Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — FY2025 Earnings Presentation
53 slides from Veolia Environnement Sa's earnings presentation, Feb 26, 2026
Slide 1: 2025 Results
2025 RESULTS February 26th, 2026 Estelle Brachlianoff, CEO Daniel Tugues, Country Director for Spain Emmanuelle Menning, CFO
Slide 2: Agenda
AGENDA 1 Highlights 2 Spain 3 2025 Key Figures
Slide 3: Highlights
1 HIGHLIGHTS Estelle Brachlianoff, CEO
Slide 4: 2025 Pivotal Year: 2 years into GreenUp
2025 Pivotal Year: 2 years into GreenUp, acceleration of Group transformation with enhanced International, Tech, Growth profile Very strong 2025 results, with a compelling Q4, exceeding annual guidance, enhanced by Boosters activities and International growth GreenUp plan kicked off with momentum: 2
Slide 5: Very strong 2025 results, exceeding annual guidance
Very strong 2025 results, exceeding annual guidance 2025 KEY FIGURES KEY TAKEAWAYS Revenue: €44,396M, up +2.8% (1) Revenue growth fueled by International and Boosters EBITDA: €7,050M, up +6.3%(2) Organic EBITDA growth above +5% to +6% annual guidance, with an acceleration in Q4 EBITDA margin: 15.9%,
Slide 6: 2025: Enhanced growth in international markets
2025: Enhanced growth in international markets €11.3bn (26%) in AMERICAS, ASIA €19.2bn (43%) EUROPE, PACIFIC, AFRICA MIDDLE-EAST, UP UP +3.3%(1)(2) +4.1%(1) ● Portugal O&M of Porto waste to energy plant. ● USA Hazardous waste tuck-ins and Backlog €270M, 15 years signing of Clean Earth acquisition ●
Slide 7: Boosters growing almost twice faster than Strongholds
Boosters activities growing almost twice faster than foundational robust Strongholds Strongholds activities (1)(2) Revenue: €31,205M, up +2.2% EBITDA up +4.8% (1) ● Municipal Water ● Solid Waste 2025 Revenue ● District Heating & Cooling Networks €44,396M +2.8%(1) Boosters activities excl. energy pri
Slide 8: Successful launch of new technologies and offers
Successful launch of new technologies and offers PFAS Revenues End-to-end PFAS management solutions, c.€1bn from detection to disposal Combining Water Technologies and Hazardous Waste Inc. proprietary technologies, such as €259M €205M DropFast™, High Temperature Incinerator c.€50M €0M proven up to 9
Slide 9: GreenUp plan kicked off with tremendous momentum
GreenUp plan kicked off with tremendous momentum Current Net Income CAGR 2023-25 of +11.8%(1) Historical record ROCE after tax at 9.4% in €bn GreenUp GreenUp Ambition 23-271: Ambition: ~10% CAGR ROCE ≥9% 1.5 1.6 8.8% 9.4% 9% 1.3 1.2 ROCE 8.3% after tax 7.6% WACC Euro 5.5% 5.8% 5.6% 5.7% 2022 2023 20
Slide 10: Attractive shareholder return
Attractive shareholder return DIvidend +20% 2023-2025 Proposed dividend of €1.50(1) per share, Share buyback plan up +7% vs 2024 and +20% since 2023 to compensate the impact of the employee shareholding program Dividend evolution share (€/share) (2025-2027) 1.4 1.5 Image c.€400M in 2025à 1.12 1.25 i
Slide 11: 2025 pivotal year with acceleration of portfolio transformation
2025 pivotal year with acceleration of portfolio transformation Successful achievement Full ownership in Hazardous Waste M&A of Suez synergies Water Technologies to accelerate growth €534M realized between €1.5bn investment to buy out $3bn acquisition of Clean Earth 2022-2025 minorities and fully in
Slide 12: More than €8bn of assets rotation in 4 years
More than €8bn of assets rotation in 4 years: more International, Tech & Booster Investments mainly in growth Boosters (Water Technologies, Hazardous €2.4bn c.€2.6bn > Accelerating portfolio pruning Waste, Bioenergy, and outside with €2bn+ of disposals of Europe) mature assets in 2 years post €0.6bn
Slide 13: Sustained demand for our services and technologies
Sustained demand for our services and technologies Veolia: the Environmental security powerhouse Sustained strong demand for critical needs Protect Health and Secure Supply chain Secure essential ecosystems services ● Pollutants removal, ● Water ● Drinking Water supply remediation ● Critical mineral
Slide 14: Unique positioning combining Resilience and Growth
Unique positioning combining Resilience and Growth Growth Resilience ● International leader, 44 countries on 5 ● NO impact from Tariffs continents ● NO impact on margin rate from Forex ● TOP 3 in Europe, Americas, Asia, volatility, only translation Middle-East ● NO dependency on subsidies or ● Techn
Slide 15: Strong fundamentals allow an ambitious 2026 guidance
