Operator

Welcome to the Bureau Veritas Q1 2026 Revenue Presentation. [Operator Instructions]. Now I will hand the conference over to the speakers, Hinda Gharbi, Chief Executive Officer; and Francois Chabas, Chief Financial Officer. Please go ahead.

Hinda Gharbi
Chief Executive Officer

Thank you. Good morning, good afternoon, and good evening to everyone. Welcome to Bureau Veritas' First Quarter 2026 Revenue Presentation, and thank you for attending this call. I'm joined by Francois Chabas, our Chief Financial Officer. This quarter, Bureau Veritas delivered a steady performance in a changing macroeconomic environment, reflecting continued momentum in the execution of our LEAP 28 strategy.

I would like to thank our teams worldwide for their commitment and contribution. I would like now to go through our Q1 revenue performance. Revenue reached EUR 1.5 billion. Organic revenue growth stood at 4.5%. While this quarter is slightly below historical organic growth averages, I'm pleased to see that a number of our businesses are delivering on or above expectations, offsetting the impact of project delays and the Middle East disruptions on others.

External growth contributed 1.8% from recent bolt-on acquisitions, largely offset by last year disposals. We expect the recent midsized acquisition LotusWorks to take effect in half 2026. As expected, the appreciation of the euro against most currencies led