1H26 ahead, better growth and margins. FY26 growth guide upgraded.

研报英文原文证据摘录

1H26 ahead, better growth and margins. FY26 growth guide upgraded.

Update

July 29, 2026 06:30 AM GMT

Morgan Stanley & Co. International plc+MBureau Veritas SA | Europe Annelies Vermeulen

Equity Analyst

1H26 ahead, better growth and Annelies.Vermeulen@morganstanley.comZachariah Al-Qaryooti +44 20 7425-4367

Zach.Al-Qaryooti@morganstanley.com +44 20 7425-2400

margins. FY26 growth guide Remi Grenu

Remi.Grenu@morganstanley.com +44 20 7425-0552

upgraded.

Bureau Veritas SA (BVI.PA, BVI FP)

Business Services | France

AlphaSignals Earnings Reaction

Stock Rating Overweight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target €35.00

consensus EPS Shr price, close (Jul 28, 2026) €27.32

52-Week Range €29.61-24.58

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €12,091

Net debt (12/26e) (mn)* €2,182

EV, curr (mn)* €13,996

Key Takeaways

* = GAAP or approximated based on GAAP

2Q26 organic growth of 5.5%, ahead of cons (4.6%), driven by B&I and M&O,

while EBITA margin of 15.5% is ~30bps ahead of cons.

FY26 guidance upgraded to M-HSD vs MSD previously, while guide for margin

progression is unchanged. Expect small upgrades to FY cons.

Review of Govt Services complete, with €32m provision booked for potential

financial impact.

Overall a good result. Better 2Q growth, guidance upgrade and more clarity on

Govt Services should be well received today. Stay Overweight.

1H26 reports better growth and margins: Organic revenue growth was +5.5% for

2Q26, ahead of MSe and consensus of +4.6%, implying a 5.0% organic growth for

1H26 also ahead of cons of +4.5%, and sequentially stronger vs 1Q organic of 4.5%,

albeit on a slightly easier yoy comp (6.2% vs 7.3% at 1Q25).