Veolia Environnement SA (OTCPK:VEOEY) Q3 2024 Results Conference Call November 7, 2024 2:30 AM ET
Company Participants
Estelle Brachlianoff – Chief Executive Officer
Emmanuelle Menning – Deputy Chief Financial Officer
Conference Call Participants
Arthur Sitbon – Morgan Stanley
Olly Jeffery – Deutsche Bank.
Juan Rodriguez – Kepler
Ajay Patel – Goldman Sachs
Davide Candela – Intesa Sanpaolo
Thomas Martin – BNP
Estelle Brachlianoff
Thank you very much, and good morning, everyone, and thanks for joining this conference call to present Veolia’s results for the first 9 months of 2024, and I’m accompanied by Emmanuelle Menning, our CFO.
Our 9-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 resilient foundations, what we call our strongholds. They are an excellent start for our GreenUp strategic plan as these figures match our vision and strategic choices with enhanced growth for booster activities and geographies.
Going through the numbers, as you know, EPS growth for Veolia comes from 3 pillars: top line growth, efficiency and synergies as well as portfolio transformation.
First, growth. In the first 9 months of — we have enjoyed very solid growth, and our revenue has increased by plus 5.1% excluding energy price with enhanced growth in our 3 booster activities, which are up plus 6.9% as well as in our 3 booster geographies, up plus 6.4%. Please note that our Q3 revenue growth was even stronger than in H1, up plus 6.7%.
Second, operational performance with efficiency and synergies both ahead of targets. Efficiency gains reached €296 million compared to an annual target of €350 million.
Regarding synergies, we reached our annual target at
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