Bureau Veritas reported revenue of EUR 1,547.0 million for the first quarter (Q1) of 2026, representing organic growth of 4.5%, while overall revenue declined slightly by 0.8% year-on-year due to currency headwinds.
The group delivered strong performance in its Marine & Offshore division, which grew by 11.2%, alongside Buildings & Infrastructure at 7.3%. Moderate growth was recorded across Consumer Products Services at 4.3%, Certification at 2.3%, Agri-Food & Commodities at 2.1%, and Industry at 0.7%.
The scope effect remained broadly stable at -0.1%, reflecting the positive contribution of bolt-on acquisitions (+1.8%) offset by disposals (-1.9%). Currency fluctuations had a negative impact of 5.2%, mainly driven by the euro’s appreciation against most major currencies.
Operationally, the group maintained steady performance across most regions despite disruptions linked to the ongoing Middle East conflict. Growth in the Industry segment was affected by delays in Opex-related services, particularly in the region.
Bureau Veritas continued to advance its LEAP | 28 strategy, focusing on higher-growth and higher-margin activities. Since the start of the year, four acquisitions have been signed or completed, contributing approximately EUR 136 million in annualized revenue. The acquisition of LotusWorks has notably strengthened the group’s position in mission-critical assets.
During the quarter, Moody’s maintained the company’s credit rating at A3. In addition, the group announced a EUR 200 million share buyback program at the end of February 2026, reinforcing its commitment to enhancing shareholder returns.
Looking ahead, Bureau Veritas has revised its full-year 2026 outlook in light of complex geopolitical conditions and macroeconomic uncertainty. The group now expects mid-single-digit organic revenue growth, compared to its previous guidance of mid-to-high single-digit growth. It continues to target an improvement in adjusted operating margin at constant exchange rates and strong cash flow generation.
The updated outlook also reflects an ongoing review of a potential exit from the Government Services subsegment, following the decision to terminate certain contracts in the Middle East and Africa.
“Bureau Veritas recorded organic growth of 4.5% in the first quarter of 2026 in an evolving macro environment and while navigating a fluid situation in the Middle East,” said Hinda Gharbi. “I thank our teams in the Middle East for their resilience and commitment, and all our employees around the world for their outstanding work.”
