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2025 RESULTS February 25, 2026 1
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” DISCLAIMER 2 This presentation contains statements related to our future business and financial performance and future events or developments involving Bureau Veritas that may constitute forward-looking statements. These statements are based on current plans and forecasts of Bureau Veritas’ management and may be identified by words such as “expect”, “forecast”, “look forward to”, “anticipate”, “intend”, “plan”, “believe”, “seek”, “estimate”, “will”, “project” or words of similar meaning. Such forward-looking statements are by their nature subject to a number of risks, uncertainties and factors, including without limitation those described in the Document d’enregistrement universel filed with the French Autorité des marchés financiers (“AMF”), that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These forward-looking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation, except to the extent required by law, to update or revise any of them, whether as a result of new information, future events or otherwise.
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SUMMARY To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 3 02 03 04 05 LEAP | 28 UPDATE FINANCIAL REVIEW PORTFOLIO BUSINESS HIGHLIGHTS OUTLOOK 01 GROUP HIGHLIGHTS
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 01. Group highlights 4
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • Select the visual • Right click > “background” François A D J . O P E R AT I N G P R O F I T €1,053M A D J . E P S R E V E N U E F Y 2 0 2 5 S T R O N G R E S U LT S - L E A P | 2 8 E X E C U T I O N O N T R A C K +5.7% y/y €6.5bn • +3.6% total growth (+7.3% at constant currency) • +6.5% organic growth in FY 2025, of which +6.3% in Q4 Adjusted operating margin +32 bps y/y and +51 bps at cc €824.2M (2.3)% y/y (+2.6% at cc) €631.4M +1.7% y/y (+8.1% at cc) €1.42 +2.8% y/y (+9.2% at cc) A D J . N E T P R O F I T F R E E C A SH F L O W 5 D I V I D E N D1 €0.92 +2.2% y/y (65% pay-out ratio) (1) Proposed dividend, subject to Shareholders’ Meeting approval on May 19, 2026 16.3%
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” +3.7% +3.7% +5.2% +7.9% +8.9% +14.3%M&O CER CPS AFC IND B&I SECTOR LEADING ORGANIC GROWTH 6 BROAD GROWTH ACROSS ALL GEOGRAPHIES IN PERCENTAGE OF GROUP REVENUE 36% 29% 25% 10% FY 2025 Asia Pacific Europe Americas Africa, Middle East +4.0% organic growth +8.2% organic growth +4.1% organic growth +16.6% organic growth +6.5% organic growth MULTIPLE LEVERS POWERING PORTFOLIO GROWTH ORGANIC REVENUE GROWTH BY GROUP OF PRODUCT LINES FY 2025 organic growth HIGH-SINGLE TO DOUBLE-DIGITMID-SINGLE DIGIT +13.9% for Energy Of which +9.2% organic growth for Metals & Minerals +30.0% for Data centers
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” PROGRESSING ON THE CSR AGENDA › Bureau Veritas strengthens its sustainability commitment, improving its EcoVadis score to 80/100 while maintaining its Gold rating (1) Scope 1 and Scope 2 greenhouse gas emissions are calculated over a 12-month rolling period from beginning of Q4 2024 to end of Q3 2025. (2) TAR: Total Accident Rate (number of accidents with and without lost time x 200,000/number of hours worked). (3) Proportion of women from the Executive Committee to Band II (internal grade corresponding to a management or executive management position) in the Group (number of women on a full-time equivalent basis in a leadership position/total number of full-time equivalents in leadership positions). (4) Number of learning hours per employee is calculated over a 12-month period. 2024 2025 2028 target Scope 1 & 2 CO2 emissions (in thousand tons)1 135 126 107 Total Accident Rate (TAR)2 0.24 0.23 0.23 Gender balance in senior leadership (EC-II)3 27% 29% 36% Number of learning hours per employee (per year)4 41.3 44.7 40.0 Proportion of employees trained to the Code of Ethics 98.8% 99.4% 99.0% 7
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 02. Portfolio business highlights 8
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 9 Key 2025 figures In GRTm December 2025 December 2024 New orders 14.4 14.7 Order book 33.5 27.2 In-Service fleet 158.4 153.0 9% OF FY GROUP REVENUE MARINE & OFFSHORE 2024 Organic Scope Currency 2025 23.4% 23.4%(66)bps-+67bps Organic Revenue Growth Divisional revenue Adjusted Operating Margin LEAP | 28 2024 Organic Scope Currency 2025 504.2 557.9(3.6)%-+14.3% ▪ New revenue stream › Launch of a Gas Center of Excellence in Qatar, expanding technical capabilities in LNG technologies ▪ Performance-led inspection › Granted Approval in Principle to a major Chinese shipbuilder for its wind-assisted LNG carrier design Contract highlights ▪ Defense › Support to the Office of Defense (DoD) in Australia for seaworthiness framework ▪ Green objects - Ships › Classification of the world’s first commercial wind-powered roll-on/roll-off cargo vessel › Classification of 12 large dual-fuel container vessels for a leading shipping company 42% 47% 11% • New Construction: strong double-digit • Core In-service: mid-to-high single-digit • Services: low single-digit contraction checked with RAN Neoline (Cp) CMA CGM CP > Cf site M&O Pas dans le CP
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 10 AGRI-FOOD & COMMODITIES 18% OF FY GROUP REVENUE 2024 Organic Scope Currency 2025 Adjusted Operating Margin 2024 Organic Scope Currency 2025 1,264.2 1,163.7(3.5)% (8.2)%+3.7% 13.9% 15.1%(4)bps(1)bp+122bps Organic Revenue Growth Divisional revenue Key 2025 figures LEAP | 28 37% 16% 14% 33% • Oil & Petrochemicals: low single-digit • Metals & Minerals: high single-digit • Agri: contraction • Government services: mid single-digit ▪ Focused portfolio › Optimize Value and Impact: divestment of the food testing business accretive to the margin on a twelve months basis › Expansion of the Group’s copper metals lab network following the acquisition in Chile ▪ Performance-led inspection › Government services inspections are now fully digitalized, with 33% performed remotely Contract highlights ▪ Metals & Minerals › Multi-year copper contract secured in Chile with a large copper player ▪ Green objects - Green fuel › Testing services for a major energy company's biodiesel facility in Belgium, ensuring sustainability and quality compliance Total (Anvers) CODELCO TotalEnergies trading (€3m) VO axée sur marge > pivot of pf, M&M & GSIT growing >
