COURBEVOIE, France — Bureau Veritas (BOURSE: BVI) reported third-quarter 2026 revenue of €1.57 billion, marking a 10.1% increase year-over-year and extending the company’s growth trajectory under its LEAP | 28 strategic plan.
The execution of LEAP | 28 has transformed Bureau Veritas into a more focused, faster-growing, and higher-performing multi-specialist company. Its product line-centric operating model combines global scale and resilience with clear priorities, stronger accountability, and deep specialist expertise, creating a more repeatable growth model that enables faster execution and higher conversion of growth into profitability.
Q3 2026 Key Figures
- A new reporting structure took effect July 1, 2026, organizing the business into four divisions—Industrials & Commodities, Buildings & Infrastructure, Business Assurance, and Product Testing & Services—excluding the planned exit businesses of Oil & Petrochemicals, Coal Testing and Inspection, and Government Services.
- Revenue reached €1,569.7 million, up 10.1% year-on-year, with organic growth of 6.2% showing slight sequential acceleration from 5.9% in Q2.
- A positive scope effect of 1.8% reflected accelerated bolt-on acquisitions (+2.7%) net of disposals (-0.9%).
- Currency effects added 2.1%, primarily from U.S. dollar strength against the euro.
Q3 2026 Highlights
- Broad-based growth across most divisions and geographies: Buildings & Infrastructure led with +7.9% organic growth, followed by Product Testing & Services at +7.0%, Industrials & Commodities at +5.1%, and Business Assurance at +3.2%.
- Three years of strong organic growth and completion of approximately 21% portfolio rotation underpin the LEAP | 28 ambitions confirmed at the 2026 Capital Markets Day.
- The total revenue growth target at constant currency was upgraded to a double-digit compound annual growth rate (CAGR) for 2027–2028.
- Artificial intelligence was identified as a key lever for growth and performance, with a commitment to achieve €1 billion in revenue from AI-driven markets and services by 2030.
- Successful placement of a €700 million, A3-rated bond due September 2034 at a 4.125% coupon extended debt maturities beyond 2031 at fixed rates.
- One-third of the €200 million share buyback program announced in February 2026 has been completed.
Confirmed 2026 Outlook
In a fast-changing global environment, Bureau Veritas confirms its full-year 2026 guidance, supported by a solid nine-month performance, a growing pipeline, and a reshaped portfolio. The guidance includes:
- Mid-to-high single-digit organic revenue growth.
- Adjusted operating margin improvement at constant exchange rates.
- Strong cash flow generation.
The company remains fully committed to its LEAP | 28 financial targets, capitalizing on favorable market trends and sustained execution of its portfolio and performance programs.
CEO Commentary
Hinda Gharbi, Chief Executive Officer, stated:
“The third quarter of 2026 marks another quarter of solid execution, with organic revenue growth of 6.2% in a volatile geopolitical and macroeconomic environment. I would like to thank all our colleagues around the world for their contributions.
This performance confirms that the rotation of our portfolio positions us on growth markets. Additionally, the recently completed acquisitions expand our capabilities, further strengthening our market leadership. Growth at constant currency was high single-digit, and with positive currency effects, total growth reached double-digits in the quarter.
At our Capital Markets Day in September, we confirmed our LEAP | 28 ambitions and outlined how we will amplify execution over the next two years. We will continue disciplined M&A to deliver on our upgraded total revenue growth target of a double-digit CAGR for 2027 and 2028. In parallel, we will strengthen operational leverage and functional scalability while completing our people programs.
AI is both a growth catalyst and a transformation lever for Bureau Veritas. Our ambition is to generate €1 billion in revenue from AI-driven markets and services by 2030. We remain fully committed to delivering our 2026 outlook and our LEAP | 28 financial ambitions.”
New Reporting Structure
The execution of LEAP | 28 is reshaping Bureau Veritas’ portfolio, accelerating exposure to higher-growth markets and transforming the business mix. To better reflect this transformation and provide a clearer view of the growth algorithm, the company has moved from six to four reporting lines, aligning external reporting with its internal organization effective July 1, 2026. The four divisions are:
- Industrials & Commodities
- Buildings & Infrastructure
- Business Assurance
- Product Testing & Services
Q3 2026 Revenue Breakdown
| Division | Q3 2026 (€M) | Q3 2025 (€M) | Total Change | Organic | Scope | Currency |
|---|---|---|---|---|---|---|
| Industrials & Commodities | 591.0 | 543.7 | +8.7% | +5.1% | +0.8% | +2.8% |
| Buildings & Infrastructure | 562.3 | 494.3 | +13.7% | +7.9% | +4.2% | +1.6% |
| Business Assurance | 137.4 | 131.6 | +4.4% | +3.2% | +0.1% | +1.1% |
| Product Testing & Services | 279.0 | 255.6 | +9.2% | +7.0% | +0.2% | +2.0% |
| Total Q3 Revenue | 1,569.7 | 1,425.2 | +10.1% | +6.2% | +1.8% | +2.1% |
Quarterly revenue figures for year-to-date 2026 and full-year 2025 are provided in the appendix.
Total double-digit revenue growth in the third quarter: Revenue in the third quarter of 2026 amounted to €1,569.7 million, a 10.1% increase compared to the third quarter of 2025. The company delivered organic growth of 6.2%, showing a slight sequential acceleration compared to the 5.9% delivered in the second quarter of the year.
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