Veolia (VIE) Status Update summary

Strategic Overview and Market Trends

• Waste management has evolved from basic collection to advanced recycling, energy generation, and pollution treatment, driven by legislation, health concerns, industrial reshoring, and supply chain security.

• Emphasis on innovation and hazardous waste, leveraging supportive megatrends like environmental regulation, health protection, and industrialization.

• The waste management market is projected to grow 3% annually, reaching EUR 1,300 billion by 2030, with hazardous waste growing even faster.

• Positioned as a global leader in environmental services, circular economy, and hazardous waste, with €15.7bn in 2024 revenues and #1 worldwide in hazardous waste.

• Differentiation through business synergies, combining solid waste, energy, and water technologies for added value.

Financial Performance and Growth Ambitions

• Waste revenue reached EUR 15.7 billion in 2024, with 72-73% from solid waste and 27% from hazardous waste.

• Solid waste revenues reached €11.4bn in 2024, with EBITDA margin at 13% and ROCE ~9%.

• Hazardous waste revenues at €4.3bn in 2024, with EBITDA margin 14% and ROCE 6%.

• GreenUp 24-27 plan targets mid to high single digit CAGR in revenues, ~10% EBITDA CAGR, and ~50% ROCE increase, aiming for +50% hazardous waste revenue growth and ~€1bn in PFAS/new pollutants treatment by 2030.

• Margin expansion is driven by new capacity, efficiency, and volume growth, with 10% average annual EBITDA growth targeted.

Innovation and Operational Excellence

• Innovation and proprietary technologies, such as DropFast for PFAS destruction and GeoMelt for radioactive waste, underpin leadership and differentiation.

• Specialized hazardous waste treatment includes advanced technologies: high-temp incineration, physico-chemical, recycling, and soil remediation.

• Constant innovation in battery recycling, PFAS destruction, and strategic metals recovery, with 100% of high-temp incinerators in Europe to be equipped by end-2025.

• Proprietary technologies and patents drive competitive advantage, with 75 patents in Europe alone and ongoing investment in decarbonization and circular economy solutions.

• New capacity: +285 Kt by 2027 (+430 Kt/y when fully ramped), with 5 tuck-in acquisitions in H1 2025.