Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Q3 2026 Earnings Presentation
50 slides from Bureau Veritas Sa's earnings presentation, Oct 21, 2026
Slide 1: Q3 2026 Revenue
Q3 2026 October 21, 2026 REVENUE 1
Slide 2: Disclaimer
DISCLAIMER 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
Slide 3: Summary
SUMMARY 01 02 03 04 HIGHLIGHTS FINANCIAL REVIEW PORTFOLIO OUTLOOK & BUSINESS HIGHLIGHTS LEAP | 28 UPDATE 3
Slide 4: Highlights
01. Highlights 4
Slide 5: Key Q3 Highlights
KEY Q3 HIGHLIGHTS IMPROVING MOMENTUM THROUGHOUT THE YEAR Revenue LEAP | 28 Beyond 2028 2024-2026 Leveraging AI delivery on track Solid Q3 with a sequential AI-driven Operating model organic growth markets and multi specialist improvement services revenue year-to-date ambition of €1bn 2027-2028 by 20
Slide 6: Q3 2026 Revenue
Q3 2026 REVENUE DOUBLE DIGIT TOTAL GROWTH ACHIEVED +8.0% at constant currency TOTAL GROWTH ORGANIC SCOPE CURRENCY +10.1% +6.2% +1.8% +2.1% Q3 REVENUE Sequential +2.7% (0.9)% Strengthening of the €1.57bn acceleration acquisitions disposals dollar against the euro Q 3 2 0 2 6 R E V E N U E 6
Slide 7: Sequential Quarterly Organic Growth Improvement
SEQUENTIAL QUARTERLY ORGANIC GROWTH IMPROVEMENT A MULTI-SPECIALIST SIMPLIFIED GROWTH ALGORITHM Q3 2026 organic growth by division LOW-SINGLE-DIGIT MID-SINGLE-DIGIT HIGH-SINGLE TO DOUBLE-DIGIT Business +3.2% Assurance Industrials & +5.1% +14.3% for Commodities Metals & Minerals Product Testing +7.0%
Slide 8: Sequential Quarterly Organic Growth Acceleration
SEQUENTIAL QUARTERLY ORGANIC GROWTH ACCELERATION IN PERCENTAGE OF GROUP REVENUE Europe Middle East & Africa 2.6% + +5.6% c.9% c.34% c. 27% Q3 2026 +6.2% organic growth › Resilient and broad organic growth across geographies Americas + 8.7% c.30% Asia Pacific 8.6% + % organic growth 8
Slide 9: Financial review
02. TH) a 6 Financial review BUREAU VERITAS
Slide 10: Q3 2026 Total Revenue Growth of 10.1%
Q3 2026 TOTAL REVENUE GROWTH OF 10.1% REVENUE EVOLUTION VARIATION ANALYSIS In € million +8.0% at constant currency 1.8% 2.1% 1,569.7 +6.2% 1,425.2 François Q3 2025 Organic 1 Scope Currency Q3 2026 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of t
Slide 11: 9M 2026 Total Revenue Growth of 4.9%
9M 2026 TOTAL REVENUE GROWTH OF 4.9% REVENUE EVOLUTION VARIATION ANALYSIS In € million +6.1% at constant currency +5.7% +0.4% (1.2)% 4,513.8 4,302.8 François 9M 2025 Organic 1 Scope Currency 9M 2026 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of
Slide 12: Revenue Growth by Business
REVENUE GROWTH BY BUSINESS % of 9M Q3 2026 Growth 9M 2026 revenue at cc 38% Industrials & Commodities 5.1% 0.8% +5.9% (0.3)% 3.9% 35% Buildings & Infrastructure 7.9% 4.2% +12.1% 8.5% 1.5% 9% Business Assurance 3.2% 0.1% +3.3% 2.3% 0.5% 18% Product Testing & Services 7.0% 0.2% +7.2% (0.1)% 6.1% 100%
Slide 13: LEAP | 28 – Execute 2024-2026
LEAP | 28 – EXECUTE 2024-2026 ACTIVE PORTFOLIO MANAGEMENT – 5 ACQUISITIONS YEAR-TO-DATE 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
Slide 14: Bond Issuance in Advance of Debt Refinancing
BOND ISSUANCE IN ADVANCE OF DEBT REFINANCING NEW 2034 BOND Bond Maturity Bond already refinanced 700 700 500 500 500 › €700M bond issuance in September 2026 200 › 8 years › 4,125% coupon 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 › Rated A3 by Moody’s › 500M€ bond maturing in January 202
