Veolia Environnement (VIE) Q4 2025 earnings summary

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.