Bureau Veritas SA (Euronext Paris: BVI)

Quick Facts / Company Snapshot

• Company Name: Bureau Veritas SA
• Founding Year: 1828
• Headquarters: Neuilly-sur-Seine, France (Immeuble Newtime, 40/52 Boulevard du Parc)
• Total Employees: 84,250 dedicated trust makers
• Global Network: 1,570 offices and laboratories
• Global Presence: Nearly 140 countries
• Total 2024 Revenue: €6,240.9 million
• 2024 Organic Revenue Growth: 10.2%
• 2024 Adjusted Operating Profit: €996.2 million
• 2024 Adjusted Operating Margin: 16.0%
• 2024 Free Cash Flow: €843.3 million
• Cash Conversion Rate: 114%
• 2024 Proposed Dividend: €0.90 per share
• Total Client Base: More than 400,000 clients
• Total Accident Rate (TAR): 0.24
• Chief Executive Officer: Hinda Gharbi
• Chairman of the Board: Laurent Mignon
• Strategic Plan: LEAP | 28
• Stock Exchange: Euronext Paris (Included in CAC 40 index)
• Ticker Symbol: BVI

Company overview

Bureau Veritas is a world leader in Testing, Inspection, and Certification (TIC) services. With operations deeply rooted in a rich history dating back to 1828, the organization has consistently acted as a vital “trust maker” between companies, governments, and society. The enterprise relies on a global workforce of 84,250 employees distributed across an exceptionally dense network of 1,570 offices and laboratories in nearly 140 countries. This international footprint allows the group to offer highly localized, expert support while scaling operations to meet the demands of major multinational contracts.

• Revenue performance: Achieved €6,240.9 million in consolidated revenue in 2024, demonstrating robust demand for compliance and risk management solutions.
• Core mission: To reduce client risks, improve performance, and support innovations in quality, health, safety, and sustainable development.
• Business model: Operates as a “Business-to-Business-to-Society” enterprise, creating trust between people, data, and things by ensuring high standards of quality, safety, and social responsibility.

The services provided by the organization verify that assets, products, infrastructure, and management systems conform to stringent global standards and regulations. Bureau Veritas operates primarily as an independent third party, issuing conformity certificates and reports. Depending on the specific client requirements, it also functions as a second party, controlling supply chains on behalf of clients, or as a first party, aiding organizations in improving the conformity of their internal assets. By delivering independent assessment, the enterprise covers six core areas of value creation: protecting brands, controlling costs, obtaining licenses to operate, reducing risks, facilitating trade, and accessing global markets.

In March 2024, the enterprise launched its transformative LEAP | 28 strategic blueprint, aiming to deliver a step change in growth and performance. The strategy is built on three fundamental pillars: a focused portfolio prioritizing market leadership, performance-led execution to drive efficiency, and an evolved people model to cultivate strategic skills. Keeping sustainability squarely at its core, the group formally joined the United Nations Global Compact in February 2024. Late in 2024, the enterprise marked a massive milestone of market recognition by officially entering the CAC 40, the benchmark index of the Paris stock exchange, reflecting the underlying strength and resilience of its expanding operations.

Business segments

The operations of the enterprise are structured into six major business segments. This matrix-based organizational structure allows the group to effectively and flexibly address the evolving needs of its clients across different industries.

• Total 2024 Revenue: €6,240.9 million.
• Growth performance: The combined portfolio achieved a 10.2% organic growth rate in 2024.
• Client diversification: The top ten clients account for only around 7% of total revenue, while the top 25 clients represent approximately 12%.

Buildings & Infrastructure

This segment is the largest within the group, establishing the enterprise as the global TIC leader for new construction projects and the in-service inspection, monitoring, and audit of existing property assets.

• 2024 Revenue: €1,828.9 million.
• Percentage of Total Revenue: 29.30%.
• 2024 Adjusted Operating Profit: €234.7 million.
• Operational split: Construction services (Capex) represent roughly 55% of the division’s revenue, while In-Service Inspection, Monitoring & Audit (Opex) accounts for 45%.

The Buildings & Infrastructure division provides independent assessment and assistance to asset owners, developers, and operators to enhance the quality, safety, performance, and regulatory compliance of their real estate. Services cover a vast array of facility types including offices, residential buildings, data centers, hospitals, and heavy infrastructure such as railways, ports, and telecom networks. Growth is structurally driven by the increasing urbanization of high-potential countries, the modernization of existing properties to meet strict energy performance regulations, and high demand for sustainability solutions like green building certification and climate resilience planning.

Industry

The Industry division provides comprehensive TIC services across the complete lifespan of industrial facilities, from initial design and construction through to operation and final decommissioning.

