Veolia Environnement has reported record financial results for 2025, exceeding all annual guidance targets and marking what the group describes as a “pivotal year” in the execution of its GreenUp strategic plan. The results highlight strong operational performance, sustained international growth and an acceleration of portfolio transformation towards more technology-driven and international activities.
Key financial highlights:
- Revenue: €44.4 billion in 2025, with organic growth of 2.8% excluding energy prices, despite lower energy prices in several markets.
- EBITDA: €7.05 billion, up 6.3% on a like-for-like basis, exceeding the guidance range of 5–6%, with the EBITDA margin increasing by 70 basis points to 15.9%.
- Current net income (group share): €1.64 billion, up 9.1% at constant exchange rates.
- Net income (group share): €1.22 billion, representing a year-on-year increase of 10.9%.
- ROCE after tax: 9.4%, a record level, achieving the GreenUp target two years ahead of schedule.
Estelle Brachlianoff, CEO of the Group, said: “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.”
Strong performance driven by Water, Waste and international growth
Water activities recorded organic revenue growth of 3.5%, supported by tariff increases, higher volumes and solid commercial momentum. Water Technologies, identified as a key growth “Booster” activity, reported revenue growth of 3.6% and EBITDA growth of 14.1%, reflecting a refocus on higher value-added products and services. Waste revenues increased by 1.4% on a like-for-like basis, with Hazardous Waste growing by 3.8%, driven by pricing and favourable volume mix, particularly in North America and Europe.
Geographically, growth was led by the Americas, Asia Pacific, Africa and the Middle East, where revenues rose by 4.1% on a like-for-like basis. Europe showed resilience, with revenue growth of 3.3% excluding energy prices, driven by Water and Energy activities.
Operational efficiency and cash generation
Veolia delivered €399 million in efficiency gains during 2025, exceeding its annual target of €350 million. Digital and AI-related initiatives accounted for 23% of recurring operational efficiencies. Synergies from the Suez integration reached €100 million in 2025, bringing cumulative synergies for the 2022–2025 period to €534 million, above expectations.
Net free cash flow amounted to €1.18 billion, while net financial debt stood at €19.7 billion, with a leverage ratio of 2.79x, remaining below the group’s target.
Portfolio transformation and shareholder returns
The group accelerated its portfolio transformation in 2025 with major acquisitions in Water Technologies and hazardous waste in the United States. In Water Technologies, Veolia acquired the minority interests held by CDPQ for €1.5 billion, gaining full ownership of its global Water Technologies business and reinforcing its technological capabilities. In parallel, the group expanded its hazardous waste activities in the United States, while continuing its divestment programme of non-strategic assets to support its international growth strategy.
The Board of Directors will propose a dividend of €1.50 per share for the 2025 financial year, payable in cash, alongside a share buyback programme dedicated to employee shareholding.
Confident outlook for 2026
Looking ahead, Veolia has issued ambitious guidance for 2026 and confirmed the full trajectory of its GreenUp strategic plan. The group expects:
- Solid organic revenue growth, excluding the impact of energy prices.
- Organic EBITDA growth of 5–6%.
- Current net income (group share) growth of at least 8%, at constant exchange rates.
- Dividend growth in line with earnings, reflecting the group’s shareholder return policy.
- A leverage ratio equal to or below 3x, excluding the Clean Earth acquisition.
“Demand for our services has never been higher worldwide,” Brachlianoff said. “We are hence fully confident for 2026 and beyond.”
