Veolia Environnement - ADR

Strong 2024 Performance: Veolia reported a 5% revenue growth (excluding energy prices) to €44.7 billion and a 5.8% increase in EBITDA to €6.788 billion. This achievement is significantly above the historical growth rates of 2-3% prior to the Suez merger, demonstrating resilience despite a challenging macroeconomic environment.

Ambitious 2025 Targets: For 2025, Veolia aims for organic EBITDA growth between 5-6%, current net income growth around 9%, and an increase in dividends in line with EPS growth. The company is raising its synergy target from €500 million to €530 million by the end of 2025, reflecting confidence in operational efficiencies and strong asset management.

Share Buyback Program Initiated: Veolia is launching a share buyback program for the first time, designed to offset dilution from the employee shareholding plan. The program will run from 2025 to 2027, which signals an increased flexibility in capital allocation and enhances shareholder value by aligning EPS growth with net income growth.