Slides
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 01 CEO VISION
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) HINDA GHARBI CHIEF EXECUTIVE OFFICER
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Bureau Veritas advantage 4 A GLOBAL BRAND MULTI SECTOR REACH A COMPELLING PURPOSE BROAD CAPABILITIES Be the preferred partner for our customers’ excellence and sustainability
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Bureau Veritas’ journey of consistent value creation 5 Adjusted EPS1 (€/share) Revenue (€bn) Free cash flow2 (€m) Portfolio building and diversification Growth step change 2007 2013 2019 2025 2007 2013 2019 2025 2007 2013 2019 2025 1. Fully diluted 2. After lease payments 6.0 4.0 2.0 1.5 1.0 0.5 0.5 0.1
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Secular trends driving growing demand for our services 6 89% Towards a sustainable state Towards a reshaped world Energy mix and electrification Assurance and risk mitigation 10% Infrastructure and re-industrialization Digital & AI Supply chain reconfiguration and defense Company AI use in ≥1 function2 Grids CAGR1 26–30 1. IEA Electricity 2026 2. The state of AI McKinsey 2026
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LEAP | 28 making a step change in growth and profitability 1Execute 2024 - 2026 PORTFOLIO Pursue undisputed leadership through active portfolio management PERFORMANCE Innovate to modernize “how we work” through technology adoption PEOPLE New ways of learning and working Sustainability Tech augmented ways of working PerformanceledexecutionFocusedPortfolio Optimize value and impact “Neweconomy”skills Evolved people model Operational leverage and functional scalability Innovation New strongholds Expand leadership 7
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LEAP | 28 simplifying our growth algorithm 8 A diversified Group with global, specialist Product Lines, leaders in their served markets A NEW OPERATING MODEL Bureau Veritas, a multi-specialist Company 4 Divisions 10 Product Lines ACTIVE PORTFOLIO MANAGEMENT PRODUCT LINE CENTRIC ORGANISATION
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LEAP | 28 a self-sustaining dynamic of M&A and organic growth 9 Dual growth engine Programmatic bolt-on M&A Strategic mid-sized M&A Scaling new services Expansion into new geographies M&A Organic Growth Selective disposals
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LEAP | 28 a self-sustaining dynamic of M&A and organic growth 101. Scope adjusted from activities planned for exit (Oil & Petrochemicals and Coal Testing and Inspection business, Government Services) 2. Scope including activities planned for exit (Oil & Petrochemicals and Coal Testing and Inspection business, Government Services) Dual growth engine M&A Organic Growth c.€1.2bn Acquisitions, divestments, exits c.21% Portfolio rotation 7.1%1 Organic growth vs 6.5%2 Mid-to-high single-digit 2026 Outlook 2025 10.8%1 Organic growth vs 10.2%2 2024
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11 LEAP | 28 Performance and people Sustainability Tech augmented ways of working Performanceledexecution “Neweconomy”skills Evolved people model Operational leverage and functional scalability Innovation New strongholds Expand leadership Optimize value and impact Execute 2024–2026 PERFORMANCE PEOPLE WIP: Cette version est la préférée mais il faut incorporer le message de la slide antérieure 1. At constant currency 110bps1 achieved out of 180bps ambition Digital innovation framework Operational leverage and functional scalability programs A new operating model Capability building programs
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7.3% 20.2% 12.8% At constant currency 114.0% 107.0% 1.06x 1.12x +38bps +51bps DividendAdj. EPSScopeOrganic 2024 2025 Total 10.2% 6.5% Mid-to-high-single-digit organic revenue growth 2026 OUTLOOK LEAP | 28 delivering on our ambition 2024–2026 12 10.8% Strong cash flow generation At constant currency Improved adjusted operating margin1 1. At constant exchange rate 2. (Net cash generated from operating activities - lease payments + income tax) / adjusted operating profit 3. Adjusted attributable net profit divided by the number of shares as of day of dividend payment Mid-to-high-single-digit organic revenue growth High-single-digit total revenue CAGR1 Above 90%2 cash conversion 1x–2x leverage Double-digit shareholder returns, based on EPS CAGR1,3 + dividend yield Consistent Margin improvement1 GROWTHMARGINRETURNS CASH 2028 Outlook
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LEAP | 28 making a step change in growth and profitability Amplify 2027 - 2028 13 Sustainability Tech augmented ways of working PerformanceledexecutionFocusedPortfolio Optimize value and impact “Neweconomy”skills Evolved people model Operational leverage and functional scalability Innovation New strongholds Expand leadership PORTFOLIO Accelerate M&A and scale Product Lines organic growth PERFORMANCE Accelerate performance delivery PEOPLE An Expert-First approach
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Expanding our markets Towards higher complexity, higher growth and higher margins Renewables Nuclear Oil & Gas Grids Metals & Minerals Agri Marine & Offshore Buildings Mission Critical Infrastructures QHSE Transition ServicesConsumer Technology IPC Energy & Industrial Assets Certification Solutions 0,0% 5,0% 10,0% Bureau Veritas’ leadership position Market growth CAGR% 24-28 Industrials & Commodities Buildings & Infrastructure Business Assurance Product Testing & Services Digital Assurance 25.0% Addressable market size 14 Low growth Average Strong >6%
