COURBEVOIE, France -
(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):
H1 2026 key figures1
› Revenue of EUR 3,258.4 million in H1 2026, up 2.1% year-on-year and up 5.0% organically (with a sequential improvement in Q2 2026 at 5.5% organic growth),
› Adjusted operating profit of EUR 506.5 million, up 3.1% versus EUR 491.5 million in H1 2025, representing an adjusted operating margin of 15.5%, up 15 basis points year-on-year and up 29 basis points at constant currency,
› Operating profit of EUR 430.8 million, down 16.0% versus EUR 513.1 million in H1 20252,
› Adjusted net profit of EUR 303.8 million, up 3.9% versus EUR 292.4 million in H1 2025,
› Adjusted EPS stood at EUR 0.68 in H1 2026, with a 4.8% increase on a reported basis versus H1 2025 (EUR 0.65 per share) and 9.8% at constant currency,
› Attributable net profit of EUR 237.9 million, down 26.2% versus EUR 322.3 in H1 2025,
› Free Cash Flow of EUR 157.7 million, up 3.2% organically, and down 6.1% year-on-year due to forex evolutions,
› Adjusted net debt/EBITDA ratio stood at 1.45x as of June 30, 2026, higher year-on-year due to the earlier payment of dividend on a comparative basis (in Q2 2026 versus Q3 2025), while remaining within the LEAP | 28 indicative range of 1.0x to 2.0x.
H1 2026 highlights
› Steady organic revenue growth in H1 2026, with sequential improvement in Q2, and continued margin expansion with an ongoing Middle East conflict,
› Strong momentum in Mission Critical Assets, Oil & Gas Capex, Metals & Minerals and Consumer Products Services Tech,
› Ongoing execution of the LEAP | 28 portfolio refocusing strategy, with five acquisitions announced year-to-date, adding c. EUR 138 million in annualized 2025 revenue, and one major agreement for divestment signed, representing c. EUR 450 million in annualized 2025 revenue. Upon completion, these transactions contribute to achieving 20% portfolio rotation3 since the strategy launch in 2024. This will further strengthen Bureau Veritas’ exposure to higher growth and higher margin markets,
› Progress with the Group’s planned exit from “Government Services” activities and record of a provision for related risks.
Upgraded 2026 outlook post disposal of activities planned for exit
Bureau Veritas continues to rotate its portfolio and to execute the LEAP | 28 strategy. Based on a solid first-half performance, a robust pipeline and the ongoing portfolio reshaping, including the planned exit from Oil & Petrochemicals and Coal testing and inspection and from “Government Services” businesses, the Group is enhancing its growth profile and upgrades its full-year 2026 guidance as follows:
› Mid-to-high single-digit organic revenue growth, versus mid-single-digit growth previously,
› Adjusted operating margin improvement at constant exchange rates, unchanged,
› Strong cash flow generation, unchanged.
The Group is fully committed to its LEAP | 28 financial guidance, benefiting from specific favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.
Hinda Gharbi, Chief Executive Officer, commented:
“The first half of 2026 marks another period of solid execution for Bureau Veritas, with a steady 5.0% organic revenue growth, with an acceleration to 5.5% in the second quarter, and continued margin expansion in a complex geopolitical environment. I would like to thank all our colleagues for their strong commitment and contributions.
In a rapidly evolving global environment, with supply chain reconfigurations and accelerating AI adoption, we continue to develop Bureau Veritas into a preferred and trusted partner to our clients through a disciplined execution of our LEAP | 28 strategy.
As we reach the midpoint of our LEAP | 28 strategic plan, our performance confirms the relevance of our portfolio transformation. The ongoing rotation of our portfolio strengthens our exposure to higher-growth and higher-margin markets.
Building on our first-half performance, a solid pipeline, and as we dispose our operations as a result of the planned exit of the Oil & Petrochemicals and Coal testing and inspection and “Government Services” businesses, we are improving our growth performance. Therefore, we are upgrading our full-year 2026 guidance4, now targeting mid to high single digit organic revenue growth, and we expect to continue our margin improvement and strong cash flow generation.
Looking ahead, at our Capital Markets Day in September we will provide an update on the acceleration of our portfolio pivots, and on how we are unlocking Bureau Veritas next phase of growth and value creation”.
