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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.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.
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