Veolia Environnement (VIE) Q2 2025 earnings summary

Executive summary

• H1 2025 delivered strong results, with revenue of €22,048M, up 3.8% year-over-year excluding energy prices, and EBITDA of €3,367M, up 5.5% organically, fully in line with annual guidance and the GreenUp plan.

• Current net income Group share reached €762M, up 4.3% (12.5% excluding 2024 net financial capital gains), with dynamic capital allocation including €2.2bn net investments and full buyout of Water Technologies.

• Strategic investments in water technologies and hazardous waste, efficiency gains, and synergies from the Suez acquisition drove performance.

• Major acquisitions in hazardous waste in the US, Brazil, and Japan, and investments in recycling and desalination reinforce growth priorities.

• Full confidence in 2025 guidance and GreenUp 2027 targets, underpinned by operational excellence, cost discipline, and a resilient business model.

Financial highlights

• Revenue reached €22,048M, up 3.8% year-over-year excluding energy prices; organic growth was 2.0% at constant scope and forex.

• EBITDA rose 5.5% like-for-like to €3,367M, with margin improving by 50bps to 15.3%.

• Current EBIT increased 8.1% to €1,834M; current net income Group share was €762M, up 4.3%.

• Net financial debt stood at €20,764M, with leverage at 3.0x, expected to fall below 3x by year-end.

• Net capex was €1,747M, with net free cash flow at -€451M due to seasonal working capital, expected to reverse in H2.

Outlook and guidance

• 2025 guidance is fully confirmed: organic revenue growth, EBITDA growth of 5–6%, efficiency gains above €350M, and current net income Group share growth of ~9%.

• GreenUp 2024–2027 targets reaffirmed: ≥€8bn EBITDA in 2027, ~10% annual current net income growth, and ROCE above 9%.

• Dividend growth to align with EPS; share buyback program launched to offset employee shareholding dilution.