Bureau Veritas SA (BVVBY) Q4 2025 Earnings Call Transcript

SA Transcripts158.61K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Bureau Veritas SA (BVVBY) Q4 2025 Earnings Call February 25, 2026 9:00 AM EST Company Participants Hinda Gharbi - Chief Executive OfficerFrançois Chabas - Executive VP & CFO Conference Call Participants Annelies Vermeulen - Morgan Stanley, Research DivisionSuhasini Varanasi - Goldman Sachs Group, Inc., Research DivisionGeoffroy Michalet - ODDO BHF Corporate & Markets, Research DivisionVirginia Montorsi - BofA Securities, Research DivisionAllen Wells - Jefferies LLC, Research Division Presentation Hinda GharbiChief Executive Officer Good morning, good afternoon, and good evening to everyone. Thank you for joining us for our full year 2025 results. I'm joined by Francois Chabas, our Group CFO. In keeping with our solid plan execution, 2025 delivered sector-leading organic growth and strong margin progression. In the second year of our LEAP 28 strategy, we delivered results fully aligned with our ambition to accelerate growth and enhance returns. During the year, we implemented our new organization, which is now accelerating strategy execution across our geographic platforms and product lines. Our results reflect the strengthened portfolio, the tangible impact of our performance programs and efficient capital allocation. I'm proud of our leaders and their team's contributions across the world and of the consistency in delivery in a fast-changing market. Let me start with our financial highlights for the year. 2025 was the second year of our LEAP 28 strategy, and we continue to gain traction across all pillars. We delivered 6.5% organic revenue growth, including 6.3% in the last quarter of the year. Adjusted operating margin of 16.3%, up 32 basis points year-on-year and 51 basis points at constant currency. Adjusted earnings per share is up 2.8% on a reported basis and 9.2% at constant currency. Free cash flow of EUR 824 million with a very strong 107% cash conversion. At constant currency, we delivered double-digit shareholder returns. For 2025, we