Q3 2025 Key Figures
Bureau Veritas posted revenue of EUR 1,583.7 million in Q3 2025, up 2.3% year-on-year and 6.3% organically. Marine & Offshore led growth with 16.2% organic increase, while Buildings & Infrastructure recovered with 7.1% organic growth. Industry and Certification maintained strong growth at 6.9% and 5.9%, respectively. Consumer Products Services and Agri-Food & Commodities grew moderately at 3.5% and 2.5%. Positive scope effects contributed 0.8%, driven by bolt-on acquisitions (+3.1%) net of disposals (-2.3%). Currency effects were negative at -4.8% due to euro appreciation.
Strategic Progress and M&A
The company advanced its LEAP | 28 strategy, demonstrating operational resilience and strategic focus. M&A activity accelerated with two acquisitions signed in October, adding approximately EUR 32 million in annualized revenue. One strengthens Buildings & Infrastructure leadership in Europe, while the other expands Renewables capabilities. Year-to-date, eight acquisitions have been signed or closed, adding EUR 92 million in annualized revenue.
Financial Management
Bureau Veritas completed a EUR 700 million bond issuance with a 3.375% coupon and maturity in October 2033. Rated A3 by Moody’s, the issuance supports capital allocation under the LEAP | 28 strategy.
2025 Full-Year Outlook
Based on the first nine months, Bureau Veritas confirms its full-year 2025 outlook: mid-to-high single-digit organic revenue growth, improvement in adjusted operating margin at constant exchange rates, and strong cash flow with cash conversion above 90%.
CEO Comment
Hinda Gharbi, CEO, said: “Our teams delivered robust organic growth of 6.3% this quarter, reflecting strength across our portfolio. With nine-month organic growth of 6.6%, a solid backlog, and portfolio resilience, we confirm our full-year 2025 outlook. We continued executing our LEAP | 28 strategy through targeted bolt-on acquisitions, adding EUR 32 million in annualized revenue in October and EUR 92 million year-to-date.”
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