The year 2025 has resulted in stellar growth for Veolia, with revenue of €44,396 million, up +2.8% excluding energy prices and at constant scope and exchange rates, as well as increased profitability, with EBITDA showing a strong organic growth of +6.3% to reach €7,050 million thanks to the resilience of our businesses and synergies.
Consolidated income statement
| (€ millions) | Notes | As of December, 31st 2024 | As of December, 31st 2025 |
| Revenue | Note 5.1 | 44,692 | 44,392 |
| Cost of sales | Note 5.2 | -36,924 | -36,523 |
| Selling costs | Note 5.2 | -1,000 | -993 |
| General and administrative expenses | Note 5.2 | -3,459 | -3,333 |
| Other operating revenue and expenses | Note 5.2 | -429 | -338 |
| Operating income before share of net income (loss) of equity-accounted entities | Note 5.2 | 2,881 | 3,208 |
| Share of net income (loss) of equity-accounted entities | 132 | 90 | |
| o/w share of net income (loss) of joint ventures | Note 5.2.4 | 71 | 32 |
| o/w share of net income (loss) of associates | Note 5.2.4 | 61 | 58 |
| Operating income after share of net income (loss) of equity-accounted entities | 3,012 | 3,299 | |
| Cost of net financial debt | Note 8.4.1 | -590 | -654 |
| Other financial income and expenses | Note 8.4.2 | -309 | -321 |
| Pre-tax net income (loss) | 2,114 | 2,324 | |
| Income tax expense | Note 11.1 | -566 | -587 |
| Net income (loss) from continuing operations | 1,547 | 1,737 | |
| Net income (loss) from discontinued operations | Note 3.3.1 | -103 | -118 |
| Net income (loss) for the year | 1,445 | 1,619 | |
| Attributable to owners of the Company | 1,098 | 1,217 | |
| Attributable to non-controlling interests | Note 9.3 | 347 | 402 |
| NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY PER SHARE (in euros) | Note 9.5 | ||
| Basic | 1.45 | 1.55 | |
| Diluted | 1.40 | 1.54 | |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO OWNERS OF THE COMPANY PER SHARE (in euros) | Note 9.5 | ||
| Basic | 1.59 | 1.71 | |
| Diluted | 1.54 | 1.70 | |
| NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO OWNERS OF THE COMPANY PER SHARE (in euros) | Note 9.5 | ||
| Basic | -0.14 | -0.16 | |
| Diluted | -0.14 | -0.16 |
The accompanying notes are an integral part of these consolidated financial statements.
Amounts are in millions of euros rounded to the nearest whole number, unless stated otherwise in the notes. Accordingly, the sum of rounded amounts may present non-material differences with total figures.