Earnings Call: Q4 2025

Feb 26, 2026

Good morning, ladies and gentlemen, welcome to Veolia Annual Results 2025 conference call with Estelle Brachlianoff, CEO, and Emmanuelle Menning, CFO, and also Daniel Tugues, Country Director of Spain. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded today, Thursday, February 26, 2026. I would now like to turn the conference over to Ms. Estelle Brachlianoff. Please go ahead. Thank you. Good morning, everyone. Thank you for joining this conference call to present Veolia's 2025 results. I'm accompanied by Emmanuelle Menning, our CFO, and by Daniel Tugues, head of Spain. I'm on slide 4. 2025 was the second year of our 4-year GreenUp plan. I consider it as a truly pivotal year in our trajectory. I will tell you how. 2025 was another year of outperformance and historical high. We exceeded our guidance with an organic EBITDA growth of +6.3%, above the target range of 5%-6%, despite a complex environment and with a particularly robust fourth quarter. In the two years since the start of GreenUp, we have significantly improved our profitability with an increase of 150 BP in our EBITDA margin and +11.8% average annual growth of current net income. The first half of GreenUp is a real success, and we are fully in line with our trajectory, even ahead when it comes to our ROCE at 9.4% after tax at the end of 2025. This is two years in advance of our targets. In 2025, above all, we have resolutely resumed external growth with two major multibillion-dollar acquisitions in Water Technologies and hazardous waste. Two of our growth boosters, accelerating, therefore, the group's transformation towards more international and technology-driven businesses and enhancing the group's growth profile for the years to come. We have also enhanced our shareholder return in 2025 as we complemented our dividend policy with a multi-year share buyback program related to our employee shareholder plan. The excellent 2025 result, as well as our strong fundamentals, allow us to be very confident for 2026, with an ambitious guidance and full confirmation of our GreenUp trajectory, building a stronger group going forward. I'm now on page 5, sorry, where you see that 2025 results are at a historic high and largely exceed our initial objectives. Revenue reached EUR 44.4 billion, up 2.8%, excluding energy price, which are essentially passed through for us, as you know. EBITDA increased by a substantial 6.3% on like-for-like basis, above our 5%-6% guidance range, and shows a margin improvement of 70 basis points, above +80 basis points in 2024. We are now at the historical high of 15.9% margin rate, EBITDA margin rate in Veolia. This is thanks to our continued performance improvement and recurring efficiency gain, with an enhanced performance outside Europe, where EBITDA jumped by +9.3%, complemented by the last synergies coming from the SUEZ acquisition 4 years ago. Current net income was up +9.1%, in line with our guidance and demonstrating our strong operating leverage. Net financial debt remains well under control at EUR 19.7 billion, even after EUR 2.3 billion of net financial acquisition close in 2025. Our leverage ratio is at 2.79x at the end of 2025, well below 3x, testimony to our strong financial discipline and our capacity to have room for maneuver in the future. Finally, we reached our ROCE targets 2 years in advance and achieved a remarkable 9.4% after-tax ROCE in 2025. Page 6 illustrate our enhanced growth in international markets, notably outside Europe, where our businesses are not only faster growing but also more profitable, with an EBITDA margin already at 17.8%, which is better than the 15.9%. Nevertheless, historical high for the group as a whole. Our revenue grew by 4.1% organically outside Europe, with an excellent performances in Latin America, Africa, and the Middle East, notably. Emmanuelle will detail each zone performance in a minute, but I would like here to highlight a few key commercial successes. In the Middle East, after years in the making and technical design, we were awarded, and we've just signed a few days ago, a $500 million project in Saudi Arabia for the Saudi Aramco TotalEnergies consortium, SATORP. We will design, build, and operate a massive new plant to treat the super complex effluent of this petrochemical site. In the U.S., in addition to a strategic acquisition of Clean Earth, which we expect to close mid-2026, our biggest and most transformative acquisitions is the merger with SUEZ, as you know. We've complemented the strong organic growth with three tuck-in in hazardous waste, which are high value creative. In Chile, we signed the first hybrid municipal industrial desalination plant in Valparaíso. In India, we secured two strategic contracts for two of Mumbai's larger water treatment plants. Both facilities will use Veolia cutting-edge technologies. In Europe, we also enjoyed a very encouraging commercial momentum. Page seven shows our performance split by activities. On the one hand, our Boosters activities, which is Water Technologies, hazardous waste and bioenergies, have continued to grow at a steady pace in 2025, +4.3% organic and +8% in earnings growth, almost 2 times faster than Strongholds. Strongholds, on the other hand, confirmed our resilience and infrastructure-wide profile with a 2.2% growth. As you know, Strongholds and Boosters go hand in hand, with 30% of our revenue coming from a combination of activities. Those numbers are a confirmation of the sustained demand for our proprietary solutions to tackle critical needs, from securing water supply to treating pollution and protecting health. This top-line performance translates well into value creation, with EBITDA up 4.8% for Strongholds and jumping by 12.1% for boosters. Emmanuelle will give you all the details in a few moments. 2025 was also the year of the successful launch of new technology and offers. I would like to give you two examples on slide 8. First, in PFAS treatment, which, as you know, is a fast-growing and very promising business opportunity for Veolia. We achieved EUR 259 million of revenue in PFAS in 2025, which is up 25% versus 0 in 2022. As you know, we aim to reach EUR 1 billion by 2030. In 2025, we developed BeyondPFAS, our end-to-end management solution, from detection to disposal, combining water technologies and hazardous waste and including our Drop Fast proprietary technology to optimize HDI disposal. We already provide PFAS treatment in the U.S., in France, and in Australia, and we've already deployed 30 PFAS removal units in our U.S. water operations and plan an extra 50. In the area of new urban energy, we presented our new Ecothermal Grid offer in Poznań last November. It's a truly green heating and cooling solution for existing and greenfield networks using untapped local sources of energy, which is really unique at Veolia. We target EUR 350 million extra revenue in 2030. We actually already have a pipeline of GBP 1 billion of project in the U.K. as part of the deployment of our new Ecothermal Grid offering. I'm very pleased we were recently awarded a first in this U.K. pipeline with flagship scientific Wellcome Genome Campus in Cambridge. Now on slide 9. In two years, the delivery of the greener plan, combining resilience and growth, was above our own expectation, both in terms of growth, performance, and strategic transformation. This in spite of a complex economic and political context, which impacted foreign exchange rates, fiscal stability, and production costs, notably energy costs. These first two years were indeed marked by a strong improvement in our profitability and value creation, with an average annual 11.8% growth in current net income group share between 2023 and 2025. Combined with the spectacular improvement, our ROAS post-tax to a record high 9.4% in 2025. Our performance during these first two years was also augmented by the completion of Suez energy plan, which evidenced our capacity to boost the performance of the business we integrate. On slide 10, given our very strong 2025 result, the board will propose to the AGM a dividend of EUR 1.5 per share, up 7% versus 2024, 20% since 2023, in line with our EPS growth. Since the start of GreenUp, I really, as I mentioned in the beginning, we have also enhanced our shareholder return as we complemented our dividend policy with a multi-year share buyback program in order to offset the impact of our employee shareholding program. This represented EUR 402 million in 2025. 