Veolia (VIE) Q3 2025 earnings summary

Executive summary

• Strong operational and financial performance in the first nine months of 2025, with revenue reaching €32,323M, up 3.2% excluding energy prices, and EBITDA rising 5.4% to €5,080M, driven by robust international activity and operational efficiency.

• 80% of revenue generated internationally, with activity outside Europe increasing nearly 5% year-to-date and 7% in Q3, reflecting a diversified footprint and favorable momentum.

• Net financial investments totaled €2.3bn, including key acquisitions in Water Technologies and Hazardous Waste, while net financial debt stood at €19,925M with leverage at 3.0x.

• Value creation confirmed through growth, performance, and smart capital allocation, with strong confidence in delivering 2025 and GreenUp plan targets.

• Major strategic partnerships, capital investments, and governance enhancements reinforce growth potential.

Financial highlights

• Revenue: €32,323M, up 3.2% year-over-year excluding energy prices; EBITDA: €5,080M, up 5.4% organically, with margin improving to 15.7%.

• Current EBIT: €2,737M, up 7.9% year-over-year.

• Net financial debt: €19,925M at September end, leverage ratio at 3.0x, expected below 3x by year-end.

• Efficiency gains: €295M achieved, targeting above €350M for the year.

• Suez synergies: €73M in nine months, €508M cumulative, targeting €530M by year-end.

Outlook and guidance

• 2025 guidance and GreenUp Plan 2024-27 fully confirmed: organic revenue and EBITDA growth of 5–6%, efficiency gains above €350M, and cumulative synergies of €530M by year-end.

• Current net income Group share expected to grow around 9%, leverage ratio below 3x, and dividend growth aligned with EPS growth.

• Share buyback plan from 2025–2027 to offset employee shareholding program impact.

• GreenUp Plan targets over €8bn EBITDA in 2027 and ~10% annual growth in current net income Group share over 2023–2027.

• Expectation to be at the upper end of EBITDA guidance range, driven by strong Q4 performance, cost efficiencies, and volume recovery.