Veolia Environnement (VIE) Q4 2024 earnings summary

Executive summary

• Achieved or exceeded all 2024 financial targets despite a challenging macro and political environment, marking the first year of the Green Up/GreenUp plan focused on growth, efficiency, and value creation.

• Strong organic revenue growth and enhanced operating efficiency offset external headwinds, with EBITDA and current net income reaching record levels.

• Announced first-ever share buyback (2025–2027) to offset employee shareholding dilution.

• 2025 guidance aligns with GreenUp objectives, with raised synergy targets and continued focus on growth.

Financial highlights

• Revenue: €44.7bn (+5% excl. energy prices); EBITDA: €6.79bn (+5.8%); current EBIT: €3.55bn (+7.9%).

• Current net income: €1.53bn (+14.6%); EPS: €2.13 (+12.4%).

• Net financial debt: €17.8bn; leverage ratio: 2.63x, below guidance.

• ROCE after tax: 8.8%, above WACC.

• Free cash flow: €1.16bn.

Outlook and guidance

• 2025 targets: organic revenue growth (excl. energy price) 5–6%, organic EBITDA growth 5–6%, current net income growth ~9%, leverage <3x, dividend growth in line with EPS.

• Synergy target raised to €530m by end-2025.

• GreenUp plan aims for 10% annual net income growth through 2027 and over €8bn EBITDA by 2027.