Bureau Veritas : Analyst-Investors presentation (Q1 2020)

Q1 2020 REVENUE

APRIL 23, 2020

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 and may be identified by words such as "expect", "forecast", "look forward to", "anticipate", "intend", "plan", "believe", "seek", "estimate", "will", "project" or words of similar meaning.

Such forward-looking statements are by their nature subject to a number of risks, uncertainties and factors, including without limitation those described in the Document d'enregistrement universel filed with the French Autorité des marchés financiers ("AMF"), that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements.

These forward-looking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation, except to the extent required by law, to update or revise any of them, whether as a result of new information, future events or otherwise.

Q1 2020 REVENUE

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Agenda

HIGHLIGHTS

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK

APPENDIX

HIGHLIGHTS

Q1 2020 highlights

ORGANIC REVENUE GROWTH OF -1.6%

• 3 out of 6 businesses grew organically, Marine & Offshore by 8.7%, Industry by 2.9% and Agri-Food & Commodities by 0.2%
• Buildings & Infrastructure (B&I) was broadly stable at -0.2%, showing the benefit of the geographical diversification with solid growth in most geographies apart from China
• Consumer Products and Certification declined sharply due the impact of the Covid-19 shutdowns, notably in China, down 18.3% and 7.9% respectively

EXTERNAL GROWTH OF -0.3%

• Reflects the small impact from prior year disposals and the absence of transactions YTD

CURRENCY IMPACT OF -1.1%

• Depreciation of some emerging countries' currencies against the euro partly offset by the appreciation of the USD and pegged currencies

2020 OUTLOOK

• In these unprecedented circumstances, the 2020 targets are no longer relevant. It would be premature to provide a firm view on 2020 at this stage. The Group expects a very significant impact on the second quarter (Q2) of 2020, due to the lockdown measures that have been put in place in Europe, the United States and Latin America notably

REVENUE

ORGANIC GROWTH

EXTERNAL GROWTH

CURRENCY IMPACT

€1.14bn

(3.0)% o/w (1.9)% at cc

(1.6)%

(0.3)%

(1.1)%

Q1 2020 REVENUE

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Bureau Veritas is acting proactively against Covid-19

In many sectors, Bureau Veritas' services, both in the field and via remote technological channels, contribute to maintaining operational activities that are critical to ensuring people's health and safety

Portfolio of dedicated services aimed at helping clients to face the crisis, but also to prepare for the recovery

• E-learningsolutions to enable training to continue during lockdown and for employees working from home
• Health safety rule compliance assessment put in place by the Health authorities
• Business restart offering post Covid-19. As an example, Bureau Veritas and Accor launched a label designed to certify that the appropriate safety standards and cleaning protocols have been achieved to allow businesses in the hospitality and restaurant industry to reopen

The Group has also been involved in many

Covid-19 related projects around the world

• Emergency hospital construction in Shenzhen, China: Engineering consulting and safety management services for the hospital which was built in 20 days
• Emergency field hospital in Mulhouse, France: Inspection of the electrical installations before commissioning of the military field hospital
• US retail staff safety: Supporting Covid-19 safety measures by installing sneeze guards in retail spaces
• Personal Protective Equipment supply: The Group is also driving community actions in the different parts of the world where it operates, notably through the donation of PPE (masks, gloves) to several hospitals

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Q1 2020 REVENUE

Bureau Veritas took the lead to weather this unprecedented crisis

Cancellation of the dividend due to proposed for the 2019 FY

• Exceptional decision to cancel the dividend (EUR 0.56 per share) due to be proposed to the June 26, 2020 AGM1
• It cancels a cash outflow of around EUR 250 million and complies with the French regulatory requirement for the suspension of dividend payments in return for Government support
• It also reiterates the Group's responsibility to all its stakeholders who are making considerable efforts or facing major challenges during this unparalleled crisis

Reduction in Management compensation

• In order to join personally Bureau Veritas' spirit of solidarity and responsibility towards all its stakeholders, both the Chairman of the Board and the CEO have decided to waive 25% of their fixed remuneration during the Furlough period for Bureau Veritas employees in France
• These sums will be donated to the charity "La Fondation Hôpitaux de Paris-Hôpitaux de France"

Solid financial position

Solid financial structure with sufficient liquidity and financial resources:

