Veolia Overview
Veolia is the world's largest environmental-services group, with €44.4 billion of 2025 revenue split between water (39.9%), waste (34.8%) and energy (25.4%). It describes itself as number one worldwide in water services, number one worldwide in water technologies, number one worldwide in hazardous waste and number one in Europe in the circular economy, and since closing the Clean Earth acquisition in June 2026 it is the second-largest hazardous-waste treatment company in the United States. The group serves 110 million people with drinking water and 97 million with sanitation, treats 64 million tonnes of waste and produces 45 million MWh of energy (2025). Its business mixes infrastructure-like long-term municipal concessions ("strongholds": municipal water, solid waste, district heating) with higher-growth, technology-heavy "boosters" (water technologies, hazardous waste, bioenergies and flexibility). Under its GreenUp 2024–2027 plan, Veolia is rotating more than €8 billion of assets towards international and technology-led activities, including a stated goal of more than €1 billion of annual revenue from data centres and microelectronics by 2030, against €560 million in 2025.
Company's own description
In its 2025 Universal Registration Document and results communications, Veolia describes itself as "a global leader in environmental services" that "works every day to build ecological security for the benefit of public health and the competitiveness of industries and regions." The group says it cleans up pollution, reduces carbon emissions and regenerates resources through solutions that combine expertise in water and water technologies, waste (including hazardous waste management) and local energy. Its corporate purpose (raison d'être), written into the Articles of Association in 2025 after a 99.97% shareholder vote, commits it to contributing to human progress through ecological transformation.
What the company does
| Business | Stronghold activity | Booster activity | 2025 revenue (EUR Mn) | 2025 EBITDA margin |
|---|---|---|---|---|
| Water | Municipal water (production, distribution, wastewater collection and treatment, regulated utilities) | Water Technologies (equipment, membranes, chemicals, digital, services, projects) | 17,693 | 19.2% |
| Waste | Solid waste (collection, sorting, recycling, landfill, energy recovery) | Hazardous waste (incineration, physico-chemical treatment, storage, remediation, PFAS destruction, specialty chemical recycling) | 15,443 | 14.6% |
| Energy | District heating and cooling networks | Bioenergies, flexibility and energy efficiency | 11,260 | 12.4% |
Veolia operates across three businesses, each subdivided into a "stronghold" and a "booster":
Water: Stronghold activity: Municipal water (production, distribution, wastewater collection and treatment, regulated utilities); Booster activity: Water Technologies (equipment, membranes, chemicals, digital, services, projects); 2025 revenue (€M): 17,693; 2025 EBITDA margin: 19.2%
Waste: Stronghold activity: Solid waste (collection, sorting, recycling, landfill, energy recovery); Booster activity: Hazardous waste (incineration, physico-chemical treatment, storage, remediation, PFAS destruction, specialty chemical recycling); 2025 revenue (€M): 15,443; 2025 EBITDA margin: 14.6%
Energy: Stronghold activity: District heating and cooling networks; Booster activity: Bioenergies, flexibility and energy efficiency; 2025 revenue (€M): 11,260; 2025 EBITDA margin: 12.4%
Operating scale (2025, from the 2026 AGM information brochure): 3,825 drinking-water production plants and 3,202 wastewater treatment plants operated; 42 million inhabitants served with municipal waste collection; 845 waste treatment units; 561,051 business customers; 48,538 thermal installations managed; 494 heating and cooling networks; 2,614 industrial sites served.
Business and revenue model
Veolia is predominantly a service business. Revenue comes from:
Long-term concession and delegated-management contracts: (typically 10–30 years) with municipalities for water, wastewater, waste collection/treatment and district heating, remunerated through regulated or contractually indexed tariffs. Examples include a 25-year, €1 billion drinking-water contract for eight municipalities in the Barcelona metropolitan area (September 2026) and a 20-year contract in Cúcuta, Colombia worth about €2 billion of backlog (2026).
Regulated utility tariffs: in the United States (regulated water), Chile (Aguas Andinas) and elsewhere, updated through rate cases and indexation.
Gate fees and volume-based pricing: in waste treatment, particularly hazardous waste, where pricing power is high because permitted capacity is scarce.
Product and equipment sales, consumables and chemicals: in Water Technologies (membranes, ultrapure water systems, analytical instruments, treatment chemicals), plus engineering projects.
Energy sales and services: (heat, cooling, electricity, flexibility capacity) under long-term supply contracts and merchant exposure in some Central European assets.
The customer base is split 56% public authorities and 44% industrial customers (2025). About 60% of revenue is generated in currencies other than the euro. Inflation pass-through is built into most contracts through indexation formulas, which lets Veolia protect margins in high-inflation periods with a lag.
Value-chain position
In water, Veolia spans the full cycle: technology provider (membranes, ion exchange, chemicals), engineering/EPC contractor for treatment plants (it has designed about 18% of the world's installed desalination capacity), operator (O&M contracts) and in some markets asset owner (regulated utilities). In waste, it is a vertically integrated collector, sorter, recycler and final-treatment operator, with permitted hazardous-waste incineration and landfill capacity as its most defensible assets. In energy, it is a local network operator and producer rather than a national generator.
End-markets
Municipalities and public authorities; heavy industry (chemicals, oil and gas, refining and petrochemicals, mining, pulp and paper, food and beverage, pharmaceuticals); microelectronics and semiconductors; data centres; healthcare (medical waste); retail (hazardous product returns through Clean Earth); power generation and nuclear.
Independent characterisation
Veolia is best understood as a diversified European infrastructure-and-services compounder that is deliberately shifting its mix towards technology-intensive and non-European activities. Its strongholds provide inflation-indexed, long-duration cash flows with modest organic growth (about 2% in 2025), while its boosters (about one-third of revenue) grow nearly twice as fast and carry structurally higher pricing power, notably hazardous waste (16.3% EBITDA margin in 2025). The Suez integration (2022–2025) gave it global scale in water technologies, and the Clean Earth deal (2026) gave it a US national hazardous-waste platform. Its main analytical tensions are the balance between growth capex and leverage near 3x, the exposure of its Central European energy business to commodity prices, and execution risk on a large integration and disposal programme.
