Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Q1 2026 Earnings Presentation
45 slides from Bureau Veritas Sa's earnings presentation, Apr 22, 2026
Slide 1: Q1 2026 Revenue
Q1 2026 April 22, 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 05 HIGHLIGHTS LEAP | 28 FINANCIAL PORTFOLIO OUTLOOK UPDATE REVIEW BUSINESS HIGHLIGHTS 3
Slide 4: Highlights
01. Highlights 4
Slide 5: Q1 2026 Organic Growth
Q1 2026 ORGANIC GROWTH HIGHLIGHTS +4.5% Steady growth across the board despite the Middle East impact EXTERNAL GROWTH €1.55bn +1.8% (1.9)% Contribution from recent accelerated bolt-on acquisitions, partly offset by disposals over the (0.8)% total growth acquisitions disposals past 12 months (+4.4% a
Slide 6: Steady Organic Growth
STEADY ORGANIC GROWTH MULTIPLE LEVERS POWERING PORTFOLIO GROWTH BROAD ORGANIC GROWTH ACROSS GEOGRAPHIES ORGANIC REVENUE GROWTH BY GROUP OF PRODUCT LINES IN PERCENTAGE OF GROUP REVENUE LOW-SINGLE TO MID-SINGLE DIGIT HIGH-SINGLE TO DOUBLE-DIGIT Middle East & Africa M&O +11.2% +5.5% 11% B&I +7.3% > +30
Slide 7: Middle East Update
MIDDLE EAST UPDATE IMPACTED ACTIVITIES FOOTPRINT IN THE REGION (10 COUNTRIES) c. 6% Safety of Group revenue is the absolute priority C. 4,600 employees François Double Bureau Veritas mission critical François platform Double Bureau Veritas mission critical Veritas › Industry division accounts missio
Slide 8: LEAP | 28 update
Pe rfo lue Oper rm io ze va ati ol tim i pact and onal Op nd im an fu le sca nctio ver tf a ce or lab n a ilit a dP ge led y lds l stro ew ho Focuse N ng exec Inn ution 02. ovat Sustainability e ship nd ion r Expa lead N e LEAP | 28 d ew nt “ e in g ec m o a u g o rk sk n o m y “ Tec h w il l s of w
Slide 9: AI-Driven Secular Trends
AI-DRIVEN SECULAR TRENDS Capex spend Urbanization and TECHNOLOGY re-industrialization Data centers 2023 - 2030e RACE Digital and artificial intelligence ~17% CAGR global growth (1) d Source: McKinsey (October 2025) ENERGY DEMAND François Energy security and INCREASE electrification Semiconductors ma
Slide 10: Mission Critical Assets
MISSION CRITICAL ASSETS AT THE CORE OF BUILDINGS & INFRASTRUCTURE High performanc ef KEY PRIORITIES 1 ac ilit 1 BUILDINGS Mission Critical assets Data center i es CAPEX 2 capabilities, EV & battery Market leadership in Spe code compliance and mission critical assets Bureau cialty manufacturing • Com
Slide 11: LotusWorks
Focused portfolio Expand leadership LOTUSWORKS DOUBLING OUR EXPOSURE TO MISSION CRITICAL ASSETS Overview Combined platform service offering – by key end markets Leading provider of commissioning and technical Commissioning & services1 to Mission Critical Assets construction Opex activities3 services
Slide 12: Financial review
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Slide 13: Q1 2026 Total Revenue Growth of (0.8)%
Q1 2026 TOTAL REVENUE GROWTH OF (0.8)% REVENUE EVOLUTION VARIATION ANALYSIS In € million +4.4% at constant currency +4.5% (0.1)% (5.2)% 1,558.7 1,547.0 Q1 2025 Organic 1 Scope Currency Q1 2026 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this
Slide 14: Q1 2026 Revenue Growth by Business
Q1 2026 REVENUE GROWTH BY BUSINESS % of @ constant revenue currency 32% Buildings & Infrastructure +7.3% +0.9% +8.2% 21% Industry +0.7% +2.3% +3.0% 18% Agri-Food & Commodities (4.7)% +2.1% (2.6)% 11% Consumer Products (0.8)% +4.3% +3.5% 9% Marine & Offshore +11.2% +11.2% 9% Certification +2.3% +0.7%
Slide 15: Portfolio business highlights
04. Portfolio business highlights 15
Slide 16: Marine & Offshore
Key Q1 2026 figures LEAP | 28 MARINE & Divisional ▪ Digital and innovation revenue Organic Revenue Growth OFFSHORE 51% › Partnership with a Hong Kong shipping • New Construction: strong double-digit company to class an “augmented ship”, 9% OF YTD GROUP REVENUE combining digital systems with shore-ba
