subscriptions | Marginal (software tools and digital platforms support service delivery rather than being sold as standalone products) | Not material |
- Services (inspection, testing, certification, classification, technical assistance) — Characteristics: Fee per inspection, test, audit or survey; time-and-materials day rates; fixed-fee project contracts; framework agreements; Approximate weight: Essentially 100% of revenue
Recurring and contracted elements: Characteristics: Annual class maintenance fees and surveys; certification surveillance and re-certification over 3-year cycles; periodic regulatory inspection; multi-year framework contracts; Approximate weight: Not quantified by the company; the opex-related share is described as the resilient core of B&I, Industry and Certification
Products / licensing / subscriptions: Characteristics: Marginal (software tools and digital platforms support service delivery rather than being sold as standalone products); Approximate weight: Not material
Value-chain position
Bureau Veritas sits between asset owners, manufacturers and brands on one side and regulators, insurers, financiers and end consumers on the other. It acts as an independent third party. Independence from design, construction and production is central to its value proposition and is a regulatory condition for many accreditations.
Customer types and end-markets
Customer types: industrial and energy companies, utilities, shipowners and shipyards, construction groups, real-estate and infrastructure owners, hyperscalers and data-center developers, semiconductor manufacturers, retailers and consumer brands, electronics and automotive OEMs, mining companies and commodity traders, public authorities, and organizations of all sizes seeking management-system certification.
End-markets (2026e revenue mix by new division): Industrials & Commodities c.37% (energy, process industries, power, nuclear, renewables, metals and minerals, agriculture, marine); Buildings & Infrastructure c.36% (commercial and public buildings, mission-critical assets, transport and utility infrastructure); Product Testing & Services c.17% (consumer goods, technology, industrial product certification); Business Assurance c.10% (certification, cybersecurity and digital assurance).
Strategy
LEAP | 28: strategic architecture
LEAP | 28 was launched at the March 20, 2024 Capital Markets Day. It aims to "deliver a step change in growth and performance, with sustainability at its core". It rests on three pillars:
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Focused portfolio. Rotate the portfolio through three streams: Expand Leadership (B&I, M&O, Industry, Certification), Create New Strongholds (power and renewables, nuclear, cybersecurity, sustainability, mission-critical assets) and Optimize Value & Impact in mature businesses (consumer products, metals and minerals, commodities).
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Performance-led execution. Group-wide programs on pricing, operational excellence, functional scalability, sales effectiveness and digital tools.
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Evolved people model. "Expert First" capability programs, including the Sustainability Graduate Program (completed), a digital-assurance program (next) and AI upskilling.
Delivery to date (Capital Markets Day, September 22, 2026)
| Indicator | Achievement |
|---|---|
| Organic revenue growth 2023–2026e | 7–8% a year (ex-currency) |
| Adjusted operating margin | +115 bps over 2024–2026e, based on 2026 consensus |
| Portfolio rotation | c.21%, or EUR 1.2 billion of revenue acquired, sold or being exited |
| Acquisitions | 24 deals, c.EUR 413 million of annualized revenue |
| Divestments and exits | c.EUR 837 million of annualized revenue |
| Share of "Expand Leadership" plus "New Strongholds" | c.68% of revenue (FY2026e), up from 55% |
| Sustainability-linked revenue | c.8% (H1 2026), up from c.5% (2023); target c.15% by 2028 |
| Margin from performance programs | 110 bps delivered; full ambition up to 180 bps, of which half is reinvested |
| Organization | From 6 reporting lines and 21 sub-segments to 4 divisions and 10 product lines |
Organic revenue growth 2023–2026e: Achievement: 7–8% a year (ex-currency)
Adjusted operating margin: Achievement: +115 bps over 2024–2026e, based on 2026 consensus
Portfolio rotation: Achievement: c.21%, or EUR 1.2 billion of revenue acquired, sold or being exited
Acquisitions: Achievement: 24 deals, c.EUR 413 million of annualized revenue
Divestments and exits: Achievement: c.EUR 837 million of annualized revenue
Share of "Expand Leadership" plus "New Strongholds": Achievement: c.68% of revenue (FY2026e), up from 55%
Sustainability-linked revenue: Achievement: c.8% (H1 2026), up from c.5% (2023); target c.15% by 2028
Margin from performance programs: Achievement: 110 bps delivered; full ambition up to 180 bps, of which half is reinvested
Organization: Achievement: From 6 reporting lines and 21 sub-segments to 4 divisions and 10 product lines
Medium-term financial framework
| Metric | LEAP 28 ambition (2024–2028) |
|---|---|
| Organic revenue growth | Mid-to-high single digit a year at constant currency (confirmed) |
| Total revenue growth | High-single-digit CAGR, raised to double-digit for 2027–2028 |
| Adjusted operating margin | Consistent improvement |
| Cash conversion | Above 90% |
| Shareholder returns | Double-digit, from EPS CAGR plus dividend yield |
| ROIC | Above 20% by 2028 |
| Leverage | 1.5x–2.0x net debt/EBITDA by 2028 (narrowed from 1.0x–2.0x) |
| Capex | c.2.5%–3.0% of revenue |
| Dividend | 65% payout of adjusted net profit |
| M&A | Bolt-on and mid-sized strategic deals, accelerating in 2027–2028 |
Organic revenue growth: LEAP 28 ambition (2024–2028): Mid-to-high single digit a year at constant currency (confirmed)
Total revenue growth: LEAP 28 ambition (2024–2028): High-single-digit CAGR, raised to double-digit for 2027–2028
Adjusted operating margin: LEAP 28 ambition (2024–2028): Consistent improvement
Cash conversion: LEAP 28 ambition (2024–2028): Above 90%
Shareholder returns: LEAP 28 ambition (2024–2028): Double-digit, from EPS CAGR plus dividend yield
ROIC: LEAP 28 ambition (2024–2028): Above 20% by 2028
Leverage: LEAP 28 ambition (2024–2028): 1.5x–2.0x net debt/EBITDA by 2028 (narrowed from 1.0x–2.0x)
Capex: LEAP 28 ambition (2024–2028): c.2.5%–3.0% of revenue
Dividend: LEAP 28 ambition (2024–2028): 65% payout of adjusted net profit
M&A: LEAP 28 ambition (2024–2028): Bolt-on and mid-sized strategic deals, accelerating in 2027–2028
2026 guidance (confirmed October 21, 2026), on the perimeter excluding exit businesses: mid-to-high single-digit organic revenue growth; improvement in adjusted operating margin at constant currency; strong cash flow.
