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olivLaw · European equity research

Veolia Environnement VIE.PA

France · Euronext Paris · ISIN FR0000124141 · Vertical: Listed companies from France

33.75EUR−0.12% · 1 dayClose 05 Nov 2026

Veolia Environnement is a global environmental group offering water, energy and waste services to public authorities and industrial clients. Its 2024 EBITDA reached 6,788 million euros, and for 2025 the company guided to organic EBITDA growth of +5 % to +6 %.

At the close of 05 Nov 2026, Veolia Environnement (VIE.PA) stock was 33.75 EUR (−0.12% on the day), with market capitalisation 25.6 bn EUR, P/E 24.1 on diluted EPS of 1.40 EUR over the last 12 months, dividend yield 3.70%, beta 0.62, 52-week range 28.40–37.52 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
25.6 bn EUR
shares as of 31 Dec 2024
P/E (TTM)
24.1
Diluted EPS TTM 1.40 · TTM to 31 Dec 2024
E/P (TTM)
4.15%
TTM to 31 Dec 2024
Dividend yield
3.70%
DPS 12m 1.25
Beta (2y)
0.62
Volatility (1y) 20%
52-week range
28.4037.52

Price history

Loading chart…

Technical reading

RSI (14)
72.7
overbought (≥ 70)
Bollinger (20, 2)
31.02 – 33.79
in the upper half of the band · %B 0.99 · band width 8.5%
SMA 50 / 200
31.87 / 33.88
mixed trend
MACD (12, 26, 9)
0.45 / 0.28
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+7.7%−0.6%+8.3 pp—
3 months−3.8%−4.2%+0.4 pp—
6 months−6.0%+4.3%−10.3 pp—
Year to date+13.6%+7.5%+6.0 pp—
1 year+16.2%+9.9%+6.3 pp−6.8%
3 years+27.0%+49.8%−22.8 pp−15.9%
5 years+14.0%+42.8%−28.8 pp—
Max drawdown (1y)
−18.8%
15 Jul 2026 → 05 Oct 2026
Max drawdown (5y)
−42.3%
07 Jan 2022 → 12 Oct 2022
Compound annual growth (5y)
+2.7%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 19.4, median 24.0, max 24.0; quarters with earnings only).

Fiscal years

Fiscal year202220232024
Revenue42.9 bn45.4 bn44.7 bn
Revenue YoYunavailable+5.8%−1.5%
Net income716.0 m937.0 m1.1 bn
Net income YoYunavailable+30.9%+17.2%
Diluted EPS1.001.191.40
Diluted EPS YoYunavailable+19.0%+17.6%
net %1.7%2.1%2.5%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2024 · 31 Dec 2024

Cash
9.6 bn EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
15.3 bn EUR
Total assets
73.0 bn EUR
Debt / equity
unavailable
Current ratio
0.91x
ROE
7.3%
ROA
1.5%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2022
42.9 bn
2023
45.4 bn
2024
44.7 bn