2025 was a pivotal year in many ways. I'm on slide 11. First, 2025 was the last year of SUEZ integration. We successfully completed our integration plan with EUR 534 million of synergies delivered in full year, above our initial target of EUR 500 million. This clearly demonstrates our track record in securing delivery of value creation when it comes to external growth, and we will, of course, apply those skills to the Clean Earth acquisition. Over 2025 has also been the year where we've crystallized strategic moves consistent with our GreenUp strategy, investing in priority in highly innovative and technology-driven activities, our boosters and outside Europe. Two major acquisition were signed or closed in 2025, creating value and enhancing the group's growth profile going forward. This began in the spring with EUR 1.5 billion invested in Water Technologies to buy out the minority interest and to fully merge our entities, and be in a position to extract EUR 90 million of additional synergies and enhance our growth capabilities on a worldwide dynamic market. We then accelerated external growth in hazardous waste, first with several plug-ins for a total amount of almost EUR 370 million in the U.S., in Japan, and in Brazil. Finally, with a strategic acquisition of Clean Earth in the U.S. This $3 billion acquisition, the largest in SUEZ, will allow us to double our side in hazardous waste in the U.S., positioning us as number two. Veolia will strengthen its presence in the US altogether, with more than $6 billion turnover and a very strong position to deliver unique solution and technologies to remove pollutants, to secure water supply, and support reshoring of strategic industries. The complementary of Clean Harbors and Veolia's asset in the US will enable us to extract significant synergies of $120 million. Will be accretive from 2027, excluding PPA, assuming a closing midyear 2026. On slide 12, we've illustrated the accelerated portfolio transformation underway, with EUR 8 billion of asset rotation in four years, towards a group that is stronger, more international and more technology-rich. This transformation enhances our sustained growth profile and will create additional value for many years to come. We started GreenUp with a divestment program of around EUR 1 billion, including the disposal of our stat French construction activity and the non-duplicable sulfuric acid regeneration activity, Regen. In 2025, we will have crystallized major acquisition in our boosters, specifically in Water Technologies and with Clean Earth, to close in 2026. We will divest an additional EUR 2 billion in the two years post-closing of Clean Earth. The typical candidates for disposal are assets that are mature or non-strategic or under critical in size. I would like to highlight the fact that these divestitures are not for financing purposes, as we'll finance Clean Earth on our balance sheet and recover 3 times leverage as soon as 2027. Rather in order to keep flexibility for investment in faster-growing activities or geographies. Acquisitions net of disposal will present a cumulative net financial investment of EUR 2.5 billion, compared to the EUR 2.2 billion initially envisaged for GreenUp. Before we move to our guidance for 2026, I would like, on slide 13, to emphasize the group's sustainable growth engine, which explained how we could be confident about our future performance. The demand for our services has never been stronger, and it is here to stay, while crisis multiple. Because the proprietary solutions Veolia provides are answers to critical needs for industries and cities alike. Indeed, our customers, businesses, and committees are facing growing challenges in terms of water scarcity, water quality, pollution control, supply chain interruption, and a growing determination to achieve strategic independence and accelerate industrial reshoring. In short, for cities to deliver essential services, for industries to produce, for economies to grow, one thing is non-negotiable. This is environmental security. Securing water, securing energy, securing supply chains, protecting health. We secure water supply to cities by leveraging our unique panel of technologies, our efficient network distribution using AI, by raising wastewater and running energy-efficient desalination plants. We secure supply chain for industries by mining waste or waste heat to secure local sources of energy or critical minerals, thus avoiding dependence on long-distance imports. We protect health with hazardous waste management and depollution, ensuring that drinking water is at the highest standard, and securing the license to operate for strategic industries such as micro E or pharma. Whatever the turbulence in the world, Veolia's mission and unique offer is therefore to keep vital resources available, reliable and affordable, to enhance strategic autonomy and to take advantage of sustained demand for our services and technology. On slide 14, I would like now to share how Veolia is uniquely positioned to benefit from this sustained demand, as we've built a unique powerhouse for environmental security. Our worldwide leadership and presence in 44 countries, always in the top 3, gives us the size to innovate and develop unique technologies through our 14 R&D centers. As you may remember, we hold more than 4,400 patents in water treatment, for instance. Our proprietary solutions are then locally delivered and tailor-made to fit each community or industrial complex specific needs. We are really multi-local in our delivery, which explain why we are not affected by tariff and why Forex does not impact our margin rate. Central government are not central to us. Our customer base is really varied. 