Initiatives announced in the last 24 months
| Initiative | Date | Description / target |
|---|---|---|
| AI ambition | September 2026 | EUR 1 billion of revenue from AI-driven markets and services by 2030 (from c.EUR 370 million at end-2026, including LotusWorks): c.EUR 800 million from data centers, semiconductor fabs, new power systems and other mission-critical assets, and c.EUR 200 million from AI assurance, cybersecurity and data-integrity services |
| AI in operations | 2025–2026 | A single company-wide AI framework already used in certification and inspection workflows; automation of low-value tasks, planning and support for experts |
| Mission-critical platform | April–July 2026 | LotusWorks acquisition creates a c.EUR 300 million data-center and semiconductor commissioning and QA/QC platform |
| Responsible AI audit | April 2026 | EU AI Act assessment offering with AWS |
| Exit Government Services | April 2026 onward | Whole sub-segment (c.EUR 185 million revenue) to be exited during 2026 |
| BVF divestment | June 2026 | Sale of oil, petrochemicals and coal testing to Triton (EV EUR 470 million); expected to improve organic growth, margin and ROCE, with a broadly neutral earnings effect after closing |
| Operating-model redesign | June–September 2025 | Product-line-centric Executive Committee; Chief Performance Officer role |
| Reporting simplification | July 2026 | Four divisions and ten product lines |
| Shareholder returns | 2024, 2025, 2026 | Three successive EUR 200 million buybacks |
| Climate | 2023; Q3 2026 | Near-term targets approved by SBTi in 2023; enhanced Scope 3 method and 2030 targets validated in Q3 2026 |
| Refinancing | 2024–2026 | EUR 2.9 billion of bonds issued (2031–2036 maturities); most maturities now beyond 2031 at fixed rates |
AI ambition: Date: September 2026; Description / target: EUR 1 billion of revenue from AI-driven markets and services by 2030 (from c.EUR 370 million at end-2026, including LotusWorks): c.EUR 800 million from data centers, semiconductor fabs, new power systems and other mission-critical assets, and c.EUR 200 million from AI assurance, cybersecurity and data-integrity services
AI in operations: Date: 2025–2026; Description / target: A single company-wide AI framework already used in certification and inspection workflows; automation of low-value tasks, planning and support for experts
Mission-critical platform: Date: April–July 2026; Description / target: LotusWorks acquisition creates a c.EUR 300 million data-center and semiconductor commissioning and QA/QC platform
Responsible AI audit: Date: April 2026; Description / target: EU AI Act assessment offering with AWS
Exit Government Services: Date: April 2026 onward; Description / target: Whole sub-segment (c.EUR 185 million revenue) to be exited during 2026
BVF divestment: Date: June 2026; Description / target: Sale of oil, petrochemicals and coal testing to Triton (EV EUR 470 million); expected to improve organic growth, margin and ROCE, with a broadly neutral earnings effect after closing
Operating-model redesign: Date: June–September 2025; Description / target: Product-line-centric Executive Committee; Chief Performance Officer role
Reporting simplification: Date: July 2026; Description / target: Four divisions and ten product lines
Shareholder returns: Date: 2024, 2025, 2026; Description / target: Three successive EUR 200 million buybacks
Climate: Date: 2023; Q3 2026; Description / target: Near-term targets approved by SBTi in 2023; enhanced Scope 3 method and 2030 targets validated in Q3 2026
Refinancing: Date: 2024–2026; Description / target: EUR 2.9 billion of bonds issued (2031–2036 maturities); most maturities now beyond 2031 at fixed rates
Products & Services
Industrials & Commodities
| Offering | Description and capabilities | Target customers | Notes / flagship elements |
|---|---|---|---|
| Energy & Industrial Assets: Oil & Gas capex | Vendor inspection and expediting, construction supervision, QA/QC, conformity assessment for upstream, midstream, LNG and downstream projects | IOCs, NOCs, EPC contractors | Grew at double digits in Q3 2026 |
| Energy & Industrial Assets: Opex / asset integrity | Risk-based inspection, non-destructive testing, regulatory in-service inspection of pressure equipment, tanks and pipelines | Refiners, chemical plants, utilities | Opex work in the Middle East and Latin America was delayed in H1 2026 |
| Power & Utilities / Renewables | Owner's engineering, technical due diligence, wind and solar resource assessment, battery storage, grid assets | Developers, lenders, utilities | Built through acquisitions: ArcVera Renewables (US, 2024) and Sólida (Spain, 2025) |
| Nuclear services | Inspection, conformity assessment and decommissioning expertise | Nuclear operators, decommissioning programs | Dornier Hinneburg GmbH (Germany, 2025) added decommissioning capability |
| Commodities: Metals & Minerals | Sample preparation, assay laboratories, robotic and automated analysis (notably copper), inspection | Miners, explorers, traders | GeoAssay (Chile, 2025) added fully automated laboratories; led Commodities to high-single-digit growth in Q3 2026 |
| Commodities: Agri-commodities | Inspection, sampling and testing of grains, oilseeds and soft commodities | Traders, processors | Retained after the Food testing sale |
| Marine & Offshore: Classification | Rule development, design review, newbuild and in-service class surveys for ships and offshore units | Shipowners, shipyards, offshore operators | Record order backlog of 36.3 million gross tons (+13.4% year on year) at Q3 2026 |
| Marine & Offshore: Decarbonization and digital | Approval of alternative-fuel and propulsion technologies, digital class tools | Shipowners, engine makers | Five-year strategic framework with Everllence (September 2026); non-core consulting services being exited |
Buildings & Infrastructure
| Offering | Description and capabilities | Target customers | Notes / flagship elements |
|---|---|---|---|
| Buildings: Capex | Technical control, construction supervision, building-code compliance, project management assistance | Developers, contractors, public owners | High-single-digit organic growth in Q3 2026; the Middle East was affected by conflict |
| Buildings: Opex / in-service | Periodic regulatory inspection (lifts, electrical, fire safety, HVAC), asset condition assessment, health and safety audits | Property owners, facility managers | Resilient recurring core |
| Building control approvals | Statutory building-control services | UK developers | London Building Control (2025, c.EUR 14 million revenue) |
