2022 Results At An All-Time High

2022 Results At An All-Time High
Very Strong Growth In Activity And Results
All Objectives Were Exceeded
Successful Suez Integration And Synergy Plan
Implemented Faster Than Expected
Another Strong Growth In Activity And Results Expected In 2023



  • Very strong organic revenue growth of +14.1%1 to €42,885 m, and +6.5%1 excluding energy prices
    • Volume growth in the 3 businesses: water, waste, energy
    • Favorable impact of tariff indexations and of our strict pricing policy  
  • Strong ebitda organic growth of +7.2% to €6,196 m, above the guidance range of +4% to +6%, thanks to revenue growth and synergies above annual target:
    • €371 m of efficiency gains vs. An annual target of €350 m
    • €146 m of synergies vs. An annual target of €100 m 
  • Current ebit of €3,062 m2 , a strong organic growth of +16.3%
  • Current net income of €1,162 m2 up +29.7%3 , above the annual target of €1.1bn
  • Net financial debt of €18,138 m, with a leverage of 2.9x
  • Proposal to increase the dividend by 12% to €1.12 per share
  • 14 mt of co2 emissions reduced for our clients in 2022 and 320 mm3 of water saved per year vs. 2019
  • 2023 objectives: 
    • Solid organic revenue growth 
    • Organic growth of ebitda between +5% and +7%
    • Current net income group share around €1.3 bn
    • Leverage ratio maintained around 3x

1 at constant scope and forex
2 Excluding  impact of Suez Purchase Price Allocation.
3 At current FX


In an exceptional year for Veolia, marked by the acquisition of Suez, I am particularly proud of the performance we have achieved, both in terms of activity and results. We have been able to adapt to the many geopolitical, economic and energy challenges of 2022, to deliver historic results for the group, while successfully bringing together the 40,000 Suez colleagues who have joined us. We are already seeing the first fruits of this, with synergies well ahead of our plan, and beyond that, we are putting our vision into action by building together the world champion of ecological transformation.

The pooling of our know-how and technologies, with a unique geographical coverage, allows us to invent and deploy the most relevant and efficient solutions to the challenges of Decarbonation, Depollution and Regeneration of resources, which are at the heart of concerns all over the world.

Thanks to Veolia's activities, 14 M tons of CO2 were eliminated in 2022 for our clients, and 320 million M3 of water were saved per year vs. 2019, the equivalent of the annual consumption of a 6 million inhabitant city.

Our revenue and results in 2022 are a record for all our indicators. Our revenue grew by 14%, driven by good volume dynamics, but also thanks to our tariff indexation models with our municipal customers, and our discipline in terms of pricing with our industrial customers. These two elements demonstrate both our low sensitivity to the economic cycle and our ability to pass on cost increases in our prices.

The growth of our EBITDA of +7.2%, of our current EBIT of 16.3%, and of our current net income of +29.7%, exceeded all our objectives, in particular thanks to the very effective implementation of the synergies resulting from the merger with Suez.

We are starting the 2023 financial year in very good conditions, perfectly launched for another year of strong growth.