50% from municipalities or public authorities, 50% from private customers, and while ranging from retail and hospitals to microelectronics, pharma, or oil and gas. This variety is combined with the long duration of our contracts, 11 years on average, a high Net Promoter Score, which ensures a renewal rate of over 90%, and with no one single contract representing more than a small percentage of the group revenue. This offers massive resilience in our performance. Finally, we provide a unique combination of waste, water, and energy solution. That's our edge. It's already delivering. One third of the group's revenue comes from these combinations. Veolia has really transformed into a unique global powerhouse for environmental security, organized to grow and innovate, whilst ensuring resilience and long-term performance in an uncertain world. This sustained demand and unique positioning gives me high confidence for the years to come, as the group has never been stronger. I'm on slide 15. The GreenUp trajectory is fully confirmed. I would like to highlight why our organic EBITDA and net result growth are sustainable for the years to come. because they are fueled by top-line growth, supported by sustained demand for critical services, boosted performance in certain activity, notably hazardous waste and Water Technologies, superior and continued effort on efficiency and cost control, as well as an ability to react quickly and strongly when needed with specific action plan, as we will see in a minute with Spain. A good track record in successful integrating companies when we complement organic with external growth. For 2026, we have very ambitious targets on an organic basis, which will be complemented by the Clean Earth acquisition when we close the deal. On a standalone basis, we expect a continued solid organic revenue growth ex energy price, an organic EBITDA growth of 5%-6%, and I would like to highlight this is without Suez synergies, since they are now behind us. A current net income growth of at least +8% at constant Forex. The dividend will continue to grow in line with current EPS, and our leverage ratio will be below or equal 3 times before Clean Earth. After Clean Earth, equal or slightly above 3 times. As you know, we would consolidate Clean Earth for only part of the year, and we'll be back to 3 times or below 3 times in 2027. As you know, we have to go through various regulatory approvals before we close the Clean Earth acquisition, which we said will be accretive from year 2 in current EPS. Assuming the closing happens mid 2026, which is the best assumption we can do now, this would mean synergies will start in 2027, and the transaction will be accretive to current net income from 2027 before PPA. The EUR 2 billion, sorry, euro disposal program, should be delivered in the two years post-closing of Clean Earth's acquisition. Before I now details our 2025 results, I will hand over to Daniel Tugues, Head of Spain. He will give you some color about how we can drive performance improvement and sustain margin increase, as well as top line growth, in what is a historical activity and typical strong goal for us, thanks to our agility. Daniel, the floor is yours. Thank you, Estelle, and good morning, everyone. I'm Daniel Tugues, Country Head for Spain. I'm very happy to be here today to present Veolia's 2025 results and illustrate our GreenUp execution, with a focus on our activities in Spain over the past two years. As Estelle just mentioned, Veolia is unique because we are an environmental security powerhouse, and this is highly relevant in Spain, where climate change and the scarcity of resources, notably water, are central to our citizens' concerns. Indeed, 70% of Spanish people believe that they are vulnerable to the effects of climate change, which are already happening in Spain. Citizens feel vulnerable, and I'm afraid they are right. 75% of our land is threatened by desertification. We just went through the worst drought on record, which ended last spring, and it is going to get worse, with 20% less precipitation expected by 2050. As citizens recognize, these impacts could prove far more costly than the capital expenditure required for adaptation. This is precisely what Veolia is doing in Spain, driving ecological transformation by providing efficient water networks and reuse solutions, by securing supply chains for industries, providing them with local energy, and by protecting health with waste management and devolution. Given this geography, it is no accident that we developed innovative solutions early on, such as wastewater reuse, which already accounts for 15% of our water supply and growing, and other non-conventional resources such as desalination. To illustrate the point, during the past drought, the water coming out of the tap in Barcelona was sourced one-third from traditional sources, rivers and wells, one-third from desalination, and one-third from water reuse. We have shared this experience with our Veolia colleagues. First, with our French colleagues across the Pyrenees, and also with our American teams, who are very much looking forward to deploying those solutions in their countries. Veolia is strongly positioned to tackle Spain's critical needs. Spain is the fourth largest country of operations for Veolia, with EUR 2.8 billion in revenues, or EUR 3 billion, if we include the activities of our specialized business units for Water Technologies and hazardous waste. Our presence has grown significantly since 2022, with the integration of SUEZ and notably, Aigües de Barcelona. The defining feature of our presence in Spain is our strong local footprint, deeply embedded across territories and communities. Starting with water, which represents 70% of our revenue. In a nutshell, Veolia is the number one water provider in the country, locally anchored and positioned across the complete water cycle management, from production and distribution of drinking water to the collection and treatment of wastewater. We run long-term concessions, such as Aigües de Barcelona, Aguas de Murcia, Aguas de Alicante, and many others. We are also active in Water Technologies and operate several industrial wastewater treatment plants and desalination facilities, such as those in Tenerife and Almeria. In energy, Veolia is the number one in building energy services and also leader in energy efficiency. Examples include Ecoenergies, the Barcelona district heating and cooling network using residual energies, and energy efficiency projects for sites like Hospital Reina Sofia in Córdoba and many other similar sites around the country.... In waste, we provide circular economy solutions for municipalities and industrial clients, notably in plastic recycling, waste to energy, and hazardous waste. The latter, including a high temperature incinerator near Tarragona. Our strategy going forward is not only to continue developing those businesses and enhance profitability, but also to constantly innovate as One Veolia. Especially, given the strong demand for treating new pollutants, for more circular solutions, and for new sources of local energy from waste or wastewater. On a personal level, having spent many years focused on water, I can say that the One Veolia approach feels like a tremendous opportunity to me. As for the whole of Veolia, 2025 has been a pivotal year for Spain, and I would like to show you how we have been able to recover while improving our profitability over the past two years since the launch of the plan. Given the underwhelming performance we faced in 2022 and 2023, notably in water concessions, we decided to launch a specific action plan mid-2023, called Hunter, associated with specific objectives and incentives for managers, not only at the national level, but also at the regional one. I must say that Hunter benefited a lot by leveraging Veolia's performance culture and tools in our Spanish operations, including internal benchmarking on operational costs and KPIs, as well as a proven methodology. To boost the top line, we launched a tariff campaign to catch up with costs in water concessions, with a tailor-made approach for each of our more than 1,000 contracts. In parallel, we deployed a commercial excellence program to enhance our offers, and we also complemented our organic growth with 13 tuck-ins, mainly in energy efficiency, which were highly value creative, as they are actually plug and play. Over 2 years, this represented EUR 87 