Q3 2024 Veolia Environnement SA Earnings Call Transcript
Key Points
- Veolia Environnement SA (VEOEF) reported a solid revenue growth of 5.1% for the first nine months of 2024, excluding energy prices, driven by strong performance across all business segments.
- The company achieved efficiency gains of EUR296 million, nearing its annual target of EUR350 million, with a high retention rate of 49%.
- Veolia Environnement SA (VEOEF) raised its 2024 synergy target to over EUR430 million, having already achieved EUR411 million in cumulative synergies by the end of Q3.
- The company's EBITDA increased by 5.6% on a like-for-like basis, aligning with its annual guidance of 5% to 6% growth.
- Veolia Environnement SA (VEOEF) confirmed its 2024 guidance, expecting net income to exceed EUR1.5 billion, reflecting a double-digit growth compared to the previous year.
- The company faced challenges with lower energy prices impacting revenue from district heating and cooling networks.
- Weather conditions negatively affected water volumes in France and Spain, contributing to a slight decline in those regions.
- Veolia Environnement SA (VEOEF) experienced a temporary slowdown in industrial customer demand in China, affecting its energy services segment.
- The company reported a negative impact from foreign exchange fluctuations, amounting to EUR586 million.
- Veolia Environnement SA (VEOEF) had to navigate a complex macroeconomic environment, which included potential changes in tax legislation in France and the US.
Thank you very much and good morning everyone. And thanks for joining this conference call to present the results for the first nine months of 2024. And I'm accompanied by Emmanuel Menin. Our co our nine month results are once again, very good and perfectly aligned with our annual targets, which we fully confirm with confidence in a complex environment. These results are the fruit of our operational agility and ability as well to seize new opportunities for growth building on brasilian foundations, what we call our strongholds.
They are an excellent start for our green up strategic plan as these figures match our ambition and strategic choices with enhanced growth for booster activities and geographies going through the numbers as you know, EPS growth for via comes from three pillars, topline growth, efficiency and synergies as well as portfolio transformation first growths.
In the first nine months, we have enjoyed very solid growth and our revenue has increased by plus 5.1%
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