Veolia (VIE) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with revenue of €22,193 million (up 1.5% excluding energy prices) and EBITDA of €3,552 million (up 5.0%), driven by operational efficiency, strategic asset rotation, and resilience amid macroeconomic and geopolitical volatility.

• Current net income group share rose 10.4% to €837 million, with current EBIT up 6.4% to €1,956 million.

• Clean Earth acquisition closed, doubling U.S. hazardous waste business and enhancing international presence; Enviropacific acquisition in Australia strengthened PFAS treatment capabilities.

• Upgraded full-year guidance, targeting at least 8% current net income growth, 5–6% organic EBITDA growth, and dividend growth in line with EPS.

• Efficiency gains of €195 million in H1, on track for over €350 million annual target.

Financial highlights

• Revenue: €22,193 million (+1.5% at constant scope and forex, excluding energy prices); EBITDA: €3,552 million (+5.0%); EBITDA margin: 16.0% (+70bps year-over-year).

• Current EBIT: €1,956 million (+6.4%); current net income group share: €837 million (+10.4%).

• Net financial debt: €24,548 million, mainly due to Clean Earth and Enviropacific acquisitions.

• Net free cash flow improved to -€288 million from -€451 million in H1 2025, supported by strict capex and working capital management.

• Efficiency gains of €195 million in H1.

Outlook and guidance

• 2026 guidance upgraded: organic revenue and EBITDA growth of 5–6%, current net income group share growth of at least 8% at constant forex, including Clean Earth.

• Dividend growth to align with current EPS; leverage ratio expected at or slightly above 3x.

• €2 billion+ disposal program to be delivered by mid-2028, with €500 million targeted by end of 2026.

• Clean Earth acquisition expected to be accretive to net income from 2027.

• GreenUp plan trajectory fully confirmed.