Organic EBITDA Growth Above Guidance
Organic EBITDA grew +6.3% in 2025, outperforming the guidance range of +5% to +6%, driven by strong operating leverage, efficiency programs and booster segment momentum.
Record EBITDA Margin and ROCE
EBITDA margin improved by ~70 basis points to a historical high of 15.9%; after-tax ROCE reached 9.4% (achieved two years ahead of the 2027 target).
Top-Line Growth and Revenue
Reported revenue grew ~+2.8% (excluding energy prices); management cited revenue of approximately EUR 34.4 billion for 2025 with organic growth of ~2.8% excluding pass-through energy.
Strong Net Income and EBIT Progress
Current net income rose +9.1% (at constant FX) and current EBIT increased +8.9%; net income group share reached EUR 1.2 billion, up +10.9% year-over-year.
International and Booster Outperformance
EBITDA outside Europe grew +9.3%; Boosters (Water Technologies, Hazardous Waste, Bioenergies) grew +4.3% organically (+8% including tuck-ins) with EBITDA up ~12% (Boosters EBITDA +12.1%).
Successful M&A and Synergy Delivery
Completed Water Technologies minority buyout (EUR 1.5bn) with EUR 20m synergies already realized and a target of EUR 90m by 2027; Suez integration synergies delivered EUR 534m (above target). Clean Earth acquisition (signed, ~$3bn) expected to be accretive from 2027 and to deliver $120m synergies (2027–2030).
Operational Efficiency and AI Contribution
Annual efficiency program delivered EUR 399m (vs target EUR 350m); 23% of recurring operational efficiencies attributed to digital and AI, with digital contribution rising materially versus prior years.
PFAS and New Technology Growth
PFAS-related revenue reached EUR 259m in 2025 (+25% vs 2022) with a target of EUR 1bn by 2030; new Ecothermal Grid offering has a UK pipeline (~GBP 1bn) and targets EUR 350m additional revenue by 2030.
Prudent Balance Sheet and Shareholder Returns
Net financial debt ~EUR 19.6–19.7bn after EUR 2.3bn net financial investment; leverage 2.79x at year-end (below 3x). Board proposed dividend EUR 1.50/share (+7% vs 2024) and executed ~EUR 402m share buyback to offset employee plan dilution.