Strong fundamentals and sustained demand allow an ambitious 2026 guidance Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Clean Earth acquisition Current net income Min. +8% at constant forex Assuming closing mid group share(3) excl. Clean Earth 2026(5), accretive to
Slide 16: Spain
2 SPAIN Daniel Tugues, Country Director for Spain
Slide 17: Spain is facing an extreme environmental challenge
Spain is facing an extreme environmental challenge Spanish Citizens Beliefs Climate Change Effects of Spanish citizens are convinced of Spain’s land area 75% is at risk of desertification 80% that climate change is ongoing and that human activity is mainly the cause Precipitation level estimated 20%
Slide 18: Veolia is strongly positioned to tackle Spain's critical needs
Veolia is strongly positioned to tackle Spain’s critical needs Inditex Gijon Bilbao Asturias 2% Osakidetza Hospitals Bizkaia Santiago de Compostela Faes Farma 70% Water Technologies Legutiano Leon Municipal Water Pontevedra Ourense 6% Vigo Hospital Palencia Hinojosa Solid Waste Torrelago Mataró Zamo
Slide 19: 2025 a pivotal year for Spain
2025 a pivotal year for Spain 2-year successful transformation plan: “Hunter” Outstanding performance ● New management ● 2025 Revenue(1) of €2.8bn (excl.Water Tech and Hazardous ● Boost the top line waste) organically up +5% yoy, ○ Tariff campaign: double digit Water price increase to catch up with
Slide 20: 2025 Key Figures
2025 3 KEY FIGURES Emmanuelle Menning, CFO
Slide 21: Another strong year of value creation confirming GreenUp execution
Another strong year of value creation confirming GreenUp successful execution 1.Growth 2.Performance 3.Capital Allocation Value Creation Intrinsic Growth (+4.8%) incl. Net debt under control, after €399M yearly efficiency, added €2.3bn net investments, to Suez Synergies (€534M), notably €1.5bn in Wa
Slide 22: Very strong set of Results for all KFIs
Very strong set of Results for all KFIs In €M 2024 2025 Variation Reminder on Forex: +1.4%(1) c.40% Euros / c.60% non Euros Revenue 44,692 44,396 +2.8%(1) excl. energy prices EBITDA 6,788 7,050 +6.3%(1) ● No impact on margin rate ● No transaction exposure EBITDA margin 15.2% 15.9% +70bps ● Translati
Slide 23: Progression across all geographies, especially outside Europe
Progression across all geographies, especially outside Europe, An acceleration in Q4 in Water Technologies, and an outstanding EBITDA growth 2025 In €M 2025 Revenue Variation (1) Variation (1) EBITDA Water Technologies 4,954 +3.6% 669 +14.1% Americas, Asia Pacific, Africa Middle-East 11,316 +4.1% 2,
Slide 24: Resilient Stronghold activities reaching 17% EBITDA margin
Very resilient foundations with Stronghold activities & significant profitability growth reaching 17% EBITDA margin Revenues of €31,205M, up +2.2%(1)(2) EBITDA of €5,383M, up +4.8%(1) EBITDA margin of 17.2%, up +60bp Municipal Water: Outstanding year Solid Waste: Strong efficiency actions District H
Slide 25: Superior growth in dynamic Boosters activity
Superior growth in dynamic Boosters activity Revenues of €13,191M, up +4.3%(1)(2) and +8%(1)(2) including tuck-ins EBITDA of €1,668M, up +12.1%(1) - EBITDA margin of 12.6%, up +110bp Water Technologies: A pivotal year Hazardous Waste: Acceleration of Bioenergy, Flexibility, Energy Revenue: €4,954M,
Slide 26: 2025 Revenue of €44,396M, up +2.8%
2025 Revenue of €44,396M, up +2.8%(1) excl. energy prices Evolution vs 2024 In €M Forex: depreciation of USD, AUD, ARS, BRL partially offset by PLN and CZK Organic growth: +2.8%(1) Scope, of which -€839M from 2024 excl. energy prices divestitures (e.g. Sade, Lydec and RGS), partly offset by +€685M o
Slide 27: Accelerated EBITDA organic growth in Q4 2025
Accelerated EBITDA organic growth in Q4 2025, leading to €7,050M, up +6.3%(1) Evolution vs 2024 In €M Forex: ● No impact on margin (translation only) ● c. 60% of revenue non euro / international Organic growth: +6.3%(1) Group footprint Scope of -€44M, of which -€135M from 100 326 2024 divestitures,
Slide 28: Recurring efficiency gains of €399M
Recurring efficiency gains of €399M, above annual target of €350M+ ITALY WASTE FRANCE (RVD) NORTHERN EUROPE | BELGIUM Energy Efficiency VAMS License Digital Route in Lombardia Optimization Optimization (AMCS Platform) Hospitals Strategic reduction in VAMS license volume by Data-driven route densific
Slide 29: Successful integration track-record with Suez merger synergies
