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Business Wire India

ASGN Incorporated (NYSE: ASGN), a leading provider of IT solutions across the commercial and government sectors, soon to be renamed Everforth, today announced the appointment of Sangita Singh as President, India and International, a newly created role designed to accelerate the Company’s global growth strategy and expand its offshore delivery and digital engineering capabilities.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260223716492/en/

 

 

 

Singh’s appointment comes at a pivotal moment for ASGN following its recent announcement of its intent to acquire Quinnox, an agile, results-driven digital solutions provider with a strong offshore delivery footprint in India. Together, the creation of this new leadership role and the Quinnox acquisition underscore ASGN’s commitment to building a scaled, world‑class global delivery platform to support increasingly complex, technology‑driven client needs.

 

“Sangita is a transformational leader with a proven track record of building and scaling global technology businesses, particularly in India,” said Ted Hanson, Chief Executive Officer of ASGN. “As we move into our next phase of growth and expand our offshore delivery capabilities, Sangita’s deep industry experience, cross‑cultural leadership, and strong reputation in the Indian marketplace make her uniquely suited to this role. Her appointment reflects our long‑term strategy to invest in global delivery and position our Company for sustained growth.”

 

 

Singh brings more than three decades of experience driving growth and innovation at some of the world’s largest technology and consulting organizations. Most recently, she served as General Manager of IT and IT Enabled Services at Microsoft India, where she led large‑scale growth initiatives focused on AI‑enabled partnerships and complex deal execution. She previously held senior leadership roles at IBM, Infosys, and Wipro, where she built and managed multi‑billion‑dollar businesses and led global teams across AI, cloud, enterprise applications, and industry‑focused solutions in healthcare and life sciences.

 

 

Well known and highly respected within India’s technology and services ecosystem, Singh has been recognized as one of Business Today’s 30 Most Powerful Women, named a Young Global Leader by the World Economic Forum, and included among India Today’s 50 on Fast Track.

 

 

In her role as President, Singh will establish India-based go-to-market operations to serve the explosive growth of global capability centers and accelerate the scaling of ASGN’s operations in India. Singh will oversee international expansion and partner with ASGN’s Commercial Segment leadership to enhance offshore delivery, strengthen overall go‑to‑market execution, and expand the Company’s ability to deliver large, complex programs for global clients.

 

 

“The opportunity to join ASGN at such a formative moment in its global growth journey is incredibly exciting,” said Singh. “ASGN is making bold, strategic investments in the future, and I’m thrilled to work with the leadership team to scale our presence in India, expand our go-to-market capabilities, and deliver exceptional value to clients worldwide.”

 

 

Singh’s appointment further strengthens ASGN’s leadership team as the Company prepares to transition to the Everforth brand in the first half of 2026. ASGN continues to execute its long-term strategy to expand its AI-led technology and digital engineering solutions with global delivery at scale.

 

 

About ASGN Incorporated, transitioning to Everforth

 

 

ASGN Incorporated (NYSE: ASGN) is a leading provider of IT solutions for commercial and government clients. In November 2025, ASGN announced its intent to rebrand to Everforth, a new parent brand unifying its six brands — Apex Systems, Creative Circle, CyberCoders, ECS, GlideFast, and TopBloc — under a single identity.

 

 

During the transition, ASGN will continue operating under its existing commercial and government brands. Clients, partners, and suppliers can expect a seamless experience, led by the same trusted teams with greater resources and stronger cross-brand collaboration. ASGN’s transition to Everforth will take place in the first half of 2026.

 

 

Everforth is a leading technology and digital engineering company with six core solution areas: AI and data, cloud and infrastructure, digital engineering, customer experience, cybersecurity, and enterprise platforms. Through proprietary assets, accelerators, and proven expertise, Everforth delivers measurable outcomes that help organizations adapt, innovate, and thrive.

 

 

Everforth: Adapt and Thrive.

 

 

Learn more at go-everforth.com.

 

 

Safe Harbor

 

 

Certain statements made in this news release are “forward-looking statements” within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding (i) our anticipated financial and operating performance, (ii) the Company’s brand transition to Everforth, (iii) the anticipated benefits of the proposed Quinnox transaction, (iv) the anticipated impact of the proposed Quinnox transaction on the combined company’s business and future financial and operating results, and (v) our goals, plans and projections with respect to our operations, financial position and business strategy. All statements in this news release, other than those setting forth strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results might differ materially. For a full list of risks and discussion of forward-looking statements, please see our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 25, 2026. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223716492/en/

 

Business Wire India

Rimini Street, Inc. (Nasdaq: RMNI), the Software Support and Agentic AI ERP Company™, and the leading third-party support provider for Oracle, SAP and VMware software, today announced KleanNara has selected Rimini Street to provide support for its SAP ECC 6 and Oracle Database systems.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260225123422/en/

 

 

 

Founded in 1966, KleanNara is one of South Korea’s leading manufacturers of paper and hygiene products. Holding a 25% share of the white cardboard market, the company is known for its commitment to quality, sustainability and innovation, and continues to expand globally with a focus on ESG-driven, eco-friendly products.

 

Breaking Free from Traditional ERP Support Constraints

 

 

For years, KleanNara relied on a traditional ERP support model for its SAP ECC 6 and Oracle Database, systems which are critical for the company’s finance, accounting, sales and customer data management. As the company expanded, IT operations faced high support costs, unresponsive and low-value support services and forced software upgrades just to maintain vendor support.

 

 

“To accelerate digital transformation and to remain competitive in a rapidly changing market environment, it was imperative to increase the flexibility and efficiency of our IT systems,” said Hongjun Jang, digital experience manager at KleanNara. “We needed to keep current systems stable while adopting new technologies and establishing a business-driven roadmap.”

 

 

Rimini Support™ Brings Stability, Flexibility and Significant Cost Savings

 

 

KleanNara needed an ERP support model that could dramatically cut costs, deliver faster, more reliable service and free up people, time and money for growth projects such as AI, cloud strategy and leveraging Internet of Things (IoT) to optimize operations. The company chose Rimini Street for its strong reputation in the industry and ability to provide expert, responsive service with transparent, structured SLAs and a client-focused service model.

 

 

KleanNara achieved immediate financial benefits with Rimini Support™ for SAP and Rimini Support™ for Oracle. By consolidating support under one trusted partner, KleanNara reduced annual vendor support fees by 50% and achieved major improvements in support responsiveness.

 

 

“Rimini Street is quick and accurate, especially when working with customized code and complex systems,” Jang said. “Issues that would have taken days to resolve with a traditional vendor are often resolved within hours with Rimini Street.”

 

 

Investing in AI-Driven Innovation to Support Growth

 

 

With the savings and time KleanNara regained by switching from vendor support to Rimini Street, the company accelerated several key initiatives, including building an AI-powered analytics platform, expanding cloud footprint and implementing IoT in production. These efforts enable the company to forecast and respond to market demand, reduce production costs and maximize inventory efficiency. The savings also support talent recruitment and development to further KleanNara’s digital transformation vision.

 

 

“Reducing fixed costs and optimizing IT operating expenses has paved the way to reinvest resources in core business objectives, including digital transformation, developing eco-friendly products and streamlining production processes, which have been instrumental in strengthening the company’s competitiveness and supporting sustainable growth,” Jang said. “Stabilizing our core systems created space to innovate. Rimini Street has become a key partner in helping us modernize while maintaining the reliability we need.”

 

 

“Mandatory migrations and frequent upgrade cycles often expose organizations to unnecessary risks, unexpected costs and operational disruptions — threatening business continuity and slowing innovation,” said Hyungwook Kim, GVP and regional GM, Rimini Street Korea. “We’re proud to be KleanNara’s partner and help them break free from these constraints, empowering their IT teams to focus on priority initiatives and drive measurable business outcomes. Rimini Street delivers the stability, flexibility and expert guidance needed to support and accelerate KleanNara’s ambitious growth and digital transformation goals.”

 

 

Discover how KleanNara is driving innovation with Rimini Street’s support for SAP and Oracle.

 

 

About Rimini Street, Inc.

 

 

Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a proven, trusted global provider of end-to-end, mission-critical enterprise software support, managed services and innovative Agentic AI ERP solutions, and is the leading third-party support provider for Oracle, SAP and VMware software. The Company has signed thousands of IT service contracts with Fortune Global 100, Fortune 500, midmarket, public sector and government organizations who have leveraged the Rimini Smart Path™ methodology to achieve better operational outcomes, billions of US dollars in savings and fund AI and other innovation.

 

 

To learn more, please visit www.riministreet.com and connect with Rimini Street on X, Facebook, Instagram, and LinkedIn.

 

 

Forward-Looking Statements

 

 

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “currently,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “goal,” “potential,” “predict,” “project,” “reflect,” “results,” “seem,” “seek,” “should,” “will,” “would” and other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to our ability to attract new clients or retain and/or sell additional products or services to existing clients; our ability to achieve and maintain an adequate rate of revenue growth; cost of revenue, including changes in costs associated with our efforts to grow and the results of any efforts to manage costs to align with current revenue expectations and the expansion of our offerings; the effects of increased intense competition in our industry and our ability to compete effectively; our ability to successfully educate the market regarding the advantages of our support and managed services for enterprise resource planning (ERP) software and to sell the products and services comprising our “Rimini Smart Path™” solutions portfolio, including but not limited to our Agentic AI ERP solutions; our intentions with respect to our pricing model and expectations of client savings relative to use of other providers; the evolution of the ERP software management and support landscape facing our clients and prospects; estimates of our total addressable market; the effects of seasonal trends on our results of operations, including the contract renewal cycles for vendor-supplied software support and managed services; the effects of the efforts of enterprise software vendors to sell upgrades or migrations to cloud-based versions of their enterprise software on our results of operations; our ability to scale our operations quickly enough to meet our clients’ changing needs or decrease our costs adequately in response to changing client demand; risks arising from incorporating artificial intelligence (“AI”) technologies into our products or services or any deficiencies associated with AI technologies used by us or by our third-party vendors and service providers; our ability to maintain, protect, and enhance our brand; the continuing impact of and our ability to comply with the terms of our July 2025 settlement agreement with Oracle; our wind down of support services for Oracle PeopleSoft software products and the impact on future period revenue and costs incurred related to these efforts; the loss of one or more members of our management team and our ability to attract and retain additional qualified technical, sales and marketing personnel; our ability to expand our marketing and sales capabilities; our ability to avoid interruptions to, or degraded performance of, our services and the impact of any such interruptions or performance problems on our operations; our ability to defend against cybersecurity threats and to comply with data protection and privacy regulations; our expectations regarding new product offerings, innovation solutions, partnerships and alliance programs and our ability to develop and maintain strategic partnerships; our ability to expand internationally and the risks associated with global operations; the impact of macro-economic trends, including inflation and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which we operate and the industries in which our clients operate; our ability to generate significant capital through our operations or to raise additional capital necessary to fund and expand our operations and invest in new services and products; our business plan and our ability to effectively secure and manage our growth and associated investments; risks relating to retention rates, including our ability to accurately forecast retention rates; our ability to protect our intellectual property; our ability to maintain an effective system of internal control over financial reporting; changes in laws or regulations, including tax laws or unfavorable outcomes of tax positions we take; tariff costs, including those imposed by the United States government and the potential for retaliatory trade measures by affected countries; our ability to realize benefits from our net operating losses; any negative impact of environmental, social and governance (“ESG”) matters on our reputation or business and the exposure of our business to additional costs or risks from our reporting on such matters; our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the volatility of our stock price; the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; our ability to maintain our good standing with the United States government and international governments and capture new contracts with governmental entities/agencies; the occurrence of catastrophic events that may disrupt our business or that of our current and prospective clients; future acquisitions of, or investments in, complementary companies, products, subscriptions or technologies; and those discussed under the heading “Risk Factors” in Rimini Street’s Annual Report on Form 10-K filed on February 19, 2026, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the U.S. Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

 

 

© 2026 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225123422/en/

 

Business Wire India

Data thought leaders were recognized for their accomplishments during DataDriven, a global gathering hosted by Reltio® for senior technology professionals responsible for enterprise data strategy. Chief data officers, chief information officers, chief technology officers and other experts focused on modern data management and innovation, celebrated the accomplishments of their industry colleagues during the annual awards ceremony.

 

“The organizations and individuals honored today represent the very best of data innovation,” said Manish Sood, CEO, Chair, and Founder of Reltio. “Their commitment to mastering and leveraging data strategically is setting a new standard for how enterprises can innovate and transform in the age of AI to drive significant business outcomes. We celebrate their vision and success in turning data into a true competitive advantage.”

 

 

Enterprise DataDriven Awards

 

 

The DataDriven Awards recognize data-driven companies demonstrating outstanding leadership, strategic vision and commitment to data best practices driving positive outcomes in their digital transformation journeys. The 2026 award winners are:

 

 

• Aon, Data Transformation Champion
• Aviva, DataDriven Award
• Cabinetworks Group, Time to Value Champion
• Eaton, Business Value Realization Champion
• Pfizer, AI Visionary Award

 

 

Women in Data Leadership Award

 

The Women in Data Leadership Award was presented to Kim Woodward, Head of Data Managementat Howden. This award recognizes trailblazing women who are making a profound impact in modern data management and related fields, celebrating those who innovate, influence, and inspire, driving meaningful change in a rapidly evolving landscape. Ms. Woodward exemplifies business outcomes and technical excellence focused on data unification to address enterprise priorities by fostering a data-driven organizational culture.

 

 

Data Management Pioneer Award

 

 

Alex Langhorne, Global Data Governance Manager at Kohler, was presented with the Data Management Pioneer Award which honors individuals who have profoundly advanced the discipline of data management through groundbreaking innovation. Mr. Langhorne has demonstrated exceptional leadership in developing and applying new practices, technologies, or methodologies that elevate how his company organizes, stores, governs, and leverages data by introducing transformative data architectures, tools, and strategies that enhance efficiency, accuracy, and accessibility across the data ecosystem. His visionary work has helped lay the foundation for the future of data management.

