France's Veolia 2025 revenue misses analyst expectations

Veolia Environnement SA

26/02/2026 06:41

Overview

France-based environmental services firm's 2025 revenue missed analyst expectations

EBITDA for 2025 showed organic growth, driven by operational efficiencies

Company proposed dividend increase to €1.50 per share and €400 mln share buyback

Outlook

Veolia expects solid organic revenue growth for 2026, excluding energy prices

Company anticipates 2026 organic EBITDA growth of +5% to +6%

Veolia plans to maintain leverage ratio at or below 3x, excluding Clean Earth

Result Drivers

INTERNATIONAL GROWTH - Enhanced growth outside France, notably in Americas, Asia Pacific, Africa Middle-East, with +4.1% revenue growth

OPERATIONAL EFFICIENCIES - Total efficiency gains amounted to €399M, above the annual target of €350M, with Digital and AI gains representing 23% of recurring operational efficiencies

ACQUISITIONS - Acceleration of portfolio transformation with 2 major acquisitions in Water Technologies and Hazardous Waste in the US

Company press release: ID:nBwdx64Za

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Miss
EUR 44.40 bln
EUR 45.59 bln (17 Analysts)
FY Net Income
EUR 1.64 bln
FY EBIT
EUR 3.74 bln
FY EBITDA
EUR 7.05 bln
FY EBITDA Margin
15.90%
FY Net Debt
EUR 19.66 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the multiline utilities peer group is "hold."

Wall Street's median 12-month price target for Veolia Environnement SA is €36.00, about 1.8% above its February 25 closing price of €35.36

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)