Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Investor Day (2026)
117 slides from Bureau Veritas Sa's investor day presentation, 2026
Slide 1: Capital Markets Day
CAPITAL rash py MARKETS
Slide 2: CEO Vision
O01 CEO VISION VERITAS
Slide 3: Hinda Gharbi, Chief Executive Officer
HINDA GHARBI CHIEF EXECUTIVE OFFICER
Slide 4: Bureau Veritas advantage
Bureau Veritas advantage A GLOBAL BRAND A COMPELLING PURPOSE MULTI SECTOR REACH BROAD CAPABILITIES Be the preferred partner for our customers’ excellence and sustainability 4
Slide 5: Bureau Veritas' journey of consistent value creation
Bureau Veritas’ journey of consistent value creation Revenue Adjusted EPS1 Free cash flow2 (€bn) (€/share) (€m) 1.5 6.0 0.5 1.0 4.0 2.0 0.5 0.1 2007 2013 2019 2025 2007 2013 2019 2025 2007 2013 2019 2025 Portfolio building and diversification Growth step change 1. Fully diluted 5 2. After lease paym
Slide 6: Secular trends driving growing demand for our services
Secular trends driving growing demand for our services Energy mix and electrification 10% Towards a sustainable state Assurance and risk mitigation Grids CAGR126–30 Infrastructure and re-industrialization 89% Towards a reshaped Digital & AI world Company AI use in ≥1 function2 Supply chain reconfigu
Slide 7: LEAP | making a step change in growth and profitability
LEAP | 28 making a step change in growth and profitability Pe Oper rfo value atio r o ize act and nal l PORTFOLIO m im fu e t mp sca ncti vera i Op nd i an ol a lab on rtf ce ili a Pursue undisputed leadership through ge ty Po 1 led l active portfolio management s sed ld stro New exe ho ng Focu cuti
Slide 8: LEAP | simplifying our growth algorithm
LEAP | 28 simplifying our growth algorithm A NEW OPERATING MODEL 4 Divisions ACTIVE PRODUCT LINE PORTFOLIO CENTRIC MANAGEMENT ORGANISATION 10 Product Lines Bureau Veritas, a multi-specialist Company A diversified Group with global, specialist Product Lines, leaders in their served markets 8
Slide 9: LEAP | a self-sustaining dynamic of M&A and organic growth
LEAP | 28 a self-sustaining dynamic of M&A and organic growth Programmatic bolt-on M&A M&A Strategic mid-sized M&A Dual growth engine Selective disposals Organic Scaling new services Growth Expansion into new geographies 9
Slide 10: LEAP | a self-sustaining dynamic of M&A and organic growth
LEAP | 28 a self-sustaining dynamic of M&A and organic growth c.€1.2bn Acquisitions, divestments, exits M&A c.21% 2024 10.8%1 Portfolio rotation Organic growth vs 10.2%2 Dual growth engine Organic 2025 7.1%1 Organic growth vs 6.5%2 Growth 2026 Mid-to-high Outlook single-digit 1. Scope adjusted from
Slide 11: LEAP | Performance and people
LEAP | 28 Performance and people PERFORMANCE Operational leverage 110bps1 achieved Digital innovation Pe and functional rfo rm out of 180bps ambition framework tim ize value pact Oper ati and onal fu le scalability programs an Op nd im sca nctio vera ce a lab na g ilit l y e led s ld exe stro New ho
Slide 12: LEAP | delivering on our ambition 2024–2026
LEAP | 28 delivering on our ambition 2024–2026 2028 Outlook 2024 2025 2026 OUTLOOK Mid-to-high-single-digit 10.8% GROWTH organic revenue growth 7.3% Mid-to-high-single-digit High-single-digit 10.2% organic revenue growth 6.5% total revenue CAGR1 MARGIN Consistent +38bps +51bps Improved Margin improv
Slide 13: LEAP | making a step change in growth and profitability
LEAP | 28 making a step change in growth and profitability Pe Oper rfo value atio r o ize act and nal l PORTFOLIO m im fu e t mp sca ncti vera i Op nd i an ol a lab on rtf ce ili a Accelerate M&A and scale Product Lines ge ty Po led l organic growth s sed ld stro New exe ho ng Focu cutio 2027 - 2028
Slide 14: Bureau Veritas' leadership position
Expanding our markets Buildings Mission Critical Infrastructures QHSE Metals & Minerals Bureau Veritas’ leadership position Certification Solutions Digital Assurance Energy & Industrial Assets Towards higher Oil Consumer IPC & Gas Transition Services complexity, higher Renewables growth and higher N
