Bureau Veritas Sa

During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Hinda Garbi, Chief Executive Officer and Francois Chaba, Chief Financial Officer. Please go ahead.

Good evening to everyone. Welcome to Bureau Veritas' third quarter 2025 revenue presentation. Thank you for participating today through the webcast for the conference call. I'm joined by Francois Chabat, our Chief Financial Officer. Bureau Veritas has demonstrated another robust performance this quarter. We have continued to make significant progress in implementing our LEAP28 strategic framework, leveraging Bureau Veritas' diversified and resilient business portfolio and geographical footprint. I'd like to thank our colleagues around the world whose commitment and efforts have contributed to our strong results. Starting with our revenue performance, our revenue in the third quarter reached 1.6 billion euros. Our organic revenue growth demonstrated remarkable resilience, progressing by a healthy 6.3% against challenging comparables. This performance demonstrates the effectiveness of our strategy and highlights our team's strong execution capabilities. Additionally, we continue to execute our LEAP28 active portfolio strategy through targeted acquisitions accounting for 3.1% of the growth and net of divestments contributing 0.8% to our revenue. These acquisitions are aligned with our portfolio objectives and contribute to further focus our portfolio. As anticipated, the euro's strength against most currencies resulted in a negative currency impact of 4.8% for the quarter. Based on our robust year-to-date performance and taking into account our consistent strategy execution, we confirm our 2025 financial outlook. If we look at our mix, there are several key elements I would like to highlight. All geographies and activities demonstrated resilient growth. Three of our core businesses representing 61% of our portfolio, including building and infrastructure, Industry and certification grew mid to high single digits organically, while marine and offshore grew a strong double digit. Geographically, Africa and the Middle East once again posted a strong organic growth of 15.7%, driven by energy projects and by building and infrastructure activities in the Middle East specifically. In Asia Pacific, we achieved an 8.6% organic growth with strong performance in South and Southeast Asia. Our performance in China recovered with a high single-digit expansion. Our European operations delivered an organic growth of 5.2%, led by activities in France and Southern Europe. Finally, the Americas region recorded a 1.9% organic growth. Our activities around buildings and infrastructure and energy achieved very high growth, offsetting softness in Brazil. Excluding Brazil, our growth was over 10%. Let me now update you on our LEAP28 strategy and the evolution of our largest business. We have been executing a strategic shift in our BNI portfolio development strategy, which is articulated in three folds. First, geographically, we used to have three main growth platforms, Europe, the United States, and China. Our Europe platform is well established, mature, outperforming the market thanks to our resilient portfolio activity, predominantly geared towards the OPEX business. The U.S. is doing well in all subsegments, and we are building on this momentum to keep growing organically and to expand our capabilities inorganically. To offset China that continues to struggle from a lack of public investment, we are assessing new markets around the world. We identified growing opportunities in emerging markets in countries such as Australia, Indonesia, or the Middle East. These are growing markets where a buildup of infrastructure and urban facilities is ongoing and where we want to continue to expand our services organically and through M&A. Second, we are working on evolving our mix of services by increasing our exposure to infrastructure. One strategic move that perfectly illustrates our growth approach, the acquisition of the APP Group in Australia last year. This transaction expands our geographical presence and enhances our capabilities, gaining critical expertise in project and construction management. Third, we are boosting our digital capabilities. The recent acquisition of IDP in Spain is a good example of what we are currently doing. This company provides building information modeling, project management assistance, and digital twin services for public and private companies. Finally, we consider that evolving market trends in the buildings and infrastructure space favor specific strategic and high complexity assets that represent an opportunity for growth. Looking at some of these strategic assets, We would like to share with you the progress we have made with our data centers business. The data center construction market is growing significantly at double digits. The overall need for data centers is driven, of course, by increasing demand for cloud services and the rapid AI technology and rapid AI technologies adoption. We are a key player for commissioning and QA, QC, quality assurance, quality control services, around the electrical, mechanical, plumbing, and control systems that support data centers. The aim of these services is to ensure that the facilities deliver the expected performance and required uptime. Our strong technical expertise comes from the acquisition we completed late 2017. We have since multiplied our organic revenue by more than seven times, growing at a CAGR of 28.6%. Over the period, we expanded from 2 to 35 countries. Clients-wise, we are expanding from the hyperscalers to Tier 1, 2, and 3 clients. As we look forward, we expect this business to become a critical driver of growth for B&I. I also would like to say that we are looking very closely at such strategic assets as we consider that These are very important markets and target markets for us to expand our BNI activities. Looking now at our inorganic growth across the portfolio overall. We are showing good progress on the M&A front with eight transactions signed or closed this year, representing an annualized revenue of 92 million euros. As you can see, we have been focused on the new strongholds and the expand leadership streams in line with our LEED28 portfolio plans. Since the beginning of the plan in 2024, we have closed 18 acquisitions, adding over €270 million of annualized revenue. In October 2025, we signed two acquisition agreements. The first one, London Building Control, will help us strengthen our market leadership in code compliance in building and infrastructure CapEx operations in the UK. It is a leading registered building control approver, adding 14 million of euros of revenue. Solida, a company specialized in technical advisory and project management assistance, grid connections, mainly for wind and solar assets, will help us strengthen our capabilities in the fast-growing renewables market. This addition to our portfolio will create a global end-to-end CapEx platform serving our clients. This company generated 18 million euros in 2024. I will now hand over to Francois for the financial review for Q3 revenue.

