header-1c-v3

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.

Read more
CAPITAL HELD BY WENDEL
26.8
AMOUNT INVESTED BY WENDEL
€293.4
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’ 84,000 employees deliver services in nearly 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 December 31, 2024, net of treasury shares (26.5% including treasury shares). For c. 41.2% of voting rights.
(2) Amount of equity invested by Wendel for the stake held as of December 31, 2024. Since its initial investment of €931 million in Bureau Veritas, Wendel has received approximately €5.2 billion in proceeds from disposals and Bureau Veritas dividends.
Key figures
icon
€6,240.9 m
2024 sales
suite_pictos_bonhommes_2
c. 84,000
29% of whom are women in management positions in 2024
societes-2
~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

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.

Photo BV_3

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

Beyond compliance with regulations, Bureau Veritas is committed to supporting its clients in their sustainability journey and to meeting the expectations of consumers, employees and all of its stakeholders.

For more information on Bureau Veritas’ ESG policy, click here.

01
02
03
04
05
06
01
changement-climat-4
Climate

CO2e emissions in 2024 : 135,000 tons on scopes 1 & 2, and 620,000 tons on scope 3.

> 2028 Ambition : reduce CO2e annual emissions to reach 107,000 tons on scopes 1 & 2, and 410,000 tons on scope 3.

02
feuille-rond-04
Circularity and biodiversity
03
i-1
Health and safety

Total Accident Rate (TAR) in 2024 : 0.24.

> 2028 Ambition : achieve 0.23 accident rate.

04
suite-pictos-bonhommes-4
Human capital

68% of employees participated in a performance review in 2024.

> 2028 Ambition : reach a rate of 95% of employee participation in a performance review.

05
parite-4
Diversity

27% of female representation in leadership positions in 2024.

> 2028 Ambition : reach a rate of 36% of female representation in leadership positions(1).

(1) Senior / executive management roles from the Executive Committee to Band II.
06
hands
Ethics

98,8% of employees are trained to Bureau Veritas Code of Ethics in 2024.

> 2028 Ambition : reach a rate of 99% employees trained to BV Code of Ethics.

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

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

Useful links