| BIM and digital twins | Building Information Modeling, digital twin services | Owners, contractors | IDP Group (Spain, 2024) became a Global Technical Center for BIM and digital services |
| Mission Critical Assets | Commissioning, validation, QA/QC, calibration, maintenance support and construction management for data centers and semiconductor fabs | Hyperscalers, colocation providers, chipmakers | Over 40% organic growth in Q3 2026; LotusWorks (EUR 131 million revenue in 2025, 750 staff, US and Europe) closed July 2026; the combined platform is c.15% of the division |
| Infrastructure | Supervision and inspection of transport, energy-network and water infrastructure; HSE services | Governments, infrastructure operators | Contec AQS (Italy, c.EUR 30 million) and The APP Group (Australia, EUR 87 million in 2023 revenue, 500+ staff) |
Business Assurance
| Offering | Description and capabilities | Target customers | Notes / flagship elements |
|---|---|---|---|
| Management-system certification | Accredited audits for quality, environment, health and safety, energy, information security and food safety standards | Enterprises of all sizes | Recurring three-year cycles; growth slowed to 1.9% organic in H1 2026 because of execution issues in mature markets |
| Sustainability assurance | ESG report assurance, carbon footprint verification, green and climate bond verification, CBAM | Corporates, issuers | Climate Bonds Approved Verifier status expanded in 2026; global CBAM accreditation secured in Q3 2026; sustainability-linked revenue c.8% of group revenue in H1 2026 |
| Supply-chain assurance | Social and ethical audits, supplier assessments | Brands, retailers | EcoVadis Accredited Consultant Partner |
| Digital Assurance: Cybersecurity | Penetration testing, offensive security, product cybersecurity evaluation | Corporates, device makers | Bureau Veritas Cybersecurity (formerly Secura); The Institute for Cyber Risk (Denmark, 2025) |
| Digital Assurance: AI assurance | Independent AI systems audit against the EU AI Act across eight pillars (security, robustness, data privacy, governance, fairness, explainability, controllability, transparency) | Large and mid-sized European enterprises | Launched April 2026 with AWS, using AWS AI Risk Intelligence (AIRI); audit cycles cut from weeks to days |
Product Testing & Services
| Offering | Description and capabilities | Target customers | Notes / flagship elements |
|---|---|---|---|
| Consumer: Softlines and hardlines | Chemical, physical and safety testing of textiles, footwear, toys, furniture and household goods; inspections and factory audits | Retailers, brands, sourcing companies | Mid-single-digit organic growth in Q3 2026 |
| Consumer: Luxury and fashion | Quality control of leather goods and footwear; life cycle assessment and sustainability advisory | Premium fashion and luxury houses | LBS Luxury Brands Services (Italy, 2024); SPIN360 (Italy, 2026, c.EUR 4 million revenue) |
| Technology Services | Electrical and electronic safety, EMC, wireless and connectivity, IoT interoperability, product cybersecurity and smart-device testing | Electronics OEMs, telecom and semiconductor ecosystem | Double-digit organic growth in Q3 2026, helped by AI-enabled device renewals; Kostec (Korea, 2024) and IPS Corporation (Japan, 2026); member of the Connectivity Standards Alliance |
| Industrial Product Certification | Product conformity assessment and market-access certification | Industrial manufacturers | High-single-digit organic growth in Q3 2026; ANCE (Mexico, electrical and electronic products, c.EUR 21 million) acquired in 2024 |
Activities planned for exit
| Offering | Status |
|---|---|
| Oil & Petrochemicals and Coal testing and inspection (BVF): c.EUR 450 million revenue in 2025, 320 sites in 45 countries, 7,400 professionals, 8,000+ clients | Sale to Triton Fund 6 at EV EUR 470 million; closing expected by end of Q1 2027 |
| Government Services: c.EUR 185 million revenue in 2025, covering conformity-of-goods and pre-shipment verification programs for governments | Exit of the whole sub-segment under way through 2026; for example, the Algeria verification program stopped accepting applications from October 1, 2026 |
Pricing. The company does not publish price lists. Pricing is negotiated per inspection, test, audit day or project. Classification relies on fee schedules plus survey fees. Management credits pricing-enhancement tools, deployed since 2024, as one source of margin gains.
Financial Narrative
Source: annual results releases for FY2021–FY2025. Bureau Veritas presents its income statement by nature of expense, so it does not report gross profit.
Income statement
Organic growth for 2021 (c.9%) is taken from the company's 2021 communication. All other figures come from the respective results releases.
Margins
Revenue CAGR from FY2021 to FY2025 was 6.7% reported. Adjusted operating profit grew at a 7.0% CAGR and adjusted EPS at a 7.3% CAGR. At constant currency, adjusted EPS grew 17.4% in 2023, 17.0% in 2024 and 9.2% in 2025.
Below-the-line detail (EUR M)
Commentary. The five-year record shows steady mid-to-high single-digit organic growth, between 6.5% and 10.2% a year. Currency was a persistent headwind: in 2023 reported growth was 3.8% against 9.1% at constant currency. The adjusted operating margin stayed at about 16% from 2021 to 2024. It then rose to 16.3% in 2025, up 51 basis points at constant currency, as LEAP | 28 performance programs and portfolio mix began to pay off.
The gap between adjusted and IFRS operating profit has narrowed, from EUR 83 million in 2021 to EUR 60.5 million in 2025. That gap is mainly amortization of acquired intangibles, restructuring and disposal results. It is a sign of improving earnings quality.
Net financial expense rose sharply in 2025, from EUR 69.6 million to EUR 116.0 million. The causes were the 2024–2025 refinancing at higher coupons (3.1%–3.5% against 1.1%–2.0% on the bonds they replaced), lower interest income and currency effects. As a result, adjusted net profit grew only 1.7% in 2025 despite 5.7% growth in adjusted operating profit.
Half-year bridge into 2026
H1 2025 IFRS operating profit included the gain on the Food testing disposal. H1 2026 operating profit includes a EUR 32.0 million provision for Government Services risks and costs linked to the exit businesses. The effective tax rate rose to 32.7% in H1 2026 from 26.1%.
Balance sheet
Gross debt and liquidity (EUR M)
Working capital (EUR M)
FY2025 current assets were EUR 3,363 million. The company's operating working-capital requirement was 6.0% of revenue at end-2022. The fall in accounting working capital in 2024 reflects bonds moving into current liabilities as they approached maturity (January 2025) ahead of refinancing.
