Half Year 2025 Veolia Environnement SA Earnings Call Transcript

Jul 31, 2025 / 06:30AM GMT

Release Date Price: €30.32

Transcript

Key Points

Positve

Veolia Environnement SA (VEOEF) reported strong H1 2025 results, with revenue reaching €22 billion, up 3.8%, and EBITDA increasing by 5.5% on a like-for-like basis.
The company successfully confirmed its annual guidance, demonstrating resilience and growth despite challenging macroeconomic conditions.
Veolia Environnement SA (VEOEF) achieved significant capital allocation with €2.2 billion in net M&A, including the buyout of CDPQ's 30% stake in water technologies.
The company's diversified geographic footprint and local activities with cities and industries provide immunity to trade wars and macroeconomic volatility.
Veolia Environnement SA (VEOEF) maintained strong operating leverage, with current EBIT up 8.1% and current net income up by more than 12% when excluding last year's capital gain.

Negative

The French municipal water segment experienced zero tariff indexation in 2025, potentially impacting margins.
Revenue from municipal waste in France decreased by 4.8% year-on-year, raising concerns about potential trends in this segment.
The company faces challenges in China, where hazardous waste prices remain under pressure despite some volume recovery.
Net financial debt increased to €20.8 billion at the end of June, reflecting seasonality and M&A activity, with a leverage ratio of 3 times.
The impact of lower energy prices affected revenue growth, although the effect was less significant than in previous years.

Operator

Good morning ladies and gentlemen. Welcome to the Veolia SA H12025 results conference call with Estel Brashanoff, CEO, and Emmanuel Manning, CFO. At this time, online journal lesson only mode. Following the presentation, we will conduct a question-and-answer session. (Operator instruction) This call is being recorded on Thursday, July 31st, 2025. I would now like to turn the conference over to Estelle Brachlianoff. Please go ahead.

Estelle Brachlianoff

Veolia Environnement SA - Chief Executive Officer, Member of the Executive Board, Director

Thank you and good morning, everyone. Thanks for joining this conference call to present the OH1 key figures and accompanied by Emmanuelle Menning our CFO.

I'm on slide 4 for the key takeaways. First and foremost, our H125 results are very strong with Q2 performance in line with Q1. Those results are perfectly in line as well with our annual objectives and enable us to fully confirm our guidance for the year.

In a rather challenging environment, this performance is really a testimony to the strength of

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