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” • Oil & Gas : double-digit • Power & Utilities: strong double-digit • Industrial Product Certification: high single-digit • Environmental Testing: low single-digit • Others*: low single-digit 2024 Organic Scope Currency 2025 11 INDUSTRY 21% OF FY GROUP REVENUE 2024 Organic Scope Currency 2025 1,319.3 1,372.8(5.8)%+1.0%+8.9% 14.4% 13.9%(26)bps(5)bps(21)bps Adjusted Operating Margin Key 2025 figures LEAP | 28 * Including Procurement Services Divisional revenue Organic Revenue Growth 17% 26% 32% 15% 10% ▪ Focused Porfolio › Closing of the acquisition of Sólida, a Spanish engineering firm specialized in technical services for renewable projects ▪ New services › Memorandum of Understanding with Masdar, an Abu Dhabi clean energy company, to develop regional renewable energy standards Contract highlights ▪ Green objects – Renewable and low- carbon power generation › Construction, safety, engineering, and project management support for a client’s first US renewable project › Extended contract with a major UK nuclear electricity producer for end-to-end inspection, certification and handover services ▪ Capex Oil & Gas › Offshore survey services contract secured for an offshore hydrocarbon producer in the UAE GreenVolt, 2.1m€, 18mois O&G a grouper sur Opex & Capex INP à laisser dans others VO : investissements pour faire CAPEX / question de mix sur la croissance organique de la marge VO : ArcVera, Solida > grid Croissance soutenue dans l’energy space Masdar Uk EDF €25m, €60m Extension & repackage ADNOC OFFSHORE >1m€ Dans Q&A montre O&G / CA avec détail par sous segment et intégrant Procurement)
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 2024 Organic Scope Currency 2025 12 BUILDINGS & INFRASTRUCTURE 31% OF FY GROUP REVENUE 2024 Organic Scope Currency 2025 1,828.9 1,997.9(2.4)%+6.4%+5.2% 12.8% 13.6%(9)bps(48)bps+138bps Divisional revenue Key 2025 figures Adjusted Operating Margin Organic Revenue Growth LEAP | 28 Metro in Sydney / APP 42% 20% 38% • Capex Building: high single-digit • Opex Building: low-to-mid single-digit • Infrastructure: low-to-mid single-digit ▪ Focused portfolio › Expansion of services for Buildings in critical growth markets with the acquisition of Sustainable Construction Services (SCS) and Verte in the UK › Successful integration of recent acquisitions: APP and IDP generating new multi-year contracts › Divestment of a non-core activity in China, enhancing the country business mix Contract highlights ▪ Datacenters › Secured onsite data center full life-cycle commissioning and QA/QC services for a hyperscaler in the US ▪ Transition services - Carbon › Won a contract for a carbon footprint assessment for a leading fitness-chain operator across 6 European countries Basic Fit CATL/ battery factory /Spain Microsoft €6.5m / Meta (LEED design review) CQLS > VENDU EN JUIN 24 › On met ca dans le VO: APP for metro-line infrastructure packages in Australia › IDP secured a large multi-year contract for design review and Quality Control of a battery manufacturing factory in Spain
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 2024 Organic Scope Currency 2025 CERTIFICATION 13 *contains transition services and other solutions ** Cyber14% 9% OF FY GROUP REVENUE 33% 53% • QHSE & Specialized Schemes: high single-digit • Sustainability* & Digital**: double-digit • Others, including Training: broadly stable 2024 Organic Scope Currency 2025 527.3 571.7(2.4)%+2.9%+7.9% 19.6% 18.2%(19)bps(109)bps(10)bps Divisional revenue Key 2025 figures Organic Revenue Growth Adjusted Operating Margin LEAP | 28 ▪ New services › Accredited by EcoVadis to provide customers end-to-end support for supply chain sustainability Contract highlights ▪ Transition services - ESG reporting › Awarded a contract by a leading aerospace manufacturer to execute Green Building audits across multiple sites ▪ Transition services - Carbon & climate › Secured a contract to develop a decarbonization roadmap for a Middle East oil company for their GHG baseline assessment ▪ Cybersecurity services › Secured a contract to support the cybersecurity workstream for autonomous military land vehicles led by the European Commission Airbus (€1.3m TCV over 24 months) Voir si tombe en B&I Adnoc (0.2m€ / 8months) Ecovadis European Commission 650K Secured a cyber contract with a leading industrial manufacturing company in North America to support connected product compliance with the EU Cyber Resilience Act
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 2024 Organic Scope Currency 2025 14 CONSUMER PRODUCTS SERVICES * Healthcare, Beauty and Household 12% OF FY GROUP REVENUE 2024 Organic Scope Currency 2025 797.0 802.4(4.7)%+1.7%+3.7% 21.9% 22.4%(22)bps+15bps+55bps Adjusted Operating Margin Divisional revenue Key 2025 figures Organic Revenue Growth LEAP | 28 • Softlines, Hardlines, Toys: low-to-mid single-digit • Healthcare*: high single-digit • Supply Chain & Sustainability: double-digit • Technology: flat 8% 15% 30% 47% ▪ Focused portfolio › Acquisition of SPIN360, an Italian consulting firm specializing in sustainable innovation for luxury brands Contract highlights ▪ Transition Services - Supply chains › Secured contract for toy safety testing and supply chains support for a major US toys manufacturer › Supply chains decarbonization contract for a major sportswear brand, across its supplier base in Asia › Social-audit contract for a leading technology company ensuring supplier, environmental and safety compliance Mattel €1.2m 24m Regarder dans Q4 (slides Chris) Mettre dans VO la distinction E&E vs electronics Trouver exemples LCA / produits + autres supply chain Apple 24m €600K ADIDAS Closing expected next week / not sure Agreement signed for the acquisition of IPS, a Japanese company providing EMC testing, product safety testing, and calibration
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 03. Financial review 15
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” STEP CHANGE IN GROWTH AND RETURNS SUSTAINED IN 2025 16 ORGANIC REVENUE GROWTH ADJUSTED OPERATING MARGIN ADJUSTED EPS Robust broad-based organic revenue growth throughout the full-year 2025+6.5% Margin up 51 basis points year-on-year at constant currency16.3% Operational leverage supporting EPS growth, offseting financial / FX impacts; up +9.2% at cc€1.42 FREE CASH FLOW €824.2M Strong FCF generation. Further reduction of working capital to 3.7%
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 9.1% 10.8% 7.3% 17 LEAP | 28 ALIGNED MOMENTUM AND FOLLOW THROUGH Bar graph 23/24/25 split btw OG & net sco 2023: OG: 8.5% Scope: 0.6% 2024 : OG 10.2% Scope 0.6% 2025: OG: 6.5% Scope: 0.8% Line graph with adj margins at cc 2023 Adjusted Operating Margin: 15.9% at cc: 16.2% 2024 Adjusted Operating Margin: 16.0% at cc 16.3% 2025 Adjusted Operating Margin: 16.3% Line graph cash conversion 23/24/25 2023 Cash conversion: 99% 2024 Cash conversion: 114% 2025 Cash conversion: waiting Bar graph for 23/24/25 with TSR cc; split between EPS at cc & dividend yield 2023 Adj EPS: 1.27 euros Dividend yield: 3.92% Dividend: 0.83 euros 2024 Adj EPS: 1.38 euro Dividend yield: = 3.18% Dividend: 0.90 euro 2025 Adj EPS: (1.39 estimate) Dividend yield: 3.51% Dividend: waiting SBB 24: 0.015017598 = c.1.5% SBB 25: 0.01621241 = c.1.6% Add the definitions in footnotes (1) At constant exchange rate (2) (Net cash generated from operating activities - lease payments + income tax) / adjusted operating profit (3) Adjusted attributable net profit divided by the weighted average number of shares as of December 31, 2025 21.7% 14.2 % 21.3% Pas de courbe mais garder reported basis et montrer évolution des chiffres (flèche) 15.9% 16.0% 16.3% 99.0% 114.0% 107.0% 2028 OUTLOOK Dividend Adj. EPS Share Buy Back GROWTHMARGINRETURNS Double digit shareholder return based on EPS CAGR1,3 + dividend yield Consistent margin improvement1 Above 90%2 cash conversion 2028 OUTLOOK Increasing shareholder returns CASH 2023 2024 2025 On a reported basis At constant currency 11.3% 13.4% 7.8% Reported At cc Reported At cc Reported At cc Returns : High-single digit total revenue CAGR1
