COURBEVOIE, France--(BUSINESS WIRE)--Bureau Veritas (BOURSE:BVI):
H1 2026 key figures1
› 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),
› 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,
› Operating profit of EUR 430.8 million, down 16.0% versus EUR 513.1 million in H1 20252,
› Adjusted net profit of EUR 303.8 million, up 3.9% versus EUR 292.4 million in H1 2025,
› 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,
› Attributable net profit of EUR 237.9 million, down 26.2% versus EUR 322.3 in H1 2025,
› Free Cash Flow of EUR 157.7 million, up 3.2% organically, and down 6.1% year-on-year due to forex evolutions,
› 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.
H1 2026 highlights
› Steady organic revenue growth in H1 2026, with sequential improvement in Q2, and continued margin expansion with an ongoing Middle East conflict,
› Strong momentum in Mission Critical Assets, Oil & Gas Capex, Metals & Minerals and Consumer Products Services Tech,
› 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 since the strategy launch in 2024. This will further strengthen Bureau Veritas’ exposure to higher growth and higher margin markets,
› Progress with the Group’s planned exit from “Government Services” activities and record of a provision for related risks.
Upgraded 2026 outlook post disposal of activities planned for exit
Bureau 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 “Government Services” businesses, the Group is enhancing its growth profile and upgrades its full-year 2026 guidance as follows:
› Mid-to-high single-digit organic revenue growth, versus mid-single-digit growth previously,
› Adjusted operating margin improvement at constant exchange rates, unchanged,
› Strong cash flow generation, unchanged.
The Group is fully committed to its LEAP | 28 financial guidance, benefiting from specific favorable market trends and from the sustained execution of the strategy’s portfolio and performance programs.
Hinda Gharbi, Chief Executive Officer, commented:
“The 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.
In 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.
As 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.
Building 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 “Government Services” businesses, we are improving our growth performance. Therefore, we are upgrading our full-year 2026 guidance4, now targeting mid to high single digit organic revenue growth, and we expect to continue our margin improvement and strong cash flow generation.
Looking 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”.
H1 2026 KEY FIGURES
On July 28, 2026, the Board of Directors of Bureau Veritas approved the financial statements for H1 2026. The main consolidated financial items are:
|
IN EUR MILLION |
H1 2026 |
H1 2025 |
CHANGE |
CONSTANT |
|
Revenue |
3,258.4 |
3,192.5 |
+2.1% |
+4.8% |
|
Adjusted operating profit(a) |
506.5 |
491.5 |
+3.1% |
+6.7% |
|
Adjusted operating margin(a) |
15.5% |
15.4% |
+15bps |
+29bps |
|
Operating profit |
430.8 |
513.1 |
(16.0)% |
(12.8)% |
|
Adjusted net profit(a) |
303.8 |
292.4 |
+3.9% |
+9.0% |
|
Attributable net profit |
237.9 |
322.3 |
(26.2)% |
(22.0)% |
|
Adjusted EPS(a) |
0.68 |
0.65 |
+4.8% |
+9.8% |
|
EPS |
0.54 |
0.72 |
(25.6)% |
(21.3)% |
|
Net cash generated from operating activities |
241.3 |
261.9 |
(7.9)% |
(3.8)% |
|
Free cash flow(a) |
157.7 |
168.0 |
(6.1)% |
(1.0)% |
|
Net financial debt(a) |
1,688.6 |
1,254.7 |
+34.6% |
- |
|
(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release |
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