• Average maturity of its financial debt to 5.8 years, with all debt maturing through to 2023 already refinanced
• At Dec. 31, 2019, the adjusted net financial debt/EBITDA ratio was 1.87x compared to a maximum of 3.25x2 specified in its bank covenants
• At March 31, 2020, Bureau Veritas had EUR 1.35 billion in available cash and cash equivalents and EUR 600 million in undrawn credit lines

Bureau Veritas has put measures in place aimed at maintaining a tight rein on costs and cash : suspension all non-essential investments and an austerity plan for its worldwide operations (including proactive cost structure adjustment)

1. In order to ensure the health and safety of its employees, service providers and shareholders, and also to preserve shareholders' rights to participate in the Annual General Meeting (AGM), Bureau Veritas announced on March 13, 2020, its decision to postpone the date of the AGM initially set on Thursday, May 14, 2020 to Friday, June 26, 2020 at 3:00 p.m. As per latest health recommendations, the Group has decided to hold its AGM behind closed doors.
2. 3.5x as from July 2020 following the renegotiations and refinancing transactions carried out in 2018 and 2019.

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Q1 2020 REVENUE

FINANCIAL REVIEW

Q1 2020 total revenue growth of -3.0%

REVENUE EVOLUTION VARIATION ANALYSIS

(1.9)% at constant currency

1,175.1

1,139.5

(1.6)%(0.3)%(1.1)%

Q1 2019

Organic 1

Scope

Currency

Q1 2020

(1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation

Q1 2020 REVENUE

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Q1 2020 revenue growth by business

• of
  revenue

28%		Buildings & Infrastructure	(1.7)%	(0.2)%
24%		Agri-Food & Commodities	0.2%	0.4%
22%		Industry			2.9%
11%		Consumer Products	(18.3)%	0.1%
8%		Marine & Offshore			8.7%
7%		Certification	(7.9)%	0.6%
100%		Total Group	(0.3)%	(1.6)%
				Organic		Scope

• constant currency

(1.9)%

+0.6%

+2.9%

(18.2)%

+8.7%

(7.3)%

(1.9)%

Q1 2020 REVENUE

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BUSINESS REVIEW

Marine & Offshore (8% of revenue)

KEY FINANCIALS

IN EUR MILLIONS	Q1 2020	Q1 2019	Var.
Revenue	94.4	87.3	+8.1%
Organic			+8.7%
Acquisitions			-
Currency			(0.6)%

17%	New Construction

	40%	Core In-Service
		Services
43%		(incl. Offshore)

Q1 2020 HIGHLIGHTS

• New Construction: double-digit growth, across most geographies, and notably in North East Asia (and South Korea in particular)
• Core In-Service: steady growth, benefiting from favorable timing of inspections
• Services (incl. Offshore): stable growth, relying more on discretionary spend
• New orders showed resiliency and totaled 1.6m (GRTm) versus a global market being sharply down
• Order book up 6.0% year-on-year at 14.8m (GRTm) and up 4% vs. Dec. 2019

KEY FIGURES

Double-digit growth in New Construction

Mid-single-digit growth in In-Service activities

		New orders		Order book	In-Service fleet
121.7			127.8
13.9		14.8
1.9			1.6
		Mar. 2019		Mar. 2020

Source: Bureau Veritas ; in millions gross tons

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Marine market perspective
WORLDWIDE NEW SHIP ORDERS	BUREAU VERITAS NEW SHIP ORDER BOOK
IN MGT	IN NUMBER OF SHIPS, FOR SHIPS ABOVE 5,000 GT
120	Bulk
100	Tanker
	Gas
80	Offshore
1996-2019 annual average	Passenger
60	Container
40	Cargo
Other
20
0	• A very diversified order book

Source: Clarksons (March 2020, base case forecast)

Source: Bureau Veritas data

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Agri-Food & Commodities (24% of revenue)

