Bureau Veritas' LEAP | 28 Strategy: A Recipe for Success in 2024 and Beyond

In the dynamic world of business, companies must continually adapt and innovate to stay ahead of the curve. Bureau Veritas, a global leader in Testing, Inspection, and Certification (TIC) services, has demonstrated its prowess in this regard with the successful implementation of its LEAP | 28 strategy. This strategic plan, launched in Q1 2024, has delivered outstanding results, positioning the company for continued progress and superior value creation in 2025 and beyond.

The LEAP | 28 strategy is built around three key pillars: a focused portfolio, performance-led execution, and an evolved people model. These pillars have enabled Bureau Veritas to achieve remarkable growth and margin improvements in 2024, as highlighted by CEO Hinda Gharbi:

1. Focused Portfolio: Bureau Veritas has actively managed its investment portfolio, becoming a leader in markets where it already holds top three positions and establishing new growth hubs. In 2024, the company completed the acquisition of 10 bolt-on companies for a total annualized revenue of c. EUR 180 million. Additionally, it divested its Food testing business and a technical supervision business on construction projects in China, generating a combined annualized revenue of c. EUR 165 million. These strategic moves have allowed Bureau Veritas to create new strongholds in areas such as Cybersecurity and Consumer Products Services Technology, while optimizing the value and impact of its remaining portfolio.
2. Performance-led Execution: Bureau Veritas has improved operational efficiency and generated meaningful efficiency and productivity gains through operational leverage, functional expansion, and innovation. The company's 2024 results reflect this focus, with a solid organic margin improvement of 38 basis points and adjusted EPS growth of 17.0% at constant currency. This commitment to operational excellence has been a driving force behind the company's success.
3. Evolved People Model: Bureau Veritas has developed its talent pool to attract and retain the strategic capabilities needed for growth in new markets. The company's commitment to its people is evident in its completion of a EUR 200 million share buyback program, enhancing shareholder returns. This focus on human capital has been instrumental in driving the company's growth and market leadership.



Bureau Veritas' focus on sustainability services has also driven significant growth and market leadership in 2024. The company's sustainability services across the full portfolio have shown sustained growth momentum, contributing to its overall organic growth of 10.2% and a solid margin improvement of 38 basis points. This growth can be attributed to the increasing demand for 'new economy services' and strong underlying market growth.

Looking ahead, Bureau Veritas expects to maintain this growth momentum in sustainability services. The company's 2025 strategy aims to build upon its strengths, leading sustainability in the TIC sector. This focus on sustainability is expected to drive further growth and market leadership, as the company continues to capture the maximum value from existing businesses adjacent to its core activity and leads the way in critical societal subjects such as energy transition, smart cities, new forms of mobility, and traceability of supply chains.

In conclusion, Bureau Veritas' LEAP | 28 strategy has delivered outstanding results in 2024, positioning the company for continued progress and superior value creation in 2025 and beyond. The company's commitment to a focused portfolio, performance-led execution, and an evolved people model, coupled with its dedication to sustainability, has been the recipe for its success. As Bureau Veritas looks to the future, it remains well-positioned to capitalize on opportunities and maintain its market leadership in the TIC sector.