2025, a pivotal year:
Record results above guidance
Acceleration of portfolio transformation
towards an even more innovative and international group
- Excellent 2025 results, with a compelling fourth quarter, exceeding annual guidance, supported by Boosters(1) activities and International growth
- GreenUp plan kicked-off with tremendous momentum: ROCE objective reached 2 years ahead of plan at 9.4% after tax and 150bps of additional margin in 2 years
- Acceleration of portfolio transformation with 2 major acquisitions in Water Technologies and Hazardous Waste in the US(2), thus accelerating the growth profile of the Group, making it more technological and international
- Attractive shareholder return with proposal to increase the dividend to €1.50 per share, combined with share buyback dedicated to the employee shareholding program
- Strong demand and a unique model combining global technologies and innovations with a multilocal presence, ensuring resilience and growth, allow an ambitious guidance for 2026. Full confirmation of GreenUp plan trajectory
KEY FIGURES
Revenue
€44,396M
+2.8% (4)
EBITDA
€7,050M
+6,3% (5)
Current EBIT(3)
€3,740M
+8.9% (5)
Current net income(3)
€1,643M
+9.1% (5)
Efficiency gains of €399 million, above annual target of €350 million
REVENUE BY GEOGRAPHY
Water Technologies
€4,954M
+3.6%
North America
€3,145M
+3.6%
Latin America
€1,889M
+9.9%
Asia
€2,427M
+0.4%
Pacific
€2,027M
+2.6%
Africa Middle-East
€1,828M
+7.2%
Central and Eastern Europe
€10,969M
-1.6%
Northern Europe
€4,272M
+0.9%
Iberia
€2,987M
+4.9%
Italy
€978M
+1.4%
France
€8,914M
Stable
Estelle Brachlianoff, CEO of the Group, a stated:
“2025 has truly been a pivotal year, as we’ve successfully closed the chapter of Suez integration and we’ve performed a major strategic refocusing of the group portfolio towards accelerated growth and international positioning.
2025 was also another year of outperformance, with an organic EBITDA growth of +6.3%(5), above the target range of +5% to +6%(5), despite a complex environment, with a particularly robust fourth quarter.
Through the first two years of GreenUp, we have demonstrated the power of our unique positioning as an international leader of environmental services and the strength of our local foundations ensuring exceptional resilience in an uncertain world.
We are perfectly in line with GreenUp trajectory and we succeeded in growing significantly our profitability and value creation, with +11.8%(6) growth in current net income Group share between 2023 and 2025, combined with a spectacular improvement of our ROCE post tax to a record high 9.4% in 2025, ahead of our plan.
In 2025, we resolutely resumed external growth with two major acquisitions in Water technologies and US hazardous waste, accelerating the group transformation towards more international and technology driven: more than 8.5b€ of assets will have been rotated during GreenUp. We start 2026 stronger, more agile, with significant growth potential ahead.
Demand for our services has never been higher worldwide. From Asia Pacific to the Americas, Europe to the Middle-East, environmental security is now central to industrial competitiveness, community resilience, and territorial sovereignty.
Veolia offers unique proprietary solutions for critical needs, and a global platform, enabling us to serve clients across five continents with locally-tailored solutions backed by global expertise.
We are hence fully confident for 2026 and beyond.”
CALENDAR
- 23 March 2026: Multifaceted performance and value creation webinar
- 14 April 2026: Thema - Innovation, Technologies and AI in London
- 23 April 2026: AGM
- 6 May 2026: Q1 2026 Key Figures
- 30 July 2026: H1 2026 Results
- 6 November 2026: 9M 2026 Key Figures
- February 2027: FY 2026 Results
(1) Boosters: water technologies, hazardous waste, bioenergies, flexibility and energy efficiency
(2) Subject to the satisfaction of customary conditions to a transaction of this nature, including approval by Enviri’s shareholders and receipt of the necessary authorizations and regulatory approvals
(3) Before Suez PPA
(4) At constant scope & forex and excl. energy prices
(5) At constant scope and forex
(6) At constant forex
ABOUT VEOLIA
Veolia, a global leader in environmental services, works every day to build ecological security for the benefit of public health and the competitiveness of industries and regions. With 215,000 employees across five continents, working closely with local communities, and thanks to its cutting-edge technologies, the group cleans up pollution, reduces carbon emissions, and regenerates resources through concrete solutions that combine its expertise in water and water technologies, waste - including hazardous waste management, and local energy. In 2025, the Veolia group served 110 million people with drinking water and 97 million with sanitation, produced 45 million megawatt hours of energy, and treated 64 million tons of waste. Veolia Environnement (Paris Euronext: VIE, Fortune 500, SBF 120) generated consolidated revenue of €44.4 billion in 2025.
CONTACTS
MEDIA RELATION
Laurent Obadia - Evgeniya Mazalova
Charline Bouchereau - Anna Beaubatie
Aurélien Sarrosquy
Tél.+ 33 (0) 1 85 57 86 25
[email protected]
INVESTORS RELATIONS
Selma Bekhechi - Ariane de Lamaze
Tél. + 33 (0)1 85 57 84 76 / 84 80
[email protected]