million in enterprise value, but at an average multiple of 7.4x EBITDA. In terms of operational performance, we largely improved our efficiency, not least with AI. For instance, we put in place an AI customer service tool across Spain, that currently deals with more than 1,000 daily transactions, improving availability of our customer service, up an Italian 24/7, no waiting, while at the same time saving nearly EUR 1 million. Those efficiency measures were complemented by the SUEZ synergies delivered from the SUEZ integration. All in all, Spain delivered EUR 109 million in efficiencies plus synergies from 2023 to 2025. All that resulted in a very significant improvement of our growth and performance. In 2 years, revenue has grown by 12% and EBITDA by no less than 40%. We are very proud of these results, as we are even ahead of our plan to enhance Spain performance. This is not the end of the journey, as I am focused on continuing to deliver sustainable and profitable growth for demand. Demand for all our services in the country is strong. The power of One Veolia offers many possibilities for combining our diverse expertise to secure essential services. Thank you for your attention. I will now hand over to Emmanuelle. Thank you, Estelle. Thank you, Daniel. Good morning, everyone. Veolia's 2025 results are very strong, perfectly aligned with our GreenUp trajectory and above our initial guidance, and that on many grounds. First, growth. We continue to deliver solid growth, thanks to strong underlying business trends ensured by boosters, which progressed by 4.3%, and even 8%, if we consider the gains. Second, performance. In the first 2 years of GreenUp, we considerably improved our profitability, driven by strong intrinsic growth and synergies. Leading in 2025 to an EBITDA organic growth of 6.3%, and to a very strong improvement of 70 basis points of our EBITDA margin in 16%, which reflects the success of our strategic choices. We maintain a robust operational leverage, enabling us to grow current net income at a faster pace. Third, capital allocation. While we resume external growth in 2025, we maintain a very strong balance sheet with a leverage ratio below 3 times at year-end, thanks to our strong free cash flow. Finally, value creation. The successful GreenUp execution led to an outstanding ROCE, which is the best measurement of our value creation at 9.4%, which was our objective for 2027, delivered 2 years in advance. With EUR 34.4 billion in revenue, we experienced a solid growth of 2.8%. The operating leverage and the delivery of efficiencies and synergies were excellent and resulted in solid organic EBITDA growth of 6.3%, above guidance, current EBITDA growth of 8.9%, current net income growth of 9.1%, with underlying higher growth, even higher if we restate for last year, such capital gain. Net financial debt reached EUR 19.7 billion. The leverage ratio reached 2.79 times, below 3 times as expected. FX impact was significant as announced, due to lower US dollar and Latin currency. This reflects the improved performance of our international activities, which is increasing value creation. As you know, as a multi-local group with very limited international trade, Forex has very limited impact on margin rate and on net income level. Moving to slide 23, you can see the revenue and EBITDA evolution by geography. The main features in 2025 was the enhancements of our growth outside Europe and the superior growth of EBITDA in both outside Europe and Watertech segments. In Q4, EBITDA growth accelerate as announced at the end of Q3, thanks to the benefit of our action plan at Veolia in France, and the good performance of Watertech. I will start with Water Technologies, for which 70% of our activities are recurring, corresponding to product, mobile unit, and chemical, while 30% is more volatile by nature, what we call projects. In 2025, and especially in the first 9 months, project revenue was impacted by the timing of milestone delivery and the strong comparison basis versus last year. As we announced in Q3, Watertech revenue rebounding in Q4 and grew by 3.6% for the full year, excluding projects, by 4.6%. Operational performance was excellent, with EBITDA growth of 14%. America, Africa, Middle East, and APAC performed well in 2025, with revenue growth of 4.1% and EBITDA growth of 9.3%. Europe grew by 3.3%. France and Hazardous Waste Europe, revenue was flat, but EBITDA increased by a significant 6.3%, thanks to good hazardous waste performance, efficiency action in solid waste, and resilient water activity. Let's take a look at our performance by businesses. Very solid revenue growth in our stronghold, which proved themselves very resilient, with very high margin and capacity to continue increasing EBITDA growth. Let's start with municipal water. Revenue increased by 3.5%, with a remarkable EBITDA progression of +6.1%. We continue to benefit from good indexation, have achieved successful tariff renegotiation in Spain and in the US, which protect our future earnings. Volumes were on a very good trend, up close to 3% in Europe. Solid waste revenue grew by +0.5%, with a very strong EBITDA progression of +6.8%, which illustrates our capacity to implement efficiency plan, supporting EBITDA improvements. Revenue from distributing networks increased by +1.7%, excluding energy prices, thanks to a sustained e-tariff. Let's move on to our boosters performance on slide 25, which has done very well, with revenue up by 4.2% and by 8%, including take-ins. Overall, EBITDA performance is excellent, up by 12%, with an increase of the average EBITDA margin by 100 basis points, which confirms GreenUp choices. Skipping Watertech that I have just commenting and starting with hazardous waste. Revenue increased by 5.3%, including take-ins, and 3.8% organically, with EBITDA up by 12.8%, which is outstanding. I would like to highlight especially the strong growth in the U.S., up +9.3%, including takeins, fueled by incineration volumes and mix. In bioenergy, revenue was up +5.8%, excluding energy prices, and EBITDA increased by 5.1%, with strong sale momentum in Belgium, Southern Europe, and in the Middle East. The revenue bridge on slide 26 explain the drivers of our growth in 2025. Negative Forex impact decreasing Q4. Scope was slightly negative as the impact of 2024 deselect feature, SAD, Lidec, and RGS, was compensated for a large part by the favorable impact of 2025 external growth. The impact will turn positive in 2026. The expected consolidation of Clean Earth in the second semester of 2026 will further contribute. The impact of energy prices was, as expected, divided by two compared to last year. Recycled prices were neutral. Weather effects after a colder winter at the beginning of year in Europe, Q4 was marginally helpful. The contribution of commerce and volume was comparable to last year. Finally, price effects were, as expected, lower than in 2024, due to lower inflation and contribute +1.4% to top line growth. On page 27, you have the EBITDA bridge, detailing our organic growth of 6.3%, above the annual guidance between 5% and 6%. Negative Forex impact increased in Q4, as mentioned earlier. This impact was very much often down the line for EBIT and current net income. Scope was slightly negative, as expected, was positive in Q4. The impact of energy was -EUR 40 million, less than last year, as expected, while recycled prices were slightly up, +EUR 10 million. Intrinsic growth contribute by a significant +4.8% to EBITDA growth. Thanks to the combination of commercial