Bureau Veritas Confirms LEAP | 28 Ambition, Upgrades Total Revenue Growth to Double-Digit in 2027 – 20281 and Targets EUR1 Billion Revenue in AI-Driven Markets and Services by 2030

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COURBEVOIE, France — Bureau Veritas (BOURSE:BVI):

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CAPITAL MARKETS DAY 2026

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Today, Bureau Veritas hosts its Capital Markets Day. The Company will present an update on the progress of its LEAP | 28 strategy, building on three years of successful execution.

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› 2024-2026 achievements:

Proven track record: mid-to-high single-digit organic revenue growth (7-8%) delivered across 2023–2026e², with 115 basis points of adjusted operating margin improvement³;
Portfolio transformation on track: c. 21.0% of the portfolio rotated since LEAP | 28 launch, with EUR1.2 billion of revenue acquired, sold or to be exited through 24 acquisitions, 4 divestments and 1 exit;
New operating model: the active portfolio management delivered allowed the Company to create a new operating model that simplifies its growth algorithm. Combined with a simplified organization with four divisions and ten Product Lines, it sharpens Bureau Veritas’ position as a focused multi-specialist Company;
Driving growth and profitability: through Portfolio management for leadership, modernizing to maximize Performance, and taking an Expert First approach to People;

› LEAP | 28 guidance update: confirming all ambitions for 2028 and updating the following:

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Total revenue CAGR¹ upgraded to double-digit (from high-single digit) for 2027 – 2028,
Leverage range narrowed to 1.5x to 2.0x (from 1.0 to 2.0x)

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› AI as a growth catalyst: one governing framework to deploy AI across operations, with a target of EUR1 billion in AI-driven markets and services revenue by 2030.

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Hinda Gharbi, Chief Executive Officer, commented:

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“Bureau Veritas has successfully executed on its commitments since launching LEAP | 28 in March 2024. We have achieved strong organic growth, improved margins and generated attractive shareholder returns, while navigating a complex macroeconomic environment.

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I would like to thank our colleagues around the world for their engagement and their hard work.

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Today we confirm our 2028 ambition and move into the next phase of our strategy execution. We have rotated more than a fifth of our portfolio and we now operate under a new Product Line-centric operating model as a multi-specialist Company. We have simplified our growth algorithm by reorganizing into 4 divisions and 10 Product Lines.

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In line with our LEAP | 28 plan, we have deployed performance programs that have already delivered 110 basis points of margin improvement. On the People front, we have implemented new capability development programs supporting new strongholds growth.

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In 2027 and 2028, we will accelerate acquisitions, and we will complete the full rollout of the performance and people programs and amplify their impact.

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AI is a transformative technology that creates multiple opportunities for Bureau Veritas. We will continue to integrate it broadly into our strategic programs. Our ambition is to generate EUR 1 billion in revenue from AI-driven markets and services by 2030.

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The first phase of LEAP | 28 execution confirms the effectiveness of our strategy, allowing us to accelerate as we deliver on our ambition and prepare for an increased performance beyond 2028.”

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LEAP | 28 STRATEGY UPDATE

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In 2024, Bureau Veritas introduced its unified vision to be the preferred partner for customers’ excellence and sustainability. The strategic framework was launched at the same time and centered under three pillars Portfolio, Performance, and People, with sustainability at its core.

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Portfolio: active management and accelerated rotation

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Since the launch of LEAP | 28, the Company has rotated c. 21% of its portfolio, completing 24 acquisitions representing approximately EUR 413 million of annualized revenue. It also completed three divestments and is finalizing one exit and one divestment, totaling approximately EUR 837 million of annualized revenue.

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Bureau Veritas classified its portfolio into three streams: Expand Leadership, New Strongholds, and Optimize Value and Impact.

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Business included in Expand Leadership and New Strongholds now account for approximately 68% of Company revenue (FY 2026 estimate), up from 55% at the start of the plan.

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For 2027–2028, M&A will accelerate and focus on delivering accretive revenue growth and margins to business divisions.

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Sustainability ambition

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The sustainability drive observed in 2024 continues with organizations managing risks and protecting their brands, reputations, and competitive advantages. The greening of the economy is accelerating, and we are growing our services in support of green objects in various industries. Bureau Veritas’ ambition to reach c.15% of Company revenue in 2028 through organic and M&A contribution is on track. The Company achieved c.8% at the end of the first half of 2026 from c.5% in 2023.

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New operating model

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The Company has evolved its operating model from 6 reporting lines and 21 sub-segments into 4 divisions. The divisions are Industrials & Commodities, Buildings & Infrastructure, Business Assurance, and Product Testing & Services. These are composed of 10 Product Lines, sharpening Bureau Veritas’ position as a focused and Product Line centric multi-specialist company. This structure concentrates capital and expertise where Bureau Veritas has the strongest right to win and enables clearer performance accountability.

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New portfolio growth and adjusted operating margin distribution

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	REVENUE			ADJUSTED OPERATING MARGIN
	Company mix	Growth	Contribution to growth	Range
	Total revenue 2026e	Organic CAGR 2023-2026e	Organic 2023-2026e	Based on estimates 2024-2025
Industrials & Commodities	c. 37%	c. 9.5%	c. 45%	15.0%-16.0%
Buildings & Infrastructure	c. 36%	c. 6.5%	c. 27%	13.0%-14.0%
Business Assurance	c. 10%	c. 9.0%	c. 10%	18.0%-19.0%
Product Testing & Services	c. 17%	c. 6.5%	c. 14%	21.0%-22.0%
Company post exit from activities planned for exit	100%	c. 7-8%	–
Activities planned for exit		c. 0%	c. 4%

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Performance: from Execute to Amplify

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The Company’s performance programs were developed and executed since 2024, focusing on functional scalability and operational leverage programs. These programs will deliver 110 basis points by the end of 2026. The full LEAP | 28 ambition is to deliver up to 180 basis points of improvement, half of which are expected to be reinvested to fund performance programs and growth.