Bureau Veritas posts 6.5% organic growth in 2025

Bureau Veritas reported sector-leading organic revenue growth of 6.5% for full-year 2025, alongside a marked improvement in profitability and a new €200 million share buyback programme.

Revenue and profit growth

The group generated revenue of €6.47 billion in 2025. Organic growth reached 6.5% for the year and 6.3% in the fourth quarter. Revenue increased 7.3% year-on-year at constant currency and 3.6% on a reported basis.

Adjusted operating profit rose 5.7% to €1.05 billion, compared with €996.2 million in 2024. The adjusted operating margin improved to 16.3%, up 32 basis points year-on-year and up 51 basis points at constant currency.

Operating profit increased 6.3% to €992.4 million.

Adjusted net profit reached €631.4 million, up 1.7% year-on-year. Adjusted earnings per share stood at €1.42, a 2.8% increase from €1.38 in 2024 and up 9.2% at constant currency.

Attributable net profit rose 3.3% to €588.0 million.

Cash flow and balance sheet

Free cash flow totalled €824.2 million. It increased 3.9% organically and 2.6% at constant currency. Cash conversion stood at a strong 107%.

The adjusted net debt-to-EBITDA ratio was 1.1x at year-end 2025, slightly higher than the previous year.

The company proposed a dividend of €0.92 per share, up 2.2% year-on-year, to be paid fully in cash.

Portfolio expansion and strategic progress

Bureau Veritas said it met or exceeded its 2025 financial targets for revenue, margin and cash.

Growth was driven by higher energy investments, continued expansion of digital infrastructure and sustained demand for corporate and enterprise risk assessment solutions.

The group continued to execute its LEAP | 28 strategy, now in its second year. Management reported tangible improvements in operational leverage and functional scalability. A new organisational structure is also being rolled out to accelerate execution.

Portfolio refocusing remained active. The company completed nine bolt-on acquisitions and closed two divestments in non-core activities. The acquired businesses added €96 million in annualised revenue.

The acquisitions strengthened leadership in Buildings & Infrastructure, expanded positions in Power & Utilities and Renewables, Cybersecurity and Sustainability, and optimised value in mature segments such as Consumer Product Services and Metals & Minerals.

Since the start of 2026, Bureau Veritas has completed three additional bolt-on deals, contributing around €5 million in annualised revenue.

Shareholder returns and 2026 outlook

The group delivered double-digit shareholder returns, supported by EPS growth of around 9% at constant currency and a dividend yield of about 3%. It also announced a new €200 million share buyback programme, representing approximately 1.5% of its outstanding share capital.

Chief Executive Officer Hinda Gharbi said 2025 marked a year of solid progress, with strong organic growth, margin expansion and disciplined execution of the strategy. She highlighted the resilience of the portfolio and the benefits of performance programmes.

Looking ahead, Bureau Veritas expects mid- to high-single-digit organic revenue growth in 2026. It also targets further improvement in adjusted operating margin at constant exchange rates and strong cash flow generation.

The group enters the third year of its LEAP | 28 strategy with what it describes as sound market fundamentals and a focus on sustainable value creation over the medium and long term.

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