Veolia stock: Q3 growth accelerates as portfolio sales advance

Veolia reported an acceleration in third-quarter growth on Thursday, November 5, as international operations and Water activities supported its environmental services business. The group also confirmed its 2026 targets and said its portfolio transformation was progressing faster than planned. The figures were published in Veolia's nine-month 2026 key figures.

Third-quarter growth accelerates

Revenue increased 5.0 percent in the third quarter at constant scope and exchange rates, excluding energy prices. That was faster than the 2.6 percent increase recorded for the first nine months on the same basis. For the nine-month period ended September 30, revenue reached 33.310 billion euros, up 2.1 percent at constant scope and exchange rates, while the increase excluding energy prices was 2.6 percent.

Water revenue grew 2.6 percent and Energy revenue rose 3.8 percent over the first nine months, while Waste increased 1.5 percent, according to the company. International operations were a key contributor to the third-quarter acceleration. Veolia also said the integration of Clean Earth in the United States had started successfully, strengthening its platform in the country.

Margins and guidance remain intact

EBITDA rose to 5.404 billion euros in the first nine months, an organic increase of 5.1 percent. The EBITDA margin expanded by 50 basis points to 16.2 percent, while current EBIT increased 6.7 percent to 2.950 billion euros. The operating performance keeps EBITDA growth within the company's full-year target range.

Veolia retained its 2026 objectives: solid organic revenue growth excluding energy prices, organic EBITDA growth of 5 percent to 6 percent and growth of at least 8 percent in current net income attributable to the group at constant exchange rates, including Clean Earth. Current earnings per share and the dividend are expected to grow in line with current net income. The company expects Clean Earth's acquisition to be accretive to current net income from 2027.

Disposals reshape the portfolio

Veolia said it had signed 570 million euros of disposals since the start of 2026 at an average valuation of 10.4 times EBITDA. The transactions form part of a program exceeding 2 billion euros, which the group aims to complete by mid-2028. Management described the progress as ahead of schedule and valuation expectations, with the proceeds supporting a sharper focus on technology, innovation and growth markets.

Veolia stock traded at 34.80 euros on Lang & Schwarz at 11:10 CET on Friday, November 13, 2026.

France's CAC 40 market environment provides the broader setting for French large-cap equities.

The next scheduled corporate event is Veolia's thematic event in Asia from Tuesday, December 1, to Thursday, December 3, 2026. The company plans to publish its 2026 full-year results on Wednesday, February 17, 2027. Further news and analyses on Veolia stock will track the delivery of the growth and disposal plans.