Veolia Environnement Adr (VEOEY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Today, Thursday, July 30th, 2026. I would now like to turn the conference over to Ms. Estelle Brachlianoff. Please go ahead. Thank you, and good morning, everyone, and thanks for joining us for this conference call to present Veolia's H1 results, and I'm accompanied by Emmanuel Mening, our CFO. We'll start on slide four, and let me start by highlighting the key achievements of the first half. We delivered a new semester of strong performance with another improvement of our EBITDA margin and an excellent 10.4% growth in current net income, well in line with annual guidance. Given the volatile geopolitical and macro environment, these results show how much Veolia is standing out, with resilient growth quarter after quarter. This is showing the strength of our model with a strong combination of stronghold and booster activities, an international presence and a rigorous operational execution. If anything, this semester has shed a light on the importance of water security. In the context of recurring heat waves, dissemination units become geostrategic and data centres hitting wall of acceptability in arid regions. Our unique positioning as a powerhouse of ecological security and resource sovereignty has become even more precious. This semester was moreover a good illustration of the active portfolio transformation designed to enhance value creation and boost growth. We will have rotated more than 8 billion euros of assets in four years through targeted acquisitions such as cleaners, closed earlier than expected early June, and Asset Debt Vestitures which I expect to sign 500 million euros this year. Last but not least, our excellent H1, the good beginnings of cleaners within Veolia and our confidence in our business model allows me to improve our full year guidance. When ...