Successful integration track-record with Suez merger synergies above expectations Cumulative Suez synergies in €M €100M in 2025 €121M in 2024 534 500 435 €168M 400 in 2023 315 280 €146M in 2022 146 100 2022 2023 2024 2025 Initial Target Actual €534M delivered over 2022-2025, an outstanding achieveme
Slide 30: Current net income - Group share of €1,643M
Current net income - Group share(1) of €1,643M, up +9.1%(4) Perfectly in line with annual target of +c.9% In €M 2024 2025 Variation Evolution vs 2024 EBITDA 6,788 7,050 +6.3%(2) Current EBIT(1) up +8.9%(2), Renewal expenses -295 -305 showing good operating leverage ● D&A excl. OFA of -€ 2,910M stabl
Slide 31: Net income - Group share of €1,217M
Net income - Group share of €1,217M, up +10.9% Evolution vs 2024 In €M 2024 2025 Variation ● Increase of Water Tech Current net income – Group share (1) 1,530 1,643 +9.1%(2) integration costs ● Stable restructuring charges Suez acquisition and integration costs -33 -51 ● Slightly lower non current R
Slide 32: Continued improvement of net free cash flow generation
Continued improvement of net free cash flow generation Evolution vs 2024 In €M 2024 2025 Stable Net Capex of €3,855M (55% of EBITDA) EBITDA 6,788 7,050 ● Increased growth capex of -€2,147M vs. €2,109M ○ Contractual growth capex (including regulated water) of Net Capex -3,836 -3,855 -€1,544M ○ Discre
Slide 33: Net financial debt of €19,657M
Net financial debt of €19,657M(1) 2.79x leverage ratio well below 3x Net financial debt(1) of €19,657M at 31/12/2025 vs. €17,819M at 31/12/2024, incl. -€2.3bn of net financial investments (inc. WTS) 33 (1) before Suez PPA
Slide 34: Successful debt refinancing in 2025/2026
Successful debt refinancing in 2025/2026 Bond redemption schedule as of 31st Dec 2025 ● Smooth debt repayment schedule: ○ €336M convertible bonds repaid in January 2025 ○ €500M repaid in April 2025 (coupon 1%) In €M ○ €500M repaid in September 2025 (coupon 1.75%) ○ €850M of hybrid debt with the call
Slide 35: Strong fundamentals allow an ambitious 2026 guidance
Strong fundamentals and sustained demand allow an ambitious 2026 guidance Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Clean Earth acquisition Current net income Min. +8% at constant forex Assuming closing mid group share(3) excl. Clean Earth 2026(5), accretive to
Slide 36: Appendices
APPENDICES Qveoua
Slide 37: Appendix 1: 2024/2025 Events
APPENDIX 1: 2024/2025 Events ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch https://www.youtube.com/watch ?v=aWqg9US28ls ?v=KoSk8eA8KEo AND PRESENTATION AND PRESENTATION ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch? https://www.youtube.com/watch? v=HU6UdyzMBPI v=H
Slide 38: Appendix 2: 2026 Agenda
APPENDIX 2: 2026 Agenda Multifaceted performance & value creation Shareholders webinar Meeting H1 2026 Results FY 2026 Results 23 March 2026 23 April 2026 30 July 2026 February 2027 14 April 2026 6 May 2026 5 November 2026 Thema Q1 2026 Key 9M 2026 Key Innovation, tech Figures Figures & AI at Veolia
Slide 39: Appendix 3: Contracts
APPENDIX 3: Contracts Long-term contracts, 11 years average, >90% renewed of which Rabat Prague Revenues(1) in €M of which of which Braunschweig Tanger of which Tetouan Barcelona of which VEDIF of which of which of which Ostrava Bucarest Tashkent 39 (1) excluding perpetual concessions contracts: Chi
Slide 40: Appendix 4: 2025 Detailed Revenue by geography
APPENDIX 4: 2025 Detailed Revenue by geography In €M 2024 2025 Variation(1) Water Technologies 4,973 4,954 +3.6% Americas, Asia Pacific, Africa Middle-East 11,945 11,316 +4.1% Asia - Pacific 4,578 4,454 +0.6% o/w Asia 2,467 2,427 +0.4% o/w Pacific 2,112 2,027 +0.9% Latin America 1,903 1,889 +9.9% No
Slide 41: Appendix 5: 2025 Revenue and EBITDA by business
APPENDIX 5: 2025 Revenue and EBITDA by business In €M 2024 2025 Variation(1) Revenue EBITDA Revenue) EBITDA Revenue(2) EBITDA Municipal Water (Stronghold) 13,060 2,727 12,739 2,729 +3.5% +6.1% Water Technologies (Booster) 4,973 612 4,954 669 +3.6% +14.1% Total Water 18,033 3,340 17,693 3,398 +3.5% +
Slide 42: Appendix 5a: Water
APPENDIX 5a: Water: Very strong year with continued improvement in margins Revenues of €17,693M, up +3.5%(1) EBITDA of €3,398M, up +7.6%(1) - EBITDA margin of 19.2%, up +70bp Evolution vs 2024 Variation vs. 2024 2025 Revenue 2024 18,033 ● Municipal Water revenue of €12,739M, up +3.5%(1) Scope(2) -3.
