Veolia Environnement Adr (VEOEY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Thank you for joining this conference call to present Veolia's 2025 results. I'm accompanied by Emmanuel Meunier, our CFO, and by Danielle Tuguès, head of Spain. I'm on slide four. 2025 was the second year of our four-year green uptime, and I consider it as a truly pivotal year in our trajectory, and I will tell you how. 2025 was another year of outperformance, and historical high. We exceeded our guidance with an organic EBITDA growth of plus 6.3 percent, above the target range of 5 to 6 percent, despite a complex environment and with a particularly robust fourth quarter. In the two years since the start of green-up, we have significantly improved our profitability with an increase of 150 BP in our EBITDA margin and plus 11.8% average annual growth of current net income. The first half of GreenUp is a real success, and we are fully in line with our trajectory, even ahead when it comes to our ROCE at 9.4% after tax at the end of 2025. This is two years in advance of our targets. But in 2025, above all, we resolutely resumed external growth, with two major multi-billion dollars acquisitions in water technologies and U.S. hazardous waste, two of our growth boosters, accelerating, therefore, the group's transformation towards more international and technology-driven businesses and enhancing the group's growth profile for the years to come. We have also enhanced our shareholder return in 2025, as we complemented our dividend policy with a multi-year share buyback program related to our employee shareholder plan. The excellent 2025 result, as well as our strong fundamentals, allow us to be very confident for 26, with an ambitious guidance and full confirmation of our green-up trajectory, building a stronger group going forward. I'm now on page 5, w...