Semiconductor ecosystem exposure
Veolia's microelectronics activity combines ultrapure water production, wastewater treatment and reclamation (including zero liquid discharge), local energy, and hazardous-waste and spent-chemical management. Named customers include TSMC (United States and Taiwan, hazardous waste), Micron (United States and Singapore, water and hazardous waste), Samsung (United States, hazardous waste), Intel (United States and Ireland, water and hazardous waste), STMicroelectronics (Southeast Asia and Europe, water and hazardous waste) and SK Hynix (China and Korea, water). In 2025 Veolia acquired Chameleon Industries Group, a Texas producer of specialty chemicals whose circular-economy technology recycles semiconductor manufacturing by-products into saleable products. In the first half of 2026, Water Technologies booked €343 million of microelectronics orders, including two contracts worth €243 million combined with a leading chipmaker: ultrapure water for a new fab in Singapore and wastewater reclamation to zero-liquid-discharge standards in the United States. Data centres and microelectronics together generated €560 million of revenue in 2025, and Veolia targets more than €1 billion by 2030.
Strategy
GreenUp 2024–2027
GreenUp rests on three pillars — growth, performance and capital allocation — and on the combination of three strongholds and three boosters:
Strongholds: (essential services on an infrastructure model): municipal water, solid waste and district heating, providing long-term contracts and cash-flow visibility; they grew 2.2% organically excluding energy prices in 2025.
Boosters: water technologies and new solutions; bioenergies, renewables, flexibility and energy efficiency; hazardous-waste treatment. They grew 4.3% organically (8% including tuck-ins) in 2025, almost twice as fast as strongholds.
Management frames the demand backdrop as "ecological security": water scarcity, pollution and health (PFAS, hazardous waste), resource sovereignty, supply-chain security, industrial reshoring and the rise of AI-related industries.
Medium-term financial targets
| Target | GreenUp commitment | Status |
|---|---|---|
| Current net income group share growth | About 10% a year (CAGR 2023–2027, constant 2023 forex) | +11.8% average 2023–2025 |
| EBITDA | Above €8 billion in 2027 | €7.05 billion in 2025 |
| ROCE after tax | Annual target path | 9.4% in 2025, two years ahead of plan |
| Leverage | At or below 3x | 2.79x end-2025; equal to or slightly above 3x end-2026 with Clean Earth |
| Dividend | Growth in line with current EPS | €1.50 for 2025 (+7.1%) |
| Efficiency gains | Above €350 million a year | €399 million in 2025; €195 million in H1 2026 |
| Asset rotation | More than €8 billion over GreenUp, about 25% of capital employed | Including €3 billion of divestments, of which €2 billion-plus by mid-2028 |
Current net income group share growth: GreenUp commitment: About 10% a year (CAGR 2023–2027, constant 2023 forex); Status: +11.8% average 2023–2025
EBITDA: GreenUp commitment: Above €8 billion in 2027; Status: €7.05 billion in 2025
ROCE after tax: GreenUp commitment: Annual target path; Status: 9.4% in 2025, two years ahead of plan
Leverage: GreenUp commitment: At or below 3x; Status: 2.79x end-2025; equal to or slightly above 3x end-2026 with Clean Earth
Dividend: GreenUp commitment: Growth in line with current EPS; Status: €1.50 for 2025 (+7.1%)
Efficiency gains: GreenUp commitment: Above €350 million a year; Status: €399 million in 2025; €195 million in H1 2026
Asset rotation: GreenUp commitment: More than €8 billion over GreenUp, about 25% of capital employed; Status: Including €3 billion of divestments, of which €2 billion-plus by mid-2028
2026 guidance (as raised on 30 July 2026)
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Solid organic revenue growth excluding energy prices.
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Organic EBITDA growth of +5% to +6%.
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Current net income group share growth of at least +8% at constant forex, now including Clean Earth (previously excluding it).
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Current EPS growth in line with current net income, thanks to a share buyback offsetting the employee plan.
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Dividend growth in line with current EPS growth.
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Leverage equal to or slightly above 3x including Clean Earth.
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Clean Earth accretive to current net income from 2027; synergies starting in 2027 and reaching $120 million by year four.
Strategic initiatives announced in the last 24 months
| Initiative | Date | Content |
|---|---|---|
| Middle East acceleration | Dec 2024 | Target of 50% revenue growth in the Middle East by 2030; MoU with Saudi Investment Recycling Company. |
| One Water Tech | Mid-2025 | Unification of global water-technology activities after the WTS buyout; about €90 million of cost synergies targeted by 2027 (€20 million achieved by end-2025). |
| BeyondPFAS | 2,025 | End-to-end PFAS management combining water technologies and hazardous waste with proprietary technologies. |
| Ecothermal Grid | 2,025 | Carbon-neutral heating and cooling network offer; French deployment plan covering more than 100 sites (2026). |
| UK circular economy investment | 2,025 | £1 billion investment plan in the UK circular economy by 2030, including the Battlefield PET plant. |
| Desalination ambition | 2,025 | Double operated desalination capacity by 2030. |
| Data centres and microelectronics | 14 Apr 2026 | More than €1 billion of annual revenue by 2030 (from €560 million in 2025); launch of Data Center Resource 360. |
| Digital and AI efficiency | 14 Apr 2026 | Double the share of digital and AI gains to 50% of operational efficiencies by 2030 (23% in 2025). |
| Coal exit in Europe | Ongoing | Eliminate coal from European operations by 2030; budget evaluated at €1.65 billion in 2023; €600 million cumulative decarbonisation capex targeted for 2024–2027. |
| Disposal programme | 2026–2028 | Asset review completed; about €0.5 billion of signings expected in 2026; all processes launched before end-2026. |
Middle East acceleration: Date: Dec 2024; Content: Target of 50% revenue growth in the Middle East by 2030; MoU with Saudi Investment Recycling Company.
One Water Tech: Date: Mid-2025; Content: Unification of global water-technology activities after the WTS buyout; about €90 million of cost synergies targeted by 2027 (€20 million achieved by end-2025).
BeyondPFAS: Date: 2025; Content: End-to-end PFAS management combining water technologies and hazardous waste with proprietary technologies.
