Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Investor Day (March 2024)
126 slides from Bureau Veritas Sa's investor day presentation, Mar 20, 2024
Slide 1: Capital Markets Day
Capital March 20, 2024 Markets Day
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Bureau Veritas solely for use at its Capital Markets Day to be held on March 20, 2024. This presentation contains statements with respect to Bureau Veritas’ future business, financial and non-financial performance and future events, developments or s
Slide 3: Capital Markets Day - Morning Session
Capital Markets Day - Morning Session 9.00 CEO Vision Hinda Gharbi 11.15 Performance Vincent Bourdil Chief Executive Officer Executive Vice President, Global Business Lines and Performance Innovation Philipp Karmires 9.30 Strategic Ambitions for 2028 Executive Vice President, Chief Digital and Infor
Slide 4: Capital Markets Day - Afternoon Session
Capital Markets Day - Afternoon Session M&O | Charting the Marine & Offshore path to Matthieu de Tugny 25-minute sessions decarbonization & digitalization Executive Vice President, Marine & Offshore starting and re- Tiphanie Jeanperrin Director, Digital & Excellence, Marine & Offshore starting every
Slide 5: Hinda Gharbi
Hinda Gharbi Chief Executive Officer
Slide 6: 2028 Strategy: Introduction
01. 2028 Strategy Introduction
Slide 7: What defines Bureau Veritas?
What defines Bureau Veritas? BUREAU VERITAS 7
Slide 8: Navigating change for more than 195 years
BUREAU Navigating change for more than 195 years VERITAS 1900s 1990s Modern industrial revolution Globalization 2020s 1828 Automotive, rail industries, Systems Certification and BRAND safety and risks Government Services and beyond 195 years track record Origins Energy transition in shipping and sus
Slide 9: Commitment towards society
BUREAU Commitment towards society VERITAS Shaping a better world CAC SBT 1.5° index BRAND Better environment #1/184 Better workplace PURPOSE Better business practices #1/72 Shaping a world of trust by ensuring responsible progress CAC SBT 1.5° index: this new index is composed of SBF 120 companies w
Slide 10: Broad geographical and markets reach
BUREAU Broad geographical and markets reach VERITAS Marine Agrifood & 2023 Revenue Breakdown & Offshore Commodities Industry By Geography BRAND 8% 21% 21% 35% 28% 18% Europe Asia Pacific North America Buildings & Consumer 9% PURPOSE Infrastructure Certification Products 10% Africa & Middle East Lati
Slide 11: What defines Bureau Veritas
What defines Bureau Veritas BRAND PURPOSE 195 years track record Shaping a world of trust Trust broker by ensuring responsible Integrity and expertise progress BUREAU VERITAS CAPABILITIES REACH Technical workforce Global operational footprint Multi-sectors expertise Broad client base Global talent b
Slide 12: Bureau Veritas journey since listing
Bureau Veritas journey since listing Portfolio Diversification Scaling Building Adding resilience Growth 1.40 6000 5000 1.20 4000 1.00 3000 0.80 2000 0.60 1000 0.40 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Revenue (€bn) Adjusted EPS fully diluted (€/Shar
Slide 13: Secular trends - Towards a sustainable state
Secular trends - Towards a sustainable state Sustainability drive Energy transition and decarbonization New capacity (GW) 17% p.a. at least x2 ~$19bn ~$8bn Corporate reporting Operational transformation Others Solar Wind Others Sources: ESG Spend Forecast – Verdantix & Bureau Veritas estimates Sourc
Slide 14: Secular trends - Towards a reshaped world
Secular trends - Towards a reshaped world $12.6 T 1 Connectivity IoT impact by 2030 and digitalization +21% Supply chains Exchanges between Mexico and NAM2 reconfiguration 65% Urbanization Urban population in 20403 1 Source: McKinsey estimates that the economic value englobed by the IoT globally by
Slide 15: A unifying vision
A unifying vision Top of mind Superior value creation Be the preferred partner for customers’ excellence and sustainability Long lasting relationships Sustainability Solutions Leader 15
Slide 16: Focused execution
Per for io m ol a A new rtf nc po el ed e Focused strategy xecution Sustainability Sustainability framework E vo l l ve d p de e ople m o 16
