Veolia (VIE) investor relations material

Executive summary

• 9M revenue reached €33,310M, up 2.6% excluding energy prices; Q3 growth accelerated to 5.0% on the same basis, led by international markets and Water.

• EBITDA rose 5.1% to €5,404M and current EBIT increased 6.7% to €2,950M; EBITDA margin expanded 50bps to 16.2%.

• 2026 guidance and the GreenUp trajectory were confirmed, with continued focus on international and technology growth, operational discipline and portfolio transformation.

Financial highlights

• 9M revenue was €33,310M, up 2.1% at constant scope and forex and 2.6% excluding energy prices.

• EBITDA reached €5,404M, up 5.1% at constant scope and forex; margin rose 50bps to 16.2%.

• Current EBIT was €2,950M, up 6.7% at constant scope and forex, excluding Suez and Clean Earth PPA.

• Pricing and commerce contributed €746M, or 2.3%, to revenue growth; growth and performance added €303M, or 6.0%, to EBITDA.

• Efficiency gains reached €294M YTD toward an annual target above €350M; 56% of net efficiency gains were retained.

Outlook and guidance

• 2026 guidance: continued solid organic revenue growth excluding energy prices, and organic EBITDA growth of 5%–6%.

• Current net income is targeted to grow at least 8% at constant forex, including Clean Earth; current EPS and dividends are expected to grow in line with current net income.

• Year-end leverage is expected at or slightly above 3x; the €2bn+ disposal program is targeted for completion within two years of closing, by mid-2028.

• Clean Earth is expected to be accretive to current net income from 2027; PPA treatment will be as a non-current item.