KEY FINANCIALS				Q1 2020 HIGHLIGHTS
IN EUR MILLIONS	Q1 2020	Q1 2019	Var.	• O&P: low single-digit organic growth
					Similar performances in both Trade and
Revenue	272.7	274.9	(0.8)%
	Upstream activities
Organic			+0.2%
Acquisitions			+0.4%		Low oil prices have driven much of the crude oil
			into storage, which combined with lower fuel
Currency			(1.4)%
			consumption, have led to a slowdown of
					demand for TIC services
					• M&M: slightly negative organic growth, dragged
					down by the Trade activities (mid-single-digit
					decline driven by Chinese shutdown) while
14%		Oil & Petrochemicals	Upstream related businesses delivered positive
	growth (strong growth in Africa, stable in the
	36%				Americas and slightly down in Australia)
	Metals & Minerals
		• Agri-Food: solid organic increase in the quarter,
22%
		Agri-Food			led by strong performance for Food products
				(critical to the food supply chain)
28%		Government services	• GS: high single-digit organic growth benefiting
					from the full ramp-up of VOC and Single
					Window contracts in several African countries

KEY FIGURES

Agri-Food

sub-segment

+3.4%* organic

*Q1 2020 organic revenue growth including Food certification

Metals & Minerals Upstream activities

delivered positive growth

Food Safety Services are more than ever considered as critical to the food supply chain in the context of the pandemic

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Industry (22% of revenue)

KEY FINANCIALS

IN EUR MILLIONS	Q1 2020	Q1 2019	Var.
Revenue	253.3	255.8	(1.0)%
Organic			+2.9%
Acquisitions			-
Currency			(3.9)%

	18%	Oil & Gas Opex
	Oil & Gas Capex
30%
	Power & Utilities
	16%	Manufacturing
	Construction

2% 4%		Transport
7%	13%	Chemicals
	10%	Other

Q1 2020 HIGHLIGHTS

• Oil & Gas Capex: stable growth with strong developments in the United States, Latin America (apart from Brazil) and Africa, being offset by steep decline in Asia (China and South Korea)
• Oil & Gas Opex: Opex-related activities declined mid-single-digit organically year-on-year, dragged down by China and European countries, starting to face Covid-19 related disruption. Growth remained strong in Latin America and Africa
• Non Oil & Gas: double-digit growth for Power & Utilities primarily led by the ramp-up of large contract wins in Latin America along with a solid momentum in Europe including France

KEY FIGURES

OPEX P&U

business

+16.0%* organic

*Q1 2020 organic revenue growth

The strategy of diversification towards Opex and non-Oil & Gas markets is delivering on expectations

Power & Utilities continues to be

a key growth engine

Growth led across the world thanks to the Group's strong geographic footprint

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Buildings & Infrastructure (28% of revenue)

KEY FINANCIALS

IN EUR MILLIONS	Q1 2020	Q1 2019	Var.
Revenue	318.2	323.8	(1.7)%
Organic			(0.2)%
Acquisitions			(1.7)%
Currency			+0.2%

3% 3%		Europe
		Asia Pacific
15%		North America
	62%	Latam
	Africa, Middle East
17%

of which France 49%

Q1 2020 HIGHLIGHTS

Construction-related activities (36% of divisional revenue): double-digit decline

• Major organic growth decline in Asia Pacific due to the lockdown in China (down 46.6% organically)
• Strong dynamic in the US in Code compliance services and data center commissioning services
• Activity in Latin America suffered from the end of contracts and the lack of new investments, notably in Brazil and Columbia

Building In-Service(64% of divisional revenue): double-digitorganic growth

• Led by a healthy backlog in France and new services launched (related to energy efficiency programs notably)

KEY FIGURES

United States

(15% of B&I rev.)

+9.4%* organic

*Q1 2020 organic revenue growth

Excluding China,

the revenue would have grown high single-digit organically

Bureau Veritas engineers provided essential engineering, consulting and safety management services for the Shenzhen emergency hospital which was built in only 20 days

Q1 2020 REVENUE

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Certification (7% of revenue)

KEY FINANCIALS

IN EUR MILLIONS	Q1 2020	Q1 2019	Var.
Revenue	76.6	83.2	(7.9)%
Organic			(7.9)%
Acquisitions			+0.6%
Currency			(0.6)%

22% QHSE

41%

Supply Chain &

Sustainability

37%	Customized
Solutions & Training

Q1 2020 HIGHLIGHTS

• Most geographies experienced negative organic growth with the exception of a few countries which were less affected by containment measures
• China was the most impacted due to extreme restrictions on mobility (down high double-digit), alongside North America (down double-digit)
• Positive growth was achieved in Sustainable development and CSR, Food Certification and Personnel Certification
• Customized audits and training were the most hit due to cancellation or postponements from customers for what is not considered as
  "essential services"