Slide 43: Appendix 5b: Waste
APPENDIX 5b: Waste: Strong margin improvement fueled by Efficiency gains in Solid Waste and continued solid Hazardous Waste growth Revenues of €15,443M, up +1.4%(1) EBITDA of €2,252M, up +8.6%(1) - EBITDA margin of 14.6%, up +110bp Evolution vs 2024 Variation vs. 2024 2025 ● Solid Waste revenue of €
Slide 44: Appendix 5c: Energy
APPENDIX 5c: Energy: Good performance in both District Heating Networks and Energy Services Revenues of €11,260M, up +3.0%(1) EBITDA of €1,400M, flat - EBITDA margin of 12.4%, up +30bp Evolution vs 2024 Variation vs. 2024 2025 Revenue 2024 ● District Heating & Cooling Networks revenue of 10,997 €7,2
Slide 45: Appendix 6: Net financing rate
APPENDIX 6: Net financing rate In €M 2024 2025 ● Cost of net financial debt of €692M vs. €652M in 2024. Average gross debt (1) 26,196 27,050 Slightly higher in 2025 due Gross cost of borrowing 3.7% 3.38% mainly to higher average net financial debt and to the impact Average cash balance 9,096 9,137 o
Slide 46: Appendix 7: Net liquidity
APPENDIX 7: Net liquidity In €M 2024 2025 Syndicated credit lines 4,500.0 4,500.0 Bilateral credit lines 723.6 765.2 Lines of credit - - Cash and cash equivalents 9,349.0 7,551.0 Total Veolia 14,572.6 12,816.2 Subsidiaries Bilateral credit lines 949.1 672.7 Cash and cash equivalents(1) 2,269.9 2,422
Slide 47: Appendix 8: Statement of cash flows
APPENDIX 8: In €M Dec 2024 Dec 2025 Statement of cash flows EBITDA(1) 6,788 7 050 Net industrial investments -3,836 -3,855 WCR variation 75 -120 1. Including principal repayments on operating financial assets for €268M Dividends received 123 105 Renewal expenses -295 -305 2. In 2025: dividends paid
Slide 48: Appendix 9: Well controlled capex
APPENDIX 9: Well controlled capex In €M 2024 2025 Contractual Contractual Discretionary Maintenance Industrial Discretionary Maintenance Industrial growth growth Growth capex capex divestments Growth capex capex divestments capex capex Water Technologies 86 20 130 (19) 59 22 133 (17) International e
Slide 49: Appendix 10: Consolidated statement of financial position
APPENDIX 10: Consolidated statement of financial position In €M 2024 2025 Intangible Assets 19,869 19,402 Property, Plant & Equipment 17,933 18,404 Other non-current assets 6,130 5,989 Operating financial assets (current and non-current) 1,353 1,147 Cash and cash equivalents 9,601 8,021 Other curren
Slide 50: Appendix 11: Return On Capital Employed (ROCE)
APPENDIX 11: Return On Capital Employed (ROCE) After tax ROCE definition ● Current EBIT after tax = Current EBIT (including Share of net income from JVs and associates) – Current income tax expense ● Capital employed = average capital employed in the year, including operating financial assets and In
Slide 51: Appendix 12: Forex
APPENDIX 12: FOREX Reminder on Forex for Veolia: c.40% Euros / c.60% non Euros ➔ No impact on margin rate ➔ No transaction exposure ➔ Translation exposure only: revenues and costs in the same currency 12M 2024 12M 2025 Variation 1€ = xxx foreign currency closing rate average rate closing rate averag
Slide 52: Important Disclaimer
This document presents the results for the fourth quarter of 2025 and the full year of 2025, from the consolidated financial statements of Veolia Environnement SA as of December 31, 2025. The consolidated financial statements and the operating and financial review, as approved by the Board of Direct
Slide 53: Contacts
CONTACTS Analyst & Investor Relations Media Relations Selma Bekhechi Laurent Obadia Head of Investor Relations Deputy CEO in charge of Stakeholders and Phone: +33 1 85 57 84 76 Communications, Advisor to the Chairman E-mail: selma.bekhechi@veolia.com Phone: +33 1 85 57 89 43 E-mail: laurent.obadia@v