An evolving macro-environment and a transitioning portfolio mix;
Updated 2026 outlook
(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):
Q1 2026 Key figures1
› Revenue of EUR 1,547.0 million, up 4.5% organically, and down 0.8% year-on-year
› Strong organic growth from Marine & Offshore at +11.2% and Buildings & Infrastructure at +7.3% with moderate growth for Consumer Products Services at +4.3%, Certification at +2.3%, Agri-Food & Commodities at +2.1%, and Industry at +0.7%,
› Stable scope effect of (0.1)%, from bolt-on acquisitions (+1.8% contribution), net of disposals (-1.9%),
› Negative currency impact of 5.2%, resulting from the euro’s appreciation against most currencies.
Q1 2026 Highlights
› Maintained steady performance across most regions, in an environment marked by disruptions related to the conflict in the Middle East; growth in the Industry business impacted by the delays of Opex-related services mainly in the Middle East,
› Continued progress in execution of the Group’s LEAP | 28 strategy, pivoting its portfolio towards higher‑growth and higher‑margin activities. Four acquisitions signed or completed so far this year, contributing approximately EUR 136 million in annualized revenue, with the acquisition of LotusWorks considerably enhancing the Group’s position in Mission Critical assets,
› Moody’s rating maintained at A3,
› EUR 200 million share buyback program announced at the end of February 2026, in line with the commitment to continue to improve shareholder returns.
Updated 2026 Outlook
Complex geopolitics and an uncertain macro environment are shaping 2026 in addition to the launch of an in-depth review of the terms of an exit from the Group’s “Government Services” subsegment, following the decision to terminate certain contracts in the Middle East & Africa region.
The Group is therefore updating its guidance for full-year 2026, as follows:
› Mid-single-digit organic revenue growth (vs. mid-to-high single-digit organic revenue growth previously),
› Improvement in adjusted operating margin at constant exchange rates (unchanged),
› Strong cash flow generation (unchanged).
The Group is fully committed to its LEAP | 28 financial guidance, benefiting from favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.
Hinda Gharbi, Chief Executive Officer, commented:
“Bureau Veritas recorded organic growth of 4.5% in the first quarter of 2026 in an evolving macro environment and while navigating a fluid situation in the Middle East. I thank our teams in the Middle East for their resilience and commitment, and all our employees around the world for their outstanding work.
We are committed to our mission of trust as we serve our customers and we are working in partnership with various stakeholders in a spirit of transparency and accountability.
We are progressing steadily in the execution of our LEAP | 28 portfolio programs, recently acquiring LotusWorks. In combination with our existing activities, this sector specialist forms a unique platform representing c. EUR 300 million in revenue, servicing Mission Critical assets such as datacenters and semiconductors fabs.
We are updating our full-year 2026 growth outlook to account for the current macroeconomic environment and the termination of certain contracts within the “Government Services” subsegment. Furthermore, the Group is fully committed to delivering on the financial ambitions of the LEAP | 28 plan, benefitting from favorable market trends and the sustained execution of the strategy’s programs.”
Q1 2026 KEY FIGURES | ||||||
GROWTH | ||||||
IN EUR MILLION | Q1 2026 | Q1 2025(a) | CHANGE | ORGANIC | SCOPE | CURRENCY |
Marine & Offshore | 143.9 | 136.2 | +5.7% | +11.2% | +0.0% | (5.5)% |
Agri-Food & Commodities | 278.3 | 297.1 | (6.4)% | +2.1% | (4.7)% | (3.8)% |
Industry | 323.2 | 335.8 | (3.7)% | +0.7% | +2.3% | (6.7)% |
Buildings & Infrastructure | 496.2 | 476.2 | +4.2% | +7.3% | +0.9% | (4.0)% |
Certification | 133.9 | 134.1 | (0.1)% | +2.3% | +0.7% | (3.1)% |
Consumer Products Services | 171.5 | 179.3 | (4.3)% | +4.3% | (0.8)% | (7.8)% |
Total Group revenue | 1,547.0 | 1,558.7 | (0.8)% | +4.5% | (0.1)% | (5.2)% |
(a) Q1 2025 figures by business have been restated following a reclassification of activities impacting the Agri-Food & Commodities and Buildings & Infrastructure businesses (c. EUR 0.3 million) | ||||||
› Steady organic revenue growth in the first quarter
Revenue in the first quarter of 2026 amounted to EUR 1,547.0 million, an 0.8% decrease compared to the first quarter of 2025. The Group delivered an organic growth of 4.5%.
By business, and on an organic basis, the growth was led by Marine & Offshore, up 11.2%, and Buildings & Infrastructure, up 7.3%. Consumer Products Services grew 4.3% while moderate growth was achieved for Certification, up 2.3%, Agri-Food & Commodities up 2.1% and Industry, up 0.7% compared to the first quarter of 2025.
By geography, the Americas (24% of revenue, up 1.7% organically) was led by a 6.8% organic increase in North and Central America, particularly in the United States. Europe (38% of revenue) achieved 3.4% organic growth, supported by solid momentum in Buildings & Infrastructure and in Industry across the region. Asia‑Pacific (27% of revenue) recorded strong organic growth of 7.9%, benefiting from robust activity in Eastern Asia, including China, and in Australia. Finally, Africa and the Middle East (11% of revenue) delivered a resilient 5.5% organic growth, supported by the execution of the backlog of energy‑related projects and continued strong Buildings & Infrastructure activity in the region despite the first impact of the conflict at the end of the quarter.
The scope effect was broadly neutral at (0.1)%, reflecting bolt-on acquisitions (contributing to +1.8%) finalized in the past few quarters and offset by the impact of divestments completed over the last twelve months (contributing to -1.9%).