KEY FIGURES

Portfolio diversification

new products development

+10.5%* organic

*Q1 2020 organic revenue growth

The Group is currently working on

business continuity solutions by promoting remote audits and virtual classrooms

It is preparing the crisis exit with initiatives related to restarting the business at the end of the lockdown

Q1 2020 REVENUE

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Consumer Products (11% of revenue)

KEY FINANCIALS					Q1 2020 HIGHLIGHTS
IN EUR MILLIONS	Q1 2020	Q1 2019	Var.	• E&E: growth in line with divisional average.
Very weak performances for Electrical
Revenue	124.3	150.1	(17.2)%
	Automotive and slightly better for Mobile testing
Organic			(18.3)%		The activity suffered from difficult trading
Acquisitions			+0.1%
				conditions with large US retailers and the effects
Currency			+1.0%			of the Covid-19 shutdowns
						• Hardlines: heavily impacted by the disruption
						caused by the lockdown measures in China
						Toys under pressure and Cosmetics experienced
						double-digit decline despite a good performance
						notably in South Korea.Inspection and Audit
		Softlines				services (12% of divisional revenue) were stable
35%	36%					• Softlines: growth above the divisional average,
		Hardlines, Toys,			with strong momentum maintained in South Asia
		Audits				and South East Asia (notably Vietnam and
		Electrical &			Indonesia, still benefiting from an accelerated
				sourcing shift out of China) but declines
		Electronics
					elsewhere, notably in Greater China and
	29%
					in North America

KEY FIGURES

South East Asia

mainly Softlines

+15.2%* organic

*Q1 2020 organic revenue growth

Chinese business is partially restarting

(despite 100% of employees back to work and labs opened)

The 5G Asian test platforms (China, South Korea) are now operational and will gradually support the growth of the Electrical & Electronics segment

Q1 2020 REVENUE

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OUTLOOK

Option 2

2020 Outlook

Bureau Veritas continues to take every necessary action to protect the health of its employees and, where possible, of its clients, suppliers, and subcontractors. The Group's businesses around the world have activated their business continuity plans and have implemented remote working wherever possible, in strict compliance with decisions taken by local governments and World Health Organization recommendations.

Developments in the epidemic are threatening the global economy with a systemic crisis. In response, the Group is deploying its best efforts to protect its business activities and ensure continued excellence in the quality of the services it provides to its clients.

In these unprecedented circumstances, the 2020 targets are no longer relevant. It would be premature to provide a firm view on 2020 at this stage. The Group expects a very significant impact on the second quarter (Q2) of 2020, due to the lockdown measures that have been put in place in Europe, the United States and Latin America notably.

Q1 2020 REVENUE

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APPENDIX

Q1 2020 revenue by business

REVENUE AND YEAR-ON-YEAR REVENUE GROWTH

		Q1 2020
IN EUR MILLIONS	€m	Organic	Scope	Currency
Marine & Offshore	94.4	+8.7%	-	(0.6)%
Agri-Food & Commodities	272.7	+0.2%	+0.4%	(1.4)%
Industry	253.3	+2.9%	-	(3.9)%
Buildings & Infrastructure	318.2	(0.2)%	(1.7)%	+0.2%
Certification	76.6	(7.9)%	+0.6%	(0.6)%
Consumer products	124.3	(18.3)%	+0.1%	+1.0%
Total Group	1,139.5	(1.6)%	(0.3)%	(1.1)%

BREAKDOWN OF REVENUE

	Marine & Offshore
11%	8%

7%			Agri-Food & Commodities
		24%	Industry
			Buildings & Infrastructure
28%			Certification
	22%		Consumer products

Q1 2020 REVENUE

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Revenue by geography

REVENUE BY GEOGRAPHIC AREA

Asia	Americas
Pacific	26%
26%

Africa,

Middle

East

10%

Europe

38%

REVENUE GROWTH BY NATURE

Organic Scope

1.3%	4.6%	5.5%	(14.7)%
3.0%	5.0%	5.5%	0.8%

(1.7)%	(0.4)%
	(15.5)%

Americas	Europe	Africa,	Asia Pacific
		Middle-East

Q1 2020 REVENUE

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Forex impact in Q1 2020

REVENUE CURRENCY EXPOSURE

OTHER

12.9%

MXN 0.9% PEN 1.0%

RUB 1.1%

COP 1.3% TWD 1.4%

KRW 1.5%

SGD 1.6%

INR 1.9%

JPY 2.5%

Q1 2020

CLP 2.5%

BRL 3.0%

CAD 3.6%

AUD 3.8%

GBP 4.2%

CNY 7.4%

EUR 30.9%

USD (and

pegged)

