Bureau Veritas (BVI) H1 2025 earnings summary

Executive summary

• Revenue reached €3,192.5 million in H1 2025, up 5.7% year-over-year (6.7% organic growth), with strong execution of the LEAP | 28 strategy and broad-based growth across all regions and segments.

• Adjusted operating profit rose 8.8% to €491.5 million, with an adjusted operating margin of 15.4%, up 44 basis points year-over-year.

• Attributable net profit increased 37.6% to €322.3 million; adjusted EPS up 2.4% to €0.65.

• Six acquisitions and the divestment of the Food Testing business aligned with strategic priorities; €200 million share buyback completed.

• Executive Committee reorganized to accelerate strategy execution, reducing regions and introducing new product line leadership.

Financial highlights

• Free cash flow was €168.0 million, down 11.5% year-over-year due to one-off divestment impacts.

• Net financial leverage stable at 1.11x EBITDA; net debt at €1,254.7 million as of June 30, 2025.

• Adjusted net profit was €292.4 million (+1.4% year-over-year); EPS was €0.72 (+38.9% year-over-year).

• Capex at 2.0% of revenue; target range 2.5%-3.0% for the year.

• Working capital requirement reduced to 6.8% of revenue (down 220 bps year-over-year).

Outlook and guidance

• 2025 outlook confirmed: mid- to high single-digit organic revenue growth, improved adjusted operating margin at constant exchange rates, and cash conversion above 90%.

• LEAP | 28 strategy targets high single-digit total revenue CAGR, consistent margin improvement, and double-digit returns through 2028.