
Bureau Veritas: Robust Organic Revenue Growth and Strong Margin Increase in H1 2025 as the LEAP
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H1 2025 key figures
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› 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.
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H1 2025 highlights
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› 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.
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2025 outlook confirmed
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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:
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› Mid-to-high single-digit organic revenue growth,
› Improvement in adjusted operating margin at constant exchange rates,
› Strong cash flow, with a cash conversion 2 above 90%.
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'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
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,
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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.
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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.
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Given our robust first-half performance, solid backlog, and the proven resilience of our diversified portfolio, we confirm our full-year 2025 outlook.'
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H1 2025 KEY FIGURES
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On July 24, 2025, the Board of Directors of Bureau Veritas approved the financial statements for H1 2025. The main consolidated financial items are:
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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
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H1 2025 HIGHLIGHTS
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› 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.
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› 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.

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