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Veolia Environnement (VIE) investor relations material
Veolia Environnement Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 delivered strong results, with revenue of €22,048M up 3.8% year-over-year excluding energy prices, EBITDA up 5.5%, and performance fully aligned with annual objectives and guidance.
Business model resilience and growth demonstrated through diversified international portfolio, stronghold/booster activities, and robust performance in Water Tech and Hazardous Waste.
Dynamic capital allocation with €2.2bn net M&A, including full buyout of CDPQ's 30% stake in Water Technologies and targeted hazardous waste acquisitions.
Full confidence in 2025 guidance and GreenUp Plan, underpinned by efficiency gains, cost discipline, and resilience despite macroeconomic and geopolitical uncertainties.
Sustained demand for services driven by health, resilience, competitiveness, and sovereignty challenges.
Financial highlights
Revenue reached €22,048M, up 3.8% year-over-year excluding energy prices; organic EBITDA grew 5.5% to €3,367M, with margin up 50bps to 15.3%.
Current EBIT rose 8.1% to €1,834M; current net income at €762M, up 4.3% (or 12.5% excluding prior year capital gain).
Net financial debt at €20,764M, leverage at 3.0x, expected to fall below 3x by year-end.
Net CapEx stable at €1,747M, with increased growth capex in decarbonization and hazardous waste.
Net free cash flow at -€451M due to seasonal working capital, expected to reverse in H2.
Outlook and guidance
2025 guidance fully confirmed: organic revenue growth, EBITDA growth between 5% and 6%, efficiency gains >€350M, and synergies €530M by end 2025.
Current net income group share expected to grow ~9% at constant forex; leverage ratio to remain below 3x.
GreenUp 2024-2027 plan targets over €8bn EBITDA in 2027, annual savings of €350M, and ~10% annual net income growth.
Dividend growth to align with EPS; share buyback plan to offset employee shareholding dilution.
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