esef· 15 Apr 2025verified

Cost of revenue
2022
35.7 bn
2023
37.9 bn
2024
36.9 bn

esef· 15 Apr 2025verified

Gross profit
2022
7.1 bn ≈
2023
7.5 bn ≈
2024
7.8 bn ≈

esef· 15 Apr 2025derived

Operating income
2022
2.2 bn
2023
2.7 bn
2024
2.9 bn

esef· 15 Apr 2025verified

Pre-tax income
2022
1.5 bn
2023
1.9 bn
2024
2.1 bn

esef· 15 Apr 2025verified

Income tax
2022
420.0 m
2023
511.0 m
2024
566.0 m

esef· 15 Apr 2025verified

Net income
2022
716.0 m
2023
937.0 m
2024
1.1 bn

esef· 15 Apr 2025verified

Diluted EPS
2022
1.00
2023
1.19
2024
1.40

esef· 15 Apr 2025verified

Dividend per share
2022
1.00
2023
1.12
2024
1.25

esef· 15 Apr 2025verified

Balance sheet · EUR

Cash
2022
9.0 bn
2023
8.7 bn
2024
9.6 bn

esef· 15 Apr 2025verified

Inventories
2022
1.5 bn
2023
1.6 bn
2024
1.5 bn

esef· 15 Apr 2025verified

Current assets
2022
28.7 bn
2023
27.9 bn
2024
27.8 bn

esef· 15 Apr 2025verified

Property, plant & equipment, net
2022
16.6 bn
2023
17.1 bn
2024
17.9 bn

esef· 15 Apr 2025verified

Goodwill
2022
11.6 bn
2023
11.6 bn
2024
11.8 bn

esef· 15 Apr 2025verified

Total assets
2022
73.3 bn
2023
72.6 bn
2024
73.0 bn

esef· 15 Apr 2025verified

Current liabilities
2022
29.2 bn
2023
30.0 bn
2024
30.7 bn

esef· 15 Apr 2025verified

Equity
2022
14.9 bn
2023
14.7 bn
2024
15.3 bn

esef· 15 Apr 2025verified

Shares outstanding at year end
2022
688.5 m
2023
755.6 m
2024
757.2 m

esef· 15 Apr 2025derived

Cash flow · EUR

Operating cash flow
2022
4.1 bn
2023
5.0 bn
2024
5.0 bn

esef· 15 Apr 2025verified

Investing cash flow
2022
4.5 bn
2023
-2.1 bn
2024
-2.1 bn

esef· 15 Apr 2025verified

Financing cash flow
2022
-10.2 bn
2023
-3.1 bn
2024
-1.9 bn

esef· 15 Apr 2025verified

Dividends paid
2022
990.0 m
2023
1.3 bn
2024
1.2 bn

esef· 15 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-1.5%
computed by olivLawFY 2024
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
5.8%
computed by olivLawFY 2024
Net income growth (YoY)
17.2%
computed by olivLawFY 2024
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
17.6%
computed by olivLawFY 2024
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
17.4%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
6.4%
computed by olivLawFY 2024
Net margin
2.5%
computed by olivLawFY 2024
FCF margin
unavailable
input data missing

Returns

ROE
8.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROA
1.5%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
ROIC
unavailable
input data missing
ROCE
6.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Payout ratio (EPS)
89.3%
computed by olivLawFY 2024
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2024
Quick ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2024
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2024

Cash

Operating cash flow
5.0 bn EUR
computed by olivLawFY 2024
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
15 days
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
25.6 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
Enterprise value
unavailable
input data missing
Market cap / net income TTM
23.3x
computed by olivLawFY 2024
P/E (TTM)
24.1x
computed by olivLawFY 2024
Earnings yield
4.1%
computed by olivLawFY 2024
P/B
2.0x
computed by olivLawbalance sheet at 31 Dec 2024
P/S
0.6x
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
3.7%
computed by olivLawFY 2024
Shareholder yield (distributions)
4.8%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 27.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

33.75 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 25.6 bn EUR

Key indicators

Market capitalisation
25.6 bn EUR
computed by olivLawbalance sheet at 31 Dec 2024
P/E (TTM)
24.1x
computed by olivLawFY 2024
P/B
2.0x
computed by olivLawbalance sheet at 31 Dec 2024
EV/EBITDA
unavailable
input data missing
ROE
8.7%
computed by olivLawFY 2024 · balance sheet at 31 Dec 2024
Net margin
2.5%
computed by olivLawFY 2024
Revenue growth (YoY)
-1.5%
computed by olivLawFY 2024
Dividend yield
3.7%
computed by olivLawFY 2024

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 31 Dec 2024
Latest balance sheet date: 31 Dec 2024
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: esefpublished 15 Apr 2025
verified 67derived 3

The data is older than the freshness threshold.

