{"success":true,"data":{"pressRelease":{"id":"3980","rtpr_id":"nGNE4wR1sF","ticker":"BVI","exchange":"Euronext Paris","all_tickers":["BVI"],"title":"REG-BUREAU VERITAS - A steady organic revenue growth in the first quarter 2026; An evolving macro-environment and a transitioning portfolio mix; Updated 2026 outlook","author":"Globe Newswire","published_at":"2026-04-22T05:30:00.163Z","article_body":"PRESS RELEASE\n\nCourbevoie, France – April 22, 2026\n\nA steady organic revenue growth in the first quarter 2026;\n\nAn evolving macro-environment and a transitioning portfolio mix;\n\nUpdated 2026 outlook\n\nQ1 2026 Key figures(1)\n* Revenue of EUR 1,547.0 million, up 4.5% organically, and down 0.8%\nyear-on-year \n* Strong organic growth from Marine & Offshore at +11.2% and Buildings &\nInfrastructure at +7.3% with moderate growth for Consumer Products Services at\n+4.3%, Certification at +2.3%, Agri-Food & Commodities at +2.1%, and Industry\nat +0.7%,\n* Stable scope effect of (0.1)%, from bolt-on acquisitions (+1.8%\ncontribution), net of disposals (-1.9%),\n* Negative currency impact of 5.2%, resulting from the euro’s appreciation\nagainst most currencies.\nQ1 2026 Highlights\n* Maintained steady performance across most regions, in an environment marked\nby disruptions related to the conflict in the Middle East; growth in the\nIndustry business impacted by the delays of Opex-related services mainly in\nthe Middle East, \n* Continued progress in execution of the Group’s LEAP | 28 strategy,\npivoting its portfolio towards higher‑growth and higher‑margin activities.\nFour acquisitions signed or completed so far this year, contributing\napproximately EUR 136 million in annualized revenue, with the acquisition of\nLotusWorks considerably enhancing the Group’s position in Mission Critical\nassets,\n* Moody’s rating maintained at A3,\n* EUR 200 million share buyback program announced at the end of February 2026,\nin line with the commitment to continue to improve shareholder returns.\nUpdated 2026 Outlook\n\nComplex geopolitics and an uncertain macro environment are shaping 2026 in\naddition to the launch of an in-depth review of the terms of an exit from the\nGroup’s “Government Services” subsegment, following the decision to\nterminate certain contracts in the Middle East & Africa region.\n\nThe Group is therefore updating its guidance for full-year 2026, as follows:\n* Mid-single-digit organic revenue growth (vs. mid-to-high single-digit\norganic revenue growth previously), \n* Improvement in adjusted operating margin at constant exchange rates\n(unchanged), \n* Strong cash flow generation (unchanged).\nThe Group is fully committed to its LEAP | 28 financial guidance, benefiting\nfrom favorable market trends and from the sustained execution of the\nstrategy’s portfolio and performance programs. \n  \n\nHinda Gharbi, Chief Executive Officer, commented:\n\n“Bureau Veritas recorded organic growth of 4.5% in the first quarter of 2026\nin an evolving macro environment and while navigating a fluid situation in the\nMiddle East. I thank our teams in the Middle East for their resilience and\ncommitment, and all our employees around the world for their outstanding work.\n\nWe are committed to our mission of trust as we serve our customers and we are\nworking in partnership with various stakeholders in a spirit of transparency\nand accountability.\n\nWe are progressing steadily in the execution of our LEAP | 28 portfolio\nprograms, recently acquiring LotusWorks. In combination with our existing\nactivities, this sector specialist forms a unique platform representing c. EUR\n300 million in revenue, servicing Mission Critical assets such as datacenters\nand semiconductors fabs.\n\nWe are updating our full-year 2026 growth outlook to account for the current\nmacroeconomic environment and the termination of certain contracts within the\n“Government Services” subsegment. Furthermore, the Group is fully\ncommitted to delivering on the financial ambitions of the LEAP | 28 plan,\nbenefitting from favorable market trends and the sustained execution of the\nstrategy’s programs.”\n\nQ1 2026 KEY FIGURES\n\n GROWTH \n IN EUR MILLION Q1 2026 Q1 2025 ((a)) CHANGE ORGANIC SCOPE CURRENCY \n Marine & Offshore 143.9 136.2 +5.7% +11.2% +0.0% (5.5)% \n Agri-Food & Commodities 278.3 297.1 (6.4)% +2.1% (4.7)% (3.8)% \n Industry 323.2 335.8 (3.7)% +0.7% +2.3% (6.7)% \n Buildings & Infrastructure 496.2 476.2 +4.2% +7.3% +0.9% (4.0)% \n Certification 133.9 134.1 (0.1)% +2.3% +0.7% (3.1)% \n Consumer Products Services 171.5 179.3 (4.3)% +4.3% (0.8)% (7.8)% \n Total Group revenue 1,547.0 1,558.7 (0.8)% +4.5% (0.1)% (5.2)% \n\n((a) )Q1 2025 figures by business have been restated following a\nreclassification of activities impacting the Agri-Food & Commodities and\nBuildings & Infrastructure businesses (c. EUR 0.3 million)\n* Steady organic revenue growth in the first quarter\nRevenue in the first quarter of 2026 amounted to EUR 1,547.0 million, an 0.8%\ndecrease compared to the first quarter of 2025. The Group delivered an\norganic growth of 4.5%.\n\nBy business, and on an organic basis, the growth was led by Marine & Offshore,\nup 11.2%, and Buildings & Infrastructure, up 7.3%. Consumer Products\nServices grew 4.3% while moderate growth was achieved for Certification, up\n2.3%, Agri-Food & Commodities up 2.1% and Industry, up 0.7% compared to the\nfirst quarter of 2025.\n\nBy geography, the Americas (24% of revenue, up 1.7% organically) was led by a\n6.8% organic increase in North and Central America, particularly in the United\nStates. Europe (38% of revenue) achieved 3.4% organic growth, supported by\nsolid momentum in Buildings & Infrastructure and in Industry across the\nregion. Asia‑Pacific (27% of revenue) recorded strong organic growth of\n7.9%, benefiting from robust activity in Eastern Asia, including China, and in\nAustralia. Finally, Africa and the Middle East (11% of revenue) delivered a\nresilient 5.5% organic growth, supported by the execution of the backlog of\nenergy‑related projects and continued strong Buildings & Infrastructure\nactivity in the region despite the first impact of the conflict at the end of\nthe quarter.\n\nThe scope effect was broadly neutral at (0.1)%, reflecting bolt-on\nacquisitions (contributing to +1.8%) finalized in the past few quarters and\noffset by the impact of divestments completed over the last twelve months\n(contributing to -1.9%).\n\nCurrency fluctuations had a negative impact of 5.2%, due to the strength of\nthe euro against most currencies and against unfavorable comparables.\n* Solid financial position\nAt the end of March 2026, the Group's adjusted net financial debt was\nmaterially unchanged compared with the levels as of December 31, 2025. The\nGroup has in place EUR 600 million of undrawn committed lines of credit.\nBureau Veritas has a solid financial structure with most of its debt\nmaturities in 2027 and beyond (save per the EUR 200 million maturing in\nSeptember 2026) and at fixed interest rates.\n\nOn April 10, 2026, Moody’s reaffirmed Bureau Veritas’ A3 rating,\nhighlighting its leading market position, diversified and resilient business\nmodel, conservative financial policy, and solid cash flow generation.  \n\nCORPORATE SOCIAL RESPONSIBILITY COMMITMENTS \n* Corporate Social Responsibility (CSR) key indicators\n UNITED NATIONS’ SDGS Q1 2025 Q1 2026 2028 TARGET \n ENVIRONMENT / NATURAL CAPITAL \n CO (2)emissions (Scopes 1 & 2, 1,000 tons) (2) #13 133 124 107 \n SOCIAL & HUMAN CAPITAL \n Total Accident Rate (TAR) (3) #3 0.24 0.24 0.23 \n Gender balance in senior leadership (EC-II) (4) #5 27.8% 29.1% 36.0% \n Number of learning hours per employee (per year) (5) #8 40.3 40.4 40.0 \n GOVERNANCE \n Proportion of employees trained to the Code of Ethics #16 99.5% 99.4% 99.0% \n\n2026 SHARE BUYBACK PROGRAM\n\nIn line with the commitment to continue to improve shareholder returns, on\nFebruary 25, 2026, the Group announced a new EUR 200 million share buyback\nprogram, to be completed within the next twelve months. The program is subject\nto approval by the Annual General Meeting of May 19, 2026 if any or all is to\nbe executed after that date.\n\nIn accordance with the terms of the share buyback program approved by the\nAnnual General Meeting, the purchased shares will be used for any purpose\nauthorized by the Company’s shareholders at the Annual General Meeting of\nJune 19, 2025, for any or all of the program to be executed before the Annual\nGeneral Meeting of May 19, 2026.\n\nFor any or all of the program to be executed after the Annual General Meeting\nof May 19, 2026, the purchased shares will be used for any purpose authorized\nby the Company’s shareholders at that date.\n\nLEAP I 28 FOCUSED PORTFOLIO UPDATE\n\nSince the beginning of the year 2026, the Group has signed agreements or\ncompleted the acquisition of four companies, representing annualized cumulated\nrevenue of c. EUR 136 million in 2025. These acquisitions — one in the\nMission Critical assets segment and three others in the Sustainability and\npublic sectors — support LEAP I 28’s strategic goal to expand the Group's\nexisting leadership position and advance the Buildings & Infrastructure (Capex\n& Opex) portfolio development strategy.