Bureau Veritas raises 2027-2028 targets and aims for €1 billion in AI revenue
During its Investor Day, Bureau Veritas confirmed the ambitions of its LEAP | 28 plan while raising its revenue growth target for 2027-2028 and setting a dedicated objective for artificial intelligence revenues.
The testing, inspection and certification group provided a progress update three years after the launch of its strategy.
Growth target raised to double digits for 2027-2028
Bureau Veritas presented on September 22, 2026 a progress update on the execution of its LEAP | 28 strategy, launched in March 2024. The group raised its total revenue growth target for the 2027-2028 period, now aimed at double digits (average annual growth rate at constant exchange rates), compared to previously high single-digit growth.
Over the estimated 2023-2026 period, the group reported organic revenue growth of 7 to 8%, associated with a 115 basis point improvement in adjusted operating margin. Bureau Veritas also confirmed all of its ambitions by 2028.
The group also set a new ambition related to artificial intelligence: generating 1 billion euros in revenue from AI-related markets and services by 2030. For comparison, this activity would represent approximately 370 million euros in revenue at the end of 2026 estimated, including the contribution of the LotusWorks acquisition on a full-year basis.
According to the group, artificial intelligence is both a growth catalyst and a transformation lever, based on operational platforms combining proprietary data and technical expertise. These activities notably cover AI systems assurance, cybersecurity, data integrity and automated monitoring.
Portfolio refocusing and confirmed financial ambitions
Since the launch of LEAP | 28, Bureau Veritas has reallocated approximately 21% of its portfolio, representing approximately 1.2 billion euros in revenue acquired, divested or subject to planned exit, through 24 acquisitions, four disposals and one business exit. The 24 acquisitions represent approximately 413 million euros in annualized revenue.
Activities in the "Strengthen leading positions" and "Create new strongholds" categories now represent approximately 68% of the group's estimated revenue in 2026, compared to 55% at the launch of LEAP | 28. The group also evolved its organization around four divisions and ten Product Lines.
On the financial side, Bureau Veritas tightened its target range for net debt to EBITDA ratio to 1.5x-2.0x, compared to 1.0x-2.0x previously. The group targets a return on invested capital (ROIC) above 20% by 2028 and confirms a 65% dividend payout policy of adjusted net income.
Performance programs are expected to have contributed to a cumulative 110 basis point improvement in adjusted operating margin by end of 2026, with the ambition remaining to achieve up to 180 basis points by 2028.
Sustainability: a growing share of revenue
Bureau Veritas indicates it is on track to achieve approximately 15% of its revenue from sustainability-related activities by 2028. This share already reached approximately 8% in the first half of 2026, compared to approximately 5% in 2023.
For the 2027-2028 period, the group intends to accelerate its merger and acquisition strategy, prioritizing bolt-on acquisitions and mid-sized operations, while continuing the global deployment of its performance and human capital programs.
Bureau Veritas will publish its third quarter 2026 revenue on October 21, 2026 and its 2026 annual results on February 25, 2027.