 

 

Technology Partner Awards

 

 

Data and AI innovation requires a robust ecosystem of experienced partners with complimentary expertise. In recognition of their respective outstanding contributions to advancing customer success through leading edge data management practices that enable contextual intelligence, the following companies were honored with partnership awards:

 

 

AWS, Cloud Partner
Axtria, Co-Sell Partner of the Year
Cognizant, Legacy Modernization Partner of the Year
Deloitte, SI Champion
TCS, Industry Partner
ZS, Innovation Champion

 

 

To stay informed about future DataDriven events, visit reltio.com/datadriven.

 

 

About Reltio

 

 

Reltio (reltio.com), a leader in real-time data intelligence, believes data is the key to powering your organization’s success in the AI era. Reltio Data Cloud is the agentic data fabric for enterprise, powering real-time data intelligence and AI transformation with enterprise-grade security and governance. Our AI-native platform delivers unified, trusted, and context-rich data across domains through secure, governed pipelines. Organizations gain 360-degree views of their customers, products, suppliers, and other critical data sets, mobilized in milliseconds to any application, user, or AI agent. Trusted by the world’s largest organizations, including those in regulated industries, Reltio helps fuel frictionless operations, reduce risk with robust data protection, and drive innovation.

 

 

“Reltio” is a registered trademark, and “Reltio AgentFlow” and “Reltio Data Cloud” are each trademarks of Reltio, Inc. All Rights Reserved.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225895208/en/

 

Business Wire India

NIIT Limited, a leading Skills & Talent development corporation, today released a new position paper titled “AI, Work and the Future of Talent in Indian IT” at Confluence 2026, presenting a new analytical framework to understand how Artificial Intelligence is reshaping India’s IT workforce.

 

The paper introduces a new analytical lens describing AI as a “talent redistribution engine” not merely automating tasks but redistributing where enterprise value resides. According to NIIT’s analysis, repetitive, execution-heavy layers within traditional pyramid-based IT models are facing structural compression, while intelligence-intensive roles across AI engineering, orchestration, product architecture, and governance are expanding.

 

For over three decades, Indian IT scaled through execution depth and labor leverage. The report argues that AI is altering the economic logic of traditional IT models – reducing reliance on rules-based tasks and increasing the premium on system-level design, contextual judgment, and governance capability. The shift, it notes, is from scaling headcount to scaling capability density, the integrated strength of human expertise and AI-embedded systems.

 

According to available industry research, there is a tightening of entry-level hiring alongside rising demand for AI and governance roles, reinforcing this structural redistribution. The paper cautions that without redesigning apprenticeship models and transition pathways, compression in execution-heavy layers could impact long-term capability pipelines.

 

The paper also uses the concept of “Agentic Capital” – autonomous and semi-autonomous AI systems embedded into enterprise workflows – to frame governance, validation, and auditability as core infrastructure rather than compliance overlays.

 

Pankaj Jathar, CEO, NIIT Ltd., said, “AI represents a deeper architectural shift for India’s IT industry. Competitive advantage will depend on how consciously enterprises redesign talent structures, build intelligence capacity, and institutionalize governance as a foundational capability.”

 

The paper positions ‘Intelligence Capacity’ as the combined capability of humans and AI systems as the new scaling logic for Indian IT, replacing the headcount‑driven model. Further, the paper calls on enterprises to redesign role structures, rebuild entry pathways, and embed governance frameworks to avoid reactive contraction and instead leverage structural expansion opportunities.

 

Dr Yogesh Kumar Bhatt, Executive Vice President and Head – New Technologies, NIIT Ltd., said, “AI is not merely automating tasks – it is redistributing enterprise value within IT organizations. Those that respond tactically risk structural compression. Those that respond architecturally can redesign talent structures, strengthen intelligence capacity, and enable strategic expansion.”

The position paper outlines four priorities for Indian IT leaders: deliberate role redesign, scaling intelligence capacity beyond headcount growth, embedding governance frameworks, and rebuilding entry pathways to sustain long-term talent formation.

 

To access the full position paper: Link

Business Wire India

Tecnotree, a global leader in AI-native digital business support systems for telecom operators, today announced it has won AI Initiative of the Year – United Arab Emirates and Digital Initiative of the Year – United Arab Emirates at the 2026 Asian Telecom Awards. Winning alongside Singtel, Mobicom, Telkomsel, MyRepublic, Telecom Malaysia, Ooredoo Kuwait, E& and many more reinforces Tecnotree’s industry-leading innovations in AI-powered customer engagement and digital experience platforms.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260225387227/en/

 

 

 

The awards recognise Tecnotree’s AI-powered Moments Engagement and Experience Management platform and the MVNE/MVNO CX Catalyst Initiative, two distinct but complementary capabilities that together demonstrate what it means to be a truly AI-native, TM Forum ODA-aligned operator platform.

 

AI Initiative of the Year: Moments Engagement and Experience Management

 

 

Tecnotree’s award-winning Moments platform redefines how communications service providers engage customers, moving from static, batch-driven campaigns to real-time, contextual experiences powered by GenAI and predictive intelligence.

 

 

Full Stack Data Model for Real-Time Events

 

 

At the foundation of the platform is a full stack real-time event data model that continuously ingests, processes, and enriches customer signals across the entire lifecycle, from network usage and app interactions to billing events, support touchpoints, and location triggers. This always-on data layer provides the live context engine that powers every downstream decisioning and engagement capability.

 

 

GenAI-Powered Segmentation Across Channels

 

 

Leveraging generative AI agents, the platform performs dynamic, predictive segmentation that goes far beyond traditional RFM or rule-based cohorts. AI models continuously score and re-segment customers based on behavioural trajectories, propensity signals, and predicted lifetime value – generating hyper-relevant micro-segments in real time without manual analyst intervention. These segments are instantly actionable across every engagement channel: email, SMS, USSD, IVR, in-app landing pages, and WhatsApp.

 

 

Next-Best-Offer and Next-Best-Action Engines

 

 

Integrated NBO and NBA decisioning engines evaluate each customer’s context, including usage patterns, sentiment signals, churn risk indicators, and current journey stage, to surface the most commercially and experientially relevant action at precisely the right moment. Whether the trigger is a data threshold breach, a contract anniversary, a failed self-service attempt, or a competitor tenure milestone, the platform responds with personalised, channel-optimised engagement that drives conversion, reduces churn, and increases average revenue per user.

 

 

Deployment results across the UAE have demonstrated strong commercial performance, with measurable uplifts in conversion rates, revenue, and customer lifetime value.

 

 

Digital Initiative of the Year: MVNE/MVNO – Launching New Brands and Business Models on an AI-Native ODA Stack

 

 

Complementing its engagement capabilities, Tecnotree’s CX Catalyst Initiative demonstrates the extraordinary flexibility of Tecnotree BSS Suite 5.0, an AI-native, TM Forum Open Digital Architecture (ODA)-aligned platform purpose-built for B2B2X business models in launching and scaling MVNE and MVNO operations with speed and commercial agility.

 

 

Enabling New Brands and Business Models

 

 

In a market where the ability to launch new digital brands, serve niche segments, and experiment with alternative B2B2X business models is a critical competitive differentiator, Tecnotree BSS Suite 5.0 provides a composable, cloud-native foundation that makes MVNO and MVNE deployment radically faster and more cost-effective. Operators can spin up new brands, whether targeting youth, enterprise, IoT verticals, or digital-first communities, without duplicating infrastructure or rebuilding BSS/OSS stacks from scratch.

 

 

Flexibility of the AI-Native ODA Stack

 

 

Tecnotree BSS Suite 5.0 is built on a microservices architecture fully aligned with TM Forum Open APIs and ODA component standards, delivering the modularity and interoperability that B2B2X business models demand. Each functional component, from product catalogue and order management to billing, partner management, customer lifecycle orchestration, and wholesale settlement, operates as an independent, API-exposed capability that can be assembled, scaled, or replaced without disrupting the broader stack.

 

 

This architecture allows MVNOs to bring differentiated propositions to market in weeks rather than months, while MVNE operators can onboard multiple virtual operators and B2B2X partners on a shared but logically isolated platform, reducing total cost of ownership while maximising revenue per network element across every layer of the value chain.

 

 

AI-native capabilities are embedded throughout BSS Suite 5.0: predictive churn models, automated lifecycle interventions, and GenAI-powered self-service experiences are available to every brand and partner on the platform from day one, not bolted on as afterthoughts. This means even the smallest MVNO or B2B2X reseller can compete with the customer experience sophistication of a Tier 1 operator.

 

 

“Being recognised in two key categories at the Asian Telecom Awards reflects the depth and breadth of what we are building at Tecnotree,” said Prianca Ravichander, CCO & CMO, Tecnotree. ‘’Our Moments platform shows that AI-native engagement isn’t a feature, it’s a full stack architecture, from real-time event data from the channels to the network right into our GenAI segmentation, NBO, and NBA across every channel. And Tecnotree BSS Suite 5.0 proves that the same AI-native ODA stack can power entirely new B2B2X brands and business models for MVNOs, MVNEs, and digital brands, with the speed and flexibility the market demands. Together, these wins are a testament to what it means to be built for the intelligence era – not just adapted to it.”

 

 

About Tecnotree

 

 

Tecnotree is a global provider of AI-native digital business support and customer experience solutions for telecom operators and beyond. Its platforms power commerce monetisation, lifecycle orchestration, and personalised engagement for traditional CSPs, MVNOs, and new digital brands, enabling operators to accelerate digital transformation, increase revenue, and strengthen customer loyalty.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260225387227/en/

 

Business Wire India

Balkrishna Industries Limited (BKT), a global leader in the Off‑Highway Tyre (OHT) segment, today announced its landmark entry into India’s consumer tyre market with the launch of its On‑Highway portfolio. Marking a strategic expansion beyond its OHT leadership, BKT introduced purpose‑built products for Two‑Wheelers (scooters and motorcycles) and Medium & Heavy Commercial Vehicles (M&HCV), underscoring its long‑term commitment to India’s fast‑growing consumer and replacement tyre segments.

 

The company simultaneously launched its national brand campaign, ‘Elevate Your Drive’, featuring brand ambassador Ranveer Singh, marking the start of its consumer brand journey and signalling a new chapter for the home-grown global tyre manufacturer.

 

A New Brand Chapter: BKT Tyres & BKT Carbon

 

Under its unified corporate identity, ‘BKT – Growing Together’, the company unveiled a new brand architecture with two distinct identities – BKT Tyres, representing its complete tyre portfolio across Off‑Highway and On‑Highway categories, and BKT Carbon, representing its carbon black and industrial materials business. This dual‑pillar structure enhances brand clarity while showcasing BKT’s evolution as an integrated mobility enterprise.

 

This announcement was made in the presence of Arvind Poddar, Chairman and Managing Director, BKT; Rajiv Poddar, Joint Managing Director, BKT; Satish Sharma, Senior President and Director – Business Development and Strategy, BKT; Lucia Salmaso, Managing Director, BKT Europe; and Mahesh Koppad, Chief Marketing Officer – India, BKT Tyres.

 

Arvind Poddar, Chairman & Managing Director, BKT, said, “Our entry into the on‑highway segment is a natural extension of BKT’s purpose – to support India’s evolving mobility needs with products engineered for real‑world conditions. We are building on decades of manufacturing discipline to offer tyres that deliver safety, reliability, and value. Guided by BKT – Growing Together, we aim to be a dependable partner for consumers, distributors and dealers.”

 

Rajiv Poddar, Joint Managing Director, BKT, added, “BKT’s foray into the on-highway tyre segment is a strategic milestone under our Vision 2030 – an India‑led initiative to scale responsibly and expand our mobility footprint. Our approach balances ambition with discipline, where we aim to grow while protecting profitability and maintaining our engineering excellence. With a defined revenue roadmap of INR 23,000 crore by 2030 – a 2.2x increase from FY25 levels, this measured growth, is built on clarity, capability, and long‑term commitment.”

 

Satish Sharma, Senior President and Director – Business Development and Strategy, BKT, said, “As we step into a new phase of growth, our focus remains unwavering on delivering durability, mileage, comfort and advanced performance across 2‑Wheeler, Truck Bus Radial, Passenger and Light Truck categories, backed by deep customer insights and a commitment to product leadership. We are proud to pioneer industry‑first initiatives – whether it is pure distribution play ensuring wide reach with zero channel conflict, our ‘Journey Assistance Program’ for riders, or transformative programs like ‘Save the Casing’ and market‑leading end‑user loyalty platforms. Our goal is clear - to achieve a 5% market share by FY30 through a disciplined, India‑led strategy based on product leadership, distribution strength, and consumer trust.”

 

Two‑Wheeler Tyres Portfolio:

 

BKT Tyres consumer journey begins with the launch of two purpose‑built two‑wheeler tyre lines – BKT ZENOVA and BKT THYROS.

 

BKT ZENOVA is designed for city commuting, offering enhanced comfort, smooth handling, and dependable grip for everyday urban riders. BKT THYROS is engineered for on‑ off‑road surfaces, offering confidence and control across mixed terrain conditions. Both products are made in India, built around the core consumer priorities – comfort, grip, safety, and mileage – covering the full spectrum of Indian riding conditions for both motorcycle and scooter segments.

 

Manufactured under IATF 16949‑certified processes, the range undergoes rigorous validation, including design verification, accelerated durability trials, and vehicle‑level testing at NATRAX, government testing facility at Indore, for wet and dry braking, ride quality, and handling performance. The products carry mandatory BIS certifications, reaffirming adherence to national standards and international best practices.