\n* Expand the Group’s existing leadership positions:\n\n * Mission Critical assets: in April 2026, Bureau Veritas announced that it\nhas signed an agreement to acquire LotusWorks. This Ireland-based company is a\nleading provider of commissioning, quality assurance and quality control,\ncalibration, maintenance, and construction management services for Mission\nCritical facilities serving semiconductor manufacturers and data center\nowners. The Company operates in the United States and Europe, and employs 750\npeople including highly skilled experts. In 2025, LotusWorks generated EUR 131\nmillion in revenue. This acquisition will enhance Bureau Veritas’ organic\ngrowth, will be accretive to the Group’s Adjusted Operating Margin, and will\nbe slightly accretive to earnings in 2026. This strategic move will uniquely\nposition the Buildings & Infrastructure Product Line to benefit from AI-driven\nconstruction investments. \n\n\n* Sustainable Construction Services (SCS) and Verte (UK) in January and\nFebruary 2026, two providers of sustainability consulting services in the real\nestate sector, specializing in certification of green buildings, energy\nefficiency assessments, net zero carbon and energy modelling. Combined, these\ntwo companies employ 42 employees and generated annualized cumulated revenue\nof c. EUR 4 million in 2025.\n\n\n* ADS COM (France) in January 2026, in the public sector, delivering\nexamination and review services for building permit application files for\nlocal authorities (public service delegation). The company employs 13 people\nand recorded c. EUR 1 million in revenue in 2025.\nFor more information, the press releases are available by clicking here\n(https://www.globenewswire.com/Tracker?data=brNSQbEqxKOeKT4peqEvzpZQknzrbSEJRzSkAeOVeFv5FwxChmb-DmNW2KFvUDb9JcXgbVboVyKd84qK22a30MMKF4qY45D4znRVZVM8Ui_mPRHC1BQDrGi_3tXDYY_l).\n\nDECISIONS REGARDING CERTAIN ACTIVITIES\n\nPursuant to internal alerts, the Company has conducted investigations that\nuncovered deviations in the Middle East & Africa region, primarily in the\n“Government Services” subsegment.\n\nThe Chief Executive Officer has proposed several remedial measures needed in\nthe short and medium term to the Board of Directors. At its meeting on April\n21, 2026, the Board of Directors supported and approved all of these actions:\n* The Company took the decision to immediately and voluntarily disclose the\nsituation to the French authorities, in a spirit of transparency and\ncooperation. The Company will provide an update on the financial consequences\nof these deviations and disclosure as soon as it can do so.\n* Furthermore, the Company will terminate the contracts in question and will\ncontinue the in-depth review of its activities within the “Government\nServices” subsegment (which represented c. EUR 185 million in revenue in\n2025) to determine the appropriate terms of its exit from this subsegment. As\na result, the Group is updating its full-year 2026 growth outlook.\n* Bureau Veritas’ existing compliance framework will be reinforced to ensure\nthat all activities fully adhere to the Group’s ethics and compliance\nstandards. The Company has implemented disciplinary measures and based on the\nfindings of its internal investigation, does not rule out further action.\nBureau Veritas is committed to implementing all necessary measures to prevent\nthe re-occurrence of these practices.\nUPDATED 2026 OUTLOOK\n\nComplex geopolitics and an uncertain macro environment are shaping 2026 in\naddition to the launch of an in-depth review of the terms of an exit from the\nGroup’s “Government Services” subsegment, following the decision to\nterminate certain contracts in the Middle East & Africa region. The Group is\ntherefore updating its guidance for full-year 2026, as follows:\n* Mid-single-digit organic revenue growth (vs. mid-to-high single-digit\norganic revenue growth previously), \n* Improvement in adjusted operating margin at constant exchange rates\n(unchanged), \n* Strong cash flow generation (unchanged).\nThe Group is fully committed to its LEAP | 28 financial guidance, benefiting\nfrom favorable market trends and from the sustained execution of the\nstrategy’s portfolio and performance programs.\n\nQ1 2026 BUSINESS REVIEW\n\nMARINE & OFFSHORE\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 143.9 136.2 +5.7% +11.2% - (5.5)% \n\nMarine & Offshore delivered a strong 11.2% organic growth in the first quarter\nof 2026, with:\n* Strong double-digit organic growth in New Construction (51% of divisional\nrevenue), driven by global operating fleet renewal and faster deliveries as\ncapacity expanded rapidly across several shipyards. As of March 31, 2026, the\nCompany secured 3.4 million gross tons of new orders, increasing the backlog\nto 33.6 million gross tons — a growth of 24.4% compared to the previous\nyear.\n* Low-single-digit growth organically in Core In-service activity (39% of\ndivisional revenue), against challenging comparables and due to the phasing of\nyearly inspections. As of March 31(st), 2026, the fleet classed by Bureau\nVeritas consisted of 12,436 ships, reflecting a year-on-year increase of 2.4%.\nThe total Gross Register Tonnage (GRT) reached 165.5 million, up +6.9%\ncompared to March 31(st), 2025, largely attributable to significant tonnage\nwon from a Korean shipping company.\n* A decline in Services (10% of divisional revenue, including Offshore),\nmainly due to the ongoing reduction of non-core advisory services, a change\nexpected to have a positive impact on the business in the coming quarters.\nBureau Veritas is actively developing new solutions to support clients in\naddressing global fleet modernization requirements. In early 2026, the Company\nadvanced fleet digitalization for a Hong Kong shipping company by classifying\na vessel with augmented ship technology that integrated onboard digital\nsystems with shore support.\n\nGreen objects highlights\n\nDuring the first quarter of 2026, Bureau Veritas has signed a cooperation\nagreement with a French leading cruise operator to drive innovation in\nlow-carbon technologies for future vessels. The Company also provided\ncomprehensive classification services and verified methane emissions\nperformance for LNG-fueled vessels operated by a leading ferry operator,\nsupporting compliant EU reporting.\n\nAGRI-FOOD & COMMODITIES\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 278.3 297.1 (6.4)% +2.1% (4.7)% (3.8)% \n\nThe Agri-Food & Commodities business achieved a 2.1% organic revenue growth in\nthe first quarter of 2026, with contrasting dynamics across sub‑segments.\nThe Oil & Petrochemicals segment (O&P, accounting for 32% of divisional\nrevenue) experienced a modest organic decline, attributed primarily to\ndisruptions in crude and product exports caused by the situation in the Middle\nEast which reduced volumes. Part of these volumes was redirected through\nalternative routes, helping offset the impact in the Middle East and\nsupporting solid growth and market share gains in all other regions.\n\nMetals & Minerals (M&M, 39% of divisional revenue) continued to deliver strong\nhigh single digit organic growth, mainly driven by high activity levels in\ngold and copper, increased exploration spending and higher sample volumes,\nincluding a ramp‑up of onsite laboratory outsourcing work linked to Middle\nEastern mining projects. In the quarter, the Group secured analytical services\ncontract to support critical gold mining operations in Australia for a large\nmining company. Trade activities achieved solid organic growth, supported by\nsustained momentum in Africa, South America and Asia.\n\nAgri (12% of divisional revenue) declined on an organic basis, impacted by\nvolatile global trade flows, particularly in the Americas and Europe, while\nMiddle East & Africa remained resilient.\n\nGovernment services (17% of divisional revenue) posted low‑single‑digit\norganic growth.\n\nGreen objects highlights\n\nIn the first quarter of 2026, the Group was awarded a contract to provide Oil\ncondition monitoring (OCM) and cooling system fluid testing for a data center\noperated by a US hyperscaler.\n\nINDUSTRY\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 323.2 335.8 (3.7)% +0.7% +2.3% (6.7)% \n\nIn the first quarter of 2026, the Industry division delivered a 0.7% organic\ngrowth, as activity at the start of the year was impacted by the conflict in\nthe Middle East and some project delays.\n\nBy market segment, the Oil & Gas business (35% of divisional revenue) achieved\nmid-single digit organic growth.\n* Capex activities benefited from sustained high investment levels in North\nAmerica, Asia, and the Middle East, with notable strength in the gas and LNG\nsectors. The Group secured several Capex deals, including a major contract for\nthird-party inspection services supporting offshore oilfield platforms\nconstruction in the Middle East. Bureau Veritas was also awarded a technical\nsupport contract for a large exploration and production oil project in Latin\nAmerica. \n* Opex activities experienced a decline due to reduced activity in Latin\nAmerica and delayed operations in the Middle East.\nPower & Utilities (16% of divisional revenue) recorded a low single digit\norganic contraction in the first quarter. Capex activities performed\nparticularly well in Europe, Asia Pacific and the Middle East. This was\nsupported by increasing global energy needs and sustained investments in\nrenewable energy and nuclear projects; the Group is also actively exploring\nbattery storage and carbon capture opportunities. Opex activities were in\ncontraction due to the postponement of major inspections in the Middle East\ncaused by the ongoing conflict, and, as expected, from the voluntary exit from\nnon-profitable contracts in Latin America. The Group was awarded an\nengineering supervision contract for compliance and reliability of Portuguese\nelectrical distribution infrastructure.