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Veolia (Baa1/BBB/BBB): 1Q24 Results

UTILITIES

Neutral for spreads. Veolia has no plans to delever through its 2027 plan.


• Revenue down 4% YoY and 2% shy of consensus on lower energy prices. Adj. EBITDA up 3% YoY, a 2% beat with margins helped by cost efficiencies.

• Net debt increased by €1.1bn to €19bn on seasonal working capital buildup.

• FY24 targets confirmed.

• Call replay: https://edge.media-server.com/mmc/p/wdv53yfr

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