H1 2026 KEY FIGURES
On July 28, 2026, the Board of Directors of Bureau Veritas approved the financial statements for H1 2026. The main consolidated financial items are:
IN EUR MILLION
H1 2026
H1 2025
CHANGE
CONSTANT
CURRENCY
Revenue
3,258.4
3,192.5
+2.1%
+4.8%
Adjusted operating profit(a)
506.5
491.5
+3.1%
+6.7%
Adjusted operating margin(a)
15.5%
15.4%
+15bps
+29bps
Operating profit
430.8
513.1
(16.0)%
(12.8)%
Adjusted net profit(a)
303.8
292.4
+3.9%
+9.0%
Attributable net profit
237.9
322.3
(26.2)%
(22.0)%
Adjusted EPS(a)
0.68
0.65
+4.8%
+9.8%
EPS
0.54
0.72
(25.6)%
(21.3)%
Net cash generated from operating activities
241.3
261.9
(7.9)%
(3.8)%
Free cash flow(a)
157.7
168.0
(6.1)%
(1.0)%
Net financial debt(a)
1,688.6
1,254.7
+34.6%
-
(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release
H1 2026 HIGHLIGHTS
H1 2026 financial figures within the full-year 2026 guidance
› Mid-single digit organic revenue growth in the first half of the year
Group revenue in the first half of 2026 increased by 5.0% organically compared to the first half of 2025, including 5.5% growth in the second quarter while navigating an ongoing Middle East conflict. This growth benefited from underlying robust market trends across the Buildings & Infrastructure, Marine & Offshore, Consumer Products Services businesses and in most geographies.
› Improvement in adjusted operating margin at constant exchange rates
The Group delivered an adjusted operating margin of 15.5%, up 29 basis points at constant currency and up 15 basis points on a reported basis compared to the first half of 2025.
› Strong cash flow generation
Double-digit shareholder returns
In line with its LEAP | 28 strategy, the Group aims to deliver double-digit shareholder returns at constant currency in the 2024 to 2028 period. In the first half of 2026, adjusted EPS grew 9.8% at constant currency.
› Bureau Veritas shareholders approved the distribution of a EUR 0.92 dividend per share for 2025
At the Bureau Veritas Annual Shareholders’ Meeting, shareholders approved the distribution of a dividend of EUR 0.92 per share for the 2025 financial year (third resolution, approved by 99.94% of votes cast), paid in cash on May 28, 2026.
› Share buyback program
In line with the commitment to continue to improve shareholder returns, on February 25, 2026, the Group announced a new EUR 200 million share buyback program, to be completed by February 2027.
In accordance with the terms of the share buyback program approved by the Annual General Meeting, the purchased shares will be used for any purpose authorized by the Company’s shareholders at the Annual General Meeting of May 19, 2026.
Financing
In April 2026, Moody’s reaffirmed Bureau Veritas’ A3 credit rating with a stable outlook.
LEAP I 28 FOCUSED PORTFOLIO UPDATE
Since the beginning of the year, the Group has announced, signed or completed seven transactions, fully aligned with LEAP I 28 portfolio priorities.
› Five acquisitions, representing combined annualized revenue of c. EUR 138 million in 2025.
› One completed and one planned divestment, representing combined annualized cumulative revenue of c. EUR 489 million in 2025.
Following completion of these transactions and considering other recent year-to-date acquisitions, the Group will have achieved approximately 20% portfolio rotation5 since the launch of LEAP | 28.
› Expand the Group’s existing leadership positions:
The agreement to acquire LotusWorks was announced in April 2026. This Ireland-based company is a leading provider of commissioning, quality assurance and quality control, calibration, maintenance, and construction management services for mission critical facilities serving semiconductor manufacturers and data center owners. The company operates in the United States and Europe and employs 750 people including highly skilled experts. In 2025, LotusWorks generated EUR 131 million in revenue. This acquisition will enhance Bureau Veritas’ organic growth, will be accretive to the Group’s adjusted operating margin, and will be slightly accretive to earnings in 2026. The acquisition was closed on July 27, 2026.
