Organic revenue growth sequential improvement;
2026 outlook confirmed
(BUSINESS WIRE) -- Bureau Veritas (BOURSE:BVI):
The execution of LEAP | 28 has transformed Bureau Veritas into a more focused, faster-growing and higher-performing multi-specialist company. Its Product Line-centric operating model combines the Company’s global scale and resilience with clear priorities, stronger accountability and deep specialist expertise. This creates a more repeatable growth model, enabling faster execution, stronger capabilities and higher conversion of growth into profitability.
Q3 2026 Key figures1
› New reporting structure effective July 1st, 2026, comprising four divisions: Industrials & Commodities, Buildings & Infrastructure, Business Assurance, and Product Testing & Services, excluding the planned for exit businesses of Oil & Petrochemicals and Coal Testing and Inspection, and “Government Services”;
› Revenue of EUR 1,569.7 million, up 10.1% year-on-year and up 6.2% organically;
• Positive scope effect of 1.8%, from accelerated bolt-on acquisitions (+2.7% contribution), net of disposals (-0.9%);
› Positive currency impact of 2.1%, mainly resulting from the dollar strengthening against the euro.
Q3 2026 Highlights
› Broad growth across most divisions and geographies; with strong organic growth from Buildings & Infrastructure at +7.9% and Product Testing & Services at +7.0%, robust growth for Industrials & Commodities at +5.1%, and moderate for Business Assurance at +3.2%;
› Three years of strong organic growth and a completion of c. 21% portfolio rotation support LEAP | 28 ambitions that were confirmed at the 2026 Capital Markets Day;
› Total revenue growth target at constant currency upgraded to a double-digit CAGR for 2027-2028;
› AI identified as a key lever for both growth and performance. Commitment for EUR 1 billion revenue ambition for AI-driven markets and services by 2030;
› Successful placement of EUR 700 million, A3-rated bond due in September 2034, with a 4.125% coupon, most debt maturities now extend beyond 2031 and are at fixed interest rates;
› A third of the EUR 200 million share buyback program announced at the end of February 2026 completed.
Confirmed 2026 Outlook
In a fast-changing global business environment, the Company confirms its full year 2026 guidance. This is building on a solid 9-month delivery, a growing pipeline, and a reshaped portfolio2. The full-year 2026 guidance is as follows:
› Mid-to-high single-digit organic revenue growth
› Adjusted operating margin improvement at constant exchange rates
› Strong cash flow generation
The Company is fully committed to its LEAP | 28 financial guidance, capitalizing on favorable market trends, and on the sustained execution of the strategy’s portfolio and performance programs.
Hinda Gharbi, Chief Executive Officer, commented:
“The third quarter of 2026 marks another quarter of solid execution, with organic revenue growth of 6.2% in a volatile geopolitical and macroeconomic environment. I would like to thank all our colleagues around the world for their contributions.
This performance confirms that the rotation of our portfolio positions us on growth markets. Additionally, the recently completed acquisitions expand our capabilities, further strengthening our market leadership position. Growth at constant currency was high single-digit, and with positive currency effects, total growth reached double-digits in the quarter.
At our Capital Markets Day in September, we confirmed our LEAP | 28 ambitions and outlined how we will amplify our execution over the next two years. We will continue our disciplined M&A to deliver on our upgraded total revenue growth target to a double-digit CAGR for 2027 and 2028. In parallel, we will continue to strengthen operational leverage and functional scalability, while completing our people programs.
AI is both a growth catalyst and a transformation lever for Bureau Veritas. Our ambition is to generate EUR 1 billion in revenue from AI-driven markets and services by 2030. We remain fully committed to delivering our 2026 outlook and our LEAP | 28 financial ambitions.”
Q3 2026 KEY FIGURES
The execution of LEAP | 28 is reshaping Bureau Veritas’ portfolio, accelerating its exposure to higher-growth markets and transforming its business mix. As a result, the Company’s organization has evolved, and its reporting structure is evolving accordingly. To better reflect this transformation and to provide the market with a clearer view of the growth algorithm, Bureau Veritas is moving from six to four reporting lines, aligning external reporting with its current organization.
The reporting is now around 4 Divisions :
› Industrials & Commodities;
› Buildings & Infrastructure;
› Business Assurance;
› Product Testing & Services.
› Total double digit revenue growth in the third quarter
Revenue in the third quarter of 2026 amounted to EUR 1,569.7 million, a 10.1% increase compared to the third quarter of 2025. The Company delivered organic growth of 6.2%, showing a slight sequential acceleration compared to 5.9% delivered in the second quarter of the year.
