Bureau Veritas now targets moderate mid-single-digit organic revenue growth for 2026

Bureau Veritas reported first-quarter 2026 revenue of 1.547 billion euros, representing a 0.8% decline compared to the first quarter of 2025. The group delivered organic growth of 4.5%. By business segment and on an organic basis, growth was driven by Marine & Offshore, up 11.2%, and Buildings & Infrastructure, up 7.3%. Consumer Products grew by 4.3%, while moderate growth was achieved in Certification, up 2.3%. Agri-Food & Commodities rose by 2.1%, and Industry increased by 0.7% year-on-year.

By geography, the Americas (24% of revenue, up 1.7% organically) were driven by 6.8% organic growth in North and Central America, particularly in the United States.

Europe (38% of revenue) achieved organic growth of 3.4%, supported by solid momentum in Buildings & Infrastructure and Industry activities across the region.

Asia-Pacific (27% of revenue) posted strong organic growth of 7.9%, benefiting from sustained activity in East Asia, notably China, and Australia.

Finally, Africa and the Middle East (11% of revenue) showed resilient organic growth of 5.5%, supported by the execution of the energy project backlog and continued strong activity in the Buildings & Infrastructure division within the region, despite the initial effects of the conflict at the end of the quarter.

As of the end of March 2026, the group's adjusted net financial debt was substantially unchanged compared to December 31, 2025. The group has 600 million euros in undrawn confirmed credit lines. Bureau Veritas maintains a solid financial structure, with the majority of its debt maturities in 2027 and beyond (with the exception of 200 million euros maturing in September 2026) and at fixed interest rates.

"2026 is marked, on the one hand, by a complex geopolitical context and an uncertain macroeconomic environment, and on the other, by the launch of a detailed review of the exit terms for the 'Government Services' sub-segment, following the decision to terminate certain contracts in the Middle East & Africa region," noted the French company specializing in testing, inspection, auditing, and certification.

Consequently, the company is updating its outlook for the 2026 fiscal year.

It now anticipates moderate mid-single-digit organic revenue growth (4-6%), compared to previous guidance of moderate-to-high single-digit organic growth (between 4-6% and 7-9%).

Its adjusted operating margin target remains unchanged and is expected to improve at constant exchange rates. Cash flow forecasts also remain unchanged and are still expected to remain at a high level.