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Acquisitions for leadership and growth INDUSTRIALS & COMMODITIES BUSINESS ASSURANCE PRODUCT TESTING & SERVICES BUILDINGS & INFRASTRUCTURE Expand Leadership New Strongholds Optimize Value and Impact Grow new strongholds in Energy & Industrial assets 37% of Company revenue 36% of Company revenue Expand Buildings, and Mission Critical assets Grow Digital Assurance and Transition Services Expand Consumer and Technology 10% of Company revenue 17% of Company revenue Towards higher complexity, higher growth and higher margins 15
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Scaling cross-selling in high growth transverse markets SUSTAINABILITY MINING DEFENSE AI-DRIVEN MARKETS STRATEGIC PRIORITY MARKETS DIVISIONS INDUSTRIALS & COMMODITIES BUILDINGS & INFRASTRUCTURE BUSINESS ASSURANCE PRODUCT TESTING & SERVICES c.30% 2026e revenue 16
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17 Amplify 2027–2028 PERFORMANCE PEOPLE Confirming +180bps ambition New operations systems full rollout AI integration ramp-up Capability building programs deployment Expert First model scale-up LEAP | 28 Performance and people Sustainability Tech augmented ways of working Performanceledexecution “Neweconomy”skills Evolved people model Operational leverage and functional scalability Innovation New strongholds Expand leadership Optimize value and impact
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PART NUMBER (BureauVeritas Thin UltCond – 166pt) TITLE (BureauVeritas Thin UltCond – 60pt) LEAP | 28 AI at Bureau Veritas
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New Markets - New Ways of Working - New Services Our capabilities Enhancing ways of delivering trust… …Trust secured by Bureau Veritas AI scale and risks Our services Bureau Veritas’ opportunities in a technology reshaping world 19 AI AI technologies
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rek AI Infrastructure buildout amplifies Bureau Veritas growth 20 Ambition €800m Revenue by 2030 LEVERAGING AI-RAPID DEVELOPMENT Data center market Semiconductor industry c.10-15% Global growth1 CAGR25–30 c.12% Global growth2 CAGR25–30 1. McKinsey & Company – Data centers demands 2025 2. McKinsey & Company – Mission Critical development, Dec 2025 Specialized manufacturing Semiconductor fabrication Data centers
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Bureau Veritas higher value proposition with technology augmentation 21 Today AI and Tech augmentation Client performance impact Important Scale, Expertise, Brand, Reach High Data driven, Automated, Fast Critical Continuous, Performance centric
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AI technologies transform our trust delivery models 22 Ambition NEW WAYS OF WORKING Experts intensive Global customer base Data rich Customer experience Efficiency and productivity Full AI integration into 30% of our portfolio by 2028 and into 60% by 2030
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Assure AI risk and leverage data advantage to secure trust 23 Ambition €200m Revenue by 2030 NEW SERVICES Digital Assurance New digital services Digital Assurance c.20-30% Global market growth1 CAGR25–30 1. Global AI governance market Modor Intelligence 2026
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LEAP | 28 ambition upgraded 24 1.5x–2x Strong Confirmed Confirmed Upgraded to double-digit Confirmed Mid-to-high-single-digit organic revenue growth High-single-digit total revenue CAGR1 Above 90%2 cash conversion 1x–2x leverage Double-digit shareholder returns, based on EPS CAGR1,3 + dividend yield Consistent Margin improvement1 GROWTHMARGINRETURNS CASH 2028 Outlook confirmed €1bn in AI-driven markets and new digital services by 2030 AI ambition 2027-2028 Total growth upgrade 1. At constant currency 2. (Net cash generated from operating activities - lease payments + income tax) / adjusted operating profit 3. Adjusted attributable net profit divided by the number of shares
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 02 MARKETS & PORTFOLIO UPDATE
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) MARIOS BROUSTAS CHIEF CORPORATE DEVELOPMENT OFFICER
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) EMMA RITTER FUELS PRESIDENT Fuels: Oil & Petrochemicals and Coal Testing and Inspection business
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Sustainability Tech augmented ways of working FocusedPortfolio “Neweconomy”skills Operational leverage and functional scalability Innovation New strongholds Expand leadership Optimize value and impact FOCUSED PORTFOLIO 28
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Leader in a large and growing market TIC market size €350bn €175bn €85bn+ TIC market size 4-5% c.50% of TIC market is outsourced 29 Bureau Veritas in Global Top 3 Total Addressable Market Growth dynamics 5+% Sources: Bureau Veritas, S&P Global Market Intelligence