Slide 15: Acquisitions for leadership and growth
Acquisitions for leadership and growth 37% revenue of Company INDUSTRIALS Grow new strongholds in Energy & COMMODITIES & Industrial assets 36% revenue of Company BUILDINGS Towards higher Expand Buildings, and Mission & INFRASTRUCTURE Critical assets complexity, higher growth and higher margins 10% r
Slide 16: Scaling cross-selling in high growth transverse markets
Scaling cross-selling in high growth transverse markets DIVISIONS STRATEGIC c.30% 2026e PRIORITY INDUSTRIALS & BUILDINGS & BUSINESS PRODUCT TESTING revenue MARKETS COMMODITIES INFRASTRUCTURE ASSURANCE & SERVICES SUSTAINABILITY AI-DRIVEN MARKETS DEFENSE MINING 16
Slide 17: LEAP | Performance and people
LEAP | 28 Performance and people PERFORMANCE Confirming New operations AI integration Pe Oper rfo rm +180bps ambition systems full rollout ramp-up value ati and onal ize tim pact fu le an Op nd im sca nctio vera ce a lab na g ilit l y e led s ld exe stro New ho ng cutio Innovation n Sustainability e
Slide 18: AI at Bureau Veritas
LEAP | 28 Al at Bureau Veritas ZZ Zp
Slide 19: Bureau Veritas' opportunities in a technology reshaping world
Bureau Veritas’ opportunities in a technology reshaping world AI Our AI AI scale Our capabilities technologies and risks services Enhancing ways …Trust secured of delivering trust… by Bureau Veritas New Markets - New Ways of Working - New Services 19
Slide 20: AI Infrastructure buildout amplifies Bureau Veritas growth
AI Infrastructure buildout amplifies Bureau Veritas growth LEVERAGING AI-RAPID DEVELOPMENT Ambition Data center market Data centers c.10-15% Global growth1 CAGR25–30 €800m Semiconductor fabrication Revenue by 2030 Semiconductor industry rek c.12% Global growth2 Specialized manufacturing CAGR25–30 1.
Slide 21: Higher value proposition with technology augmentation
Bureau Veritas higher value proposition with technology augmentation Client performance impact Critical Continuous, Performance centric High Data driven, Important Automated, Fast Scale, Expertise, Brand, Reach Today AI and Tech augmentation 21
Slide 22: AI technologies transform our trust delivery models
AI technologies transform our trust delivery models NEW WAYS OF WORKING Ambition Experts intensive Full AI integration into 30% of our Data rich portfolio by 2028 Efficiency and productivity and Global customer base into 60% by 2030 Customer experience 22
Slide 23: Assure AI risk and leverage data advantage to secure trust
Assure AI risk and leverage data advantage to secure trust NEW SERVICES Ambition Digital Assurance c.20-30% Global market growth1 €200m CAGR25–30 Digital Assurance Revenue by 2030 New digital services 1. Global AI governance market Modor Intelligence 2026 23
Slide 24: LEAP | ambition upgraded
LEAP | 28 ambition upgraded 2028 2027-2028 AI ambition Outlook confirmed Total growth upgrade Mid-to-high-single-digit Confirmed GROWTH organic revenue growth High-single-digit Upgraded to double-digit total revenue CAGR1 MARGIN Consistent Confirmed €1bn Margin improvement1 in AI-driven markets and
Slide 25: Markets & Portfolio Update
02 MARKETS & PORTFOLIO UPDATE
Slide 26: Marios Broustas, Chief Corporate Development Officer
MARIOS BROUSTAS CHIEF CORPORATE DEVELOPMENT OFFICER
Slide 27: Emma Ritter, Fuels President
EMMA RITTER FUELS PRESIDENT Fuels: Oil & Petrochemicals and Coal Testing and Inspection business
Slide 28: Focused portfolio
Opera value tio and nal l mize ct ti pa fu e io Op nd im sca ncti vera ol a lab on rtf ilit a ge y Po l s ld sed stro New ho ng Focu Innovation FOCUSED ship Sustainability nd PORTFOLIO r Expa e lead N ed ew nt “ m e rki n g ec g sk o n o m y au T ech of w o i ll s ” s w a y 28
Slide 29: Leader in a large and growing market