Ecothermal Grid: Date: 2025; Content: Carbon-neutral heating and cooling network offer; French deployment plan covering more than 100 sites (2026).
UK circular economy investment: Date: 2025; Content: £1 billion investment plan in the UK circular economy by 2030, including the Battlefield PET plant.
Desalination ambition: Date: 2025; Content: Double operated desalination capacity by 2030.
Data centres and microelectronics: Date: 14 Apr 2026; Content: More than €1 billion of annual revenue by 2030 (from €560 million in 2025); launch of Data Center Resource 360.
Digital and AI efficiency: Date: 14 Apr 2026; Content: Double the share of digital and AI gains to 50% of operational efficiencies by 2030 (23% in 2025).
Coal exit in Europe: Date: Ongoing; Content: Eliminate coal from European operations by 2030; budget evaluated at €1.65 billion in 2023; €600 million cumulative decarbonisation capex targeted for 2024–2027.
Disposal programme: Date: 2026–2028; Content: Asset review completed; about €0.5 billion of signings expected in 2026; all processes launched before end-2026.
Non-financial GreenUp commitments (2027)
Avoided customer emissions ("scope 4") +30% versus 2023; 1.5 billion m³ of freshwater preserved per year; 9 million tonnes of hazardous waste treated; scope 1 and 2 emissions −18% versus 2021; lost-time injury frequency rate ≤4.1; employee engagement ≥85%; women ≥30% of senior management; 8.4 million people benefiting from inclusive access schemes.
Products & Services
Water — Municipal Water (stronghold)
| Offering | Description and capabilities | Target customer | Commercial model |
|---|---|---|---|
| Drinking-water production and distribution | Abstraction, treatment, network management, metering and customer service under concessions and delegated public-service contracts; 110 million people served (2025). | Cities, inter-municipal bodies | Long-term concession/O&M; indexed tariffs |
| Wastewater collection and treatment | Operation of 3,202 wastewater plants; sludge management; nutrient recovery. | Municipalities | Long-term contracts |
| Regulated water utilities | Regulated water companies in the United States (north-east states, including New Jersey and New York) and Chile (Aguas Andinas). | Residential and commercial users | Rate-regulated returns; rate cases |
| Desalination | Design and operation of seawater and brackish-water desalination; Veolia has designed about 18% of global installed capacity and aims to double operated capacity by 2030. Recent projects: Mirfa 2 and Hassyan (UAE), Cornwall (UK), Rabat (Morocco), Aguas Pacífico in Valparaíso, Chile (1,000 L/s, first municipal-industrial plant in Chile). | Municipalities, mining, industry | EPC plus long-term O&M |
| Water reuse | Conversion of municipal wastewater into industrial-grade water, e.g. Águas de Reúso de Vitória, Brazil (38,880 m³/day, membrane bioreactors and reverse osmosis) and the Mumbai Bhandup (2,000 MLD) and Panjrapur (910 MLD) O&M contracts; 24×7 supply in Nagpur. | Municipalities, industrial parks | Design-build-operate |
| Hubgrade | Digital performance-monitoring and optimisation platform used across water, energy and waste operations, deployed for example in the AUD 700 million Australian water contracts (November 2025). | Operators, utilities | Bundled with O&M or sold as service |
| BeyondPFAS (municipal side) | PFAS detection-to-disposal offer launched in 2025; the $35 million Stanton, Delaware plant (about 120 million litres per day, more than 100,000 residents) opened in June 2025; plan to deploy more than 100 PFAS treatment sites in the US serving nearly 2 million people. | US water utilities | Capex projects plus services |
Water — Water Technologies (booster)
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| Membranes and ultrafiltration | ZeeWeed hollow-fibre ultrafiltration membranes and membrane bioreactor systems; in October 2026 Veolia announced a new-generation ultrafiltration membrane made without PVDF. | Municipal and industrial | Product sales, replacement cycles |
| Ultrapure water systems | Production of ultrapure water for semiconductor fabs and pharmaceuticals (reverse osmosis, ion exchange, electrodeionisation, polishing). | Chipmakers, pharma | Projects plus long-term service |
| Industrial wastewater and zero liquid discharge | Evaporation, crystallisation and advanced treatment for effluent recycling, including ZLD for US semiconductor customers and the $500 million Jubail petrochemical effluent-recycling plant (Saudi Arabia, 8.8 million m³/year from 2028, 30-year O&M). | Petrochemicals, chips, mining, pulp and paper | EPC plus O&M |
| Process and treatment chemicals | Chemical programmes for cooling, boilers and process water (heritage of GE Betz). | Heavy industry, power | Consumable, recurring |
| Analytical instruments | Sievers total-organic-carbon analysers and water-quality monitoring. | Pharma, semiconductors, utilities | Instrument sales plus consumables |
| Mobile water services | Rental of containerised treatment units for emergency or temporary needs. | Industry, utilities | Rental/service |
| Engineering projects | Large municipal and industrial treatment plants (Actiflo clarification, Biostyr biofiltration, AnoxKaldnes MBBR and similar process technologies). | Municipal and industrial | Fixed-price or cost-plus EPC |
| CO₂ purification units | Carbon-capture purification and dehydration units, e.g. two units for the Protos carbon-capture plant at a UK waste-to-energy facility (contract from Kanadevia Inova, October 2026). | CCS developers | Equipment supply |
| Industrial effluent plants for pulp | Effluent treatment plant for Arauco's first pulp mill in Brazil (November 2026), described as the largest industrial facility in the world built in a single phase. | Pulp and paper | EPC |
Water Technologies combines the former Veolia Water Technologies (OTV, Kruger and related brands) and the former Suez Water Technologies & Solutions (WTS, ex-GE Water), fully owned since June 2025 and managed under the "One Water Tech" organisation led by Anne Le Guennec. 2025 revenue was €4,954 million with a 13.5% EBITDA margin.