The acquisitions of Sustainable Construction Services (SCS) and Verte (UK) were completed in January and February 2026. These companies are providers of sustainability consulting services in the real estate sector, specializing in certification of green buildings, energy efficiency assessments, net zero carbon and energy modeling. Combined, the two companies employ 42 employees and generated annualized cumulated revenue of c. EUR 4 million in 2025.
The acquisition of ADS COM (France) was completed in January 2026. This company operates in the public sector, delivering examination and review services for building permit application files for local authorities (public service delegation). It employs 13 people and recorded c. EUR 1 million in revenue in 2025.
Disposal: in January 2026, the Group sold its non-core activity of construction projects technical supervision in China (EUR c.39 million in annualized revenue) in order to enhance its B&I business mix in the country.
› Create New Strongholds:
In technology testing for Consumer Products, the Group acquired IPS Corporation in June 2026. This Japan-based company provides electromagnetic compatibility (EMC) and product safety testing, and calibration services for medical devices, IT and radio equipment, as well as electrical and electronic products. The company employs 34 people and recorded c. EUR 2 million in revenue in 2025.
› Optimize value and impact:
In June 2026, the Group signed an agreement to sell its Oil & Petrochemicals and Coal Testing and Inspection businesses. In 2025, the business generated c. EUR 450 million in revenue operating a global network across multiple countries, with a significant footprint of operational sites and employees. These businesses grew at a slower pace than the Group and are margin dilutive. The disposal will have a positive impact on the Group’s organic growth profile, adjusted operating margin and return on capital employed. After closing, expected by the end of Q1 2027, the transaction should be broadly neutral to earnings.
Based on an enterprise value of EUR 470 million, the transaction implies an Enterprise value/EBIT multiple of 11.1x on 2025 results post-IFRS 16. Proceeds will be redeployed towards higher-growth and higher-margin businesses, in line with the LEAP I 28 portfolio ambitions.
For more information, the press releases are available by clicking here and additional details are available in Appendix 7.
UPDATE ON THE Q1 2026 REPORTED DEVIATIONS
As announced in April 2026, pursuant to internal alerts, the Company has conducted investigations that uncovered deviations in the Middle East & Africa region, primarily in the “Government Services” subsegment. The Company immediately and voluntarily disclosed the situation to the French authorities, in a spirit of transparency and cooperation.
In this context, after having terminated the contracts in question, the Company completed the review of its activities within the “Government Services” subsegment (which represented c. EUR 185 million in revenue in 2025) and confirms its decision to exit the entire subsegment in the short term. This exit began in the second quarter and will continue gradually throughout 2026, in strict adherence to the Company’s contractual commitments towards its clients.
As of June 30, 2026, the Company had recorded a provision of EUR 32.0 million, reflecting its best estimate to date of the full financial impact it may face.
EXECUTIVE COMMITTEE LEADERSHIP CHANGES
Bureau Veritas announces new strategic appointments within the Executive Committee to support the continued delivery of its LEAP | 28 ambitions, effective in July 2026:
› Marios Broustas, a seasoned M&A expert with 30 years of investment banking and corporate strategy experience in the United States and Europe, is appointed as Executive Vice-President, Corporate Development. He succeeds Juliano Cardoso, who is retiring after 28 years at Bureau Veritas.
› Khurram Majeed is appointed Chief Commercial Officer while retaining his position as Executive Vice-President, Middle East, Caspian & Africa Region, a role he has held since 2024. In this new position, he will drive the performance of Bureau Veritas’ Sales & Marketing function across all regions and product lines.
› Noor Sait is appointed as Chief Performance Officer. He will lead operational excellence, technical integrity, quality, health, safety and environment, and corporate social responsibility teams, as well as all LEAP | 28 performance programs globally. He joined Bureau Veritas in 2025 as Middle East, Caspian & Africa Industry and Operational Excellence and Performance Vice-President.
› Laurent Louail, until now Executive Vice-President Chief Performance Officer, transitions to a Senior Advisor role reporting to Hinda Gharbi, bringing his deep expertise to support strategic projects and an effective transition of the Performance function’s activities. After more than 30 years at Bureau Veritas, he has decided to retire by October 2026.
CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
Corporate Social Responsibility (CSR) key indicators