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François FY 2024 Organic Acquisition Divestment Currency FY 2025 +2.9%+6.5% (3.7)%6,240.9 6,466.4(2.1)% scope effect +0.8% REVENUE EVOLUTION VARIATION ANALYSIS In EUR million FY 2025 TOTAL REVENUE GROWTH OF 3.6% 18 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation +7.3% at constant currency
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” REVENUE GROWTH BY BUSINESS 19 Certification Agri-Food & Commodities Industry Buildings & Infrastructure Total Group Consumer Products Marine & Offshore % of FY revenue 100% 9% 21% 9% 18% 31% 12% +5.2% +8.9% +3.7% +3.7% +7.9% +14.3% +6.5% +6.4% +1.0% (8.2)% +1.7% +2.9% +0.8% Organic Scope +6.3% +15.6% +0.7% +2.6% +2.4% +4.9% +8.0% +5.7% +5.7% +8.4% +0.2% (10.2)% FY 2025 Q4 2025 +11.6% +9.9% (4.5)% +5.4% +10.8% +14.3% Growth at cc +7.3% +1.5%
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François ADJUSTED OPERATING MARGIN (1/2) 20 GROUP MARGIN EVOLUTION (23)bps74bps 51bps at constant currency FY 2024 Organic1 Scope Currency FY 2025 (19)bps Margin at constant currency 16.0% 16.3%16.5% • Operational leverage • Functional scalability (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François 2025 2024(1) Total change y/y (bp) Organic y/y (bp) Scope y/y (bp) Currency y/y (bp) Marine & Offshore 23.4% 23.4% +1bp +67bps - (66)bps Agri-Food & Commodities 15.1% 13.9% +117bps +122bps (1)bp (4)bps Industry 13.9% 14.4% (52)bps (21)bps (5)bps (26)bps Buildings & Infrastructure 13.6% 12.8% +81bps +138bps (48)bps (9)bps Certification 18.2% 19.6% (138)bps (10)bps (109)bps (19)bps Consumer Products 22.4% 21.9% +48bps +55bps +15bps (22)bps Group +16.3% +16.0% +32bps +74bps (23)bps (19)bps ADJUSTED OPERATING MARGIN (2/2) 21 GROUP MARGIN EVOLUTION (1) FY 2024 figures by business have been restated following a reclassification of activities impacting mainly the Industry and Marine & Offshore businesses (c. €0.3 million in full year) +51bps at constant currency Préparer Q&A IND marges CER scope et B&I scope
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François FY 2025 KEY FINANCIAL METRICS 22 FINANCIAL HIGHLIGHTS (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation IN EUR MILLION 2025 2024 Change y/y Change y/y at constant currency Revenue 6,466.4 6,240.9 +3.6% +7.3% Adjusted operating profit1 1,052.9 996.2 +5.7% +10.8% Adjusted operating margin1 16.3% 16.0% +32bps +51bps Operating profit 992.4 933.4 +6.3% +11.2% Net financial expense (116.0) (69.6) +66.7% - Adjusted ETR 30.0% 30.5% (1.6)% - Income tax expense 265.9 273.8 (2.9)% - Adjusted net profit1 631.4 620.7 +1.7% +8.1% Attributable net profit 588.0 569.4 +3.3% +9.3% Adjusted EPS1 1.42 1.38 +2.8% +9.2% EPS 1.32 1.27 +4.3% +10.4%
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François CASH FLOW GENERATION 23 A CONTINUED STRONG MANAGEMENT OF WORKING CAPITAL IN THE FULL YEAR OF 2025 6.0% 6.5% 4.7% 3.7% Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2025 IN EUR MILLION Free cash flow at December 31, 2024 843.3 Organic change1 33.2 Organic free cash flow 876.5 Scope1 (11.7) Free cash flow at constant currency 864.8 Currency (40.6) Free cash flow at December 31, 2025 824.2 FREE CASH FLOW BREAKDOWN (1) Restated from costs incurred in the context of the divestment of food testing activities IN EUR MILLION 2025 2024 Adjusted Operating Profit 1,052.9 996.2 Restructuring cash-out (23.6) (15.7) Depreciation & Amortization 241.7 239.7 Change in Net Working Capital 19.1 60.8 Income Tax Paid (281.1) (280.5) Other (2.3) 4.3 Cash Flow from Operations 1,006.7 1,004.8 Net capex (141.8) (139.8) % of revenue 2.2% 2.2% Interest paid (40.7) (21.7) Free cash flow 824.2 843.3
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 349.2 371.9 399.2 430.0 2022 2023 2024 2025 24 CAPITAL ALLOCATION Completed in Q2 EUR 200m 2025 CAPITAL ALLOCATION 2028 GOALS NET M&A SPEND: accelerated Portfolio high-grading CAPEX: 2.5% - 3.0% As a % of revenue Dividend: 65% payout ratio As a % of adjusted net income Net leverage: between 1.0x and 2.0x Net debt/EBITDA by 2028 2025 +€156m 2.2% 65% 1.1x €(162)m DIVIDEND PAID2 IN EUR MILLION c. +23% Acquisition spend(1) (1) Including repayment of amounts owed to shareholders (2) Dividends of year N are paid in May of year N+1 Proceeds from divestment 24 EUR 200m share buyback program → Completed in Q2 2025 → Reflecting confidence in the Group’s resilient business model 2025 HIGHLIGHTS 2026 NEW EUR 200m SHARE BUYBACKS PROGRAMS REFLECTING CONFIDENCE IN THE RESILIENT BUSINESS MODEL
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 25 04. LEAP | 28 update Sustainability FocusedPortfolio Performanceled execution Evolved people model Operational leverage and functional scalability New strongholds Expand leadership Tech augmented ways of working Innovation “Neweconomy “skills Optimize value and impact
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François Title: key growth contributors to 2025 organic revenue growth Bar chart avec: - Energy (13% of group revenue) +13,8% organic - Data center (150m/2% of revenue): +30% - Cybersecurity (1%): +23,6% - Legend: bubble size indicates revenue size in m€SECULAR TRENDS - KEY HIGHLIGHTS Slide marché pour affirmer que « market is good » Pas forcément lier à LEAP 28 tout de suite Reprendre les trends de marché importants Fundamentals are good & strong > inflexions importantes qui continuent (éco : énergie, supply chain; techno ; approche au risque) > induit des investissements > Voir avec Beatriz intro d’Hinda > Q42025 > Excom > Q4 EXCOM : 2024 2025 Urbanization Connectivity and digitalisation Energy transition and decarbonization Sustainability drive Supply chains reconfiguration TECHNOLOGY RACE ENERGY DEMAND INCREASE REPUTATION AND BRAND PROTECTION Urbanization and re-industrialization Digital and intelligence Energy security and electrification Assurance and risk mitigation Supply chains resilience 26
