VERY STRONG START OF THE YEAR ENABLES TO FULLY
CONFIRM OUR 2024 FULL YEAR OBJECTIVES
- Solid underlying revenue growth and strong commercial momentum in both our activities identified as boosters in our Greenup Strategic plan (Water Technologies, Hazardous Waste, Bioenergies and Energy Efficiency) and in our strongholds businesses.
- Confirmation of the strength of our value-creation model, with EBITDA up sharply by +5.7% organic, driven by business growth, operational efficiency and synergies ahead of annual target
Revenue of €11 556 M with solid growth of +3.9%(1) excluding energy prices
- Strong growth in Water and Waste
- Energy stable excluding the impact of energy prices
- Overall, and after taking into account the effect of lower energy prices, revenue was down slightly by 1.7%(1), with no impact on results.
EBITDA of €1 624 M, a strong organic growth of +5.7 %(1), within the guidance range of +5 % to +6 %(1) :
- € 88 M in efficiency gains, in line with our annual target of €350 M
- €42 M in synergies, ahead of annual target
Current EBIT sharply up by +11.1%(1), to €843 M
Objectives 2024 fully confirmed
Estelle Brachlianoff, CEO of the Group, commented:
“We started 2024 with strong demand for our services, which translated into substantial revenue growth of 3.9%. This demand was particularly strong in our booster businesses, notably water technologies, where sales grew by 15% with orders up by 50%. Our core strongholds water and waste businesses also recorded solid organic growth.
We have continued to demonstrate our technological leadership and innovative approach to providing our customers with the water service of the future, notably through the renewal of the flagship contract with Syndicat des Eaux de l'Île-de-France, worth a total of €4 billion, and to finding solutions that now enable us to be ready to combat emerging pollutants, such as PFAS, in drinking water in the United States and France.
This commercial momentum, combined with strict financial discipline, has enabled us to increase our EBITDA by 5.7% and our current EBIT by 11.1%. These are very good results, in line with the strategic priorities of the GreenUP plan, enabling us to fully confirm our objectives for the full year.”
(1) At constant scope and forex
🔎 2024 Guidance fully confirmed
In view of the excellent results achieved in Q1 2024, guidance 2024 is fully confirmed:
- Solid organic growth of revenue(1) (2)
- Efficiency gains above €350m complemented by additional synergies for a cumulated amount of more than €400m end 2024, in line with the €500m cumulated objective
- Organic growth(1) of EBITDA between +5% and +6%
- Current net income Group share above €1.5 bn(3)
- Leverage ratio expected below 3x(3)
- Dividend growth in line with Current EPS growth
(1) at constant scope and forex / (2) excluding energy prices / (3)excluding Suez PPA
🔎 GreenUp 2024-2027 targets fully confirmed
- Solid organic revenue growth5
- €350M savings per year
- Over €8bn of EBITDA in 2027
- ~ 10% annual growth in current net income over 2023-20276
- Leverage ratio ≤ 3x
- Dividend growth in line with current EPS
- €4 bn of growth investments, of which €2 bn are prioritized on 3 growth boosters
- Decarbonization: 18m tons of CO2 erased in 2027 (scope 4) & emission reduction trajectory compatible with 1.5°C warming (scope 1&2)
- Regeneration: 1.5 bn m3 of fresh water saved in 2027
- Depollution: 10m tons of hazardous waste and pollutants treated in 2027
🗓️ Agenda
17 October: Deep dive Water Technologies and Innovation