Bureau Veritas Sa (BVRDF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, good afternoon, and good evening to everyone. Thank you for joining us for our full year 2025 results. I'm joined by François Chabat, our Group CFO. In keeping with our solid plan execution, 2025 delivered sector-leading organic growth and strong margin progression. In the second year of our Leap 28 strategy, we delivered results fully aligned with our ambition to accelerate growth and enhance returns. During the year, we implemented our new organization, which is now accelerating strategy execution across our geographic platforms and product lines. Our results reflect a strengthened portfolio, the tangible impact of our performance programs, and efficient capital allocation. I'm proud of our leaders and their teams' contributions across the world and of the consistency in delivery in a fast-changing market. Let me start with our financial highlights for the year. 2025 was the second year of our LEAP28 strategy, and we continue to gain traction across all pillars. We delivered 6.5% organic revenue growth, including 6.3% in the last quarter of the year. Adjusted operating margin of 16.3%, up 32 basis points year-on-year and 51 basis points at constant currency. Adjusted earning per share is up 2.8% on a reported basis and 9.2% at constant currency. Free cash flow of $824 million with a very strong 107% cash conversion. At Constant Currency, we deliver double-digit shareholder returns. For 2025, we will propose a cash dividend of $0.92 per share, up 2% versus last year. It is fully in line with our 65% payout ratio. Finally, as we have done in the last two years, we will be issuing a new 200 million share buyback program to increase shareholder returns. Moving now to our revenue performance by business and geography. Across the portfolio, our organic grow...