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Marine & Offshore Buildings Infrastructures Consumer Technology IPC Energy & Industrial Assets Certification Solutions Commodities Bureau Veritas’ leadership position Market growth CAGR% 24-28 Expanding our markets Industrials & Commodities Buildings & Infrastructure Business Assurance Product Testing & Services Digital Assurance 25.0%Average Addressable TIC market size Government Services Food testingOil Petrochemicals & Coal Testing Strong >6%Low growth Divested or planned for exit since 20204 Towards higher complexity, higher growth and higher margins 30
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31 Outsourced TIC Market 2025 Bureau Veritas 3.7% TOP 10 c.25% Other players (75%) highly fragmented market Portfolio advantage Dual growth engine M&A
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LEAP | 28 strategy focus: leadership & strongholds Bureau Veritas competitive position Market leader Strong challenger Small player LOW MID HIGH Expand leadership in existing strongholds Active portfolio management Create new growth strongholds Optimize value and impactMarket attractiveness <€200m revenue €200-600m revenue >€600m revenue >€1bn revenue 32Sources: Bureau Veritas, S&P Global Market Intelligence
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Leadership positionStrategic pillar 2023 2026e Active portfolio management has delivered 33 45% 52% 10% 16% 45% 33% Expand Leadership New Strongholds Optimize Value & Impact Small player Challenger Global Top 3 Revenue mix 75% 80% 22% 20% 3% Revenue mix 2024 2026e
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M&A Expand leadership 34 Buildings & Infrastructure Expand leadership in existing strongholds c.36% Certification Solutions • Key growth and margin engine • Mission Critical and infrastructure scale up • Launch modernization journey (SmartCert) c.€297m Acquired revenue 2 divestments c.€69m Divested revenue Buildings & Infrastructure Certification Solutions Business Assurance Industrial Products Certification Product Testing & Services 6 acquisitions Contribution to organic growth 2023-2026e
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M&A New strongholds 35 Renewables (Power & Utilities) Cybersecurity • Energy transition exposure expanded • Built scalable technology testing platforms in Asia Transition Services Business Assurance Cybersecurity Business Assurance Consumer Products Services Product Testing & Services Transition Services CPS1 Technology • Strengthen service offering • Strengthen service offering Power & Utilities and Renewables Industrials & Commodities c.€95m Acquired revenue 15 acquisitions Create new growth strongholds c.25% 1. Consumer Products Services Contribution to organic growth 2023-2026e
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M&A Optimize value & impact 36 Disposals Consumer • Sale of Food Testing • Sale of Oil & Petrochemicals and Coal Testing and Inspection business (expected to close Q1 27) • Exit of Government Services • Leadership positions with strong performance dynamics c.€21m Acquired revenue Commodities Industrial & Commodities Marine & Offshore Industrial & Commodities Oil & Gas Industrial & Commodities Metals & Minerals Marine & Offshore / Oil & Gas • Extend offering to more complex methods and analyses • Extend reach and invest in new markets Consumer Product Testing & Services 3 acquisitions 2 divestments & 1 exit c.€768m Divested revenue Optimize value and impact Contribution to organic growth 2023-2026e c.39%
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Improved profitability mix LEAP | 28 provides strong foundation for profitable growth 20%+ 2023 2026e 15–20% 10–15% <10% 16% 3% 47% 18% 18% 60% 19% 19% 37 Current portfolio organic growth versus prior perimeter c.+60bps uplift Revenue impact
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Reporting aligned with the organization 38 1. Cyber & AI assurances and other digital services 37% Industrials & Commodities • Energy & Industrial assets • Commodities – Metals & Minerals, Agriculture • Marine & Offshore 36% Buildings & Infrastructure • Buildings • Infrastructure 10% Business Assurance • Certification Solutions • Digital Assurance1 17% Product Testing & Services • Consumer • Technology • Industrial Products Certification Activities planned for exit • Oil & Petrochemicals and Coal testing & inspection • Government Services Of business breakdown
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LEAP | 28 a self-sustaining dynamic of M&A and organic growth 39 Dual growth engine Programmatic bolt-on M&A Strategic mid-sized M&A Scaling new services Expansion into new geographies M&A Organic Growth Selective disposals
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NEW Growth accelerators – Strategic market priorities 40 Sustainability1 1 €8bn 5% CAGR26-30e Mining4 €26bn 8% CAGR26-30e Defense3 €14bn 13% CAGR26-30e AI-Driven markets2 €27bn 14% CAGR26-30e Sources: Sustainability: Global Forecast to 2030, Markets and Markets / Energy: April 2025 GMI calculation based on Verdantix, IEA, Clarkson Research, GWEC, Solar Power, S&P Global / Defense: Oliver Wyman study for Bureau Veritas (Q1 2026) / Mining Research and Market - Mining Market Report (Jan 2026) / Mordor Intelligence Research & Advisory. Mining TIC Market Size & Share Analysis 1. Sustainability: Transition Services and Green objects
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Our ambitionMarket composition Sustainability: risk management partnership 41 c.5% c.8% Target c.15% 2023 2028June 2026 Transition Services + Green objects % of Bureau Veritas revenue 41 €17.4bn €9.6bn Green Objects Transition Services €27bn 14% CAGR26-30e
