Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — H1 2025 Earnings Presentation
41 slides from Veolia Environnement Sa's earnings presentation, Jul 31, 2025
Slide 1: July 31st, 2025 H1 2025 Results
July 31st, 2025 Estelle Brachlianoff, CEO Emmanuelle Menning, CFO
Slide 2: Agenda
AGENDA 1 Highlights 2 H1 2025 Key Figures
Slide 3: Highlights
1 HIGHLIGHTS Estelle Brachlianoff, CEO
Slide 4: Key Highlights
Key Highlights Solid H1 results, in line with annual guidance Strength of Veolia winning formula: Resilience and Growth Dynamic & value creating capital allocation: c.€2.2bn of net M&A largely dedicated to GreenUp boosters, notably Water Tech and Hazardous Waste Strong confidence for 2025: Guidance
Slide 5: Solid H1 2025, in line with guidance
Solid H1 2025, in line with guidance ● Sustained growth: Revenue of €22,048M, up +3.8%(1) excl energy prices, in line with Q1 ● Strong operational performance, in line with annual guidance, fueled by yearly efficiency plan at €191M and synergies at €47M (€482M cumulated since Suez merger) ○ EBITDA:
Slide 6: Veolia has a resilient business model and the agility to adapt
Veolia has a resilient business model and the agility to adapt with strong track-record France 20% ●Diversified geographic footprint ●Local/municipal contracts Europe Rest of the World 44% H1 2025 and Water Tech ●TOP 3 in all key countries Revenues 36% excluding ●Minimal exposure to tariffs France ●
Slide 7: Solid growth of Strongholds activities, up +3.4% in H1
Solid growth of Strongholds activities, up +3.4%(1)(2) in H1 Water Operations Solid Waste District Heating Networks Revenue: €6,135M, up +3.6%(1) Revenue: €5,597M, up +1.5%(1) Revenue: €3,770M, up +5.1%(1)(2) ● Solid growth fueled by good volumes & ● Resilient activity in Europe, continued ● Strong
Slide 8: Boosters growth, up +8.9% in H1 including targeted M&A
Boosters growth, up +8.9%(1) in H1 including targeted M&A Water Technologies Hazardous Waste Bioenergy, Flexibility, Energy Efficiency Revenue: €2,409M, +2.8%(2) Revenue: €2,075M, up +5.4% inc. (2) targeted M&A (+4.9% organic) Revenue: €2,061M, up +21.8%(3) inc. ● Sharp rebound in Q2 with +5.4% desp
Slide 9: Efficiency gains and synergies in line with targets
Efficiency gains and synergies in line with targets Synergies(1) post-Suez Efficiency gains: €191M in H1 €47M in H1, €482M to date in line with annual target of >€350M in line with >€530M target by end 2025 Recurring operational efficiency embedded in business model Operational SG&A efficiency 9% SG
Slide 10: Dynamic capital allocation creating value: c.€2.2bn of net M&A
Dynamic capital allocation creating value: c.€2.2bn of net M&A, largely dedicated to boosters strengthening our 2027 GreenUp ambitions Dynamic capital allocation: Q2 acquisitions Value creation Water technologies ● Acquisition of CDPQ 30% minority interests in WTS for €1.5bn (EV/EBITDA 11x) unlockin
Slide 11: Reinforcing our ambitions in Water Tech thanks to full ownership
Reinforcing our strong ambitions and value creation in Water Tech thanks to full ownership unlocking additional synergies SUPPORTIVE MARKETS VEOLIA, A LEADER STRONG AMBITION IN WATER TECH. & MEGATRENDS Wide range of technologies GreenUp 2027 (membranes, biological, Water scarcity chemical,...) ● Rev
Slide 12: Strong ambitions in Hazardous Waste to strengthen leadership
Strong ambitions in Hazardous Waste to further strengthen our leadership SUPPORTIVE SECTORS & MEGATRENDS VEOLIA, A LEADER STRONG AMBITION IN HAZARDOUS WASTE Worldwide footprint of GreenUp 24-27* Health owned treatment assets ● Revenues growth: protection (300+) Mid to high single digit CAGR ● EBITDA
Slide 13: 2025 Guidance fully confirmed
2025 Guidance fully confirmed Revenue Continued solid organic growth(1)(2) Share buy-back plan to compensate the impact of EBITDA +5% to +6% organic growth(1) the employee shareholding program (2025-2027) Efficiency gains >€350M Cumulated synergies €530M 2022-2025 of which €95M in 2025 Upcoming Even
Slide 14: GreenUp: Value creation offering resilience + growth
GreenUp: Value creation offering resilience + growth Fully confirmed 1.Growth 2.Performance 3.Capital Allocation GreenUp targets Solid and resilient growth(1) Boosters Efficiency Growth: €1bn/year net Mid to high single digit €350M/year = ≥ €8bn EBITDA growth(1) + in 2027 Investments in organic Syne
