Veolia Environnement S.A. Q3 2026 Earnings Recap

Veolia reported 2.6% revenue growth over nine months, with a Q3 acceleration to 5%, and confirmed its full-year 2026 guidance. The stock was flat after earnings, suggesting a broadly neutral market response.

Key Takeaways

• Nine-month revenue was €33.3 billion, up 2.6% at constant scope and foreign exchange; Q3 growth accelerated to 5%.
• EBITDA reached €5.4 billion, up 5.1%, with a 16.2% margin, 50 basis points higher; the company cited €294 million of accumulated efficiency gains.
• Current EBIT rose 6.7% to €2.95 billion. Management said leverage remained under control following this year’s acquisition.
• Growth was led by international activities, which rose 6%; France was broadly stable. Water performance was strong, while Water Technologies rebounded to 6.4% excluding projects, with bookings increasing in Q3.
• Veolia said it had signed €570 million of divestitures at an average valuation multiple of 10.4x, ahead of its schedule and valuation expectations.