volume works for 2% and pricing productivity efficiency for 2.8%, it accelerates in Q4, thanks to the benefit of our action plan in France and the rebound in Watertech, including new synergies. I'll come back later to share synergies. Let's dive into our second level of value creation after growth, which is performance and efficiency. I am now on slide 28, which shows our 2025 performance. In term of our yearly efficiency plan, which is EUR 399 million in gain, in line with our annual target of EUR 350 million, which we will for sure renew in 2026. Efficiency are indeed a permanent level of value creation, embedded in our operation, and therefore, one we can count on for years to come, not to say forever. It is worth noting that digital and AI gain already account for 22% of our recurring operational efficiency. First, synergies are fully completed. As Estelle mentioned, we have achieved another EUR 100 million of gain in 2025, for a cumulative total of EUR 534 million since day one, well above our initial objective of EUR 500 million, which, as you know, was raised a year ago to EUR 530 million. This overall achievement is a testimony to our capacity to successfully integrate our acquisition and the clear marker of the success of this first merger. Going forward, we will benefit from the synergies coming from the merger of our two water technology entities, following the buyout of the 30% minority stake of CDPQ in June 2025. We target EUR 90 million by 2027, and EUR 20 have already been achieved. On top of that, after we close the acquisition of Cleanovate mid-2026, we will start the integration process and target a total amount of $120 million of synergies between 2027 and 2030. Let's now analyze our performance below EBITDA, and I am on slide 30. Going down to current EBIT, this slide illustrates perfectly the operational leverage of our business model. 2.8% revenue growth, 6.3% EBITDA growth, 8.9% EBIT increase. Current EBIT grew to EUR 3.7 billion at a faster pace than EBITDA. I am particularly pleased with our financial results, which excluding financial capital gains, show a slight decrease of EUR 21 million of our financial charges. This was due to a combination of a well-controlled cost of debt and lower other financial charges coming notably from French actualisation rate. We did not benefit in 2025 from net financial capital gain, contrary to 2024, with the subsidiary disposal. Tax charges were only slightly higher by EUR 11 million, and our current tax rate decreased from 27.1% to 25.4%, thanks to the benefit of Water Technologies fiscal synergies. Current net income increased by 9.1% at constant Forex, in line with our guide. Moving to net income group share, I am on slide 31. Non-current charges were stable at minus EUR 433 million. They include additional integration costs coming from Water Tech merger, one of restructuring charges, and an exceptional litigation provision in 2025. Net income group share reached EUR 1.2 billion, showing an excellent growth of 10.9%. Free cash flow generation, which is key. I am on slide 32. I am satisfied with the progression of the net free cash flow of EUR 39 million at constant Forex, which we achieved despite the working capital evolution due to less project down payment in Q4 and one-off litigation payment in 2025, including Flint, for around EUR 70 million. The underlying evolution of our working capital was, in fact, quite good, with another reduction in the DSO of 5 days to 74 days. Thanks to our dedicated plan, which will continue, quicker invoices, we have a clear plan to reduce time to invoice, cash collection, new ERP with use of AI. CapEx was once again under tight control and was stable in 2025. CapEx will remain under control, continue to include significant growth CapEx, which will generate EBITDA. As you can see on slide 33, net financial debt is well under control, which in EUR 19.6 billion at the end of 2025, versus EUR 17.8 billion at the end of 2024. This increase of EUR 1.8 billion is due to the redemption of external growth with EUR 2.3 billion of financial investment, which include the purchase of the Water Technologies minority stake for EUR 1.5 billion. This was not at the detriment of our leverage, which remained well below 3 times at 2.79 times. This bridge also reminds you of our share buyback program, which has been launched to offset the dilution of the employee shareholding program for EUR 400 million in 2025. We have, again, in 2025, successfully issued new bonds, which attracted market interest and was done with very good market conditions. I will also mention that 85% of our net financial debt is at fixed rate. Our balance sheet, therefore, remains very strong. Both rating agency confirmed strong investment grade rating in 2025. Before concluding, this slide reminds you of our 2026 guidance, which Estelle has commented earlier. Continued solid organic revenue growth excluding energy prices. EBITDA organic growth between 5% and 6%. Current net income of minimum 8% at constant Forex, excluding Clean Earth, which we will close mid-2026, and which will be accretive as soon as 2027, excluding PPA. Leverage ratio equal or below 3 times, including Clean Earth, and equal or slightly above 3 times with Clean Earth acquisition. As usual, our dividend will grow in line with our current EPS. We fully confirm our GreenUp objective. Let me remind you that we have started our EUR 2 billion non-strategic asset divestiture program, which I cannot, of course, give you detail, but which will also contribute to the continued soundness of our balance sheet while providing us with balance sheet headroom. Thank you for your attention. Thank you, Emmanuelle. Thank you, Danielle, and we are ready, three of us, to take your questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, please press star one on your telephone keypad, and if you wish to withdraw your question, you may do so by pressing star two to cancel. Once again, that would be star one to ask a question. Your first question comes from the line of Arthur Sitman with Morgan Stanley. Please go ahead. Hello, thank you for taking my question, and thanks for the presentation. I was wondering basically about your 2026 current net income target, which is at constant FX and basically without the Clean Earth impact. I was wondering if you could provide some more thoughts on at the current FX levels. What do you see as the mark to market impact from FX on your 2026 numbers? As well as potential comments to understand a bit the magnitude of the Clean Earth impact for 2026. You confirmed the GreenUp target. You talk about 8% growth in net income in 2026, there is more growth. It's a 10% pace annual for by 2027 for the GreenUp target. I was wondering basically if we should understand that net income growth will considerably accelerate in 2027. My second last question is just on your broader medium-term objectives. I was wondering if at some point, you would consider rolling over your targets and maybe guiding to 2028 and 2029, or if we should wait for early 2028 for your new business plan. Thank you very much. Thank you for your questions. Many different ones. Just a few things. You know, we're very happy about the 2025 results, you know, which was very value creative and a historic high. Well, on our trajectory of GreenUp and even exceeded some of the target in EBITDA and in ROCE, just to mention the two of them. In terms of the guidance for 2026, you have noted that the guidance left-hand side of the slide, if you want, is without Clean Earth and