Slide 17: Agri-Food & Commodities
Key Q1 2026 figures LEAP | 28 AGRI-FOOD & Divisional ▪ Digital and innovation revenue Organic Revenue Growth COMMODITIES 32% • Oil & Petrochemicals: low single-digit contraction › Development of an innovative, lead-free precious-metals testing method enhancing • Metals & Minerals: high single-digit
Slide 18: Industry
Key Q1 2026 figures LEAP | 28 Divisional revenue Organic Revenue Growth Highlights INDUSTRY 35% • Oil & Gas : mid single-digit ▪ O&G Capex: double-digit • Power & Utilities: low single-digit contraction 21% OF YTD GROUP REVENUE 16% • Industrial Product Certification: high single-digit › Third-party
Slide 19: Buildings & Infrastructure
Key Q1 2026 figures LEAP | 28 BUILDINGS & Divisional revenue Organic Revenue Growth ▪ Focused portfolio INFRASTRUCTURE 38% • Capex Building: double-digit › 3 acquisitions in February: Sustainable Construction Services (SCS) and Verte in the 32% OF YTD GROUP REVENUE • Opex Building: low single-digit
Slide 20: Certification
Key Q1 2026 figures LEAP | 28 Divisional revenue Organic Revenue Growth CERTIFICATION 51% Contract highlights • QHSE & Specialized Schemes: low single digit 9% OF YTD GROUP REVENUE ▪ Cybersecurity services • Sustainability* & Digital**: high single digit • Others, including Training: stable › Contra
Slide 21: Consumer Products Services
CONSUMER Key Q1 2026 figures LEAP | 28 PRODUCTS Divisional revenue Organic Revenue Growth Contract highlights SERVICES 45% • Softlines, Hardlines, Toys: low single-digit ▪ Supply chains • Healthcare*: low single-digit contraction 11% OF YTD GROUP REVENUE 9% › Secured a QA1 outsourcing contract acros
Slide 22: Outlook
BUREAU VERITAS REVENUE
Slide 23: Updated 2026 Outlook
UPDATED 2026 OUTLOOK Complex geopolitics and an uncertain macro environment are shaping 2026 in addition to the launch of an in- depth review of the terms of an exit from the “Government Services” subsegment, following the decision to terminate certain contracts in the Middle East & Africa region. T
Slide 24: Closing Remarks
CLOSING REMARKS › Q1 2026 : a low point in our organic revenue growth in a complex macro and geopolitical environment › LEAP | 28 execution on track with good progress with our portfolio pivots › Bureau Veritas compliance programs are and will be further reinforced › Fully committed to our 2028 fina
Slide 25: Questions & Answers
QUESTIONS & ANSWERS Q 1 2 0 2 6 R E V E N U E 25
Slide 26: 2026 Financial Calendar
2026 FINANCIAL CALENDAR Our information is certified with blockchain technology. AGENDA Check that this presentation is genuine at www.wiztrust.com › Shareholder’s meeting: May 19, 2026 › H1 2026 results: July 29, 2026 › Capital Markets Day: September 22, 2026 › Q3 2026 revenue: October 21, 2026 Bur
Slide 27: 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 28: Appendix
06. Appendix 28
Slide 29: Capital Markets Day LEAP | 28
S AV E T H E D AT E CAPITAL MARKETS DAY LEAP | 28 STRATEGY UPDATE TUESDAY 22 SEPTEMBER 2026 IN PARIS Q 1 2 0 2 6 R E V E N U E 29
Slide 30: An Accelerating Active Portfolio Management
AN ACCELERATING ACTIVE PORTFOLIO MANAGEMENT CPS Certification Buildings & Infra. Buildings & Infra. Certification CPS Buildings & Infra. Technology Cybersecurity Capex & Opex Capex & Opex Cybersecurity Sustainability Capex & Opex c. › Hi Physix › Security Innovation › IDP Group › Contec › IFCR › Spi
Slide 31: LEAP | 28 – M&A Update
Focused portfolio M&A execution LEAP I 28 – M&A UPDATE YTD 2026 Q1 revenue M&A Annualized mix progress Revenue 4 acquisitions Expand Leadership1 39% LotusWorks (Mission critical) c. €136m bolt-ons: SCS, Verte, and ADS COM (B&I) New Strongholds2 13% François - - Optimize Value and Impact3 48% - - TOT