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42 Acquisitions approach Delivering accretive revenue growth and margins to business divisions Disciplined M&A Execution Active Portfolio Management Drive Value Creation €413m acquired revenue 24 acquisitions LEAP | 28 2024-2026 Execute Programmatic bolt-ons Selected mid-size targets Leverage multi- specialist capabilities Structured integration
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Key takeaways Portfolio Multi-Specialist Acquisitions 43
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 03 MISSION CRITICAL ASSETS EXPANSION
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) RENATO CATRIB BUILDINGS AND INFRASTRUCTURE & MISSION CRITICAL PRESIDENT
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) CIARÁN HYLAND MISSION CRITICAL DATA CENTERS SENIOR VICE PRESIDENT
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A simplified structure For one of our largest businesses Buildings & Infrastructure Buildings (82% of B&I) Mission Critical assets 47 Infrastructure (18% of B&I)
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High level of assurance needed Clients needs What is a Mission Critical asset? AI generated picture Assets where failure is not an option 01 High consequence of failure 02 Complex, integrated systems 03 Trusted technical assurance Reliability & resilience Quality & certainty Speed to capacity Global scale Bureau Veritas priorities 48 Data centers Semiconductors Pharmaceutical
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Our platform 132 Data center clients 35+ Countries of operation 1,000+ Technical specialists Mission Critical university Building expertise Bureau Veritas Mission Critical Global leaders in the data center sector • AI and machine learning • Continued cloud migration • Data sovereignty Key clients 49 Key market drivers What we do Quality Assurance & Quality Control Full lifecycle commissioning Operations & consultancy A proven trajectory leading to a solid accelerated growth model
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35+ years in advanced fabrication plants 800+ qualified professionals LEAP | 28 portfolio LotusWorks – expanding Mission Critical leadership Key clients 1 2 3 Commissioning Construction services OPEX services Commissioning Construction services Opex services Commissioning Construction services Opex services Data centers Semiconductors Pharmaceutical 50
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TITLE (BureauVeritas Thin UltCond – 60pt) WRAP UP
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LEAP | 28 portfolio A unique Mission Critical platform Reinforcing global leadership in Mission Critical assets 1,800+ qualified professionals €300m+ revenue 2026e 35+ countries of operations Commissioning & Construction services1 Opex services2 Data centers Semiconductors Pharmaceutical Additional service capabilities through the acquisition of LotusWorks Bureau Veritas existing capabilities Expanding into full assets lifecycle Expanding to new assets 52 1. Includes design review, functional testing, systems validation, etc. 2. Operations / Maintenance and Calibration Services
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Q&A
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COFFEE BREAK
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 04 PERFORMANCE LED EXECUTION
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) NOOR SAIT CHIEF PERFORMANCE OFFICER
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Towards all stakeholders Our commitments 57 Differentiate on customer experience, novel solutions and service quality Clients Further enhance CSR contribution through internal engagement and transparency Society Develop skills and competencies for growth and impact Employees Step up operational performance to deliver on financial commitments Investors
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2023 H1 2026 2028 Environment Climate Scope 1 & 2 CO2 emissions (1000 tons) 149 123 107 Social Health & Safety Total Accident Rate 0.25 0.24 0.23 Human Capital Learning hours per employee 36.1 39.8 40.0 Diversity Gender balance in senior leadership 29.0% 29.8% 36.0% Governance Ethics % of employees trained on the Code of Ethics 97.0% 99.6% 99.0% A business-to-business-to-society Company Bureau Veritas’ CSR journey Gold #2 #1 58
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Operational leverage & functional scalability Innovation Innovate to modernize “how we work” through technology adoption PERFORMANCE LED EXECUTION Sustainability Tech augmented ways of working Perform ance led execution Operationalleverage andfunctional scalability Innovation New strongholds Expand leadership Optimize valueand impact “New economy” skills 59 Performance programs impact before investments1 Up to +180bps Superior customer service Reduce cost to serve Accelerate growth Ambition 1. Half to be reinvested
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Performance led execution Operational leverage and functional scalability programs 60Examples covered today Progress to date Operational leverage 100bps ambition by 2028 Functional scalability 80bps ambition by 2028 Performance management 5 projects Process improvement 7 projects Tech-augmented ways of working Shared Service Centers 4 projects Strategic procurement 3 projects Overhead management