Leader in a large and growing market Growth dynamics TIC market size TIC market size Total Addressable €350bn Market 4-5% c.50% of TIC market €175bn is outsourced Bureau Veritas 5+% €85bn+ in Global Top 3 Sources: Bureau Veritas, S&P Global Market Intelligence 29
Slide 30: Bureau Veritas' leadership position
Expanding our markets Buildings Infrastructures Bureau Veritas’ leadership position Certification Solutions Digital Assurance Energy & Industrial Assets Towards higher Consumer IPC complexity, higher Marine & Offshore growth and higher Government Services Commodities margins Technology Oil Food test
Slide 31: Dual growth engine
Bureau Veritas 3.7% TOP 10 c.25% Outsourced TIC Market 2025 Dual growth Other players (75%) engine highly fragmented market Portfolio M&A advantage 31
Slide 32: LEAP | strategy focus: leadership & strongholds
LEAP | 28 strategy focus: leadership & strongholds Active portfolio Bureau Veritas competitive <€200m revenue management position Market leader €200-600m revenue Expand leadership in existing strongholds Strong challenger >€600m revenue Create new growth strongholds Small player >€1bn revenue Optimi
Slide 33: Active portfolio management has delivered
Active portfolio management has delivered Strategic pillar Leadership position 3% 20% 33% 22% 45% 16% 10% 75% 80% 52% 45% 2024 2026e 2023 2026e Revenue mix Revenue mix Optimize Value & Impact Small player New Strongholds Challenger Expand Leadership Global Top 3 33
Slide 34: Expand leadership in existing strongholds
Expand leadership M&A 6 acquisitions Buildings & • Key growth and margin engine Expand Infrastructure • Mission Critical and infrastructure scale up c.€297m Acquired revenue leadership in existing strongholds Certification • Launch modernization journey 2 divestments Contribution Solutions (SmartCer
Slide 35: Create new growth strongholds
New strongholds M&A Renewables • Energy transition exposure expanded (Power & Utilities) Create Transition new growth Services • Strengthen service offering 15 acquisitions strongholds c.€95m Acquired revenue Cybersecurity • Strengthen service offering Contribution to organic growth CPS1 • Built sca
Slide 36: Optimize value and impact
Optimize value & impact M&A • Sale of Food Testing • Sale of Oil & Petrochemicals and Coal Testing and Disposals Inspection business (expected to close Q1 27) • Exit of Government Services 3 acquisitions Optimize value c.€21m Metals • Extend offering to more complex methods and impact & Minerals and
Slide 37: LEAP | provides strong foundation for profitable growth
LEAP | 28 provides strong foundation for profitable growth Improved profitability mix 19% 19% 20%+ Revenue impact 15–20% 18% c.+60bps 60% uplift 10–15% 47% Current portfolio organic growth versus prior 18% <10% 16% perimeter 3% 2023 2026e 37
Slide 38: Reporting aligned with the organization
Reporting aligned with the organization Of business breakdown 37% 36% 10% 17% Industrials Buildings & Business Product Testing Activities & Commodities Infrastructure Assurance & Services planned for exit • Energy & Industrial • Buildings • Certification • Consumer • Oil & Petrochemicals assets Solu
Slide 39: LEAP | a self-sustaining dynamic of M&A and organic growth
LEAP | 28 a self-sustaining dynamic of M&A and organic growth Programmatic bolt-on M&A M&A Strategic mid-sized M&A Dual growth engine Selective disposals Organic Scaling new services Growth Expansion into new geographies 39
Slide 40: Growth accelerators – Strategic market priorities
Growth accelerators – Strategic market priorities 1 Sustainability1 2 AI-Driven markets 3 Defense 4 Mining €14bn €26bn €8bn €27bn 13% CAGR26-30e 8% CAGR26-30e 5% CAGR26-30e 14% CAGR26-30e NEW Sources: Sustainability: Global Forecast to 2030, Markets and Markets / Energy: April 2025 GMI calculation b
Slide 41: Sustainability: risk management partnership