18.6%

CURRENCY CHANGE Y/Y

USD (and pegged)		+3.0%
CNY	(0.4)%
GBP		+1.2%
AUD	(5.0)%
CAD		+1.9%
BRL	(13.0)%
CLP	(14.6)%
JPY		+4.2%
INR		+0.2%
SGD		+0.7%
KRW	(2.9)%
TWD		+5.5%
COP	(9.1)%
RUB		+1.5%
PEN		+0.6%
MXN	(1.3)%

• Large exposure to USD and emerging market currencies (90+ currencies overall)

Q1 2020 REVENUE

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Bureau Veritas portfolio repositioning provides for an enhanced resiliency

2019 PORTFOLIO BY NATURE OF SERVICES

IN PERCENTAGE OF GROUP REVENUE

Capex

B&I US

B&I China

B&I Europe =

Oil & Gas

Marine

Offshore =

Products

Agri-Food & Commodities (volume driven)

Consumer Products (innovation driven)

				Opex & Systems
22%				Repeat business with long term
			visibility and high retention rates,
				mainly driven by regulation and
				standards
	FY 2019	45%

33%

Q1 2020 REVENUE

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Well diversified sources of financing with a balanced maturity profile

DEBT MATURITY PROFILE AS OF DEC. 31, 2019	DEBT BREAKDOWN AS OF DEC. 31, 2019
				2%1%
	Already refinanced
						Bond	6%
			178		USPP

	89			Schuldschein		Bond
				China Loan	24%	USPP
				Other		Schuldschein
44						China Loan
					Other	67%
70
500	500	500	500
98

				102				200			178
146				45					138	3%
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
	• Gross financial debt of €3,287.5m					22%
					EURO
	• Maturities spread over the years with average maturity at 5.8 years1
	USD
	• Blended average cost of funds over the full year of 2.8%		Other
	• Strong liquidity position €1,477.8m cash and cash equivalents and	75%
	€600m undrawn syndicated facility

1. At December 31, 2019, on the basis of the core debt adjusted for 2020 and 2021 maturities partially refinanced during 2019, for a total amount of EUR 678 million.

4%

Fixed rate Floating rate

96%

Q1 2020 REVENUE

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Bureau Veritas continues to support its clients in their Corporate Social Responsibility commitments

BUREAU VERITAS STRATEGY IS ALIGNED WITH UN'S SUSTAINABLE DEVELOPMENT GOALS (SDG)

• Fully integrated in the Group's core operations

BUREAU VERITAS IS AMONGST THE INDUSTRY LEADERS ACCORDING TO NON-FINANCIAL RATING FIRMS

2nd	B
most responsible	rating
company worldwide	above industry
in the Professional
Services industry	average (B-)
75/100 vs. industry
average of 38/100

Q1 2020 REVENUE

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Definition of alternative performance indicators and reconciliation with IFRS (1/2)

INTRODUCTION

The management process used by the Bureau Veritas Group is based on a series of alternative performance indicators, as presented below. These indicators were defined for the purposes of preparing the Group's budgets and internal and external reporting.

Bureau Veritas considers that these indicators provide additional useful information to financial statement users, enabling them to better understand the Group's performance, especially its operating performance. Some of these indicators represent benchmarks in the testing, inspection and certification ("TIC") business and are commonly used and tracked by the financial community. These alternative performance indicators should be seen as a complement to IFRS-compliant indicators and the resulting changes.

TOTAL REVENUE GROWTH

The total revenue growth percentage measures changes in consolidated revenue between the previous year and the current year. Total revenue growth has three components:

• organic growth;
• impact of changes in the scope of consolidation (scope effect);
• impact of changes in exchange rates (currency effect).

ORGANIC GROWTH (1/2)

The Group internally monitors and publishes "organic" revenue growth, which it considers to be more representative of the Group's operating performance in each of its business sectors.

The main measure used to manage and track consolidated revenue growth is like-for-like, or organic growth. Determining organic growth enables the Group to monitor trends in its business excluding the impact of currency fluctuations, which are outside of Bureau Veritas' control, as well as scope effects, which concern new businesses or businesses that no longer form part of the Group's existing activities. Organic growth is used to monitor the Group's performance internally.