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What drives the step-up from 2023? Operational leverage and functional scalability programs Financial impact 110bps 180bps FUNCTIONAL SCALABILITY 60bps 2023-2026e By 2028 61 Full deployment by 2028 Structural efforts are starting to deliver Early wins from optimization projects
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Functional scalability 2024-2026 Execute: programs supporting early wins Total functional scalability Example: IT Shared Service Centers 32% IT functions centralized in Shared Service Centers 30% Payroll reduction on IT functions 60bps 2023-2026e Impact 43% Shared Service Centers Program Scope 62 of functional workforce
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Operational leverage Performance management program progress - 30% of the impact 63 Total operational leverage Example: performance management in action +24% net production per FTE Middle East location c.220 delivery FTEs Productivity gains Reduced subcontracting 50bps 2023-2026e Impact 63% of global production workforce Performance management program scope
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Operational leverage Process improvement program progress - 70% of the impact 64 DIGITAL WORKFLOWS 25% 50% 75% 100% Contract Management Workforce Scheduling Field Reporting Client Delivery Billing 2027 Digital operations systems deployment progress 50bps 2023-2026e Impact Total operational leverage 58% Digital operations systems scope 1. Scope: Buildings & Infrastructure, Energy & Industrial assets, Certification solutions field inspectors & auditors of global production workforce
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End-to-end digital workflow integration + 150bps on organic margin incremental by 2028 vs 2023 Sales integration Sales order Back-office Contract management Back-office Workforce scheduling Auditor portal Technical review Client interaction Client delivery Auditor portal Audit realization Finance integration Invoicing Operational leverage - Business Assurance Process Improvement: new operations systems - SmartCert example 65 15% increase in capacity 50% reduction in systems 43% reduction in manual tasks
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Operational leverage Process improvement - AI rollout driving process modernization 6666 Next Frontier Reengineer end-to-end workflows with AI MARINE & OFFSHORE 2,000 workers empowered AI EXPERTISE SCALING CONSUMER PRODUCTS SERVICES 150,000 hours saved per year AUTOMATION Personal productivity AI assistants 22,000+ Scaled AI assistants 300+ Integrated AI solutions 140+ 22,000+ 300+ 140+
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Performance led execution Tangible gains secured, with acceleration ahead Tangible progress and contribution at scale 110bps delivered today Process modernization moving from Digital to AI Clear path towards our 2028 ambitions of 180bps Where are we headed? 180bps By 2028 67
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 05 EVOLVED PEOPLE MODEL
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) MARIA LORENTE FRAGUAS CHIEF PEOPLE OFFICER
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Building and deploying the capabilities to deliver growth and performance EVOLVED PEOPLE MODEL Sustainability Energy transition Digital Building ‘new economy’ skills Tech augmented ways of working 70 Sustainability Tech augmented ways of working Evolvedpeople model Operationalleverage andfunctional scalability Innovation New strongholds Expand leadership Optimize valueand impact “New economy” skills
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A global multi-specialist Company Powered by expertise 64,000+ Technical experts 82,000 Employees 90+ Technical domains 10 Product Lines 71
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A new world of work is emerging Critical skills remain scarce and fast-evolving AI is redefining how trust is delivered Speed and adaptability drive competitive advantage 72
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Execute 2024–2026 Strong progress on strategic priorities New operating model designed to scale expertise Building and deploying the capabilities to support growth Tech-augmented ways of working AI upskilling programs New economy skills Sustainability graduate program New operating model New organization | Leadership framework 73
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New operating model for a multi-specialist Company New organization | Leadership framework Product Line centric organization Portfolio Portfolio focus and rotation Expanding Product Line services Leadership attributes and behaviors New operating model 90.6% Retention rate (vs. 89.7%1) 23.3% Employee mobility index (vs. 17.3%1) 74 SCALE SPEEDSTRUCTURE 1. Compared to 2023
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Moving from skills hirer Sustainability graduate program 65 Learning hours per participant per year 97% Retention1 Sustainability Experts 3,300+ New economy skills building and deploying the capabilities to support growth to skills developer Attract, fast-track develop and retain early-career sustainability professionals 76 15-month program 34 modules 5 core competencies 1. Sustainability graduate program cohort #1