 

Medium & Heavy Commercial Vehicle Radial Tyres Range (MHCVR)

 

Building on its consumer market entry, BKT will expand into the commercial on‑road segment with the introduction of:

 

• BKT m.Loadxpert (11.00R20)
• BKT Milexpert RG (295/90R20)

 

Launch timeline: Q1 FY2026–27 (April–June 2026)

 

Developed for high‑demand applications such as cement transport, construction logistics, and regional cargo movement, the new BKT Commercial Vehicle Radial Tyre range is engineered to deliver high stability, superior casing strength, and consistent performance – the cornerstones of BKT’s commercial on‑road philosophy.

 

Each tyre undergoes 138 in‑process quality checks, 20+ design verification tests, and certifications in NABL‑accredited laboratories. Meeting all BIS standards, the range demonstrates BKT’s commitment to reliability, long service life and retreadability, bringing industrial-grade validation to the commercial on‑road space.

 

Go‑to‑Market & Service Commitment

 

BKT’s new portfolio will be introduced through its nationwide distributor‑dealer network, in a phased geographic rollout, beginning with high‑demand markets. Reflecting its consumer‑first philosophy, BKT will complement its products with a market‑leading digital service and complaint-response platform, ensuring quick resolution and transparent tracking. These initiatives will establish a new benchmark in distribution strength, service responsiveness and consumer engagement within India’s mobility sector.

 

Long-Term Growth and Investment Commitment

 

As part of this strategic expansion, BKT has committed an investment of INR 3,500 crore (USD 400 million) to strengthen its presence across India’s mobility ecosystem. The investment will support manufacturing capacity expansion, advanced R&D capabilities, vertical integration through BKT Carbon, and the expansion of its nationwide distribution network, reinforcing the company’s focus on sustainable, value-creating growth.

 

Under Vision 2030, BKT aims to grow overall revenue to approximately INR 23,000 crore by FY30, with a projected revenue mix of ~70% from Off-Highway tyres, ~10% from third-party carbon black sales, and ~20% from On-Highway tyre categories.

 

Join the BKT press room: www.bkt-tires.com/ww/en/press-room.

Business Wire India

Boehringer Ingelheim today announced that Meenal Gauri has been appointed as Managing Director India, effective 12 January 2026. In this role, she will assume responsibility for the company’s businesses in India, Bangladesh, Nepal, Sri Lanka, and the Maldives. Further, she would also join the Board of Boehringer Ingelheim India.

 

Meenal brings in more than 16 years of international experience across Europe, Asia, and the Middle East, with expertise spanning marketing, sales, corporate strategy, business development, and market access. Her diverse background and deep understanding of healthcare ecosystems across geographies enable her to lead Boehringer Ingelheim India as it advances bold ambitions for growth and patient impact with its India Vision 2030.

 

During her tenure in regional roles with Boehringer Ingelheim, Meenal has played a central role in strengthening the company’s presence across complex markets and successfully leading high-impact product launches and strategy. Additionally, as a trained Co-Active coach, she is equally passionate about empowering and developing future leaders. These values are strongly aligned with Boehringer Ingelheim’s culture of collaboration and long-term commitment.

 

Reflecting on her appointment, Meenal Gauri said, “My journey at Boehringer Ingelheim has been both inspiring and purposeful. Since my first role here, I’ve experienced significant growth, shaped by diverse interactions with remarkable individuals across geographies and the healthcare community. India continues to be a fascinating and dynamic market, and I remain deeply committed to enhancing patient health across the country. I look forward to collaborating with our teams and partners to deliver impactful innovations that truly make a difference.”

 

Commenting on the appointment, Evren Ozlu, Head of Human Pharma, India, Middle East, Turkey, and Africa (IMETA), said, “Meenal brings deep industry expertise with a people-first approach that reflects our company’s values. We are confident that under her leadership, our India business will continue to advance innovation, strengthen partnerships, and make a positive impact on patients and communities.”

 

Outside of work, Meenal is an avid traveller and proud mother of two, with a strong belief in continuous learning and personal growth.

Business Wire India

 

 

Strong margin improvement to 16.3% in FY 2025

Positive growth outlook with continued margin expansion in 2026

New EUR 200 million share buyback

 

Bureau Veritas (BOURSE:BVI):

 

2025 key figures¹

 

 

› Full-year revenue of EUR 6,466.4 million, up 6.5% organically (with 6.3% organic growth in Q4). At constant currency, the growth was up 7.3% year-on-year and up 3.6% on a reported basis,

 

 

› Adjusted operating profit of EUR 1,052.9 million, up 5.7% versus EUR 996.2 million in FY 2024, representing an adjusted operating margin of 16.3%, up 32 basis points year-on-year and up 51 basis points at constant currency,

 

 

› Operating profit of EUR 992.4 million, up 6.3% versus EUR 933.4 million in FY 2024,

 

 

› Adjusted net profit of EUR 631.4 million, up 1.7% versus EUR 620.7 million in FY 2024,

 

 

› Adjusted EPS stood at EUR 1.42 in 2025, with a 2.8% increase versus FY 2024 (EUR 1.38 per share) and up 9.2% at constant currency,

 

 

› Attributable net profit of EUR 588.0 million, up 3.3% versus EUR 569.4 million in FY 2024,

 

 

› Free Cash Flow of EUR 824.2 million, up 3.9% organically and up 2.6% at constant currency, and cash conversion of 107%²,

 

 

› Adjusted net debt/EBITDA ratio of 1.1x as of December 31, 2025, slightly up versus last year,

 

 

› Proposed dividend of EUR 0.92 per share³, up 2.2% year-on-year, payable in full in cash.

 

 

2025 highlights

 

 

› 2025 financial targets of revenue, margin and cash met or exceeded,

 

 

› Strong drivers of portfolio organic growth from higher energy investments, from the ongoing buildup of digital infrastructure and from clients demand for corporate and enterprise risk assessment solutions,

 

 

› Progressive LEAP I 28 strategy execution in its second year yielding tangible impact on operational leverage and functional scalability,

 

 

› New organization implementation to accelerate strategy execution,

 

 

› Portfolio refocusing continues with nine bolt-on acquisitions, and two divestments in non-core areas closed. These acquisitions added EUR 96 million in annualized revenue and support LEAP I 28 portfolio priorities of: i) Strengthening leadership positions in Buildings & Infrastructure; ii) Creating new strongholds in Power & Utilities and Renewables, Cybersecurity, and in Sustainability and iii) Optimizing value and impact in mature businesses; in Consumer Product Services and in Metals & Minerals. Year-to-date, three more bolt-on deals have been closed, contributing to c. EUR 5 million in annualized revenue,

 

 

› Double-digit shareholder returns based on EPS growth of c. 9% at constant currency, a dividend yield of c. 3% and enhanced by a EUR 200 million share buyback program (representing c. 1.5% of outstanding share capital).

 

 

2026 outlook

 

 

Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 aligned with the financial ambition outlined in its strategy:

 

 

› Mid-to-high single-digit organic revenue growth,

 

 

› Improvement in adjusted operating margin at constant exchange rates,

 

 

› Strong cash flow generation.

 

 

Hinda Gharbi, Chief Executive Officer, commented:

 

 

“2025 was a year of solid progress for Bureau Veritas, with sector leading organic growth, strong margin expansion, and a disciplined execution of our LEAP | 28 strategy. I want to thank all our colleagues worldwide for their strong commitment and personal contributions.

 

 

In this passing year, the second of our strategic plan, we delivered results fully in line with our ambition to accelerate growth and enhance returns, supported by a strengthened portfolio and a tangible impact from our performance programs.

 

 

We again achieved double‑digit shareholder returns at constant currency, reflecting both the quality of our portfolio and the effectiveness of our strategy. With our new organizational structure now almost complete, we are better equipped to scale our product lines’ services within our regional platforms, drive cross‑selling, and elevate our customer service and stickiness.

 

 

As we start 2026, we remain focused on executing our growth and margin improvement plans, confident in the resilience of our evolving portfolio and in our ability to generate superior, sustainable value over the mid and long term. We are continuing to improve shareholder returns and will be launching a new EUR 200 million share buyback program, without hindering our M&A plans.”

 

 

2025 KEY FIGURES

 

 

On February 24, 2026, the Board of Directors of Bureau Veritas approved the financial statements for the full year 2025. The main consolidated financial items are:

 

 

IN EUR MILLION	2025		2024		CHANGE		CONSTANT CURRENCY
Revenue	6,466.4		6,240.9		+3.6%		+7.3%
Adjusted operating profit(a)	1,052.9		996.2		+5.7%		+10.8%
Adjusted operating margin(a)	16.3%		16.0%		+32bps		+51bps
Operating profit	992.4		933.4		+6.3%		+11.2%
Adjusted net profit(a)	631.4		620.7		+1.7%		+8.1%
Attributable net profit	588.0		569.4		+3.3%		+9.3%
Adjusted EPS(a)	1.42		1.38		+2.8%		+9.2%
EPS	1.32		1.27		+4.3%		+10.4%
Operating cash-flow	1,006.7		1,004.8		+0.2%		+4.6%
Free cash flow(a)	824.2		843.3		(2.3)%		+2.6%
Adjusted net financial debt(a)	1,253.3		1,226.3		+2.2%
(a) Alternative performance indicators are presented, defined, and reconciled with IFRS in appendices 6 and 8 of this press release

 

2025 HIGHLIGHTS

 

2025 financial targets achieved with some exceeding expectations

 

 

› Mid-to-high single digit organic revenue growth in the full year

 

 

Group revenue in 2025 increased by 6.5% organically compared to 2024, including 6.3% in the fourth quarter, benefiting from underlying robust market trends across businesses and geographies.

 

 

› Improvement in adjusted operating margin at constant exchange rates

 

 

The Group delivered an adjusted operating margin of 16.3%, up 51 basis points at constant currency and up 32 basis points on a reported basis compared to 2024.

 

 

› Strong cash flow, with cash conversion⁴ above 90%

 

 

The Group achieved a strong cash flow with cash conversion of 107% in 2025.

 

 

Double-digit shareholder returns

 

 

In line with its LEAP | 28 strategy, the Group aims to deliver double-digit shareholder returns within the period.

 

 

In 2025, double-digit shareholder returns were achieved based on EPS growth of c. 9%, a dividend yield of c. 3%, and a EUR 200 million share buyback program announced in the second quarter of 2025 (c. 1.5% of the outstanding share capital).

 

 

› Proposed dividend of EUR 0.92 per share for 2025

 

 

The Board of Directors of Bureau Veritas is recommending a dividend of EUR 0.92 per share for 2025, up 2.2% compared to the prior year. This corresponds to a payout ratio of 65% of its adjusted net profit.

 

 

This is subject to the approval of the Shareholders’ Meeting to be held on May 19, 2026, at 3:00pm at the Bureau Veritas Headquarters, Tour Alto – 4 Place des Saisons, 92400 Courbevoie, France. The dividend will be paid in cash on May 28 (shareholders on the register on May 27, 2026, will be entitled to the dividend and the share will go ex-dividend on May 26, 2026).

 

 

› Share buyback programs

 

 

• In May and June 2025, the Group executed the EUR 200 million share buyback program through the acquisitions of shares on the market (c. 1.5% of the outstanding share capital, i.e. 6.7 million shares). The repurchased shares will be used for cancellation and other purposes as approved by shareholders at the 2024 Annual General Meeting.
• In line with the commitment to continue to improve shareholder returns, on February 25, 2026, a new EUR 200 million share buyback program is announced, to be completed within the next twelve months. The program is subject to approval by the Annual General Meeting of May 19, 2026 if any or all is to be executed after that date.
  In accordance with the terms of the share buyback program approved by the Annual General Meeting, the purchased shares will be used for any purpose authorized by the Company’s shareholders at the Annual General Meeting of June 19, 2025, for any or all of the program to be executed before the Annual General Meeting of May 19, 2026.
  For any or all of the program to be executed after the Annual General Meeting of May 19, 2026, the purchased shares will be used for any purpose authorized by the Company’s shareholders at that date.

 

Financing

 

The Group carried out the following transactions during the year:

 

 

› In January 2025, the Group redeemed at maturity a EUR 500 million bond issue carrying a 1.875% coupon;

 

 

› In October 2025, the Group completed a new EUR 700 million bond issuance, maturing in October 2033 and carrying a 3.375% coupon.

 

 

In April 2025, the rating agency Moody’s reaffirmed Bureau Veritas’ A3 credit rating with a stable outlook.

 

 

LEAP I 28 FOCUSED PORTFOLIO UPDATE

 

 

As part of the LEAP | 28 strategy objectives, Bureau Veritas has implemented an active portfolio management program to strengthen its market position.

 

 

In 2025, the Group completed the acquisition of nine companies, with three transactions finalized in the last quarter. These acquisitions represent an annualized cumulative revenue of c. EUR 96 million.

 

 

Year-to-date, the Group has closed three additional bolt-on deals adding c. EUR 5 million of annualized revenue. Additionally, Bureau Veritas finalized the divestment of two activities, representing annualized cumulated revenue of c. EUR 172 million, in line with its objective to optimize the value of its portfolio.

 

 

In 2025, as the Group advances its portfolio transformation, it has activated the following M&A deals to:

 

 

› Expand the Group’s existing leadership positions:

 

 

In the Building & Infrastructure (Capex & Opex) segment, the Group acquired two companies in the first and fourth quarters of 2025:

 

 

• Contec AQS (Italy) in March 2025, a provider of construction, infrastructure, and HSE services for public authorities, infrastructure operators, and private industrial companies.
• London Building Control (UK), closed in October 2025, a leading Registered Building Control Approver (RBCA) specializing in building compliance services for renovation and upgrade projects.

 

› Create new strongholds:

 

• Renewables and low-carbon energy: the Group acquired two companies, Hinneburg (Germany) in August and Sólida (Spain) in November 2025, expanding its capabilities in the fast-growing nuclear and renewable energy sectors.
• Cybersecurity: in August 2025, the Group acquired the Institute for Cyber Risk (IFCR), a Danish company providing digital security services to private companies and public organizations.
• Sustainability transition services: the Group acquired Ecoplus (South Korea) in August 2025 and SPIN360 (Italy) in December 2025, strengthening its advisory offerings in sustainability for the consumer space.