\n\nElsewhere, Industrial Products Certification (18% of divisional revenue)\nservices achieved high single-digit organic growth in the first quarter of\n2026. This sustained positive momentum was largely driven by strong resilience\nof Pressure Vessels and Machinery activities, supported by increased\nindustrial relocation to developed countries amid rising global tensions.\n\nThe Environmental Testing business (8% of divisional revenue) organic growth\nwas nearly stable, as activities remained slightly impacted by market\nuncertainties in North America.\n\nOther activities (23% of divisional revenue) were in low-single digit\ncontraction.\n\nTransition services and Green objects highlights\n\nOn the Power and Utilities front, Bureau Veritas was selected for quality\nassurance and regulatory compliance second-party inspections at a major\nEuropean nuclear fusion project.\n\nBUILDINGS & INFRASTRUCTURE\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 496.2 476.2 +4.2% +7.3% +0.9% (4.0)% \n\nBuildings & Infrastructure (B&I) was among the strongest performing businesses\nof the Group in the first quarter of 2026, delivering 7.3% organic growth.\nThis was supported by a solid backlog and sustained demand across\nCapex‑driven activities, particularly in Mission Critical assets. The\ndivision also benefited from the portfolio expansion efforts, as recently\nacquired companies delivered a strong performance.\n\nBy segment, Buildings Capex (38% of divisional revenue) delivered\ndouble‑digit organic growth, mainly driven by data center services. The US\nled the growth, supported by strong commissioning, QA/QC and code compliance\ndemand from continued investments by large hyperscalers, with multi‑year\nvisibility. Activity also remained robust in Europe and Asia, reflecting\nongoing expansion in cloud infrastructure and AI‑related computing.\nCommercial momentum was strong, with several strategic wins covering multiple\ndata center projects in the US and Europe, including end‑to‑end design\nreview, QA/QC and commissioning services. Services related to real‑estate\ntransactions further rebounded as commercial activity gradually resumed.\nFinally, growing safety‑related services helped French operations outperform\nthe market.\n\nBuildings Opex services (43% of divisional revenue) organic growth was\nlow‑single digit, reflecting different regional dynamics. France delivered\nsteady growth supported by volumes and ongoing demand for environmental\nmeasurement and energy efficiency services. In the United States, Opex\nactivity focused on asset condition assessments and public‑sector mandates\nin selected states, while the Group continued to reposition its portfolio\ntoward higher‑value, sustainability‑driven services.\n\nInfrastructure activities (19% of divisional revenue) recorded\nhigh‑single‑digit organic growth, supported by strong momentum in Europe,\nNorth America and Asia‑Pacific. In Europe, growth was driven by\ngovernment‑led infrastructure programs and was supported by expanded\ntechnical control and project management capabilities following recent\nacquisitions. Asia‑Pacific delivered strong growth across most countries. In\nthe Middle East, infrastructure activity continued to perform strongly, driven\nby large‑scale projects, with limited impact so far from geopolitical\ntensions. In Latin America performance remained mixed: while the region\ncontinue to benefit from a solid pipeline of private-sector and infrastructure\nprojects, Brazil continued to weigh on regional organic growth.\n\nFollowing the acquisition of LotusWorks in April 2026, Bureau Veritas\nsignificantly strengthened its positioning in Mission Critical assets,\ndoubling its exposure to this high‑growth segment and reinforcing its\nend‑to‑end service offering across data centers, semiconductors and other\nfacilities.\n\nTransition services highlights\n\nIn the first quarter of 2026, Bureau Veritas delivered a new integrated\nsolution for a leading UK customer, combining green certification and building\ncontrol services, enabled by its BIM expertise and supported by recent\nacquisitions.\n\nCERTIFICATION\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 133.9 134.1 (0.1)% +2.3% +0.7% (3.1)% \n\nCertification delivered an organic growth of 2.3% in the first quarter of\n2026, against challenging comparables, with an improvement towards the end of\nthe quarter. Performance was temporarily affected by timing effects in certain\nQHSE schemes, as well as by specific contract terminations or scope\nreductions. These effects were partly offset by strong momentum in\nsustainability‑driven certification and transition services, confirming the\nsteady dynamics of the business.\n\nQHSE & Specialized Schemes solutions (51% of divisional revenue) posted\nmoderate organic growth in the first quarter of 2026. Performance reflected\ntiming effects in transportation certification, while demand remained robust\nfor customized, voluntary and transition-related certification programs,\nincluding second-party audits supporting supply-chain transformation.\n\nSustainability-related solutions & Digital (Cyber) certification activities\n(35% of divisional revenue) demonstrated solid underlying demand and grew high\nsingle digit organically. Environmental & Carbon Services delivered strong\ngrowth, supported by sustained customer demand for carbon advisory services,\nand lifecycle analysis. There was also an increasing traction in\ncarbon-intensive industrial sectors and growing pipelines linked to CBAM and\nEUDR. Social, Governance and other sustainability services continued to grow,\ndriven by ESG supply-chain audits and human-rights due-diligence, reinforced\nby the EcoVadis partnership with Bureau Veritas.\n\nCybersecurity certification activities recorded strong growth in Europe,\nsupported by rising demand for information security certification, while\nperformance in North America was impacted by the loss of a single large\nconsulting-type contract; certification and assurance activities remained\nresilient. \n\nIn April 2026, Bureau Veritas announced the launch of an independent AI\nsystems assessment offering developed with Amazon Web Services (AWS) to help\nEuropean enterprises comply with the EU “AI Act” regulatory requirements.\nCombining on-site audits, document reviews and direct testing, the solution\ndelivers an objective AI maturity assessment based on standardized risk\npillars.\n\nOther solutions, including Training (14% of divisional revenue) delivered\nslight negative organic growth in the first quarter of 2026, against\nunfavorable comparables.\n\nThe Certification organic revenue growth is expected to improve from the\nsecond quarter onwards, supported by strong trends in assurance services. The\nstrong customer demand for risk management and mitigation imperatives is\ndriving supply chain resilience activities, and overall specialized schemes\ngrowth.\n\nTransition services highlights\n\nDuring the first quarter of 2026, Certification further strengthened its\ntransition services offering, structured around supply chain, carbon &\nclimate, disclosures, product circularity and nature. The Group secured a\ncontract to support ESG performance and supplier audits for a large European\nhospitality company. Early commercial wins were also recorded in product\ncircularity and low-carbon building solutions, supported by enhanced delivery\ncapabilities from recent acquisitions.\n\nCONSUMER PRODUCTS SERVICES\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 171.5 179.3 (4.3)% +4.3% (0.8)% (7.8)% \n\nThe Consumer Products Services division reported 4.3% organic growth in the\nfirst quarter of 2026.\n\nSoftlines, Hardlines & Toys (45% of divisional revenue) delivered low\nsingle-digit growth against strong comparables during this period, with\ncontinuous growth in Softlines and Toys, moderated by a contraction of\nHardlines testing activities. Global supply chains demonstrated adaptability\nin response to trade and geopolitical changes, as retailers temporarily\nshifted sourcing away from countries facing energy shortages, favoring\nChina’s higher fuel reserves and greater manufacturing capacity.\n\nHealthcare (including Beauty and Household) (9% of divisional revenue) and\nSupply Chain & Sustainability activities (14% of divisional revenue) went\nthrough organic revenue contraction, from challenging comparables and lower\nvolumes. During this period, the Group was awarded a number of supply chain\nagreements, including an outsourcing contract aimed at enhancing cost\nefficiency and improving quality outcomes for the Asian manufacturing\nfacilities of a leading American department store chain.\n\nTechnology services (32% of divisional revenue) performed strongly, with both\nElectrical and Electronic products recording double-digit organic growth in\nthe first quarter. This growth was predominantly driven by Eastern and\nSoutheastern Asian countries, from higher volumes, the success of recently\nimplemented sales-enhancement initiatives and the benefit of the portfolio\ndiversification through recent targeted acquisitions.\n\nTransition services highlights\n\nIn the first quarter of 2026, Bureau Veritas was selected to provide social\naudit support services for the US operations of a major retail and consumer\ngoods company. The Group also secured a contract deliver integrated Life Cycle\nAssessment (LCA) automation and carbon footprint calculation support for a\nFrench industrial player.