TODAY FOR TOMORROW

Corporate Report 2024

“Especially in uncertain times like these, we see just how important it is to offer reliability.”

Dr.-Ing. Michael Fübi

“Especially in uncertain times like these, we see just how important it is to offer reliability.”

Dr.-Ing. Michael Fübi
Chief Executive Officer of TÜV Rheinland AG

Dear Readers,

Good news isn’t entirely a thing of the past. In a world plagued by negative headlines, global challenges and uncertainties, there’s always room for something positive. Although political, technical and economic developments are increasingly complex, they also enable progress, growth and innovation. Especially in uncertain times like these, we see just how important it is to offer reliability. In 2024, our employees once again helped significantly to make the world a safer place. For the TÜV Rheinland Group, it was a successful year, and quite clearly so.

This is also reflected in our numbers, which testify to TÜV Rheinland’s continued growth path. Revenue and operating result (EBIT) are significantly higher than the previous year’s figures, and the headcount has increased by a full 2,500. We expanded our service offering, brought new products to the market and opened new laboratories. We entered strategic partnerships and invested further in the acquisition of companies. Examples include the Swedish vehicle inspection service Bilprovningen with about 600 employees and its subsidiary SMP, which have been part of TÜV Rheinland since the end of 2024.

We aspire, with our inspections, testing, certifications, audits and training, to meet a basic human need, which is also something our customers need: safety. At the same time, the desire to exploit the full potential of technology for the benefit of humankind and the environment has never been more prevalent. Safety and sustainability must go hand in hand here. A technology cannot be safe unless it is also sustainable. And this is precisely where we apply our services.

Through advanced training and continuing education, we keep TÜV Rheinland employees’ knowledge up to date. This enables us to help carry innovations through to market readiness – like the safe use of artificial intelligence, such as in autonomous driving systems, or hydrogen-based technologies. I would like to express my gratitude to our customers, whom we support not only along their path to the future but also with their everyday business challenges, and who have placed great trust in TÜV Rheinland once again. I would also like to thank our employees, whose commitment makes our success possible.

We also continue to improve our own sustainability performance. One of TÜV Rheinland’s core concerns is the work safety of our employees. In 2024, we launched a program to reinforce our safety culture, in order to further raise awareness for responsible behavior. Are we on the right track with our sustainability efforts overall? The EcoVadis Gold status we earned at the end of 2024 affirms that we are. The EcoVadis rating assesses the sustainability performance of companies in the areas of environment, labor and human rights, ethics and sustainable procurement – TÜV Rheinland once again ranks among the top 5 percent of rated companies in 2024.

Learn more about our goals and progress, our successes and challenges, in this Corporate Report.

Yours

Dr.-Ing. Michael Fübi
Chief Executive Officer of TÜV Rheinland AG

TÜV Rheinland.
Precisely. Right.

As an independent testing and inspection services company, for more than 150 years TÜV Rheinland has stood for quality and safety in the fields of inspection, testing, innovation, certification and training in almost every area of the economy and life. Our service promise: What we do, we do precisely and we do it right.

TÜV Rheinland in figures

Based in some 50 countries, our experts test and inspect technical plants, equipment and products, support innovations in engineering and business, train people and certify management systems according to international standards.

0
billion
REVENUE
0
million
EBIT
0
million
ADJUSTED EBIT
0
is the number of EMPLOYEES as of December 31, 2024 (headcount)
0
%
is the share of WOMEN IN LEADERSHIP POSITIONS
0
%
is the percentage drop in the LOST TIME INJURY RATE (LTI) as compared with reference year 2019

Gold medal in EcoVadis assessment – among the top five percent

With 80 on a scale of 100 points, at the end of last year TÜV Rheinland earned Gold status from the world’s leading provider of sustainability ratings, EcoVadis. That exceeds its 2023 score by one point and places TÜV Rheinland among the top 5 percent of the companies evaluated. EcoVadis assesses the sustainability performance of companies in four domains: environment, labor rights and human rights, ethics and sustainable procurement. The rating is one of the most meaningful evaluations of corporate sustainability performance worldwide.

