- Strong 2024 results, with all targets achieved or exceeded, a reflection of strict and agile management, with enhanced operating efficiency plans to offset unfavourable external effects.
- Strong organic Revenue growth of +5.0%(1), to €44,692M, driven by Boosters, up +6.6%(1). Excellent year in water and in waste, despite sluggish economy, thanks to a unique strategic positioning and specific action plans in certain more difficult geographies.
- Solid operating performance, with an organic growth of EBITDA of +5.8%(2) to €6,788M, fueled by revenue growth, operational efficiency and synergies above targets.
- Current net income group share(3) of €1,530M, up +14.6%(4).
- Strong net Free Cash Flow generation, lower net financial debt and leverage ratio(3) below target, at 2.63x.
- Proposal to increase the dividend to €1.40 per share.
- Ambitious 2025 guidance, and synergy target lifted to €530M.
- First year of the GreenUp plan confirming the relevance of strategic choices and ambitions.
- Share buyback plans dedicated to employee share ownership plans over the period 2025-2027.
Estelle Brachlianoff, CEO of the Group, stated:
“2024 was an excellent year for Veolia, despite unfavorable externalities, with solid organic growth in sales and EBITDA, and record current net income of €1,530 million, which has doubled in 5 years. The Group's balance sheet is solid, thanks to strict financial discipline. All our objectives have been achieved, and in some cases even exceeded, and we have raised our synergy target.
This first year of the GreenUp strategic plan confirms the relevance of our growth and resilience model, based in particular on the growth of our boosters and the solidity of our core businesses. Our performance reflects our winning formula, which rests on four pillars: a diversified geographical presence, a unique portfolio of complementary activities in water, energy and waste, constant value creation for our shareholders and sustainable growth.
In a geopolitical and macroeconomic context that remains uncertain, Veolia enters this new year with confidence, perfectly poised for another year of earnings growth, and continuing its trajectory towards the objectives set for 2027.”
Sustained Revenue growth of +5.0 %(1) to €44,692M:
- Boosters(2) up +6.6%(1) while Strongholds(3) grew by +4.4%(1)
- Strong growth in Water (+5.6%(4)) and Waste (+6.4%(4)). Revenue increase of +1.9%(1) in Energy, while maintaining a very high level of profitability
- Including the impact of lower energy prices, total Group’s Revenue is up by +1.5%(4)
Solid Operational Performance: EBITDA of €6,788M, an organic growth of +5.8%(4), at the top end of the target range of +5% to +6%(4) :
- €398M of efficiency gains, above the annual target of €350M. Specific action plans in France, Spain and China are bearing fruit. Significant potential thanks to digital and new initiatives in generative AI, such as the new partnership with Mistral AI.
- €120M of synergies, i.e. a cumulative amount of €435M at the end of 2024, ahead of the initial target, which has now been raised to €530M by the end of 2025.
- Agility to compensate for adverse external effects, in particular climate and energy prices.
Current EBIT(5) up +7.9 %(4)), to €3,547M.
Current net income Group share of €1,530 M(5) up +14.6 %(6), above the annual target of €1.5bn.
Increase of Current EPS Group share(5) to €2.13 vs. €1.89 in 2023.
Net income Group share of €1,098M, up +17.1%.
ROCE after taxes of 8.8%, above the pre-Covid and pre-Suez level.
Dynamic capital allocation policy leading to value creation:
- Net capex of €3,836M, with priority given to growth investments, particularly in hazardous waste treatment and decarbonisation, while maintenance investments remain under control.
- €1,037M of non-strategic asset divestitures, of which SADE in France, Lydec in Morocco and sulphuric acid regeneration activities in North America (RGS).
- €641M of targeted acquisitions in priority businesses..
Strong net Free Cash-Flow, at €1,156M and Net financial debt(5) under control at €17,819M, with a leverage ratio(5) of 2.63x end-2024.
Proposal to increase the dividend to €1.40 per share.
At the AGM on 24 April 2025, the Board of Directors will propose the payment of a dividend of €1.40 per share in respect of the 2024 financial year, payable in cash. The ex-dividend date will be 12 May 2025. The 2024 dividends will be paid from 14 May 2025.
Ambitious 2025 guidance:
- Solid organic growth of revenue(7)
- Organic growth(8) of EBITDA between +5% and +6%
- Efficiency gains above €350M complemented by synergies for a cumulated amount raised to €530M end 2025
- Growth of current net income Group share(9) of around +9%(10)
- Leverage ratio expected below 3x(9)
- Dividend growth in line with Current EPS Group share(9) growth
GreenUp Plan 2024-27 fully confirmed.
Share buyback plans dedicated to employee share ownership plans over the period 2025-2027.
Key figures 2024
Find the detailed results for December 31, 2024 by downloading the press release:
1 At constant scope and forex and excluding energy prices
2 Boosters : water technologies, hazardous waste, bioenergies, flexibility and energy efficiency
3 Strongholds : municipal water, solid waste, district heating and cooling networks
4 At constant scope and forex
5 Before Suez PPA
6 At constant forex
7 At constant scope and forex and excluding energy prices
8 At constant scope and forex
9 Before Suez PPA
10 At constant forex
Contacts
MEDIA RELATION
Laurent Obadia - Evgeniya Mazalova
Charline Bouchereau - Anna Beaubatie
Aurélien Sarrosquy
Tél.+ 33 (0) 1 85 57 86 25
[email protected]
INVESTORS RELATIONS
Selma Bekhechi - Ariane de Lamaze
Tél. + 33 (0)1 85 57 84 76 / 84 80
[email protected]