By business, and on an organic basis, the growth was led by Buildings & Infrastructure, up 7.9%, and Product Testing & Services up 7.0%, Industrials & Commodities up 5.1%, while moderate growth was achieved for Business Assurance, up 3.2%, compared to the third quarter of 2025.
Geographically, the performance was solid across the board:
› Europe (c. 34% of revenue, +2.6% organically) was supported by good momentum in the UK, Italy and France.
› Asia-Pacific (c. 30% of revenue, +8.6% organically) was driven by strong activity in China and South Asia.
› The Americas (c. 27% of revenue, +8.7% organically) delivered strong growth, supported by solid momentum in North America, notably for mission critical assets.
› Africa and the Middle East (c. 9% of revenue, +5.6% organically) demonstrated resilience in a fast-changing geopolitical environment.
The scope effect was positive at 1.8%, reflecting bolt-on acquisitions (contributing to +2.7%) finalized in the past few quarters and partially offset by the impact of divestments completed over the last twelve months (contributing to -0.9%).
Currency fluctuations had a positive impact of 2.1%, driven by the strengthening of the dollar against the euro, following two quarters of negative year-to-date currency effects.
› Solid financial position
As of September 30th, 2026, net financial debt was broadly unchanged from June 30, 2026. The Group had more than EUR 1.0 billion in available cash and cash equivalents and EUR 600 million in undrawn committed credit lines. Following the September refinancing, most debt maturities now extend beyond 2031 and are at fixed interest rates.
In September 2026, Bureau Veritas placed a EUR 700 million A3-rated bond due in 2034 with a 4.125% coupon to refinance maturities in September 2026 and January 2027. The transaction attracted strong investor demand.
2026 SHARE BUYBACK PROGRAM
In line with the commitment to continue to improve shareholder returns, on February 25, 2026, the Company announced a new EUR 200 million share buyback program, to be completed within the next twelve months.
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.
As of October 19, 2026, the Company had repurchased 2.5 million shares for a total amount of EUR 68 million.
2026 CAPITAL MARKETS DAY
On September 22, 2026, Bureau Veritas hosted its Capital Markets Day and confirmed its LEAP | 28 ambitions, building on three years of strong execution.
Since the launch of the strategy, the Company has delivered sustained organic growth and margin improvement while rotating approximately 21% of its portfolio. This transformation has supported a simpler, Product Line-centric multi-specialist operating model structured around four divisions and ten Product Lines.
For 2027-2028, Bureau Veritas intends to accelerate M&A, complete the global rollout of its performance and people programs, and further leverage digital and AI. The Company confirmed its 2028 financial ambitions and upgraded its total revenue growth target to a double-digit CAGR for 2027-2028, while narrowing its leverage range to 1.5x-2.0x net debt/EBITDA.
AI will also act as a growth catalyst and transformation lever, with a target of EUR 1 billion in revenue from AI-driven markets and services by 2030.
For more information, the press releases are available by clicking here.
EXECUTIVE COMMITTEE LEADERSHIP CHANGES
Effective October 1st 2026, Angelo Piccirillo is appointed Chief Legal Officer. He will lead the Company’s Legal function and Internal Audit, ensuring continued excellence in governance, compliance, and risk management. Angelo Piccirillo was previously Group General Counsel at Sodexo. He succeeds Béatrice Place-Faget, who left Bureau Veritas to pursue other interests.
CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
Bureau Veritas obtained SBTi validation of its enhanced Scope 3 methodology and associated 2030 emissions reduction targets. The strengthened approach improves the visibility of emissions across the value chain, reinforces the robustness of the Group's climate reporting framework and further supports its decarbonization ambitions.
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Contacts
ANALYST/INVESTOR CONTACTS
Laurent Brunelle
+33 (0) 7 79 52 69 21
laurent.brunelle@bureauveritas.com
Colin Verbrugghe
+33 (0) 6 80 53 26 72
colin.verbrugghe@bureauveritas.com
Romain Gorge
romain.gorge@bureauveritas.com
Inès Lagoutte
ines.lagoutte@bureauveritas.com
MEDIA CONTACTS
Karine Havas
+33 (0) 6 68 63 83 18
karine.havas@bureauveritas.com
Frédéric Vallois
+33 (0) 6 21 66 31 04
frederic.vallois@bureauveritas.com