 

› Optimize value and impact:

 

• Consumer Products: in August 2025, the Group acquired Lab System, the largest independent toy and durable goods laboratory in Brazil. This acquisition supports the development of a comprehensive Consumer Products platform in Latin America, creating synergies with Bureau Veritas’ existing laboratories in the country.
• Metals & Minerals: the Group reinforced its position in the copper market and in Chile with the acquisition of GeoAssay in March 2025, a company providing minerals geochemical analysis for regional clients. GeoAssay operates three state‑of‑the‑art laboratories in the country, bringing deep expertise in lab automation and mining processes.

 

› Divestments

 

• Bureau Veritas announced the divestment of its food testing business (EUR 133 million of revenue) to Mérieux NutriSciences in October 2024. As of December 31, 2024, the Group had completed the sale of its operations in Canada and the United States. The divestment of its activities in Asia‑Pacific, Africa, and Latin America was subsequently finalized in 2025.
• In January 2026, the Group sold its non-core construction projects technical supervision business in China (EUR c.39 million in annualized revenue) in order to enhance its B&I business mix in the country.

 

For further information, please refer to the press releases byclicking hereand consult Appendix 7 for additional details.

 

EXECUTIVE COMMITTEE LEADERSHIP AND ORGANIZATION CHANGES TO ACCELERATE LEAP | 28 STRATEGY EXECUTION

 

 

To accelerate the execution of LEAP | 28, Bureau Veritas has implemented a new Executive Committee structure in 2025 designed to improve alignment, and strengthen its geographic platforms with scalable Product Line organizations. The aim of this new organization is to enable product lines growth, to properly structure sales expansion plans and performance program implementation. The intent is to speed up cross-selling, to capture an increasing share of multi-country opportunities, and to improve sustainably the Group operational leverage.

 

 

The six former regions have been consolidated into four – Americas; Europe; Asia‑Pacific; and Middle East, Caspian & Africa – and Product Lines are now led by three Executive Committee members overseeing Industrials & Commodities, Urbanization & Assurance, and Consumer Products Services product lines grouping. After a transition period in the summer, the new Executive Committee structure became effective from September 2025, with the following Executive Vice-Presidents appointments:

 

 

› Regions:

 

 

• Europe: Vincent Bourdil
• Middle East, Caspian, & Africa: Khurram Majeed
• Asia-Pacific: Surachet Tanwongsval
• Americas: Santiago Arias Duval, appointed in November 2025

 

› Product Lines:

 

• Industrials and Commodities: Matthieu Gondallier De Tugny
• Urbanization and Assurance: Marc Roussel
• Consumer Products Services: Catherine Chen

 

› Business Functions:

 

• Corporate Development & Sustainability: Juliano Cardoso
• Chief Performance Officer: Laurent Louail
• Chief Digital & Innovation Officer: Philipp Karmires

 

› Support Functions:

 

• Chief Financial Officer: François Chabas
• Chief People Officer: Maria Lorente Fraguas
• Legal affairs & Internal Audit: Béatrice Place-Faget

 

For more information, the press release is available here.

 

CORPORATE SOCIAL RESPONSIBILITY COMMITMENTS
Corporate Social Responsibility (CSR) key indicators
	UNITED NATIONS’ SDGS	2024		2025		2028 TARGET
ENVIRONMENT/NATURAL CAPITAL
CO2 emissions (Scopes 1 & 2, 1,000 tons)5	#13	135		126		107
SOCIAL & HUMAN CAPITAL
Total Accident Rate (TAR)6	#3	0.24		0.23		0.23
Gender balance in senior leadership (EC-II)7	#5	26.7%		29.1%		36.0%
Number of learning hours per employee (per year)8	#8	41.3		44.7		40.0
GOVERNANCE
Proportion of employees trained to the Code of Ethics	#16	98.8%		99.4%		99.0%

 

In 2025, the Company continued to be highly recognized by non-financial rating agencies.

 

Recognition bodies	Period	Recognition
EcoVadis	December 2025	Bureau Veritas received a Gold rating with a score of 80/100 from EcoVadis.
Sustainalytics	December 2025	Bureau Veritas achieved a score of 8.3 with a “Negligible Risk” rating from Sustainalytics.
CDP	November 2025	Bureau Veritas was awarded an A- rating by CDP based on the Company’s climate reporting.
ISS ESG	October 2025	Bureau Veritas received a B- rating with Prime status from ISS ESG.
S&P Global	August 2025	Bureau Veritas achieved a score of 84/100 from S&P Global in their Corporate Sustainability Assessment (CSA) and ranks among the Top 1% of companies in the Professional Services sector.
MSCI	July 2025	Bureau Veritas achieved an AA rating from MSCI.
Time Magazine	June 2025	Bureau Veritas was recognized among the Top 100 Most Sustainable Companies in the World by Time magazine and Statista in their 2025 ranking.
Transparency Awards	July 2025	Bureau Veritas achieved a top 6 position among 135 companies in the Labrador Transparency Awards, which evaluates 360 criteria from four key public information sources.
Axylia	May 2025	Axylia awarded Bureau Veritas an A rating and included the Company in the Vérité 40® index.

 

2026 OUTLOOK AND 2028 AMBITION

 

› 2026 outlook

 

 

Bureau Veritas is starting the third year of LEAP I 28 strategy with sound market fundamentals. Building on a strong 2025 performance, the Group aims to deliver full year results for 2026 that align with the financial ambition outlined in its strategy:

 

 

› Mid-to-high single-digit organic revenue growth,

 

 

› Improvement in adjusted operating margin at constant exchange rates,

 

 

› Strong cash flow generation.

 

 

› LEAP | 28 ambitions

 

 

On March 20, 2024, Bureau Veritas announced its new strategy, LEAP | 28, with the following ambitions:

 

 

2024-2028
GROWTH CAGR	High single-digit total revenue growth9
With:	Organic: mid-to-high single-digit
And:	M&A acceleration and portfolio high grading
MARGIN	Consistent adjusted operating margin improvement9
EPS CAGR9 + DIVIDEND YIELD	Double-digit returns
CASH	Strong cash conversion10: above 90%

 

Over the period 2024-2028, the use of Free Cash Flow generated from the Company’s operations will be balanced between Capital Expenditure (Capex), Mergers & Acquisitions (M&A), and shareholder returns (dividends):

 

ASSUMPTIONS
CAPEX	Around 2.5%-3.0% of Company revenue
M&A	M&A acceleration
DIVIDEND	Pay-out of 65% of Adjusted Net Profit
NET LEVERAGE	Between 1.0x-2.0x by 2028

 

ANALYSIS OF THE COMPANY’S RESULTS AND FINANCIAL POSITION

 

Revenue up 3.6% year-on-year (up 7.3% at constant currency)

 

 

› Total revenue: in the full year of 2025, Bureau Veritas reported total revenue of EUR 6,466.4 million, marking a 3.6% increase compared to 2024.

 

 

› Organic growth: organic revenue growth was up 6.5% compared to full year 2024, with a 6.3% increase in the fourth quarter of 2025. This growth was driven by solid underlying trends across most businesses and geographies.

 

 

› Geographical breakdown:

 

 

• Americas (25% of revenue): the Americas region posted solid growth, with organic revenue up 4.0%. This reflects strong momentum in North American data centers and energy markets, along with healthy activity levels across Latin America.
• Europe (36% of revenue): Europe recorded 4.1% organic growth, supported by particularly high activity in the Northern and Eastern parts of the region.
• Asia-Pacific (29% of revenue): the Asia-Pacific region delivered strong organic growth of 8.2%, outperforming GDP growth in China and with strong expansion across all operations in the region.
• Middle East & Africa (10% of revenue): the Middle East & Africa region achieved very strong organic growth of 16.6%. It benefited from ongoing urbanization and infrastructure building programs as well as sustained energy investments in the Middle East.

 

› Positive scope effect: the scope effect had a positive 0.8% contribution to total growth. This was driven by bolt-on acquisitions completed in the past few quarters, contributing to a positive 2.9% impact. This was partly offset by divestments completed over the last twelve months, including the Food Testing business, representing a total reduction of 2.1%.

 

› Negative currency impact: currency fluctuations had a negative impact of 3.7%, with a higher negative impact of 5.2% in the fourth quarter. This is due to the strength of the euro against most currencies.

 

 

Adjusted operating profit up 5.7% to EUR 1,052.9 million (up 10.8% at constant currency)

 

 

Full year adjusted operating profit increased by 5.7% to EUR 1,052.9 million and increased by 51 basis points at constant currency.

 

 

CHANGE IN ADJUSTED OPERATING MARGIN
	ADJUSTED OPERATING PROFIT IN EUR M		ADJUSTED OPERATING MARGIN IN PERCENTAGE AND BASIS POINTS
FY 2024 adjusted operating profit / margin	996.2		16.0%
Organic change	111.7		+74bps
Organic adjusted operating profit / margin	1,107.9		16.7%
Scope	(4.3)		(23)bps
Adjusted operating profit / margin at constant currency	1,103.6		16.5%
Currency	(50.8)		(19)bps
FY 2025 adjusted operating profit / margin	1,052.9		16.3%

 

This represents an adjusted operating margin of 16.3%, up 32 basis points compared to the full year 2024:

 

› The adjusted operating margin increased organically by 74 basis points year-on-year to 16.7%, from higher operating leverage and functional scalability driven by the ongoing performance programs, and from a positive mix. By division, Buildings & Infrastructure, Agri-Food & Commodities, Marine & Offshore, and Consumer Product Services achieved higher margins offsetting margin contraction in Certification and Industry.

 

 

› Scope had a negative impact of (23) basis points, reflecting H1 2025 investments in the recently acquired companies to enable geographical expansion beyond existing markets and to develop new services addressing customers’ demand.

 

 

› Foreign exchange trends had a negative impact of (19) basis points on the Company’s margin due to the strength of the euro against other currencies.

 

 

Other adjustment items represented a net expense of EUR 60.5 million versus a EUR 62.8 million expense in the full year of 2024, mainly driven by a EUR 34.7 million in net gain on disposals and acquisitions (net loss of EUR 0.8 million in FY 2024), linked to the divestment of the Food testing activities. Other details are available in Appendix 6.

 

 

Operating profit totaled EUR 992.4 million, up 6.3% compared to EUR 933.4 million in the full year of 2024.

 

 

Adjusted EPS of EUR 1.42, up 2.8% year on year and 9.2% at constant currency

 

 

Net financial expense amounted to EUR 116.0 million in the full year of 2025, compared to EUR 69.6 million in the same period one year earlier. The difference in net finance costs amounting to EUR 66.4 million in 2025 compared to EUR 50.7 million in 2024 is mainly attributable to the decrease in income from cash and cash equivalents.

 

 

In 2025, the Company recorded unfavorable exchange rate effects, with a loss of EUR 28.3 million (compared to a gain of EUR 5.9 million in FY 2024).

 

 

Other items (including interest costs on pension plans and other financial expenses) stood at a negative EUR 21.3 million, compared to a negative EUR 24.8 million in FY 2024.

 

 

Consolidated income tax expense stood at EUR 265.9 million in the full year of 2025. This included the impact of the exceptional contribution on large companies’ profits in France, given that the portion based on the 2024 tax was fully recognized in 2025. For comparison, consolidated income tax expense was EUR 273.8 million in 2024.

 

 

This represents an effective tax rate (ETR- income tax expense divided by profit before tax) of 30.4% for the period, versus 31.7% in FY 2024. The reduction observed is mainly linked to the divestment of the food testing activities favorably impacting the overall tax rate.

 

 

The adjusted effective tax rate decreased by 50 basis points compared to 2024, to 30.0%. It corresponds to the effective tax rate adjusted for the tax effect of adjustment items. This decrease is mainly due to a reduction in the amount of withholding taxes incurred over the period.

 

 

Attributable net profit for the period was EUR 588.0 million, versus EUR 569.4 million in FY 2024. Earnings per share (EPS) were EUR 1.32, compared to EUR 1.27 in FY 2024.

 

 

Adjusted attributable net profit totaled EUR 631.4 million in 2025, up 1.7% versus EUR 620.7 million in FY 2024. Adjusted EPS stood at EUR 1.42 in FY 2025, and a 2.8% increase versus FY 2024 (EUR 1.38 per share) and of a 9.2% increase based on constant currencies.

 

 

Free Cash Flow of EUR 824.2 million (-2.3% year-on-year, +3.9% organically)

 

 

The 2025 operating cash flow was slightly up year-on-year at EUR 1,006.7 million versus EUR 1,004.8 million in FY 2024. This is due to working capital requirement inflow of EUR 19.1 million, compared to EUR 60.8 million of inflows in the previous year.

 

 

The working capital requirement (WCR) stood at EUR 236.8 million as of December 31, 2025, compared to EUR 293.0 million as of December 31, 2024. As a percentage of revenue, WCR decreased by 100 basis points to a low of 3.7%. This performance demonstrates the entire organization’s focus on cash deliverables.

 

 

Purchases of property, plant, and equipment and intangible assets, net of disposals (net Capex), amounted to EUR 141.8 million in 2025, a 1.4% increase from EUR 139.8 million in 2024. This result denotes strict control and reflects the divestment from capital-intensive Food testing, with the Company’s net capex-to-revenue ratio reaching 2.2%, stable compared to 2024.

 

 

Free cash flow (operating cash flow after tax, interest expenses and net Capex) was EUR 824.2 million, representing a 2.3% decrease from the previous year’s record of EUR 843.3 million in 2024. This reflected the one-off effects related to the sale of the Food Testing business, including the income tax cash out on capital gain. On an organic basis, free cash flow rose 3.9% year-on-year.