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Amplify 2027–2028 Increasing the impact of our experts Equip our experts with digital and AI skills to accelerate growth and performance Tech-augmented ways of working AI upskilling programs New economy skills Sustainability graduate program New operating model New organization | Leadership framework 77
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78 Leveraging technology for unlocking people performance Targeted programs to build AI capabilities and accelerate adoption at scale 3 competencies AI-aware AI-enabled AI-ambassador The AI capability-building roadmap all employees available for AI Spark Build the builders AI for Developers POPULATION PROGRAMS Leading a tech-augmented organization 3,000 employees completed training 10,000 weekly active AI users 22,000+ AI assistants created in-house
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1 2 3 Scaling expertise and unlocking collective performance Building and deploying critical capabilities for growth Enhancing performance and customer impact LEAP | 28: an Evolved People Model A multi-specialist, Expert-First Company New economy skills New operating model Tech-augmented ways of working Maximizingthe impact of our experts ecosystem 79
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 06 DIGITAL AND AI
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) PHILIPP KARMIRES CHIEF DIGITAL AND INNOVATIONOFFICER
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82 Digital innovation framework DIGITAL BACKBONE Operations systems Enterprise foundations Innovation platform Leveraging technology to strengthen service delivery Enterprise systems layer used as Company foundation across Providing differentiated experience
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Execute 2024–2026 Digital innovation strategy 2024–2026 Execute AI for personal productivity and systems integration Build key operations systems Multi cloud architecture, governance and shared capabilities 83 Operations systems Partnerships and technology stack Enterprise foundations Innovation platform AI integration framework
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Enterprise foundations and operations systems A technology stack established for AI integration and value creation & COORDINATED HARMONIZED INTERCONNECTED L E A P | 2 8 LAUNCH • Decentralized organization • Application redundancies • Technology standardization • Shared Service Centers for IT • Product Line centric organization • Interfaces for AI to link systems Partnering for performance Building a data advantage 95% APPLICATIONS Cloud-based 8.8 PB PROPRIETARY DATA Available to govern and activate 84
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New Markets - New Ways of Working - New services Our capabilities Enhancing ways of delivering trust… …Trust secured by Bureau Veritas AI scale and risks Our services Bureau Veritas’ opportunities in a technology reshaping world 85 AI AI technologies
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One framework governs how AI scales and creates value 86 Deploy Modernize Activate Assure Provide the technology, controls and skills to make AI usable at Company scale Focus now Focus now Developing Developing Integrate AI into operations systems and transform delivery processes Translate AI capability into differentiated client value and services Help clients manage AI risk, AI compliance and resilience as adoption expands 100% Group coverage 60% Operations’ coverage
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Deploy System integration 140+ interfaces Leveraging internal data & systems AI deployment and early operational impact Modernize Knowledge work 10,000 weekly users Across AI assistants, including Jules and Copilot Data activation 83,000+ audits Certification sales 2.5–4 hours Saved per surveyed sales user per week Certification review 90 to 45 min Reported reduction in review time 87 AI compute at enterprise scale 650M+ tokens processed per day AI API integrations into internal applications Certification solutions Product LineApplications and people
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Amplify 2027–2028 New sources of value AI-based process transformation Sustain, optimize and industrialize the platform Digital innovation strategy 2027–2028 Amplify 88 Operations systems Modernizing certification & inspection delivery Enterprise Foundations Lower technology cost Innovation platform AI enabled services
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Fully digital end-to-end certification process: Modernize certification delivery SmartCert with AI integration to enhance 89 Scope Scope and scale +1,000 users active +40,000 man-days scheduled / month c.60% €550m Certification activity revenue in 2026e to be modernized by end of 2026 out of which
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CONFIGURE PREPARE INSPECT REPORT ACTIVATE Modernize inspection delivery Digitally enabled inspection process with AI embedded 90 Direct impact on workflow stage No direct impact / not evidenced WORKFORCE PLANNING Core c.3,400 c.6,000 REPORTING Fieldspot c.400 c.15,000 ASSET INTEGRITY Armour c.550 c.5,000 2026 2028 c.80% €900m Scope and scale Inspection activity revenue for Energy & Industrial assets in 2026e to be modernized by 2028 out of which Users
