Veolia (VIE) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with revenue of €11,427M, up 2.1% year-over-year at constant scope and Forex, and EBITDA of €1,766M, up 5.1%, fully in line with annual guidance and GreenUp plan trajectory.

• Multi-local, diversified business model provided resilience and growth, with limited impact from Middle East conflict and strong operational resilience.

• Continued transformation towards international, technology-driven, and innovative activities, with significant progress in portfolio management and expansion in PFAS decontamination in Australia.

• Launched new global offerings for data centers and microelectronics, targeting over €1B annual revenue from these sectors by 2030.

Financial highlights

• Q1 2026 revenue reached €11.4 billion, up 2.1% at constant scope and Forex, excluding energy prices.

• EBITDA was €1,766 million, up 5.1% at constant scope and Forex, with margin expansion of 73 bps to 15.5%.

• Current EBIT rose to €971 million, up 7.2% at constant scope and Forex.

• Net free cash flow improved by €144 million year-over-year, driven by strict CapEx and working capital management.

• Net financial debt stood at €20,797 million as of March 31, 2026, with 85% fixed and strong liquidity.

Outlook and guidance

• 2026 guidance and GreenUp plan trajectory fully confirmed: organic EBITDA growth of 5%-6%, current net income growth of at least 8% at constant Forex (excluding Clean Earth), and leverage ratio at or slightly above 3x post-acquisition.

• Clean Earth acquisition expected to close mid-2026, accretive to net income from 2027 before PPA, with synergies starting that year.

• Dividend and EPS growth to align with net income growth; continued focus on free cash flow and dividend coverage.