 

 

CHANGE IN FREE CASH FLOW
IN EUR MILLION
Free cash flow at December 31, 2024	843.3
Organic change	33.2
Organic free cash flow	876.5
Scope	(11.7)
Free cash flow at constant currency	864.8
Currency	(40.6)
Free cash flow at December 31, 2025	824.2

 

Solid financial position

 

Bureau Veritas has a solid financial structure. The Group had EUR 1.4 billion in available cash and cash equivalents, and EUR 600 million in undrawn committed credit lines as of December 31, 2025. The next refinancing of EUR 200 million is due in September 2026.

 

 

At the end of December 2025, the Group’s adjusted net financial debt/EBITDA ratio remained at a low level of 1.12x (vs.1.06x as of December 31, 2024). The average maturity of the Company’s financial debt was 6.0 years, with a blended average cost of funds of 2.9% (excluding the impact of IFRS 16), vs. 3.0% as of December 31, 2024 (excluding the impact of IFRS 16).

 

 

At December 31, 2025, adjusted net financial debt was EUR 1,253.3 million. The increase in adjusted net financial debt of EUR 27.0 million (including the impact of debt from acquired companies) versus December 31, 2024 (EUR 1,226.3 million) reflects:

 

 

› Free cash flow of EUR 824.2 million,

 

 

› Dividend payments totaling EUR 430.0 million, including dividends paid to non-controlling interests and withholding taxes on intra-Company dividends,

 

 

› Share buybacks net of transactions on treasury shares totaling EUR 177.3 million, as part of the Group’s LEAP | 28 strategy,

 

 

› Net M&A payment, accounting for EUR 5.5 million. This amount reflects the acquisitions spend of EUR 161.8 million (including repayment of amounts owed to shareholders), offset by the proceeds from divestments, amounting to EUR 156.3 million (mostly stemming from the disposal of the food testing activities),

 

 

› Lease payments accounting for EUR 157.8 million,

 

 

› Other items that increased the Company’s debt by EUR 58.1 million (including foreign exchange).

 

 

2025 BUSINESS REVIEW

 

 

MARINE & OFFSHORE

 

 

IN EUR MILLION	2025	2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	557.9	504.2	+10.7%	+14.3%	–	(3.6)%
Adjusted Operating Profit	130.8	118.2	+10.7%
Adjusted Operating Margin	23.4%	23.4%	+1bp	+67bps	–	(66)bps

 

Marine & Offshore delivered very strong results in 2025, achieving organic growth of 14.3%, including 15.6% in the fourth quarter. This is the third year in a row with double-digit growth. This performance was driven by:

 

› A strong double-digit expansion in New Construction (accounting for 47% of divisional revenue), supported by the global operating fleet renewal and accelerated deliveries as capacity expanded quickly at several shipyards. Growth was strong in the top Asian markets of China and Korea. As of December 31, 2025, the business secured 14.4 million gross tons of new orders, increasing the backlog to 33.5 million gross tons—a growth of 23.2% compared to the previous year.

 

 

› Mid-to-high single-digit organic growth for the Core-in service segment (42% of divisional revenue), largely driven by increased volumes and some pricing benefits. As of December 31, 2025, Bureau Veritas is responsible for the classification of a fleet of 12,336 ships, totaling 158.4 million Gross Register Tonnage (GRT), a 3.5% year-on-year increase.

 

 

› Low single-digit contraction in Services (11% of divisional revenue) primarily from the reduction in non-core advisory services, which is expected to yield a positive impact for the segment in the upcoming quarters.

 

 

The division sustained strong performance benefits from the maritime sector global fleet modernization and from the ongoing specialized ships expansion. The Group is actively developing new solutions to assist clients in addressing these needs. For example, it recently opened a global Gas Center of Excellence in Doha, Qatar, to provide comprehensive support for LNG development projects, as the energy industry expands its LNG fleet globally. The Center builds on existing capabilities in the key gas producing country of Qatar and leverages an existing extensive global technical network to clients anywhere in the world.

 

 

In 2025, the adjusted operating margin remained broadly stable at 23.4% on a reported basis, supported by a solid organic impact of 67 basis points attributable to a favorable product mix, offset by a negative currency impact of 66 basis points.

 

 

Green objects highlights

 

 

In the last quarter of 2025, Bureau Veritas Marine & Offshore provided comprehensive classification services, and supported final trials for a new-generation, low-carbon wind-powered vessel for a French shipping company, the first commercial sailing cargo ship of its kind to enter service.

 

 

It also classed its first methanol-fueled containership for a leading shipping company. The vessel will achieve substantial reductions in nitrogen oxide and near elimination of sulfur oxide emissions, enabling early compliance with the International Maritime Organization’s (IMO) 2030 emissions reduction targets.

 

 

AGRI-FOOD & COMMODITIES

 

 

IN EUR MILLION	2025	2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	1,163.7	1,264.2	(8.0)%	+3.7%	(8.2)%	(3.5)%
Adjusted Operating Profit	175.6	176.0	(0.2)%
Adjusted Operating Margin	15.1%	13.9%	+117bps	+122bps	(1)bp	(4)bps

 

The Agri-Food & Commodities business achieved 3.7% growth on an organic basis in 2025 (of which 2.4% in the fourth quarter).

 

The Oil & Petrochemicals segment (33% of divisional revenue) delivered low single-digit organic growth in 2025, reflecting a challenging market environment marked by low volumes early in the year, by tariff uncertainties disruptions, and low oil prices for most of the year. The Middle East and Africa achieved solid growth from new contracts. Non‑trade services continued to grow from increased demand for biofuels, marine fuels, and Sustainable Aviation Fuel (SAF), and from new laboratory capabilities.

 

 

The Metals & Minerals segment (37% of divisional revenue) delivered strong growth in 2025, up high single-digit organically, driven primarily by robust activity in copper and gold. Upstream activities continued to post double‑digit growth, supported by sustained mining capex, increased exploration work, and the expansion of onsite laboratory outsourcing. All active regions achieved robust growth with copper activity as the main catalyst. During the year, the sub-segment expanded its footprint in Chile to reach an active 10‑laboratory platform, strengthening its expertise and capacity in the copper market. Trade operations recorded a strong year‑on‑year growth across the Americas, the Middle East and African markets, underpinned by higher volumes as metal prices remained firm.

 

 

The Agri business (14% of divisional revenue) experienced an organic revenue contraction in 2025.

 

 

The Agri sub-segment, suffered from weak business performance in its largest Brazilian operations. The Middle East and Africa region delivered strong growth, driven by a continued expansion of cocoa and cotton value chains in West Africa. Finally, in line with LEAP I 28 plans, the Group completed the sale of its entire Food Testing business in 2025. This divestment should be accretive to the divisional margin on a twelve-month basis.

 

 

Government services (16% of divisional revenue) posted a mid-single-digit organic growth in the year driven by contract ramp-ups in the Middle East and North Africa, and expanded scopes in Southeast Asia. In line with LEAP I 28 performance programs, this subdivision has successfully completed the digitalization of all inspection workflows by utilizing solely digital tools, with a third of operations conducted remotely. This helped improve efficiency, transparency, and service quality.

 

 

The adjusted operating margin for the Agri-Food & Commodities division increased by 117 basis points to 15.1%, compared to a low 13.9% in the prior year. This improvement is the result of effective performance programs, such as digital inspection workflows in Government services, and rapid growth in profitable segments like Metals & Minerals.

 

 

Green objects highlights

 

 

In the last quarter of 2025, in the field of green fuels, the Oil & Petrochemicals segment secured a testing services contract for a major energy company’s biodiesel facility in Belgium, ensuring full sustainability and quality compliance across the production cycle.

 

 

INDUSTRY

 

 

IN EUR MILLION	2025	2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	1,372.8	1,319.3	+4.1%	+8.9%	+1.0%	(5.8)%
Adjusted Operating Profit	190.2	189.6	+0.3%
Adjusted Operating Margin	13.9%	14.4%	(52)bps	(21)bps	(5)bps	(26)bps

 

The Industry division achieved 8.9% organic growth in 2025, with 4.9% in the last quarter of the year. This performance was the result of robust market growth as strong investments in the energy sector continued and nations focused on the security of energy supply and driving energy transition programs.

 

The Oil & Gas segment(32% of divisional revenue) delivered double-digit organic growth driven by high new projects, particularly in gas and in major resource-holding regions. Geographically, the Middle East, Africa and Asia have seen sustained investments. Opex activities posted more moderate organic growth, impacted by project delays.

 

 

Power & Utilities (representing 15% of divisional revenue) maintained its strong double-digit growth in 2025. This performance was primarily driven by continued investments in renewables and nuclear as electricity demand continues its exponential growth on the back of data centers expansion and national electrification programs. Both Capex and Opex activities achieved double-digit increases, with a very strong performance in North America, Asia Pacific, and Middle Eastern markets. In the last quarter of 2025, the segment expanded its end-to-end Capex services through the acquisition of Sólida, a Spanish company providing services for wind and solar assets.

 

 

Industrial Products Certification (17% of divisional revenue) services achieved high single-digit organic growth in 2025. This performance benefits from the segment’s strong leadership position in high-growth sectors, such as railway systems assessment, and from good traction in the traditional services of pressure vessel certification.

 

 

In 2025, the Environmental Testing segment (10% of divisional revenue) delivered low single-digit organic growth. This performance is linked to the postponement of environmental campaigns as a result of delayed infrastructure and real estate developments due to high market uncertainties in North America.

 

 

Finally, the Other industry-related services (26% of divisional revenue) posted a low single-digit organic growth from delayed projects procurement activity late in the year. Mining-related activities performed strongly supported by high investment levels in the current pricing upcycle of metals.

 

 

The Industry division’s adjusted operating margin for the year decreased by 52 basis points to 13.9%. The minor organic decrease of 21 basis points reflects a seasonal mix effect.

 

 

Transition services and Green objects highlights

 

 

The Industry division continued to develop new capabilities to support the energy sector transition. In the Middle East, Bureau Veritas entered into a Memorandum of Understanding with Masdar — an Abu Dhabi clean energy company — to collaboratively design a framework for renewables and green energy standards that address the specific requirements of investments and sustainability of the Gulf Cooperation Council region. Additionally, Bureau Veritas was awarded a contract for construction management, engineering, safety inspections, and QA/QC for a client’s first US renewable energy project – a 125 MW solar facility with a 50 MW battery energy storage system.

 

 

BUILDINGS & INFRASTRUCTURE

 

 

IN EUR MILLION	2025	2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	1,997.9	1,828.9	+9.2%	+5.2%	+6.4%	(2.4)%
Adjusted Operating Profit	272.7	234.7	+16.2%
Adjusted Operating Margin	13.6%	12.8%	+81bps	+138bps	(48)bps	(9)bps

 

The Buildings & Infrastructure (B&I) business delivered an organic revenue growth of 5.2% in the full year of 2025, including an 8.0% growth in the fourth quarter.

 

In the period, Construction (Capex) activities delivered high single-digit growth, outperforming the Buildings‑in‑service (Opex) segment. Recent acquisitions in line with LEAP I 28 plans are shifting the portfolio mix, and, in certain cases, they are already contributing meaningfully to organic growth.

 

 

By segment, Buildings Capex (38% of divisional revenue) posted strong high single‑digit organic growth. The United States’ diversified platform led the growth through a sustained and accelerating momentum in services related to the commissioning of data center. This was fueled by several large hyperscalers’ projects in the US, Europe, and Asia, supported by the growth in cloud services and AI computing needs. Code compliance services maintained solid activity levels and services related to real‑estate transactions rebounded strongly, as commercial real estate activity resumes. In the rest of the world, France outperformed the market thanks to strong government activity and growing safety‑related services. In Asia, Japan’s strong growth benefited from the expansion of regulatory code compliance services to individual homes. Finally, in Latin America, the portfolio pivot continues as the business favors infrastructure and private sector construction projects over traditional public contracts.

 

 

BuildingsOpex services (42% of divisional revenue) achieved a low single-digit organic revenue increase in 2025. France contributed to growth through increased volumes, favorable pricing programs and ongoing demand for environmental measurement services and energy efficiency audits. In the United States, Opex activities focused on asset condition assessments for public sector clients in a few Western states. The Group expects a structural and sustained increase in demand for buildings sustainability‑related services, following refurbishments and programs addressing climate risks.

 

 

The Infrastructure activity (20% of divisional revenue) was solid overall, up low to mid-single digit organically. In Europe, performance was supported by Italy’s continued government‑led infrastructure spending, with the Contec acquisition opening additional market opportunities. In North America, growth stemmed from several major programs, including rail upgrades, and bus terminals expansions in California. In Asia‑Pacific, all countries delivered double‑digit organic growth aside from China which remained soft but stable. In January 2026, the Group sold its non-core construction projects technical supervision business in China (EUR c.39 million in annualized revenue) in order to enhance its B&I business mix in the country. In the Middle East, strong growth continued, led by numerous megaprojects.

 

 

2025 marked a strong year for portfolio expansion in Buildings & Infrastructure, with several European acquisitions. Integration efforts are ongoing, particularly with the APP Group, a leading Australian infrastructure player, starting to yield results with a robust pipeline of projects. The portfolio was further streamlined with the disposal of another infrastructure construction business based in China.

 

 

Adjusted operating margin for the full year improved by a strong 81 basis points to 13.6% from 12.8% in the prior year. At constant currency, margins increased by 90 basis points, thanks to improved operational leverage, a favorable portfolio mix and restructuring in China.

 

 

Transition services highlights

 

 

In 2025, Bureau Veritas secured a large multi-year contract through the recently acquired company IDP. The contract encompasses design review and Quality Control services for a battery gigafactory in Spain. The Group also conducted a comprehensive decarbonization assessment for a leading European fitness‑chain operator across its 1,600‑site network in six European countries.

