Bureau Veritas SA (BVRDF) Q1 2025 Earnings Call Transcript

2025-04-24 14:29:08 ET

Bureau Veritas SA (BVRDF) Q1 2025 Earnings Call Transcript

Q1 2025 Earnings Conference Call

April 24, 2025 9:00 AM ET

Company Participants

Hinda Gharbi - Chief Executive Officer

Francois Chabas - Executive Vice President of Finance and Group CFO

Conference Call Participants

Carl Raynsford - Berenberg

Annelies Vermeulen - Morgan Stanley

Arnaud Palliez - CIC

Allen Wells - Jefferies

Karl Green - RBC

Sylvia Barker - JPMorgan

Presentation

Operator

Welcome to the Bureau Veritas Q1 2025 Revenue Conference Call. My name is Allen, and I will be your coordinator for today's event. Please note, this call is being recorded and for the duration your lines will be on listen-only mode. However, you will have an opportunity to ask questions at the end of the call. [Operator Instructions] I will now hand over the call to your host, Hinda Gharbi, CEO, to begin today's conference. Thank you.

Hinda Gharbi

Thank you, Allen. Good morning, good afternoon and good evening to everyone. Welcome to the Bureau Veritas’ first quarter 2025 revenue presentation. I'm joined on this call by Francois Chabas, our Group CFO. Bureau Veritas delivered a robust quarter, leveraging the group's resilient business and geographical mix, while navigating and monitoring the current macroeconomic environment. I'd like to thank our colleagues for all their contributions to our results around the world.

Starting with our revenue performance, I'm pleased to report that our revenue reached EUR 1.6 billion in the first quarter of 2025, reflecting an 8.3% increase compared to the same period last year. Our organic revenue growth progressed by a healthy 7.3%. This performance demonstrates resilience, clear business plans, and shows strong execution. CapEx activities benefited from a solid backlog, while OpEx services were derived from sustained and recurring customer spending.

Additionally, we continued to advance our LEAP 28 active portfolio strategy through targeted acquisitions accounting for 3%, which then net of divestment contributed 1.4% to our revenue. This enables us to further pivot our portfolio. Finally, as the euro remains strong against most currencies, the currency impact was a negative 0.4% for the quarter.

Bureau Veritas continues to build on its promising opportunities pipeline with strong mid- to long-term market fundamentals. Leveraging its backlog and building on these strengths, the group maintains its financial outlook for 2025 unchanged. We are confident in the resilience of our business model and want to capitalize on the current share price level. To that effect, Bureau Veritas will implement a new EUR 200 million share buyback program set to be completed by the end of June 2025....

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