Organic revenue growth sequential improvement;
2026 outlook confirmed
COURBEVOIE, France--(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.
The change was effective starting from July 1st 2026, and is reflected in Q3 2026 revenue release.
|
GROWTH |
||||||
|
IN EUR MILLION |
Q3 2026 |
Q3 2025 |
CHANGE |
ORGANIC |
SCOPE |
CURRENCY |
|
Industrials & Commodities |
591.0 |
543.7 |
+8.7% |
+5.1% |
+0.8% |
2.8% |
|
Buildings & Infrastructure |
562.3 |
494.3 |
+13.7% |
+7.9% |
+4.2% |
1.6% |
|
Business Assurance |
137.4 |
131.6 |
+4.4% |
+3.2% |
+0.1% |
1.1% |
|
Product Testing & Services |
279.0 |
255.6 |
+9.2% |
+7.0% |
+0.2% |
2.0% |
|
Total Q3 revenue |
1 569.7 |
1 425.2 |
+10.1% |
+6.2% |
+1.8% |
2.1% |