Slide 17: Focused portfolio
Market focused 80% of 2024-28 organic revenue increase portfolio from 55% of 2023 revenue By 2028 Focused portfolio revenue derived from Leadership Pursue undisputed positions c. 90% businesses in top 3 market positions leadership through active vs. 75% in 2023 By 2028 portfolio management 17
Slide 18: Performance led execution
Customer service Efficiency Accelerate differentiation and productivity growth Performance led execution Ambition Performance programs impact Innovate to modernize Up to +180 bps before Opex investments1 “how we work” through technology adoption 1 Around half to be reinvested 18
Slide 19: Evolved people model
83,000 36h/employee 72% Diverse workforce Training per year Millennials and beyond Evolved Changing Increased role New strategic people model demographics of technology and technical skills New ways of learning and working Develop Tech augmented ‘new economy’ skills ways of working 19
Slide 20: LEAP 28
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Slide 21: Our new value creation ambition
Our new value creation ambition M&A acceleration Organic growth Performance led step change & and Portfolio high-grading execution Cash generation Mid-to-high single digit organic CAGR High single digit Consistent margin Above 90%2 Total revenue growth CAGR1 improvement1 cash conversion Increasing s
Slide 22: Be the preferred partner for customers' excellence and sustainability
Be the preferred partner for customers’ excellence and sustainability Perf orm lio fo an rt L E A P 28 ce po led Focused execution Sustainability Ev el o lv e d p e o p le m o d 22
Slide 23: Juliano Cardoso
Juliano Cardoso Executive Vice President, Corporate Development & Sustainability
Slide 24: 2028 Strategy: Portfolio
02. 2028 Strategy Portfolio
Slide 25: Focused portfolio
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Slide 26: Testing, inspection, certification: a huge market
Testing, inspection, certification A huge market 45-50% €300bn Accessible market for Bureau Veritas: +4% underlying market growth 24-28 with pocket of fast growing sub-markets c.€150bn Sources: S&P Global, Bureau Veritas estimates 26
Slide 27: Strong foundations to build on
Strong foundations to build on An industry leader with a …with a vast majority of revenue derived from markets with a healthy … and significant returns highly diversified portfolio… growth… Bureau Veritas revenue breakdown 20%+ 19% Global leader 58% 15-20% 18% Mid-single digit or higher 75% growth m
Slide 28: Portfolio assessment
Portfolio assessment Bureau Veritas competitive <€200m Businesses assessed… revenue position Market By: market size, market leader €200-600m revenue growth, market position, competitive intensity, brand recognition… Strong challenger >€600m revenue Small player >€1bn revenue Market attractiveness LO
Slide 29: 2028 portfolio strategy: leadership & strongholds
2028 portfolio strategy: leadership & strongholds Active portfolio Bureau Veritas competitive <€200m revenue management position Market €200-600m leader revenue Expand leadership in existing strongholds Strong challenger >€600m revenue Create new growth strongholds Small player >€1bn revenue Optimiz
Slide 30: Expand leadership in existing strongholds
c.45% of 2023 revenue • Market share, expertise and brand Description recognition leader • Substantial growth opportunities Buildings Expand & Infrastructure leadership Main • Undisputed leadership in Buildings & Infrastructure and Industrial Product Certification in existing objectives Certificatio
Slide 31: Create new strongholds
c.10% 2023 revenue • Fast-growing markets Transition services Description • Bureau Veritas still at subscale, no Certification global leadership P&U & Renewables Create Main • Leverage attributes to accelerate in select growth markets Industry new objectives • Establish winning organic platforms str
Slide 32: Optimize value and impact
c.45% 2023 revenue Agrifood Description • Mix of businesses in mature markets & Commodities Consumer Products Services Optimize Main • Continue monitoring growth capabilities Softlines, toys, hardlines value and objectives • Ensure bottom line returns • Possible arbitrage impact Marine & Offshore Or
