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Veolia Environnement (VIE) investor relations material
Veolia Environnement Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Nine-month 2025 results showed strong underlying business trends, with revenue reaching €32,323M, up 3.2% excluding energy prices, and EBITDA rising 5.4% to €5,080M, driven by international operations and operational agility.
80% of revenue was generated internationally, with activity outside Europe increasing by nearly 5% year-to-date and 7% in Q3.
Net financial investments totaled €2.3bn, including the €1.5bn acquisition of CDPQ's 30% stake in Water Technologies and six hazardous waste bolt-ons for €400M, while net financial debt stood at €19,925M.
Value creation was confirmed through growth, performance, and smart capital allocation, with strong confidence in delivering 2025 targets.
Guidance for the year and the GreenUp Plan 2024-27 is fully confirmed, with expectations for a strong Q4.
Financial highlights
Revenue: €32,323M, up 3.2% year-over-year excluding energy prices.
EBITDA: €5,080M, up 5.4% organically, with a margin of 15.7%, a 50bps improvement.
Current EBIT: €2,737M, up 7.9% year-over-year.
Net financial debt: €19,925M at September end, with leverage ratio at 3.0x and expected below 3x at year-end.
Efficiency gains: €295M achieved, targeting above €350M for the year; Suez synergies: €73M in nine months, €508M cumulative, targeting €530M by year-end.
Outlook and guidance
Full-year 2025 guidance and GreenUp Plan 2024-27 fully confirmed: organic revenue and EBITDA growth, efficiency gains above €350M, and cumulative synergies of €530M by year-end.
Current net income Group share expected to grow around 9% in 2025, leverage ratio below 3x, and dividend growth aligned with EPS growth.
Share buyback plan from 2025 to 2027 to neutralize employee shareholding program impact.
GreenUp Plan targets over €8bn EBITDA in 2027 and ~10% annual growth in current net income Group share over 2023-2027.
Expectation to be at the upper end of EBITDA guidance range, driven by strong Q4 performance, cost efficiencies, and volume recovery.
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