Waste — Solid Waste (stronghold)
| Offering | Description | Examples |
|---|---|---|
| Municipal and commercial collection | Collection for 42 million inhabitants and hundreds of thousands of businesses. | UK: more than £1 billion of new and renewed local-authority contracts in 2025; partner of more than 50 UK local authorities. |
| Sorting and recycling | Material recovery facilities, plastics recycling. | 20-year, A$850 million Canberra recycling facility (1.3 million tonnes over 20 years); £70 million closed-loop PET tray recycling plant at Battlefield, Shropshire (80,000 t/year, operational early 2026); plastic recycling growth in Southeast Asia and China. |
| Energy from waste | Incineration with energy recovery and, increasingly, carbon capture. | €270 million LIPOR contract for greater Porto (1 million inhabitants); Le Mans demonstrator capturing 10 tonnes of CO₂ per day from 2026, with a planned replica in Port Arthur, Texas. |
| Landfill and biogas | Engineered landfills with methane capture. | Australia/Pacific landfill and transfer-station volumes; Hong Kong landfill operations winding down. |
| Industrial services | On-site cleaning, facility management. | Belgian industrial cleaning sold in H1 2026. |
Waste — Hazardous Waste (booster)
| Offering | Description | Examples and customers |
|---|---|---|
| High-temperature incineration | Destruction of hazardous liquids and solids, including PFAS-containing materials. | Port Arthur (Texas); European incinerators; first licence in Singapore (October 2025) to treat PFAS-containing firefighting foams, with destruction efficiency up to 99.9999%. |
| Physico-chemical treatment and storage | Treatment, stabilisation and secure landfilling of hazardous waste. | Zeeklite (Yonezawa, Japan), acquired May 2025; Alagoas Ambiental (Brazil). |
| US national platform (Clean Earth) | 82 sites, 19 EPA-permitted treatment, storage and disposal facilities, about 700 operating permits; strong in retail, healthcare, distribution and clean energy. | Acquired June 2026 for about $3 billion; brings 2,600 employees. |
| Regional US platforms | New England Disposal Technologies and Bio-Med (Massachusetts medical waste); Ingenium (California, packaging, logistics and multi-stream treatment of hazardous, biological and radioactive waste). | Acquired 2025. |
| Semiconductor chemical recycling | Chameleon Industries Group (Texas) recycles chip-fab by-products into specialty chemicals sold back to industry. | Acquired 2025; serves North American fabs. |
| Spent-chemical and solvent management for fabs | Collection and treatment or recycling of spent acids, solvents and slurries. | TSMC, Micron, Samsung, Intel, STMicroelectronics. |
| Soil remediation and PFAS remediation | Contaminated-land treatment. | Enviropacific (Australia), acquired March 2026 for an enterprise value of AUD 228 million (about AUD 250 million revenue, nearly 300 staff). |
| Middle East hazardous-waste treatment | Tahwil facility in Jubail, Saudi Arabia, started operations in February 2025; MoU with Saudi Investment Recycling Company (December 2024) to build a regional champion. | Saudi industrial demand above 1 million tonnes per year. |
| Nuclear services | Remediation and waste-treatment technologies inherited from Kurion. | Nuclear operators. |
Hazardous Waste generated €4,217 million in 2025 (16.3% EBITDA margin), before the Clean Earth consolidation from June 2026.
Energy — District Heating and Cooling (stronghold)
| Offering | Description | Examples |
|---|---|---|
| Urban heating networks | Operation of 494 networks, concentrated in Central and Eastern Europe. | Poznań (Poland): new multi-energy cogeneration unit supplying 60% of heat to 560,000 inhabitants at 92% efficiency; coal exit by 2030, removing more than 300,000 tonnes of coal a year. Karviná (Czech Republic): coal elimination by 2029, about 50,000 households, −200,000 t CO₂/year. |
| Ecothermal Grid | Carbon-neutral heating and cooling for existing or greenfield networks using recovered heat from wastewater, data centres, geothermal and waste-to-energy. | French plan (2026) identifying more than 100 sites for up to 3 million people. |
| Cooling networks | District cooling including heat-recovery from LNG regasification. | Barcelona LNG cold-recovery network with Enagás (inaugurated November 2024). |
Energy — Bioenergies, Flexibility and Energy Efficiency (booster)
| Offering | Description | Examples |
|---|---|---|
| Power flexibility | Gas-fired peaking and balancing assets. | Danubius/Gönyű plant (Hungary), acquired January 2025 for €271 million net, with permits for a second 428 MW unit (Gönyű II). |
| Energy efficiency services | Building and industrial energy management. | Middle East energy services, Italy, Spain, Belgium. |
| Bioenergies | Biomass, biogas and biomethane. | European district networks. |
| Data Center Resource 360 | Global offer launched in London in 2026 combining water reuse, cooling, heat recovery and energy for data centres; collaboration with Amazon on reclaimed water for data-centre cooling. | Hyperscalers (Google, AWS named as customers). |
Financial Narrative
All figures in euros, IFRS, from Veolia's annual results releases, Universal Registration Documents and AGM brochures. "Current" figures exclude non-current items and the amortisation of Suez purchase-price allocation (PPA); from 2026, Clean Earth PPA is also treated as non-current.
Income statement headline
Revenue CAGR FY2021–FY2025 was about 11.7%, almost entirely due to the consolidation of Suez from January 2022; FY2022–FY2025 CAGR was about 1.2% reported. On an organic basis (constant scope and currency), revenue grew 1.5% in 2024 and 1.4% in 2025, or 2.8% in 2025 excluding energy prices.
Gross profit is not a headline metric in Veolia's reporting (the income statement is presented with cost of sales and the group steers on EBITDA and current EBIT), so it is not shown.
Bridge from current EBIT to net income (FY2024–FY2025)
Total minority interests (current and non-current) were €347 million in 2024 and €402 million in 2025. Net income from discontinued operations, mainly the abandoned EPC (engineering, procurement and construction) activities, was −€103 million in 2024 and −€118 million in 2025. Operating income after share of equity-accounted entities was €3,012 million in 2024 and €3,299 million in 2025.
Earnings per share
Current EPS grew 7.6% at constant forex in 2025, slightly slower than current net income because of the employee share plan; from 2025 Veolia offsets employee-plan dilution through buybacks and cancellations.
