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Bureau Veritas

Bureau Veritas is a world leader in inspection and certification services with a powerful purpose: to shape a world of trust by ensuring responsible progress.

Bureau Veritas 2023 Universal Registration Document Image
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CAPITAL HELD BY WENDEL
~26.5
%¹
AMOUNT INVESTED BY WENDEL
€293.4
m²
YEAR OF ACQUISITION
1995

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 its customers’ excellence and sustainability, the company innovates to help them navigate change.

Created in 1828, Bureau Veritas’ 83,000 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.

(1) Share of equity owned by Wendel as of April 5, 2024 net of treasury shares for c. 41.2% of voting rights.
(2) Amount of equity invested by Wendel for the stake held as of April 5, 2024.
Key figures
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€6,240.9 m
2024 sales
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c. 84,000
29% of whom are women in management positions
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140
countries
performance-esg-4

ESG Ratings

DJSI : 84/100
CDP : B
Ecovadis : Gold

Key milestones of the investment

1995
2004
2007
2009
2015
2018
2024
2025
1995
1995
Wendel acquires its first 19% stake in the company for an investment of €25 million
2004
September 6, 2004
66% controlling interest in Bureau Veritas
September 16, 2004
Offer to minority shareholders of Bureau Veritas
November 2, 2004
Takeover of Bureau Veritas – Offer made to minority shareholders of Bureau Veritas
December 3, 2004
Wendel Investment to own 99% of Bureau Veritas
2007
September 17, 2007
12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé (in French)
October 9, 2007
Bureau Veritas lance son introduction en Bourse (in French)
October 23, 2007
IPO of Bureau Veritas: Wendel sells 27.7 million shares at €37.75 per share and retains 67.6% of the capital of Bureau Veritas
2009
March 5, 2009
Wendel has successfully completed the placing of a 10% stake in Bureau Veritas
March 26, 2009
Frédéric Lemoine to be appointed as Head of Executive Board
2015
March 5, 2015
Wendel sells 10.9% of Bureau Veritas’ share capital
March 6, 2015
Wendel announces the completion of the sale of 10.9% of Bureau Veritas’s share capital
2018
October 29, 2018
Wendel sells 4.73% of Bureau Veritas’ share capital
October 30, 2018
Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital
2024
April 4, 2024
Wendel launches the sale of approximately 9% of Bureau Veritas’ share capital
April 5, 2024
Wendel successfully completes the sale of 9% of Bureau Veritas’ share capital
2025
March 11, 2025
Wendel announces the entry into a prepaid 3-year forward sale of Bureau Veritas shares representing 6.7% of share capital
March 12, 2025
Wendel announces the successful placement of Bureau Veritas shares as part of a prepaid 3-year forward sale representing approximately 6.7% of Bureau Veritas share capital

Why did we invest in Bureau Veritas?

Bureau Veritas is well positioned in markets driven by long-term structural trends. QHSE regulations and standards are proliferating and becoming tougher to meet. Increasingly, certification and inspection activities are being outsourced. Health and environmental protection standards are becoming more stringent. And trade has become global. The growing need for companies to be responsible players in their ecosystems demonstrates the central role of Bureau Veritas in building trust between companies and all their stakeholders.

Since it was founded in 1828, Bureau Veritas has gradually built up its globally renowned expertise. The market that Bureau Veritas addresses has numerous barriers to entry. Operating certification and approval are mandatory in each country. Service providers must offer a comprehensive range of inspection services (in particular for major clients) and extensive geographical coverage both locally and internationally. They must provide high value-added solutions through first-rate technical expertise and enjoy a reputation of independence and integrity. Bureau Veritas’ success is based on its ability to adjust to new business challenges, whether they are one-off situations or long-term issues.

Wendel has gradually increased its holding in Bureau Veritas. When Wendel made its initial €25 million investment in 1995, obtaining 19% of the share capital, Bureau Veritas generated annual revenue of less than €400 million. Wendel then supported the company’s growth until it held 99.2% of the capital in 2004. In 2007, Bureau Veritas was listed on the stock exchange, enabling it to continue its international expansion.