• 2024 Revenue: €1,319.3 million.
• Percentage of Total Revenue: 21.14%.
• 2024 Adjusted Operating Profit: €189.3 million.
• Organic Growth Rate: Achieved an exceptional 19.9% organic growth in 2024.

This segment supports a wide array of sectors including Power & Utilities, Oil & Gas, Chemicals & Processing, Manufacturing, and Transportation. Operations are categorized into four core areas: support for projects in the Capex development phase, independent third-party certification of equipment, Opex asset integrity management during production, and Health, Safety, and Environment (HSE) sustainability services. The division is heavily driven by the global energy transition, experiencing massive demand for renewable power generation services (solar, wind, and hydrogen), power grid stabilization, and specialized services to help hydrocarbon assets reduce their methane emissions.

Agri-Food & Commodities

Operating as one of the world’s top five TIC firms in this highly specialized market, this division ensures safe, efficient, and sustainable resource extraction, production, and distribution.

• 2024 Revenue: €1,264.2 million.
• Percentage of Total Revenue: 20.26%.
• 2024 Adjusted Operating Profit: €176.0 million.
• Sub-segment revenue breakdown: Metals & Minerals (33%), Oil & Petrochemicals (31%), Agri-Food (22%), and Government Services (14%).

The division provides inspection, audit, certification, and testing services that facilitate global trade and verify the quantity and quality of shipments. The Metals & Minerals segment manages advanced laboratory networks for miners, while the Oil & Petrochemicals division inspects traditional and emerging renewable fuels. The Government services sub-segment works alongside public authorities to execute Verification of Conformity programs and Single Window platforms, ensuring that imported goods meet national standards while streamlining international customs processes.

Consumer Products Services

This division is one of the world’s three largest TIC players offering quality management solutions and compliance assessment for consumer goods.

• 2024 Revenue: €797.0 million.
• Percentage of Total Revenue: 12.77%.
• 2024 Adjusted Operating Profit: €174.3 million.
• Organic Growth Rate: Reached 8.1% organic growth in 2024.

The division provides rigorous testing, inspection, and supply chain audits for products ranging from textiles and toys (Softlines, Hardlines & Toys account for 48% of divisional revenue) to sophisticated electronic equipment (Technology accounts for 30%). It acts as a critical line of defense for global brands, ensuring products conform to international safety standards, regulatory requirements, and voluntary ESG protocols before they reach consumer markets. Growth is currently fueled by supply chain shifts (notably the “China de-risking” strategy pushing growth in South Asia) and surging demand for social and environmental supply chain audits.

Certification

Operating in a highly fragmented market, this division is one of the two largest players globally providing customized audit and certification services for management systems and processes.

• 2024 Revenue: €527.3 million.
• Percentage of Total Revenue: 8.45%.
• 2024 Adjusted Operating Profit: €103.4 million.
• Operating Margin: Reached a highly lucrative 19.6% in 2024, an improvement of 66 basis points.

The Certification segment verifies that management systems, services, and personnel comply with specific international, local, or voluntary standards. QHSE & Specialized Schemes represent 51% of divisional revenue, maintaining high recurrence through multi-year audit cycles. The fastest-growing area is Sustainability-related solutions and Digital (Cyber) certification, which accounts for 28% of the division’s revenue. This growth is driven by intense client demand for greenhouse gas emission verifications, ESG supply chain audits, and enterprise cybersecurity risk management.

Marine & Offshore

As the historical foundation of the enterprise, this division acts as the global TIC leader for services to shipping and offshore facilities, working closely with shipowners, operators, insurers, and port authorities.

• 2024 Revenue: €504.2 million.
• Percentage of Total Revenue: 8.08%.
• 2024 Adjusted Operating Profit: €118.5 million.
• Market Position: On December 31, 2024, the fleet classed by the group exceeded 12,000 ships.

The Marine & Offshore division certifies that vessels and offshore platforms comply with strict classification rules regarding structural robustness and equipment reliability. About 42% of revenue is derived from the certification of new ship construction, while 45% stems from the in-service surveillance of existing fleets. The division is deeply involved in the maritime industry’s decarbonization efforts, providing technical risk assessments and “Approvals in Principle” for vessels integrating alternative green fuels such as LNG, hydrogen, ammonia, and methanol, as well as novel wind propulsion systems.

History and evolution

The enterprise was originally established in 1828 to serve as a trust maker between companies, governments, and society. The organization was formally incorporated on April 2 and 9, 1868, by a notary in Paris, France.

