Bureau Veritas (BVI) H2 2024 earnings summary

Executive summary

• Achieved record 2024 results with revenue of €6.2 billion, up 6.4% year-over-year and 10.2% organically, driven by the LEAP | 28 strategy and strong global demand.

• Adjusted operating profit rose 7.1% to €996.2 million, with a 16.0% margin, and adjusted net profit increased 8.0% to €620.7 million.

• Free cash flow reached €843.3 million, up 27.9% year-over-year, with cash conversion at 114%.

• Double-digit shareholder returns achieved via EPS growth of 8.7%, an 8.4% higher dividend, and a €200 million share buyback.

• Strong execution of Leap 28 strategy, with broad-based growth across all business lines and regions.

Financial highlights

• Revenue reached €6,240.9 million, up 6.4% reported and 10.2% organically year-over-year; Q4 organic growth was 9.6%.

• Adjusted operating profit was €996.2 million (+7.1% y/y), with a margin of 16.0% (+11 bps reported, +38 bps at constant currency).

• Adjusted net profit was €620.7 million (+8.0% y/y); adjusted EPS increased 8.7% to €1.38.

• Free cash flow totaled €843.3 million (+27.9% y/y), representing 13.5% of revenue.

• Net debt/EBITDA at 1.06x; strong liquidity with €1.2 billion cash and €600 million undrawn credit lines.

Outlook and guidance

• For 2025, expects mid to high single-digit organic revenue growth, margin improvement at constant currency, and cash conversion above 90%.

• LEAP | 28 targets 2024–2028: high single-digit total revenue CAGR, consistent margin improvement, double-digit returns, and strong cash conversion.

• Strategy remains focused on LEAP | 28 ambitions, M&A acceleration, and consistent margin improvement.

• Confident in delivering double-digit shareholder returns and maintaining disciplined capital allocation.