Veolia delivered solid first-half financial results for 2025, demonstrating strong revenue growth, robust operational performance, and strategic capital deployment, all in line with its annual guidance and long-term GreenUp plan.
Solid growth across the board
Revenue for the first half of 2025 reached €22.05 billion, up +3.8% on a like-for-like basis, maintaining momentum from the first quarter. This sustained growth was driven by strong demand across all business segments, particularly in water technologies and hazardous waste management.
Earnings before interest, tax, depreciation, and amortization (EBITDA) increased by +5.5% organically to €3.37 billion, supported by operational efficiency initiatives and synergy targets that remain on track. The Group's current net income (Group share) rose to €762 million, marking a +4.3% increase year-on-year and +12.5% when excluding 2024’s exceptional financial gains.
Veolia pursued a dynamic investment strategy during H1 2025, deploying €2.2 billion in net financial investments. Key transactions included:
- The full buyout of CDPQ’s 30% stake in Water Technologies Services, securing 100% ownership of the business.
- Approximately €300 million in strategic acquisitions in hazardous waste treatment across the U.S., Brazil, and Japan.
Despite this capital activity, the company maintained strong financial discipline, with net financial debt standing at €20.76 billion and a stable leverage ratio of 3.0x, aligned with its long-term targets.
CEO Estelle Brachlianoff said: “The excellent results recorded in the first half confirm the relevance of the GreenUp plan's growth priorities. In an uncertain economic and geopolitical context, the challenges related to health, resilience, competitiveness, and sovereignty are all the more crucial and confirm the sustained demand for our services.”
Notably, the Group's "booster" activities, those aligned with GreenUp’s priority sectors, grew by nearly +9%, and water technology bookings reached €2 billion, reflecting strong market traction.
