Veolia Environnement
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Veolia Environnement (VIE) investor relations material

Veolia Environnement Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • 2025 marked a pivotal year, exceeding guidance with record profitability, strong international growth, and accelerated GreenUp transformation, achieving the 2027 ROCE target two years early.

  • Major acquisitions in Water Technologies and hazardous waste, including Clean Earth in the US, advanced the shift toward technology-driven, international operations.

  • Suez integration completed, delivering €534m in synergies, above target.

  • Shareholder returns enhanced by a 7% dividend increase to €1.50 per share and a multi-year share buyback program (~€400m in 2025).

  • Strong fundamentals and sustained demand support ambitious 2026 guidance.

Financial highlights

  • Revenue reached €44,396M, up 2.8% year-over-year at constant scope and forex, excluding energy prices.

  • EBITDA rose to €7,050M, up 6.3% like-for-like, with margin at a record 15.9% (+70bps).

  • Current net income (group share) increased 9.1% to €1,643M; net financial debt at €19,657M after €2.3bn in acquisitions.

  • Leverage ratio at 2.79x, well below 3x.

  • ROCE achieved at 9.4% after tax, up 60bps year-over-year.

Outlook and guidance

  • 2026 targets: organic EBITDA growth of 5–6%, current net income growth of at least 8% at constant FX, and leverage ratio at or below 3x before Clean Earth acquisition.

  • Clean Earth acquisition expected to close mid-2026, accretive from 2027, with €2bn+ in asset disposals planned post-closing.

  • Dividend to grow in line with EPS.

Portfolio transformation: future revenue mix impact?
Future potential of Digital and AI efficiency gains?
Share buyback: How does it mitigate dilution?
How has AI/digital exceeded efficiency expectations?
Describe criteria for EUR 2bn asset divestments
Drivers of 2026 EBITDA growth sans Suez synergies
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Frequently asked questions

Veolia Environnement S.A. designs, manages, and provides equipment for water and wastewater treatment facilities; and automatic drinking water distribution networks in France. It offers steam generation and distribution services, as well as air conditioning and cold production services; heating, cogeneration, and combined cooling heat power solutions; biomass boiler solutions; district heating solutions from renewable resources comprising wood chips and biogas.

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