• Foundational purpose: The group was founded to meet the critical necessity of maritime verification and classification, ensuring the safety and reliability of early international shipping routes.
• Global expansion: Over the course of 190 years, the organization systematically expanded its technical expertise, adapting its independent verification methods to successive waves of technological, economic, and social transformation.
• Ethics and integrity: To formalize its enduring commitment to impartiality, the inaugural Code of Ethics was released in October 2003 under the guidance of the TIC Council, embedding strict integrity into the corporate culture.
• Recent milestones: The year 2024 marked a modern turning point with the launch of the ambitious LEAP | 28 strategy and the formal entry of the company’s stock into the prestigious CAC 40 Paris stock index in December 2024.

Throughout its history, the organization has consistently transformed its service portfolio to anticipate industrial shifts. Today, it stands as a massive Business-to-Business-to-Society enterprise, utilizing its nearly two centuries of accumulated expertise to guide modern industries through the complexities of the energy transition, digital connectivity, and sustainable development.

Products and services

The organization delivers three primary categories of services—Testing, Inspection, and Certification—supplemented by specialized advisory services focused on sustainability and the energy transition.

• Testing and analyses: These services determine the precise physical or chemical characteristics of products and materials either in advanced laboratories or on-site. By ensuring materials meet specific terms of reference, testing guarantees safety and quality requirements are met before goods reach the market.
• Inspection: Inspection involves the physical, on-site verification that a product, asset, or system aligns with predefined criteria. This covers visual checks, manufacturing supervision, and complex electrical, mechanical, and software diagnostics to minimize risk and control quality.
• Certification: Provided by accredited bodies, certification serves as a formal guarantee from an independent third party that a product, service, or management system strictly adheres to recognized national, international, or voluntary standards.

Transition Services

These targeted sustainability services assist clients in navigating their Environmental, Social, and Governance (ESG) requirements and adapting to rapidly changing global regulations.

• Carbon and Climate: Support in actively measuring and reducing greenhouse gas emissions and planning for climate risk adaptation.
• ESG approaches and reporting: Assistance in structuring ESG frameworks, preparing for the EU Corporate Sustainability Reporting Directive (CSRD), and financing the sustainable transition.
• Supply chain traceability: Auditing services to improve ESG performance by enforcing better control, ethical sourcing, and biodiversity protection across global value chains.

Green Objects

Green Objects services provide critical support in the design, production, and maintenance of physical assets related to the low-carbon economy.

• Renewable energies: Provides lifecycle solutions for onshore and offshore wind farms, solar power optimization, and battery storage integration.
• Green fuels: Ensures the traceability and certification of sustainable aviation fuels, biofuels, hydrogen value chains, and biomarine fuels.
• Low-carbon transport: Certifies the integration of alternative propulsion systems (such as rigid wind sails) on modern maritime vessels to aggressively cut carbon output.

Brand portfolio

While the majority of services are delivered under the primary corporate namesake, the enterprise actively manages a strategic portfolio of specialized brands integrated through aggressive, targeted acquisitions to expand leadership in niche technical markets.

• Total M&A expenditure: The group spent €313.9 million in 2024 to acquire new subsidiaries, completing 10 specific acquisitions representing approximately €180 million in annualized revenue.

Bureau Veritas

The primary, globally recognized brand that acts as the umbrella for the vast majority of the group’s testing, inspection, and certification services across all 140 operating countries.

APP Group

Acquired in November 2024, the APP Group is a major Australian Property and Infrastructure leader, bringing €87 million in annualized revenue to the enterprise.

• Strategic value: This acquisition dramatically bolsters the group’s leadership position in the Asia-Pacific region, providing advanced engineering and independent project management services for major transport and social infrastructure developments.

IDP Group

Acquired in October 2024, the Spain-based IDP Group generated €30 million in annualized revenue prior to integration.

• Strategic value: Transforms into the enterprise’s new global technical center for Building Information Modeling (BIM). It provides digital twin services and project management assistance heavily focused on decarbonizing public and private real estate.

Security Innovation Inc.

Acquired in August 2024, this US-based software security specialist added €20 million in annualized revenue.

• Strategic value: Significantly accelerates the group’s capabilities in the high-growth cybersecurity sector, focusing on software testing, lifecycle advisory, and advanced training to secure interconnected IoT and AI devices.

Onetech Corp and Kostec Co.

Acquired in March 2024, these two South Korean entities added a combined €17 million in annualized revenue (€12 million and €5 million respectively).

• Strategic value: Expands the Consumer Products Services division’s technical capabilities in testing and certifying complex electrical and electronic consumer products for the demanding Asian market.

LBS Luxury Brand Services

Acquired in December 2024, this Italy-based firm added €9 million in annualized revenue.