Slide 15: Portfolio business highlights
03. Portfolio business highlights 15
Slide 16: Industrials & Commodities
Strong growth in Oil & Gas Capex, Commodities and INDUSTRIALS & Marine & Offshore COMMODITIES 38% OF YTD GROUP REVENUE Key Q3 2026 Figures Energy & Industrial Assets Divisional Organic growth › Strong Oil & Gas capex spend driving double revenue breakdown digit growth, partly offset by deferred Opex
Slide 17: Buildings & Infrastructure
Excellent growth for Buildings Capex and solid growth for BUILDINGS & Infrastructure INFRASTRUCTURE 35% OF YTD GROUP REVENUE Key Q3 2026 Figures Buildings Divisional Organic growth revenue breakdown › Capex delivered double-digit organic growth +4.2% +1.6% 562.3 › Mission Critical Assets is an impor
Slide 18: Business Assurance
Sustained growth in Transition Services BUSINESS ASSURANCE 9% OF YTD GROUP REVENUE Key Q3 2026 Figures Certification Solutions Divisional Organic growth › Strong commercial momentum in Transition revenue breakdown services, driven by carbon management, supply +3.2% +0.1% +1.1% 137.4 chain and adviso
Slide 19: Product Testing & Services
Broad growth across all Product Lines PRODUCT TESTING & SERVICES 18% OF YTD GROUP REVENUE Key Q3 2026 Figures Consumer › Growth driven by sourcing shifts toward China Divisional Organic growth revenue breakdown +0.2% +2.0% 279.0 +7.0% • Consumer: 255.6 mid single digit Technology › Electronics and M
Slide 20: Outlook and LEAP | 28 update
04. Outlook and LEAP | 28 update 20
Slide 21: Confirmed 2026 Outlook
CONFIRMED 2026 OUTLOOK Based on a solid 9-month performance, a robust pipeline of opportunities and the a reshaped portfolio1, the Company is confirming its full-year 2026 guidance as follows: Mid-to-high Improved single-digit Strong adjusted organic cash flow operating revenue generation margin2 gr
Slide 22: LEAP | 28 Ambition
LEAP | 28 AMBITION Pe Oper rfo alue atio r o ze v and nal l 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 t “ m e n ng e i sk c
Slide 23: LEAP | 28 – 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 24: LEAP | 28 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 (1) Scope adjusted from activities planned for exit (Oil & Petrochemicals and C
Slide 25: LEAP | 28 A Self-Sustaining Dynamic of M&A and Organic Growth
LEAP | 28 A SELF-SUSTAINING DYNAMIC OF M&A AND ORGANIC GROWTH 2027-2028 Double digit total Outlook revenue growth M&A Dual growth 2027-2028 1 Mid-to-high engine Outlook single-digit Organic Growth (1) Scope adjusted from activities planned for exit (Oil & Petrochemicals and Coal Testing and Inspecti
Slide 26: LEAP | 28 Performance and People
LEAP | 28 Performance and people PERFORMANCE Oper Pe rfo rm Tangible progress at Process Clear path towards value ati tim ize pact and onal fu le scale with 110bps modernization 2028 ambitions of an Op nd im sca nctio vera ce a lab na g ilit l y delivered so far to integrate AI 180bps e led s ld exe
Slide 27: 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 27
Slide 28: Bureau Veritas AI Opportunities