Slide 15: H1 2025 Key Figures
H1 2025 2 KEY FIGURES Emmanuelle Menning, CFO
Slide 16: Strong H1 2025 Results, in line with annual guidance
Strong H1 2025 Results, in line with annual guidance Variation at In €M H1 2024 H1 2025 constant scope and FX +2.0% Revenue 22,141 22,048 +3.8% excl. energy prices FX impacts H1 % (vs. H1 2024) EBITDA 3,266 3,367 +5.5% Revenue -196 -0.9% (2) EBITDA margin 14.8% 15.3% +50bps EBITDA -24 -0.7% (1) Curr
Slide 17: Rebound in Water Technologies and solid growth in Rest of the World
Rebound in Water Technologies and solid growth in Rest of the World and Rest of Europe In €M Q1 2025 Variation (1) Q2 2025 Variation (1) H1 2025 Variation (1) Water Technologies 1,156 -0.1% 1,253 +5.4% 2,409 +2.8% Rest of the World 2,845 +5.0% 2,688 +2.4% 5,533 +3.7% Europe excl. France 5,351 +0.6%/
Slide 18: Water: Strong H1 performance
Water: Strong H1 performance Evolution vs H1 2024 Variation vs. 2024 H1 2025 Revenue H1 2024 8,798 ● Water Operations revenue up +3.6%(1) ○ Price impact of +2.0%, of which +4.9% in Iberia, +3.5% in Scope(2) -5.3% CEE, +4.2% in the US, -0.6% in France Forex -0.9% ○ Good volumes, notably in June, in F
Slide 19: Waste: Continued strong growth in Hazardous waste
Waste: Continued strong growth in Hazardous waste Evolution vs H1 2024 ● Solid Waste revenue of €5,597M, up +1.5%(1) Variation vs. 2024 H1 2025 ○ Resilience thanks to: Top 3 positioning in key Revenue H1 2024 7,728 geographies, balanced portfolio and 90% contract renewal rate Scope(2) -1.8% ○ Capaci
Slide 20: Energy: Good performance in both Heating Networks and Energy Services
Energy: Good performance in both Heating Networks and Energy Services Evolution vs H1 2024 Variation vs. 2024 H1 2025 Revenue H1 2024 5,615 ● District Heating Networks revenue of Scope(3) +5.0% €3,770M, up +5.1%(1) ○ Favorable weather impact Forex -0.2% ○ Strong operational performance: stabilized h
Slide 21: H1 2025 Revenue of €22,048M, up +3.8% excl. energy prices
H1 2025 Revenue of €22,048M, up +3.8%(1) excl. energy prices In €M Evolution vs H1 2024 Forex of -€196M: depreciation of ARS, AUD, USD, BRL, partially offset by PLN and GBP 22,141 22,048 Scope of -€334M, of which divestitures of Sade, Lydec and RGS, partially offset by acquisition in Hungary and few
Slide 22: H1 2025 EBITDA of €3,367M, up +5.5%
H1 2025 EBITDA of €3,367M, up +5.5%(1) Evolution vs H1 2024 In €M Forex of -€24M: depreciation of ARS, AUD, USD, CLP, BRL, partially offset by PLN, GBP 3,367 Scope of -€53M, of which Lydec and RGS, partially offset by acquisition in Hungary and 3,266 few other tuck-ins Organic growth: +5.5%(1) ● Ene
Slide 23: Current EBIT of €1,834M, up +8.1%
Current EBIT(1) of €1,834M, up +8.1%(2) Evolution vs H1 2024 In €M H1 2024 H1 2025 Variation Current EBIT(1) up +8.1%(2) to €1,834M, showing good operating leverage EBITDA 3,266 3,367 +5.5%(2) ● Stable amortization & OFA stable due to Renewal expenses -154 -157 negative scope impact (up by €33M at c
Slide 24: Current net income Group share of €762M
Current net income Group share(1) of €762M On track to deliver annual growth target of c.+9%(3) Evolution vs H1 2024 In €M H1 2024 H1 2025 Variation Current net income(1) Group share of €762M, up +4.3%(3) and +12.5%(3) Current EBIT (1) 1,730 1,834 +8.1%(2) excluding 2024 net financial capital Cost o
Slide 25: Net income Group share of €657M
Net income Group share of €657M Evolution vs H1 2024 In €M H1 2024 H1 2025 Variation Net income(1) Group share of €657M, up +0.9% and +9.8%(3) excluding 2024 net financial capital gains Current net income – Group share (1) 731 762 +4.3%(2) Stable restructuring charges associated Restructuring and in
Slide 26: Well controlled capex and usual WCR seasonal variation
Well controlled capex and usual WCR seasonal variation Well controlled capex Well controlled Net Capex of €1,747M vs. Net capex €1,722M in €M 1,722 1,747 ● Increased growth capex from €228M to €258M, o/w Decarbonization €91M and Hazardous Waste €73M Net FCF of -€451M due to WCR seasonal variation to
Slide 27: Net financial debt of €20,764M under control