Sustainability: risk management partnership Market composition Our ambition % of Bureau Veritas revenue Target c.15% €9.6bn €27bn c.8% 14% CAGR26-30e c.5% €17.4bn 2023 June 2026 2028 Green Objects Transition Services Transition Services + Green objects 41
Slide 42: Acquisitions approach
Acquisitions approach Delivering accretive revenue growth and margins to business divisions Active Portfolio Disciplined M&A Drive Value Management Execution Creation €413m Programmatic acquired revenue bolt-ons Leverage multi- specialist capabilities 24 acquisitions Structured Selected integration
Slide 43: Key takeaways
Key takeaways Portfolio Multi-Specialist Acquisitions 43
Slide 44: Mission Critical Assets Expansion
03 MISSION CRITICAL ASSETS EXPANSION
Slide 45: Renato Catrib, Buildings and Infrastructure & Mission Critical President
RENATO CATRIB BUILDINGS AND INFRASTRUCTURE & MISSION CRITICAL PRESIDENT
Slide 46: Ciarán Hyland, Mission Critical Data Centers SVP
CIARÁN HYLAND MISSION CRITICAL DATA CENTERS SENIOR VICE PRESIDENT
Slide 47: A simplified structure for one of our largest businesses
A simplified structure For one of our largest businesses Buildings & Infrastructure Buildings Infrastructure (82% of B&I) (18% of B&I) Mission Critical assets 47
Slide 48: What is a Mission Critical asset?
What is a Mission Assets where failure is not an option Critical asset? High level of assurance needed Clients needs 01 Reliability & resilience High consequence of failure Quality & certainty 02 Complex, integrated systems Speed to capacity 03 Trusted technical assurance Global scale Bureau Veritas
Slide 49: Bureau Veritas Mission Critical
Bureau Veritas Mission Critical Global leaders in the data center sector Key market drivers What we do • AI and machine learning Quality Assurance Full lifecycle Operations • Continued cloud migration & Quality Control commissioning & consultancy • Data sovereignty Our platform Key clients 132 35+ D
Slide 50: LotusWorks – expanding Mission Critical leadership
LEAP | 28 portfolio LotusWorks – expanding Mission Critical leadership 35+ years in advanced fabrication plants 800+ qualified professionals 1 2 3 Key clients Data centers Semiconductors Pharmaceutical Commissioning Commissioning Commissioning Construction services Construction services Construction
Slide 51: Wrap Up
WRAP UP
Slide 52: Expanding to new assets
LEAP | 28 portfolio A unique Mission Critical platform Reinforcing global leadership in Mission Expanding into full assets lifecycle Critical assets Commissioning & Expanding to new assets Construction services1 Opex services2 €300m+ revenue 2026e Data centers Semiconductors 1,800+ qualified profess
Slide 53: Q&A
Q&A
Slide 54: Coffee Break
2 COFFEE BREAK <
Slide 55: Performance Led Execution
04 PERFORMANCE LED EXECUTION
Slide 56: Noor Sait, Chief Performance Officer
NOOR SAIT CHIEF PERFORMANCE OFFICER
Slide 57: Our commitments
Our commitments Towards all stakeholders Clients Employees Differentiate on customer Develop skills experience, novel solutions and competencies and service quality for growth and impact Society Investors Further enhance CSR Step up operational contribution through internal performance to deliver en
Slide 58: A business-to-business-to-society Company
A business-to-business-to-society Company Bureau Veritas’ CSR journey #1 2023 H1 2026 2028 Environment Climate Scope 1 & 2 CO2 emissions (1000 tons) 149 123 107 Social #2 Health & Safety Total Accident Rate 0.25 0.24 0.23 Human Capital Learning hours per employee 36.1 39.8 40.0 Diversity Gender bala
Slide 59: Operational leverage & functional scalability
Operational leverage & functional scalability Optimize va l and impac ue w ds t Ne ghol O n t ro pe nd ala s ra fun bility a sc Pe tio ctio na rfor l le al ip Superior Reduce cost Accelerate leade d rsh vera n n mance led executio Expa ge Sustainability customer service to serve growth “Ne Inno w e
Slide 60: Performance led execution