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François Revenue mix evolution 2025 revenue growth at constant currency4 Expand Leadership1 +9.4% New Strongholds2 +19.8% Optimize Value and Impact3 +3.1% LEAP I 28 – ACTIVE PORTFOLIO MANAGEMENT (1) Buildings & Infrastructure, Certification, Industrial Product Certification (Industry) (2) Transition Services, Power & Utilities including Renewables (Industry), Cybersecurity, Tech (Consumer Product Services) (3) Agri-food & Commodities, Softlines, Hardlines & Toys (Consumer Product Services), Marine & Offshore, Oil & Gas (Industry) Focused portfolio LEAP | 28 SINCE THE LAUNCH OF THE PLAN METTRE 23 / 24 / 25 SUR 3 BUCKETS IN REVENUE MIX, OG, at CC + rappeler deals M&A Faire acquisition Essayer de faire un chart empilé avec le CA cumulé du M&A avec split par division New Strongholds Digital, Energy, Tech consumer, Sustainability Expand Leadership Buildings & Infrastructure Optimize value & Impact Metals & Minerals, Consumer diversification 51.4% 48.7% 12.2% 13.7% 36.4% 37.6% 2024 2025 (4) Organic + net M&A Acquisitions revenue mix (in €m) 27 27 42 36 8 166 CPS AFC IND CER B&I
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François FY 2024 FY 2025 FY 2023 FY 2024 LEAP I 28 – PERFORMANCE-LED EXECUTION 2 0 2 5 R E S U L T S 28 Performance led execution Levers: Operational leverage Functional scalability Offset by some Investments Margin improvement at constant currency (organic + scope) 2023 : aop margin 16,0% 2024: aop margin 16,3% 2025: aop margin 16,5% Sur principaux c 2 livers LB FAIS LES IDEES QQUN FAIT LA SLIDE (NADJINE) + 38bps + 38bps at cc Adjusted Operating Margin LEVERS 28 Operational leverage Functional scalability Tangible investments in performance levers + 51bps at cc
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Effective January 1st, 2026 29 Evolved people model WHY • Unlock scale to achieve a step change in growth • Leverage the Group advantages and speed up decision-making • Optimize structure to gain in agility and to improve cost to serve HOW • New structure phased progressively › From 6 to 4 Regions with local depth and client proximity › Product Lines providing expertise, global reach and scalability • New and aligned incentives Expected outcomes SCALE VO Sur l’amélioration de la marge 26 > une partie sécurisée STRUCTURE SPEED LEAP I 28 – A STRENGTHENED ORGANIZATION
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 30 Commissioning Energy FAST GROWTH IN AI-ADJACENT SECTORS Datacenters Specialized manufacturing Supply chain Project Management Risk management AI-generated pictures 302 0 2 5 R E S U L T S AI @ BUREAU VERITAS IMPACT ON EXISTING SERVICES
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 31 Certification modernization Efficiency and productivity Customer experience service quality Assess AI implementation risks Customer performance upside AI @ BUREAU VERITAS A PERFORMANCE TURBO FACTOR National AI regulations compliance Industrial assets OPERATIONS CUSTOMERS AI ASSURANCE NEW DIGITAL SERVICE WAYS OF WORKING NEW SERVICES AI-generated pictures
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 05. Outlook 32
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 2026 OUTLOOK 33 Improved adjusted operating margin1 Mid to high single-digit organic revenue growth Strong cash flow generation Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 that align with the financial ambition outlined in its strategy: (1) At constant currency Cross selling, SPPs, revenue streams > termes à évoquer dans notre VO We SUR MARGE UP TO 30BPS On a augmenté la marge en rappelant 17% en objectif 28 tout en Knowing that we have invested Rendre le VO conversationnel We’re in the middle of the plan, Q&A : we’re very confident & track record Q&A
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” CLOSING REMARKS 34 › Sector leading growth and margin expansion from a strong LEAP | 28 momentum › Confidence in underlying market drivers and in the strengths of our value proposition to our customers › Portfolio pivots and investment in innovation › Consistent increase in shareholder returns
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CAPITAL MARKETS DAY LEAP | 28 STRATEGY UPDATE TUESDAY 22 SEPTEMBER 2026 IN PARIS SAVE THE DATE 2 0 2 5 R E S U L T S 35
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” QUESTIONS & ANSWERS 2 0 2 5 R E S U L T S 36
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 2026 FINANCIAL CALENDAR › Q1 2026 revenue: April 22, 2026 › Shareholder’s meeting: May 19, 2026 › H1 2026 results: July 29, 2026 › Capital Markets Day: September 22, 2026 › Q3 2026 revenue: October 21, 2026 A G E N D A Our information is certified with blockchain technology. Check that this presentation is genuine at www.wiztrust.com Bureau Veritas has been ranked in the Top 10 most transparent companies of the SBF120 index at the 2025 Transparency Awards (July 2, 2025) 372 0 2 5 R E S U L T S
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 38 CONTACTS I N V E S T O R R E L AT I O N S D E P A R T M E N T BUREAU VERITAS SA - TOUR ALTO 14 RUE LOUIS BLANC, 92 400 COURBEVOIE Laurent Brunelle Head of Investor Relations, Financial Communication and Non-Financial Rating Agencies +33 (0) 7 79 52 69 21 laurent.brunelle@bureauveritas.com Colin Verbrugghe Investor Relations Director +33 (0) 6 80 53 26 72 colin.verbrugghe@bureauveritas.com Inès Lagoutte Investor Relations Officer ines.lagoutte@bureauveritas.com Romain Gorge Group CSR Reporting Director romain.gorge@bureauveritas.com 2 0 2 5 R E S U L T S
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To change the visual: • Remove the visual • Click on the icon in the center of the gray block • Import a visual from your computer • To crop the image, in “Picture Tools”, click on “crop” tab and choose the desired option. Adapt (move, zoom in or out) the image To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 06. Appendix 39
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” Regulatory2 FY 2025 revenue Risk mitigation services1 40 REVENUE MIX BY TYPE OF SERVICES IN PERCENTAGE OF GROUP REVENUE RISK MITIGATION SERVICES VS. REGULATORY REVENUE IN PERCENTAGE OF GROUP REVENUE (1) Voluntary revenue driven by enterprise programs or industry’s standards (2) Regulatory revenue is driven by law or regulation Example Certification is a voluntary business (industry or international schemes) Marine & Offshore is a regulatory business by nature › Well-distributed revenue streams between risk mitigation services and regulatory › Low risk on regulatory activities, driven by safety, health, efficiency, risk management unlikely to be de-regulated 29% 34% 37% c. c. c. FY 2025 revenue Opex & Systems Capex Products › Resilient business model in an uncertain environment › Well-balanced portfolio between Opex & Systems, Capex, and Products RESILIENT PORTFOLIO – WELL-DIVERSIFIED REVENUE STREAMS
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François Revenue mix M&A progress Annualized Revenue Expand Leadership1 37.6% 2 acquisitions Contec AQS, London Building Control c. €44m New Strongholds2 13.7% 5 acquisitions IFCR, Hinneburg, Ecoplus, Sólida, SPIN360 c. €40m Optimize Value and Impact3 48.7% 2 acquisitions GeoAssay, Lab System c. €12m LEAP I 28 – M&A UPDATE 41 Focused portfolio M&A execution 2025 c. €96m acquiredTOTAL 9 acquisitions (1) Buildings & Infrastructure, Certification, Industrial Product Certification (Industry) (2) Transition Services, Power & Utilities including Renewables (Industry), Cybersecurity, Tech (Consumer Product Services) (3) Agri-food & Commodities, Softlines, Hardlines & Toys (Consumer Product Services), Marine & Offshore, Oil & Gas (Industry)