Score by group

27% · Insufficient data

Estimated value range

Low
16.26
EUR per share
Mid
21.80
EUR per share
High
32.45
EUR per share
Price: 33.75 EUR
The price is above the range
Potential to the central value: -35.4% (value / price − 1)
Margin of safety: -54.8% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.53 – 41.72 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E15.53 – 41.72 (Mid 23.98)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • Dividend discount (DDM)17.00 – 23.18 (Mid 19.62)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality2.5%67 (vs peers)23%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.9x9 (on a fixed band)15%
P/E (TTM) · Valuation24.1x43 (vs peers)38%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns4.8%68 (on a fixed band)23%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial9/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial67/100 · 1/3 factors with a value
  • Returns· partial68/100 · 1/2 factors with a value
  • Valuation· partial43/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

VEOLIA ENVIRONNEMENT (VIE.PA). Latest full fiscal year: 2024; data up to 2024-12-31.

Figures computed from the financial statements: revenue 44.7 bn EUR in 2024; YoY growth -1.5%; net margin 2.5%; ROE 8.7%.

The estimated value range is 16.26–32.45 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 21.80 EUR, the price of 33.75 EUR leaves a potential of -35.4% (value / price − 1) and a margin of safety of -54.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Current ratio: 0.9x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
24.1x
vertical median 18.3x
above median (+32.0%)
EV/EBITDA
—
vertical median 6.3x
P/S
0.6x
vertical median 0.5x
above median (+11.7%)
P/B
2.0x
vertical median 1.1x
above median (+87.5%)
ROE
8.7%
vertical median 4.2%
above median (+109.5%)
Net margin
2.5%
vertical median 1.1%
above median (+118.0%)
EBIT margin
6.4%
vertical median 3.2%
above median (+103.0%)
Revenue YoY
-1.5%
vertical median 0.6%
below median (−346.9%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
3.7%
vertical median 1.7%
above median (+117.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
VIE.PAVeolia Environnement25.6 bn24.18.7%2.5%−1.5%+15% / +17%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for VIE.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
19.43
Total return -40% · Per year -40%
34.45
Total return 6% · Per year 6%
52.03
Total return 59% · Per year 59%
3 years
16.66
Total return -43% · Per year -17%
33.45
Total return 10% · Per year 3%
55.79
Total return 79% · Per year 22%
5 years
14.30
Total return -45% · Per year -11%
32.49
Total return 15% · Per year 3%
59.81
Total return 102% · Per year 15%
What moves the 3-year price the most
  • Exit P/E± 8.36
  • Net margin± 5.85
  • Annual revenue growth± 5.10
  • Annual dilution± 0.49

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Veolia Environnement is a global environmental group offering water, energy and waste services to public authorities and industrial clients. Its 2024 EBITDA reached 6,788 million euros, and for 2025 the company guided to organic EBITDA growth of +5 % to +6 % 1.

SWOT

Strengths

  • Global scale and presence in several regions provide geographic diversification, and the water, energy and waste segments complement each other 1.
  • Long-term contracts with public authorities create a relatively predictable revenue flow.
  • The company has a formal risk management system with three lines of control and a risk committee 1.

Weaknesses

  • The size and complexity of the group make it harder to integrate acquisitions and information systems.
  • Industrial investment needs are large, and free cash flow remains sensitive to the cost of financing.
  • Dependence on contracts with public authorities exposes the company to political decisions and tariff renegotiations.

Opportunities

  • The energy transition and green heating networks could open new contracts with industries and municipalities.
  • Demand for water reuse and desalination in water-stressed regions could increase project volumes.
  • The GreenUp programme could accelerate growth in priority regions such as Australia and the Middle East 1.

Threats

  • Intense competition in public tenders may pressure margins and contract prices.
  • Geopolitical and climate risks may disrupt activities in some countries and supply chains 1.
  • Evolving regulation may impose additional compliance costs or change contract models.

Risks

  • Geopolitical and political riskhigh

    International activities may be affected by political instability, sanctions and regulatory change, as listed among the group's risk factors 1.

  • Climate risk and natural disastershigh

    Extreme weather events may disrupt facilities and service contracts, and adaptation costs may rise.

  • Energy and consumables pricesmedium

    Changes in energy and raw material prices may affect margins, especially on fixed-price contracts 1.

  • Compliance and corruption riskmedium

    Operating in many markets exposes the company to corruption risks and strict integrity requirements, which call for robust compliance programmes 1.

  • Acquisition and integration riskmedium

    Selecting and integrating acquisitions, including Suez activities, may create operational and financial difficulties 1.

