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Veolia Environnement SA
XMUN:VVD

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Veolia Environnement SA Logo
Veolia Environnement SA
XMUN:VVD
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Price: 31.43 EUR -0.85%
Market Cap: €22.5B

Veolia Environnement SA
Investor Relations

Veolia Environnement SA is a French utility company that helps cities, factories, and commercial sites manage water, waste, and energy. It treats drinking water and wastewater, collects and processes trash and industrial waste, and runs services that improve heating, cooling, and energy efficiency in buildings and industrial facilities. Its work sits in the middle of everyday infrastructure: it takes in essential flows that people and businesses produce, then cleans, recycles, recovers, or disposes of them safely. The company sells long-term service contracts and local operating agreements rather than boxed products. Its main customers are public authorities, municipalities, hospitals, industrial companies, and large property owners that need reliable water treatment, waste handling, or facility energy services. Veolia makes money by charging for collection, treatment, operations, maintenance, and resource recovery, often under contracts that tie it closely to the customer’s site or city. What makes Veolia different is that it is not just a trash hauler or a water supplier. It combines water, waste, and energy services, which lets it manage whole environmental systems instead of one task at a time. That makes it an important partner for customers that want a single contractor to keep critical infrastructure running while also recovering materials, reusing water, and reducing energy use.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Jul 30, 2026
AI Summary
Q2 2026

Guidance raised: Veolia lifted full-year current net income guidance to at least 8%, including Clean Earth, after a strong H1 and a better-than-expected start to the acquisition.

Strong H1: Revenue was EUR 22.193 billion, EBITDA was EUR 3.552 billion, and current net income rose 10.4%, all supported by solid execution and margin expansion.

Margins improved: EBITDA margin rose 70 basis points to 16%, helped by efficiency gains, higher-margin activities, and portfolio reshaping.

Clean Earth: The U.S. hazardous waste deal closed earlier than expected and is already integrating well; management said it will be dilutive in year 1 but accretive in year 2.

Macro impact: Middle East disruption delayed some Water Technologies projects and raised fuel and chemical costs, but Veolia said it is passing through the impact and expects recovery in H2.

Cash and leverage: Free cash flow improved by EUR 163 million and net debt was EUR 24.5 billion, with leverage still expected to finish slightly above 3x.

Longer term: Veolia reiterated its strategic focus on water security, AI-related demand, PFAS, and asset rotation, while confirming its GreenUp plan.

Key Financials
Revenue
EUR 22.193 billion
EBITDA
EUR 3.552 billion
EBITDA margin
16%
Net financial debt
EUR 24.5 billion
Efficiency gains
EUR 195 million
Water revenue
EUR 15.992 billion
Water Technologies revenue
EUR 6.201 billion
Hazardous Waste capacity
486,000 tonnes
AI industries revenue
EUR 560 million
Microelectronics orders
EUR 343 million
PFAS and new pollutants revenue target
EUR 1 billion
Assets rotated
EUR 8.5 billion
Divestitures expected signed
EUR 500 million
Clean Earth acquisition
EUR 2.5 billion
Clean Earth synergies
$120 million
Clean Earth integration costs
Around $90 million
Foreign exchange impact
Minus EUR 50 million
Energy impact on EBITDA
Minus EUR 60 million
Tax rate
25.8%
Cost of debt
Around EUR 800 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Ronald Wasylec
Head of Investor Relations
No Bio Available
Mr. Jean-Baptiste Carpentier
Chief Compliance Officer
No Bio Available
Mr. Laurent Obadia
Deputy CEO of Stakeholders & Communications and Advisor to the Chairman
No Bio Available
Ms. Isabelle Calvez
Senior Executive Vice President of Human Resources
No Bio Available
Mr. Régis Calmels
Senior Executive Vice President of Asia
No Bio Available
Mr. Philippe Guitard
Senior Executive Vice President of Central & Eastern Europe
No Bio Available
Mr. Éric Haza
Chief Legal Officer
No Bio Available
Mr. Jean-François Nogrette
Senior Executive VP and Director of the France & Special Waste Europe
No Bio Available
Mr. Frederic Van Heems
Senior Executive Vice President of North America
No Bio Available
Mr. Gustavo Migues
Senior Executive Vice President of Iberia & Latin America
No Bio Available

Contacts

Address
ILE-DE-FRANCE
Paris
21 Rue La Boetie
Contacts
+33185577000
www.veolia.com