Our Business Streams

Since January 1, 2024, TÜV Rheinland’s structure has comprised the four Business Streams listed below.
Industrial Services &
Cybersecurity
0
%
Share of revenue
Industrial Services & Cybersecurity
Pressure Equipment
Elevators &
Lifting Equipment
Electrical Engineering & Building Technology
Industrial Inspection & Materials Testing
Infrastructure &
Project Supervision
Energy & Environment
Cybersecurity &
Functional Safety
Mobility
0
%
Share of revenue
Mobility
Periodical Technical
Inspection
Driver’s Licenses
Car Services &
Appraisal
Engineering &
Type Approval
Rail
Products
0
%
Share of revenue
Products
Softlines
Hardlines
Electrical
Solar &
Commercial Products
Medical
People &
Business Assurance
0
%
Share of revenue
People & Business Assurance
Certification of Management Systems
Customized Services
Government Inspections & International Trade
Digital Transformation
Occupational Health & Safety
Training &
HR Development
Labor Market Services

TÜV Rheinland worldwide

Germany

Revenue

€1,291.9 million

Greater China

Revenue

€581.9 million

Asia Pacific

Revenue

€147.4 million

IMEA

Revenue

€202.5 million

Europe

Revenue

€357.3 million

South America

Revenue

€62.3 million

North America

Revenue

€70.5 million

Today for tomorrow.
TÜV Rheinland

TÜV Rheinland stands for greater technical safety and quality in the interaction between people, technology and the environment. Its mission rests on the conviction that social and technical progress are inextricably intertwined and must be made sustainable.

Responsible for our actions

Five examples of how we put sustainability into practice at TÜV Rheinland:

UN Global Compact: United by shared values

As a signatory to the UN Global Compact, TÜV Rheinland is committed to the United Nations’ principles for a more sustainable economy.

IMEA: Lower emissions through intelligent lighting

With energy-efficient lighting and intelligent control systems, TÜV Rheinland has been able to sustainably lower energy consumption at locations in the IMEA region.

Philippines: Employees make communities greener

Dedicated employees of TÜV Rheinland initiated a tree-planting campaign in the Philippines.

Greater China: Action week promotes environmental awareness

With an Environment Week, employees in the Greater China region developed ideas for reducing greenhouse gases, protecting the environment and conserving resources.

TÜV Rheinland celebrates International Women’s Day worldwide

With an extensive global campaign to mark International Women’s Day, TÜV Rheinland employees developed ideas for eliminating barriers and challenging stereotypic attitudes.

Career

Our greatest asset resides in around 26,000 clever minds. It is from this tremendous wealth of experience that the people at TÜV Rheinland draw substance and inspiration for their worthwhile work. This enables us to pursue our goal without compromise: making the world a safer place. If you share that passion with us, you will find TÜV Rheinland to be an employer on whom you can rely and one who will support your personal and professional development.

TÜV Rheinland has been a signatory to the UN Global Compact since 2006. The initiative of the United Nations is based on ten principles and committed to a more sustainable economy in line with the UN Sustainable Development Goals. Those goals include respect for human rights as well as standards for fair labor practices, protection of the environment and good corporate governance. More than 26,000 companies and organizations worldwide have joined the UN Global Compact Network, and it has nearly 1,400 members in Germany.

By using more energy-efficient lighting (LEDs) and controlling lighting systems as needed, we can lower electricity consumption at our locations in the IMEA region, thereby reducing the associated GHG emissions.

Our subsidiaries in the United Arab Emirates and South Africa replaced existing fluorescent tubes and incandescent bulbs with LED lamps that consume less energy. Moreover, we increased the number of light switches in all office areas. This makes it possible to switch on only the lamps needed to adequately illuminate the office space currently in use, thereby reducing wasteful electricity consumption.

Our locations in India and Bangladesh have equipped rooms with sensor-controlled lights that switch lighting on and off depending on detected motion. This prevents the unnecessary illumination of unused rooms and spaces.

More greenery for communities in the region and restoration of species-rich forests: In pursuit of those goals, a group of dedicated employees of TÜV Rheinland Philippines initiated a tree-planting campaign in collaboration with the responsible district government on July 17, 2024.