\n\nPRESENTATION\n* Q1 2026 revenue will be presented on Wednesday, April 22, 2026, at 3:00 p.m.\n(Paris time)\n* A video conference will be webcast live. Please connect to: Link to video\nconference\n(https://bureauveritas.engagestream.euronext.com/20260422-2026-first-quarter)\n* The presentation slides will be available on:\nhttps://company.bureauveritas.com/investors/financial-information/financial-results\n* All supporting documents will be available on the website\n* Live dial-in: Link to conference call\n(https://engagestream.euronext.com/bureauveritas/20260422-2026-first-quarter/dial-in)\n2026 FINANCIAL CALENDAR\n* Shareholder’s meeting: May 19, 2026\n* H1 2026 Results: July 29, 2026 (before market)\n* Capital Markets Day: September 22, 2026\n* Q3 2026 Revenue: October 21, 2026 (before market) \nABOUT BUREAU VERITAS\n\nBureau Veritas is a world leader in inspection, certification, and laboratory\ntesting services with a powerful purpose: to shape a world of trust by\nensuring responsible progress. With a vision to be the preferred partner for\ncustomers’ excellence and sustainability, the Company innovates to help them\nnavigate change.\nCreated in 1828, Bureau Veritas’ 82,000 employees deliver services in 140\ncountries. The Company’s technical experts support customers to address\nchallenges in quality, health and safety, environmental protection, and\nsustainability.\nBureau Veritas is listed on Euronext Paris and belongs to the CAC 40, CAC 40\nESG, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A,\nISIN code FR 0006174348, stock symbol: BVI. \nFor more information, visit www.bureauveritas.com, and follow us on LinkedIn\n(https://www.globenewswire.com/Tracker?data=7Bv_ZqDgMW8tyWb07EHDObPtn8zVj4-N2z77xqSdHh4A47KrnutfBT2EZgmebRLVPl-Kc722oopZuQpGouVlUSVrnbCkuiFaN_AYKlNgcGMXgKj65gQ8mYMbXGHK_syU).\n\n Our information is certified with blockchain technology. Check that this press release is genuine at www.wiztrust.com . \n ANALYST/INVESTOR CONTACTS MEDIA CONTACTS \n Laurent Brunelle Karine Havas \n +33 (0) 7 79 52 69 21 +33 (0) 6 68 63 83 18 \n laurent.brunelle@bureauveritas.com karine.havas@bureauveritas.com \n \n Colin Verbrugghe Frédéric Vallois \n +33 (0) 6 80 53 26 72 +33 (0) 6 21 66 31 04 \n colin.verbrugghe@bureauveritas.com frederic.vallois@bureauveritas.com \n Romain Gorge romain.gorge@bureauveritas.com Inès Lagoutte ines.lagoutte@bureauveritas.com \n\nThis press release (including the appendices) contains forward-looking\nstatements, which are based on current plans and forecasts of Bureau\nVeritas’ management. Such forward-looking statements are by their nature\nsubject to a number of important risk and uncertainty factors such as those\ndescribed in the Universal Registration Document (“Document\nd’enregistrement universel”) filed by Bureau Veritas with the French\nFinancial Markets Authority (“AMF”) that could cause actual results to\ndiffer from the plans, objectives and expectations expressed in such\nforward-looking statements. These forward-looking statements speak only as of\nthe date on which they are made, and Bureau Veritas undertakes no obligation\nto update or revise any of them, whether as a result of new information,\nfuture events or otherwise, according to applicable regulations.\n\nAPPENDIX 1: Q1 2026 REVENUE BY BUSINESS\n\n IN EUR MILLION Q1 2026 Q1 2025 ((a)) CHANGE ORGANIC SCOPE CURRENCY \n Marine & Offshore 143.9 136.2 +5.7% +11.2% +0.0% (5.5)% \n Agri-Food & Commodities 278.3 297.1 (6.4)% +2.1% (4.7)% (3.8)% \n Industry 323.2 335.8 (3.7)% +0.7% +2.3% (6.7)% \n Buildings & Infrastructure 496.2 476.2 +4.2% +7.3% +0.9% (4.0)% \n Certification 133.9 134.1 (0.1)% +2.3% +0.7% (3.1)% \n Consumer Products 171.5 179.3 (4.3)% +4.3% (0.8)% (7.8)% \n Total Q1 revenue 1,547.0 1,558.7 (0.8)% +4.5% (0.1)% (5.2)% \n\n((a) )Q1 2025 figures by business have been restated following a\nreclassification of activities impacting the Agri-Food & Commodities and\nBuildings & Infrastructure businesses (c. EUR 0.3 million)\n\nAPPENDIX 2: 2026 REVENUE BY QUARTER\n\n \n IN EUR MILLION Q1 \n Marine & Offshore 143.9 \n Agri-Food & Commodities 278.3 \n Industry 323.2 \n Buildings & Infrastructure 496.2 \n Certification 133.9 \n Consumer Products 171.5 \n Total revenue 1,547.0 \n\nAPPENDIX 3: DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND\nRECONCILIATION WITH IFRS\n\nThe management process used by Bureau Veritas is based on a series of\nalternative performance indicators, as presented below. These indicators were\ndefined for the purposes of preparing the Group’s budgets and internal and\nexternal reporting. Bureau Veritas considers that these indicators provide\nadditional useful information to financial statement users, enabling them to\nbetter understand the Group’s performance, especially its operating\nperformance. Some of these indicators represent benchmarks in the testing,\ninspection and certification (“TIC”) business and are commonly used and\ntracked by the financial community. These alternative performance indicators\nshould be seen as complementary to IFRS-compliant indicators and the resulting\nchanges.\n\nGROWTH\n\nTotal revenue growth\n\nThe total revenue growth percentage measures changes in consolidated revenue\nbetween the previous year and the current year. Total revenue growth has three\ncomponents:\n* Organic growth,\n* Impact of changes in the scope of consolidation (scope effect),\n* Impact of changes in exchange rates (currency effect).\nOrganic growth\n\nThe Group internally monitors and publishes “organic” revenue growth,\nwhich it considers to be more representative of the Group’s operating\nperformance in each of its business sectors.\n\nThe main measure used to manage and track consolidated revenue growth is\nlike-for-like, also known as organic growth. Determining organic growth\nenables the Group to monitor trends in its business excluding the impact of\ncurrency fluctuations, which are outside of Bureau Veritas’ control, as well\nas scope effects which concern new businesses or businesses that no longer\nform part of the business portfolio. Organic growth is used to monitor the\nGroup’s performance internally.\n\nBureau Veritas considers that organic growth provides management and investors\nwith a more comprehensive understanding of its underlying operating\nperformance and current business trends, excluding the impact of acquisitions,\ndivestments (outright divestments as well as the unplanned suspension of\noperations – in the event of international sanctions, for example) and\nchanges in exchange rates for businesses exposed to foreign exchange\nvolatility, which can mask underlying trends.\n\nThe Group also considers that separately presenting organic revenue generated\nby its businesses provides management and investors with useful information on\ntrends in its industrial businesses and enables a more direct comparison with\nother companies in its industry.\n\nOrganic revenue growth represents the percentage of revenue growth, presented\nat Group level and for each business, based on a constant scope of\nconsolidation and exchange rates over comparable periods:\n* Constant scope of consolidation: data are restated for the impact of changes\nin the scope of consolidation over a 12-month period,\n* Constant exchange rates: data for the current year are restated using\nexchange rates for the previous year.\nScope effect\n\nTo establish a meaningful comparison between reporting periods, the impact of\nchanges in the scope of consolidation is determined:\n* For acquisitions carried out in the current year: by deducting from revenue\nfor the current year revenue generated by the acquired businesses in the\ncurrent year,\n* For acquisitions carried out in the previous year: by deducting from revenue\nfor the current year revenue generated by the acquired businesses in the\nmonths in the previous year in which they were not consolidated,\n* For disposals and divestments carried out in the current year: by deducting\nfrom revenue for the previous year revenue generated by the disposed and\ndivested businesses in the previous year in the months of the current year in\nwhich they were not part of the Group,\n* For disposals and divestments carried out in the previous year: by deducting\nfrom revenue for the previous year revenue generated by the disposed and\ndivested businesses in the previous year prior to their disposal/divestment.\nCurrency effect\n\nThe currency effect is calculated by translating revenue for the current year\nat the exchange rates for the previous year.\n\n1 Alternative performance indicators are presented, defined and reconciled\nwith IFRS in appendix 3 of this press release.\n2 Scope 1 and Scope 2 greenhouse gas emissions are calculated over a 12-month\nrolling period. The most recent quarter is estimated based on the\ncorresponding quarter from the previous year.\n3 TAR: Total Accident Rate (number of accidents with and without lost time x\n200,000/number of hours worked).\n4 Proportion of women from the Executive Committee to Band II (internal grade\ncorresponding to a management or executive management position) in the Group\n(number of women on a full-time equivalent basis in a leadership\nposition/total number of full-time equivalents in leadership positions).\n5 Indicator calculated over a 12-month rolling period.