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” François Revenue mix in 2025 M&A progress Annualized revenue Expand Leadership1 37.6% • 7 acquisitions • 2 divestment • c. €166m • c. €69m New Strongholds2 13.7% • 12 acquisitions • c. €92m Optimize Value and Impact3 48.7% • 3 acquisitions • 1 divestment • c. €21m • c. €133m LEAP I 28 – M&A UPDATE 42 Focused portfolio M&A execution • c. €279m acquired • c. €202m divestments TOTAL Net c. €97m Net c. €-112m Checker les chiffres (ajout de DEMETER > 4m€ ?) Since the launch of LEAP | 28 (1) Buildings & Infrastructure, Certification, Industrial Product Certification (Industry) (2) Transition Services, Power & Utilities including Renewables (Industry), Cybersecurity, Tech (Consumer Product Services) (3) Agri-food & Commodities, Softlines, Hardlines & Toys (Consumer Product Services), Marine & Offshore, Oil & Gas (Industry)
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” Buildings & Infra. Capex Hi-Physix : closing April 2 Kostec : closing April 30 OneTech : closing June 18 Security Innovation : closing August 21 ArcVera : closing Sept 3 IDP Group : closing Oct 3 Aligned Incentive (project Osprey : closing October 9 AN ACCELERATING ACTIVE PORTFOLIO MANAGEMENT › Hi Physix Laboratory › Kostec › OneTech CPS Technology 43 › CQLS Agrifood & Commodities Food Buildings & Infra. China business H1 H1 Q3 Closing dates or agreement dates for non-closed deals Focused portfolio M&A execution › Food testing activities 43 H2 › IDP Group › APP Certification Sustainability Buildings & Infra. Capex & Opex › Aligned Incentives › Versatec › LBS Group Industry Renewables CPS Softlines › Security Innovation › ArcVera Certification Cybersecurity Industry Renewables › Contec Agrifood & Commodities Metals & Minerals Buildings & Infra. Capex & Opex › GeoAssay Annualized revenue of acquisitions signed c. €274m Annualized revenue of divestments signed c. €202m 20252024 › Hinneburg › IFCR Certification Cybersecurity CPS Hardlines, Toys › Lab System › Ecoplus Industry Power & Utilities CPS Sustainability 2024 : H1/H2 2025 H1/ Q3 / Q4 To Update with the latest acquisitions Q4 Industry Power & Utilities › Sólida › Spin 360 › London Building Control Buildings & Infra. China business › SPM CPS Sustainability
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” BOND ISSUANCE - €700M | 8 YEARS | 3.375% 44 Timetable › 24th September 2025: pricing and issuance › 1st October 2025: settlement Pricing & orderbook › Inital Price Talks (IPT) at MidSwap+115bps : qualitative book building at €1.9bn › Final Terms at MidSwap+83bps: › Final book 2.4x oversubscribed (> €1.7bn ) › Strong tightening of 32 bps vs. IPT › Pricing +13bps above French OAT Allocations › France represented 37% of the book › Asset Managers and Insurers represented 65% and 26% of the book NEW 2033 BOND • Largest bond issued (700M€) • Tightest spread (83 bps) • +13bps vs. OAT
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” AA Negligible risk 8.3 Advanced Gold December 2025 July 2025 July 2024 December 2025 80/100 November 2025 A- above industry average (C) 73/100Top 5% S&P Global CSA Score February 2026 A May 2025 Listed among the truth index 40 B- October 2025 Status Prime 84/100 Sustainalytics’ 2025 ESG Top-Rated Companies January 2025 By Region & Industry BUREAU VERITAS - A LEADER IN NON-FINANCIAL RATINGS MAIN RATINGS TO NURTURE REPUTATION WITH CLIENTS AND TRUST WITH INVESTORS 45
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 46 PORTFOLIO OF BUSINESS 9% 18% 21%31% 9% 12% Marine & Offshore Agri-Food & Commodities Industry Buildings & Infrastructure Certification Consumer products 2025 12% 17% 18%26% 10% 17% Marine & Offshore Agri-Food & Commodities Industry Buildings & Infrastructure Certification Consumer products 2025 ADJUSTED OPERATING PROFITREVENUE BY BUSINESS
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 47 2025 REVENUE BY BUSINESS €M Organic Scope Currency Marine & Offshore 557.9 +14.3% - (3.6)% Agri-Food & Commodities 1,163.7 +3.7% (8.2)% (3.5)% Industry 1,372.8 +8.9% +1.0% (5.8)% Buildings & Infrastructure 1,997.9 +5.2% +6.4% (2.4)% Certification 571.7 +7.9% +2.9% (2.4)% Consumer products 802.4 +3.7% +1.7% (4.7%) Total Group 6,466.4 +6.5% +0.8% (3.7)% BREAKDOWN OF REVENUEREVENUE AND YEAR-ON-YEAR REVENUE GROWTH 9% 18% 21%31% 9% 12% Marine & Offshore Agri-Food & Commodities Industry Buildings & Infrastructure Certification Consumer Products Services 2025
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 48 +4.0% +8.2% +4.1% +16.6% (1.9)% +1.2% +3.4% (2.0)% Americas Asia Pacific Europe Africa, Middle East Scope 2025 REVENUE EVOLUTION BY GEOGRAPHY REVENUE EVOLUTION BY NATUREREVENUE BY GEOGRAPHIC AREA Organic 36% 29% 25% 10% 2025 Asia Pacific Europe Americas Africa, Middle East
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 49 Q4 2025 REVENUE BY BUSINESS €M Organic Scope Currency Marine & Offshore 143.3 +15.6% - (5.6)% Agri-Food & Commodities 289.1 +2.4% (10.2)% (4.1)% Industry 356.1 +4.9% +1.5% (7.3)% Buildings & Infrastructure 541.2 +8.0% +5.7% (3.6)% Certification 156.4 +8.4% +0.7% (3.4)% Consumer products 204.1 +2.6% +0.2% (7.5)% Total Group 1,690.2 +6.3% +0.0% (5.2)% BREAKDOWN OF REVENUEREVENUE AND YEAR-ON-YEAR REVENUE GROWTH 9% 17% 21%32% 9% 12% Marine & Offshore Agri-Food & Commodities Industry Buildings & Infrastructure Certification Consumer Products Services Q4 2025
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” 50 Q4 2025 REVENUE EVOLUTION BY GEOGRAPHY REVENUE EVOLUTION BY NATUREREVENUE BY GEOGRAPHIC AREA 38% 28% 24% 10% Q4 2025 Asia Pacific Europe Americas Africa, Middle East +2.8% +8.9% +5.5% +10.2% (3.1)% (0.7)% +3.6% (2.4)% Americas Asia Pacific Europe Africa, Middle East Scope Organic
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” REVENUE EVOLUTION VARIATION ANALYSIS In € million 51 +6.3% at constant currency Q4 2024 Organic Scope Currency Q4 20251 +6.3% - (5.2)% (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 1,671.4 1,690.2 Q4 2025 TOTAL REVENUE GROWTH OF 1.1%
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” ADJUSTED OPERATING PROFIT BY BUSINESS 52 Adjusted operating profit (€M) Adjusted operating margin (%) 2025 2024(1) Change (%) 2025 2024(1) Change (bp) Marine & Offshore 130.8 118.2 +10.7% 23.4% 23.4% +1bp Agri-Food & Commodities 175.6 176.0 (0.2)% 15.1% 13.9% +117bps Industry 190.2 189.6 +0.3% 13.9% 14.4% (52)bps Buildings & Infrastructure 272.7 234.7 +16.2% 13.6% 12.8% +81bps Certification 104.3 103.4 +0.8% 18.2% 19.6% (138)bps Consumer products 179.3 174.3 +2.9% 22.4% 21.9% +48bps Total Group 1,052.9 996.2 +5.7% +16.3% +16.0% +32bps (1) FY 2024 figures by business have been restated following a reclassification of activities impacting mainly the Industry and Marine & Offshore businesses (c. €0.3 million in full year)
