Bureau Veritas (AO) | Buy | H1 preview: H1 headwinds mount, FY target intact

研报英文原文证据摘录

Bureau Veritas (AO) | Buy | H1 preview: H1 headwinds mount, FY target intact

#EarningsPreview #Negative

Release date: 25 June 2026

François Digard

Head of French Equity Research, Food retail & TIC analyst

+33 1 70 81 57 47

fdigard@keplercheuvreux.com

BuyBureau Veritas

France | Support services Beta Profile: MCap: EUR11.4bn Country Top Picks

Target Price: EUR34.00 Bloomberg: BVI FP Reuters: BVI.PA

Current Price: EUR26.29 Free float 68%

Up/downside: 29.3% Avg. daily volume (EURm) 58.1

YTD abs performance -3.3% Market data: 24 June 2026

52-week high/low (EUR) 29.48/25.04

H1 preview: H1 headwinds mount, FY target intact

Key points:

Bureau Veritas will publish its H1 2026 results on July 29 before the market opens. The negative effects already visible in Q1 will

accumulate in this publication. We believe this is anticipated by investors, even if the consensus available to date does not yet

reflect it.

The group has already lowered its guidance, we believe it is not at risk.

We expect organic growth of 4.5% in Q2, similar to that of Q1. Ormuz will indeed weigh heavily on the entire period and even if

the other activities partially compensate for the weakness of AFC, it should not be enough to do better.

The operating result is expected to decline slightly due to the underutilization of laboratories in the ME zone and still negative

exchange rate effects. We expect it to decline by 20bps.

The consensus does not seem to be adjusted yet for H1 (organic growth of 5.2% in Q2, stable EBIT margin) but this does not mean

that analysts need to revise their annual expectations: the factors weighing on H1 are temporary and could partially reverse in H2

(strong recovery in ME and appreciation of currencies relative to last year).