Veolia reported revenue of €44,396 million, up +1.4% at constant scope and exchange rates and +2.8% excluding the impact of energy prices.
The Water Technologies segment generated revenue of €4,954 million, marking a +3.6% increase at constant scope and exchange rates compared to 2024. The Waste segment posted revenue of €2,853 million, representing a decrease of -3.7% at constant scope and exchange rates.
EBITDA stood at €7,050 million versus €6,788 million as of December 31, 2024, reflecting growth of +6.3% at constant scope and exchange rates. The margin improved by +70 basis points.
Current net income, Group share, reached €1,643 million as of December 31, 2025, an increase of +9.1%. Current net income, Group share, per share amounted to €2.25 compared to €2.13, up +7.6% at constant exchange rates.
Published net income, Group share, came in at €1,217 million versus €1,098 million as of December 31, 2024 (+10.9%).
For 2026, the group is targeting robust organic revenue growth excluding energy prices, organic EBITDA growth between +5% and +6%, and current net income, Group share, growth of at least +8% at constant exchange rates and excluding Clean Earth.
The group also expects current net income, Group share, per share growth to be in line with current net income, Group share, thanks to its share buyback plan designed to offset the impact of the employee shareholding plan, and dividend growth in line with current net income, Group share, per share.
Veolia Environnement is the world leader in environmental management services. Net sales break down by activity as follows:
- water-related services (39.8%; No. 1 worldwide): water resources management, drinking water distribution and delivery, wastewater collection, treatment and recovery, engineering, design, construction of water treatment facilities and customer relationship management, etc.;
- waste management services (34.8%; no. 1 worldwide): collection, treatment and recycling of liquid, solid, non-hazardous and hazardous waste, waste treatment and recovery through composting, energy recovery from waste, etc. Veolia Environnement also provides urban waste management services (maintenance and cleaning of public spaces, provision of mechanized street cleaning and façade treatment services), maintenance of industrial sites, and dismantling of industrial facilities and equipment at the end of their useful life;
- energy services (25.4%; No. 1 in Europe): delegated management of urban heating and air conditioning networks, management of thermal and multi-technique services (operation of heating systems, facility design, construction, and maintenance, etc.) and industrial services (industrial process analysis, production equipment operation, service, and maintenance), general management of buildings and public lighting.
Net sales are distributed geographically as follows: France (19.3%), the United States (10.5%), Germany (7%), Spain (6.8%), Poland (6.8%), the United Kingdom (6.7%), Czech Republic (4.9%), Australia (4.6%), Italy (2.6%), Belgium (2.4%), Hungary (2.4%), Morocco (2.1%), China (2%), Chile (1.8%), Japan (1.4%), Hong Kong (1.3%), Slovakia (1.1%), and other (16.3%).
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