Bureau Veritas Sa

Welcome to the Bureau Veritas Q1 2026 revenue presentation. For the first part of the conference, the participants will be on listen-only mode. During the questions and answers session, participants will be able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the speakers. Hinda Garbi, Chief Executive Officer, and Francois Chabot, Chief Financial Officer. Please go ahead.

Thank you. Good morning, good afternoon, and good evening to everyone. Welcome to Bureau Veritas' first quarter 2026 revenue presentation, and thank you for attending this call. I'm joined by François Chabat, our Chief Financial Officer. This quarter, Bureau Veritas delivered a steady performance in a changing macroeconomic environment, reflecting continuous momentum in the execution of our LEAP 28 strategy. I would like to thank our teams worldwide for their commitment and contribution. I would like now to go through our Q1 revenue performance. Revenue reached $1.5 billion. Organic revenue growth stood at 4.5%. While this quarter is slightly below historical organic growth averages, I'm pleased to see that a number of our businesses are delivering on or above expectations of setting the impact of project delays and the Middle East disruptions on others. External growth contributed 1.8% from recent Bolton acquisitions, largely offset by last year's disposals. We expect the recent mid-sized acquisition Lotusworks to take effect in half to 2026. As expected, the appreciation of the euro against most currencies led to a negative currency impact of 5.2% in the quarter. I will elaborate further on our new full-year growth guidance at the end of this presentation. I'd like to say, though, that this year is shaped by complex geopolitics and our decision to exit specific contracts in the sub-segment government services. Moving now to our revenue performance by business and geography. From a business perspective, marine and offshore and buildings and infrastructure deliver the strongest organic growth in the high single digits. through double-digit range. Marina North Shore delivered 11.2% organic growth, supported by strong new build activity as the global fleet modernization continues. Buildings and infrastructure grew 7.3%, demonstrating the value of our recent portfolio expansion, with data centers up more than 30% organically year-on-year. The rest of the portfolio hosted low-to-mid single-digit growth, with the lowest growth in agri-food and commodities and industry, reflecting tougher comparables and disruptions from the Middle East conflict, project delays and disruptions from the Middle East conflict for the last. From a geographical standpoint, Asia Pacific delivered strong growth of 7.9% driven by solid momentum across the region, primarily in China, Korea, and Australia. The Middle East and Africa delivered a resilient 5.5% when navigating disruptions across operations in the Gulf cooperation countries. Europe continued to outperform GDP with organic growth of 3.4%. In the Americas, growth reached 1.7% with a strong growth in North and Central America offset by contract delays and end of contracts in Latin America. I would like now to give you a quick update on the Middle East. We have 10 countries impacted across the region. And I'm pleased to report that our people and their families are safe and our facilities and laboratories did not sustain any damage. These countries account for 6% of group revenue with activities distributed across industries, agricultural and commodities, and buildings and infrastructure for the most part. The security situation varies by country, impacting operations in different ways. We work closely every day with our customers to maintain business continuity in a safe way. I would like now to give you an update on the 28 strategy execution. Few words first on the AI-driven secular trend. The technology race we're witnessing in this age of intelligence will have a profound impact on re-industrialization and urbanization. In addition, the rapid development of AI and the associated needs in computing capacity and data storage are feeding a massive build-up phase for data centers and semiconductor manufacturing. These dynamics translate into significant CapEx commitments from hyperscalers and others, and chips manufacturers, particularly with the rapid build-up in the Americas and Europe. Just on the right there on the slide, you can see that data center capital expenditures projected to rise 17% annually from 2023 to 2030 across the world. Semiconductor manufacturing cap expense in the American and EMEA is expected to grow at a trigger of 8% from 2024 to 2029, highlighting a multi-year investment cycle. Taking that into account and specifically looking at buildings and infrastructure, BNI represents 30% of our portfolio today. It's our biggest market and a leading business in our extended leadership stream of the LEAD28 strategy. The BNI strategy is built around three clear growth areas, building PAPEX, building OPEX, and infrastructure. I would like to focus on building statics, which represents 38% of the divisional revenue. Our strategy is to expand our capabilities in post-compliance and to increase our position in mission-critical assets. These assets, such as data centers, semiconductor fabs, and high-performance facilities are complex, highly regulated, and have high expectations of operational performance and uptime. These factors naturally drive higher testing, inspection, and certification intensity. With the acquisition of LotusWorks, we significantly reinforced our exposure to these mission-critical segments. So, about LotusWorks, if we can go. LotusWorks brings highly complementary technical expertise that significantly enhances our end-to-end service offering across mission-critical assets, from construction phase through to the operations phase. Together, we are building a platform of around $300 million in revenue, fully dedicated to mission-critical assets, such as data centers and semiconductor facilities. This platform when put together, will represent roughly 15% of our B&I revenue and will materially strengthen our positioning in high-growth markets. This acquisition will also support Bureau Veritas Organic Growth, will be accretive to the group's adjusted operating margin, and slightly accretive to earnings as early as 26. I will now pass it on to François to share some financials.

Thank you, and good afternoon, everyone. So we do a bit of a deep dive on the numbers. In the first quarter, as you see on that page, we delivered a revenue of 1.55 billion euros. Our daily growth was robust at 4.5%. Autumn acquisition close in past quarters contributed 1.8% to the growth, mainly in the P&I industry segment where we have reinforced oppositions in Europe in particular. Divestment accounts for minus 1.9%. As you may remember, as part of our active portfolio management, we have divested in 2025 our food testing activity business and part of our technical supervision services in China at the end of 2025. So on a late basis, the scope at margin impact of minus 0.5% in the first quarter. Currency, so still headwind this quarter at minus 5.2%, with many due to the strength of the Euro against the usual suspects, key currency, U.S. dollar, Chinese renminbi, Australian dollar, and Italian dollar. I think the good news is if we assume the transport rates, we expect the traffic drive to ease significantly from Q2 onwards. If you remember, those currencies, moved again zero following the announcement of tariffs about a month ago. So we are now coming out of this comparison phase, so we expect you to in the rest of the year to be much better at transport rates, of course. If we have a look now at our business performance in the first quarter, both on organic and scope aspects, so total big constant currency on the right, marine offshore, So it's another very strong quarter. WGT organic growth hit more than 11%, driven in particular by new construction, as we mentioned. Second element, we're happy and pleased to see bidding infrastructure delivering strong growth of 7.3% organically, 8.2% at constant currency. So the review goals are laid here on three or structured on three main aspects that will be further developed. One, data center and mission-critical commissioning services. Two, an increased demand for infrastructure and three, the contribution from recent acquisitions I mentioned, specifically in Australia and Europe, which are now slowly getting to the organic contribution in terms of . Consumer products, 4.3% for technology business. We bought them out as we told you. during our February cold, so we are now back into the positive here. Certification with an organic growth of 2.3%. Now checking trade was encouraging, reflecting for assurance and compliance services. Agri-food and commodity delivered 2.1%. And finally, industry growth was limited to 0.7% organically. but we reached almost 3% of constant currency. So, it reflects the recent reinforcements of our portfolio offering, in particular, in nuclear-related services and power generation services. Organically, let's face it, we faced tougher control in Q1. If you remember, we delivered, I believe, the most, about 14% growth in Q1 25, as well as some impact from the midday situation. Here we expect a sequential acceleration throughout the year 2026. I will now head over back to Linda for giving you more elements on the business guidelines of the quote.