• Strategic value: Reinforces the group’s supply chain quality assurance and quality control solutions specifically tailored for the high-end fashion and luxury accessories segment.

ArcVera Renewables

Acquired in September 2024, this US-based firm brought €6 million in annualized revenue to the portfolio.

• Strategic value: A specialized provider of finance-grade consulting and technical site assessments for wind, solar, and battery storage projects worldwide, directly bolstering the Green Objects service line.

Aligned Incentives

Acquired in October 2024, this innovative US-based supplier added €3 million in annualized revenue.

• Strategic value: Provides AI-powered enterprise sustainability planning platforms, vastly improving the group’s ability to offer rapid, evolving product life-cycle assessments and scope 3 carbon tracking.

Geographical presence

The enterprise commands a massive and highly decentralized physical network comprising 1,570 offices and laboratories spread across nearly 140 countries. This geographical density provides unmatched proximity to global supply chains and enables rapid, localized service delivery.

• Total 2024 Revenue: €6,240.9 million.
• Global Workforce: 84,250 employees.

Europe

Europe represents the foundational and largest revenue-generating region for the enterprise, characterized by highly stringent regulatory environments and a strong push toward sustainable building renovations.

• 2024 Revenue: €2,184.3 million.
• Percentage of Total Revenue: 35%.
• Employees: 18,920.
• Facilities: 390 offices and laboratories.
• Operational highlights: France alone accounts for 40% of the Buildings & Infrastructure division’s regional revenue, driven by energy performance diagnostics and public infrastructure projects like the 2024 Paris Olympic Games. Italy also demonstrated strong growth driven by national infrastructure spending.

Americas

The Americas region provides critical growth in consumer product testing, large-scale energy infrastructure, and real estate asset management.

• 2024 Revenue: €1,747.5 million.
• Percentage of Total Revenue: 28%.
• Employees: 23,620.
• Facilities: 430 offices and laboratories.
• Operational highlights: The United States platform aggressively outperformed, heavily driven by double-digit growth in data center compliance services and a massive influx of Capex solar projects. Latin America showed strong results in Brazil, Mexico, and the broader Oil & Gas Opex sector.

Asia Pacific

The Asia Pacific region functions as the primary hub for global manufacturing, consumer product testing, and international trade facilitation.

• 2024 Revenue: €1,685.0 million.
• Percentage of Total Revenue: 27%.
• Employees: 32,920 (The largest regional workforce).
• Facilities: 540 offices and laboratories.
• Operational highlights: China remains a massive market (employing over 12,000 staff) despite some weakness in public transport infrastructure spending. The region saw exceptional growth in South and Southeast Asia (specifically Vietnam and Bangladesh) as global supply chains executed “China de-risking” strategies. The acquisition of the APP Group profoundly strengthened the Australian footprint.

Africa, Middle East

This region is highly specialized in natural resource extraction, large-scale infrastructure development, and government customs services.

• 2024 Revenue: €624.1 million.
• Percentage of Total Revenue: 10%.
• Employees: 8,790.
• Facilities: 210 offices and laboratories.
• Operational highlights: Growth was fiercely driven by operations in Saudi Arabia benefiting from mega-infrastructure projects, alongside high demand for Verification of Conformity and Single Window government services across African nations. Exceptional drilling activity in the Middle East supported the Metals & Minerals segment.

Financial performance analysis

The 2024 fiscal year was a period of record financial achievement for the enterprise, marking the highly successful rollout of the LEAP | 28 strategic plan. The group comfortably exceeded its financial targets across all core metrics.

• Consolidated Revenue: Reached an all-time high of €6,240.9 million, representing a reported growth of 6.4% year-over-year.
• Organic Growth: The group delivered a powerful 10.2% organic growth rate, reflecting strong underlying market trends across all divisions and geographies.
• Margin Expansion: The adjusted operating profit climbed to €996.2 million. The adjusted operating margin stood at 16.0%, representing a 38 basis-point improvement at constant currency (and an 11 basis-point improvement on a reported basis).

This outstanding profitability was driven by the new performance-led execution streams, specifically the Operational Leverage program which optimized pricing applications, and the Function Scalability initiative which extracted efficiencies across back-office tasks. Despite a 4.4% negative impact from currency fluctuations (chiefly the appreciation of the euro), the organization’s rigorous financial discipline resulted in double-digit growth in attributable net profit and a massive surge in cash generation, enabling the funding of an accelerated M&A pipeline and a highly attractive dividend policy.

Profit and loss analysis

The consolidated income statement details the translation of strong top-line revenue growth into robust profitability through stringent expense management.