Balance sheet
At 31 December 2025, cash and equivalents stood at €9,974 million against current debts (including bank overdrafts) of €9,026 million; with an undrawn €4.5 billion multi-currency syndicated facility and €1,438 million of undrawn bilateral lines, net liquidity was €6,885 million. Total assets reached €74,642 million at 30 June 2026 and net financial debt €24,548 million after paying €2,778 million for Clean Earth and €137 million for Enviropacific. Net financial debt excludes the revaluation of Suez financial liabilities under PPA. The acquisition of the 30% WTS minority, accounted for as a transaction between shareholders, reduced group equity by €1,380 million in 2025 with no change to goodwill.
Cash flow
In 2025, net financial investments (acquisitions net of disposals) were €2,301 million, the share buyback to neutralise the Sequoia 2025 employee plan cost €402 million (shares cancelled), the Sequoia capital increase brought in €318 million net and a first green hybrid bond added €497 million. The operating working-capital change was −€120 million. In H1 2026, net free cash flow improved to −€288 million (H1 2025: −€451 million) despite a seasonal −€1,238 million working-capital outflow, worsened by longer collection periods in the Middle East and lower project advances; dividends paid in May 2026 totalled €1,099 million.
Returns and ratios
Veolia manages its returns through ROCE after tax rather than return on equity; ROE is not a reported KPI because of the large minority interests in concession subsidiaries and the hybrid capital in its equity. The cash conversion cycle is not disclosed; the group reports changes in operating working capital instead.
Commentary on trends, inflections and drivers
Revenue. The step change in 2022 is the Suez consolidation. Since then reported revenue has been flat (€45.4 billion in 2023, €44.7 billion in 2024, €44.4 billion in 2025) because three forces offset underlying growth: lower energy prices in Central Europe (−€630 million commodity effect in 2025), disposals (−€839 million perimeter effect in 2025 from SADE, RGS and Lydec) and currency translation (−€771 million in 2025, with about 60% of revenue outside the euro). Underlying volume and price effects were positive: +€618 million from tariff indexation and +€466 million from commerce, volumes and works in 2025.
Margins. The EBITDA margin expanded by about 150 basis points in two years, from 14.4% in 2023 to 15.9% in 2025, and reached 16.0% in H1 2026. Drivers were the efficiency plan (€399 million gross in 2025, 47% retained after sharing with customers), Suez synergies (€100 million in 2025), price discipline in waste, the mix shift towards hazardous waste and water technologies, and lower pass-through energy revenue, which mechanically lifts percentage margins.
Profitability below EBITDA. Current EBIT grew faster than EBITDA (+8.9% organic in 2025) because depreciation grew slowly. Financial costs rose modestly with the borrowing rate (3.83% in 2025) while the tax rate fell to 25.4%, producing +9.1% current net income growth at constant forex in 2025 and +11.8% average annual growth 2023–2025.
Cash and leverage. Net free cash flow has been stable at about €1.15–1.18 billion while capex stayed around €3.8–3.9 billion, prioritising hazardous-waste capacity, PFAS treatment and coal-exit projects in Central Europe. Leverage rose from 2.63x to 2.79x in 2025 with acquisitions and is guided at "equal to or slightly above 3x" at end-2026 including Clean Earth, before the €2 billion-plus disposal programme brings it down by mid-2028.
Inflection points. 2025 marked the end of Suez integration and the start of an acquisition phase; 2026 is the first year in which the US hazardous-waste platform contributes and in which Clean Earth PPA is treated as non-current, with accretion to current net income expected from 2027.
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Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (EUR Mn) | 28,508 | 42,885 | 45,351 | 44,692 | 44,396 |
EBITDA (EUR Mn) | 4,234 | 6,203 | 6,543 | 6,788 | 7,050 |
Current net income group share (EUR Mn) | 896 | 1,162 | 1,335 | 1,530 | 1,643 |
Net income group share (EUR Mn) | 404 | 716 | 937 | 1,098 | 1,217 |
Dividend per share (EUR) | 1.00 | 1.12 | 1.25 | 1.40 | 1.50 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Current EBIT (EUR Mn) | 3,061 | 3,346 | 3,547 | 3,740 |
Current EBIT margin (%) | 7.1 | 7.4 | 7.9 | 8.4 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
EBITDA margin (%) | 14.9 | 14.5 | 14.4 | 15.2 | 15.9 |
Net margin, net income group share (%) | 1.4 | 1.7 | 2.1 | 2.5 | 2.7 |
Reported revenue growth (%) | 8.2 | 50.4 | 5.7 | -1.5 | -0.7 |
Current net income growth, reported (%) | 116.0 | 29.7 | 14.9 | 14.6 | 7.4 |
Income Statement and Margin Analysis (%) (FY2024–FY2025)
| Metric | FY2024 | FY2025 |
|---|---|---|
EBITDA (EUR Mn) | 6,788 | 7,050 |
Renewal expenses (EUR Mn) | -295 | -305 |
Depreciation and amortisation incl. repayment of operating financial assets (EUR Mn) | -3,156 | -3,178 |
Provisions, disposal gains on fixed assets and other (EUR Mn) | 78 | 82 |
Share of current net income of JVs and associates (EUR Mn) | 132 | 90 |
Current EBIT (EUR Mn) | 3,547 | 3,740 |
Cost of net financial debt, current (EUR Mn) | -652 | -692 |
Other current financial income and expenses (EUR Mn) | -374 | -313 |
Gains on financial disposals (EUR Mn) | 60 | 14 |
Current pre-tax income (EUR Mn) | 2,581 | 2,749 |
Current tax (EUR Mn) | -664 | -675 |
Current minority interests (EUR Mn) | -387 | -431 |
Current net income group share (EUR Mn) | 1,530 | 1,643 |
Non-current items and Suez PPA, net (EUR Mn) | -433 | -425 |
Net income group share (EUR Mn) | 1,098 | 1,217 |
Current tax rate (%) | 27.1 | 25.4 |
Group borrowing rate excl. IFRS 16 (%) | 3.76 | 3.83 |
Per-Share Data
| Metric | FY2024 | FY2025 |
|---|---|---|
Current EPS group share, basic (EUR) | 2.13 | 2.25 |
Current EPS group share, diluted (EUR) | 2.06 | 2.24 |
Balance Sheet and Financial Ratios (x)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total assets (EUR Mn) | — | 72,959 | 70,671 |
Net financial debt (EUR Mn) | 17,903 | 17,819 | 19,657 |
Net debt / EBITDA, simple ratio (x) | 2.74 | 2.63 | 2.79 |
“—” = not publicly disclosed.