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2025 outlook

Building on a strong 2024 momentum, a robust opportunities pipeline, a solid backlog, and strong underlying market growth, and in line with the LEAP | 28 financial ambitions, Bureau Veritas expects to deliver for the full year 2025:

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

  • Improvement in adjusted operating margin at constant exchange rates,

  • Strong cash flow, with a cash conversion2 above 90%.

Bureau Veritas’ ESG approach

ESG has always been at the heart of Bureau Veritas’ concerns. The company gives a key place to social, environmental and ethical issues in all its sectors of activity.

01
02
03
04
01
i-1
Employee health and safety

Achieve 0.23 accident rate (TAR(1)) by 2028.

(1) TAR: Total Accident Rate.

Read more about Bureau Veritas’ ESG strategy
02
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Climate change mitigation

Reduce CO2 emissions to 107,000 tons (per annum) for scopes 1 and 2, and to 410,000 tons (per annum) for scope 3 by 2028.

03
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Equity and diversity

Reach 36% of female representation in leadership positions (2) by 2028.

(2) Senior/executive management roles from the Executive Committee to Band II

04
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Products and services with environmental added value
Bureau Veritas non-financials ratings
djsi
84/100
score obtained in the DJSI’s “Professional Services” category
suite-pictos-msci
AA
sustainalytics
9.1
Rated “Negligible risk”, ranked #1 of the ‘Research and Consulting’ sector
moodys
70
Ranked #1 in the European Business support services sector

Top management

of Bureau Veritas
hinda-gharbi-rounded
Hinda Gharbi
CEO

Wendel’s role in corporate governance


Board of Directors
Laurent Mignon (Chairman)
Christine Anglade
Claude Ehlinger
Jérôme Michiels

Strategic Committee
Laurent Mignon

Nomination & Compensation Committee
Claude Ehlinger

Audit and Risk Committee
Jérôme Michiels

CSR Committee
Christine Anglade

#Lettre aux actionnaires
11 April 2024
Bureau Veritas targets a step change in growth and shareholder returns
All news
– Press release
17 March 2025
Bureau Veritas strengthens its leading position in the Chilean copper market through the acquisition of GeoAssay
All press releases
 
25 February 2025
Bureau Veritas’ LEAP | 28 strategy delivers outstanding results in 2024 – Confident 2025 outlook
Useful links
Useful links

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan, Canada or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of Wendel (the “Seller”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, Canada, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Company”) in the United States, Australia, Canada, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Company referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Securities have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Canada, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. All persons who wish to have access to the documents contained in this section of the Seller’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been or will be obtained. The Seller assumes no responsibility if there is a violation of applicable law and regulations by any person.

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  3. I will not transmit or otherwise send any information contained in this website to publications with a general circulation in the United States; and
  4. I have read, understand and agree to comply with all of the restrictions set forth above.
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DISCLAIMER – IMPORTANT

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IMPORTANT INFORMATION

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You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

Please enter your country of residence :

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of Wendel SE, parent company of Eufor SAS (together “Wendel”) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the “United States”), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the “Issuer”) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Issuer referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  The Securities have not been and will not be registered under the applicable securities laws of Australia or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents.  All persons who wish to have access to the documents contained in this section of Wendel’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them.  No such registration or approval has been or will be obtained.  Wendel assumes no responsibility if there is a violation of applicable law and regulations by any person.

If you are not permitted to view materials on this webpage or are in any doubt as to whether you are permitted to view these materials, please exit this webpage.

I therefore certify that:

  1. I am resident and physically present in a country outside the United States, Australia and Japan;
  2. I am authorized to access the information and documents contained on this portion of the website without being subject to any legal restriction and without any further action required by Wendel;
  3. I will not transmit or otherwise send any information contained in this website to publications with a general circulation in the United States; and
  4. I have read, understand and agree to comply with all of the restrictions set forth above.
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DISCLAIMER – IMPORTANT

Due to applicable legal restrictions, the information contained in this section of the website is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia or Japan, or any other jurisdiction in which such release, publication or distribution would be unlawful.  We apologize for any inconvenience this may cause.

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