Consolidated Income Statement (Selected metrics)

(€ millions)	2024	2023	Change
Revenue	6,240.9	5,867.8	+6.4%
Service costs rebilled to clients	203.4	191.7	+6.1%
Revenue and service costs rebilled to clients	6,444.3	6,059.5	+6.3%
Purchases and external charges	(1,943.2)	(1,642.3)	+6.0%
Personnel costs	(3,264.9)	(3,061.8)	+6.6%
Other expenses	(302.8)	(339.3)	(10.8)%
Operating profit	933.4	824.4	+13.2%
Share of profit of equity-accounted companies	(0.8)	0.7	n.s.
Net financial expense	(69.6)	(68.5)	+1.6%
Profit before income tax	863.0	756.6	+14.1%
Income tax expense	(273.8)	(240.7)	+13.8%
Net profit	589.2	515.9	+14.2%
Non-controlling interests on adjustment items	(19.8)	(12.2)	n.s.
Attributable net profit	569.4	503.7	+13.0%
Adjusted operating profit	996.2	930.2	+7.1%
Adjusted attributable net profit	620.7	574.7	+8.0%

The expense structure relies heavily on human capital, with personnel costs accounting for €3,264.9 million. Purchases and external charges reached €1,943.2 million. The effective tax rate for the period was 31.7%, resulting in a final income tax expense of €273.8 million. The resulting basic earnings per share (EPS) stood at €1.27, representing a 13.8% increase year-over-year.

Balance sheet analysis

The group maintains a highly disciplined capital structure designed to ensure liquidity for rapid external growth while maintaining debt at manageable, highly rated levels.

• Gross Financial Debt: Totaled €2,430.9 million at the end of 2024, up from €2,110.9 million in 2023. This increase was driven by the issuance of two new €500 million bonds during the year.
• Adjusted Net Financial Debt: Stood at €1,226.3 million (after currency hedging instruments) at December 31, 2024, compared with €936.2 million in 2023.
• Credit Rating: In April 2024, the enterprise received its first long-term credit rating of A3 from Moody’s with a “stable” outlook, confirming its excellent financial health.

Movements in Working Capital

(€ millions)	December 31, 2024	December 31, 2023
Trade receivables and contract assets	(67.6)	(130.5)
Trade and other payables	40.1	(5.2)
Other receivables and payables	88.3	82.1
Movements in working capital attributable to operations	60.8	(53.6)

Working capital requirement (WCR) was phenomenally optimized through the “Move For Cash” program, falling to just 4.7% of total revenue (down 180 basis points from 2023).

Parent Company Equity

On a standalone basis, the parent company Bureau Veritas SA recorded total equity of €1,936,978,512 at the end of the 2024 financial year.

Cash flow analysis

Cash generation is a fundamental operational priority, designed to fund the aggressive M&A strategy outlined in LEAP | 28 while rewarding shareholders.

Consolidated Statement of Cash Flows

(€ millions)	2024	2023
Profit before income tax	863.0	756.6
Elimination of cash flows from financing and investing	53.2	30.8
Provisions and other non-cash items	24.6	35.7
Depreciation, amortization and impairment	283.7	291.5
Movements in working capital attributable to operations	60.8	(53.6)
Income tax paid	(280.5)	(241.3)
Net cash generated from operating activities	1,004.8	819.7
Acquisitions of subsidiaries	(313.9)	(58.9)
Impact of sales of subsidiaries and businesses	105.4	17.5
Purchases of property, plant, equipment and intangible assets	(145.9)	(157.6)
Proceeds from sales of property, plant, equipment	6.1	14.1
Purchases/Proceeds of non-current financial assets	0.5	(5.9)
Net cash used in investing activities	(347.8)	(188.0)
Capital increase	18.1	5.7
Purchases/sales of treasury shares	(191.8)	(1.9)
Dividends paid	(406.9)	(396.3)
Increase in borrowings and other financial debt	1,000.4	0.9
Repayment of borrowings and other financial debt	(800.1)	(500.4)
Repayment of amounts owed to shareholders	(58.3)	(29.6)
Repayment of lease liabilities and interest	(149.9)	(141.9)
Interest paid	(21.7)	(17.1)
Net cash used in financing activities	(610.2)	(1,080.6)
Impact of currency translation differences	(12.7)	(36.7)
Cash and cash equivalents classified as held for sale	(3.6)	–
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	30.5	(485.6)
Net cash and cash equivalents at beginning of the period	1,170.1	1,655.7
NET CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	1,200.6	1,170.1

Free cash flow reached a record €843.3 million (up 27.9%), supported by the exceptional cash conversion rate of 114%, far exceeding the group’s strategic target of maintaining conversion above 90%.