Cash Flow
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Cash flow from operations before working capital, "capacité d'autofinancement" (EUR Mn) | — | 5,818 | 6,144 |
Net industrial capex incl. new operating financial assets (EUR Mn) | 3,730 | 3,836 | 3,855 |
Net free cash flow (EUR Mn) | 1,143 | 1,156 | 1,178 |
Free cash flow before discretionary growth capex (EUR Mn) | 1,683 | 1,819 | 1,782 |
Dividends paid by parent (EUR Mn) | 786 | 895 | 1,023 |
“—” = not publicly disclosed.
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROCE after tax (%) | 8.3 | 8.8 | 9.4 |
Return on assets, net income group share / total assets (%) | — | 1.5 | 1.7 |
Interest coverage, current EBIT / cost of net financial debt (x) | — | 5.4 | 5.4 |
Asset turnover, revenue / total assets (x) | — | 0.61 | 0.63 |
Leverage ratio as reported (x) | — | 2.63 | 2.79 |
Efficiency gains (EUR Mn) | — | — | 399 |
“—” = not publicly disclosed.
Key Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Cumulative Suez synergies realised (EUR Mn) | 146 | 315 | 435 | 534 |
Geographic Revenue
| Region / country cluster | FY2025 revenue (EUR Mn) | FY2025 organic growth (%) |
|---|---|---|
Central and Eastern Europe | 10,969 | -1.6 |
Northern Europe | 4,272 | 0.9 |
Iberia | 2,987 | 4.9 |
Italy | 978 | 1.4 |
France — Water | 3,163 | 0.0 |
France — Waste | 2,853 | -3.7 |
Hazardous Waste Europe | 2,375 | 3.3 |
North America | 3,145 | 3.6 |
Latin America | 1,889 | 9.9 |
Asia | 2,427 | 0.4 |
Pacific | 2,027 | 0.9 |
Africa Middle-East | 1,828 | 7.2 |
Water Technologies (global) | 4,954 | 3.6 |
Geographic Revenue (Half-Yearly)
| Region | H1 2026 revenue (EUR Mn) | H1 2026 organic growth (%) |
|---|---|---|
North America | 1,581 | 3.7 |
Latin America | 1,046 | 10.1 |
Asia | 1,173 | 1.5 |
Pacific | 1,128 | 3.5 |
Africa Middle-East | 819 | 1.0 |
Central and Eastern Europe | 5,751 | 1.8 |
Northern Europe | 2,161 | 2.7 |
Iberia | 1,500 | 5.1 |
Italy | 493 | -1.4 |
France — Water | 1,532 | 1.7 |
France — Waste | 1,370 | -3.0 |
Hazardous Waste Europe | 1,189 | -0.2 |
Water Technologies (global) | 2,213 | -4.8 |
Revenue by Region (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Europe share of group revenue (%) | 41.7 | 43.3 |
Americas, Asia Pacific, Africa Middle-East share (%) | 26.7 | 25.5 |
France and Hazardous Waste Europe share (%) | 20.5 | 20.1 |
Water Technologies share (%) | 11.1 | 11.2 |
Share Price History
| Date | Closing price (EUR) | Context |
|---|---|---|
24 Apr 2025 | 31.42 | Up 8.68% over the prior 12 months |
26 Feb 2026 | 35.54 | Day of FY2025 results |
28 Oct 2026 | 32.74 | Up 10.16% year to date |
30 Oct 2026 | 33.01 | Latest close; market cap about €24.5 billion |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
P/E, trailing | 14.7 | €33.01 / FY2025 current EPS €2.25 |
P/E, 2026 consensus | 15.7 | Market consensus |
P/E, 2027 consensus | 14.3 | Market consensus |
EV/EBITDA, trailing | 6.8 | EV about €47.8 billion / FY2025 EBITDA €7,050 million |
EV/Sales, 2026 consensus | 1.03 | Market consensus |
EV/Sales, 2027 consensus | 0.98 | Market consensus |
Dividend yield, 2026 consensus | 4.97 | Market consensus |
Per-Share Data and Income Statement
| Metric | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
Dividend per share (EUR) | 0.50 | 0.70 | 1.00 | 1.12 | 1.25 | 1.40 | 1.50 |
Current net income group share (EUR Mn) | 760 | 415 | 896 | 1,162 | 1,335 | 1,530 | 1,643 |
Credit Ratings
| Agency | Long-term | Short-term | Outlook | Last action |
|---|---|---|---|---|
S&P Global Ratings | BBB | A-2 | Stable | Affirmed 25 Nov 2025 |
Moody's | Baa1 | P-2 | Stable | Affirmed 2 Dec 2025 |
Analyst Conclusions
Management guidance
For 2026: solid organic revenue growth excluding energy prices; organic EBITDA growth of +5% to +6%; current net income growth of at least +8% at constant forex including Clean Earth; EPS and dividend growth in line; leverage equal to or slightly above 3x. For 2027 (end of GreenUp): EBITDA above €8 billion, current net income CAGR of about 10% from 2023, leverage at or below 3x. Clean Earth becomes accretive to current net income in 2027, and the €2 billion-plus disposal programme completes by mid-2028.
Consensus expectations
Consensus valuations imply earnings growth of roughly 10% between 2026 and 2027 (P/E falling from 15.7x to 14.3x at a constant price) and modest revenue growth (EV/Sales falling from 1.03x to 0.98x), consistent with management's GreenUp trajectory.
Bull case
-
Booster mix shift drives margin and earnings beyond guidance. Hazardous waste (16.3% EBITDA margin) roughly doubles in the US with Clean Earth, while microelectronics and data-centre revenue heads from €560 million towards €1 billion-plus; each step raises group margins already at a record 16.0%.