after Suez merger. In a way, it's a kind of standalone, but of course, you know, the acquisition of Clean Earth will be accretive, you know, for years to come. The way to have a look at it, and that's why, you know, it's an ambitious one, we are saying that, you know, without any Suez synergies and before the accretion and the synergies of Clean Earth, we are able to deliver in 2026, 5%-6% organic growth of EBITDA and at least 8%. It can be more than 8, but it's at least 8% of net results. That's what the guidance says. I just wanted to highlight it. It was after Suez and before Clean Earth, which means that it's really a confident and ambitious guidance, which I'm very confident we will deliver. In terms of the global Forex element, and it's not only on, on, you know, like, net results, it's on everything. I just want to highlight again that Forex for us is a translation, not transaction. In other terms, as I tried to explain, we are a multi-local delivery company, which means that, you know, the cost and revenue are in the same currency, and therefore, Forex up or down doesn't impact our margin, and we've proven it in 25, we've proven it in 24, within 2 years, plus 150 BP, sorry, of margin, you know, increase. Proof is in the pudding, as they say in English, you know, like, that, you know, it doesn't impact our margin. As you know, you know, a Forex translation at 100 at the top of our PNL goes down to 20, basically, so 20% or divided by 5 when you when it comes to net result. That's the global figures that we've already mentioned. Again, Forex for us is not a real thing, as you know, like, it doesn't impact our margin. It's more a sign of our being international and goes up and down, but, you know, it's not a question of anything but the translation of us being very international. In terms of the targets midterm, with the GreenUp, you know, trajectory, I, which I could fully confirm today and have fully confirmed it today, is 10% on average over 4 years. Assuming, of course, more than 8% this year, there is no reason why it should slow down going forward. We've achieved already 12% in the first 2 years of the plan, so we are really on the at least 10%, which we've said we would deliver in the GreenUp trajectory. I guess that's a confirmation again. Another way to see the guidance for 2026 on net result is in 2025, we said, and we have delivered around 9% of net result increase, this was with Suez synergies in. In 2026, we said we'll do more than 8% without Suez synergies, and again, before, you know, like any positive effect of the Clean Earth synergies. In terms of rolling over targets, that's always a good question. We have a few moving parts here. The big one is the timing of the closing of Clean Earth. You know, which, you know, everything is running exactly as we expected so far. I will wait till we have the various authorization before we can have a clear timing. That's a good point. At one point, we will be able to show visibility over years beyond 2027 GreenUp. What I can say from now on, is we've already crystallized with the acquisition of Clean Earth, value creation beyond 2027, with the synergies, as well as enhanced revenue growth. The more the company is international innovation driven, which we are transforming quite rapidly, the portfolio into. The more in the years to come, and beyond 27, you will have a company which is, you know, enhanced growth and enhanced value creation, in particular, thanks to the synergies of Clean Earth. Porto, if you want to complement something, madam? Maybe one element. Good morning, Arthur. Very quickly, as mentioned by Estelle, the figure that you see and the 2026 guidance is fully aligned with GreenUp. We have demonstrated in the past the very good result for the first part of GreenUp. I'm not going to mention again, the route sheet, which is absolutely amazing two years in advance. As mentioned by Estelle, you have seen the trajectory in term of EBITDA, with the target between 5% and 6%, which is very strong, which is long term, and which also show our capacity to grow on high potential growth and high margin businesses. As without the merger, the Suez synergies, we are continuing on the same trend. In term of Forex impact, you will have, at net result level, it's our estimation based on the Forex rate for at the end of December, an amount which is similar to what you had in 2025. 26 equal to 2025. It's difficult to say, because Forex goes up - Yeah Forex goes down, you know, like it's super uncertain. Yes, it's with the estimation that we have for the end of 2025. Where you're right, is that, of course, in 2027, we will benefit from synergies, from Clean Earth and the full synergies also of Water Technologies. The element, which is for us, very important, is that, you know, at Veolia, that the train are arriving on time. You have seen what we were able to do with Rossi, with EBITDA, and we don't have any intention to stop and to not have the same path. We can confirm that. Thank you very much. Thank you. Your next question comes from the line of Bartek Kubicki with Bernstein. Please go ahead. Thank you very much, and good morning, and thank you for the presentation. I would like to discuss two aspects as well, please. Firstly, if we think about tariffs overall in waste and water in 2026, where do you see them moving? More specifically in France, as 2025 was relatively subdued in terms of revenues increase in both waste and water. Secondly, if we think about your M&As, which has just happened and which are about to happen this year. Just two sub-questions. A, what will be the contribution of Clean Earth into your net income once it is being acquired? Secondly, what will happen to your integration costs with now two companies, or in 2026, two companies being integrated into your, into growth? Shall we expect an increase going forward, or shall we stay flat at around whatever, EUR 30 million, EUR 40 million per annum as in the past? Thank you very much. Thanks for your 2 questions. In terms of waste and water, price, more so than tariff, probably, I don't know. Specifically in France, a few things. Altogether in terms of price, for our activities, as you know, 70% of Veolia revenue is index and 30% is price as in pricing. As we said, you know, like, inflation is really giving neutral or slightly positive for us, which mean that when the cost base goes up, the price go automatically up or via pricing and vice versa. Everything you know, is a way to protect our margin. I think the priority for us is to protect our margin. In terms of anticipation for 26, in France, it will depend on inflation and a few indexation formulas, which have another very three dates. I don't expect a big plus in 26 in terms of this indexation, given the inflation is relatively low. That was anticipated. You know, again, you know, like, cost base and revenue base are in the same, you know, like, type of range. What I could say in addition is, in a way, the proof is in the delivery of our performance in France in 25. Because we had a revenue which was relatively flat, roughly, but a big plus in the EBITDA, which you see on slide, blop, blop. Can't remember where it is, anyway, we'll see that in our pack. This is thanks to our action plan. In a way, that's exactly the same example which Daniel just highlighted in Spain. You know, we increased our EBITDA by a lot more than our revenue, thanks to a lot of efficiency plans and, you know, it was specifically the case in Spain and France because we anticipated it. We knew that there