Thank you, Inda. Good afternoon to everyone. Starting with the revenue bridge on the slide, as you can see, we delivered above 1.58 billion euros in just a quarter, with an organic growth of 6.3%. The score part of the growth added 0.8% on a net basis. It reflects the impact of the Bolton acquisition on the one hand, those one relies in the past two quarters. We're talking here about roughly plus 3.1% in accretion demo revenue. And second, the offset or the partial offset by the disposal of a food-tasting business, which has been initiated at the end of last year, as you may remember, and that we have now completed in July this year. Forex represents a drive of minus 4.8%. This is mainly attributed to the strength of the euro versus most currencies. In line with what we have already indicated in July to you on the call, we can model that the full year fixed impact for 2025 should be negative by around 4%, so no major changes on that front. Overall, in the quarter, we posted a total growth of 2.3% on a net reported basis. If we take a step back now on the first nine months of the year, we delivered robust organic growth for the period at 6.6%, reinforcing a commitment to consistent expansion across the markets. On the report basis, the growth achieved 4.5. And again here, taking into account all the scope parts, on the one hand, the acquisition, which have contributed 3.2%, and the partial offset by disposal at minus 2.1%. So the net is the one you see on the page at 1.1% for the first nine months of the year. If we look now at the growth by business, both on an organic point of view and a scope point of view, four divisions deliver double-digit growth at constant currency. It demonstrates the relevance and good execution of our strategy roadmap. I would like to focus on two main divisions here. First, the growth of our building and infrastructure division is particularly noteworthy. And it fully highlights the combined effect of the, on the one hand, the solid earning growth momentum, coupled with the positive impact of our recent acquisitions. As I said earlier by Linda, we gave you a 10.8% growth scope and organic in the first nine months and some currency. So it starts to be the materialization of the change of our portfolio mix when it comes to building infrastructure. The second element I would like to draw your attention upon is the agri-food and commodity division, which is in contraction at constant currency. Here again, it reflects the now fully competitive food testing activity. Organic aggregates growth is 4.2% in the first nine months, and it reflects different dynamics across the . Here again, we see the pivot between building infrastructure on one end and agri-food and commodities on the other end. But these two examples illustrate our active portfolio management success so far. This dynamic will continue as we execute our inorganic plans. On a side note, to support this M&A strategy, we've just completed a structuring financial operation. At the end of September, we issued a bond for 700 million euros, leveraging on our A3 Moody's rating to save attractive market conditions at the time. I will now hand over back to Linda the portfolio business highlights of the course.