Performance led execution Operational leverage and functional scalability programs 100bps 80bps Operational leverage ambition by 2028 Functional scalability ambition by 2028 Performance management Shared Service Centers 5 projects 4 projects Process improvement Strategic procurement 7 projects 3 pro
Slide 61: Operational leverage and functional scalability programs
Operational leverage and functional scalability programs Financial impact What drives 180bps the step-up from 2023? Early wins from optimization projects 110bps FUNCTIONAL SCALABILITY 60bps Structural efforts are starting to deliver Full deployment 2023-2026e By 2028 by 2028 61
Slide 62: Functional scalability
Functional scalability 2024-2026 Execute: programs supporting early wins Shared Service Centers Program Scope Example: IT Shared Service Centers 43% 32% IT functions centralized in 30% Payroll of functional workforce Shared Service Centers reduction on IT functions Total functional scalability Impac
Slide 63: Operational leverage – performance management
Operational leverage Performance management program progress - 30% of the impact Performance management program scope Example: performance management in action 63% Middle East location Productivity gains +24% net production of global production workforce c.220 Reduced subcontracting per FTE delivery
Slide 64: Operational leverage – process improvement
Operational leverage Process improvement program progress - 70% of the impact Digital Digital operations systems deployment progress operations systems scope 58% DIGITAL WORKFLOWS 25% 50% 75% 100% of global production workforce Contract Management Workforce Scheduling Field Reporting 2027 Total oper
Slide 65: Operational leverage - Business Assurance
Operational leverage - Business Assurance Process Improvement: new operations systems - SmartCert example End-to-end digital workflow integration Sales order Workforce scheduling Technical review Client delivery 43% Sales integration Back-office Auditor portal Client interaction reduction in manual
Slide 66: Operational leverage – AI rollout
Operational leverage Process improvement - AI rollout driving process modernization Personal productivity AI assistants 22,000+ AI EXPERTISE SCALING Next Frontier MARINE & OFFSHORE Scaled AI assistants 2,000 workers empowered Reengineer 300+ end-to-end workflows AUTOMATION with AI Integrated CONSUME
Slide 67: Tangible gains secured, with acceleration ahead
Performance led execution Tangible gains secured, with acceleration ahead Where are we headed? 180bps Tangible progress and contribution at scale 110bps delivered today Process modernization moving from Digital to AI Clear path towards our 2028 ambitions of 180bps By 2028 67
Slide 68: Evolved People Model
05 EVOLVED PEOPLE MODEL
Slide 69: Maria Lorente Fraguas, Chief People Officer
MARIA LORENTE FRAGUAS CHIEF PEOPLE OFFICER
Slide 70: Evolved People Model
Optimize va l and impac ue w ds t Ne ghol O n t ro pe nd ala s ra fun bility a sc tio ctio na l le al ip leade d rsh vera n n Expa ge Sustainability Building ‘new economy’ skills “Ne Inno w e k i ll s va s tio co n no m y” T ec Ev ve way h a u g m e nt e d Sustainability Energy transition Digital ol
Slide 71: A global multi-specialist Company
A global multi-specialist Company Powered by expertise 82,000 64,000+ Employees Technical experts 10 90+ Product Technical Lines domains 71
Slide 72: A new world of work is emerging
A new world of work is emerging Critical skills AI is redefining Speed and remain scarce how trust adaptability and fast-evolving is delivered drive competitive advantage 72
Slide 73: Strong progress on strategic priorities
Strong progress on strategic priorities 2024–2026 Tech-augmented ways of working AI upskilling programs Execute New economy skills Sustainability graduate program New operating model designed to scale expertise New operating model New organization | Leadership framework Building and deploying the ca
