Bureau Veritas (BVI) Q4 2025 earnings summary

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.