Bureau Veritas Reports Strong 2025 Results and Outlines Growth Ambitions for 2026
Bureau Veritas, a global leader in testing, inspection, and certification services, today announced its financial results for the 2025 fiscal year, demonstrating solid growth across revenue, profitability, and shareholder returns. The Group also reaffirmed its commitment to the LEAP | 28 strategic plan, highlighting its ongoing portfolio transformation and strong market positioning.
Strong Financial Performance in 2025
In 2025, Bureau Veritas recorded revenue of €6,466.4 million, reflecting a 6.5% increase on an organic basis compared with 2024. The growth was broad-based, driven by robust demand across all regions and business segments, with the fourth quarter alone contributing 6.3% organic growth. At constant exchange rates, the revenue growth stood at 7.3% year-on-year, while reported revenue growth was 3.6%, indicating a positive impact from currency fluctuations.
The Group’s adjusted operating profit rose to €1,052.9 million, up 5.7% from €996.2 million in 2024. This improvement translated into an adjusted operating margin of 16.3%, representing a 32 basis point increase year-on-year and 51 basis points at constant exchange rates, underscoring the effectiveness of cost management and operational leverage initiatives. The operating profit also increased 6.3% to €992.4 million compared to €933.4 million in 2024.
Adjusted net income reached €631.4 million in 2025, a 1.7% increase from €620.7 million in 2024. Adjusted earnings per share rose to €1.42, up 2.8% from €1.38 in 2024 and reflecting a 9.2% increase at constant exchange rates. Net income attributable to the Group grew 3.3% to €588.0 million, compared with €569.4 million in the previous year.
Bureau Veritas also delivered strong cash generation, with free cash flow totaling €824.2 million, up 3.9% on an organic basis and 2.6% at constant exchange rates. The Group achieved a cash conversion rate of 107%, highlighting efficient working capital management and operational discipline. The adjusted net debt to EBITDA ratio remained low at 1.1x, slightly higher than the prior year, reflecting both disciplined financial management and ongoing investment in strategic growth initiatives.
The Board of Directors has proposed a dividend of €0.92 per share for 2025, an increase of 2.2% compared to the previous year, fully payable in cash. This represents a payout ratio of 65% of adjusted net income, reflecting the Group’s commitment to rewarding shareholders while maintaining financial flexibility.
Key Drivers of Growth
The strong 2025 performance was driven by several strategic and operational factors. Organic portfolio growth was supported by rising investments in energy, continued expansion of digital infrastructure, and increasing demand for corporate and sector risk assessment solutions. Bureau Veritas also made significant progress in the second year of its LEAP | 28 strategy, delivering tangible results in operational leverage and functional scalability.
The Group undertook significant portfolio optimization initiatives, completing nine bolt-on acquisitions and two divestitures in non-strategic businesses during 2025. These acquisitions contributed approximately €96 million in total annualized revenue and were fully aligned with the strategic priorities of LEAP | 28. Specifically, the acquisitions focused on:
- Strengthening leading positions – Two acquisitions in the Building & Infrastructure segment (Contec AQS in Italy and London Building Control in the UK) reinforced Bureau Veritas’ leadership in construction, infrastructure, and health, safety, and environmental (HSE) compliance services.
- Creating new strongholds – Expansion into high-growth sectors included renewable and low-carbon energy, cybersecurity, and sustainability consulting. Key acquisitions in this category included Hinneburg (Germany) and Sólida (Spain) in renewable energy, the Institute for Cyber Risk (IFCR) in Denmark, and Ecoplus (South Korea) and SPIN360 (Italy) for sustainability services.
- Optimizing value and impact – In Consumer Goods and Metals & Minerals, strategic acquisitions enhanced market coverage and technical capabilities. Lab System in Brazil expanded testing services for consumer products, while GeoAssay in Chile strengthened expertise in mineral sample analysis and robotics in mining processes.
These strategic acquisitions, alongside the divestitures of non-core businesses totaling €172 million in annualized revenue, underscore Bureau Veritas’ disciplined approach to portfolio management, ensuring a stronger, more focused business mix aligned with market growth opportunities.
Shareholder Returns
Bureau Veritas has delivered double-digit returns for shareholders in 2025. Adjusted EPS growth at constant exchange rates was approximately 9%, coupled with a dividend yield of around 3%. These returns were further reinforced by the execution of a €200 million share buyback program, representing approximately 1.5% of outstanding share capital. The Group has announced a new €200 million share buyback program for 2026, subject to shareholder approval, continuing its commitment to enhancing shareholder value without compromising strategic investments.
Funding and Credit Profile
Bureau Veritas maintained a disciplined approach to financing in 2025. In January, the Group repaid a €500 million bond issue at maturity with a 1.875% coupon. In October, the Group completed a new €700 million bond issue maturing in October 2033, carrying a coupon of 3.375%. Moody’s confirmed the Group’s long-term credit rating at A3 with a stable outlook, reflecting robust financial health and prudent capital management.
Outlook for 2026
Looking ahead, Bureau Veritas enters the third year of its LEAP | 28 strategy with solid market fundamentals and confidence in its growth trajectory. For 2026, the Group targets moderate to high single-digit organic revenue growth, an improved adjusted operating margin at constant exchange rates, and continued high cash flow generation.
Director General Hinda Gharbi commented:
“2025 was a year of solid progress for Bureau Veritas, with industry-leading organic growth, strong margin expansion, and disciplined execution of our LEAP | 28 strategy. Our results reflect the quality of our portfolio and the effectiveness of our performance programs. In 2026, we remain focused on executing our growth and margin improvement plans, confident in the resilience of our evolving portfolio and our ability to generate superior and sustainable value over the medium and long term.”
