Veolia stock: Q3 growth accelerates as disposal plan advances
Published on 11/12/2026 at 11:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth and portfolio rotation
- Veolia reported nine-month revenue of 33.310 billion euros and EBITDA of 5.404 billion euros.
- International operations and Water activities drove the stronger third-quarter momentum.
- Management confirmed its 2026 guidance and GreenUp trajectory after the Clean Earth integration began successfully.
- Veolia plans to complete disposals exceeding 2 billion euros by mid-2028.
Veolia reported faster growth in the third quarter on Thursday, November 5, as revenue increased 5.0 percent at constant scope and foreign exchange rates, excluding energy prices. In its nine-month 2026 key figures, the French environmental-services group said international operations and Water activities were the main drivers of the quarterly acceleration.
Results strengthen strategic execution
Revenue for the first nine months reached 33.310 billion euros, up 2.6 percent on the same basis excluding energy prices. EBITDA rose 5.1 percent to 5.404 billion euros, while current EBIT increased 6.7 percent to 2.950 billion euros before the purchase price allocation effects related to Suez and Clean Earth.
The EBITDA margin widened by 50 basis points to 16.2 percent. Veolia also reported varied regional momentum: revenue in Latin America rose 10.9 percent, North America advanced 4.8 percent and Northern Europe increased 5.1 percent at constant scope and foreign exchange rates.
Chief Executive Estelle Brachlianoff said the performance reflected demand for solutions linked to water security, resource sovereignty and essential environmental services. She also pointed to recurring efficiency programs and operational discipline as support for the margin improvement.
Divestments reshape the portfolio
Portfolio rotation is becoming a second central investment theme. Veolia has signed 570 million euros of disposals under a program exceeding 2 billion euros, with an average valuation multiple of 10.4 times EBITDA. The transactions cover non-strategic, non-top-three and mature activities, including facility management in France, industrial cleaning in Belgium, used-oil recycling in Europe, recycling operations in the Netherlands and South Korea, dry waste in the Czech Republic and a minority stake in a United Kingdom energy-from-waste facility.
Management said the portfolio is being redirected toward international and innovative activities with higher value creation. The integration of Clean Earth, the US hazardous-waste business acquired earlier in 2026, had a successful start according to Veolia. The group plans to complete the disposal program by mid-2028.
Stock trades above prior close
Veolia stock traded at 34.69 euros on Lang & Schwarz at 11:08 CET on Thursday, November 12, 1.14 percent above the Xetra close of Wednesday, November 11. The market quote provides context for investors, while the company update leaves the strategic and annual outlook unchanged.
Veolia Environnement
- Company: Veolia Environnement S.A.
- ISIN: FR0000124141
- Xetra ticker: VVD.DE
- Lang & Schwarz price, November 12, 2026, 11:08 CET: 34.69 euros
- Change versus Xetra close on November 11, 2026: 1.14 percent higher
- Xetra close on November 11, 2026: 34.30 euros
- Sector: Environmental services
European equities were tracked through the CAC 40 as investors assessed company-specific growth and capital-allocation updates.
The next scheduled milestones are Veolia's Asia event from December 1 to December 3, 2026, followed by full-year 2026 results on February 17, 2027. More news and analyses on Veolia stock.