Slide 74: New operating model for a multi-specialist Company
New operating model for a multi-specialist Company New organization | Leadership framework New operating model Portfolio focus 23.3% and rotation Employee mobility Product Line Leadership index (vs. 17.3%1) centric attributes and Expanding organization behaviors Product Line services 90.6% Retention
Slide 75: New economy skills
New economy skills building and deploying the capabilities Moving from skills hirer to support growth to skills developer Sustainability graduate program Attract, fast-track develop and retain early-career sustainability professionals 65 97% 3,300+ Learning hours per Retention1 Sustainability partic
Slide 76: Increasing the impact of our experts
Increasing the impact of our experts 2027–2028 Tech-augmented ways of working AI upskilling programs Amplify New economy skills Sustainability graduate program Equip our experts with digital and AI skills to accelerate New operating model growth and performance New organization | Leadership framewor
Slide 77: Leveraging technology for unlocking people performance
Leveraging technology for unlocking people performance Targeted programs to build AI capabilities and accelerate adoption at scale The AI capability-building roadmap PROGRAMS 3 competencies AI-aware Leading a tech-augmented organization available for AI-enabled AI for Developers all employees AI-amb
Slide 78: LEAP | 28: an Evolved People Model
LEAP | 28: an Evolved People Model A multi-specialist, Expert-First Company 2 New economy skills Building and deploying critical capabilities for growth pact of our experts e im ec th os g izin ys tem im Max New operating 1 model Tech-augmented 3 Scaling expertise and ways of working unlocking colle
Slide 79: Digital and AI
06 DIGITAL AND Al VERITAS
Slide 80: Philipp Karmires, Chief Digital and Innovation Officer
PHILIPP KARMIRES CHIEF DIGITAL AND INNOVATION OFFICER
Slide 81: Digital innovation framework
Digital innovation framework Providing Innovation platform differentiated experience Leveraging technology Operations systems to strengthen service delivery Enterprise systems layer used Enterprise foundations as Company foundation across DIGITAL BACKBONE 82
Slide 82: Digital innovation strategy 2024–2026
Digital innovation strategy 2024–2026 Execute 2024–2026 Innovation platform AI integration framework Execute Operations systems Partnerships and technology stack AI for personal productivity and systems integration Build key operations systems Enterprise foundations Multi cloud architecture, governa
Slide 83: Enterprise foundations and operations systems
Enterprise foundations and operations systems A technology stack established for AI integration and value creation 95% 8.8 PB & APPLICATIONS PROPRIETARY DATA Cloud-based Available to govern and activate LEAP | 28 LAUNCH COORDINATED HARMONIZED INTERCONNECTED • Decentralized organization • Technology
Slide 84: Bureau Veritas' opportunities in a technology reshaping world
Bureau Veritas’ opportunities in a technology reshaping world AI Our AI AI scale Our capabilities technologies and risks services Enhancing ways …Trust secured of delivering trust… by Bureau Veritas New Markets - New Ways of Working - New services 85
Slide 85: One framework governs how AI scales and creates value
One framework governs how AI scales and creates value Deploy Modernize Activate Assure Provide the technology, Integrate AI into operations Translate AI capability Help clients manage AI controls and skills to make systems and transform into differentiated client risk, AI compliance and AI usable at
Slide 86: AI deployment and early operational impact
AI deployment and early operational impact Deploy Modernize Applications and people Certification solutions Product Line System integration Data activation 140+ interfaces 83,000+ audits AI API integrations into internal Leveraging internal data & systems applications Knowledge work Certification sa