Slide 33: Leadership & Strongholds
Leadership & Strongholds Bureau Veritas revenue breakdown Global leader 58% Mid-single digit or higher 75% growth markets Global Top 3 17% Low Challenger 22% single-digit 25% growth markets Small player 3% 33
Slide 34: 2028 Strategy: M&A
03. 2028 Strategy M&A
Slide 35: A market with consolidation opportunities
A market with consolidation opportunities A highly fragmented market Bureau Veritas strong attributes ~€112bn ~€150bn Acquisitive DNA 25% total Strong M&A process market share Local sourcing with global reach Central M&A team & governance €38bn Strict financial criteria Sources: Bureau Veritas, S&P
Slide 36: Established M&A track record
Established M&A track record Rationale Organic revenue CAGR Cybersecurity Gain access +26% since 2021 Certification to expertise/markets Code Compliance +22% since 2022 Buildings & Infrastructure Complement capabilities Datacenters +22% since 2017 Buildings & Infrastructure Diversify portfolio Healt
Slide 37: M&A focus on existing and new strongholds
M&A focus on existing and new strongholds Expand leadership Focus New strongholds M&A Strategic fit Rationale Growth and returns attributes 37 Bureau Veritas will remain opportunistic in other market segments
Slide 38: Focus on existing and new strongholds
Expand New Execution leadership strongholds has started Transition Services Focus on Buildings & Infrastructure Certification existing Technology 1 and new Certification Consumer Products Services strongholds Renewables 1 Industry Industrial Product 1 Certification Cybersecurity Industry Certificati
Slide 39: Vincent Bourdil
Vincent Bourdil Executive Vice President, Global Business Lines and Performance
Slide 40: 2028 Strategy: Focus on Leadership & Strongholds
03. 2028 Strategy Focus on Leadership & Strongholds
Slide 41: Focused portfolio
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Slide 42: Buildings & Infrastructure and Sustainability
Two key growth engines 45% of estimated group revenue in 2028 Expand leadership New strongholds Buildings Sustainability & Infrastructure 42
Slide 43: Buildings & Infrastructure
Buildings & Infrastructure Leadership to expand
Slide 44: Market dynamics
MARKET FEATURES Urbanization €38bn >3% B&I CAPEX and With solid Energy transition OPEX TIC growth across Market and decarbonization market multiple regions dynamics BUREAU VERITAS POSITIONING Solid leadership position #1 overall with opportunity to expand Bureau Veritas is 3 to 4x bigger than closes
Slide 45: B&I at a glance
Leadership to expand B&I at a glance 2023 revenue by service type 2023 revenue by geography Middle East & Africa Capex 4% 54% 8% Americas 2017-23 CAGR €1.8bn 27% France 39% topline growth €1.8bn Opex 46% 13.1% Asia Pacific 2023 adjusted Mix ~85% ~15% 19% Europe operating margin 11% Buildings Infrast
Slide 46: A global and expanding portfolio of B&I activities
A global and expanding portfolio of B&I activities 2023 revenue Europe Americas CAPEX OPEX CAPEX OPEX €215m €671m €385m €84m 2017 – 2023 CAGR +5% 2017 – 2023 CAGR +21% Asia Pacific Middle East & Africa CAPEX OPEX CAPEX OPEX €300m €29m €53m €16m 2017 – 2023 CAGR +4% 2017 – 2023 CAGR +8% Legend: > €20
Slide 47: Key B&I strategic priorities
Key B&I strategic priorities BUILDINGS 40% INFRASTRUCTURE 14% 46% OPEX SERVICES CAPEX CAPEX Portfolio expansion towards Global leadership in high value-added segments, Market leadership in code construction supervision and notably sustainability and compliance and datacenters project management serv
Slide 48: North America: B&I TIC leader with a broad portfolio of services
North America: B&I TIC leader with a broad portfolio of services North America 2023 revenue breakdown ~€8-10bn total Buildings Infrastructure accessible market Market leader (top 3) Challenger ~€360m Mission critical In-service Infrastructure inspection commissioning inspection & project management
Slide 49: Key priorities in North America: an expansion strategy
Key priorities in North America: an expansion strategy Geography Service Segment ▪ Datacenters: new accounts ▪ Opex: accelerate ▪ Infrastructure Capex: acquisitions in view of the AI sustainability services accelerate towards fast driven build phase development growing construction segments ▪ Code c