won't be a big push from the revenue, from tariff or from specifically or indexation or from the economy. We launched specific action plans. It was Hunter in Spain, it was called Arianeo in France, and it delivers results. It delivers results in EBITDA levels. What we expect in 2026 is exactly the same as we've seen in 2025. You know, top line, probably modest, but EBITDA will grow again in 2026, in France and in Spain. Plus, Daniel has ambition on the top line as well, as you've heard him explaining earlier on. In terms of M&A and Clean Earth net income. Basically, you know, the question is the timing of the closing. We said it will be accretive in current EPS from year 2. Assuming the closing is mid-2026, it will mean year 2 is mid-2028. Mid-2028, you know, is not a point where you look at net result because it's end of the year. Assuming again, end of mid-2026, we close, it will mean that, you know, in 2027, it will be accretive before PPA, and in 2028, accretive even after PPA, if you want. More accretive before PPA and accretive altogether, including the PPA. It's a very modest dilution in 2026. Again, assuming the timing, I just highlighted modest as in what? Oh, really, really less than 0.5% of potential dilution. You know, again, assuming the timing I just highlighted. Integration costs, we've highlighted, we will have integration costs in the four years of the delivery of the synergies. Synergies, $120 million in four years, and integration costs, we said. It's we communicated when we. Mm-hmm. When we did the signing at the end of November, it's less than the $120 million. It would be around $90 million. It was 90. Yeah, we said $90 million over four years. You have years with a bit more, years with a bit less. You know, roughly, if you divide on average of $90 million by four years, you have a good estimate. Thank you very much. Thank you. Your next question comes from the line of Olly Jeffery with Scotiabank. Please go ahead. Thank you very much. Two questions for me as well, please. The first one is staying on the topic of M&A. You're looking to divest EUR 2 billion of vast investments, or assets rather, within 2 years of closing the Clean Earth deal. Could we expect you to get on the front foot of that and do that, you know, potentially some divestments by the end of this year? Do you have any color at all now on what type of assets you might be looking to, or geographies you might be looking to divest in? The second question is on hazardous waste in the U.S., but again, connected to Clean Earth. You know, in the U.S., you've got finite incinerators, potentially more incinerators coming to the country. That seems like quite a good combination for having pricing power, going forwards. Compared to when you made the Clean Earth acquisition, do you think actually the environment for hazardous waste in the U.S. has improved? We've seen some hazardous waste peer share prices in the U.S. do particularly well year to date. Thank you very much. Two good questions. On the EUR 2 billion disposal in the two years following the closing of Clean Earth, a few things. The timing, I mean, you know, we have, as you can imagine, a list with Emmanuel and with the various options, and I will not detail them today. Nevertheless, I can give you a little bit of colors on this list. We have not anticipated a big sale in 2026. We will go on with the traditional small and medium, you know, portfolio rotation, which we do every year anyway. But nothing, you know, as a big, as a big object, is in our plan so far. What are the typical candidates in this list? Which is another way of answering your question. I guess, threefold. One is mature. The other one is strict, non-strategic, and the third one is not in the top three. Let me explain them one by one. What I mean by mature, it means a business which we don't think we can grow much more the profit in the years to come. I'm talking about the profit here, as you can imagine, you know, in some of our stronger activities, we still have a way to increase our profitability, and therefore, we would keep them. It's really the, if we are the max of profitability, and we don't anticipate any way to go better. The second, you know, like a criteria, is what I call non-strategic. Non-strategic, typically, it's what we've done when we've divested the SAD, which is a construction business. We said years ago, we don't want to be in construction, we want to be in technology. That was a good example of that. The third one is what I call non-top three. As you've seen in the geographical strategy, you know, there is an amount of when we are in a country, we want to be in the top three of this activity in this country. It's a key element to have pricing power, for instance, which is what we said earlier on. You know, we have a few smaller objects, which are not yet in the top three. Either we have a way to put them in the list in the years to come, or if not, we will divest them. That's the three criterias list which met the list which we have with Emmanuelle, and, you know, we have a various option, and we'll deliver them the tiers following the cleaners closing. In terms of hazardous waste, you're right, we're super happy about our hazardous waste business in the U.S., and there is nothing in the last few months which is anything but confirming it's a very good acquisition, the cleaners one. Synergies-wise, platform-wise, including to be able to develop other services of Veolia beyond the hazardous waste. You know, the trend is good. You know, we're seeing a very good Q4 in hazardous waste in the U.S. for us. If I remember well, it's a 7%, you know, organic growth for the Q4, which is a very good positive way to end the year and to begin the next one. All the lights are really on green lights. You know, we are very, very confident it will create a lot of value for years to come. Thanks very much. Next question comes from the line of Juan Rodriguez with Kepler. Please go ahead. Hi, good morning. Thank you for taking our questions. I have two on my side, if I may. It's more follow-ups. The first one is on guidance, at the net income level in 2026. I want to be clear. You said that you expect no synergies from Suez, but it does include Water Tech synergies on 2026. Is that right? Can you please quantify the fiscal positive effect that the Water Tech synergies had on your 2025 results? Because it supported a lower tax rate. Are they part of the EUR 90 million synergies that you're targeting? This is the first one. The second one is on France. You said that performance was slightly better in 2025, despite weaker revenues. Can you please quantify the level of the performance that you had in here and what is expected ex hazardous waste, and what is expected for 2026? You signaled some improvement in the region, but can we say in the low to mid-high single digits or some coloring that would be helpful? Thank you. I've tried to note down all your questions, hopefully, or I won't miss anyone, anything. You're right, the net income guidance before cleaners acquisition in 2026 does not include any Suez synergies because it's over. That includes, of course, the recurring gains, which will again, you know, efficiency gain more than EUR 350 million again in 2026, and that includes some of the CDPQ Water Tech synergies, but they are not of the same magnitude of the Suez acquisition. I want to say that, you know, it started well with, in H2, we already had EUR 20 million, if I remember well, Emmanuelle, of synergies from the Water Tech acquisition, which