## Excellent 2025 results #### Acceleration of the Group portfolio transformation, making it more technological and international ![Revenue €44,396M + 2.8% at constant scope & forex and excl. energy prices](/sites/g/files/dvc4206/files/styles/crop_freeform/public/image/2026/07/revenue%202025.png.webp?itok=0lHFilKk) ![EBITDA €7,050M + 6.3% at constant scope & forex](/sites/g/files/dvc4206/files/styles/crop_freeform/public/image/2026/07/ebitda%202025%20en.png.webp?itok=BM7xqjcC) ![EBITDA margin 15.9% + 70 pbs](/sites/g/files/dvc4206/files/styles/crop_freeform/public/image/2026/07/ebitda%20margin.png.webp?itok=-NttbaZ1) ![Current net income, group share €1,643M before Suez PPA + 9.1% at constant forex](/sites/g/files/dvc4206/files/styles/crop_freeform/public/image/2026/07/current%20net%20income%202025_0.png.webp?itok=clsznYb4) ![€3,855M Net financial investments](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/net%20financial%20investments%202025.png.webp?itok=EKy0gn0Y) ![2.79x Leverage ratio excluding Suez PPA](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/leverage%20ratio%202025.png.webp?itok=q-LP01DR) ![9.4% ROCE after tax](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/roce%202025%20en.png.webp?itok=Shv5s3mR) ![€1.50 Dividend per share](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/dividend%20en.png.webp?itok=6Dl9dwAf) **Veolia's worldwide presence** ## A more international group Revenue and percentage of total by operational segment ![Our revenue by operational segment](/sites/g/files/dvc4206/files/styles/crop_freeform/public/image/2026/07/revenue%20geography.png.webp?itok=IDux5uYB) #### Our main countries of operation: 2025 Revenue and percentage of total | **France** | **€8,547M \|** 19% | **United States** | **€4,683M** **\|** 11% | **Germany** | **€3,097M** **\|** 7% | **Spain** | **€3,035M** **\|** 7% | |---|---|---|---|---|---|---|---| | **Poland** | **€3,007M** **\|** 7% | **United Kingdom** | **€2,978M** **\|** 7% | **Czech Republic** | **€2,165M** **\|** 5% | **Australia** | **€2,023M** **\|** 5% | **Business mix** ## Our businesses Veolia has three main business lines, Water, Waste and Energy management and operates in two key markets, the municipal market and the industrial market, which includes the service sector. ![Water | €17,693M 40% Waste | €15,443M 35% Energy | €11,260M 25%](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/our%20activities_0.png.webp?itok=btYmtgHQ) ### Water Veolia responds to the many challenges of local authorities and industrial customers: water resource management, production and delivery of drinking water and industrial process water, collection, treatment, and recycling of wastewater. --- ![2025 Revenue €17.7Bn Municipal water €12.7Bn · 72% Water technologies €5.0Bn · 28%](/sites/g/files/dvc4206/files/image/2026/07/revenue%20water_0.png) --- ![19.2% EBITDA margin #1 worldwide in water services #1 worldwide in water technologies](/sites/g/files/dvc4206/files/image/2026/07/water%20data_0.png) [Deep Dive Water Technologies](https://www.veolia.com/sites/g/files/dvc4206/files/document/2024/12/veolia-deep-dive-new-solutions-for-water-1024.pdf) ### Waste As a world reference in the management of solid or liquid non-hazardous or hazardous waste, Veolia is involved in the entire waste life cycle, from collection to final treatment, and makes its recovery a priority. --- ![2025 Revenue €15.4Bn Solid waste €11.2Bn · 73% Hazardous waste €4.2Bn · 27%](/sites/g/files/dvc4206/files/image/2026/07/waste%20revenue_0.png) --- ![14.6% EBITDA margin #1 worldwide hazardous waste #1 in Europe in circular economy](/sites/g/files/dvc4206/files/image/2026/07/waste%20data_0.png) [Deep Dive Waste](https://www.veolia.com/sites/g/files/dvc4206/files/document/2025/06/Veolia_Finance_Deep_dive_waste_to_value_06-25-2025_en.pdf) ### Energy As a partner of cities and industry, Veolia has unique expertise in energy efficiency, heating and cooling network management, and renewable energy production. --- ![2025 Revenue €11.3Bn District heating and cooling networks €7.2Bn · 64% Bioenergy, flexibility and energy efficiency €4.0Bn · 36%](/sites/g/files/dvc4206/files/image/2026/07/energy%20revenue_0.png) --- ![12.4% EBITDA margin #2 in Europe in district