Board of directors and leadership team

The Board of Directors is the ultimate governing body, actively engaged in strategic decisions, overseeing M&A execution, and ensuring rigorous corporate governance. The board boasts an exceptional 93% attendance rate across its 14 annual meetings.

• Laurent Mignon: Chairman of the Board of Directors.
• Pascal Lebard: Lead Independent Director, Vice-Chairman of the Board, and Chairman of the Nomination & Compensation Committee.
• Julie Avrane: Chair of the Strategy Committee, Independent Director.
• Jean-François Palus: Chair of the Audit & Risk Committee, Independent Director.
• Ana Giros Calpe: Chair of the CSR Committee, Independent Director.
• Karine Lenglart: Representing Bpifrance Investissement, Independent Director.
• Frédéric Sanchez: Independent Director.
• Lucia Sinapi-Thomas: Independent Director.
• Geoffroy Roux de Bézieux: Independent Director.
• Christine Anglade: Board member.
• Claude Ehlinger: Board member.
• Jérôme Michiels: Board member.

The 15-member Executive Committee acts as the global management body, driving the LEAP | 28 strategy across all global business lines.

• Hinda Gharbi: Chief Executive Officer.
• Juliano Cardoso: Executive Vice-President, Business Development & Sustainability.
• François Chabas: Executive Vice-President, Finance.
• Maria Lorente Fraguas: Executive Vice-President, Chief People Officer (Appointed October 2024).
• Béatrice Place-Faget: Executive Vice-President, Legal Affairs & Internal Audit.
• Philipp Karmires: Executive Vice-President, Chief Digital & Information Officer.
• Vincent Bourdil: Executive Vice-President, Global Business Lines & Performance.
• Marc Roussel: Executive Vice-President, Commodities, Industry & Facilities – France.
• Laurent Louail: Executive Vice-President, Commodities, Industry & Facilities – South & West Europe.
• Surachet Tanwongsval: Executive Vice-President, Commodities, Industry & Facilities – Asia-Pacific.
• Alberto Bedoya: Executive Vice-President, Commodities, Industry & Facilities – Latin America.
• Shawn Till: Executive Vice-President, Commodities, Industry & Facilities – North America.
• Khurram Majeed: Executive Vice-President, Commodities, Industry & Facilities – Middle East, Caspian and Africa (Appointed April 2024).
• Matthieu de Tugny: Executive Vice-President, Marine & Offshore.
• Catherine Chen: Executive Vice-President, Consumer Products Services.

Subsidiaries, associates, joint ventures

The enterprise operates as a massive global matrix of fully consolidated subsidiaries. Strategic M&A action in 2024 saw the addition of 10 key entities.

• APP Corporation Pty Ltd (Australia): 100% ownership. Acquired to expand infrastructure services.
• IDP Global Engineering Solutions, SL (Spain): 95% ownership. Acquired to anchor digital BIM capabilities.
• Security Innovation (United States): 100% ownership. Acquired to advance global cybersecurity testing.
• Onetech Corp (South Korea): 80% ownership.
• Kostec Co. Ltd. (South Korea): 100% ownership.
• ArcVera US (United States): 100% ownership.
• Aligned Incentives (United States): 100% ownership.
• Luxury Brands Control Spain SL (Spain): 80% ownership.
• Bureau Veritas Canada (2019) Inc.: 100% ownership.
• Bureau Veritas Do Brasil Inspeçoes Ltda: 100% ownership.

In tandem with acquisitions, the group actively managed its portfolio by agreeing to divest its Food testing business to Mérieux NutriSciences for an Enterprise Value of €360 million, effectively rotating capital into higher-growth market strongholds.

Physical properties (offices, plants, factories, etc.)

The physical footprint of the enterprise is extraordinarily dense, designed to provide immediate technical support to global supply chains.

• Global Facilities: The group operates an integrated network of 1,570 offices and laboratories spanning nearly 140 countries.
• Renewable Transition: The physical infrastructure is rapidly greening, with 21.3% of the total energy consumed across the group now sourced from renewable energy (up from 9.9% in 2023), targeting 40.0% by 2028.
• Property Investments: The group deployed €145.9 million in 2024 (roughly 2.2% of revenue) to upgrade laboratory equipment, measuring devices, and IT infrastructure within its physical properties.

Segment-wise performance

The rigorous execution of the LEAP | 28 strategy delivered outstanding operational and financial metrics across the divisions in 2024.

