{"id":47065,"date":"2026-07-29T10:30:00","date_gmt":"2026-07-29T08:30:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=591afba18ba0766e396fc634b57cb672"},"modified":"2026-07-29T10:30:00","modified_gmt":"2026-07-29T08:30:00","slug":"bureau-veritas-delivering-on-our-commitments-with-higher-sequential-organic-growth-in-q2-and-continuous-margin-improvements","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=47065","title":{"rendered":"Bureau Veritas: Delivering on Our Commitments With Higher Sequential Organic Growth in Q2 and Continuous Margin Improvements"},"content":{"rendered":"

COURBEVOIE, France--(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):<\/p><\/a><\/a>

\nH1 2026 key figures<\/b>1<\/sup><\/p>

\n\u203a 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),\n\u203a 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,\n\u203a Operating profit of EUR 430.8 million, down 16.0% versus EUR 513.1 million in H1 20252<\/sup>,\n\u203a Adjusted net profit of EUR 303.8 million, up 3.9% versus EUR 292.4 million in H1 2025,\n\u203a 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,\n\u203a Attributable net profit of EUR 237.9 million, down 26.2% versus EUR 322.3 in H1 2025,\n\u203a Free Cash Flow of EUR 157.7 million, up 3.2% organically, and down 6.1% year-on-year due to forex evolutions,\n\u203a 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.<\/p>

\nH1 2026 highlights<\/b><\/p>

\n\u203a Steady organic revenue growth in H1 2026, with sequential improvement in Q2, and continued margin expansion with an ongoing Middle East conflict,\n\u203a Strong momentum in Mission Critical Assets, Oil & Gas Capex, Metals & Minerals and Consumer Products Services Tech,\n\u203a 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<\/sup> since the strategy launch in 2024. This will further strengthen Bureau Veritas\u2019 exposure to higher growth and higher margin markets,\n\u203a Progress with the Group\u2019s planned exit from \u201cGovernment Services\u201d activities and record of a provision for related risks.<\/p>

\nUpgraded 2026 outlook post disposal of activities planned for exit<\/b><\/p>

\nBureau 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 \u201cGovernment Services\u201d businesses, the Group is enhancing its growth profile and upgrades its full-year 2026 guidance as follows:<\/p>

\n\u203a Mid-to-high single-digit organic revenue growth, versus mid-single-digit growth previously,\n\u203a Adjusted operating margin improvement at constant exchange rates, unchanged,\n\u203a Strong cash flow generation, unchanged.<\/p>

\nThe Group is fully committed to its LEAP | 28 financial guidance, benefiting from specific favorable market trends and from the sustained execution of the strategy\u2019s portfolio and performance programs.<\/p>

\nHinda Gharbi, Chief Executive Officer, commented:<\/b><\/p>

\n\u201cThe 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.<\/i><\/p>

\nIn 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.<\/i><\/p>

\nAs 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.<\/i><\/p>

\nBuilding 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 \u201cGovernment Services\u201d businesses, we are improving our growth performance. Therefore, we are upgrading our full-year 2026 guidance<\/i>4<\/sup>, now targeting mid to high single digit organic revenue growth, and we expect to continue our margin improvement and strong cash flow generation.<\/i><\/p>

\nLooking 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\u201d.<\/i><\/p>

\nH1 2026 KEY FIGURES<\/b><\/p>

\nOn July 28, 2026, the Board of Directors of Bureau Veritas approved the financial statements for H1 2026. The main consolidated financial items are:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nIN EUR MILLION<\/p><\/td>

