4.6



374.0



+10.9%



+13.8%



-



(2.9)%








Marine & Offshore delivered a strong 16.2% organic growth in the third quarter of 2025 (and 13.8% in the first nine months), with:

› A strong double-digit organic increase inNew Construction(48% of divisional revenue), propelled by accelerated deliveries in key Asian markets, primarily China and Korea, and complemented by favorable pricing dynamics.
› High-single-digit organic growth inCore In-serviceactivity (42% of divisional revenue), benefiting from both volumes as well as pricing. As of September 30th, 2025, the fleet classed by Bureau Veritas included 12,277 ships, up 3.1% year-on-year and representing 157 million Gross Register Tonnage (GRT).
› Declinein Serv
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