Veolia advances portfolio transformation with €570M divestments signed in 2026
- Veolia has signed €570 million of divestments since the start of 2026.
- The group targets €2 billion+ of disposals to be completed by mid‑2028.
- Underlying cumulated enterprise value implies an average valuation multiple of ≈10.4× EBITDA.
- More than €8 billion of assets have been rotated since GreenUp, with acquisitions focused ~90% on Boosters/Tech and ~80% on international markets.
Progress and timing
Veolia has signed €570 million of divestments since the start of 2026, progressing toward its €2 billion+ disposal commitment announced in November 2025. The group says these transactions are ahead of schedule and exceed prior valuation expectations, and it aims to complete the programme by mid‑2028.
Strategy and scope
The portfolio transformation is intended to refocus Veolia on higher‑growth, international and innovation‑driven businesses, strengthening growth and returns. Divestitures cover non‑strategic activities, businesses where Veolia is not a top‑three regional player, and mature activities that would require substantial capital to restart growth.
Valuation and asset rotation
Signed disposals reflect an underlying cumulated enterprise value with an average valuation multiple of approximately 10.4 times EBITDA. The company has rotated more than €8 billion of assets since launching GreenUp and says acquisitions within that rotation were predominantly in Boosters/Tech (90%) and in international markets (80%).
Main disposals
Reported disposals include facility management in France; industrial cleaning in Belgium; oil recycling activity in Europe (subject to employee consultations and regulatory approvals); recycling activities in the Netherlands and South Korea; dry waste in the Czech Republic; and an ERF minority stake in the UK.
Source: Veolia