Message from the Board of Management
Ladies and Gentlemen,
FORWARD THINKING: Shaping the Future at TÜV SÜD! At TÜV SÜD, we’re charting a clear course for the future. In 2024, we achieved significant milestones, launching major initiatives and completing key projects to become more customer-focused, efficient, and successful. Our FORWARD initiative is aimed at optimizing and better coordinating our internal processes. As part of our new Strategy 2030 process, we launched a structured approach to modernize and strengthen our strategic guiding principles. This includes OPEn, one of the largest projects in TÜV SÜD’s history, which will lay the foundation for a more resilient and future proof IT infrastructure across the company.
This is a bold investment in our vision of a modern and sustainable company, particularly in a world challenged by global crises. Geopolitical tensions, military conflicts, rising protectionism, and the escalating effects of climate change are all testing global trade and economic stability. At the same time, competition for skilled labor is intensifying, and industries are being transformed by rapid technological change.
Despite these challenges, we remain optimistic. Our projects, especially those focused on environmental and climate protection, demonstrate this optimism. Sustainability remains a global priority, even in the face of competing concerns. We’re committed to advancing this cause, as evidenced by our enhanced efforts in 2024. One of our key objectives is to increase TÜV SÜD’s recognition as a provider of sustainability solutions, building connections with stakeholders worldwide. Additionally, we aim to make our entire value chain sustainable, which was recognized by an EcoVadis Gold sustainability rating in 2024. TÜV SÜD is also committed to achieving net-zero emissions in line with the SBTi Net-Zero Standard, positioning us as a leader in the TIC industry. Our emissions reduction target for 2030 and net-zero climate goal for 2050 are backed by the latest scientific research and validated by the German National Climate Initiative 2024.
Digitalization is another key focus for TÜV SÜD. We’re digitizing our processes and services across the entire value chain, from remote audits for recurring inspections to online seminars at TÜV SÜD Academy. Another example of this is the use of drones and data analytics in our wind turbine inspections.
Through our Cyber Security Services, we’re helping clients mitigate risks to their businesses. The rapid adoption of artificial intelligence (AI) presents another opportunity for growth. A new legal framework for AI is emerging, particularly in Europe. At TÜV SÜD, we’re working closely with the TÜV AI.Lab to develop robust testing methods and measurable conformity criteria for AI systems, supporting the development of global AI standards and norms.
Our investments are driven by a position of strength. In 2024, TÜV SÜD achieved close to 9% growth, with revenues reaching € 3.4 billion and EBIT totaling € 216 million. Strong contributions came from our highly standardized and scalable inspection business in Germany, as well as our key international markets – China and the US – where targeted investments began generating sustainable revenue.
We continued to modernize our technical service centers and testing facilities while expanding our global footprint. Notable acquisitions in 2024 included the Swedish vehicle inspection company Carspect Group (with subsidiaries in Latvia and Estonia), the Danish Domutech A/S (specializing in building inspections and energy certificates), and US-based Sustainable Investment Group, LLC and Green Building Education Systems, LLC, both focusing on sustainability services. These acquisitions have strengthened our position in strategically important markets, particularly in the US and Europe.
TÜV SÜD’s success is built on the dedication and expertise of our nearly 30,000 employees. However, many companies – especially in Europe – are facing a wave of retirements in the coming years. To continue thriving, we must attract top talent and ensure knowledge is passed on to the next generation.
TÜV SÜD remains an attractive employer with a stable business model, secure jobs, competitive compensation, and meaningful work. As part of our strategy, we’ll continue to set clear targets for employee satisfaction. While we face tough competition for skilled employees and the challenges of an aging workforce, we are confident that TÜV SÜD is well-equipped to meet these challenges head-on.
On behalf of the Board of Management, we extend our deepest thanks to all our colleagues. Their knowledge, commitment, and innovative ideas have been essential to TÜV SÜD’s continued success.
The motto of this annual report, FORWARD THINKING, reflects the spirit of our initiatives in 2024: We are optimistic about the future and confident that we are prepared for the years ahead.
Munich, March 28, 2025
The Board of Management of TÜV SÜD AG
Dr. Johannes Bussmann
Chairman of the Board of Management
Sabine Nitzsche
Member of the Board of Management
Ishan Palit
Member of the Board of Management