-
Synergy and efficiency engine. A proven €534 million Suez synergy delivery, €399 million annual efficiency gains and new layers ($120 million Clean Earth, about €90 million One Water Tech) support EBITDA growth at the top of the 5–6% range.
-
Re-rating potential. At about 6.8x trailing EV/EBITDA and a 5% yield, Veolia trades below pure-play water-technology and US waste peers; full ownership of a €5 billion water-technology platform and a US national hazardous-waste network could narrow that gap, as management argues.
Bear case
-
Leverage and disposal risk. Net debt jumped to €24.5 billion in H1 2026; if the €2 billion-plus disposals slip or achieve low prices, leverage stays above 3x and limits dividend growth or future deals.
-
Top-line stagnation. Reported revenue fell in both 2024 and 2025; energy-price deflation, weak French waste and FX headwinds could continue to mask organic growth.
-
Water Technologies cyclicality and geopolitics. H1 2026 project revenue fell because of the Middle East conflict; a prolonged downturn in projects, or slower fab construction, would undermine the technology narrative central to the re-rating thesis.
Key catalysts and monitorables (next 12 months)
| Date / period | Catalyst | What to watch |
|---|---|---|
| 5 Nov 2026 | 9M 2026 key figures | First quarter with full Clean Earth contribution; confirmation of raised guidance; Water Technologies order intake |
| Q4 2026 | Thema event on innovation in Asia | Asian microelectronics pipeline (Taiwan, Korea, Singapore, Japan) |
| H2 2026 | Disposal signings (about €0.5 billion expected in 2026) | Valuation multiples achieved; leverage at year-end |
| 17 Feb 2027 | FY2026 results | Delivery of at least +8% current net income growth; 2027 guidance; dividend proposal |
| 2,027 | Start of Clean Earth synergies | Integration costs versus $120 million run-rate target |
| 2026–2027 | Chairman succession process | Nomination ahead of Antoine Frérot's 2028 age limit |
| Ongoing | Middle East situation | Project execution and receivable collection in Water Technologies and Africa Middle-East |
| Ongoing | PFAS regulation and microelectronics bookings | Conversion of BeyondPFAS pipeline and fab contracts |
5 Nov 2026: Catalyst: 9M 2026 key figures; What to watch: First quarter with full Clean Earth contribution; confirmation of raised guidance; Water Technologies order intake
Q4 2026: Catalyst: Thema event on innovation in Asia; What to watch: Asian microelectronics pipeline (Taiwan, Korea, Singapore, Japan)
H2 2026: Catalyst: Disposal signings (about €0.5 billion expected in 2026); What to watch: Valuation multiples achieved; leverage at year-end
17 Feb 2027: Catalyst: FY2026 results; What to watch: Delivery of at least +8% current net income growth; 2027 guidance; dividend proposal
2027: Catalyst: Start of Clean Earth synergies; What to watch: Integration costs versus $120 million run-rate target
2026–2027: Catalyst: Chairman succession process; What to watch: Nomination ahead of Antoine Frérot's 2028 age limit
Ongoing: Catalyst: Middle East situation; What to watch: Project execution and receivable collection in Water Technologies and Africa Middle-East
Ongoing: Catalyst: PFAS regulation and microelectronics bookings; What to watch: Conversion of BeyondPFAS pipeline and fab contracts
Analyst verdict
Veolia enters the final stretch of GreenUp as a materially better business than the one that absorbed Suez four years ago. Margins have expanded by about 150 basis points since 2023, ROCE after tax has reached a record 9.4% two years early, and current net income has compounded at close to 12% a year despite flat reported revenue. The group has used that operating momentum to reshape its portfolio decisively: full control of a €5 billion water-technology platform, a US national hazardous-waste network after Clean Earth, and a credible entry into the fastest-growing industrial niches of the decade, notably semiconductor water and chemical management and data-centre resource services. Its unusual breadth, from municipal concessions to ultrapure water and spent-chemical recycling for chipmakers, is a genuine competitive asset that few rivals can match.
The investment case now hinges less on strategy than on execution and balance-sheet discipline. Net debt has risen to about €24.5 billion and leverage sits at the 3x ceiling, so the success of the €2 billion-plus disposal programme and the timely capture of Clean Earth synergies matter as much as organic growth. The reported top line will stay noisy because of energy prices, currencies and disposals, and the Water Technologies project business has shown it can be disrupted by geopolitics. These are real but manageable risks for a group with investment-grade ratings, more than €6.9 billion of liquidity and an indexed, long-dated contract base.