Net financial debt of €20,764M(1) under control Year-end leverage below 3x at year-end Net financial debt(1) of €20.8bn at 30/06/2025 vs. €17.8bn at 31/12/2024, after net financial investments of €2.2bn (incl. purchase of CDPQ stake in WTS for ~€1.5bn) In €M 20,764 17,819 27 (1) before Suez PPA
Slide 28: Successful debt refinancing in Q2
Successful debt refinancing in Q2 In €M Successful bond debt refinancing: ● First hybrid Green Bond of €500M issued in May 2025 ● 7-year €850M at 3.324% + 12-year €650M at 3.795% issued in June 2025 Smooth debt repayment schedule: ● €336M convertible bonds repaid in January 2025 ● €500M repaid in Ap
Slide 29: 2025 Guidance fully confirmed
2025 Guidance fully confirmed Revenue Continued solid organic growth(1)(2) Share buy-back plan to compensate the impact of EBITDA +5% to +6% organic growth(1) the employee shareholding program (2025-2027) Efficiency gains >€350M Cumulated synergies €530M 2022-2025 of which €95M in 2025 Upcoming Even
Slide 30: Appendices
APPENDICES Qveoua
Slide 31: 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 32: Appendix 2: H1 2025 Revenue and EBITDA by geography
APPENDIX 2: H1 2025 Revenue and EBITDA by geography In €M H1 2024 H1 2025 Variation(1) Revenue EBITDA Revenue EBITDA Revenue EBITDA Water Technologies 2,398 279 2,409 299 +2.8% +9.0% Rest of the World 5,956 926 5,533 894 +3.7% +8.3% Europe excl. France 9,252 1,361 9,733 1,457 +1.6%/+5.6%(2) +4.1% Fr
Slide 33: Appendix 3: H1 2025 Detailed Revenue by business
APPENDIX 3: H1 2025 Detailed Revenue by business In €M H1 2024 H1 2025 Variation(3) Municipal Water (Stronghold) 6,400 6,135(4) +3.6% Water Technologies and New Solutions (Booster) 2,398 2,409 +2.8% Total Water 8,798 8,545 +3.4% Solid Waste (Stronghold) 5,579 5,597 +1.5% Hazardous Waste (Booster) 2,
Slide 34: Appendix 4: Net financing rate
APPENDIX 4: Net financing rate In €M June 2024 June 2025 Average gross debt (1) 25,852 27,070 Gross cost of borrowing 3.77% 3.33% Average cash balance 8,859 9,792 Interest rate 3.65% 2.62% Stable cost of net financial debt of €330M vs. €331M in Average bank overdrafts 287 127 H1 2024 Average net fin
Slide 35: Appendix 5: Debt management
APPENDIX 5: Debt management ● Smooth debt repayment schedule: Currency breakdown of gross debt ○ €336M convertible bonds repaid in January 2025 after hedges) at June 30, 2025 ○ €500M repaid in April 2025 ○ Upcoming maturity of €500M in September 2025 ● 2 issuances: ○ First hybrid Green Bond of €500M
Slide 36: Appendix 6: Net liquidity
APPENDIX 6: Net liquidity In €M June 2024 June 2025 Syndicated credit lines 4,500.0 4,500.0 Bilateral credit lines 719.8 720.9 Lines of credit - - Cash and cash equivalents 7,424.5 6,861.7 Total Veolia 12,644.3 12,082.6 Subsidiaries Bilateral credit lines 650.1 1,117.1 Cash and cash equivalents(1) 2
Slide 37: Appendix 7: Statement of cash flows
APPENDIX 7: Statement of cash flows EBITDA organic growth of +5.5% In €M June 2024 June 2025 EBITDA 3,266 3,367 Well controlled Net Capex of €1,747M vs. Net industrial investments -1,722 -1,747 €1,722M WCR variation -998 -1,171 ● Increased growth capex from €228M to €258M, Dividends received 77 74 o
Slide 38: Appendix 8: Consolidated statement of financial position
APPENDIX 8: Consolidated statement of financial position In €M June 2024 June 2025 Intangible Assets 19,803 19,163 Property, Plant & Equipment 17,160 17,548 Other non-current assets 6,137 5,918 Operating financial assets (current and non-current) 1,363 1,311 Cash and cash equivalents 7,527 7,330 Oth
Slide 39: Appendix 9: Forex
APPENDIX 9: FOREX Reminder on Forex exposure for Veolia ➔ No transaction exposure ➔ Translation exposure only: revenues and costs in the same currency 1€ = xxx foreign June 2024 June 2025 Variation currency closing rate average rate closing rate average rate closing rate % average rate % US Dollar 1
Slide 40: Important Disclaimer
This document presents the results for the first half of 2025. The consolidated financial statements and the operating and financial review, as approved by the Board of Directors, in its meeting held on 30 July 2025, are available on Veolia’s website at https://www.veolia.com/en/veolia-group/finance
Slide 41: 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