Bureau Veritas (BVI) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €1,569.7m, up 10.1% year over year, with organic growth accelerating to 6.2% from 5.9% in Q2; growth was broad across divisions and geographies.

• FY 2026 guidance was confirmed; the 2027–2028 total revenue growth target was upgraded to a double-digit CAGR at constant currency as LEAP | 2028 enters an amplified execution phase.

Financial highlights

• Q3 revenue rose to €1,569.7m from €1,425.2m, up 10.1% reported and 8.0% at constant currency; organic growth was 6.2%, with scope +1.8% and currency +2.1%.

• 9M revenue reached €4,513.8m, up 4.9% reported and 6.1% at constant currency; organic growth was 5.7%, scope +0.4% and currency -1.2%.

Outlook and guidance

• FY 2026 guidance confirmed: mid- to high-single-digit organic revenue growth, adjusted operating margin improvement at constant exchange rates and strong cash flow generation.

• 2027–2028 ambition: double-digit total revenue growth at constant currency, supported by accelerated M&A and performance initiatives.

• 2028 targets include consistent margin improvement, cash conversion above 90%, leverage of 1.5x–2x net debt/EBITDA and double-digit shareholder returns.

• AI ambitions for 2030: €800m revenue from AI-driven markets and €200m from AI-related services; AI integration across 60% of the portfolio.