Slide 87: Digital innovation strategy 2027–2028
Digital innovation strategy 2027–2028 Amplify 2027–2028 Innovation platform AI enabled services Amplify Operations systems Modernizing certification & inspection delivery New sources of value AI-based process transformation Enterprise Foundations Lower technology cost Sustain, optimize and industria
Slide 88: Modernize certification delivery
Modernize certification delivery SmartCert with AI integration to enhance Scope Fully digital end-to-end certification process: Scope and scale €550m Certification activity revenue in 2026e out of which c.60% to be modernized by end of 2026 +1,000 users active +40,000 man-days scheduled / month 89
Slide 89: Modernize inspection delivery
Modernize inspection delivery Digitally enabled inspection process with AI embedded Users CONFIGURE PREPARE INSPECT REPORT ACTIVATE 2026 2028 Scope and scale WORKFORCE €900m PLANNING c.3,400 c.6,000 Core Inspection activity revenue for REPORTING Energy & Industrial assets in 2026e c.400 c.15,000 Fie
Slide 90: AI-enabled services for inspection delivery
AI-enabled services for inspection delivery Voice assistant as AI native process enablement FIELD VOICE AI REPORT CAPTURE TRANSCRIPTION FINALIZATION Scope and scale Natural voice Extraction language input of key findings €140m Supply chain Unstructured Matching to internal Human in the loop inspecti
Slide 91: Wrap Up
WRAP UP
Slide 92: Scaled for value creation beyond LEAP
Scaled for value creation beyond LEAP 28 Fully developed Accelerating Creating value digital backbone AI impact beyond 2028 Productivity Tech-augmented New revenue & scalability services opportunities 93
Slide 93: Financial Ambition and Commitments
07 FINANCIAL AMBITION AND COMMITMENTS
Slide 94: François Chabas, Chief Finance Officer
FRANÇOIS CHABAS CHIEF FINANCE OFFICER
Slide 95: LEAP | ambition – Financial commitments
LEAP | 28 ambition ze v alue Oper atio and nal l Pe rfo r Financial commitments o mi pact m ti fu e m sca ncti vera i Op nd i an ol a lab on rtf ce ili a ge ty Po led l s sed ld stro New exe ho ng Focu cutio Innovation n Sustainability 2024–2026 2027–2028 ship nd Expa der lea Execute Amplify N ed ew
Slide 96: Execute
EXECUTE ZZ Zp
Slide 97: LEAP | Delivering on our ambition 2024–2026
LEAP | 28 – Delivering on our ambition 2024–2026 2028 Outlook 2024 2025 2026 OUTLOOK Mid-to-high-single-digit 10.8% GROWTH organic revenue growth 7.3% Mid-to-high-single-digit High-single-digit 10.2% organic revenue growth 6.5% total revenue CAGR1 MARGIN Consistent +38bps +51bps Improved Margin impr
Slide 98: LEAP | Execute 2024-2026: revenue bridge by portfolio stream
LEAP | 28 – Execute 2024-2026 Generate mid-to-high-single-digit organic revenue CAGR1 with active portfolio management Revenue bridge by portfolio stream – €bn1 Organic Scope % CAGR23-26e c.7–8% c.2–3% (5)% c.(3)–(4)% Organic growth ambition delivered Portfolio management €5.9bn FX headwinds stabili
Slide 99: LEAP | Simplifying our growth algorithm
LEAP | 28 – Simplifying our growth algorithm Bureau Veritas, a multi-specialist Company 4 Divisions A NEW ACTIVE PORTFOLIO PRODUCT LINE CENTRIC OPERATING MANAGEMENT ORGANISATION MODEL 10 product lines Industrials Buildings Business Product Testing & Commodities & Infrastructure Assurance & Services
Slide 100: LEAP | Execute 2024-2026: growth distribution
LEAP | 28 – Execute 2024-2026 Growth distribution Revenue bridge by Division2 Mid-to-high Single-digit-organic % CAGR123-26e c.9.0% c.6.5% c.7–8% c.9.5% c.6.5% Contribution mix to organic growth c.45% c.27% c.10% c.14% c.4% 1. Organic revenue 101 2. Based on published FY2024 and FY2025 figures and o
Slide 101: LEAP | Active portfolio management