BUREAU VERITAS AI OPPORTUNITIES NEW WAYS NEW MARKETS NEW SERVICES OF WORKING €800m €200m 60% revenue by 2030 revenue by 2030 of portfolio1 fully AI-integrated by 2030 (1) In terms of revenue 28
Slide 29: Growth Returns: LEAP | 28 Ambition Upgraded
LEAP | 28 AMBITION UPGRADED 2028 2027-2028 Outlook confirmed Total growth upgrade AI ambition Mid-to-high-single-digit Confirmed GROWTH organic revenue growth High-single-digit Upgraded to double-digit total revenue CAGR1 MARGIN Consistent Margin improvement1 Confirmed €1bn Above 90%2 Strong by 2030
Slide 30: Closing Remarks
CLOSING REMARKS Q3 2026 consistent, reliable and resilient execution. Confirmed 2026 outlook A new operating model anchoring LEAP | 28 execution and enabling an acceleration of Performance and People programs AI, a growth and performance catalyst 30
Slide 31: Questions & Answers
QUESTIONS & ANSWERS Q 3 2 0 2 6 R E V E N U E 31
Slide 32: 2026 & 2027 Financial Calendar
2026 & 2027 FINANCIAL CALENDAR Our information is certified with blockchain technology. AGENDA Check that this presentation is genuine at www.wiztrust.com › FY 2026 results: February 25, 2027 › Q1 2027 revenue: April 22, 2027 › H1 2027 results: July 27, 2027 › Q3 2027 revenue: October 21, 2027 Burea
Slide 33: Contacts
CONTACTS I N V E S T O R R E L AT I O N S D E PA 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 Verbr
Slide 34: Appendix
06. Appendix 34
Slide 35: Progressing Our Climate and Sustainability Agenda
PROGRESSING OUR CLIMATE AND SUSTAINABILITY AGENDA › Bureau Veritas obtained SBTi validation 2028 Q3 2025 Q3 2026 target of its enhanced Scope 3 methodology and associated 2030 targets, marking an Scope 1 & 2 CO2 emissions 128 122 107 important milestone in the execution of (in thousand tons)1 its cl
Slide 36: Bureau Veritas Aims to Be the Leader in Non-Financial Ratings
BUREAU VERITAS AIMS TO BE THE LEADER IN NON-FINANCIAL RATINGS Main ratings to nurture reputation with clients and trust with investors August 2026 December 2025 December 2025 June 2026 November 2025 July 2026 36
Slide 37: LEAP | 28 Active Portfolio Management
LEAP | 28 ACTIVE PORTFOLIO MANAGEMENT DIVESTMENT OF OIL & PETROCHEMICALS AND COAL ACTIVITIES Oil & Petrochemicals and Coal activities • Below group average growth and margin • Proceeds to be redeployed to higher-growth and higher-margin businesses Expand leadership in existing strongholds Create new
Slide 38: Evolving Our Reporting
EVOLVING OUR REPORTING FROM SIX TO FOUR REPORTING LINES CURRENT REPORTING NEW REPORTING1 6 REPORTING LINES 4 REPORTING LINES 1 Evolving market drivers MARINE & OFFSHORE INDUSTRIALS & COMMODITIES 2 LEAP | 28 portfolio rotation progress AGRI-FOOD & COMMODITIES BUILDINGS & 3 Full alignment with current
Slide 39: Reporting Aligned with the Organization
REPORTING ALIGNED WITH THE ORGANIZATION • Energy & Industrial assets INDUSTRIALS & 37% COMMODITIES • Commodities – Metals & Minerals, Agriculture • Marine & Offshore BUILDINGS & • Buildings 36% 37% INFRASTRUCTURE • Infrastructure BUSINESS • Certification Solutions 10% ASSURANCE • Digital Assurance1
Slide 40: Portfolio Rotation Goal Achieved
PORTFOLIO ROTATION GOAL ACHIEVED CPS Certification Buildings & Infra. Buildings & Infra. Certification CPS Buildings & Infra. Technology Cybersecurity Capex & Opex Capex & Opex Cybersecurity Sustainability Capex & Opex › Security Innovation › IDP Group › Contec › IFCR › Spin 360 › LotusWorks › Hi Ph