Bureau Veritas's balance sheet is goodwill-heavy. Goodwill was about 32% of total assets at end-2025, against equity of only EUR 1.75 billion. Equity is low because of a long record of distributions and buybacks. Equity fell in 2025 to EUR 1.75 billion from EUR 2.04 billion. The drivers were EUR 430 million of dividends, the EUR 200 million buyback and negative currency translation, which outweighed net profit of EUR 609.5 million. At June 30, 2026, adjusted net debt was EUR 1,688.6 million (1.45x EBITDA), reflecting the earlier dividend payment (May 2026 against July 2025). Net debt was broadly unchanged at September 30, 2026, before any cash from the BVF disposal.
Cash flow
Capex and shareholder returns (EUR M)
Cash conversion since 2024 is defined as (net cash from operating activities − lease payments + corporate tax) / adjusted operating profit. Dividends paid in cash in 2025 totaled EUR 430.0 million. The EUR 200 million buyback in 2024 was executed partly within Wendel's April placement and partly on market. The 2025 buyback was executed in May–June 2025: about 6.7 million shares, or c.1.5% of the capital. A third EUR 200 million program was launched in February 2026; by October 19, 2026, 2.5 million shares had been repurchased for EUR 68 million.
Commentary. Free cash flow stepped up in 2024 by 27.9%, to a record EUR 843.3 million, helped by working-capital discipline and lower tax payments. It held at a similar level in 2025, with conversion of 107%. Capex intensity of about 2.2% of revenue is below the LEAP | 28 planning range of 2.5–3.0%, which leaves room for laboratory investment.
Ratios
Interest coverage
In 2023 the company reported EBITDA cover of net financial expense of 44.3x, which shows how far coverage has fallen as cheap debt was refinanced. Bureau Veritas sets a ROIC target of "above 20%" by 2028 under its own definition. The cash conversion cycle (receivable and payable days) is not reported as a headline indicator. The working-capital requirement was 6.0% of revenue at end-2022, and the company reported 8.8% of revenue on a rolling basis at mid-2023.
Trend synthesis. Returns on equity are very high and rising: 34% on year-end equity in 2025. This reflects a small equity base after decades of distributions more than unusual profitability. ROA and asset turnover have improved steadily, which is consistent with portfolio rotation toward asset-light services. Leverage remains conservative at 1.1–1.45x. The new LEAP | 28 range of 1.5–2.0x by 2028 signals that management intends to use the balance sheet more actively for M&A.
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Division Overview
| Division | Product lines (share of division, Q3 2026) | Content |
|---|---|---|
Industrials & Commodities (c.37% of 2026e revenue) | Energy & Industrial Assets (51%); Commodities (24%); Marine & Offshore (25%) | Asset integrity, inspection and technical assistance for oil and gas capex and opex, power, nuclear, renewables and process industries; metals and minerals and agri-commodities inspection and laboratories; ship and offshore classification and marine services |
Buildings & Infrastructure (c.36%) | Buildings (82%, including Mission Critical Assets); Infrastructure (18%) | Construction supervision, building control, technical due diligence, in-service inspection, BIM, project and construction management; commissioning and QA/QC for data centers and semiconductor fabs; transport and utility infrastructure |
Business Assurance (c.10%) | Certification Solutions (92%); Digital Assurance (8%) | Accredited management-system and sustainability certification, CBAM verification, ESG and green-bond verification; cybersecurity testing and AI assurance |
Product Testing & Services (c.17%) | Consumer (54%); Technology Services (24%); Industrial Product Certification (22%) | Softlines, hardlines, toys, cosmetics and luxury testing and audits; electrical and electronic, wireless, EMC, connectivity and cybersecurity device testing; product conformity certification for market access |
Segment Revenue
| Business | FY2024 | FY2025 |
|---|---|---|
Marine & Offshore | 504.2 | 557.9 |
Agri-Food & Commodities | 1,264.2 | 1,163.7 |
Industry | 1,319.3 | 1,372.8 |
Buildings & Infrastructure | 1,828.9 | 1,997.9 |
Certification | 527.3 | 571.7 |
Consumer Products Services | 797.0 | 802.4 |
Group total | 6,240.9 | 6,466.4 |
Segment Revenue — Marine & Offshore
| Business | FY2024 | FY2025 |
|---|---|---|
Marine & Offshore | 118.2 | 130.8 |
Agri-Food & Commodities | 176.0 | 175.6 |
Industry | 189.6 | 190.2 |
Buildings & Infrastructure | 234.7 | 272.7 |
Certification | 103.4 | 104.3 |
Consumer Products Services | 174.3 | 179.3 |
Group total | 996.2 | 1,052.9 |
Segment Revenue (2)
| Business | FY2024 | FY2025 |
|---|---|---|
Marine & Offshore | 23.4 | 23.4 |
Agri-Food & Commodities | 13.9 | 15.1 |
Industry | 14.4 | 13.9 |
Buildings & Infrastructure | 12.8 | 13.6 |
