Strong organic revenue growth in the first quarter of 2022; solid 2022 outlook confirmed

Q1 2022 key figures(1)

• Revenue of EUR 1,290.1 million in the first quarter of 2022, up 11.7% year on year and up 8.0% organically
• More than half of the portfolio (including Buildings & Infrastructure and Agri-Food & Commodities) was up 8.1% organically on average
• A fifth of the portfolio (Industry) delivered 11.9% organic revenue growth with strong business activity for the Power & Utilities segment (including renewables) alongside the recovery of Oil & Gas markets
• Less than a third of the portfolio (Consumer Products, Certification and Marine & Offshore) grew at 5.0% organically on average
• The currency impact was positive by 3.2% mainly due to the appreciation of the USD and pegged currencies partly offset by the depreciation of some emerging countries’ currencies against the euro

Q1 2022 highlights

• Growth driven by the whole portfolio across all geographies (Americas, Middle East, Europe, Africa and Asia Pacific)
• Sustained strong momentum for Sustainability and ESG-related solutions across all businesses
• 58% of group sales related to Sustainability through the BV Green Line of services and solutions
• Limited impact from Russia / Ukraine conflict (c.1% of group revenue all together in FY 2021)

2022 outlook confirmed

Based on a healthy sales pipeline and the significant growth opportunities related to Sustainability, and assuming there are no severe lockdowns in its main countries of operation due to Covid-19, for the full year 2022, Bureau Veritas still expects to:

• Achieve mid-single-digit organic revenue growth;
• Improve the adjusted operating margin;
• Generate sustained strong cash flow, with a cash conversion above 90%.

Didier Michaud-Daniel, Chief Executive Officer, commented:

“We have got off to a very good start to 2022 with strong organic revenue growth, fueled by good momentum across all our activities. Demand for our unique worldwide sustainability offering continues to accelerate and we have a significant backlog: the BV Green Line of services and solutions is now well on the way to representing nearly 60% of our sales. More and more clients look to us for our expertise, impartiality and independence to help them shape trust around topics at the heart of their ESG challenges and of society at large: health, safety, quality, environmental protection and social responsibility. In Q1, our Clarity offering was fully deployed commercially, thus supporting companies manage their ESG strategy, track implementation and measure performance.

Looking ahead, despite the uncertain environment we are currently facing, we confirm our 2022 outlook.”

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(1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix 2 of this press release.