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” CONSOLIDATED INCOME STATEMENT 53 IN EUR MILLION FY 2025 FY 2024 Revenue 6,466.4 6,240.9 Service costs rebilled to clients 214.9 203.4 Revenue and services costs rebilled to clients 6,681.3 6,444.3 Purchases and external charges (2,009.8) (1,943.2) Personnel costs (3,379.4) (3,264.9) Taxes other than on income (44.2) (41.2) Net (additions to)/reversals of provisions (38.1) (23.0) Depreciation, amortization and impairment (299.5) (283.7) Other operating income and expense, net 82.1 45.1 Operating profit 992.4 933.4 Share of profit of equity-accounted companies (1.0) (0.8) Operating profit after share of profit of equity-accounted companies 991.4 932.6 Income from cash and cash equivalents 21.4 46.0 Finance costs, gross (87.8) (96.7) Finance costs, net (66.4) (50.7) Other financial income and expense, net (49.6) (18.9) Net financial expense (116.0) (69.6) Profit before income tax 875.4 863.0 Income tax expense (265.9) (273.8) Net profit 609.5 589.2 Net profit attributable to non-controlling interests 21.5 19.8 Attributable net profit 588.0 569.4
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” CONSOLIDATED STATEMENT OF FINANCIAL POSITION 54 IN EUR MILLION DEC. 31, 2025 DEC. 31, 2024 Goodwill 2,273.7 2,313.0 Intangible assets 393.4 464.4 Property, plant and equipment 379.5 401.9 Right-of-use assets 434.4 409.6 Non-current financial assets 82.5 100.2 Deferred income tax assets 136.9 131.9 Total non-current assets 3,700.4 3,821.0 Trade and other receivables 1,617.0 1,644.9 Contract assets 261.9 309.7 Current income tax assets 56.3 46.6 Derivative financial instruments 3.2 5.4 Other current financial assets 9.8 11.3 Cash and cash equivalents 1,366.1 1,204.2 Total current assets 3,314.3 3,222.1 Assets held for sale 48.7 151.8 TOTAL ASSETS 7,063.4 7,194.9 IN EUR MILLION DEC. 31, 2025 DEC. 31, 2024 Share capital 54.5 54.5 Retained earnings and other reserves 1,656.5 1,917.2 Equity attributable to owners of the Company 1,711.0 1,971.7 Non-controlling interests 42.2 64.1 Total equity 1,753.2 2,035.8 Non-current borrowings and financial debt 2,389.9 1,896.5 Non-current lease liabilities 347.6 328.0 Other non-current financial liabilities 43.1 66.3 Deferred income tax liabilities 84.5 102.6 Pension plans and other long-term employee benefits 144.3 148.8 Provisions for liabilities and charges 96.8 77.5 Total non-current liabilities 3,106.2 2,619.7 Trade and other payables 1,394.4 1,392.5 Contract liabilities 247.7 269.1 Current income tax liabilities 96.9 104.9 Current borrowings and financial debt 229.9 534.4 Current lease liabilities 118.0 114.3 Derivative financial instruments 2.8 5.0 Other current financial liabilities 73.7 85.4 Total current liabilities 2,163.4 2,505.6 Liabilities held for sale 40.6 33.8 TOTAL EQUITY AND LIABILITIES 7,063.4 7,194.9
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” CONSOLIDATED STATEMENT OF CASH FLOW (1/2) 55 IN EUR MILLION 2025 2024 Profit before income tax 875.4 863.0 Elimination of cash flows from financing and investing activities (98.2) 53.2 Provisions and other non-cash items 192.0 24.6 Depreciation, amortization and impairment 299.5 283.7 Movements in working capital attributable to operations 19.1 60.8 Income tax paid (281.1) (280.5) Net cash generated from operating activities 1,006.7 1,004.8 Acquisitions of subsidiaries, net of cash acquired (126.2) (313.9) Impact of sales of subsidiaries and businesses, net of cash disposed 156.3 105.4 Purchases of property, plant and equipment and intangible assets (147.0) (145.9) Proceeds from sales of property, plant and equipment and intangible assets 5.2 6.1 Purchases of non-current financial assets (11.9) (8.2) Proceeds from sales of non-current financial assets 8.9 8.7 Change in loans and advances granted (0.8) - Dividends received 0.7 - Net cash used in investing activities (114.8) (347.8)
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” CONSOLIDATED STATEMENT OF CASH FLOW (2/2) 56 IN EUR MILLION 2025 2024 Capital increase 13.4 18.1 Purchases/sales of treasury shares (190.7) (191.8) Dividends paid (430.0) (406.9) Increase in borrowings and other financial debt 698.9 1,000.4 Repayment of borrowings and other financial debt (533.0) (800.1) Repayment of debts and transactions with shareholders (35.6) (58.3) Repayment of lease liabilities and interest (157.8) (149.9) Interest paid (40.7) (21.7) Net cash generated from (used in) financing activities (675.5) (610.2) Impact of currency translation differences (54.0) (12.7) Cash and cash equivalents classified as held for sale (1.0) (3.6) Change in cash and cash equivalents 161.4 30.5 Net cash and cash equivalents at beginning of period 1,200.6 1,170.1 Net cash and cash equivalents at end of the period 1,362.0 1,200.6 o/w cash and cash equivalents 1,366.1 1,204.2 o/w bank overdrafts (4.1) (3.6)
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” ADJUSTED NET FINANCIAL DEBT 57 IN EUR MILLION DEC. 31, 2025 DEC. 31, 2024 Non-current borrowings and financial debt 2,389.9 1,896.5 Current borrowings and financial debt 229.9 534.4 Gross financial debt 2,619.8 2,430.9 Cash and cash equivalents (1,366.1) (1,204.2) Net financial debt 1,253.7 1,226.7 Currency hedging instruments (0.4) (0.4) Adjusted net financial debt 1,253.3 1,226.3
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” EARNINGS PER SHARE 58 IN EUR MILLIONS FY 2025 FY 2024 Basic EPS 1.32 1.27 Basic adjusted EPS 1.42 1.38 Weighted average number of shares 445,559,723 450,009,888 Diluted EPS 1.31 1.25 Diluted adjusted EPS 1.41 1.37 Weighted average number of shares for diluted earnings 449,218,421 453,898,038
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2025 RESTRUCTURING: €37.4 MILLION BY GEOGRAPHYBY BUSINESS 2% 22% 14% 26% 5% 31% M&O Agri-Food & Commodities Industry Buildings & Infrastructure Certification Consumer Products Asia Pacific 46% Americas 20% Europe 18% Middle East & Africa 16% 59
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100% 0% EUR USD WELL DIVERSIFIED SOURCES OF FINANCING WITH A BALANCED MATURITY PROFILE DEBT BREAKDOWN 200 500 500 700 500 200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 › Gross financial debt of €2,619.8m › Maturities spread over the years with average maturity at 6.0 years › Blended average cost of funds of 2.9% (excluding IFRS 16 impact) › Strong liquidity position €1,366m cash and cash equivalents and €600m undrawn liquidity credit lines › €500 bond issuance redeemed in January 2025 91% 8% 1% Bond USPP Other 99.9% 0.1% Fixed rate Floating rate DEBT MATURITY PROFILE AS OF DECEMBER 31, 2025 6060 20