On balance, Veolia offers a rare combination in European utilities: defensive, inflation-linked cash flows, a growing technology component, a dividend yielding about 5% with policy growth in line with EPS, and a valuation of roughly 15x forward earnings and 7x EBITDA. If management delivers its 2026 guidance and shows tangible disposal progress, the gap to the consensus target near €38 seems achievable; the main swing factors to monitor are leverage, Water Technologies order intake and the integration of Clean Earth.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Background |
|---|---|---|
Estelle Brachlianoff | Chief Executive Officer (since 1 July 2022); Director since 15 June 2022, renewed to the 2030 AGM | Born 26 July 1972 (54). Graduate of École Polytechnique and École des Ponts et Chaussées. Joined Veolia in 2005; head of UK & Ireland 2013–2018; Deputy CEO in charge of operations from September 2018. Member of the supervisory board of Hermès International. Chevalier of the Légion d'honneur. |
Emmanuelle Menning | Deputy CEO in charge of Finance and Purchasing (CFO) | Presents results alongside the CEO; leads financing, capital allocation and the purchasing efficiency programme. |
Laurent Obadia | Deputy CEO in charge of Stakeholders and Communication | Group media and stakeholder relations. |
Helman le Pas de Sécheval | Secretary General | Governance, board secretariat and compliance matters. |
Éric Haza | Group General Counsel | Legal affairs. |
Sébastien Daziano | Director of Strategy, Innovation and Development | GreenUp strategy and innovation. |
Isabelle Quainon | Human Resources Director | Group HR, employee shareholding. |
Anne Le Guennec | Head of Water Technologies zone | Leads One Water Tech. |
Nadège Petit | Head of North America zone | Includes Clean Earth integration. |
Christophe Maquet | Head of Asia-Pacific zone | Asia and Pacific operations. |
Gustavo Migues | Head of Iberia and Latin America zone | Spain, Portugal and Latin America. |
Philippe Guitard | Head of Central and Eastern Europe zone | District heating, water and waste in CEE. |
Gavin Graveson | Head of Northern Europe zone | UK, Germany, Nordics, Benelux. |
Jean-François Nogrette | Head of France and Hazardous Waste Europe zone | French water and waste and European hazardous waste. |
Board of Directors
| Name | Role | Independent | First appointed / term end |
|---|---|---|---|
Antoine Frérot | Chairman of the Board | No | 7 May 2010 / AGM 2030 |
Estelle Brachlianoff | Chief Executive Officer | No | 15 June 2022 / AGM 2030 |
Pierre-André de Chalendar | Senior Independent Director; Chair of Nominations Committee | Yes | 22 April 2021 / AGM 2029 |
Olivier Andriès | Director; Chair of Compensation Committee | Yes | 27 April 2023 / AGM 2027 |
Maryse Aulagnon | Director; Chair-CEO of MAB Finances (Finestate), founder of Affine | No | — |
Véronique Bédague | Director; Chair-CEO of Nexity | Yes | — |
Philippe Brassac | Director | Yes | — |
Arnaud Caudoux | Director (proposed by Bpifrance; Deputy CEO of Bpifrance) | Yes | AGM 24 April 2025 |
Isabelle Courville | Director; Chair of Research, Innovation and Sustainable Development Committee | Yes | — |
Julia Marton-Lefèvre | Director | Yes | — |
Elena Salgado | Director (proposed by CriteriaCaixa; former Spanish minister) | Yes | AGM 24 April 2025 |
Guillaume Texier | Director; Chair of Accounts and Audit Committee | Yes | — |
Franck Le Roux | Director representing employees | — | — |
Pavel Páša | Director representing employees | — | — |
Jean-Christophe Taret | Director representing employee shareholders | — | AGM 23 April 2026 / AGM 2030 |
Enric Amiguet i Rovira | Non-voting member (censeur) | — | — |
Directors' Remuneration
| Committee | Chair | Members | Independence (end-2025) |
|---|---|---|---|
Accounts and Audit | Guillaume Texier | Olivier Andriès, Philippe Brassac, Véronique Bédague, Arnaud Caudoux, Franck Le Roux | 100% |
Nominations | Pierre-André de Chalendar | Maryse Aulagnon, Philippe Brassac, Isabelle Courville, Antoine Frérot | 60% |
Compensation | Olivier Andriès | Maryse Aulagnon, Pierre-André de Chalendar, Franck Le Roux, Elena Salgado | 75% |
Research, Innovation and Sustainable Development | Isabelle Courville | Arnaud Caudoux, Julia Marton-Lefèvre, Pavel Páša, Elena Salgado, Jean-Christophe Taret, Guillaume Texier (censeur invited) | 100% |
Purpose of the Company | Antoine Frérot | Olivier Andriès, Maryse Aulagnon, Philippe Brassac, Pierre-André de Chalendar, Isabelle Courville, Franck Le Roux, Guillaume Texier | 71% |
Major Shareholders
| Shareholder | Shares | % of capital | % of voting rights |
|---|---|---|---|
Group employees | 65,702,725 | 8.87 | 9.00 |
BlackRock | 44,654,794 | 6.03 | 6.12 |
Crédit Agricole | 43,064,772 | 5.81 | 5.90 |
Caisse des dépôts et consignations | 35,065,123 | 4.73 | 4.80 |
Treasury shares | 10,651,380 | 1.44 | 0.00 |
Public and other investors | 541,513,814 | 73.12 | 74.18 |
Total | 740,652,608 | 100.00 | 100.00 |
Workforce Metrics
| Metric | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|
Employees' stake (% of capital) | 2.04 | 4.06 | 4.67 | 6.47 | 7.49 | 8.87 |
Caisse des dépôts stake (% of capital) | 5.88 | 6.07 | 6.04 | 6.31 | 5.23 | 4.73 |
BlackRock stake (% of capital) | 5.02 | 5.13 | 5.73 | 4.90 | 5.15 | 6.03 |
Competitive Landscape
Competitors by Segment
| Activity | Main competitors | Relative positioning of Veolia |
|---|---|---|
Municipal water services | Suez (new Suez, privately held), Saur, Aqualia (FCC), American Water Works, Essential Utilities, regional public utilities | Global number one; strongest in France, Spain, Central Europe, Chile and US regulated water |
Water technologies | Xylem, Ecolab (Nalco Water), Kurita Water Industries, Organo, DuPont Water Solutions, Pentair, Evoqua (now part of Xylem) | Number one worldwide by its own ranking; strongest full-cycle offer (membranes, chemicals, systems, O&M) |
Ultrapure water for semiconductors | Kurita, Organo, Nomura Micro Science, Ecolab, regional EPC firms | Growing; fab customers include TSMC, Micron, Samsung, Intel, STMicroelectronics, SK Hynix |
Hazardous waste | Clean Harbors, Republic Services (Environmental Solutions), Waste Management, Séché Environnement, Remondis/Sarpi peers, Stericycle (medical) | Number one worldwide; number two in the US after Clean Earth, behind Clean Harbors |
Solid waste | Waste Management, Republic Services, Remondis, FCC Medio Ambiente, Urbaser, Biffa, Cleanaway (Australia) | Leading in Europe (UK, France, Germany) and Australia; minor in US solid waste |
District heating and energy services | Engie, E.ON, Fortum, local municipal utilities, Dalkia (EDF) | Leading private operator in Central and Eastern Europe |
Peer Comparison FY2024
| Company | FY2024 revenue (local currency, M) | Currency | FY2024 reported revenue growth (%) |
|---|---|---|---|
Veolia | 44,692 | EUR | -1.5 |
Waste Management | 22,063 | USD | 8.0 |
Republic Services | 16,032 | USD | 7.1 |
Xylem | 8,562 | USD | 16.3 |
Clean Harbors | 5,890 | USD | 8.9 |
