These very good results confirm the effectiveness of our value-creation model and the strong contribution of the integration of Suez
2023 targets fully confirmed, with EBIDTA growth now expected to be at the top end of the range of +5% to +7%
- Revenue of €22 755 m, sharply up by+14.2 %1 driven by commercial momentum and price increases
- Growth of +5.2%1 excluding energy prices
- EBIDTA of €3 162 m, a strong organic growth of +8.2 %1
- €84 m of synergies (€230 m cumulated), ahead of the annual target of more than €280 m cumulated, and continued efficiency gains, with €187 m delivered in H1, ahead of the annual objective of €350 m
- Current EBIT strongly up, by +13.3 %1, to €1 674 m2
- Very strong growth of +18.7 %3 of current net income, to €662 m2
- Strong improvement of net free cash flow and net financial debt under control, at €19.2 bn2
- 2023 targets fully confirmed, and EBIDTA organic growth now expected at the top end of the +5% to +7% range
1at constant scope and forex
2Excluding purchase price allocation (PPA) of Suez.
3At constant forex
Estelle Brachlianoff, CEO of the Group, commented:
"I am very pleased to announce another set of excellent results for Veolia, with strong growth and a new all-time high, despite the unfavorable macroeconomic context. This very good performance, with revenue up 14.2% and current net income up 19%, reflects our commercial dynamism and our operational excellence, and confirms our low sensitivity to economic cycles. These results demonstrate the relevance of our value-creation model and of our strategic positioning, based on the complementary nature of our three businesses (Water, Waste and Energy), our diversified global footprint, with 40% of our activities outside Europe, and our leadership position in strategic markets. They also reflect the Group's new profile and the success of the merger with Suez. In just under 18 months, we have already generated €230 million in synergies and are ahead of schedule. 2023 has therefore got off to a perfect start for Veolia, and the second half of the year should also follow a favorable trend, which means that I can confirm our objectives for the year as a whole and now aim for the top end of the EBITDA growth range. Our ideal positioning as a leader in ecological transformation, a growth market as illustrated, for example, by the many contracts we have won since the beginning of the year to help our clients cope with the scarcity of water resources, puts Veolia on a sustainable growth trajectory."