Veolia's GreenUp Strategy Drives Record Profits and Global Expansion

PARIS, FRANCE – February 26, 2026 – Veolia Environnement has announced record-breaking financial results for 2025, outperforming its annual guidance and signaling a successful strategic pivot towards high-growth environmental solutions. The French multinational reported a surge in profitability and accelerated its portfolio transformation, cementing its leadership in tackling global challenges from water scarcity to hazardous waste.

The company's organic EBITDA grew by a robust 6.3% to €7.05 billion, exceeding its target range, while current net income climbed 9.1% at constant forex to €1.64 billion. This performance was underpinned by the company's "GreenUp" strategic plan, which reached a key profitability target—Return on Capital Employed (ROCE) of 9.4%—a full two years ahead of schedule.

“2025 has truly been a pivotal year, as we’ve successfully closed the chapter of Suez integration and we’ve performed a major strategic refocusing of the group portfolio towards accelerated growth and international positioning,” stated Estelle Brachlianoff, CEO of the Group. She highlighted the outperformance despite a complex environment and noted the company is “perfectly in line with GreenUp trajectory.”

A Strategic Pivot Pays Off

Veolia's stellar year marks the culmination of a deliberate shift towards what it calls 'Booster' activities: high-value, technology-driven sectors including Water Technologies, Hazardous Waste, and Bioenergies. These segments grew nearly twice as fast as the company's traditional 'Stronghold' businesses, validating the strategic focus on solutions for the most complex environmental problems. In 2025, Hazardous Waste EBITDA grew an impressive 13.0%, while Water Technologies saw its EBITDA jump 14.1% at constant scope and forex.

The strategy was supercharged by two transformative acquisitions. First, Veolia took full ownership of its Water Technologies and Solutions (WTS) segment by acquiring the remaining 30% stake from CDPQ for approximately €1.5 billion. This move gives Veolia complete control over a global leader in advanced water solutions for strategic industries like semiconductors and pharmaceuticals, a market fueled by global water scarcity and stringent quality demands. The company anticipates the move will unlock €90 million in additional annual cost synergies by 2027.

More significantly, Veolia announced its planned acquisition of Clean Earth from Enviri for approximately $3 billion. This deal is set to double Veolia's size in the fast-growing U.S. hazardous waste market, making it the number two player in the nation. Clean Earth's 82 sites and advanced capabilities, particularly in treating emerging contaminants like PFAS, are highly complementary to Veolia's existing footprint and will significantly enhance its logistics and treatment network across North America.

These moves come as the company successfully completed the integration of Suez, realizing €534 million in synergies between 2022 and 2025—exceeding its initial targets and providing a stable platform for this new phase of ambitious growth.

From Local Contracts to Global Impact

Beyond the balance sheet, Veolia's 2025 results are reflected in a series of major international projects that underscore its expanding role in global ecological transformation. These long-term contracts demonstrate the growing demand for the company's specialized expertise in resource management and decarbonization.

In Saudi Arabia, a consortium including Veolia will build and operate a $500 million cutting-edge water treatment plant in Jubail Industrial City. The facility will recycle complex industrial effluents, supporting Saudi Arabia's Vision 2030 by addressing water scarcity in one of the world's largest petrochemical hubs.

In Australia, the company secured an A$850 million, 20-year contract to build and operate an innovative materials recycling facility in the Australian Capital Territory. The plant will use advanced technologies and integrated solar power to process 1.3 million tons of materials, increasing local recycling capacity and reducing carbon emissions by 26,000 tons annually.

Addressing severe drought in South America, Veolia won the contract to operate the Aguas Pacífico desalination plant in Valparaíso, Chile. The first of its kind in the country, the plant will supply water to both communities and surrounding copper mines while running on 100% renewable energy and employing advanced systems to protect the marine environment.

Meanwhile, in Europe, Veolia is spearheading a major project in Poznań, Poland, to phase out coal from the city's district heating network by 2030. The first phase alone is expected to eliminate over 300,000 tons of coal use per year, a critical step in the region's energy transition.

Delivering Value in a Complex World

For investors, Veolia's performance translates into a compelling story of resilience and returns. The company's board will propose a dividend increase to €1.50 per share, continuing its commitment to shareholder value. This is complemented by a planned €400 million share buyback program dedicated to its employee share ownership plan.

This strong performance stands out in a competitive landscape. While peers like Waste Management and Republic Services also reported robust results, Veolia's early achievement of its ROCE target and its aggressive, strategically-aligned M&A activity highlight a clear and effective long-term vision. The company has demonstrated remarkable financial discipline, maintaining a leverage ratio of 2.79x, well below its target ceiling of 3x, even amidst significant capital outlay for acquisitions.

This balance of aggressive growth and financial prudence has positioned Veolia as an attractive 'green' investment, capable of delivering consistent value while expanding its role in the multi-trillion-dollar ecological transformation market. The company has successfully proven its ability to navigate a complex global economic and political environment, leveraging its multi-local model to ensure resilience and drive profitability.

Looking ahead, Veolia has issued ambitious guidance for 2026, targeting another year of solid organic growth with EBITDA expected to increase by 5% to 6%. The company also projects a minimum 8% growth in current net income, fully confirming the trajectory of its GreenUp plan.