An evolving macro-environment and a transitioning portfolio mix;
Updated 2026 outlook
COURBEVOIE, France--(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 highergrowth and highermargin 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.”
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Q1 2026 KEY FIGURES |
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GROWTH |
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|
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) |
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