The campaign reminded people of the important role that trees play in the ecosystem. The shared effort of companies and local government underscores the importance of sustainability and communal commitment for conserving our natural resources.

Building on the success of a World Environment Week in 2023, the Greater China region organized another action week to broaden and strengthen awareness for sustainability and climate protection.

With an Environment Week in June 2024, location-specific initiatives and actions called on employees in the region to test how GHG emissions can be reduced or how the environment and resources can be conserved. This included eliminating the consumption of water from plastic bottles in the subsidiary in Shanghai to reduce plastic waste, for example, and a “green donation campaign” for used articles at our location in Hong Kong.

To mark International Women’s Day on March 8, 2024, TÜV Rheinland launched an extensive global campaign under the banner “#InspireInclusionTR.” The goal of the campaign was to help eliminate barriers and to challenge stereotypic attitudes toward women.

On internal and external social media platforms, our worldwide employees positioned themselves with statements for diversity and inclusion. In addition, local initiatives were launched at various locations such as India and Qatar to celebrate International Women’s Day and emphasize the importance of equity in the professional environment. In addition to appreciation by local management, the events included inspiring stories from successful female leaders together with workshops to motivate women to pursue their goals and aspirations.

Financial Report

Group revenue

In financial year 2024, the TÜV Rheinland Group successfully maintained its growth path and generated Group revenue (including changes in inventories) totaling €2,713.8 million; this represents a year-over-year increase of 11.2%. This exceeded the stated projection for 2024 of achieving an EBIT margin of around 5.0%. Viewed in adjusted terms – i.e. applying the projected exchange rates of financial year 2024 also to the previous year – Group revenue totaled €2,704.2 million, which corresponds to a rate of growth of 12.8%. The international regions generated more than half of the Group revenue, with 52.4% (previous year: 49.9%).

Operating result (EBIT)

In financial year 2024, the operating result (EBIT) totaled €214.8 million, which significantly exceeded (by €110.9 million) the previous year’s figure. After adjusting for special effects totaling €-10.6 million, EBIT stood at €225.4 million. The EBIT margin, which expresses EBIT in proportion to Group revenue, stood at 7.9% in financial year 2024; this was 3.7% higher than the previous year. This exceeded the target set for 2024 of achieving an EBIT margin between 6.5% and 7.0%. Taking the above-mentioned special items into account, the adjusted EBIT margin stood at 8.3% (previous year: 7.1%).

Cash flow

At €283.0 million, the positive cash flow from operating activities in financial year 2024 was 39.2% higher than the previous year’s figure. The change is mainly attributable to the improved consolidated net income. The consolidated net income of €132.6 million was offset by non-cash depreciation and amortization of €143.3 million (previous year: €145.4 million). The negative cash flow from investing activities decreased slightly by €12.8 million compared to the previous year. At €62.7 million, the negative cash flow from operating activities in financial year 2024 was nearly the same as the previous year.

Employees

As of the balance sheet date of December 31, 2024, TÜV Rheinland employed a total of 25,177 people (FTE) or 25,900 employees (headcount). On average, there were 23,920 full-time employees (full-time equivalents in FTE) during the financial year. In a year-over-year comparison, this represented an increase of 1,828 employees (FTE) or 8.3%. While 64.9% of the employees (FTE) at TÜV Rheinland were male, the share of women was 32.8%, with the remaining 2.3% of employees not reporting a gender.

Corporate Report 2024

Corporate Report 2024 to download.

The Corporate Report for financial year 2024 illustrates how TÜV Rheinland defines and lives the term “sustainability.” Together with the Sustainability Report, the Financial Report describes the business development of the company.

Corporate Report 2023 To the interactive view4.64 MB Download PDF
Corporate Report 2022 4.30 MB Download PDF
Corporate Report 2021 5.10 MB Download PDF
Corporate Report 2020 3.40 MB Download PDF
Corporate Reports 2019 - 2011 65.60 MB Download ZIP

Our Key Performance Indicators: Facts and figures at a glance

We want to help identify and manage the impacts that technological developments have on people and the environment. Our contributions are systematically recorded and documented. To measure our progress, we use key performance indicators (or KPIs for short) that have been formulated for all our material topics. The relevant KPIs are listed here.