Slide 41: Q3 2026 Revenue by Business
Q3 2026 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE €M Organic Scope Currency Industrials & Commodities 18% Industrials & Commodities 591.0 +5.1% +0.8% +2.8% 37% Buildings & Infrastructure Buildings & Infrastructure 562.3 +7.9% +4.2% +1.6% 9% Q3 2026 Business Ass
Slide 42: Q3 2026 Revenue Evolution by Geography
Q3 2026 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Europe Middle East & Africa Organic +3.1% Scope c.9% +4.4% +0.7% c.34% +8.7% +8.6% c. 27% +5.6% +2.6% Americas (2.0)% c.30% Asia Pacific Americas Asia Pacific Europe Africa, Middle East 42
Slide 43: Q1 and Q2 2026 Revenue by Business
Q1 AND Q2 2026 REVENUE BY BUSINESS Q1 2026 REVENUE AND YEAR-ON-YEAR REVENUE GROWTH Q2 2026 REVENUE AND YEAR-ON-YEAR REVENUE GROWTH €m Organic Scope Currency €m Organic Scope Currency Industrials & Commodities 532.6 +3.1% (1.1)% (5.9)% Industrials & Commodities 577.4 +3.5% (0.5)% (0.3)% Buildings & I
Slide 44: Currency Mix in YTD 2026
CURRENCY MIX IN YTD 2026 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER 17.5% USD* (3.6)% EUR 30.5% KRW 1.2% CNY +1.9% AUD +5.7% SGD 1.3% GBP (1.3)% JPY 1.3% CAD (2.8)% SAR* 1.8% BRL +5.6% INR 2.0% YTD HKD* (4.0)% 2026 CLP +1.7% AED* 2.1% AED* (3.6)% CLP 2.2% INR (11.2)% HKD* 2.3% SA
Slide 45: Definition of Alternative Performance Indicators (1/2)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (1/2) INTRODUCTION ORGANIC GROWTH (1/2) The management process used by the Bureau Veritas Group is based on a The Group internally monitors and publishes “organic” revenue growth, which series of alternative performance in
Slide 46: Definition of Alternative Performance Indicators (2/2)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (2/2) ORGANIC GROWTH (2/2) SCOPE EFFECT Organic revenue growth represents the percentage of revenue growth, To establish a meaningful comparison between reporting periods, the impact presented at Group level and for each b
Slide 47: Glossary
GLOSSARY Operating Profit (AOP) excludes amortization of acquisition intangibles, goodwill IoT: Internet of Things impairment, restructuring, acquisition and disposal-related items (adjustment items) IMO: International Maritime Organization ASR: Accident Severity Rate LNG: Liquefied Natural Gas Adju
Slide 48: Definition of Alternative Performance Indicators (1/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (1/5) INTRODUCTION ORGANIC GROWTH (1/2) The management process used by the Bureau Veritas Group is based on a The Group internally monitors and publishes “organic” revenue growth, which series of alternative performance in
Slide 49: Ownership and Market Data at September 30, 2026
OWNERSHIP AND MARKET DATA AT SEPTEMBER 30, 2026 1 SHAREHOLDING STRUCTURE AS AT JUNE 30, 2026 MARKET DATA AS AT SEPTEMBER 30, 2026 Wendel group • Listed on Euronext-Paris Blackrock • Ticker: BVI • ISIN: FR0006174348 21.4% Executive Committee & Employees • IPO on October 2007: €9.44/share Treasury sha
Slide 50: www.bureauveritas.com
BUREAU VERITAS Shaping a World of Trust WWW.BUREAUVERITAS.coM ffi