• Industry: Was the standout performer, achieving a staggering 19.9% organic revenue growth rate. The adjusted operating margin increased by 17 basis points to 14.3%, heavily driven by massive investments in Oil & Gas and renewable power generation.
• Certification: Delivered a highly impressive 15.0% organic growth rate. Operational leverage drove the adjusted operating margin up by 66 basis points to 19.6%, propelled by surging demand for cybersecurity and ESG supply chain audits.
• Marine & Offshore: Recorded strong organic growth of 13.7%. The adjusted operating margin stood at a healthy 23.5%, benefiting from a solid 21.4% increase in the order book (reaching 27.2 million gross tons) as the global fleet pivots toward LNG-fueled ships.
• Consumer Products Services: Achieved 8.1% organic revenue growth. Profitability surged, with the adjusted operating margin climbing an exceptional 140 basis points to 21.9%, thanks to strong restocking in South Asia and high demand for Softlines and Toys.
• Agri-Food & Commodities: Posted a solid 5.7% organic growth rate. The adjusted operating margin was 13.9%, impacted by a softer performance in Metals & Minerals due to commodity price volatility early in the year, before rebounding in the second half.
• Buildings & Infrastructure: Delivered 5.2% organic growth. The adjusted operating margin slightly eroded by 11 basis points to 12.8%, as exceptional performance in US data centers and European energy audits partially offset weak public spending in China.

Founders

The enterprise was originally established in 1828 to serve the urgent necessity of marine verification. Originating in an era defined by rapid industrialization, the founders established a core ethos of impartiality and independence that has successfully governed the organization for nearly two centuries, evolving it into the definitive global trust maker.

Shareholding pattern

The capital structure is heavily anchored by long-term institutional backing, providing exceptional stability for the group’s accelerated M&A strategies.

• Wendel SE: Acts as the primary and controlling shareholder. As of 2024, the Wendel group held 26.50% of the share capital and wielded 41.20% of the theoretical voting rights.
• Public and Institutional Holdings: The remainder of the capital is distributed among major institutional investors and the public. During 2024, the group actively executed a €200 million share buyback program to enhance shareholder returns.

Parent

The enterprise is indirectly anchored by the Wendel group, a major European investment firm that has historically functioned as the primary shareholder, ensuring the long-term financial stability required to execute massive multi-year strategic plans like LEAP | 28.

Investments and capital expenditure plans

Capital allocation is executed with disciplined precision, perfectly balancing the maintenance of specialized technical assets with aggressive portfolio expansion.

• Capital Expenditure (Capex): The group deployed €145.9 million in 2024 (down slightly from €157.6 million in 2023). Expenditure is strictly maintained at around 2.2% of revenue, targeted at laboratory maintenance, measuring equipment, and digital tools like the internal Generative AI system, “Jules.”
• Mergers & Acquisitions (M&A): A massive €313.9 million was spent in 2024 to acquire new subsidiaries (net of cash acquired). This highly targeted capital deployment secured 10 new firms to aggressively expand leadership in cybersecurity, AI planning, and building infrastructure.
• Strategic Priorities: Going forward, Capex will be maintained at around 2.5% to 3.0% of revenue, while the group accelerates M&A to ensure 90% of its revenues are derived from markets where it holds a definitive leadership position by 2028.

Future strategy

The strategic trajectory of the entire organization is governed by the ambitious LEAP | 28 plan, launched in March 2024. Designed to deliver a step change in growth and returns, the strategy focuses on three core pillars:

• Focused Portfolio: The enterprise aims to generate 90% of its revenues by 2028 from markets where it holds a top leadership position. This requires high-grading the portfolio by divesting non-core assets (like the Food testing business) and heavily acquiring firms in fast-growing strongholds like cybersecurity and renewable energy.
• Performance-led Execution: The group expects to achieve a 100-basis point improvement through Operational Leverage (optimizing pricing) and an 80-basis point improvement through Function Scalability (digitizing back-office tasks via platforms like “SmartCert”).
• Evolved People Model: Implementing new ways of learning to upgrade technical skills for the IoT and AI age, targeting 40 training hours per employee annually and aiming to place 36% of women in senior leadership roles by 2028.
• Financial Ambitions (2024-2028): Deliver mid-to-high single-digit organic revenue growth, ensure a cash conversion rate consistently above 90%, and generate double-digit shareholder returns (combining EPS growth and dividend yields).

Key strengths

The organization leverages an array of formidable structural and reputational assets that secure its dominant position as a global TIC leader.

