Veolia Environnement SA

Latest Results (23.10.2025):

Veolia Environnement SA reported solid financial results for the first quarter of 2025, meeting its annual guidance despite macroeconomic uncertainties. The company demonstrated resilience and growth across its key sectors, supported by strategic acquisitions and effective operational efficiencies.

Revenue Growth

Veolia achieved a sustained revenue increase of 3.9% to €11,507 million, driven by strong performances in Water, Waste, and Energy sectors. Booster activities, including new power flexibility assets in Hungary, grew by 7.2%, while strongholds saw a 3.9% increase. Notably, Water revenues rose by 2.4%, Waste by 3.7%, and Energy by 5.3%, maintaining high profitability levels.

Operational Performance

The company reported an organic EBITDA growth of 5.5% to €1,695 million, within the target range of 5% to 6%. This growth was fueled by revenue increases, operational efficiencies, and synergies. EBITDA margins improved by 60 basis points, supported by €91 million in efficiency gains and €25 million in synergies, aligning with the annual targets.

Financial Stability

Veolia maintained a strong financial position with net financial debt controlled at €18,855 million, resulting in a leverage ratio of 2.75x, a slight improvement from 2.88x the previous year. This stable debt level underscores the company’s commitment to effective financial management.

Strategic Acquisition

The acquisition of CDPQ’s 30% stake in Water Technologies and Solutions for approximately €1.5 billion accelerates Veolia’s value creation in its GreenUp plan. This move, valued at around 11x EBITDA post-synergies, is expected to generate additional EBITDA of €90 million per year by 2027, enhancing Veolia’s leadership in the Water Technologies sector.

Guidance and Strategic Plans

Veolia confirmed its 2025 guidance and the GreenUp Plan 2024-27, highlighting ongoing successful implementations. The company continues to focus on expanding its "booster" activities and enhancing its international footprint, particularly in North America, ensuring sustainable value creation and long-term growth.