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To change the footer: • Click on “insert” • Click on “Header & Footer” • Check the “Slide number” box • Write the desired text in the "Footer“ box • Click on “Apply to all” CURRENCY MIX IN 2025 (4.2)% (4.1)% (4.9)% (6.1)% (1.2)% (7.5)% (4.1)% (4.3)% (4.7)% (8.1)% (4.2)% (3.1)% (2.0)% (3.6)% (7.4)% USD* CNY AUD CAD GBP BRL HKD* AED* CLP INR SAR* JPY SGD COP KRW EUR 30.2% USD* 12.2% CNY 10.3%AUD 5.2%CAD 3.1% GBP 3.0% BRL 2.8% HKD* 2.5% AED* 2.3% CLP 2.1% INR 2.0% SAR* 1.7% JPY 1.4% SGD 1.3% COP 1.2% OTHER 18.5% 2025 CURRENCY CHANGE (YEAR ON YEAR)REVENUE CURRENCY EXPOSURE Large exposure to USD and emerging market currencies (90+ currencies overall) * USD and pegged currencies 61
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62 DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (1/5) ORGANIC GROWTH (1/2)INTRODUCTION The total revenue growth percentage measures changes in consolidated revenue between the previous year and the current year. Total revenue growth has three components: › organic growth; › impact of changes in the scope of consolidation (scope effect), › impact of changes in exchange rates (currency effect). The Group internally monitors and publishes “organic” revenue growth, which it considers to be more representative of the Group’s operating performance in each of its business sectors. The main measure used to manage and track consolidated revenue growth is like-for-like, or organic growth. Determining organic growth enables the Group to monitor trends in its business excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control, as well as scope effects, which concern new businesses or businesses that no longer form part of the business portfolio. Organic growth is used to monitor the Group’s performance internally. Bureau Veritas considers that organic growth provides management and investors with a more comprehensive understanding of its underlying operating performance and current business trends, excluding the impact of acquisitions, divestments (outright divestments as well as the unplanned suspension of operations – in the event of international sanctions, for example) and changes in exchange rates for businesses exposed to foreign exchange volatility, which can mask underlying trends. The Group also considers that separately presenting organic revenue generated by its businesses provides management and investors with useful information on trends in its industrial businesses, and enables a more direct comparison with other companies in its industry. The management process used by the Bureau Veritas Group is based on a series of alternative performance indicators, as presented below. These indicators were defined for the purposes of preparing the Group’s budgets and internal and external reporting. Bureau Veritas considers that these indicators provide additional useful information to financial statement users, enabling them to better understand the Group’s performance, especially its operating performance. Some of these indicators represent benchmarks in the testing, inspection and certification (“TIC”) business and are commonly used and tracked by the financial community. These alternative performance indicators should be seen as a complement to IFRS-compliant indicators and the resulting changes. TOTAL REVENUE GROWTH
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DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (2/5) SCOPE EFFECTORGANIC GROWTH (2/2) To establish a meaningful comparison between reporting periods, the impact of changes in the scope of consolidation is determined: › for acquisitions carried out in the current year: by deducting from revenue for the current year revenue generated by the acquired businesses in the current year; › for acquisitions carried out in the previous year: by deducting from revenue for the current year revenue generated by the acquired businesses in the months in the previous year in which they were not consolidated; › for disposals and divestments carried out in the current year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year in the months of the current year in which they were not part of the Group; › for disposals and divestments carried out in the previous year, by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year prior to their disposal/divestment. Organic revenue growth represents the percentage of revenue growth, presented at Group level and for each business, based on a constant scope of consolidation and exchange rates over comparable periods: › constant scope of consolidation: data are restated for the impact of changes in the scope of consolidation over a 12-month period; › constant exchange rates: data for the current year are restated using exchange rates for the previous year. CURRENCY EFFECT The currency effect is calculated by translating revenue for the current year at the exchange rates for the previous year. 63
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DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (3/5) ADJUSTED OPERATING PROFIT Since a measurement period of 12 months is allowed for determining the fair value of acquired assets and liabilities, amortization of intangible assets in the year of acquisition may, in some cases, be based on a temporary measurement and be subject to minor adjustments in the subsequent reporting period, once the definitive value of the intangible assets is known. Organic adjusted operating profit represents operating profit adjusted for scope and currency effects over comparable periods: › at constant scope of consolidation: data are restated based on a 12-month period; › at constant exchange rates: data for the current year are restated using exchange rates for the previous year. The scope and currency effects are calculated using a similar approach to that used for revenue for each component of operating profit and adjusted operating profit. Adjusted operating profit and adjusted operating margin are key indicators used to measure the performance of the business, excluding material items that cannot be considered inherent to the Group’s underlying intrinsic performance owing to their nature. Bureau Veritas considers that these indicators, presented at Group level and for each business, are more representative of the operating performance in its industry. Adjusted operating margin expressed as a percentage represents adjusted operating profit divided by revenue. Adjusted operating margin can be presented on an organic basis or at constant exchange rates, thereby, in the latter case, providing a view of the Group’s performance excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control. Service costs rebilled to clients, that were previously included under the "Purchases and external charges" line item, are now presented separately, with no impact on operating profit and net profit in the current and previous year. Adjusted operating profit represents operating profit prior to adjustments for the following: › amortization of intangible assets resulting from acquisitions; › impairment of goodwill; › impairment and retirement of non-current assets; › restructuring costs. › gains and losses on the disposal of activities, including in particular: › fees and acquisition costs of activities, including, when applicable, external costs related to their integration within the Group; › contingent consideration on acquisitions of businesses › gains and losses on the disposal of activities. Impairment and retirements of non-current assets and restructuring costs are reclassified as adjustment items when they are strategic and structuring. When an acquisition is carried out during the financial year, the amortization of the related intangible assets is calculated on a time proportion basis. ADJUSTED OPERATING MARGIN 64