Investment thesis

What would need to be true (bull case)

  • If the energy transition and pressure on water resources continue, demand for the group's services could support long-term growth.
  • The organic EBITDA growth target announced for 2025 and the cost savings programmes could support margins, if delivered 1.
  • Geographic diversification and the combination of water, energy and waste may reduce reliance on a single market or contract type.

What would break the thesis

  • If energy prices remain volatile, margins on fixed-price contracts could be squeezed.
  • High industrial investment and the cost of financing could limit the free cash flow available.
  • Geopolitical instability and regulatory changes could delay projects or reduce returns in certain regions.

What to watch

  • Delivery of the organic EBITDA growth target of +5 % to +6 %2025
  • Development of cost savings and Suez integration synergiesend 2025
  • Commissioning of the Gum Springs, Arkansas incinerator2026
  • Net free cash flow compared with the 1,156 million euros of 2024next annual report

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

According to its 2024 universal registration document, Veolia operates in three main areas: water, energy and waste. The group serves mainly public authorities and industrial clients, with a presence in Europe, North America, Latin America, Asia-Pacific and the Middle East 1. Risk management is organised on three lines of control, with a risk committee validating action plans 1.

In 2024 the company set four priorities: developing the GreenUp strategic programme, dialogue with stakeholders on ecological transformation, strengthening information systems and updating compliance programmes 1.

Veolia funds its industrial investments from operating cash flows, and net free cash-flow reached 1,156 million euros in 2024 1.

Segments

Rest of the world

The Rest of the world segment includes North America, Latin America, Asia-Pacific and Africa/Middle East. In 2024 it generated 11,945 million euros of revenue, or 26.7 % of the total 1. In North America the company is the largest private water operator in the United States 1.

Water Technologies

The Water Technologies segment designs and builds drinking water and wastewater treatment plants, and also provides equipment, chemicals and after-sales services. In 2024 it realised 4,973 million euros, or 11.1 % of group revenue 1.

Europe excluding France

Activities in Europe excluding France cover municipal and industrial contracts in Spain, Portugal, Italy and Romania. Major contracts were signed in 2024, including an extension of drinking water services with the municipality of Ploiești, Prahova county 1.

Market context

The water and waste market is supported by urbanisation, growing pressure on water resources and decarbonisation requirements. In the Middle East, water demand drives large desalination projects, while in Australia governments support the energy transition and waste recovery 1.

In European and North American markets, long-term contracts with public authorities and industrial clients provide a partly predictable revenue base, but tariff pressure and evolving regulation can change market conditions 1.

Trends

  • Decarbonisation and green energytailwind

    Demand from industrial clients and local authorities for energy efficiency and green heating networks could bring new contracts to Veolia if the energy transition advances 1.

  • Water stresstailwind

    Water scarcity in Asia, the Middle East and Africa encourages investment in wastewater reuse and desalination, which could support growth in the water segment 1.

  • Changing environmental rulesmixed

    New health and environmental regulations may raise compliance costs, but may also open markets for advanced treatment services 1.

  • Energy costs and inflationheadwind

    Changes in energy and consumable prices can affect margins on fixed-price contracts, especially during periods of high inflation 1.

Competitive position

In environmental services, Veolia competes with global companies specialised in water, waste and industrial services. Competition is intense in municipal tenders and water technology projects, where reputation, scale and the ability to finance investment matter 1.

In North American markets, differentiation comes from long-term operating contracts and the capacity to manage hazardous waste for industries such as microelectronics and pharmaceuticals 1.

  • Suez

    French environmental company with competing water and waste activities; Veolia acquired part of Suez's water activities in the United States and Canada in 2022 1.

  • Waste ManagementWM

    American waste operator active in collection and treatment across North American markets.

  • American Water WorksAWK

    American water utility operator, relevant to the municipal water operation segment.

  • XylemXYL

    American maker of water technologies and treatment equipment, competing in the water technologies segment.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Veolia Environnement · 31 Dec 2024

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Veolia Environnement (VIE.PA): stock, results, valuation and forecast · olivLaw