LEAP | 28 – Execute 2024-2026 Active portfolio management 21 95 24 €1.2bn 95 Expand 6 acquisitions Acquisitions revenue acquired, Leadership 297 297 c.€413m1 sold or to be exited 2 divestments 69 69 New 15 acquisitions Strongholds 4 21.0% 768 3 acquisitions Divestments of portfolio Optimize & exits
Slide 102: Reshape the portfolio towards higher growth markets
LEAP | 28 – Execute 2024-2026 Reshape the portfolio towards higher growth markets % of Bureau Veritas revenue Organic revenue growth FY 2023 (CMD 2024) FY 2026e 2024 2025 INDUSTRIALS & COMMODITIES 15.3% 10.1% BUILDINGS & INFRASTRUCTURE 5.2% 5.0% 32% BUSINESS ASSURANCE 15.0% 7.9% 45% 45% 52% PRODUCT
Slide 103: New operating model
New operating model 4 Divisions INDUSTRIALS & BUILDINGS & BUSINESS PRODUCT TESTING COMMODITIES INFRASTRUCTURE ASSURANCE & SERVICES 37% 36% 10% 17% of 2026e of 2026e 2026e e of 2026e of 2026e Company revenue Company revenue Group revenue Company revenue Company revenue Adjusted operating margin1 15%–
Slide 104: Deliver consistent margin improvement at constant currency
LEAP | 28 - Execute 2024-2026 Deliver consistent margin improvement at constant currency Adjusted operating margin bridge2 VARIANCE c.+120bps c.(5)bps c.+115bps c.(55)bps Organic margin improvement driven by 16.5% 15.9% operational leverage and functional scalability Scope year 1 neutral FX headwind
Slide 105: Strong free cash flow generation throughout the period
LEAP | 28 - Execute 2024-2026 Strong free cash flow generation throughout the period Cash conversion1 Working capital requirement ratio 6.3% 6.5% 6.0% 114% 108% 107% 4.7% 103% 99% 3.7% Dec. Dec. Dec. Dec. Dec. 2021 2022 2023 2024 2025 Leverage NET DEBT / EBITDA RATIO 1.10 x 0.97x 1.06 x 1.12 x 0.92
Slide 106: A disciplined capital allocation
LEAP | 28 - Execute 2024-2026 A disciplined capital allocation Acquisitions2 Divestments 2028 Ambition Historical use of free cash flow – €m 372 403 161 M&A (€m) 88 Portfolio high-grading (18) (105) 983 966 (156) 803 CAPEX 2.4% 2.5% - 3.0% 2.2% 2.2% 2.2% As a % of revenue (144) (140) (142) (36) (190
Slide 107: A disciplined capital allocation leading to increased returns
LEAP | 28 - Execute 2024-2026 A disciplined capital allocation leading to increased returns LEAP I 28 24,6% 21,9% 22% 21,2% 20.3% 17,1% 2028 16,2% 16,2% 14,9% ambition ROIC > 20% above 20% ROIC through the cycle FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ROIC After-Tax Adjusted Operating Profit /
Slide 108: Amplify
AMPLIFY ZZ Zp
Slide 109: Bureau Veritas: a journey of consistent value creation
Bureau Veritas: a journey of consistent value creation Revenue Adjusted EPS1 Free cash flow2 (bn€) (€/share) (m€) 1,5 6,0 0,5 1,0 4,0 2,0 0,5 0,1 2007 2013 2019 2025 2007 2013 2019 2025 2007 2013 2019 2025 Portfolio building and diversification Growth step change 1. Fully diluted 110 2. After lease
Slide 110: LEAP | ambition upgraded
LEAP | 28 ambition upgraded 2028 2027-2028 AI ambition Outlook confirmed Total growth upgrade Mid-to-high-single-digit Confirmed GROWTH organic revenue growth High-single-digit Upgraded to double-digit total revenue CAGR1 €1bn MARGIN Consistent Confirmed Margin improvement1 in AI-driven markets and
Slide 111: Q&A
Q&A
Slide 112: CEO Closing Remarks
08 CEO CLOSING REMARKS
Slide 113: Hinda Gharbi, Chief Executive Officer
HINDA GHARBI CHIEF EXECUTIVE OFFICER
Slide 114: A unifying vision
A unifying L E A P | 28 Perf orm lio vision ft o a nc or el dp ed e Focuse xecution Be the preferred Making a step Sustainability partner for our change in growth customers’ and profitability excellence and sustainability Ev ol v el d e d p e o pl e m o 115
Slide 115: Bureau Veritas AI opportunities
Bureau Veritas AI opportunities Ambition NEW WAYS €1bn NEW MARKETS NEW SERVICES OF WORKING Revenue by 2030 116
Slide 116: LEAP | 28 value creation ambition
LEAP | 28 value creation ambition Organic growth M&A acceleration and Performance led step change & 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 Of which d
Slide 117: Capital Markets Day
CAPITAL rash py MARKETS