Slide 32: LEAP | 28 – Active Portfolio Management
Focused portfolio LEAP I 28 – ACTIVE PORTFOLIO MANAGEMENT LEAP | 28 SINCE THE LAUNCH OF THE PLAN 2025 revenue Acquisitions revenue mix Revenue mix growth at constant (in €m) evolution currency4 New Strongholds Optimize value & Impact Digital, Energy, Metals & Minerals, Tech consumer, Consumer divers
Slide 33: LEAP | 28 – M&A Update
Focused portfolio M&A execution LEAP I 28 – M&A UPDATE Since the launch of LEAP | 28 Revenue M&A Annualized mix in 2025 progress revenue • 7 acquisitions • c. €297m Net Expand Leadership1 37.6% • 2 divestment • c. €69m c. €97m New Strongholds2 13.7% • 12 acquisitions François • c. €92m Optimize Valu
Slide 34: AI @ Bureau Veritas
AI @ BUREAU VERITAS IMPACT ON EXISTING SERVICES FAST GROWTH IN AI-ADJACENT SECTORS Commissioning Project Management Risk management Specialized Energy Datacenters Supply chain manufacturing AI-generated pictures Q 1 2 0 2 6 R E V E N U E 34
Slide 35: AI @ Bureau Veritas
AI @ BUREAU VERITAS A PERFORMANCE TURBO FACTOR WAYS OF NEW WORKING SERVICES AI OPERATIONS CUSTOMERS NEW DIGITAL SERVICE ASSURANCE Efficiency and Customer experience Assess AI implementation Customer productivity service quality risks performance upside Certification National AI regulations Industria
Slide 36: Advancing Sustainability Leadership
ADVANCING SUSTAINABILITY LEADERSHIP Q1 2025 Q1 2026 2028 target Scope 1 & 2 CO2 emissions 133 124 107 (in thousand tons)1 › Bureau Veritas continues to deliver best-in-class sustainability Total Accident Rate (TAR)2 0.24 0.24 0.23 performance, recognized in the 2026 S&P Global Sustainability Yearboo
Slide 37: Bureau Veritas - A Leader in Non-Financial Ratings
BUREAU VERITAS - A LEADER IN NON-FINANCIAL RATINGS Main ratings to nurture reputation with clients and trust with investors Gold Negligible risk B- 80/100 8.3 Status Prime December 2025 December 2025 October 2025 AA A- A above industry average (C) Listed among the July 2025 November 2025 truth index
Slide 38: Q1 2026 Revenue by Business
Q1 2026 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE €M Organic Scope Currency Marine & Offshore Marine & Offshore 143.9 +11.2% - (5.5)% 11% 9% Agri-Food & Commodities Agri-Food & Commodities 278.3 +2.1% (4.7)% (3.8)% 9% 18% Industry Industry 323.2 +0.7% +2.3% (6.
Slide 39: Q1 2026 Revenue Evolution by Geography
Q1 2026 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Africa, Middle East Organic Scope Americas 11% +4.4% +7.9% +5.5% +3.4% 24% +1.7% Q1 2026 38% (0.6)% (5.1)% (0.6)% Europe 27% Americas Asia Pacific Europe Africa, Middle East Asia Pacific 39
Slide 40: Currency Mix in Q1 2026
CURRENCY MIX IN Q1 2026 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER 16.9% COP 1.1% USD* (10.1)% HKD* 1.2% CNY (5.5)% KRW 1.3% EUR 32.2% AUD (0.4)% GBP (3.4)% SGD 1.3% BRL +0.2% JPY 1.3% CAD (5.9)% CLP (2.1)% SAR* 1.9% Q1 2026 AED* (10.0)% INR 2.1% INR (14.9)% AED* 2.3% SAR* (10.0)
Slide 41: 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 42: 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 43: 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 44: Ownership and Market Data
OWNERSHIP AND MARKET DATA SHAREHOLDING STRUCTURE AS AT 31.12.2025 MARKET DATA • Listed on Euronext-Paris Wendel group 1 • Ticker: BVI • ISIN: FR0006174348 BNP Paribas 2 • IPO on October 2007: €9.44/share 22.7% • Share Price3: €25.70 Blackrock • Market Cap.3: €11.66bn • Main indices: CAC 40, CAC 40 E
Slide 45: www.bureauveritas.com
BUREAU VERITAS Shaping a World of Trust WWW.BUREAUVERITAS.coM ffi