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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Bureau Veritas
Bureau Veritas (BVI) investor relations material
Bureau Veritas Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved sector-leading organic revenue growth of 6.5% in FY 2025, with reported revenue of €6.5 billion and strong margin progression to 16.3%.
LEAP | 28 strategy execution delivered accelerated growth, enhanced returns, and portfolio refocusing, including nine acquisitions and two divestments.
Delivered double-digit shareholder returns, supported by EPS growth, a 3% dividend yield, and €200 million share buyback.
Implemented a new organizational structure to accelerate strategy execution and operational leverage.
Free cash flow reached €824.2 million, with a proposed dividend of €0.92 per share (65% payout ratio).
Financial highlights
Organic revenue growth of 6.5% year-over-year; reported revenue reached €6,466.4 million.
Adjusted operating margin rose to 16.3%, up 32bps, with adjusted operating profit surpassing €1 billion.
Adjusted EPS up 2.8% to €1.42; adjusted net profit reached €631.4 million (+1.7%).
Free cash flow of €824.2 million, with cash conversion at 107%.
Proposed dividend of €0.92 per share, up 2.2% year-over-year, and €200 million share buyback completed with a new €200 million program announced.
Outlook and guidance
2026 guidance: mid to high single-digit organic revenue growth, further margin improvement, and strong cash flow generation.
LEAP | 28 strategy targets high single-digit total revenue CAGR, consistent margin improvement, and double-digit returns through 2028.
Ongoing strong cash flow generation and continued capital allocation to M&A, AI integration, and CapEx in growth markets.
Portfolio rotation expected to double to 20% within the next 12 months, focusing on higher growth and margin businesses.
Consistent margin improvement and above 90% cash conversion expected through 2028.
Quantify margin impact from recent M&A.
How new structure drives operational leverage?
How divestments funded 2025 M&A activity?
How will AI adoption impact pricing power?
Detail plans to double portfolio rotation
New operating model success metrics
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Next Bureau Veritas earnings date
Q1 2026 TU22 Apr, 2026
Bureau Veritas
Next Bureau Veritas earnings date
Q1 2026 TU22 Apr, 2026
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Frequently asked questions
The Bureau of Truth
Bureau Veritas is a French company with multinational operations that specializes in testing, inspection, and certification services. The company focuses on several sectors, including marine, industry, infrastructure, and commodities. Bureau Veritas provides services aimed at ensuring compliance with standards related to quality, health and safety, environmental protection, and similar areas. It is headquartered just outside Paris, France, and its shares are traded on the XPAR.
Antwerp to Paris
Bureau Veritas, founded in Antwerp in 1828 (but moved to Paris a few years later), began as a maritime classification society. Its initial purpose was to provide insurance companies with information necessary to assess the condition of ships and their equipment. Over the years, Bureau Veritas evolved beyond the shipping industry, adapting to changing market needs. The company expanded its expertise into industry, construction, and certification services. This growth was marked by strategic acquisitions and geographic expansion, enabling Bureau Veritas to offer a wide range of testing, inspection, and certification services across various sectors. Today, it operates as a global leader in conformity assessment and certification services, together with companies such as Intertek, Eurofins Scientific, and SGS.
The Services
As previously mentioned, Bureau Veritas provides services such as quality assurance, health and safety management, environmental impact assessments, and sustainability audits. In the maritime sector, Bureau Veritas continues its traditional role in ship classification and safety certification. In construction and infrastructure, the company ensures building and facility compliance with regulatory standards. Additionally, Bureau Veritas is involved in various industries including energy, automotive, and aerospace, offering tailored services to meet the specific needs of each sector.
Acquisitions and Partnerships
Growth through acquisitions has been a red thread throughout the company’s history and is something that it continues to do to this day. Bureau Veritas has acquired a number of different companies in the industry throughout the 2000s, most notably a number of Chinese companies. This has been done in order to expand the company’s geographical footprint, and Bureau Veritas is today active in more or less every corner of the world. Partnerships with various other companies, including Microsoft, are also employed in order to help grow the business.
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