Slide 50: Sustainability
Sustainability Leadership to expand New strongholds
Slide 51: Accelerating our sustainability portfolio growth
Accelerating our sustainability portfolio growth Market growth TIC Market ESG spend +4% CAGR +17% CAGR by 2028 by 2028 Low carbon energy spend +15% CAGR by 2030 Very fast-growing services 2028 Strategy focus Transition services Green Objects 51 Source: International Energy Agency
Slide 52: ESG spend: a fast-growing market
ESG spend: a fast-growing market A FAST-GROWING MARKET BUREAU VERITAS ATTRIBUTES TO LEVERAGE 17% p.a. ~$19bn Technical expertise and know-how Sustainability Drive Ability to serve global clients CSR / ESG ~$8bn Energy transition Independent 3rd party and decarbonization Geographical granularity Corp
Slide 53: Bureau Veritas value add
Bureau Veritas value add Report Customer Value chain Strategy Operationalization & communicate Market Market size in 2028 ~$5bn ~$8bn ~$6bn Bureau Veritas positioning leveraging its key attributes Value add Transition services Bureau Veritas Services Transformation enablement Compliance and reportin
Slide 54: Transition services
Transition services Examples Measurement of Transformation Compliance & Science Based Targets enablement reporting assistance and solutions to reduce supply chain GHG emissions for US customer’s strategic Supporting client's Supporting client's Sustainability Tier 1 and 2 suppliers journey to ESG ex
Slide 55: Green objects
Green objects Supporting build & maintenance of “green(er) by design” assets, products and commodities contributing to making the world more sustainable Offshore wind Scotland Solar PV Project in Saudi Arabia Integrated QA/QC management of the Owner’s engineering including design sub-elements fabric
Slide 56: Our Sustainability strategy
Our Sustainability strategy Sustainability scope of services to scale up: Marine Agrifood Buildings Consumer Industry Certification & Offshore & Commodities & Infrastructure Products Services TRANSITION SERVICES GREEN OBJECTS 56
Slide 57: 2028 ambition
2028 ambition c. 5% Transition Green c.15% of group revenue services objects of group revenue M&A M&A 2023 2028 57
Slide 58: Questions & answers
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Slide 59: Coffee break
Coffee break
Slide 60: Vincent Bourdil
Vincent Bourdil Executive Vice President, Global Business Lines and Performance
Slide 61: Performance led execution
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Slide 62: Zoom on two performance levers
Zoom on two performance levers Operational leverage & functional scalability Innovation 62
Slide 63: 2028 Strategy: Performance - Operational leverage & functional scalability
04. 2028 Strategy Performance Operational leverage & functional scalability
Slide 64: Operational leverage and functional scalability
Superior customer service differentiation Operational leverage and functional Improve efficiency and productivity to reduce cost to serve scalability Accelerate growth 64
Slide 65: A clear ambition
A clear ambition AMBITION AMBITION OPERATIONAL Up to +100 bps FUNCTIONAL Up to +80 bps OPERATIONAL PERFORMANCE LEVERAGE Programs SCALABILITY Programs impact impact 1. Performance management 1. Shared services centers 2. Process improvement 2. Strategic procurement 3. Tech-augmented ways of working 6
Slide 66: Operational leverage - Performance management
Operational leverage - Performance management Group revenue breakdown by margin levels 20%+ 19% Active performance management • Operational performance 15-20% 18% KPIs optimization and monitoring • Underperforming business units 10-15% 47% Business turnaround principles <10% 16% • Selectivity of con
Slide 67: Operational leverage - Process improvement
Operational leverage - Process improvement ~4 days Planning and scheduling Automation of scheduling and resources allocation ~6 days Inspection tasks TODAY TOMORROW Standardize digital operations systems ~5 days Time monitoring and reporting Customer portal ~5 days Report generation Inspection opera