Certification | 19.6 | 18.2 |
Consumer Products Services | 21.9 | 22.4 |
Group | 16.0 | 16.3 |
Segment Revenue (Organic growth 2025 (%)–Share of 2025 revenue (%))
| Business | Organic growth 2025 (%) | Reported growth 2025 (%) | Share of 2025 revenue (%) |
|---|---|---|---|
Marine & Offshore | 14.3 | 10.6 | 8.6 |
Agri-Food & Commodities | 3.7 | -8.0 | 18.0 |
Industry | 8.9 | 4.1 | 21.2 |
Buildings & Infrastructure | 5.2 | 9.2 | 30.9 |
Certification | 7.9 | 8.4 | 8.8 |
Consumer Products Services | 3.7 | 0.7 | 12.4 |
Segment Revenue (Half-Yearly)
| Business | Revenue H1 2026 (EUR Mn) | Organic growth (%) | Adj. op. margin H1 2026 (%) | Adj. op. margin H1 2025 (%) |
|---|---|---|---|---|
Marine & Offshore | 293.6 | 8.7 | 26.3 | 23.6 |
Agri-Food & Commodities | 578.1 | 3.3 | 13.3 | 14.3 |
Industry | 675.1 | 1.0 | 12.2 | 13.1 |
Buildings & Infrastructure | 1,026.1 | 8.7 | 13.3 | 12.0 |
Certification | 285.7 | 1.9 | 15.4 | 18.0 |
Consumer Products Services | 399.8 | 5.1 | 22.3 | 21.4 |
Group | 3,258.4 | 5.0 | 15.5 | 15.4 |
Division Overview (Annual)
| Division | FY2025 |
|---|---|
Industrials & Commodities | 2,225.2 |
Buildings & Infrastructure | 1,995.7 |
Business Assurance | 571.7 |
Product Testing & Services | 1,037.7 |
Total continuing perimeter | 5,830.3 |
Segment Revenue (Quarterly)
| Division | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|---|---|
Industrials & Commodities | 553.9 | 562.0 | 543.7 | 565.6 | 532.6 | 577.4 | 591.0 |
Buildings & Infrastructure | 476.2 | 484.6 | 494.3 | 540.6 | 496.2 | 529.9 | 562.3 |
Business Assurance | 134.1 | 149.5 | 131.6 | 156.5 | 133.9 | 151.7 | 137.4 |
Product Testing & Services | 237.1 | 280.2 | 255.6 | 264.8 | 230.8 | 291.6 | 279.0 |
Total | 1,401.3 | 1,476.3 | 1,425.2 | 1,527.5 | 1,393.5 | 1,550.6 | 1,569.7 |
Segment Revenue (Q1 2026–Q3 2026)
| Division | Q1 2026 | Q2 2026 | Q3 2026 | 9M 2026 |
|---|---|---|---|---|
Industrials & Commodities | 3.1 | 3.5 | 5.1 | 3.9 |
Buildings & Infrastructure | 7.3 | 10.2 | 7.9 | 8.5 |
Business Assurance | 2.3 | 1.5 | 3.2 | 2.3 |
Product Testing & Services | 5.1 | 6.1 | 7.0 | 6.1 |
Group | 4.8 | 5.9 | 6.2 | 5.7 |
Segment Revenue (9M 2025–9M 2026)
| Division | 9M 2025 | 9M 2026 |
|---|---|---|
Industrials & Commodities | 1,659.6 | 1,701.0 |
Buildings & Infrastructure | 1,455.1 | 1,588.4 |
Business Assurance | 415.2 | 423.0 |
Product Testing & Services | 772.9 | 801.4 |
Total | 4,302.8 | 4,513.8 |
Segment Revenue (Organic CAGR 2023–2026e (%)–Share of 2026e revenue (%))
| Division | Share of 2026e revenue (%) | Organic CAGR 2023–2026e (%) | Adj. operating margin range (%) |
|---|---|---|---|
Industrials & Commodities | 37 | 9.5 | 15.0–16.0 |
Buildings & Infrastructure | 36 | 6.5 | 13.0–14.0 |
Business Assurance | 10 | 9.0 | 18.0–19.0 |
Product Testing & Services | 17 | 6.5 | 21.0–22.0 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 4,981.1 | 5,650.6 | 5,867.8 | 6,240.9 | 6,466.4 |
Organic revenue growth (%) | 9.0 | 7.8 | 8.5 | 10.2 | 6.5 |
Adjusted operating profit (EUR Mn) | 801.8 | 902.1 | 930.2 | 996.2 | 1,052.9 |
Operating profit, IFRS (EUR Mn) | 718.8 | 799.3 | 824.4 | 933.4 | 992.4 |
Adjusted net profit (EUR Mn) | 480.8 | 533.9 | 574.7 | 620.7 | 631.4 |
Attributable net profit (EUR Mn) | 420.9 | 466.7 | 503.7 | 569.4 | 588.0 |
Adjusted EPS (EUR) | 1.07 | 1.18 | 1.27 | 1.38 | 1.42 |
Basic EPS (EUR) | 0.93 | 1.03 | 1.11 | 1.27 | 1.32 |
Dividend per share (EUR) | 0.53 | 0.77 | 0.83 | 0.90 | 0.92 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Adjusted operating margin (%) | 16.1 | 16.0 | 15.9 | 16.0 | 16.3 |
IFRS operating margin (%) | 14.4 | 14.1 | 14.0 | 15.0 | 15.3 |
Attributable net margin (%) | 8.5 | 8.3 | 8.6 | 9.1 | 9.1 |
Margin Analysis (%) and Per-Share Data
| Metric | FY2024 | FY2025 |
|---|---|---|
Net financial expense | 69.6 | 116.0 |
Profit before income tax | 863.0 | 875.4 |
Income tax expense | 273.8 | 265.9 |
Effective tax rate (%) | 31.7 | 30.4 |
Net profit (incl. minorities) | 589.2 | 609.5 |
Diluted EPS (EUR) | 1.25 | 1.31 |
Income Statement and Margin Analysis (%) (Half-Yearly)
| Metric | H1 2024 | H1 2025 | H1 2026 |
|---|---|---|---|
Revenue (EUR Mn) | 3,021.7 | 3,192.5 | 3,258.4 |
Organic growth (%) | 9.2 | 6.7 | 5.0 |
Adjusted operating profit (EUR Mn) | 451.9 | 491.5 | 506.5 |
Adjusted operating margin (%) | 15.0 | 15.4 | 15.5 |
Operating profit (EUR Mn) | 388.5 | 513.1 | 430.8 |
Attributable net profit (EUR Mn) | 234.3 | 322.3 | 237.9 |
Adjusted EPS (EUR) | 0.64 | 0.65 | 0.68 |
Free cash flow (EUR Mn) | 189.9 | 168.0 | 157.7 |
Balance Sheet and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | 6,752.7 | 7,119.2 | 6,644.4 | 7,194.9 | 7,063.0 |
Goodwill (EUR Mn) | 2,079 | 2,144 | 2,127 | 2,313 | 2,274 |
Total equity incl. minorities (EUR Mn) | 1,707.1 | 1,928.0 | 1,993.8 | 2,035.8 | 1,753.0 |
Equity attributable to owners (EUR Mn) | 1,639 | 1,862 | 1,936 | 1,972 | 1,711 |
Adjusted net financial debt (EUR Mn) | 1,051.4 | 975.3 | 936.2 | 1,226.3 | 1,253.3 |
