VEOEY - Veolia Environnement SA (VEOEY) Q2 2024 Earnings Call Transcript
2024-08-01 22:20:27 ET
Veolia Environnement SA (VEOEY)
Q2 2024 Earnings Conference Call
August 01, 2024 02:30 AM ET
Company Participants
Estelle Brachlianoff - Chief Executive Officer
Claude Laruelle - Chief Financial Officer
Emmanuelle Menning - Deputy Chief Financial Officer
Conference Call Participants
Alex Roncier - Bank of America
Jenny Ping - Citi
Arthur Sitbon - Morgan Stanley
Juan Rodriguez - Kepler
Ajay Patel - Goldman Sachs
Olly Jeffery - Deutsche Bank.
Tancrede Fulop - Morningstar
Wanda Serwinowska - UBS
Philippe Ourpatian - ODDO BHF
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Veolia H1 2024 Results Conference Call with Estelle Brachlianoff, CEO; Claude Laruelle, CFO; and Emmanuelle Menning, Deputy CFO. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct the question-and-answer session. [Operator Instructions] This call is being recorded August 1, 2024.
I now would like to turn the conference over to Ms. Estelle Brachlianoff. Please go ahead.
Estelle Brachlianoff
Thank you very much, and good morning, everyone. Thank you for joining us for this conference call to present the Veolia's results for the first half of 2024. And before starting I would like to sincerely thank Claude Laruelle, who has been our CFO for six years, and within the group for 24 years, and has quickly contributed to the group's transformation.
I also want to warmly and welcome Emmanuelle Menning, who has been in the group for 10 years and Deputy CFO for the past four years. She knows the group very well, and I'm sure she will continue close work with you with lots of passion and great professionalism. Both of them are with me this morning.
Our first half year results and I'm on slide 4 are once again excellent, and perfectly aligned with our annual targets. It is an excellent start for our GreenUp strategic plan, as those figures match our ambition and three value-creation pillars.
First, growth with revenue increased by 4.4% excluding enterprise enhancing our three poster activities, which are up plus 6.9% as well as our three booster geographies up plus 7.6%. Second, efficiency and synergies in line or ahead of our targets in H1. Third, capital allocation.
I'm also proud that, Veolia has become the first company to ever achieve validation for its climate ambition and action plan from both SBTi 1.5 degrees and Moody's. I can fully confirm our 2024, as well as our long-term guidance.
I'm now on slide 5, with a few more details on our first half financials which are once again excellent and in line with our annual objectives. Sales in H1 are, up plus 4.4% excluding energy price, which are essentially pass-through for us and this is despite continued unfavorable weather conditions. This is thanks to the very strong performance of our Water and Waste businesses in particular, and I will come back to this shortly.
EBITDA increased by a substantial plus 5.7% on a like-for-like basis in line with our annual guidance of plus 5% to 6% to €3.266 billion and current EBIT by plus 6.6% to €1.730 billion in euros of course.
Current net income reached €731 million, up plus 15.2% and were on track to achieve our €1.5 billion objective for the full year. Net financial debt is well under control and in line with our target of a leverage ratio below three times at year-end. These results allow me to fully confirm with confidence our 2024 guidance in all its components....
Veolia Environnement SA (VEOEY) Q2 2024 Earnings Call Transcript