Slide 68: Functional scalability
Functional scalability Shared • Various models • Coordinated blueprint services • Uneven distribution • Integrated shared centers models centers TODAY TOMORROW Strategic • Local focus • Strategic categories and suppliers Procurement • Ongoing transformation • Drive active performance Up to +80 bps A
Slide 69: Philipp Karmires
Philipp Karmires Executive Vice President, Chief Digital and Information Officer
Slide 70: 2028 Strategy: Performance - Innovation
04. 2028 Strategy Performance Innovation
Slide 71: Navigating change
Navigating Past Future change Sustainability Growth Sustainable drive as a main driver Development Opportunities in a Supply Chain Rigidity Flexibility reconfiguration transforming world Connectivity & Siloed data Interconnection digitalization and systems and interoperability 71
Slide 72: Paradigm shift
Paradigm shift Today, clients need to leverage the power of data Sustainability Regulatory / TIC providers accreditation bodies Other rsPartners de i ov Su TIC pr pplie Distribution Suppliers TIC clients consumers TIC clients rs TIC providers Re Other gul Data & partners ator s Services Performance
Slide 73: Digital innovation framework
Digital innovation framework Providing differentiated experience Innovation platform 03 and enabling new revenue streams (ex: Gen AI) Leveraging technology Di systems Operations 02 to strengthen service delivery Enterprise systems layer ready Foundations 01 (HR, Finance)/Cloud Digital Backbone 73
Slide 74: Improving productivity and quality: operations systems
02 Operations systems Improving productivity and quality Certification business - €465m (2023 revenue) A NEW OPERATIONS SYSTEM FOR CERTIFICATION 10-15% Productivity improvement ambition in 3 years 74
Slide 75: Improving productivity and quality: innovation platform
03 Innovation platform Improving productivity and quality New capabilities to deliver increased quality more efficiently Tech augmented ways of working TANK INSPECTION & MAINTENANCE Up to 50% Productivity improvement, shifting tasks from field to desktop Quality Advanced defect detection and conditi
Slide 76: Accelerating innovation
Accelerating innovation Build on a strong digital backbone to support our new ambitions PORTFOLIO UNLOCK NEW REVENUE STREAMS PERFORMANCE DELIVER SCALABILITY AND PRODUCTIVITY PEOPLE NEW SKILLS AND COMPETENCIES DEVELOPMENT 76
Slide 77: Kathryn Dolan
Kathryn Dolan Executive Vice President, Human Resources
Slide 78: 2028 Strategy: People
05. 2028 Strategy People
Slide 79: Evolved people model
Pe rfo alue Oper at r o ize v ct and ional m tim a fun le Op nd imp sca ction vera an li fo a lab ilit al ce ort ge y led dP s old stro ew ngh exec N Focuse Evolved ution Innovation Sustainability er hip people model d s Expan lead ew “N e nt g d eco e ski nomy “ ugm kin l ls Tech a f wor o ways Evo
Slide 80: Rapidly evolving context
Rapidly evolving context Accelerating the ‘New Economy’ Shifts in workforce growth of our global demands new skills demographics, talent base in a and expertise to be technology acceleration tightening skills developed at scale and employee and labour market expectations require new ways of working
Slide 81: Bureau Veritas talent
Talent pool Broad expertise 72% workforce 62,000+ technical experts are digital natives BUREAU VERITAS Talent acquisition Execution culture 13,000 hires per year 65% incentivized on business performance 81
Slide 82: Zoom on two people priorities
Zoom on two people priorities Building ‘new economy’ skills Sustainability Energy transition Digital Tech augmented ways of working 82
Slide 83: Building new economy skills - Sustainability
Building new ‘economy’ skills - Sustainability Mid career hiring School of sustainability Competency centers Hubs of technical excellence TODAY TOMORROW Core skills targeted Baseline skills for all Scaling through partnerships or Strategic skills acquired through M&A 3rd parties Ambition Up to 5,000
Slide 84: Tech augmented ways of working
Tech augmented ways of working Remote inspections Inspection operations example 10% Up to 10% utilization rate increase in some services 100% Full scheduling flexibility for client Ambition Scale to similar service models 84