• Global Scale and Density: A unique, integrated network of 1,570 offices and laboratories across 140 countries provides unmatched proximity to international supply chains and drives massive economies of scale.
• Reputation for Integrity: 190 years of continuous, independent operation establishes a gold standard for trust, which is an absolute prerequisite for managing customer risks in highly regulated sectors.
• Diversified Client Portfolio: Servicing over 400,000 clients ensures exceptional revenue resilience; no single entity dictates revenue streams, with the top 10 clients accounting for just 7% of total revenue.
• Extensive Accreditations: The group holds a vast portfolio of authorizations and accreditations required by governments worldwide, creating extremely high barriers to entry for new competitors.

Key challenges and risks

Operating in an increasingly complex and regulated global environment exposes the enterprise to distinct operational and strategic risks, closely monitored by the Audit & Risk Committee.

• Cybersecurity Risk (ESG): Classified as high net criticality. The widespread connectivity of IoT devices and AI integration creates immense data vulnerability. The group combats this through strict ISO 27001 frameworks and by acquiring specialized firms like Security Innovation Inc.
• Human Capital Risks (ESG): Classified as high net criticality. Managing, protecting, and retaining a workforce of 84,250 people requires rigorous safety protocols. The group aggressively targets reducing its Total Accident Rate to 0.23 by 2028.
• Legal and Regulatory Risks: Classified as medium net criticality. Rapidly changing international trade policies, tariffs, and complex EU sustainability reporting directives require immense compliance oversight and adaptability.
• Risk of Forged Certificates: Classified as low net criticality but rigorously combated through advanced digital tracking, robust authentication processes, and secure client portals to protect brand integrity.

Conclusion and strategic outlook

In 2024, Bureau Veritas powerfully demonstrated the effectiveness of its new LEAP | 28 strategic blueprint by delivering record revenues, exceptional double-digit organic growth, and massive free cash flow generation. The enterprise successfully leveraged its unmatched global footprint, intense technical expertise, and 190-year legacy of integrity to aggressively capture market share across all its operating divisions.

By taking decisive action to focus its portfolio—executing 10 strategic acquisitions in high-growth areas like cybersecurity and renewables while divesting non-core assets—the group is perfectly positioned to dominate the testing, inspection, and certification industry of the future. The structural demands for energy transition services, robust supply chain traceability, and digital trust will only intensify in the coming years. Backed by disciplined financial execution, a newly secured A3 credit rating, and an unwavering commitment to corporate social responsibility, Bureau Veritas is exceptionally well-equipped to accelerate its performance in 2025 and deliver sustained, double-digit returns for its shareholders over the long term.

FAQ section

What is the core business of Bureau Veritas?

Bureau Veritas is a world leader in Testing, Inspection, and Certification (TIC) services. It operates as a Business-to-Business-to-Society enterprise, verifying that assets, products, and systems meet global standards for quality, safety, and sustainability.

How large is the company’s workforce?

The organization is supported by a global team of 84,250 dedicated professionals operating across an extensive network of 1,570 offices and laboratories in nearly 140 countries.

What was the total revenue generated in 2024?

The enterprise reported record total revenues of €6,240.9 million for the 2024 fiscal year, achieving a powerful organic growth rate of 10.2%.

What is the LEAP | 28 strategy?

Launched in March 2024, LEAP | 28 is the group’s four-year strategic plan designed to deliver a step change in growth and returns. It focuses on three pillars: a focused portfolio prioritizing market leadership, performance-led execution to optimize margins, and an evolved people model.

What major stock market milestone did the company achieve in 2024?

In December 2024, Bureau Veritas was officially included in the CAC 40, the benchmark index of the Paris stock exchange, reflecting its consistent operational delivery and financial strength.

Who is the Chief Executive Officer?

The executive management team is led by Chief Executive Officer Hinda Gharbi.

How is the company assisting with the energy transition?

Through its “Green Objects” and “Transition Services,” the group provides independent certification and technical risk assessments for renewable power generation (solar, wind, hydrogen), energy audits, and the integration of alternative green fuels in the maritime industry.

What was the most significant acquisition in 2024?

While the group completed 10 acquisitions, the purchase of the APP Group in Australia (adding €87 million in annualized revenue) was a major strategic move to expand the Buildings & Infrastructure division in the Asia-Pacific region.

What is the company’s policy on dividends?

The Board of Directors proposed a dividend of €0.90 per share for 2024 (an 8.4% increase), aligning with the group’s policy to maintain a dividend payout of approximately 65% of its adjusted net profit.

How does the group handle cybersecurity risks?

Cybersecurity is treated as a high-criticality risk and a massive market opportunity. The enterprise enforces strict internal data protection protocols and recently acquired Security Innovation Inc. to offer advanced software security testing to its clients.

Official Site: https://group.bureauveritas.com

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.