 

 

CERTIFICATION

 

 

IN EUR MILLION	2025	2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	571.7	527.3	+8.4%	+7.9%	+2.9%	(2.4)%
Adjusted Operating Profit	104.3	103.4	+0.8%
Adjusted Operating Margin	18.2%	19.6%	(138)bps	(10)bps	(109)bps	(19)bps

 

The Certification business achieved a 7.9% organic performance in the year 2025, including a 8.4% increase in the fourth quarter. Decarbonization services, supply chain resilience, and cybersecurity solutions were instrumental to this growth.

 

QHSE & Specialized Schemes solutions (53% of divisional revenue) delivered high single-digit organic growth against tougher previous year comparable following a year of recertifications for several schemes across different industries. QHSE delivered mid‑single‑digit growth, driven by strong momentum in the Middle East and Africa. In Specialized Schemes, FSSC food‑safety certifications posted double‑digit organic growth, reflecting sustained demand for voluntary standards. The outsourcing contract in France also supported full‑year growth, with its impact now annualized.

 

 

Sustainability-related solutions & Digital (Cyber) certification activities (33% of divisional revenue) recorded double-digit organic growth in 2025. Sustainability services continued to perform strongly, as customers adjusted their programs to increase supply chain audits as well as product life cycle and carbon footprint assessments, including environmental services and carbon and GHG verification. Recent regulatory developments such as CBAM and the EU Green Claims Directive are beginning to drive further growth, with clients seeking independent assurance for compliance with disclosure requirements. Very strong growth and sustained demand were maintained for cybersecurity services, driven by greater customer awareness of cyber risks and stricter regulations like NISS 2 and the EU Cyber Act. The Group secured a contract to support the cybersecurity workstream for autonomous military land vehicles for the European Commission.

 

 

Other solutions, including Training (14% of divisional revenue) recorded broadly stable revenue growth during 2025, against a higher basis of comparison in 2024.

 

 

Adjusted operating margin remained robust at 18.2%, supported by disciplined execution despite scope and currency headwinds. Project realization delays and investments in recently acquired sustainability and cybersecurity companies contributed to the 138 basis points reduction in reported margins compared to last year.

 

 

Transition services highlights

 

 

In the fourth quarter of 2025, Bureau Veritas secured several key contracts, ranging from executing Green Building audits across multiple sites for a global aerospace manufacturer to decarbonization roadmap development for a major Middle East energy company.

 

 

CONSUMER PRODUCTS SERVICES

 

 

IN EUR MILLION	2025	2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Revenue	802.4	797.0	+0.7%	+3.7%	+1.7%	(4.7)%
Adjusted Operating Profit	179.3	174.3	+2.9%
Adjusted Operating Margin	22.4%	21.9%	+48bps	+55bps	+15bps	(22)bps

 

The Consumer Products Services division delivered 3.7% organic growth in 2025, with a 2.6% increase in the fourth quarter. South and Southeast Asia were the best-performing areas due to the acceleration of supply chains being shifted away from China. Latin America started to reap the benefits of its recent investments.

 

Softlines, Hardlines & Toys (47% of the divisional revenue) achieved low to mid-single digit organic growth in 2025. Early orders from US companies, prompted by tariffs concerns, led to an earlier peak season, mainly skewed to the first half of the year. In the second half, the acceleration in supply chain adjustments by western companies led to increased testing activities, particularly within the Softlines and Toys sub-segments, demonstrating greater flexibility in responding to these shifts.

 

 

Healthcare (including Beauty and Household) (8% of divisional revenue) achieved high-single digit growth in 2025, with consistently strong performance from the Chinese operations throughout the year and a solid momentum in the US.

 

 

Supply Chain & Sustainability services (15% of divisional revenue) recorded a double-digit organic performance in 2025, driven by high demand supply chain resilience services and social audits. These services accompanied clients navigating sourcing changes in Asia as a result of the US tariffs. The fourth quarter experienced significant momentum in sustainable chemical management testing. Additionally, the acquisition of Impactiva contributed to the segment’s organic growth throughout the year.

 

 

Technology (30% of divisional revenue) recorded a stable organic growth performance in 2025. The segment was positively impacted by the diversification strategy pursued under LEAP | 28, with organic expansion stemming from past acquisitions offsetting the contraction dynamic for electronic products. Electrical consumer goods and appliance services achieved robust growth, primarily driven by favorable market demand in China. In contrast, the electronics segment experienced the effects of a slowdown in global demand for wireless and new mobility products.

 

 

The division’s ongoing diversification programs continued in 2025. These included the acquisition of SPIN360, an Italian consulting firm specializing in sustainability solutions for premium fashion and luxury brands.

 

 

The adjusted operating margin increase of 48 basis points in 2025 to 22.4% was mainly derived from robust operational leverage. It was further supported by a positive scope effect of 15 basis points. This improvement was partially offset by foreign exchange.

 

 

Transition services highlights

 

 

In the fourth quarter of 2025, Transition Services continued to grow as the Group supported clients’ sustainability programs. Bureau Veritas secured a contract to deliver full decarbonization support for a leading sportswear brand, helping drive emissions‑reduction efforts across its Asian supplier base. In addition, the Group conducted an extensive social‑audit program for a global technology company to verify supplier compliance with environmental, social, and safety standards, reinforcing its commitment to responsible and transparent value chains.

 

 

PRESENTATION

 

 

› 2025 results will be presented on Wednesday, February 25, 2026, at 3:00 p.m. (Paris time)

 

 

› A video conference will be webcast live. Please connect to: Link to video conference

 

 

› The presentation slides will be available on: https://company.bureauveritas.com/investors/financial-information/financial-results

 

 

› All supporting documents will be available on the website

 

 

› Live dial-in: Link to conference call

 

 

2026 FINANCIAL CALENDAR

 

 

› Q1 2026 Revenue: April 22, 2026 (before market)

 

 

› Shareholder’s meeting: May 19, 2026

 

 

› H1 2026 Results: July 29, 2026 (before market)

 

 

› Capital Markets Day: September 22, 2026

 

 

› Q3 2026 Revenue: October 21, 2026 (before market)

 

 

ABOUT BUREAU VERITAS

 

 

Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress. With a vision to be the preferred partner for customers’ excellence and sustainability, the Company innovates to help them navigate change.

 

 

Created in 1828, Bureau Veritas’ 82,000 employees deliver services in 140 countries. The Company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability.

 

 

Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40, CAC 40 ESG, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.

 

 

For more information, visit www.bureauveritas.com, and follow us on LinkedIn.

 

 

Our information is certified with blockchain technology.
Check that this press release is genuine at www.wiztrust.com.

 

 

This press release (including the appendices) contains forward-looking statements, which are based on current plans and forecasts of Bureau Veritas’ management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors such as those described in the Universal Registration Document (“Document d’enregistrement universel”) filed by Bureau Veritas with the French Financial Markets Authority (“AMF”) that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These forward-looking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, according to applicable regulations.

 

 

APPENDIX 1: Q4 AND FY 2025 REVENUE BY BUSINESS

 

 

IN EUR MILLION	Q4 / FY 2025	Q4 / FY 2024	CHANGE	ORGANIC	SCOPE	CURRENCY
Marine & Offshore	143.3	130.3	+10.0%	+15.6%	+0.0%	(5.6)%
Agri-Food & Commodities	289.1	328.0	(11.9)%	+2.4%	(10.2)%	(4.1)%
Industry	356.1	359.3	(0.9)%	+4.9%	+1.5%	(7.3)%
Buildings & Infrastructure	541.2	491.7	+10.1%	+8.0%	+5.7%	(3.6)%
Certification	156.4	148.0	+5.7%	+8.4%	+0.7%	(3.4)%
Consumer Products	204.1	214.2	(4.7)%	+2.6%	+0.2%	(7.5)%
Total Q4 revenue	1,690.2	1,671.4	+1.1%	+6.3%	+0.0%	(5.2)%
Marine & Offshore	557.9	504.2	+10.7%	+14.3%	+0.0%	(3.6)%
Agri-Food & Commodities	1,163.7	1,264.2	(8.0)%	+3.7%	(8.2)%	(3.5)%
Industry	1,372.8	1,319.3	+4.1%	+8.9%	+1.0%	(5.8)%
Buildings & Infrastructure	1,997.9	1,828.9	+9.2%	+5.2%	+6.4%	(2.4)%
Certification	571.7	527.3	+8.4%	+7.9%	+2.9%	(2.4)%
Consumer Products	802.4	797.0	+0.7%	+3.7%	+1.7%	(4.7%)
Total FY revenue	6,466.4	6,240.9	+3.6%	+6.5%	+0.8%	(3.7)%

 

APPENDIX 2: 2025 REVENUE BY QUARTER

 

	2025 REVENUE BY QUARTER
IN EUR MILLION	Q1	Q2	Q3	Q4
Marine & Offshore	136.2	141.8	136.6	143.3
Agri-Food & Commodities	296.8	293.3	284.5	289.1
Industry	335.8	343.2	337.7	356.1
Buildings & Infrastructure	476.5	485.2	495.0	541.2
Certification	134.1	149.5	131.7	156.4
Consumer Products	179.3	220.8	198.2	204.1
Total revenue	1,558.7	1,633.8	1,583.7	1,690.2

 

APPENDIX 3: ADJUSTED OPERATING PROFIT AND MARGIN BY BUSINESS

 

	ADJUSTED OPERATING PROFIT			ADJUSTED OPERATING MARGIN
IN EUR MILLION	2025	2024(a)	CHANGE	2025	2024(a)	CHANGE
Marine & Offshore	130.8	118.2	+10.7%	23.4%	23.4%	+1bp
Agri-Food & Commodities	175.6	176.0	(0.2)%	15.1%	13.9%	+117bps
Industry	190.2	189.6	+0.3%	13.9%	14.4%	(52)bps
Buildings & Infrastructure	272.7	234.7	+16.2%	13.6%	12.8%	+81bps
Certification	104.3	103.4	+0.8%	18.2%	19.6%	(138)bps
Consumer Products	179.3	174.3	+2.9%	22.4%	21.9%	+48bps
Total Company	1,052.9	996.2	+5.7%	+16.3%	+16.0%	+32bps
(a) FY 2024 figures by business have been restated following a reclassification of activities impacting the Industry and Marine & Offshore businesses (c. EUR 0.3 million in the full year).

 

APPENDIX 4: EXTRACTS FROM THE FULL-YEAR CONSOLIDATED FINANCIAL STATEMENTS

 

Extracts from the full-year 2025 consolidated financial statements audited and approved on February 24, 2026, by the Board of Directors. The audit procedures for the full year consolidated financial statements have been undertaken and the Statutory Auditors’ report is being issued.

 

 

CONSOLIDATED INCOME STATEMENT
IN EUR MILLION	2025	2024
Revenue	6,466.4	6,240.9
Service costs rebilled to clients	214.9	203.4
Revenue and services costs rebilled to clients	6,681.3	6,444.3
Purchases and external charges	(2,009.8)	(1,943.2)
Personnel costs	(3,379.4)	(3,264.9)
Taxes other than on income	(44.2)	(41.2)
Net (additions to)/reversals of provisions	(38.1)	(23.0)
Depreciation and amortization	(299.5)	(283.7)
Other operating income and expense, net	82.1	45.1
Operating profit	992.4	933.4
Share of profit of equity-accounted companies	(1.0)	(0.8)
Operating profit after share of profit of equity-accounted companies	991.4	932.6
Income from cash and cash equivalents	21.4	46.0
Finance costs, gross	(87.8)	(96.7)
Finance costs, net	(66.4)	(50.7)
Other financial income and expense, net	(49.6)	(18.9)
Net financial expense	(116.0)	(69.6)
Profit before income tax	875.4	863.0
Income tax expense	(265.9)	(273.8)
Net profit	609.5	589.2
Non-controlling interests	21.5	19.8
Attributable net profit	588.0	569.4
Earnings per share (in euros):
Basic earnings per share	1.32	1.27
Diluted earnings per share	1.31	1.25

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
IN EUR MILLION	DEC 31, 2025	DEC. 31, 2024
Goodwill	2,273.7	2,313.0
Intangible assets	393.4	464.4
Property, plant and equipment	379.5	401.9
Right-of-use assets	434.4	409.6
Non-current financial assets	82.5	100.2
Deferred income tax assets	136.9	131.9
Total non-current assets	3,700.4	3,821.0
Trade and other receivables	1,617.0	1,644.9
Contract assets	261.9	309.7
Current income tax assets	56.3	46.6
Derivative financial instruments	3.2	5.4
Other current financial assets	9.8	11.3
Cash and cash equivalents	1,366.1	1,204.2
Total current assets	3,314.3	3,222.1
Assets held for sale	48.7	151.8
TOTAL ASSETS	7,063.4	7,194.9
Share capital	54.5	54.5
Retained earnings and other reserves	1,656.5	1,917.2
Equity attributable to owners of the Company	1,711.0	1,971.7
Non-controlling interests	42.2	64.1
Total equity	1,753.2	2,035.8
Non-current borrowings and financial debt	2,389.9	1,896.5
Non-current lease liabilities	347.6	328.0
Other non-current financial liabilities	43.1	66.3
Deferred income tax liabilities	84.5	102.6
Pension plans and other long-term employee benefits	144.3	148.8
Provisions for other liabilities and charges	96.8	77.5
Total non-current liabilities	3,106.2	2,619.7
Trade and other payables	1,394.4	1,392.5
Contract liabilities	247.7	269.1
Current income tax liabilities	96.9	104.9
Current borrowings and financial debt	229.9	534.4
Current lease liabilities	118.0	114.3
Derivative financial instruments	2.8	5.0
Other current financial liabilities	73.7	85.4
Total current liabilities	2,163.4	2,505.6
Liabilities held for sale	40.6	33.8
TOTAL EQUITY AND LIABILITIES	7,063.4	7,194.9