Adjusted net debt / EBITDA (x) | 1.10 | 0.97 | 0.92 | 1.06 | 1.12 |
Financial Analysis
| Metric | FY2024 | FY2025 |
|---|---|---|
Gross financial debt | 2,430.9 | 2,619.8 |
Cash and cash equivalents | 1,204.2 | 1,366.1 |
Adjusted net financial debt | 1,226.3 | 1,253.3 |
Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
Current assets | 3,294.6 | 3,596.2 | 3,131.0 | 3,373.9 |
Current liabilities | 1,896.0 | 2,379.0 | 1,873.1 | 2,539.4 |
Net working capital (accounting) | 1,398.6 | 1,217.2 | 1,257.9 | 834.5 |
Current ratio (x) | 1.74 | 1.51 | 1.67 | 1.33 |
Cash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (EUR Mn) | 790.7 | 834.9 | 819.7 | 1,004.8 | 1,006.7 |
Free cash flow (EUR Mn) | 603.0 | 657.0 | 659.1 | 843.3 | 824.2 |
Free cash flow / revenue (%) | 12.1 | 11.6 | 11.2 | 13.5 | 12.7 |
Margin Analysis (%) (FY2024–FY2025)
| Metric | FY2024 | FY2025 |
|---|---|---|
Net capex | 139.8 | 141.8 |
Net capex / revenue (%) | 2.2 | 2.2 |
Share buybacks | 200 | 200 |
Cash conversion, company definition (%) | 114 | 107 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, attributable profit / year-end owners' equity (%) | 25.7 | 25.1 | 26.0 | 28.9 | 34.4 |
ROA, attributable profit / year-end total assets (%) | 6.2 | 6.6 | 7.6 | 7.9 | 8.3 |
Asset turnover, revenue / total assets (x) | 0.74 | 0.79 | 0.88 | 0.87 | 0.92 |
Adjusted net debt / total equity (x) | 0.62 | 0.51 | 0.47 | 0.60 | 0.71 |
Adjusted net debt / EBITDA (x) | 1.10 | 0.97 | 0.92 | 1.06 | 1.12 |
Financial Ratios (x) (FY2024–FY2025)
| Ratio | FY2024 | FY2025 |
|---|---|---|
Adjusted operating profit / net financial expense (x) | 14.3 | 9.1 |
Geographic Revenue
| Region | FY2025 share (%) | FY2025 organic growth (%) | H1 2026 share (%) | H1 2026 organic growth (%) |
|---|---|---|---|---|
Europe | 36 | 4.1 | 37 | 4.6 |
Asia-Pacific | 29 | 8.2 | 28 | 7.6 |
Americas | 25 | 4.0 | 25 | 3.4 |
Middle East & Africa | 10 | 16.6 | 10 | 3.5 |
Region Overview
| Region | FY2025 |
|---|---|
Europe | 2,328 |
Asia-Pacific | 1,875 |
Americas | 1,617 |
Middle East & Africa | 647 |
Geographic Revenue (Quarterly)
| Region | Q3 2026 share (%) | Q3 2026 organic growth (%) |
|---|---|---|
Europe | 34 | 2.6 |
Asia-Pacific | 30 | 8.6 |
Americas | 27 | 8.7 |
Africa & Middle East | 9 | 5.6 |
Share Price & Returns
| Date | Close / level | Context |
|---|---|---|
Jul 28, 2025 | 27.30 | One-year change −5.4% |
Aug 26, 2025 | 26.14 | One-year change −10.9% |
Jan 8, 2026 | 27.44 | — |
Feb 3, 2026 | 27.00 | One-year change −10.4% |
Feb 27, 2026 | c.29 | After FY2025 results and buyback |
Apr 21, 2026 | 28.43 | Before the guidance cut (fell c.12% on Apr 22) |
Jun 24, 2026 | 26.29 | — |
Jul 29, 2026 | 30.18 (intraday 52-week high) | +8.6% on H1 results |
Sep 30, 2026 | 26.86 | — |
Oct 21, 2026 | 29.10 | Q3 2026 revenue |
Valuation Snapshot
| Multiple | Value |
|---|---|
P/E on FY2025 adjusted EPS (EUR 1.42) | 20.5x |
P/E on FY2025 IFRS EPS (EUR 1.32) | 22.0x |
P/E on 2026e consensus EPS (c.EUR 1.54) | 18.9x |
EV / FY2025 revenue | 2.3x |
EV / FY2025 adjusted operating profit | 14.2x |
EV / 2026e consensus EBITDA (c.EUR 1.4bn) | c.10.6x |
Price / book (FY2025 owners' equity) | 7.7x |
Dividend yield (FY2025 dividend EUR 0.92) | 3.2% |
Capital Markets
| Indicator | Value |
|---|---|
Median target price (July 2026) | EUR 31.00 |
LSEG median 12-month target (April 2026) | EUR 34.50 |
Recommendation mix (19–20 analysts, mid-2026) | c.73% Buy, c.27% Hold |
2026e consensus revenue | c.EUR 6.8bn |
2026e consensus EBITDA | c.EUR 1.4bn |
2026e consensus net profit | c.EUR 683m |
2026e consensus EPS | c.EUR 1.54 |
Broker | Recommendation |
Goldman Sachs | Buy |
Oddo BHF | Outperform |
Citi | Neutral |
AlphaValue / Baader | Accumulate |
RBC Capital Markets | Underperform |
Per-Share Data and Returns & Leverage Ratios (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (EUR) | 0.53 | 0.77 | 0.83 | 0.90 | 0.92 |
Payout of adjusted net profit (%) | 50 | 65 | 65 | 65 | 65 |
Capital Programmes
| Program | Amount | Execution |
|---|---|---|
| 2,024 | EUR 200m | Completed in Q2 2024 (part through the Wendel placement, c.0.8% of capital; rest on market) |
| 2,025 | EUR 200m | Completed May–June 2025 (c.6.7m shares, c.1.5% of capital) |
| 2,026 | EUR 200m | Announced Feb 25, 2026, to run 12 months; EUR 68m (2.5m shares) repurchased by Oct 19, 2026 |
Debt Maturity Profile
| Maturity | Nominal | Coupon (%) | Note |
|---|---|---|---|
Jan 2027 | 500 | 1.125 | Refinanced by the September 2026 issue |
Nov 2031 | 500 | 3.125 | Issued Nov 2024 |
Oct 2033 | 700 | 3.375 | Issued Oct 2025 |
Sep 2034 | 700 | 4.125 | Issued Sep 2026 |
May 2036 | 500 | 3.5 | Inaugural rated bond, May 2024 |
Analyst Conclusions
Management guidance
2026, continuing perimeter: mid-to-high single-digit organic revenue growth (9M 2026: 5.7%; Q3: 6.2%); adjusted operating margin improvement at constant currency; strong cash flow.