\n\nAttachment\n* 2026 04 22_Press Release_Q1 2026 Revenue vDEF\n(https://ml-eu.globenewswire.com/Resource/Download/895e3e74-4781-4bb8-bf23-9e66c23fb59a)","article_body_html":"","raw_payload":{"data":{"id":"nGNE4wR1sF","title":"REG-BUREAU VERITAS - A steady organic revenue growth in the first quarter 2026; An evolving macro-environment and a transitioning portfolio mix; Updated 2026 outlook","author":"Globe Newswire","ticker":"BVI","created":"2026-04-22T05:30:00.163Z","tickers":["BVI"],"exchange":"Euronext Paris","article_body":"PRESS RELEASE\n\nCourbevoie, France – April 22, 2026\n\nA steady organic revenue growth in the first quarter 2026;\n\nAn evolving macro-environment and a transitioning portfolio mix;\n\nUpdated 2026 outlook\n\nQ1 2026 Key figures(1)\n* Revenue of EUR 1,547.0 million, up 4.5% organically, and down 0.8%\nyear-on-year \n* Strong organic growth from Marine & Offshore at +11.2% and Buildings &\nInfrastructure at +7.3% with moderate growth for Consumer Products Services at\n+4.3%, Certification at +2.3%, Agri-Food & Commodities at +2.1%, and Industry\nat +0.7%,\n* Stable scope effect of (0.1)%, from bolt-on acquisitions (+1.8%\ncontribution), net of disposals (-1.9%),\n* Negative currency impact of 5.2%, resulting from the euro’s appreciation\nagainst most currencies.\nQ1 2026 Highlights\n* Maintained steady performance across most regions, in an environment marked\nby disruptions related to the conflict in the Middle East; growth in the\nIndustry business impacted by the delays of Opex-related services mainly in\nthe Middle East, \n* Continued progress in execution of the Group’s LEAP | 28 strategy,\npivoting its portfolio towards higher‑growth and higher‑margin activities.\nFour acquisitions signed or completed so far this year, contributing\napproximately EUR 136 million in annualized revenue, with the acquisition of\nLotusWorks considerably enhancing the Group’s position in Mission Critical\nassets,\n* Moody’s rating maintained at A3,\n* EUR 200 million share buyback program announced at the end of February 2026,\nin line with the commitment to continue to improve shareholder returns.\nUpdated 2026 Outlook\n\nComplex geopolitics and an uncertain macro environment are shaping 2026 in\naddition to the launch of an in-depth review of the terms of an exit from the\nGroup’s “Government Services” subsegment, following the decision to\nterminate certain contracts in the Middle East & Africa region.\n\nThe Group is therefore updating its guidance for full-year 2026, as follows:\n* Mid-single-digit organic revenue growth (vs. mid-to-high single-digit\norganic revenue growth previously), \n* Improvement in adjusted operating margin at constant exchange rates\n(unchanged), \n* Strong cash flow generation (unchanged).\nThe Group is fully committed to its LEAP | 28 financial guidance, benefiting\nfrom favorable market trends and from the sustained execution of the\nstrategy’s portfolio and performance programs. \n  \n\nHinda Gharbi, Chief Executive Officer, commented:\n\n“Bureau Veritas recorded organic growth of 4.5% in the first quarter of 2026\nin an evolving macro environment and while navigating a fluid situation in the\nMiddle East. I thank our teams in the Middle East for their resilience and\ncommitment, and all our employees around the world for their outstanding work.\n\nWe are committed to our mission of trust as we serve our customers and we are\nworking in partnership with various stakeholders in a spirit of transparency\nand accountability.\n\nWe are progressing steadily in the execution of our LEAP | 28 portfolio\nprograms, recently acquiring LotusWorks. In combination with our existing\nactivities, this sector specialist forms a unique platform representing c. EUR\n300 million in revenue, servicing Mission Critical assets such as datacenters\nand semiconductors fabs.\n\nWe are updating our full-year 2026 growth outlook to account for the current\nmacroeconomic environment and the termination of certain contracts within the\n“Government Services” subsegment. Furthermore, the Group is fully\ncommitted to delivering on the financial ambitions of the LEAP | 28 plan,\nbenefitting from favorable market trends and the sustained execution of the\nstrategy’s programs.”\n\nQ1 2026 KEY FIGURES\n\n GROWTH \n IN EUR MILLION Q1 2026 Q1 2025 ((a)) CHANGE ORGANIC SCOPE CURRENCY \n Marine & Offshore 143.9 136.2 +5.7% +11.2% +0.0% (5.5)% \n Agri-Food & Commodities 278.3 297.1 (6.4)% +2.1% (4.7)% (3.8)% \n Industry 323.2 335.8 (3.7)% +0.7% +2.3% (6.7)% \n Buildings & Infrastructure 496.2 476.2 +4.2% +7.3% +0.9% (4.0)% \n Certification 133.9 134.1 (0.1)% +2.3% +0.7% (3.1)% \n Consumer Products Services 171.5 179.3 (4.3)% +4.3% (0.8)% (7.8)% \n Total Group revenue 1,547.0 1,558.7 (0.8)% +4.5% (0.1)% (5.2)% \n\n((a) )Q1 2025 figures by business have been restated following a\nreclassification of activities impacting the Agri-Food & Commodities and\nBuildings & Infrastructure businesses (c. EUR 0.3 million)\n* Steady organic revenue growth in the first quarter\nRevenue in the first quarter of 2026 amounted to EUR 1,547.0 million, an 0.8%\ndecrease compared to the first quarter of 2025. The Group delivered an\norganic growth of 4.5%.\n\nBy business, and on an organic basis, the growth was led by Marine & Offshore,\nup 11.2%, and Buildings & Infrastructure, up 7.3%. Consumer Products\nServices grew 4.3% while moderate growth was achieved for Certification, up\n2.3%, Agri-Food & Commodities up 2.1% and Industry, up 0.7% compared to the\nfirst quarter of 2025.\n\nBy geography, the Americas (24% of revenue, up 1.7% organically) was led by a\n6.8% organic increase in North and Central America, particularly in the United\nStates. Europe (38% of revenue) achieved 3.4% organic growth, supported by\nsolid momentum in Buildings & Infrastructure and in Industry across the\nregion. Asia‑Pacific (27% of revenue) recorded strong organic growth of\n7.9%, benefiting from robust activity in Eastern Asia, including China, and in\nAustralia. Finally, Africa and the Middle East (11% of revenue) delivered a\nresilient 5.5% organic growth, supported by the execution of the backlog of\nenergy‑related projects and continued strong Buildings & Infrastructure\nactivity in the region despite the first impact of the conflict at the end of\nthe quarter.\n\nThe scope effect was broadly neutral at (0.1)%, reflecting bolt-on\nacquisitions (contributing to +1.8%) finalized in the past few quarters and\noffset by the impact of divestments completed over the last twelve months\n(contributing to -1.9%).\n\nCurrency fluctuations had a negative impact of 5.2%, due to the strength of\nthe euro against most currencies and against unfavorable comparables.\n* Solid financial position\nAt the end of March 2026, the Group's adjusted net financial debt was\nmaterially unchanged compared with the levels as of December 31, 2025. The\nGroup has in place EUR 600 million of undrawn committed lines of credit.\nBureau Veritas has a solid financial structure with most of its debt\nmaturities in 2027 and beyond (save per the EUR 200 million maturing in\nSeptember 2026) and at fixed interest rates.\n\nOn April 10, 2026, Moody’s reaffirmed Bureau Veritas’ A3 rating,\nhighlighting its leading market position, diversified and resilient business\nmodel, conservative financial policy, and solid cash flow generation.  \n\nCORPORATE SOCIAL RESPONSIBILITY COMMITMENTS \n* Corporate Social Responsibility (CSR) key indicators\n UNITED NATIONS’ SDGS Q1 2025 Q1 2026 2028 TARGET \n ENVIRONMENT / NATURAL CAPITAL \n CO (2)emissions (Scopes 1 & 2, 1,000 tons) (2) #13 133 124 107 \n SOCIAL & HUMAN CAPITAL \n Total Accident Rate (TAR) (3) #3 0.24 0.24 0.23 \n Gender balance in senior leadership (EC-II) (4) #5 27.8% 29.1% 36.0% \n Number of learning hours per employee (per year) (5) #8 40.3 40.4 40.0 \n GOVERNANCE \n Proportion of employees trained to the Code of Ethics #16 99.5% 99.4% 99.0% \n\n2026 SHARE BUYBACK PROGRAM\n\nIn line with the commitment to continue to improve shareholder returns, on\nFebruary 25, 2026, the Group announced a new EUR 200 million share buyback\nprogram, to be completed within the next twelve months. The program is subject\nto approval by the Annual General Meeting of May 19, 2026 if any or all is to\nbe executed after that date.\n\nIn accordance with the terms of the share buyback program approved by the\nAnnual General Meeting, the purchased shares will be used for any purpose\nauthorized by the Company’s shareholders at the Annual General Meeting of\nJune 19, 2025, for any or all of the program to be executed before the Annual\nGeneral Meeting of May 19, 2026.\n\nFor any or all of the program to be executed after the Annual General Meeting\nof May 19, 2026, the purchased shares will be used for any purpose authorized\nby the Company’s shareholders at that date.\n\nLEAP I 28 FOCUSED PORTFOLIO UPDATE\n\nSince the beginning of the year 2026, the Group has signed agreements or\ncompleted the acquisition of four companies, representing annualized cumulated\nrevenue of c. EUR 136 million in 2025. These acquisitions — one in the\nMission Critical assets segment and three others in the Sustainability and\npublic sectors — support LEAP I 28’s strategic goal to expand the Group's\nexisting leadership position and advance the Buildings & Infrastructure (Capex\n& Opex) portfolio development strategy.