\nH1 2026<\/p><\/td>

\nH1 2025<\/p><\/td>

\nCHANGE<\/p><\/td>

\nCONSTANT\nCURRENCY<\/p><\/td><\/tr>\n

\nRevenue<\/p><\/td>

\n3,258.4<\/p><\/td>

\n3,192.5<\/p><\/td>

\n+2.1%<\/p><\/td>

\n+4.8%<\/p><\/td><\/tr>\n

\nAdjusted operating profit(a)<\/sup><\/b><\/p><\/td>

\n506.5<\/b><\/p><\/td>

\n491.5<\/b><\/p><\/td>

\n+3.1%<\/b><\/p><\/td>

\n+6.7%<\/b><\/p><\/td><\/tr>\n

\nAdjusted operating margin(a)<\/sup><\/b><\/p><\/td>

\n15.5%<\/b><\/p><\/td>

\n15.4%<\/b><\/p><\/td>

\n+15bps<\/b><\/p><\/td>

\n+29bps<\/b><\/p><\/td><\/tr>\n

\nOperating profit<\/p><\/td>

\n430.8<\/p><\/td>

\n513.1<\/p><\/td>

\n(16.0)%<\/p><\/td>

\n(12.8)%<\/p><\/td><\/tr>\n

\nAdjusted net profit(a)<\/sup><\/p><\/td>

\n303.8<\/p><\/td>

\n292.4<\/p><\/td>

\n+3.9%<\/p><\/td>

\n+9.0%<\/p><\/td><\/tr>\n

\nAttributable net profit<\/p><\/td>

\n237.9<\/p><\/td>

\n322.3<\/p><\/td>

\n(26.2)%<\/p><\/td>

\n(22.0)%<\/p><\/td><\/tr>\n

\nAdjusted EPS(a)<\/sup><\/b><\/p><\/td>

\n0.68<\/b><\/p><\/td>

\n0.65<\/b><\/p><\/td>

\n+4.8%<\/b><\/p><\/td>

\n+9.8%<\/b><\/p><\/td><\/tr>\n

\nEPS<\/p><\/td>

\n0.54<\/p><\/td>

\n0.72<\/p><\/td>

\n(25.6)%<\/p><\/td>

\n(21.3)%<\/p><\/td><\/tr>\n

\nNet cash generated from operating activities<\/p><\/td>

\n241.3<\/p><\/td>

\n261.9<\/p><\/td>

\n(7.9)%<\/p><\/td>

\n(3.8)%<\/p><\/td><\/tr>\n

\nFree cash flow(a)<\/sup><\/b><\/p><\/td>

\n157.7<\/b><\/p><\/td>

\n168.0<\/b><\/p><\/td>

\n(6.1)%<\/b><\/p><\/td>

\n(1.0)%<\/b><\/p><\/td><\/tr>\n

\nNet financial debt(a)<\/sup><\/p><\/td>

\n1,688.6<\/p><\/td>

\n1,254.7<\/p><\/td>

\n+34.6%<\/p><\/td>

\n-<\/p><\/td><\/tr>\n

\n(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release<\/i><\/p><\/td><\/tr>\n<\/table>

\nH1 2026 HIGHLIGHTS<\/b><\/p>

\nH1 2026 financial figures within the full-year 2026 guidance<\/b><\/p>

\n\u203a Mid-single digit organic revenue growth in the first half of the year<\/b><\/p>

\nGroup 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.<\/p>

\n\u203a Improvement in adjusted operating margin at constant exchange rates<\/b><\/p>

\nThe 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.<\/p>

\n\u203a Strong cash flow generation<\/b><\/p>

\nDouble-digit shareholder returns<\/b><\/p>

\nIn 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.<\/p>

\n\u203a Bureau Veritas shareholders approved the distribution of a EUR 0.92 dividend per share for 2025<\/b><\/p>

\nAt the Bureau Veritas Annual Shareholders\u2019 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.<\/p>

\n\u203a Share buyback program<\/b><\/p>

\nIn 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.<\/p>

\nIn 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\u2019s shareholders at the Annual General Meeting of May 19, 2026.<\/p>

\nFinancing<\/b><\/p>

\nIn April 2026, Moody\u2019s reaffirmed Bureau Veritas\u2019 A3 credit rating with a stable outlook.<\/p>

\nLEAP I 28 FOCUSED PORTFOLIO UPDATE<\/b><\/p>

\nSince the beginning of the year, the Group has announced, signed or completed seven transactions, fully aligned with LEAP I 28 portfolio priorities.<\/p>

\n\u203a Five acquisitions, representing combined annualized revenue of c. EUR 138 million in 2025.\n\u203a One completed and one planned divestment, representing combined annualized cumulative revenue of c. EUR 489 million in 2025.<\/p>

\nFollowing completion of these transactions and considering other recent year-to-date acquisitions, the Group will have achieved approximately 20% portfolio rotation5<\/sup> since the launch of LEAP | 28.<\/p>

\n\u203a Expand the Group\u2019s existing leadership positions:<\/b><\/p>