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ADJUSTED EFFECTIVE TAX RATE The effective tax rate (ETR) represents income tax expense divided by the amount of pre-tax profit. The adjusted effective tax rate (adjusted ETR) represents income tax expense adjusted for the tax effect on adjustment items divided by pre-tax profit before taking into account the adjustment items (see adjusted operating profit definition). ADJUSTED ATTRIBUTABLE NET PROFIT Adjusted attributable net profit is defined as attributable net profit adjusted for adjustment items (see adjusted operating profit definition) and for the tax effect on adjustment items. Adjusted attributable net profit excludes non-controlling interests in adjustment items and only concerns continuing operations. Adjusted attributable net profit can be presented at constant exchange rates, thereby providing a view of the Group’s performance excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control. The currency effect is calculated by translating the various income statement items for the current year at the exchange rates for the previous year. ADJUSTED ATTRIBUTABLE NET PROFIT PER SHARE Adjusted attributable net profit per share (adjusted EPS or earnings per share) is defined as adjusted attributable net profit divided by the weighted average number of shares outstanding in the period (excluding own shares held by the Group). 65 DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (4/5)
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FINANCIAL DEBT Gross debt (or gross finance costs/financial debt) represents loans and borrowings (bonds, bank loans, etc) plus bank overdrafts. Net debt (or net finance costs/financial debt) as defined and used by the Group represent gross debt less cash and cash equivalents. Cash and cash equivalents comprise marketable securities and similar receivables as well as cash at bank and on hand. Adjusted net debt (or adjusted net finance costs/financial debt) as defined and used by the Group represents net debt taking into account currency and interest rate hedging instruments. CONSOLIDATED EBITDA Consolidated EBITDA represents net profit before interest, tax, depreciation, amortization and provisions, adjusted for any entities acquired over the last 12 months. Consolidated EBITDA is used by the Group to track its bank covenants. FREE CASH FLOW Free cash flow represents net cash generated from operating activities (operating cash flow), adjusted for the following items: › purchases of property, plant and equipment and intangible assets; › proceeds from disposals of property, plant and equipment and intangible assets; › interest paid. › net cash generated from operating activities is shown after income tax paid. Organic free cash flow represents free cash flow at constant scope and exchange rates over comparable periods: › at constant scope of consolidation: data are restated for changes in scope based on a 12-month period; › at constant exchange rates: data for the current year are restated using exchange rates for the previous year. The scope and currency effects are calculated using a similar approach to that used for revenue for each component of net cash generated from operating activities and free cash flow. 66 DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (5/5)
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GLOSSARY Operating Profit (AOP) excludes amortization of acquisition intangibles, goodwill impairment, restructuring, acquisition and disposal-related items (adjustment items) ASR: Accident Severity Rate Adjusted Operating Margin (AOP Margin) is defined as Adjusted Operating Profit / Revenue Adjusted Net Profit is defined as net profit adjusted for items after tax Adjusted Net Debt is defined as net financial debt after currency hedging instruments, as defined in the calculation of banking covenants AI: Artificial Intelligence AIM: Asset Integrity Management B&I: Buildings & Infrastructure BIM: Building Information Modeling CC: Constant currency E&E: Electronic & Equipment E&P: Exploration & Production EMC: Electromagnetic Compatibility FCF: Free cash flow FOREX or FX: Foreign exchange FPSO: Floating Production Storage and Offloading FSO: Floating Storage and Offloading GMO: Genetically Modified Organism GRT or GT (Marine): Gross Register Ton or Gross Ton GS: Government Services IoT: Internet of Things IMO: International Maritime Organization LNG: Liquefied Natural Gas LTR: Lost Time Rate M&M: Metals & Minerals NDT: Non-destructive Testing O&G: Oil & Gas O&P: Oil & Petrochemicals Organic growth: increase in revenue versus last year, at constant currency and scope (i.e. acquisitions excluded) P&U: Power & Utilities PMA: Project Management Assistance PSI: Pre-shipment Inspection QA / QC: Quality Assessment / Quality Control SSC: Shared Service Center TAR: Total Accident Rate ULCS: Ultra Large Container Ships VLCC: Very Large Crude Carriers VOC: Verification of Conformity y/y: year-on-year WC / WCR: Working Capital / Working Capital Requirement 67
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OWNERSHIP AND MARKET DATA ON DECEMBER 31, 2025 MARKET DATASHAREHOLDING STRUCTURE • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 • IPO on October 2007: €9.44/share • Share Price3: €27.18 • Market Cap.3: €12.34bn • Main indices: CAC 40, CAC 40 ESG, CAC SBT 1.5, SBF 120, CAC Large 60, Euronext 100, EURO STOXX® Industrial Goods & Services, STOXX® Europe 50, STOXX® All Europe 100, STOXX® Europe 600, STOXX® Developed Markets 150, STOXX® Europe 600 Industrial Goods and Services, STOXX® Global ESG Leaders, STOXX® Global ESG Environmental Leaders, Dow Jones Sustainability World, Dow Jones Sustainability Europe, MSCI World, FTSE4Good Index series. • Unsponsored ADR set up by Citi and Deutsche Bank; Ticker: BVVBY (1) After adding the shares acquired under the cash call spread agreements entered by Wendel with Morgan Stanley Europe and BNP Paribas, Wendel holds 22.7% of the capital of Bureau Veritas and 35.7% of the theoretical voting rights. (2) The shares are held pursuant to a prepaid forward contract for the purchase of Bureau Veritas shares over a three-year period with Wendel, executed outside the market. (3) As of December 31, 2025 68 1 22.7% 7.7% 6.0% 0.6% 2.3% 60.7% Wendel group BNP Paribas Blackrock Executive Committee & Employees Treasury shares Free float 2
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W W W . B U R E A U V E R I T A S . C O M