2027–2028: total revenue growth at a double-digit CAGR at constant currency, driven by accelerated M&A; consistent margin improvement; cash conversion above 90%; ROIC above 20% by 2028; leverage of 1.5–2.0x.
2030: EUR 1 billion of revenue from AI-driven markets and services.
Consensus expectations
For 2026, consensus sits at about EUR 6.8 billion of revenue, EUR 1.4 billion of EBITDA, EUR 683 million of net profit and EPS of EUR 1.54. The consensus EPS implies growth of about 8–9% on 2025 adjusted EPS of EUR 1.42.
Bull case
-
The mix shift is real and accelerating. After the BVF and Government Services exits, the continuing perimeter has grown at a c.7–8% organic CAGR, against c.0% for the exit businesses. Mission Critical Assets is growing above 40% and Technology Services at double digits. Q3 2026 organic growth of 6.2%, with B&I at 7.9% and PTS at 7.0%, supports the full-year guidance.
-
Margin expansion has more to run. Removing margin-dilutive activities raises the group margin mechanically. Performance programs have up to 70 bps of untapped potential (180 bps total ambition against 110 bps delivered). Marine & Offshore already earns 26.3% in H1 2026.
-
The balance sheet is underused. Leverage of 1.1–1.45x against a 1.5–2.0x target, plus BVF proceeds, gives capacity for the double-digit total growth plan. The stock trades at about 19x 2026e earnings, a discount to SGS and Intertek, with a 3.2% yield and EUR 200 million a year of buybacks.
Bear case
-
Integrity risk and slower growth in 2026. The Government Services deviations cut 2026 guidance in April and are not yet resolved with the authorities. Organic growth has fallen from 10.2% (2024) to 6.5% (2025) to 5.7% (9M 2026).
-
Execution load. Integrating LotusWorks, running down Government Services, separating BVF and accelerating M&A all at once raises the risk of operational slippage. Certification at 1.9% organic in H1 2026 already shows integration drag.
-
Overhang and financing drag. Wendel's continuing sell-down (prepaid forward sale to 2028), higher financing costs (net financial expense up 67% in 2025) and currency translation keep reported EPS growth below organic progress. Adjusted net profit grew only 1.7% in 2025.
Key catalysts (next 12 months)
| Expected timing | Catalyst | What to monitor |
|---|---|---|
| Ongoing | Execution of the EUR 200m buyback (to February 2027) | Completion pace (one-third done by Oct 19, 2026) |
| Q4 2026 | Completion of the Government Services exit | Further provisions; any outcome with the authorities |
| Feb 25, 2027 | FY2026 results | Delivery of mid-to-high single-digit organic growth and margin improvement at constant currency; 2027 guidance; FY2026 dividend |
| By end-Q1 2027 | Closing of the BVF sale to Triton | Proceeds use; pro forma margin uplift |
| 2,027 | Mid-sized strategic acquisitions | Size, multiples and leverage path toward 1.5–2.0x |
| Apr 22, 2027 | Q1 2027 revenue | Mission Critical Assets momentum; recovery in Certification and Industry |
| 2,027 | Further Wendel transactions | Size and timing of placements |
| Mid-2027 | AGM and governance | Board renewals; say-on-pay |
Ongoing: Catalyst: Execution of the EUR 200m buyback (to February 2027); What to monitor: Completion pace (one-third done by Oct 19, 2026)
Q4 2026: Catalyst: Completion of the Government Services exit; What to monitor: Further provisions; any outcome with the authorities
Feb 25, 2027: Catalyst: FY2026 results; What to monitor: Delivery of mid-to-high single-digit organic growth and margin improvement at constant currency; 2027 guidance; FY2026 dividend
By end-Q1 2027: Catalyst: Closing of the BVF sale to Triton; What to monitor: Proceeds use; pro forma margin uplift
2027: Catalyst: Mid-sized strategic acquisitions; What to monitor: Size, multiples and leverage path toward 1.5–2.0x
Apr 22, 2027: Catalyst: Q1 2027 revenue; What to monitor: Mission Critical Assets momentum; recovery in Certification and Industry
2027: Catalyst: Further Wendel transactions; What to monitor: Size and timing of placements
Mid-2027: Catalyst: AGM and governance; What to monitor: Board renewals; say-on-pay
Concluding analyst verdict
Bureau Veritas enters the final two years of LEAP | 28 a better business than the one Hinda Gharbi inherited in 2023. Over 2023–2025 it combined 6.5%–10.2% organic growth, the first durable margin step-up in years (16.3% in 2025, +51 bps at constant currency) and free cash flow above EUR 800 million. The portfolio work is substantive rather than cosmetic. About a fifth of revenue has been rotated, and the sale of food testing, oil and coal testing and government programs removes low-growth, margin-dilutive and, as 2026 showed, risk-prone activities. The replacement businesses are structurally more attractive: mission-critical commissioning for data centers and semiconductor fabs, infrastructure, nuclear, renewables, cybersecurity and sustainability assurance. The LotusWorks deal also gives Bureau Veritas a credible foothold in the semiconductor fab ecosystem.
The 2026 setback should be weighed rather than dismissed. The Government Services compliance failure cost a guidance cut, a EUR 32 million provision and credibility with investors, and it is not yet closed with the authorities. Growth in Certification and Industry has also cooled. The plan for 2027–2028 relies more on acquisitions, which brings integration risk and higher leverage. Financing costs and currency translation will continue to dilute the conversion of organic progress into reported EPS.