Slide 85: Evolving our People model
Evolving our People model MOVING FROM SKILLS HIRER TO SKILLS DEVELOPER A SECTOR LEADING DIFFERENTIATOR THROUGH PEOPLE LEVERAGING TECHNOLOGY FOR UNLOCKING PEOPLE PERFORMANCE 85
Slide 86: Hinda Gharbi
Hinda Gharbi Chief Executive Officer
Slide 87: 2028 Strategy: CSR
06. 2028 Strategy CSR
Slide 88: Our commitments
Clients Employees Our Develop skills and commitments Differentiate on customer experience, novel solutions competencies and service quality for growth and impact towards all Society Investors stakeholders Further enhance CSR Step up operational contribution through internal performance to deliver en
Slide 89: Commitment towards society
Commitment towards society Shaping a better world CAC SBT 1.5° index Better environment #1/184 Better workplace Better business practices #1/72 CAC SBT 1.5° index: this new index is composed of SBF 120 companies whose emissions reduction targets have been approved by the Science Based Targets initia
Slide 90: Our CSR journey
Our CSR journey • Sustainability framework launched • Approved SBTi targets • Further transparency and clarity • External stakeholder committee • New CSR governance committee aligned with LEAP I 28 2020 2023 Onward 2021 2024 • CSR targets quarterly publication • Executive Committee Sustainability ow
Slide 91: Our CSR 2028 ambition
Our CSR 2028 ambition Sustainability priorities Environment Social Governance Health Human Climate Diversity Ethics & Safety Capital Scope 1&2 CO2 Total Learning hours Gender balance % of employees emissions (1,000 tons) accident rate per employee in senior leadership Code of Ethics trained 2023 149
Slide 92: François Chabas
François Chabas Executive Vice President, Chief Financial Officer
Slide 93: 2028 Strategy: Finance
07. 2028 Strategy Finance
Slide 94: Our journey so far
Our journey so far Portfolio Diversification Scaling Building Adding resilience Growth 1.40 1.20 1.00 0.80 0.60 0.40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Adjusted Operating Profit Margin (in %) Adjusted EPS fully diluted (€/Share) A journey of diversif
Slide 95: Financial ambition assumptions
Financial ambition assumptions PORTFOLIO ASSESSMENT MACRO DATA STRESS TESTS Several criteria, including: Inflation: projected Macro scenarios • Market size on 2023 independent sources1 Execution scenarios • Market growth New financing cost: 5% • Market position • Competitive intensity FX: neutral ov
Slide 96: Top-line ambition by portfolio segment
Top-line ambition Target to generate high single digit total revenue CAGR1 Revenue bridge by portfolio segment 2023 – 2028 €bn High-single digit total Mid-to-high single digit organic Contribution mix c. 55% c. 25% c. 20% to organic growth 1 At constant exchange rate 97
Slide 97: Top-line ambition by business line
Top-line ambition Target to generate high single digit total revenue CAGR1 Revenue bridge by business line 2023 – 2028 €bn High-single digit total Mid-to-high single digit organic Contribution mix c. 5% c. 11% c. 23% c. 35% c. 16% c. 10% to organic growth 1 At constant exchange rate 98
Slide 98: Higher portfolio strategic value
Higher portfolio strategic value Agrifood Buildings Consumer Products Marine & Offshore Industry Certification & Commodities & Infrastructure Services 2023 revenue €456m €1,234m €1,249m €1,753m €465m €711m % of group revenue 8% 21% 21% 30% 8% 12% Margin 1 ++ + + + ++ ++ Positioning Leader2 #5 Leader
Slide 99: Disciplined Opex investments conditioned by execution of performance programs
Disciplined Opex investments conditioned by execution of performance programs Consistent margin improvement Performance Around half programs reinvested in • Operational leverage • People Key enablers • Functional • Digital tools & systems scalability EXECUTION OF PERFORMANCE PROGRAMS Up to +180bps •
Slide 100: Strong FCF generation since 2017
Strong FCF generation since 2017 Strong base for M&A opportunities Historical use of free cash flow €m Working capital requirement ratio 281 126 14 9.7% 320 454 17 9.0% 22 8.8% -145 -162 718 782 803 741 723 628 603 6.3% 6.5% 508 483 6.1% 6.0% 43 -146 -133 -124 -123 -88 -115 -125 -144 Dec. Dec. Dec.