Bureau Veritas considers that organic growth provides management and investors with a more comprehensive understanding of its underlying operating performance and current business trends, excluding the impact of acquisitions, divestments (outright divestments as well as the unplanned suspension of operations - in the event of international sanctions, for example) and changes in exchange rates for businesses exposed to foreign exchange volatility, which can mask underlying trends.

The Group also considers that separately presenting organic revenue generated by its businesses provides management and investors with useful information on trends in its industrial businesses, and enables a more direct comparison with other companies in its industry.

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Definition of alternative performance indicators and reconciliation with IFRS (2/2)

ORGANIC GROWTH (2/2)

Organic revenue growth represents the percentage of revenue growth, presented at Group level and for each business, based on a constant scope of consolidation and exchange rates over comparable periods:

• constant scope of consolidation: data are restated for the impact of changes in the scope of consolidation over a 12-month period;
• constant exchange rates: data for the current year are restated using exchange rates for the previous year.

SCOPE EFFECT

To establish a meaningful comparison between reporting periods, the impact of changes in the scope of consolidation is determined:

• for acquisitions carried out in the current year: by deducting from revenue for the current year revenue generated by the acquired businesses in the current year;
• for acquisitions carried out in the previous year: by deducting from revenue for the current year revenue generated by the acquired businesses in the months in the previous year in which they were not consolidated;
• for disposals and divestments carried out in the current year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year in the months of the current year in which they were not part of the Group;
• for disposals and divestments carried out in the previous year, by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year prior to their disposal/divestment.

CURRENCY EFFECT

The currency effect is calculated by translating revenue for the current year at the exchange rates for the previous year.

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Glossary

Operating Profit (AOP) excludes amortization of acquisition intangibles, goodwill impairment, restructuring, acquisition and disposal-related items (adjustment items)

ASR: Accident Severity Rate

Adjusted Operating Margin (AOP Margin) is defined as Adjusted Operating Profit / Revenue

Adjusted Net Profit is defined as net profit adjusted for items after tax

Adjusted Net Debt is defined as net financial debt after currency hedging instruments, as defined in the calculation of banking covenants

AI: Artificial Intelligence

AIM: Asset Integrity Management

B&I: Buildings & Infrastructure

BIM: Building Information Modeling

CC: Constant currency

E&E: Electronic & Equipment

E&P: Exploration & Production

EMC: Electromagnetic Compatibility

FCF: Free cash flow

FOREX or FX: Foreign exchange

FPSO: Floating Production Storage and Offloading

FSO: Floating Storage and Offloading

GMO: Genetically Modified Organism

GRT or GT (Marine): Gross Register Ton or Gross Ton

GS: Government Services

IoT: Internet of Things

IMO: International Maritime Organization

LNG: Liquefied Natural Gas

LTR: Lost Time Rate

M&M: Metals & Minerals

NDT: Non-destructive Testing

O&G: Oil & Gas

O&P: Oil & Petrochemicals

Organic growth: increase in revenue versus last year, at constant currency and scope (i.e. acquisitions excluded)

P&U: Power & Utilities

PMA: Project Management Assistance

PSI: Pre-shipment Inspection

QA / QC: Quality Assessment / Quality Control

SSC: Shared Service Center

TAR: Total Accident Rate

ULCS: Ultra Large Container Ships

VLCC: Very Large Crude Carriers

VOC: Verification of Conformity

y/y: year-on-year

WC / WCR: Working Capital / Working Capital Requirement

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2020 Financial Calendar & Contacts

INVESTOR RELATIONS DEPARTMENT

BUREAU VERITAS HEAD OFFICE - 40/52 BOULEVARD DU PARC

92200 NEUILLY-SUR-SEINE, FRANCE

Laurent Brunelle

Head of Investor Relations

[phone]

[e-mail]

Florent Chaix

Investor Relations Manager

[phone]

[e-mail]

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2020 AGENDA

Shareholders' Meeting - June 26, 2020

H1 2020 Results - July 28, 2020 (after market close)

Q3 2020 revenue - October 22, 2020 (after market close)

Investor Day (to be held in Paris, France), initially planned on September 29, 2020 is postponed to 2021 (the exact date is still to be confirmed).

Q1 2020 REVENUE

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