CONSOLIDATED STATEMENT OF CASH FLOWS
IN EUR MILLION	2025	2024
Profit before income tax	875.4	863.0
Elimination of cash flows from financing and investing activities	(98.2)	53.2
Provisions and other non-cash items	192.0	24.6
Depreciation, amortization and impairment	299.5	283.7
Movements in working capital requirement attributable to operations	19.1	60.8
Income tax paid	(281.1)	(280.5)
Net cash generated from operating activities	1,006.7	1,004.8
Acquisitions of subsidiaries, net of acquired cash	(126.2)	(313.9)
Impact of sales of subsidiaries and businesses, net of cash disposed	156.3	105.4
Purchases of property, plant and equipment and intangible assets	(147.0)	(145.9)
Proceeds from sales of property, plant and equipment and intangible assets	5.2	6.1
Purchases of non-current financial assets	(11.9)	(8.2)
Proceeds from sales of non-current financial assets	8.9	8.7
Change in loans and advances granted	(0.8)	–
Dividends received	0.7
Net cash used in investing activities	(114.8)	(347.8)
Capital increase	13.4	18.1
Purchases/sales of treasury shares	(190.7)	(191.8)
Dividends paid	(430.0)	(406.9)
Increase in borrowings and other debt	698.9	1,000.4
Repayment of borrowings and other debt	(533.0)	(800.1)
Repayment of debts and transactions with shareholders	(35.6)	(58.3)
Repayment of lease liabilities and interest	(157.8)	(149.9)
Interest paid	(40.7)	(21.7)
Net cash generated from/(used in) financing activities	(675.5)	(610.2)
Impact of currency translation differences	(54.0)	(12.7)
Cash and cash equivalents classified as held for sale	(1.0)	(3.6)
Net increase/(decrease) in cash and cash equivalents	161.4	30.5
Net cash and cash equivalents at beginning of the period	1,200.6	1,170.1
Net cash and cash equivalents at end of the period	1,362.0	1,200.6
o/w cash and cash equivalents	1,366.1	1,204.2
o/w bank overdrafts	(4.1)	(3.6)

APPENDIX 5: BREAKDOWN OF NET FINANCIAL EXPENSE

 

NET FINANCIAL EXPENSE
IN EUR MILLION	2025	2024
Finance costs, net	(66.4)	(50.7)
Foreign exchange gains/(losses)	(28.3)	5.9
Interest cost on pension plans	(7.6)	(4.4)
Implicit return on funded pension plan assets	0.9	0.9
Other	(14.6)	(21.3)
Net financial expense	(116.0)	(69.6)

 

APPENDIX 6: ALTERNATIVE PERFORMANCE INDICATORS

 

ADJUSTED OPERATING PROFIT
IN EUR MILLION	2025	2024
Operating profit	992.4	933.4
Amortization of intangible assets resulting from acquisitions	57.8	44.3
Impairment and retirement of non-current assets	5.7	4.0
Restructuring costs	31.7	13.7
Gains and losses on disposals of businesses and other income and expenses relating to acquisitions	(34.7)	0.8
Total adjustment items	60.5	62.8
Adjusted operating profit	1,052.9	996.2

 

ADJUSTED EFFECTIVE TAX RATE
IN EUR MILLION	2025	2024
Profit before income tax	875.4	863.0
Income tax expense	265.9	273.8
ETR(a)	30.4%	31.7%
Adjusted ETR(b)	30.0%	30.5%
(a) Effective tax rate (ETR) = Income tax expense/Profit before income tax.
(b) Adjusted ETR = Income tax expense adjusted for tax effect on adjustment items/Profit before tax and before taking into account adjustment items.

ATTRIBUTABLE NET PROFIT
IN EUR MILLION	2025	2024
Attributable net profit	588.0	569.4
EPS(a) (€ per share)	1.32	1.27
Adjustment items	60.5	62.8
Tax impact on adjustment items	(15.2)	(8.7)
Non-controlling interest on adjustment items	(1.9)	(2.8)
Adjusted attributable net profit	631.4	620.7
Adjusted EPS(a) (€ per share)	1.42	1.38
(a) Calculated using the weighted average number of shares: 445,559,723 in FY 2025 and 450,009,888 in FY 2024

CHANGE IN ADJUSTED ATTRIBUTABLE NET PROFIT
IN EUR MILLION
2024 adjusted attributable net profit	620.6
Organic change and scope	50.4
Adjusted attributable net profit at constant currency	671.0
Currency	(39.6)
2025 adjusted attributable net profit	631.4

FREE CASH FLOW
IN EUR MILLION		2025		2024
Net cash generated from operating activities (operating cash flow)		1,006.7		1,004.8
Purchases of property, plant and equipment and intangible assets		(147.0)		(145.9)
Disposals of property, plant and equipment and intangible assets		5.2		6.1
Interest paid		(40.7)		(21.7)
Free cash flow		824.2		843.3

CHANGE IN NET CASH GENERATED FROM OPERATING ACTIVITIES
IN EUR MILLION
Net cash generated from operating activities at December 31, 2024	1,004.8
Organic change	46.1
Organic net cash generated from operating activities	1,050.9
Scope	0.2
Net cash generated from operating activities at constant currency	1,051.1
Currency	(44.4)
Net cash generated from operating activities at December 31, 2025	1,006.7

ADJUSTED NET FINANCIAL DEBT
IN EUR MILLION	DEC 31, 2025		DEC. 31, 2024
Gross financial debt	2,619.8		2,430.9
Cash and cash equivalents	(1,366.1)		(1,204.2)
Consolidated net financial debt	1,253.7		1,226.7
Currency hedging instruments	(0.4)		(0.4)
Adjusted net financial debt	1,253.3		1,226.3

APPENDIX 7: M&A 2025

 

	ANNUALIZED REVENUE	COUNTRY/ AREA	CLOSING DATE	FIELD OF EXPERTISE
Expand leadership
Buildings & Infrastructure
Contec AQS	EUR 30m	Italy	March 2025	Health Safety and Environmental services, Environmental and Safety Advisory
London Building Control	EUR 14m	UK	October 2025	Building control services for residential and commercial projects
Create new market strongholds
Power & Utilities and Renewables
Hinneburg GmbH	EUR 14m	Germany	August 2025	Technical advisory services and radiation protection related to decommissioning of nuclear facilities
Sólida	EUR 18m	Spain	November 2025	Owner’s Engineering, Technical Advisory, and Project Management services for renewable energy projects and electrical infrastructure
Sustainability & Transition Services
Ecoplus	EUR 1m	Korea	August 2025	Life cycle assessment certification and environmental regulation research
SPIN360	EUR 4m	Italy	December 2025	Provider of technical advisory services; product LCA, LCC, EPDs, carbon footprint, supply chain engagement and monitoring, ESG reporting
Cybersecurity
The Institute for Cyber Risk (IFCR)	EUR 3m	Denmark	August 2025	Digital security services, specialized in Governance, Risk, and Compliance (GRC), offensive security, and cybersecurity training
Optimize value & Impact
Metals & Minerals
GeoAssay	EUR 8m	Chile	March 2025	Mineral testing activities, providing mechanical preparation and analysis of mineral samples for copper
Consumer Product Services
Lab System	EUR 4m	Brazil	August 2025	Toys & hardlines testing activities

 

APPENDIX 8: DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS

 

The management process used by Bureau Veritas is based on a series of alternative performance indicators, as presented below. These indicators were defined for the purposes of preparing the Company’s budgets and internal and external reporting. Bureau Veritas considers that these indicators provide additional useful information to financial statement users, enabling them to better understand the Company’s performance, especially its operating performance. Some of these indicators represent benchmarks in the testing, inspection and certification (“TIC”) business and are commonly used and tracked by the financial community. These alternative performance indicators should be seen as complementary to IFRS-compliant indicators and the resulting changes.

 

 

GROWTH

 

 

Total revenue growth

 

 

The total revenue growth percentage measures changes in consolidated revenue between the previous year and the current year. Total revenue growth has three components:

 

 

• Organic growth,
• Impact of changes in the scope of consolidation (scope effect),
• Impact of changes in exchange rates (currency effect).

 

Organic growth

 

The Company internally monitors and publishes “organic” revenue growth, which it considers to be more representative of the Company’s operating performance in each of its business sectors.

 

 

The main measure used to manage and track consolidated revenue growth is like-for-like, also known as organic growth. Determining organic growth enables the Company to monitor trends in its business excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control, as well as scope effects which concern new businesses or businesses that no longer form part of the business portfolio. Organic growth is used to monitor the Company’s performance internally.

 

 

Bureau Veritas considers that organic growth provides management and investors with a more comprehensive understanding of its underlying operating performance and current business trends, excluding the impact of acquisitions, divestments (outright divestments as well as the unplanned suspension of operations – in the event of international sanctions, for example) and changes in exchange rates for businesses exposed to foreign exchange volatility, which can mask underlying trends.

 

 

The Company also considers that separately presenting organic revenue generated by its businesses provides management and investors with useful information on trends in its industrial businesses and enables a more direct comparison with other companies in its industry.

 

 

Organic revenue growth represents the percentage of revenue growth, presented at Company level and for each business, based on a constant scope of consolidation and exchange rates over comparable periods:

 

 

• Constant scope of consolidation: data are restated for the impact of changes in the scope of consolidation over a 12‑month period,
• Constant exchange rates: data for the current year are restated using exchange rates for the previous year.

 

Scope effect

 

To establish a meaningful comparison between reporting periods, the impact of changes in the scope of consolidation is determined:

 

 

• For acquisitions carried out in the current year: by deducting from revenue for the current year revenue generated by the acquired businesses in the current year,
• For acquisitions carried out in the previous year: by deducting from revenue for the current year revenue generated by the acquired businesses in the months in the previous year in which they were not consolidated,
• For disposals and divestments carried out in the current year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year in the months of the current year in which they were not part of the Company,
• For disposals and divestments carried out in the previous year: by deducting from revenue for the previous year revenue generated by the disposed and divested businesses in the previous year prior to their disposal/divestment.

 

Currency effect

 

The currency effect is calculated by translating revenue for the current year at the exchange rates for the previous year.

 

 

ADJUSTED OPERATING PROFIT AND ADJUSTED OPERATING MARGIN

 

 

Adjusted operating profit and adjusted operating margin are key indicators used to measure the performance of the business, excluding material items that cannot be considered inherent to the Company’s underlying intrinsic performance owing to their nature. Bureau Veritas considers that these indicators, presented at Company level and for each business, are more representative of the operating performance in its industry.

 

 

Adjusted operating profit

 

 

Adjusted operating profit represents operating profit prior to adjustments for the following:

 

 

• Amortization of intangible assets resulting from acquisitions,
• Impairment of goodwill,
• Impairment and retirement of non-current assets,
• Restructuring costs,
• Gains and losses on the disposal of activities, including in particular:
  • Fees and acquisition costs of activities, including, when applicable, external costs related to their integration within the Company,
  • Contingent consideration on acquisitions of businesses,
  • Gains and losses on the disposal of activities.

 

When an acquisition is carried out during the financial year, the amortization of the related intangible assets is calculated on a time proportion basis.

 

Since a measurement period of 12 months is allowed for determining the fair value of acquired assets and liabilities, amortization of intangible assets in the year of acquisition may, in some cases, be based on a temporary measurement and be subject to minor adjustments in the subsequent reporting period, once the definitive value of the intangible assets is known.

 

 

Organic adjusted operating profit represents operating profit adjusted for scope and currency effects over comparable periods:

 

 

• At constant scope of consolidation: data are restated based on a 12-month period,
• At constant exchange rates: data for the current year are restated using exchange rates for the previous year.

 

The scope and currency effects are calculated using a similar approach to that used for revenue for each component of operating profit and adjusted operating profit.

 

Adjusted operating margin

 

 

Adjusted operating margin expressed as a percentage represents adjusted operating profit divided by revenue. Adjusted operating margin can be presented on an organic basis or at constant exchange rates, thereby, in the latter case, providing a view of the Company’s performance excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control.

 

 

Service costs rebilled to clients, that were previously included under the “Purchases and external charges” line item, are now presented separately, with no impact on operating profit and net profit in the current and previous year.

 

 

ADJUSTED EFFECTIVE TAX RATE

 

 

The effective tax rate (ETR) represents income tax expense divided by the amount of pre-tax profit.

 

 

The adjusted effective tax rate (adjusted ETR) represents income tax expense adjusted for the tax effect on adjustment items divided by pre-tax profit before taking into account the adjustment items (see adjusted operating profit definition).

 

 

ADJUSTED NET PROFIT

 

 

Adjusted attributable net profit

 

 

Adjusted attributable net profit is defined as attributable net profit adjusted for adjustment items (see adjusted operating profit definition) and for the tax effect on adjustment items. Adjusted attributable net profit excludes non-controlling interests in adjustment items and only concerns continuing operations.

 

 

Adjusted attributable net profit can be presented at constant exchange rates, thereby providing a view of the Company’s performance excluding the impact of currency fluctuations, which are outside of Bureau Veritas’ control. The currency effect is calculated by translating the various income statement items for the current year at the exchange rates for the previous year.

 

 

Adjusted attributable net profit per share

 

 

Adjusted attributable net profit per share (adjusted EPS or earnings per share) is defined as adjusted attributable net profit divided by the weighted average number of shares outstanding in the period (excluding own shares held by the Company).

 

 

FREE CASH FLOW

 

 

Free cash flow represents net cash generated from operating activities (operating cash flow), adjusted for the following items:

 

 

• Purchases of property, plant and equipment and intangible assets,
• Proceeds from disposals of property, plant and equipment and intangible assets,
• Interest paid.

 

Net cash generated from operating activities is shown after income tax paid.

 

Organic free cash flow represents free cash flow at constant scope and exchange rates over comparable periods:

 

 

• At constant scope of consolidation: data are restated for changes in scope based on a 12-month period,
• At constant exchange rates: data for the current year are restated using exchange rates for the previous year.

 

The scope and currency effects are calculated using a similar approach to that used for revenue for each component of net cash generated from operating activities and free cash flow.