Currency fluctuations had a negative impact of 5.2%, due to the strength of the euro against most currencies and against unfavorable comparables.
› Solid financial position
At the end of March 2026, the Group's adjusted net financial debt was materially unchanged compared with the levels as of December 31, 2025. The Group has in place EUR 600 million of undrawn committed lines of credit. Bureau Veritas has a solid financial structure with most of its debt maturities in 2027 and beyond (save per the EUR 200 million maturing in September 2026) and at fixed interest rates.
On April 10, 2026, Moody’s reaffirmed Bureau Veritas’ A3 rating, highlighting its leading market position, diversified and resilient business model, conservative financial policy, and solid cash flow generation.
CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
› Corporate Social Responsibility (CSR) key indicators
UNITED NATIONS’ SDGS | Q1 2025 | Q1 2026 | 2028 TARGET | |
ENVIRONMENT / NATURAL CAPITAL |
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CO2 emissions (Scopes 1 & 2, 1,000 tons)2 | #13 | 133 | 124 | 107 |
SOCIAL & HUMAN CAPITAL |
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Total Accident Rate (TAR)3 | #3 | 0.24 | 0.24 | 0.23 |
Gender balance in senior leadership (EC-II)4 | #5 | 27.8% | 29.1% | 36.0% |
Number of learning hours per employee (per year)5 | #8 | 40.3 | 40.4 | 40.0 |
GOVERNANCE |
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Proportion of employees trained to the Code of Ethics | #16 | 99.5% | 99.4% | 99.0% |
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 within the next twelve months. The program is subject to approval by the Annual General Meeting of May 19, 2026 if any or all is to be executed after that date.
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 June 19, 2025, for any or all of the program to be executed before the Annual General Meeting of May 19, 2026.
For any or all of the program to be executed after the Annual General Meeting of May 19, 2026, the purchased shares will be used for any purpose authorized by the Company’s shareholders at that date.
LEAP I 28 FOCUSED PORTFOLIO UPDATE
Since the beginning of the year 2026, the Group has signed agreements or completed the acquisition of four companies, representing annualized cumulated revenue of c. EUR 136 million in 2025. These acquisitions — one in the Mission Critical assets segment and three others in the Sustainability and public sectors — support LEAP I 28’s strategic goal to expand the Group's existing leadership position and advance the Buildings & Infrastructure (Capex & Opex) portfolio development strategy.
› Expand the Group’s existing leadership positions:
- Mission Critical assets: in April 2026, Bureau Veritas announced that it has signed an agreement to acquire LotusWorks. 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. This strategic move will uniquely position the Buildings & Infrastructure Product Line to benefit from AI-driven construction investments.
- Sustainable Construction Services (SCS) and Verte (UK) in January and February 2026, two providers of sustainability consulting services in the real estate sector, specializing in certification of green buildings, energy efficiency assessments, net zero carbon and energy modelling. Combined, these two companies employ 42 employees and generated annualized cumulated revenue of c. EUR 4 million in 2025.
- ADS COM (France) in January 2026, in the public sector, delivering examination and review services for building permit application files for local authorities (public service delegation). The company employs 13 people and recorded c. EUR 1 million in revenue in 2025.
For more information, the press releases are available by clicking here.
1 | Alternative performance indicators are presented, defined and reconciled with IFRS in appendix 3 of this press release. |
2 | Scope 1 and Scope 2 greenhouse gas emissions are calculated over a 12-month rolling period. The most recent quarter is estimated based on the corresponding quarter from the previous year. |
3 | TAR: Total Accident Rate (number of accidents with and without lost time x 200,000/number of hours worked). |
4 | Proportion of women from the Executive Committee to Band II (internal grade corresponding to a management or executive management position) in the Group (number of women on a full-time equivalent basis in a leadership position/total number of full-time equivalents in leadership positions). |
5 | Indicator calculated over a 12-month rolling period. |
DECISIONS REGARDING CERTAIN ACTIVITIES
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 Chief Executive Officer has proposed several remedial measures needed in the short and medium term to the Board of Directors. At its meeting on April 21, 2026, the Board of Directors supported and approved all of these actions:
› The Company took the decision to immediately and voluntarily disclose the situation to the French authorities, in a spirit of transparency and cooperation. The Company will provide an update on the financial consequences of these deviations and disclosure as soon as it can do so.
› Furthermore, the Company will terminate the contracts in question and will continue the in-depth review of its activities within the “Government Services” subsegment (which represented c. EUR 185 million in revenue in 2025) to determine the appropriate terms of its exit from this subsegment. As a result, the Group is updating its full-year 2026 growth outlook.
› Bureau Veritas’ existing compliance framework will be reinforced to ensure that all activities fully adhere to the Group’s ethics and compliance standards. The Company has implemented disciplinary measures and based on the findings of its internal investigation, does not rule out further action. Bureau Veritas is committed to implementing all necessary measures to prevent the re-occurrence of these practices.
UPDATED 2026 OUTLOOK
Complex geopolitics and an uncertain macro environment are shaping 2026 in addition to the launch of an in-depth review of the terms of an exit from the Group’s “Government Services” subsegment, following the decision to terminate certain contracts in the Middle East & Africa region. The Group is therefore updating its guidance for full-year 2026, as follows:
› Mid-single-digit organic revenue growth (vs. mid-to-high single-digit organic revenue growth previously),
› Improvement in adjusted operating margin at constant exchange rates (unchanged),
› Strong cash flow generation (unchanged).
The Group is fully committed to its LEAP | 28 financial guidance, benefiting from favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.
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