heating #2 in Europe in energy efficiency services](/sites/g/files/dvc4206/files/image/2026/07/energy%20data.png) [New urban energy thema](https://www.veolia.com/en/veolia-group/finance/analysts-and-investors/strategy-and-investor-events) ## Growth, value creation and attractive shareholder returns #### Current net income (in € billion) CAGR 2023-25 of +11.8%(1) ![Current net income (in € billion)](/sites/g/files/dvc4206/files/image/2026/07/net%20revenue%20income%20graph_2.png) #### Record ROCE at 9.4% after tax in 2025 ![Historical record ROCE after tax at 9.4%](/sites/g/files/dvc4206/files/image/2026/07/roce%20graph%20en_1.png) #### Dividend up +20% since 2023 Dividend evolution share (€/share) ![Dividend up 20% since 2023](/sites/g/files/dvc4206/files/image/2026/07/dividend%20graph_0.png) (1) at constant forex ## Innovation for Environmental Security ### Our 2030 ambition ![Traitements polluants](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/pfas.jpg.webp?itok=8GBZJA6P) €1bn revenues from PFAs & other new pollutants treatment ### €1bn revenues from PFAs & other new pollutants treatment ![1Md€ de CA issu des industries de l'IA (data centers, microélectronique)](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/data%20centers.jpg.webp?itok=2GDL7Reh) €1bn in revenue from AI industries ### €1bn in revenue from AI industries ![Part des gains digitaux portée à 50 % de l'efficacité opérationnelle en 2030](/sites/g/files/dvc4206/files/styles/media/public/image/2026/07/gains%20digitaux.jpg.webp?itok=PSbcE7LJ) Share of digital gains raised to 50% of operational efficiency by 2030 ### Share of digital gains raised to 50% of operational efficiency by 2030 ### Veolia's winning innovation formula #### 4,600 patents European leader in patent registration for water technologies #### 26 research and innovation centers across five continents Including the opening of a new laboratory in Singapore in 2026, dedicated to ultrapure water for the semiconductor industry [**Discover our Thema event: Innovation for Environmental Security - Proprietary Solutions for Critical Needs**](https://www.veolia.com/sites/g/files/dvc4206/files/document/2026/04/EN_Thema_Innovation%20for%20Environmental%20Security_April%202026.pdf) ### Strategy and investor presentations Replays, presentations and documents: find all information about our thematic events [→ Visit the page](https://www.veolia.com/en/veolia-group/finance/analysts-and-investors/strategy-and-investor-events) ![Veolia launches GreenUp, its 2024-2027 strategic program](/sites/g/files/dvc4206/files/styles/crop_freeform/public/image/2024/03/strategict-program-hp-en-greenup-826x532.jpg.webp?itok=rK-4elJy) ![icone résultats 2025](/sites/g/files/dvc4206/files/image/2026/07/icone%20resultats%2025%20v2_1.png) #### 2025 annual results Read the press release covering all our 2025 results. [**Read the press release** **→**](https://www.veolia.com/sites/g/files/dvc4206/files/document/2026/02/Finance_PR_Veolia_2025_results.pdf) ![slides ra 2025](/sites/g/files/dvc4206/files/image/2026/07/slides%20ra%202025.png) #### 2025 results presentation Access the slides shared during our 2025 results presentation [**View the slides** **→**](https://www.veolia.com/sites/g/files/dvc4206/files/document/2026/03/Finance_Veolia_2025_full_year_results_presentation.pdf) ![icone perf plurielle](/sites/g/files/dvc4206/files/image/2026/07/icone%20perf%20plurielle.png) #### Multifaceted performance and value creation Discover our KPIs for multifaceted performance, our ESG rating and our main extra financial achievements in 2025. [**View the presentation** **→**](https://www.veolia.com/sites/g/files/dvc4206/files/document/2026/03/Finance_presentation_webinar_multi_faceted_perf_value_creation_03-23-2026.pdf) ![icone deu 25](/sites/g/files/dvc4206/files/image/2026/07/icone%20deu%2025.png) #### 2025 Universal registration document Find all our financial results, management report, consolidated financial statements and sustainability report in the URD filed with the AMF on March, 19th 2026. [**Download the URD** **→**](https://www.veolia.com/sites/g/files/dvc4206/files/document/2026/03/Veolia_Finance_URD_2025_en.pdf) ## Learn more Documents and resources to deepen your knowledge of the Group.