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AI-enabled services for inspection delivery Voice assistant as AI native process enablement 91 Natural voice language input Unstructured and seemless Extraction of key findings Matching to internal data structure Human in the loop FIELD VOICE CAPTURE AI TRANSCRIPTION REPORT FINALIZATION €140m Scope and scale Supply chain inspection revenue in 2026e 3,600+ On-site inspectors
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TITLE (BureauVeritas Thin UltCond – 60pt) WRAP UP
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Scaled for value creation beyond LEAP 28 93 Accelerating AI impact Creating value beyond 2028 Fully developed digital backbone Productivity & scalability New revenue opportunities Tech-augmented services
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 07 FINANCIAL AMBITION AND COMMITMENTS
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) FRANÇOIS CHABAS CHIEF FINANCE OFFICER
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LEAP | 28 ambition Financial commitments Execute 2024–2026 Amplify 2027–2028 96 Sustainability Tech augmented ways of working PerformanceledexecutionFocusedPortfolio Optimize value and impact “Neweconomy”skills Evolved people model Operational leverage and functional scalability Innovation New strongholds Expand leadership
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PART NUMBER (BureauVeritas Thin UltCond – 166pt) TITLE (BureauVeritas Thin UltCond – 60pt) EXECUTE
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7.3% 20.2% 12.8% At constant currency At constant currency 114.0% 107.0% 1.06x 1.12x +38bps +51bps DividendAdj. EPSScopeOrganic 2024 2025 Total 10.2% 6.5% Mid-to-high-single-digit organic revenue growth 2026 OUTLOOK LEAP | 28 – Delivering on our ambition 2024–2026 981. At constant currency 2. (Net cash generated from operating activities - lease payments + income tax) / adjusted operating profit 3. Adjusted attributable net profit divided by the number of shares as of day of dividend payment 10.8% Improved adjusted operating margin1 Strong cash flow generation Mid-to-high-single-digit organic revenue growth High-single-digit total revenue CAGR1 Above 90%2 cash conversion 1x–2x leverage Double-digit shareholder returns, based on EPS CAGR1,3 + dividend yield Consistent Margin improvement1 GROWTHMARGINRETURNS CASH 2028 Outlook
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Revenue bridge by portfolio stream – €bn1 c.36% c.25% c.39% c.(3)–(4)% c.2–3% (5)% €5.9bn ScopeOrganic c.7–8% Organic growth ambition delivered FX headwinds stabilizing in 2026 Portfolio management LEAP | 28 – Execute 2024-2026 Generate mid-to-high-single-digit organic revenue CAGR1 with active portfolio management Contribution mix to organic growth % CAGR23-26e 991. Based on published FY2024 and FY2025 figures and on guidance for 2026. Divestment includes “activities planned for exit” (Oil & Petrochemicals and Coal Testing and Inspection business, Government Services) as disclosed in H1 2026 publication
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LEAP | 28 – Simplifying our growth algorithm 100 A NEW OPERATING MODEL Bureau Veritas, a multi-specialist Company 4 Divisions 10 product lines ACTIVE PORTFOLIO MANAGEMENT PRODUCT LINE CENTRIC ORGANISATION Industrials & Commodities Buildings & Infrastructure Business Assurance Product Testing & Services 37% 36% 10% 17%
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Revenue bridge by Division2 LEAP | 28 – Execute 2024-2026 Growth distribution 101 c.45% c.10% c.14%c.27%Contribution mix to organic growth c.4% % CAGR1 23-26e c.7–8% c.9.5% c.6.5% c.9.0% c.6.5% Mid-to-high Single-digit-organic 1. Organic revenue 2. Based on published FY2024 and FY2025 figures and on guidance for 2026. “Activities planned for exit” include Oil & Petrochemicals and Coal Testing and Inspection business and Government Services as disclosed in H1 2026 publication
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102 24 Acquisitions c.€413m1 4 Divestments & exits c.€837m1 €1.2bn revenue acquired, sold or to be exited 21.0% of portfolio rotation 297 95 69 768 LEAP | 28 – Execute 2024-2026 Active portfolio management 768 69 297 95 21 Expand Leadership 6 acquisitions 2 divestments New Strongholds 15 acquisitions Optimize Value & Impact 3 acquisitions 2 divestments 1 exit 1. At constant currency pre-acquisitions/divestments
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+0.6bps LEAP | 28 – Execute 2024-2026 Reshape the portfolio towards higher growth markets FY 2023 (CMD 2024) FY 2026e 52% 32% 16% 45% 45% 10% +0.6bps 2024 2025 INDUSTRIALS & COMMODITIES 15.3% 10.1% BUILDINGS & INFRASTRUCTURE 5.2% 5.0% BUSINESS ASSURANCE 15.0% 7.9% PRODUCT TESTING & SERVICES 9.6% 4.5% Company scope adjusted from activities planned for exit1 10.8% 7.1% Company (published actuals) 10.2% 6.5% 103 % of Bureau Veritas revenue Organic revenue growth 1. Proforma excluding activities planned for exit (Oil & Petrochemicals and Coal Testing and Inspection business, Government Services)
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New operating model 4 Divisions 104 Expand Leadership New Strongholds Optimize Value and Impact INDUSTRIALS & COMMODITIES 37% of 2026e Company revenue of 2026ee Group revenue BUSINESS ASSURANCE 10% PRODUCT TESTING & SERVICES 17% BUILDINGS & INFRASTRUCTURE 36% 15%–16% 18%–19%13%–14% 21%–22% Adjusted operating margin1 of 2026e Company revenue of 2026e Company revenue of 2026e Company revenue 1. Range based on 2024 and 2025 estimates