\n* Expand the Group’s existing leadership positions:\n\n * Mission Critical assets: in April 2026, Bureau Veritas announced that it\nhas signed an agreement to acquire LotusWorks. This Ireland-based company is a\nleading provider of commissioning, quality assurance and quality control,\ncalibration, maintenance, and construction management services for Mission\nCritical facilities serving semiconductor manufacturers and data center\nowners. The Company operates in the United States and Europe, and employs 750\npeople including highly skilled experts. In 2025, LotusWorks generated EUR 131\nmillion in revenue. This acquisition will enhance Bureau Veritas’ organic\ngrowth, will be accretive to the Group’s Adjusted Operating Margin, and will\nbe slightly accretive to earnings in 2026. This strategic move will uniquely\nposition the Buildings & Infrastructure Product Line to benefit from AI-driven\nconstruction investments. \n\n\n* Sustainable Construction Services (SCS) and Verte (UK) in January and\nFebruary 2026, two providers of sustainability consulting services in the real\nestate sector, specializing in certification of green buildings, energy\nefficiency assessments, net zero carbon and energy modelling. Combined, these\ntwo companies employ 42 employees and generated annualized cumulated revenue\nof c. EUR 4 million in 2025.\n\n\n* ADS COM (France) in January 2026, in the public sector, delivering\nexamination and review services for building permit application files for\nlocal authorities (public service delegation). The company employs 13 people\nand recorded c. EUR 1 million in revenue in 2025.\nFor more information, the press releases are available by clicking here\n(https://www.globenewswire.com/Tracker?data=brNSQbEqxKOeKT4peqEvzpZQknzrbSEJRzSkAeOVeFv5FwxChmb-DmNW2KFvUDb9JcXgbVboVyKd84qK22a30MMKF4qY45D4znRVZVM8Ui_mPRHC1BQDrGi_3tXDYY_l).\n\nDECISIONS REGARDING CERTAIN ACTIVITIES\n\nPursuant to internal alerts, the Company has conducted investigations that\nuncovered deviations in the Middle East & Africa region, primarily in the\n“Government Services” subsegment.\n\nThe Chief Executive Officer has proposed several remedial measures needed in\nthe short and medium term to the Board of Directors. At its meeting on April\n21, 2026, the Board of Directors supported and approved all of these actions:\n* The Company took the decision to immediately and voluntarily disclose the\nsituation to the French authorities, in a spirit of transparency and\ncooperation. The Company will provide an update on the financial consequences\nof these deviations and disclosure as soon as it can do so.\n* Furthermore, the Company will terminate the contracts in question and will\ncontinue the in-depth review of its activities within the “Government\nServices” subsegment (which represented c. EUR 185 million in revenue in\n2025) to determine the appropriate terms of its exit from this subsegment. As\na result, the Group is updating its full-year 2026 growth outlook.\n* Bureau Veritas’ existing compliance framework will be reinforced to ensure\nthat all activities fully adhere to the Group’s ethics and compliance\nstandards. The Company has implemented disciplinary measures and based on the\nfindings of its internal investigation, does not rule out further action.\nBureau Veritas is committed to implementing all necessary measures to prevent\nthe re-occurrence of these practices.\nUPDATED 2026 OUTLOOK\n\nComplex geopolitics and an uncertain macro environment are shaping 2026 in\naddition to the launch of an in-depth review of the terms of an exit from the\nGroup’s “Government Services” subsegment, following the decision to\nterminate certain contracts in the Middle East & Africa region. The Group is\ntherefore updating its guidance for full-year 2026, as follows:\n* Mid-single-digit organic revenue growth (vs. mid-to-high single-digit\norganic revenue growth previously), \n* Improvement in adjusted operating margin at constant exchange rates\n(unchanged), \n* Strong cash flow generation (unchanged).\nThe Group is fully committed to its LEAP | 28 financial guidance, benefiting\nfrom favorable market trends and from the sustained execution of the\nstrategy’s portfolio and performance programs.\n\nQ1 2026 BUSINESS REVIEW\n\nMARINE & OFFSHORE\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 143.9 136.2 +5.7% +11.2% - (5.5)% \n\nMarine & Offshore delivered a strong 11.2% organic growth in the first quarter\nof 2026, with:\n* Strong double-digit organic growth in New Construction (51% of divisional\nrevenue), driven by global operating fleet renewal and faster deliveries as\ncapacity expanded rapidly across several shipyards. As of March 31, 2026, the\nCompany secured 3.4 million gross tons of new orders, increasing the backlog\nto 33.6 million gross tons — a growth of 24.4% compared to the previous\nyear.\n* Low-single-digit growth organically in Core In-service activity (39% of\ndivisional revenue), against challenging comparables and due to the phasing of\nyearly inspections. As of March 31(st), 2026, the fleet classed by Bureau\nVeritas consisted of 12,436 ships, reflecting a year-on-year increase of 2.4%.\nThe total Gross Register Tonnage (GRT) reached 165.5 million, up +6.9%\ncompared to March 31(st), 2025, largely attributable to significant tonnage\nwon from a Korean shipping company.\n* A decline in Services (10% of divisional revenue, including Offshore),\nmainly due to the ongoing reduction of non-core advisory services, a change\nexpected to have a positive impact on the business in the coming quarters.\nBureau Veritas is actively developing new solutions to support clients in\naddressing global fleet modernization requirements. In early 2026, the Company\nadvanced fleet digitalization for a Hong Kong shipping company by classifying\na vessel with augmented ship technology that integrated onboard digital\nsystems with shore support.\n\nGreen objects highlights\n\nDuring the first quarter of 2026, Bureau Veritas has signed a cooperation\nagreement with a French leading cruise operator to drive innovation in\nlow-carbon technologies for future vessels. The Company also provided\ncomprehensive classification services and verified methane emissions\nperformance for LNG-fueled vessels operated by a leading ferry operator,\nsupporting compliant EU reporting.\n\nAGRI-FOOD & COMMODITIES\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 278.3 297.1 (6.4)% +2.1% (4.7)% (3.8)% \n\nThe Agri-Food & Commodities business achieved a 2.1% organic revenue growth in\nthe first quarter of 2026, with contrasting dynamics across sub‑segments.\nThe Oil & Petrochemicals segment (O&P, accounting for 32% of divisional\nrevenue) experienced a modest organic decline, attributed primarily to\ndisruptions in crude and product exports caused by the situation in the Middle\nEast which reduced volumes. Part of these volumes was redirected through\nalternative routes, helping offset the impact in the Middle East and\nsupporting solid growth and market share gains in all other regions.\n\nMetals & Minerals (M&M, 39% of divisional revenue) continued to deliver strong\nhigh single digit organic growth, mainly driven by high activity levels in\ngold and copper, increased exploration spending and higher sample volumes,\nincluding a ramp‑up of onsite laboratory outsourcing work linked to Middle\nEastern mining projects. In the quarter, the Group secured analytical services\ncontract to support critical gold mining operations in Australia for a large\nmining company. Trade activities achieved solid organic growth, supported by\nsustained momentum in Africa, South America and Asia.\n\nAgri (12% of divisional revenue) declined on an organic basis, impacted by\nvolatile global trade flows, particularly in the Americas and Europe, while\nMiddle East & Africa remained resilient.\n\nGovernment services (17% of divisional revenue) posted low‑single‑digit\norganic growth.\n\nGreen objects highlights\n\nIn the first quarter of 2026, the Group was awarded a contract to provide Oil\ncondition monitoring (OCM) and cooling system fluid testing for a data center\noperated by a US hyperscaler.\n\nINDUSTRY\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 323.2 335.8 (3.7)% +0.7% +2.3% (6.7)% \n\nIn the first quarter of 2026, the Industry division delivered a 0.7% organic\ngrowth, as activity at the start of the year was impacted by the conflict in\nthe Middle East and some project delays.\n\nBy market segment, the Oil & Gas business (35% of divisional revenue) achieved\nmid-single digit organic growth.\n* Capex activities benefited from sustained high investment levels in North\nAmerica, Asia, and the Middle East, with notable strength in the gas and LNG\nsectors. The Group secured several Capex deals, including a major contract for\nthird-party inspection services supporting offshore oilfield platforms\nconstruction in the Middle East. Bureau Veritas was also awarded a technical\nsupport contract for a large exploration and production oil project in Latin\nAmerica. \n* Opex activities experienced a decline due to reduced activity in Latin\nAmerica and delayed operations in the Middle East.\nPower & Utilities (16% of divisional revenue) recorded a low single digit\norganic contraction in the first quarter. Capex activities performed\nparticularly well in Europe, Asia Pacific and the Middle East. This was\nsupported by increasing global energy needs and sustained investments in\nrenewable energy and nuclear projects; the Group is also actively exploring\nbattery storage and carbon capture opportunities. Opex activities were in\ncontraction due to the postponement of major inspections in the Middle East\ncaused by the ongoing conflict, and, as expected, from the voluntary exit from\nnon-profitable contracts in Latin America. The Group was awarded an\nengineering supervision contract for compliance and reliability of Portuguese\nelectrical distribution infrastructure.