 

FINANCIAL DEBT

 

 

Gross debt

 

 

Gross debt (or gross finance costs/financial debt) represents loans and borrowings (bonds, bank loans, etc) plus bank overdrafts.

 

 

Net debt

 

 

Net debt (or net finance costs/financial debt) as defined and used by the Company represents gross debt less cash and cash equivalents. Cash and cash equivalents comprise marketable securities and similar receivables as well as cash at bank and on hand.

 

 

Adjusted net debt

 

 

Adjusted net debt (or adjusted net finance costs/financial debt) as defined and used by the Company represents net debt taking into account currency and interest rate hedging instruments.

 

 

CONSOLIDATED EBITDA

 

 

Consolidated EBITDA represents net profit before interest, tax, depreciation, amortization and provisions, adjusted for any entities acquired over the last 12 months.

 

 

1 Alternative performance indicators are presented, defined, and reconciled with IFRS in appendix 8 of this press release.
2 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.
3 Proposed dividend, subject to Shareholders’ Meeting approval on May 19, 2026.
4 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.
5 Scopes 1 and 2 greenhouse gas emissions are calculated over a 12-month period from the beginning of Q4 2024 to end of Q3 2025.
6 TAR: Total Accident Rate (number of accidents with and without lost time x 200,000/number of hours worked).
7 Proportion of women from the Executive Committee to Band II (internal grade corresponding to a management or executive management position) in the Group (number of women on a full-time equivalent basis in a leadership position/total number of full-time equivalents in leadership positions).
8 Number of learning hours per employee is calculated over a 12-month period.
9 At constant currency.
10 (Net cash generated from operating activities – lease payments + corporate tax)/adjusted operating profit.

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224846309/en/

 

Business Wire India

The investor consortium comprising the Paris-based Next Generation Fuels Industrial & Technological fund Calderion (Audacia), alongside infrastructure developer Terravent and WenCo Family Office, announces the closing of a strategic double-digit million-euro financing round for Berlin-based Graforce GmbH.

 

The investment is dedicated to the industrial scale-up of Graforce’s proprietary plasma pyrolysis technology, addressing the growing global demand for cost-efficient low-carbon hydrogen, syngas, and carbon removal solutions that are compatible with existing industrial infrastructures.

 

 

Disruptive alternative to conventional processes

 

 

Graforce’s technology aims at replacing CO₂-intensive legacy routes such as steam reforming and classical gasification. By applying plasma to methane, biogas, flare gas, and landfill gas, the process converts these streams into their valuable molecular components instead of emitting them.

 

 

The result is a high-efficiency production of clean hydrogen and syngas, while carbon is obtained as a high-purity industrial raw material that remains in material cycles. When biogenic feedstocks are used, the process enables a negative CO₂ footprint (Carbon Removal), as the carbon is permanently stored rather than released into the atmosphere. This modular approach allows for decentralized production directly at the point of consumption, significantly reducing transport costs and energy losses.

 

 

Strategic cooperation with RAG Austria AG

 

 

In parallel with the financing round, Graforce is deepening its partnership with energy storage company RAG Austria AG, which is providing targeted financial and industrial support for the further development of the methane plasma pyrolysis plant. The focus of the collaboration is on system optimization and industrial integration. This collaboration strengthens Graforce on its path to continuous industrial operation, increases plant efficiency, and supports the use of modular plants at locations with variable availability of renewable energies.

 

 

Use of Funds: Scale-up and market deployment

 

 

The funds will be used for technological advancement, the roll‑out of additional industrial plants, and international market development. Graforce plans to expand its production capacities to meet the rising demand from the steel, chemical, and transportation sectors.

 

 

Partner Statements

 

 

“With Graforce’s addition to our portfolio, Calderion strengthens its coverage of next-generation fuel value chains, combining CO₂ capture, plasma-based methane conversion and synthetic fuels. This enables integrated pathways from methane and CO₂ to low-carbon hydrogen and syngas, serving both industrial decarbonization and sustainable fuels for maritime and aviation. Graforce’s technology also offers natural hydrogen explorers a solution to valorize associated methane without CO₂ emissions,” explains Vincent Brillault, Founding Partner of Calderion.

 

 

“The flexibility to provide various product gases in a decentralized and emission-free manner closes a critical gap in the industrial value chain. We are contributing our project planning expertise to bring this technology to the global market,” adds Jens Rötteken, CEO of Terravent.

 

 

“This investment underscores the enormous potential of our plasmalysis technology for a sustainable energy transition. We look forward to working together to make our plasmalysis technology scalable and cost-effective,” says Dr. Jens Hanke, CEO of Graforce GmbH.

 

 

About the partners

 

 

Graforce GmbH – Pioneer of CO₂-free hydrogen and syngas technologies based on plasma pyrolysis, enabling the utilization of methane, biogas, flare and landfill gases as industrial resources. www.graforce.com

 

 

Calderion & Audacia – Initiated by Audacia, Calderion is an industrial deep-tech fund dedicated to scaling next-generation fuel technologies. Audacia is listed on Euronext Growth Paris. calderion.com | audacia.fr

 

 

Terravent – Investor and project developer with a focus on renewable energies and integrated hydrogen infrastructure. Over one gigawatt of projects realized in 25 years. www.terravent.de

 

 

Wen.Co.Invest – Oldenburg-based family office investing in innovative, sustainability‑oriented ventures for long‑term positive impact. www.wegasupport.de

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224703188/en/

 

Business Wire India

• Regulatory authorities in the European Union (EU), the United States (U.S.), and Canada have approved a new state-of-the-art Restylane® syringe for use with a range of Restylane NASHA® lidocaine products in multiple indications in the face and in the hands^1-3
• Developed in collaboration with aesthetic practitioners, its innovative ergonomic design features a cushioned finger grip and thumb rest, to improve practitioner experience through better injection comfort and control, helping them deliver consistently premium results ^4-7
• The syringe’s carton packaging is the first in the industry to be made from 100% recyclable paper, and reaffirms Galderma’s commitment to sustainability and environmental responsibility ⁸
• These approvals demonstrate Galderma’s strong heritage in Injectable Aesthetics, and its commitment to continuing to drive innovation in the field

 

Galderma (SIX: GALD), today announced that regulatory authorities in the EU, the U.S., and Canada have approved a new state-of-the-art syringe for use with its NASHA^® lidocaine range of Restylane products in multiple facial indications including the cheeks, nose, chin, jawline, tear troughs, nasolabial folds, marionette lines, as well as in the hands.^1-3

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260224651688/en/

 

 

The syringe features a next-generation ergonomic design that enhances precision and control; includes an optimized syringe-needle connection with the new Terumo K-Pack Enhance™ needle; and offers a premium color-coded packaging and syringe design to support easy range navigation for practitioners.^{4-7, 9,10} It sets a new standard in Injectable Aesthetic devices and demonstrates Galderma’s unwavering commitment to driving innovation to meet the needs of both practitioners and patients.

 

 

“Developing this new syringe in close collaboration with practitioners to address their specific needs has really set it apart. Repetitive hand movements like performing numerous injections every day can lead to strain and reduced mobility, but the syringe’s ergonomic design, with a cushioned finger grip and thumb rest ensure maximum comfort when injecting, supporting consistent, high‑quality results for patients.”       DR. LUDDI LUIZ OLIVEIRA   PLASTIC SURGEON   BRAZIL

 

Designed in collaboration with over 70 aesthetics practitioners, the next-generation Restylane syringe was optimized for ergonomic functionality, ease of aspiration, ease of operation, and a premium look and feel, resulting in an innovative syringe that supports practitioners with delivering premium results. ^4,5,7,9 Additionally, the syringe was designed with sustainability in mind, with compact paper-only carton packaging that is 100% recyclable and reduces in-clinic waste by up to 30% based on volume reduction. ^8,11

 

Galderma’s versatile Restylane portfolio is the only hyaluronic acid (HA) range offering four distinct technologies, NASHA^®, NASHA HD™, OBT™, and SB-NASHA™, that offer firmer gels that provide contouring and structural support, to soft, flexible formulations that smooth facial lines and wrinkles for a more youthful look.^12-19 With HA closest to the skin’s own, it is designed to deliver personalized, natural-looking outcomes that provide contour, definition, and hydration, meeting diverse patient needs across key areas of the face, décolletage, and in the hands.^12-15,20-22 The new state-of-the-art syringe represents the next step in Restylane’s evolution, with a novel way to deliver its trusted premium results.

 

 

“This next-generation syringe reflects the latest advancements in injection design, giving aesthetic practitioners greater precision, improved ergonomics, and enhanced control. By refining every element of the injector experience, we aim to help clinicians deliver consistently premium results for their patients. Through direct collaboration with practitioners, Galderma continues to push the boundaries of aesthetic innovation, and we remain steadfast in our commitment to driving the field forwards.”       BALDO SCASSELLATI SFORZOLINI, M.D., PH.D.   GLOBAL HEAD OF R&D   GALDERMA

 

The next-generation syringe is now approved for use in the EU, the U.S., and Canada with the NASHA^® lidocaine range of Restylane products including, Restylane Lyft™ Lidocaine, Restylane Eyelight™ and Restylane-L™ (known as Classyc™ Lidocaine in some markets).^1-3

 

With over 30 years of innovation and more than 77 million treatments administered worldwide, Restylane’s has an iconic heritage as a trusted, science-backed HA treatment that consistently delivers premium results. ^23,24 Building on this heritage, the new state-of-the-art Restylane syringe demonstrates Galderma’s continued innovation, and solidifies its position at the forefront of aesthetics.

 

 

About the Restylane portfolio

 

 

Restylane HA treatments are designed differently to go beyond volumizing for natural-looking results. ^21,25-27 Our HA is minimally modified and our innovative manufacturing process preserves its biocompatibility while creating individual products designed for a specific purpose.^28-31 Powered by NASHA^®, NASHA HD™, OBT™ and SB-NASHA™ technologies, Restylane offers gels with the highest firmness to the highest flexibility, enabling personalized treatments that deliver structural support, natural-looking results, and a healthy glow.^12-19 Trusted for almost three decades, our HA gels work in sync with your skin for 100% natural-looking results.^12,21,22

 

 

About Galderma

 

 

Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com.

 

 

References

 

 

1.		Galderma. Data on file. U.S. FDA Restylane syringe PMA supplement approval letter
2.		Galderma. Data on file. Health Canada Restylane Medical Device License
3.		Galderma. Data on file. Dekra Restylane next generation syringe report
4.		Galderma. Data on file. MA-64737
5.		Galderma. Data on file. MA-56005
6.		Galderma. Data on file. Restylane next generation syringe HCP survey
7.		Galderma. Data on file. Design and development of the next generation syringe
8.		Galderma. Data on file. Vimer S.r.l. Declaration of recycling compliance. 2025
9.		Galderma. Data on file. MA-59168
10.		Galderma. Data on file. MA-65164
11.		Galderma. Data on file. MA-63907
12.		Solish N, et al. Dynamics of hyaluronic acid fillers formulated to maintain natural facial expression. J Cosmet Dermatol. 2019;18(3):738-746. doi: 10.1111/jocd.12961.
13.		Nikolis A, et al. Effectiveness and Safety of a New Hyaluronic Acid Injectable for Augmentation and Correction of Chin Retrusion. J Drugs Dermatol. 2024;23(4):255–261. doi: 10.36849/JDD.8145.
14.		Öhrlund Å, et al. Differentiation of NASHA and OBT Hyaluronic Acid Gels According to Strength, Flexibility, and Associated Clinical Significance. J Drugs Dermatol. 2024;23(1):1332–1336. doi: 10.36849/JDD.7648.
15.		Belmontesi M, et al. Injectable Non-Animal Stabilized Hyaluronic Acid as a Skin Quality Booster: An Expert Panel Consensus. J Drugs Dermatol. 2018;17(1):83–88.
16.		Nikolis A, et al. A new NASHA-HD, high G’ hyaluronic acid (HA) injectable evaluated for chin treatment in combination with lower face and mid-face HA filler treatment. Poster presented at IMCAS 2026; January 29-31, 2026; Paris, France.
17.		Rivers J, et al. Effectiveness and safety of Restylane® Lyft™ Lidocaine for jaw-line definition: A 12-month randomized controlled study. Poster presented at IMCAS 2026; January 29-31, 2026; Paris, France.
18.		Moradi A, et al. Effectiveness and safety of a hyaluronic acid skin quality injectable for the correction of wrinkles in the décolletage area. Poster presented at IMCAS 2026; January 29-31, 2026; Paris, France.
19.		Nestor, M. Safety and effectiveness of an OBT™ hyaluronic acid filler for temple hollowing treatment: a randomized, controlled, clinical investigation. Poster presented at IMCAS 2026; January 29-31, 2026; Paris, France.
20.		Galderma Data on file. MA-56724. X-strain and G’ including Shaype.
21.		Di Gregorio C, et al. 25+ years of experience with the Restylane portfolio of injectable HA fillers for facial aesthetic treatment. E-poster presented at AMWC; March 27-29, 2024; Monaco.
22.		Philipp‐Dormston WG, et al. Perceived naturalness of facial expression after hyaluronic acid filler injection in nasolabial folds and lower face. J Cosmet Dermatol. 2020;19(7):1600-1606. doi: 10.1111/jocd.13205.
23.		Galderma. Data on file. MA-57232 [Updated]. 77 Million treated.
24.		Fabi SG, et al. The potential role of biostimulators/dermal fillers to address menopause-related skin conditions. Poster presented at IMCAS 2026; January 29-31, 2026; Paris, France.
25.		Restylane. U.S. Instructions for use. Available online. Accessed January 2026.
26.		Nikolis A, et al. The role of clinical examination in midface volume correction using hyaluronic acid fillers: should patients be stratified by skin thickness? Aesthet Surg J Open Forum. 2020;2(1):1–12. doi: 10.1093/asjof/ojaa005.
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