Veolia: 2Q26 results should reassure; OW case continues to build

Research evidence excerpt

Veolia: 2Q26 results should reassure; OW case continues to build

Equity Research

European Utilities & Clean Energy

29 June 2026

Veolia

2Q26 results should reassure; OW

case continues to build

We see Veolia’s 2Q26 results on 30 July as a useful confidence VIE.PA/VIE FP OVERWEIGHT

POSITIVEpoint for investors: delivery should remain solid, guidance EuropeanEnergy Utilities & Clean

confidence should be reinforced and the core OW investment Price Target EUR 41.00

case of resilient earnings growth, improving mix and Price (26-Jun-26) EUR 36.23 Potential Upside/Downside +13.2%

Source: Bloomberg, Barclays Researchunderappreciated structural upside remains intact.

2Q26 results preview: reassuring delivery, with guidance support. Veolia reports 2Q26 European Utilities & Clean Energy

results on 30 July before market open. For 1H26, we forecast EBITDA of €3,531m, Current EBIT of Peter Crampton

+44 (0)20 3555 0125€1,941m, Current Net Income of €823m and net financial debt of €24,511m. This implies 5.0%

peter.crampton2@barclays.com

year-on-year organic EBITDA growth at constant scope and FX in 1H26, broadly consistent with

Barclays, UK

the +5.1% delivered in 1Q26 and supportive of the lower end of Veolia’s +5% to +6% 2026

guidance range. Our 2Q26 EBITDA forecast includes a positive scope contribution from Clean Dominic Nash, PhD

+44 (0)20 3134 2364Earth of ~€14m, following completion on 1 June 2026, around one month earlier than expected.

dominic.nash@barclays.com

We estimate net financial debt will rise by ~€3.7bn versus 1Q26, driven mainly by working-

capital seasonality and consolidation of the $3bn Clean Earth acquisition. We expect the quarter

to be straightforward, allowing management to reiterate 2026 guidance and re-emphasise the Laura Marconi