In 2025, Veolia recorded revenues of €44.396 billion, up 1.4% at constant scope and exchange rates and 2.8% excluding the energy price effect. However, this figure falls short of market expectations, which were set at €45.58 billion.

Current EBIT amounted to €3.74 billion, slightly exceeding the consensus (€3.699 billion). "It shows organic growth of 7.9%, the same pace as in 2024," notes Oddo BHF.

Group share of current net income reached €1.643 billion as of December 31, 2025, up 9.1% versus €1.62 billion. Current net income per share attributable to the group came in at €2.25 compared to €2.13, a 7.6% increase at constant exchange rates.

Published group share of net income stood at €1.217 billion versus €1.098 billion as of December 31, 2024 (up 10.9%).

Net free cash flow reached €1.178 billion compared to €1.15 billion in 2024. This increase is explained by the Ebitda growth of €263 million, driven by organic business growth and gains generated by operational and commercial efficiency plans as well as Suez synergies, despite a change in operational working capital requirements (WCR) of -€120 million.

GreenUp Strategy Delivers Results in 2025

"The first two years of GreenUp have been marked by a strong improvement in our profitability and value creation, with an average growth in group share of current net income of 11.8% between 2023 and 2025 and a sharp increase in after-tax ROCE to a historically high level of 9.4% in 2025," notes the global environmental services specialist.

GreenUp is Veolia's strategic program for the 2024-2027 period, aiming to position the group as the global champion of ecological transformation. The group is focusing on a selective investment strategy: of a total budget of €4 billion, €2 billion is directly invested in three priority pillars considered particularly promising:

- Local decarbonized energy: bioenergy (methanization, etc.), energy efficiency, and heating networks.

- Water technologies: solutions for wastewater reuse (REUT) and the treatment of micropollutants (such as PFAS).

- Special waste: hazardous waste treatment and electric battery recycling.

Its performance over these first two years was also supported by the successful integration of Suez. "We will continue with synergies in Water Technologies and Clean Earth (an American company acquired at the end of 2025 specializing in hazardous and special waste management)," Veolia also states.

Following this annual publication, Veolia's Board of Directors will propose to the General Meeting on April 23 the payment of a dividend of €1.50 per share for the 2025 financial year, payable in cash. The ex-dividend date is set for May 11, 2026. Dividends for 2026 will be paid starting May 13, 2026.

Regarding its 2026 objectives, Veolia is targeting solid organic revenue growth excluding energy prices, organic Ebitda growth between 5 and 6%, as well as an increase in group share of current net income of at least 8% at constant exchange rates and excluding Clean Earth.

Veolia also expects growth in group share of current net income per share to be in line with that of current net income (thanks to the share buyback plan to offset the impact of the employee shareholding plan). Dividend growth is anticipated to be in line with that of group share of current net income per share.

According to Oddo BHF, these forecasts for 2026 are in line with its own and with consensus expectations.