\n\nElsewhere, Industrial Products Certification (18% of divisional revenue)\nservices achieved high single-digit organic growth in the first quarter of\n2026. This sustained positive momentum was largely driven by strong resilience\nof Pressure Vessels and Machinery activities, supported by increased\nindustrial relocation to developed countries amid rising global tensions.\n\nThe Environmental Testing business (8% of divisional revenue) organic growth\nwas nearly stable, as activities remained slightly impacted by market\nuncertainties in North America.\n\nOther activities (23% of divisional revenue) were in low-single digit\ncontraction.\n\nTransition services and Green objects highlights\n\nOn the Power and Utilities front, Bureau Veritas was selected for quality\nassurance and regulatory compliance second-party inspections at a major\nEuropean nuclear fusion project.\n\nBUILDINGS & INFRASTRUCTURE\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 496.2 476.2 +4.2% +7.3% +0.9% (4.0)% \n\nBuildings & Infrastructure (B&I) was among the strongest performing businesses\nof the Group in the first quarter of 2026, delivering 7.3% organic growth.\nThis was supported by a solid backlog and sustained demand across\nCapex‑driven activities, particularly in Mission Critical assets. The\ndivision also benefited from the portfolio expansion efforts, as recently\nacquired companies delivered a strong performance.\n\nBy segment, Buildings Capex (38% of divisional revenue) delivered\ndouble‑digit organic growth, mainly driven by data center services. The US\nled the growth, supported by strong commissioning, QA/QC and code compliance\ndemand from continued investments by large hyperscalers, with multi‑year\nvisibility. Activity also remained robust in Europe and Asia, reflecting\nongoing expansion in cloud infrastructure and AI‑related computing.\nCommercial momentum was strong, with several strategic wins covering multiple\ndata center projects in the US and Europe, including end‑to‑end design\nreview, QA/QC and commissioning services. Services related to real‑estate\ntransactions further rebounded as commercial activity gradually resumed.\nFinally, growing safety‑related services helped French operations outperform\nthe market.\n\nBuildings Opex services (43% of divisional revenue) organic growth was\nlow‑single digit, reflecting different regional dynamics. France delivered\nsteady growth supported by volumes and ongoing demand for environmental\nmeasurement and energy efficiency services. In the United States, Opex\nactivity focused on asset condition assessments and public‑sector mandates\nin selected states, while the Group continued to reposition its portfolio\ntoward higher‑value, sustainability‑driven services.\n\nInfrastructure activities (19% of divisional revenue) recorded\nhigh‑single‑digit organic growth, supported by strong momentum in Europe,\nNorth America and Asia‑Pacific. In Europe, growth was driven by\ngovernment‑led infrastructure programs and was supported by expanded\ntechnical control and project management capabilities following recent\nacquisitions. Asia‑Pacific delivered strong growth across most countries. In\nthe Middle East, infrastructure activity continued to perform strongly, driven\nby large‑scale projects, with limited impact so far from geopolitical\ntensions. In Latin America performance remained mixed: while the region\ncontinue to benefit from a solid pipeline of private-sector and infrastructure\nprojects, Brazil continued to weigh on regional organic growth.\n\nFollowing the acquisition of LotusWorks in April 2026, Bureau Veritas\nsignificantly strengthened its positioning in Mission Critical assets,\ndoubling its exposure to this high‑growth segment and reinforcing its\nend‑to‑end service offering across data centers, semiconductors and other\nfacilities.\n\nTransition services highlights\n\nIn the first quarter of 2026, Bureau Veritas delivered a new integrated\nsolution for a leading UK customer, combining green certification and building\ncontrol services, enabled by its BIM expertise and supported by recent\nacquisitions.\n\nCERTIFICATION\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 133.9 134.1 (0.1)% +2.3% +0.7% (3.1)% \n\nCertification delivered an organic growth of 2.3% in the first quarter of\n2026, against challenging comparables, with an improvement towards the end of\nthe quarter. Performance was temporarily affected by timing effects in certain\nQHSE schemes, as well as by specific contract terminations or scope\nreductions. These effects were partly offset by strong momentum in\nsustainability‑driven certification and transition services, confirming the\nsteady dynamics of the business.\n\nQHSE & Specialized Schemes solutions (51% of divisional revenue) posted\nmoderate organic growth in the first quarter of 2026. Performance reflected\ntiming effects in transportation certification, while demand remained robust\nfor customized, voluntary and transition-related certification programs,\nincluding second-party audits supporting supply-chain transformation.\n\nSustainability-related solutions & Digital (Cyber) certification activities\n(35% of divisional revenue) demonstrated solid underlying demand and grew high\nsingle digit organically. Environmental & Carbon Services delivered strong\ngrowth, supported by sustained customer demand for carbon advisory services,\nand lifecycle analysis. There was also an increasing traction in\ncarbon-intensive industrial sectors and growing pipelines linked to CBAM and\nEUDR. Social, Governance and other sustainability services continued to grow,\ndriven by ESG supply-chain audits and human-rights due-diligence, reinforced\nby the EcoVadis partnership with Bureau Veritas.\n\nCybersecurity certification activities recorded strong growth in Europe,\nsupported by rising demand for information security certification, while\nperformance in North America was impacted by the loss of a single large\nconsulting-type contract; certification and assurance activities remained\nresilient. \n\nIn April 2026, Bureau Veritas announced the launch of an independent AI\nsystems assessment offering developed with Amazon Web Services (AWS) to help\nEuropean enterprises comply with the EU “AI Act” regulatory requirements.\nCombining on-site audits, document reviews and direct testing, the solution\ndelivers an objective AI maturity assessment based on standardized risk\npillars.\n\nOther solutions, including Training (14% of divisional revenue) delivered\nslight negative organic growth in the first quarter of 2026, against\nunfavorable comparables.\n\nThe Certification organic revenue growth is expected to improve from the\nsecond quarter onwards, supported by strong trends in assurance services. The\nstrong customer demand for risk management and mitigation imperatives is\ndriving supply chain resilience activities, and overall specialized schemes\ngrowth.\n\nTransition services highlights\n\nDuring the first quarter of 2026, Certification further strengthened its\ntransition services offering, structured around supply chain, carbon &\nclimate, disclosures, product circularity and nature. The Group secured a\ncontract to support ESG performance and supplier audits for a large European\nhospitality company. Early commercial wins were also recorded in product\ncircularity and low-carbon building solutions, supported by enhanced delivery\ncapabilities from recent acquisitions.\n\nCONSUMER PRODUCTS SERVICES\n\n IN EUR MILLION 2026 2025 CHANGE ORGANIC SCOPE CURRENCY \n Q1 revenue 171.5 179.3 (4.3)% +4.3% (0.8)% (7.8)% \n\nThe Consumer Products Services division reported 4.3% organic growth in the\nfirst quarter of 2026.\n\nSoftlines, Hardlines & Toys (45% of divisional revenue) delivered low\nsingle-digit growth against strong comparables during this period, with\ncontinuous growth in Softlines and Toys, moderated by a contraction of\nHardlines testing activities. Global supply chains demonstrated adaptability\nin response to trade and geopolitical changes, as retailers temporarily\nshifted sourcing away from countries facing energy shortages, favoring\nChina’s higher fuel reserves and greater manufacturing capacity.\n\nHealthcare (including Beauty and Household) (9% of divisional revenue) and\nSupply Chain & Sustainability activities (14% of divisional revenue) went\nthrough organic revenue contraction, from challenging comparables and lower\nvolumes. During this period, the Group was awarded a number of supply chain\nagreements, including an outsourcing contract aimed at enhancing cost\nefficiency and improving quality outcomes for the Asian manufacturing\nfacilities of a leading American department store chain.\n\nTechnology services (32% of divisional revenue) performed strongly, with both\nElectrical and Electronic products recording double-digit organic growth in\nthe first quarter. This growth was predominantly driven by Eastern and\nSoutheastern Asian countries, from higher volumes, the success of recently\nimplemented sales-enhancement initiatives and the benefit of the portfolio\ndiversification through recent targeted acquisitions.\n\nTransition services highlights\n\nIn the first quarter of 2026, Bureau Veritas was selected to provide social\naudit support services for the US operations of a major retail and consumer\ngoods company. The Group also secured a contract deliver integrated Life Cycle\nAssessment (LCA) automation and carbon footprint calculation support for a\nFrench industrial player.\n\nPRESENTATION\n* Q1 2026 revenue will be presented on Wednesday, April 22, 2026, at 3:00 p.m.