Slide 101: Capital allocation
Capital allocation Capital allocation 2028 goals 165 142 98 95 M&A: accelerated 70 71 18 Portfolio high-grading 2.8% 2.6% 2.4% 2.3% 2.2% 2.4% CAPEX: 2.5% - 3.0% 1.9% As a % of revenue 59% 58% 65% 65% 56% 50% Dividend: 65% payout ratio 0% As a % of adjusted net income 2.37 2.34 1.87 1.80 Leverage: be
Slide 102: Our new value creation ambition
Our new value creation ambition M&A acceleration Organic growth Performance led step change & and Portfolio high-grading execution Cash generation Mid-to-high single digit organic CAGR High single digit Consistent margin Above 90%2 Total revenue growth CAGR1 improvement1 cash conversion Increasing s
Slide 103: Q&A
Q&A
Slide 104: Hinda Gharbi
Hinda Gharbi Chief Executive Officer
Slide 105: Strategy 2028: Closing remarks
08. Strategy 2028 Closing remarks
Slide 106: A unifying vision
A unifying vision Be the preferred partner for customers’ excellence and sustainability Perf orm lio fo an rt L E A P 28 ce po led Focused execution Sustainability A new pivot for Bureau Veritas Ev el o lv e d p e o p le m o d 107
Slide 107: A step change in growth, earnings and shareholder returns
A step change in growth, earnings and shareholder returns Double-digit shareholder return based on 2024 - 2028 EPS CAGR1 + dividend yield 1 At constant exchange rate 2 (Net cash generated from operating activities - lease payments + income tax)/adjusted operating profit 108
Slide 108: Living up to our heritage, purpose, and vision
1828 2028 1828 2028 Living up to our heritage, purpose, and vision. 109
Slide 109: www.bureauveritas.com
www.bureauveritas.com
Slide 110: Financing Considerations
Financing Core debt maturity profile Considerations At 31.12.2023 Total Core debt = €2.1 bn 187 Current debt profile 500 500 • 100% fix rate 200 145 187 187 200 • No maturities before 2025 2024 2025 2026 2027 2028 2029 2030 2031 2032 • All covenants aligned at 3.5x (Revolving Credit BOND USPP Facili
Slide 111: Speakers
Speakers March 20, 2024 Capital Markets Day
Slide 112: Antoine Giros
Antoine Giros Vice President - Certification / Global Business Lines / Paris La Défense, France Career history at Bureau Veritas • Since February 2022: Vice President – Certification Global Business Line • From 2020 to 2022: Vice President - Innovation and Advanced Services - Global Service Lines •
Slide 113: Catherine Chen
Catherine Chen Executive Vice President - CPS / Shanghai, China Career history at Bureau Veritas • From 01/2020 to today: Executive Vice President, CPS • From 2019 to 2020: COO, CPS • From 2017 to 2019: SVP Asia, CPS • From 2014 to 2017: SVP Greater China, CPS NAT IO N ALIT Y • From 2011 to 2014: VP
Slide 114: Francois Chabas
Francois Chabas Executive Vice President - Finance / HO / Neuilly-sur-Seine, France Career history at Bureau Veritas • From 09/2018 to today: Executive Vice President, Group Chief Financial Officer • From 2015 to 2018: Finance Senior Vice President for the Europe Operating Group • From 2013 to 2014:
Slide 115: Joerg Gmeinbauer
Joerg Gmeinbauer Senior Vice President / Energy Global Business Line / Paris, France Career history at Bureau Veritas • From 08/2023 to today: Senior Vice President, Energy Global Business Line • From 01/2020 to 07/2023: Vice President Power & Utilities / I&F GSL / Vienna, Austria • From 05/2018 to
Slide 116: Juliano Cardoso