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Adjusted operating margin bridge2 LEAP | 28 - Execute 2024-2026 Deliver consistent margin improvement at constant currency 105 15.9% 16.5% Actuals 2023 AOP Organic Scope FX Consensus1 2026 AOP c.+120bps c.(5)bps c.(55)bpsVARIANCE c.+115bps Organic + Scope FX headwinds Scope year 1 neutral Organic margin improvement driven by operational leverage and functional scalability 1. Based on visible alpha consensus FY2026 2. Actuals FY2024 and FY2025. Consensus for FY2026. Includes “activities planned for exit” (Oil & Petrochemicals and Coal Testing and Inspection business, Government Services) as disclosed in H1 2026 publication
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Leverage Working capital requirement ratioCash conversion1 6.3% 6.0% 6.5% 4.7% 3.7% Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2025 1.10 0.97 0.92 1.06 1.12 Dec. 2021 Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2025 NET DEBT / EBITDA RATIO 108% 103% 99% 114% 107% 2021 2022 2023 2024 2025 Cash conversion Ambition LEAP | 28 - Execute 2024-2026 Strong free cash flow generation throughout the period 106 x x x x x 1. (Net cash generated from operating activities - lease payments + income tax) / adjusted operating profit
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2028 Ambition M&A (€m) Portfolio high-grading CAPEX 2.5% - 3.0% As a % of revenue Dividend 65% payout ratio As a % of adjusted net income Leverage1 between 1.0x and 2.0x Net debt/EBITDA by 2028 LEAP | 28 - Execute 2024-2026 A disciplined capital allocation Historical use of free cash flow – €m 803 983 966 (144) (140) (142) (36) (190) (235) (396) (407) (430)(71) (267) (142) (150) (158) 2023 2024 2025 Free Cash Flow before Capex 88 (18) 372 (105) 161 (156) 403 2.4% 2.2% 2.2% 2.2% 65% 65% 65% 65% 0.92 1.06 1.12 1.45 CAPEX Shares buy-back & other Dividends M&A Lease payments Acquisitions2 Divestments 2023 2024 2025 H1 2026 1071. Ratio of adjusted net financial debt divided by consolidated EBITDA (earnings before interest, tax, depreciation, amortization and provisions), adjusted for any entities acquired over the last 12 months 2. Acquisition of LotusWorks closed in July 2026 included.
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16,2% 16,2% 17,1% 14,9% 20.3% 21,2% 21,9% 22% 24,6% ROIC FY21 FY22 FY23 FY24 FY25FY20FY19FY18FY17 ROIC > 20% through the cycle LEAP | 28 - Execute 2024-2026 A disciplined capital allocation leading to increased returns 108 ROIC After-Tax Adjusted Operating Profit / (Equity excluding assets & liabilities held for sale + Net Debt excluding lease) LEAP I 28 2028 ambition above 20%
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PART NUMBER (BureauVeritas Thin UltCond – 166pt) TITLE (BureauVeritas Thin UltCond – 60pt) AMPLIFY
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Bureau Veritas: a journey of consistent value creation 110 Adjusted EPS1 (€/share) Revenue (bn€) Free cash flow2 (m€) Portfolio building and diversification Growth step change 0,1 0,5 2007 2013 2019 2025 0,5 1,0 1,5 2007 2013 2019 2025 2,0 4,0 6,0 2007 2013 2019 2025 1. Fully diluted 2. After lease payments
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LEAP | 28 ambition upgraded 111 1.5x–2x Strong Confirmed Confirmed Upgraded to double-digit Confirmed Mid-to-high-single-digit organic revenue growth High-single-digit total revenue CAGR1 Above 90%2 cash conversion 1x–2x leverage Double-digit shareholder returns, based on EPS CAGR1,3 + dividend yield Consistent Margin improvement1 GROWTHMARGINRETURNS CASH 2028 Outlook confirmed €1bn in AI-driven markets and new digital services by 2030 AI ambition 2027-2028 Total growth upgrade 1. At constant currency 2. (Net cash generated from operating activities - lease payments + income tax) / adjusted operating profit 3. Adjusted attributable net profit divided by the number of shares
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Q&A
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NUMERO DE PARTIE BureauVeritas Thin UltCond – 166pt) TITRE DE PARTIE (BureauVeritas ExtBd UltCond – 50pt) 08 CEO CLOSING REMARKS
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NOM ORATEUR BureauVeritas Thin UltCond – 66pt) TITRE ORATEUR (BureauVeritas ExtBd UltCond – 18pt) HINDA GHARBI CHIEF EXECUTIVE OFFICER
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SustainabilitySustainability Performanceled execution Focusedportfolio Evolved people model Be the preferred partner for our customers’ excellence and sustainability A unifying vision Making a step change in growth and profitability L E A P | 28 115
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Bureau Veritas AI opportunities 116 NEW WAYS OF WORKING NEW SERVICES Ambition €1bn Revenue by 2030NEW MARKETS
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LEAP | 28 value creation ambition 117 Organic growth step change M&A acceleration and Portfolio high-grading Performance led execution Cash generation Mid-to-high-single-digit organic CAGR & High-single-digit Total revenue growth CAGR1 Consistent margin improvement1 Above 90%2 cash conversion Double-digit return based on EPS CAGR1 + dividend yield Increasing shareholder returns Of which double-digit total revenue growth CAGR1 during 2027–2028 1. At constant exchange rate 2. (Net cash generated from operating activities - lease payments + income tax)/adjusted operating profit Of which strong cash generation during 2027-2028