\n(Paris time)\n* A video conference will be webcast live. Please connect to: Link to video\nconference\n(https://bureauveritas.engagestream.euronext.com/20260422-2026-first-quarter)\n* The presentation slides will be available on:\nhttps://company.bureauveritas.com/investors/financial-information/financial-results\n* All supporting documents will be available on the website\n* Live dial-in: Link to conference call\n(https://engagestream.euronext.com/bureauveritas/20260422-2026-first-quarter/dial-in)\n2026 FINANCIAL CALENDAR\n* Shareholder’s meeting: May 19, 2026\n* H1 2026 Results: July 29, 2026 (before market)\n* Capital Markets Day: September 22, 2026\n* Q3 2026 Revenue: October 21, 2026 (before market) \nABOUT BUREAU VERITAS\n\nBureau Veritas is a world leader in inspection, certification, and laboratory\ntesting services with a powerful purpose: to shape a world of trust by\nensuring responsible progress. With a vision to be the preferred partner for\ncustomers’ excellence and sustainability, the Company innovates to help them\nnavigate change.\nCreated in 1828, Bureau Veritas’ 82,000 employees deliver services in 140\ncountries. The Company’s technical experts support customers to address\nchallenges in quality, health and safety, environmental protection, and\nsustainability.\nBureau Veritas is listed on Euronext Paris and belongs to the CAC 40, CAC 40\nESG, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A,\nISIN code FR 0006174348, stock symbol: BVI. \nFor more information, visit www.bureauveritas.com, and follow us on LinkedIn\n(https://www.globenewswire.com/Tracker?data=7Bv_ZqDgMW8tyWb07EHDObPtn8zVj4-N2z77xqSdHh4A47KrnutfBT2EZgmebRLVPl-Kc722oopZuQpGouVlUSVrnbCkuiFaN_AYKlNgcGMXgKj65gQ8mYMbXGHK_syU).\n\n Our information is certified with blockchain technology. Check that this press release is genuine at www.wiztrust.com . \n ANALYST/INVESTOR CONTACTS MEDIA CONTACTS \n Laurent Brunelle Karine Havas \n +33 (0) 7 79 52 69 21 +33 (0) 6 68 63 83 18 \n laurent.brunelle@bureauveritas.com karine.havas@bureauveritas.com \n \n Colin Verbrugghe Frédéric Vallois \n +33 (0) 6 80 53 26 72 +33 (0) 6 21 66 31 04 \n colin.verbrugghe@bureauveritas.com frederic.vallois@bureauveritas.com \n Romain Gorge romain.gorge@bureauveritas.com Inès Lagoutte ines.lagoutte@bureauveritas.com \n\nThis press release (including the appendices) contains forward-looking\nstatements, which are based on current plans and forecasts of Bureau\nVeritas’ management. Such forward-looking statements are by their nature\nsubject to a number of important risk and uncertainty factors such as those\ndescribed in the Universal Registration Document (“Document\nd’enregistrement universel”) filed by Bureau Veritas with the French\nFinancial Markets Authority (“AMF”) that could cause actual results to\ndiffer from the plans, objectives and expectations expressed in such\nforward-looking statements. These forward-looking statements speak only as of\nthe date on which they are made, and Bureau Veritas undertakes no obligation\nto update or revise any of them, whether as a result of new information,\nfuture events or otherwise, according to applicable regulations.\n\nAPPENDIX 1: Q1 2026 REVENUE BY BUSINESS\n\n IN EUR MILLION Q1 2026 Q1 2025 ((a)) CHANGE ORGANIC SCOPE CURRENCY \n Marine & Offshore 143.9 136.2 +5.7% +11.2% +0.0% (5.5)% \n Agri-Food & Commodities 278.3 297.1 (6.4)% +2.1% (4.7)% (3.8)% \n Industry 323.2 335.8 (3.7)% +0.7% +2.3% (6.7)% \n Buildings & Infrastructure 496.2 476.2 +4.2% +7.3% +0.9% (4.0)% \n Certification 133.9 134.1 (0.1)% +2.3% +0.7% (3.1)% \n Consumer Products 171.5 179.3 (4.3)% +4.3% (0.8)% (7.8)% \n Total Q1 revenue 1,547.0 1,558.7 (0.8)% +4.5% (0.1)% (5.2)% \n\n((a) )Q1 2025 figures by business have been restated following a\nreclassification of activities impacting the Agri-Food & Commodities and\nBuildings & Infrastructure businesses (c. EUR 0.3 million)\n\nAPPENDIX 2: 2026 REVENUE BY QUARTER\n\n \n IN EUR MILLION Q1 \n Marine & Offshore 143.9 \n Agri-Food & Commodities 278.3 \n Industry 323.2 \n Buildings & Infrastructure 496.2 \n Certification 133.9 \n Consumer Products 171.5 \n Total revenue 1,547.0 \n\nAPPENDIX 3: DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND\nRECONCILIATION WITH IFRS\n\nThe management process used by Bureau Veritas is based on a series of\nalternative performance indicators, as presented below. These indicators were\ndefined for the purposes of preparing the Group’s budgets and internal and\nexternal reporting. Bureau Veritas considers that these indicators provide\nadditional useful information to financial statement users, enabling them to\nbetter understand the Group’s performance, especially its operating\nperformance. Some of these indicators represent benchmarks in the testing,\ninspection and certification (“TIC”) business and are commonly used and\ntracked by the financial community. These alternative performance indicators\nshould be seen as complementary to IFRS-compliant indicators and the resulting\nchanges.\n\nGROWTH\n\nTotal revenue growth\n\nThe total revenue growth percentage measures changes in consolidated revenue\nbetween the previous year and the current year. Total revenue growth has three\ncomponents:\n* Organic growth,\n* Impact of changes in the scope of consolidation (scope effect),\n* Impact of changes in exchange rates (currency effect).\nOrganic growth\n\nThe Group internally monitors and publishes “organic” revenue growth,\nwhich it considers to be more representative of the Group’s operating\nperformance in each of its business sectors.\n\nThe main measure used to manage and track consolidated revenue growth is\nlike-for-like, also known as organic growth. Determining organic growth\nenables the Group to monitor trends in its business excluding the impact of\ncurrency fluctuations, which are outside of Bureau Veritas’ control, as well\nas scope effects which concern new businesses or businesses that no longer\nform part of the business portfolio. Organic growth is used to monitor the\nGroup’s performance internally.\n\nBureau Veritas considers that organic growth provides management and investors\nwith a more comprehensive understanding of its underlying operating\nperformance and current business trends, excluding the impact of acquisitions,\ndivestments (outright divestments as well as the unplanned suspension of\noperations – in the event of international sanctions, for example) and\nchanges in exchange rates for businesses exposed to foreign exchange\nvolatility, which can mask underlying trends.\n\nThe Group also considers that separately presenting organic revenue generated\nby its businesses provides management and investors with useful information on\ntrends in its industrial businesses and enables a more direct comparison with\nother companies in its industry.\n\nOrganic revenue growth represents the percentage of revenue growth, presented\nat Group level and for each business, based on a constant scope of\nconsolidation and exchange rates over comparable periods:\n* Constant scope of consolidation: data are restated for the impact of changes\nin the scope of consolidation over a 12-month period,\n* Constant exchange rates: data for the current year are restated using\nexchange rates for the previous year.\nScope effect\n\nTo establish a meaningful comparison between reporting periods, the impact of\nchanges in the scope of consolidation is determined:\n* For acquisitions carried out in the current year: by deducting from revenue\nfor the current year revenue generated by the acquired businesses in the\ncurrent year,\n* For acquisitions carried out in the previous year: by deducting from revenue\nfor the current year revenue generated by the acquired businesses in the\nmonths in the previous year in which they were not consolidated,\n* For disposals and divestments carried out in the current year: by deducting\nfrom revenue for the previous year revenue generated by the disposed and\ndivested businesses in the previous year in the months of the current year in\nwhich they were not part of the Group,\n* For disposals and divestments carried out in the previous year: by deducting\nfrom revenue for the previous year revenue generated by the disposed and\ndivested businesses in the previous year prior to their disposal/divestment.\nCurrency effect\n\nThe currency effect is calculated by translating revenue for the current year\nat the exchange rates for the previous year.\n\n1 Alternative performance indicators are presented, defined and reconciled\nwith IFRS in appendix 3 of this press release.\n2 Scope 1 and Scope 2 greenhouse gas emissions are calculated over a 12-month\nrolling period. The most recent quarter is estimated based on the\ncorresponding quarter from the previous year.\n3 TAR: Total Accident Rate (number of accidents with and without lost time x\n200,000/number of hours worked).\n4 Proportion of women from the Executive Committee to Band II (internal grade\ncorresponding to a management or executive management position) in the Group\n(number of women on a full-time equivalent basis in a leadership\nposition/total number of full-time equivalents in leadership positions).\n5 Indicator calculated over a 12-month rolling period.\n\nAttachment\n* 2026 04 22_Press Release_Q1 2026 Revenue vDEF\n(https://ml-eu.globenewswire.com/Resource/Download/895e3e74-4781-4bb8-bf23-9e66c23fb59a)"},"type":"article","timestamp":"2026-04-22T05:30:00.290837083Z","server_sent_at_ms":1776835800290},"received_at":"2026-04-22T05:30:00.463Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}