Juliano Cardoso Executive Vice President - Corporate Development & Sustainability / HO / Neuilly-sur-Seine, France Career history at Bureau Veritas • From 01/2024: Executive Vice President, Corporate Development & Sustainability • From 01/2017 to 12/2023: Executive Vice President, Asia Pacific & Mid
Slide 117: Kathryn Dolan
Kathryn Dolan Executive Vice President - Human Resources / HO / Birmingham, United Kingdom Career history at Bureau Veritas • From 06/2022 to today: Executive Vice President, Human Resources – Chief People Officer N A T I O N ALIT Y • From 09/2018 to 05/2022: CIF VP Human Resources, South & West Eur
Slide 118: Laure Mandrou
Laure Mandrou Senior Vice President - Chief Sustainability Officer / Corporate Development & Sustainability / Dubai, United Arab Emirates Career history at Bureau Veritas • From 11/2023 to today: Chief Sustainability Officer NAT IO N ALIT Y French Career history before Bureau Veritas • From 03/2022
Slide 119: Laurent Brunelle
Laurent Brunelle Vice President - Investor Relations & Financial Communication / Finance / HO / Neuilly-sur-Seine, France Career history at Bureau Veritas • From 01/2024: Vice President, Investor Relations, Financial Communication & non-financial rating agencies • From 06/2016 to 12/2023: Vice Presi
Slide 120: Marc Roussel
Marc Roussel Executive Vice President - CIF France-Africa & Govt Services Lines / Paris La Défense, France Career history at Bureau Veritas • From 03/2023 to today: EVP CIF France-Africa & Govt Services NAT IO N ALIT Y • From 2018 to 02/2023: SVP CIF Africa & President Govt Services Lines French • F
Slide 121: Matthieu de Tugny
Matthieu de Tugny Executive Vice President - Marine & Offshore / Paris La Défense, France Career history at Bureau Veritas • From 01/2019 to today: EVP M&O OG and M&O Division President • From 01/2007 to 01/2012: RCE, M&O North America • From 01/2017 to 01/2019: SVP, M&O Chief Operating Officer • Fr
Slide 122: Philipp Karmires
Philipp Karmires Executive Vice President - Group Chief Digital Officer / ISM / HO / Munich, Germany Career history at Bureau Veritas • From 01/2023 to today: Executive Vice President, Group Chief Digital Officer NAT IO N ALIT Y Career history before Bureau Veritas German • From 03/2016 to 12/2023:
Slide 123: Ségolène de Rose
Ségolène de Rose Senior Vice President Group Strategy & M&A / Corporate Development & Sustainability / HO / Neuilly-sur-Seine, France Career history at Bureau Veritas • From 05/2016 to 01/2020: VP Group M&A NAT ION ALIT Y • From 01/2020 to 01/2021: VP Group Strategy & M&A French • From 01/2021 to no
Slide 124: Shawn Till
Shawn Till Executive Vice President - CIF North America / Washington DC, United States Career history at Bureau Veritas • September 2021 to present N A T I O N ALIT Y Dual US & Career history before Bureau Veritas [dates/title/company/country] Canadian • November 2017-August 2021 CEO BVPI (Primary I
Slide 125: Surachet Tanwongsval
Surachet Tanwongsval Executive Vice President - CIF Asia Pacific / Singapore Career history at Bureau Veritas • From 01/2024 to today: Executive Vice President, CIF Asia Pacific NAT IO N ALIT Y Thai Career history before Bureau Veritas • From 2021 to 2023: Senior Vice President & General Manager Glo
Slide 126: Vincent Bourdil
Vincent Bourdil Executive Vice President - CIF Global Business Lines and Performance / Neuilly-sur-Seine, France Career history at Bureau Veritas N A T I O N ALIT Y • From 05/2023 to today: Executive Vice President, CIF Global Business Lines and Performance French • From 06/2020 to 04/2023 : Senior