Bureau Veritas: 1Q should be the trough

研报英文原文证据摘录

Bureau Veritas: 1Q should be the trough

29 June 2026

Estimate Change

Will Kirkness

+44 20 7676 8355

European Business Services will.kirkness@bernsteinsg.com

Bureau Veritas SA Filippo Giardini

+44 20 7762 4723

Rating filippo.giardini@bernsteinsg.com

Outperform

Price Target

BVI.FP 34.00 EUR

Ahead of BV 1H26 results on 29 Jul, we accordingly tweak our estimates to reflect changes

Close Date 25 Jun 2026

in our growth assumptions and underlying margins. For 2Q we leave organic growth at 4.6%

BVI.FP Close Price (EUR) 25.95

but reduce 1H margins to 15.2% (from 15.4%) which is -20bps YOY. On a full year basis, we

Price Target (EUR) 34.00

maintain our organic and scope assumptions of 5.1% and 1.0%, respectively, but update our

Upside/(Downside) 31%

FX headwinds from -5.0% to -1.4%. This results in a c.4% uplift to revenue assumptions and

52-Week Range 29.76/24.58

a 3% uplift to our adjusted operating income for FY26. Our EPS uplift is c.4%/3% for FY26/

EDME 1,580.77

FY27. We maintain a price target of €34 and an Outperform rating.

FYE Dec

We change our divisional mix assumptions but leave group organic growth Div Yield 3.6%

unchanged at 4.6% in 2Q. On a divisional basis: 1) we lower Marine & Offshore by 90bps Market Cap (EUR) (M) 11,719

to 9.0%, reflecting a slowdown in capex activities. 2) For Agri-Food & Commodities, we EV (EUR) (M) 13,471

maintain our organic growth assumption at 1.6%, reflecting the closure of the Strait of Performance YTD 1M 6M 12M

Hormuz, which impacted oil testings services. 3) We maintain Industry organic growth (0.9%), Absolute (%) (5.0) (0.2) (4.9) (10.0)

reflecting the postponement of opex inspection services. 4) For B&I, we increase organic EDME (%) 7.5 2.0 8.0 17.6

growth by 50bps to 7.5%, reflecting tailwinds from North America and Europe ex.