On balance, the investment case rests on three testable propositions. The first is that the continuing perimeter sustains roughly 7% organic growth with Mission Critical Assets as the engine. The second is that margins rise as the exit businesses leave. The third is that capital deployment stays disciplined within an A3 balance sheet. At about 19x forward earnings with a 3% yield, below higher-margin peers, the valuation leaves room for re-rating if FY2026 results in February 2027 confirm all three. The main risks to watch are a further integrity event, an abrupt slowdown in AI-related capex, or an expensive mid-sized acquisition.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Joined BV | Prior roles | Education |
|---|---|---|---|---|
Hinda Gharbi | Chief Executive Officer (since June 22, 2023); COO May 2022, Deputy CEO January 2023 | 2022 | 26 years at SLB in global and regional general management; SLB Executive Committee from 2017 | Electrical Engineering (ENSIEG Grenoble); MSc Signal Processing (Institut Polytechnique de Grenoble). Born August 1970; Australian and Tunisian nationality |
François Chabas | Chief Financial Officer (CFO since 2018) | 2003 | Ernst & Young | Master's in Management (HEC Paris); BA History (Paris-Sorbonne) |
Santiago Arias Duval | EVP, Americas (since November 17, 2025) | 2025 | Ingersoll Rand, Danaher, Coolify, General Motors | MBA (MIT Sloan); BS Electrical Engineering (Georgia Tech) |
Vincent Bourdil | EVP, Europe | 2015/2016 | Rayonnance Technologies, Lush, Eurofins | Master's in Finance, Accounting and International Management (HEC Paris) |
Surachet Tanwongsval | EVP, Asia Pacific | 2024 | Ecolab, Henkel, IDA Singapore, McKinsey, SLB | M.Eng and B.Eng Civil Engineering (NUS; Chulalongkorn) |
Khurram Majeed | EVP, Middle East, Caspian & Africa; Chief Commercial Officer | 2024 | Johnson Controls, Baker Hughes, GE, Emerson, Engro | BSc Mechanical Engineering (UET Lahore) |
Matthieu Gondallier de Tugny | EVP, Industrials & Commodities | 1994 | Career at BV; most recently EVP Marine & Offshore | CentraleSupélec; French Maritime Academy |
Catherine Chen | EVP, Consumer Products Services | 2005 | TÜV SÜD; SLG Testing and Certification | MBA (Rutgers); Bachelor's in International Business (Western Sydney University) |
Noor Sait | Chief Performance Officer | 2025 | SLB (operations management, product development) | BSc Mechanical Engineering (UT Austin) |
Marios Broustas | Chief Corporate Development Officer (from July 2026; succeeds Juliano Cardoso, retired after 28 years) | 2026 | Managing Director at Rothschild & Co and Goldman Sachs; strategy and M&A at Firmenich | MBA (Columbia); AB (Harvard) |
Maria Lorente Fraguas | Chief People Officer (since October 1, 2024) | 2024 | Chief HR and CSR Officer at Nexans; 21 years at SLB | Electrical Engineering (CentraleSupélec); Industrial Engineering (UPV Valencia) |
Philipp Karmires | Chief Digital & Innovation Officer (DxT) | 2024 | Technology leadership roles before BV | — |
Angelo Piccirillo | Chief Legal Officer, covering Legal and Internal Audit (from October 1, 2026; succeeds Béatrice Place-Faget) | 2026 | Group General Counsel, Sodexo; 20+ years in corporates and law firms | Law (Sapienza Rome; UCAM Murcia); French and Spanish bars |
Board of Directors
| Director | Role / affiliation | Committees |
|---|---|---|
Laurent Mignon | Chairman; Wendel representative | Strategy |
Geoffroy Roux de Bézieux | Vice-Chairman, Lead Independent Director (independent since 2023) | Chair, Nomination & Compensation; Audit & Risk; CSR |
Christine Anglade | Wendel representative | CSR |
Claude Ehlinger | Wendel representative | Nomination & Compensation; Strategy |
Jérôme Michiels | Wendel representative | Audit & Risk |
Julie Avrane | Independent | Chair, Strategy; Audit & Risk; Nomination & Compensation |
Ana Giros Calpe | Independent | Chair, CSR; Nomination & Compensation |
Jean-François Palus | Independent | Chair, Audit & Risk; CSR |
Elodie Perthuisot | Independent (appointed June 2025) | Strategy |
Olivier Sévillia | Independent (appointed May 2026, replacing Pascal Lebard; formerly Capgemini Executive Committee and Deputy CEO) | CSR |
Frédéric Sanchez | Independent | Audit & Risk |
Bpifrance Investissement (represented by Karine Lenglart) | Nominated under the April 2024 agreement with Lac1 | Strategy |
Major Shareholders
| Holder | % of share capital | % of theoretical voting rights |
|---|---|---|
Wendel SE | 21.4 | 34.6 |
Competitive Landscape
Key Competitors
| Competitor | Ownership | Main overlap with Bureau Veritas |
|---|---|---|
SGS | Listed (SIX: SGSN) | All divisions; world leader by sales; Industries & Environment, Natural Resources, Connectivity & Products, Business Assurance; strengthened in the US through Applied Technical Services |
Intertek | Listed (LSE: ITRK) | Product Testing & Services (consumer and technology), Business Assurance, industry and infrastructure |
Eurofins Scientific | Listed (Euronext: ERF) | Laboratory testing (food, environment, consumer products); limited inspection overlap |
UL Solutions | Listed (NYSE: ULS) | Technology Services and Industrial Product Certification (safety certification, EMC, consumer technology) |
DEKRA | Private (association-owned SE) | Industrial inspection, product testing, digital trust, vehicle inspection in Europe |
TÜV SÜD | Private (association-owned) | Industry, buildings, product certification, semiconductor and electronics testing in Asia |
TÜV Rheinland | Private | Industry, products, certification |
Applus+ | Private (taken private in 2024) | Energy and industry inspection, laboratories, automotive |
Element Materials Technology | Private | Materials and product testing, aerospace, connected technologies |
ALS | Listed (ASX: ALQ) | Metals & Minerals assay and commodities laboratories |
Lloyd's Register, DNV, ABS, ClassNK | Foundations / not-for-profit | Marine classification (DNV also in energy and certification) |
Specialist commissioning firms and engineering consultancies | Various | Mission-critical commissioning for data centers and semiconductor fabs |
Peer Comparison FY2025
| Company | FY2025 revenue (local, M) | Organic growth (%) | Adjusted margin (%) | Margin basis |
|---|---|---|---|---|
Bureau Veritas | EUR 6466 | 6.5 | 16.3 | Adjusted operating profit |
SGS | CHF 6945 | 5.6 | 16.0 | Adjusted operating income |
Intertek | GBP 3432 | 3.9 | 18.1 | Adjusted operating margin |
Eurofins | EUR 7296 | 4.1 | 22.5 | Adjusted EBITDA |
UL Solutions | USD 3053 | 6.2 | 25.9 | Adjusted EBITDA |
DEKRA | EUR 4442 | — | 6.2 | Adjusted EBIT |