was delivered in H2. We've closed in on the first of July. EUR 90 million over 3 years, EUR 20 million already delivered in H2. There will be another lot in 2026, another lot in 2027. That's when I mentioned the synergies as in EUR 90 million over 3 years. This is the EBITDA synergies, if you want, because we said clearly that they were on top of that fiscal and in a way, net income synergies, which already were delivered a lot in 2025. EUR 20 million of EBITDA, if you want, synergies already, plus already some fiscal synergies in 2025. Do you want to comment on the fiscal, you know. Tax rate? Yeah. With pleasure. Tax rate, maybe, Emmanuelle? With pleasure. Thank you for your question. As you know, in the GreenUp plan, we targeted a tax rate of 27%. Our current tax rate in 2025 decreased significantly from 27.1% at the end of 2024 to 25.4%, thanks partially to the benefit of our water technology synergies. As an example, in the U.K., we have been able to offset past and future tax losses, which were not recognized before. In France also, we were able to merge the two tax group of water technology. Also in 2025, we benefit from a positive impact, led by the anticipation reduction of the CIT rate in Germany. All of that is contributing to the good tax rate. We have also a positive ambition for 2026, which participate to the net result, has the fact that we have the cost of debt fully under control. On your question about France EBITDA, hopefully, you have the answer on slide 23. Where you see the business unit France and West Europe, with the revenue, which was basically flat compared to, slightly negative, compared to 2024, which we said about indexation, formulas and so on and so forth. But a +6.3% EBITDA growth. I think, you know, that's the type of result we see from the specific action plan we've launched 2 years ago. In Veolia, we just don't wait. We anticipate and act quickly and strongly. This was called Arianeo in France, and you see the results. This was called Hunter in Spain, and you've seen in Spain, and it was presented by, because it's kind of a bit the same, plus 14% EBITDA growth in 2025 compared to 2024 in Spain. You know, we won't stop here, so you can go on with this type of improvement in 2026 for France and for Spain. Quite helpful. Thank you very much. Thank you. Your next question comes from the line of Davide Candela with Intesa Sanpaolo. Please go ahead. Hi, good morning. Thank you for taking my question and for the presentation. I have two, if I may. The first one is, if you can share with us about sensitivity on energy prices, mostly with regards to Europe. I know that in most cases, the energy component is a pass-through for you, but at least if you can provide a bit of sensitivity, that would likely mostly refer to your WtE plans throughout Europe and so on. That will be the first one. Second one is with regards to your approach to demand. You said that the demand for your services is strongly increasing. I was wondering if you can share how you approach that, in the sense that you are being selective in waiting, so taking the most valuable contracts or opportunities, or on the other hand, you are taking a more aggressive approach in trying to put more pressure on power, on your prices, and just being proactive in trying to take demand from your clients directly? With regards to that, also on volumes, which is the capability you have to attract more and more, and if there is a risk of saturation in this respect, and yeah, that's, that will be the second one? Thank you. Thank you. Energy price sensitivity. You're right, energy price for us are globally pass-through, globally pass-through. This is why we publish, and we've been publishing for years now, including energy price, you know. Why is that so? Because we mainly sell heat, and when, you know, the price of the entrance, as in what we have to buy to produce the heat for the district heating network goes up, the tariff goes up. That's why, that's why it protects our margin again. The little effect, which is not what I said, is on the cogeneration of electricity, if you want, and the ancillary services associated with it, where, you know, it's a little bit more into our margin. It's more, it's not the main product for us. We're not a producer of power. We're not, you know, at all, but we, you know, use all the equipment and infrastructure we have, specifically in district heating and things like that, to try to deliver ancillary services in addition and on top. This topped up, you know, is what can go up and down and is a bit more, you know, like a variable for us. If you have a view over three, four, five years, in a way, you can see that in our figures, because as you can imagine, the price of energy in Europe has gone through the roof in 2022 and then down very massively in 2023 and 2024. You can have a look at the sequence of our EBITDA in our energy business over four years. There was a big plus, a small minus for the reason I just mentioned in terms of the cogeneration of electricity, but altogether, the curve is on the up over this, these few years. In a way, we've demonstrated what I said in the figures from 22 to 25. In terms of the demand for our service, what I was trying to highlight is, you know, I was asked a lot of questions about, okay, you know, you know, is Veolia about, you know, ecology, the environment? Yes, we are, but we are more about critical needs. I think this is important. Whatever the elections results are in a country, we're not about politics here. We're about critical needs for industries and population. That's what makes us super resilient. you know, when it comes to supply of water, when it comes to supply of critical materials and critical minerals, when it comes to the supply of energy, we produce local resources, therefore, they don't depend from, you know, like a far away import, disruption of supply chain, and so on and so forth, which is very key for all our customers. That's why the demand is in a way, you know, the more the crisis, the more the demand is paramount, because we are really critical for our customers. In terms of your question about, are we selective? Are we shooting everywhere? It's the former of the latter. We still are very selective. We don't want revenue for the sake of it. We want revenue, which can create value not only for one year, but for years to come. The two keywords are resilience and growth here. You know, the business model of Veolia is really sustainable growth, and for years. Which means that, you know, we've intentionally decided not to bid for specific tenders. For instance, in West municipal collection, because it was not value creative for us, to focus on, you know, what is very, very creative, typically our growth boosters. We are very selective, and the choices are clear, the growth boosters. Water Technologies, hazardous waste, and bioenergy. In terms of where we go for saturation at one point, in terms of volume, do have a limit, in a way, in our plants and install base. You know, this is not exactly the way it works. In water, the need, you know, go with the growth of the population or the growth of the industries and the plants to follow, if you want. That's what we've seen regularly. In terms of hazardous waste, it could have been a limiting factor, and that's exactly why we have invested in 5 new facilities across the globe, which are just ramping up from last year till 2028. Exactly to be ensuring we unlock the future growth. We're not only at Veolia talking about the guidance for 26. When I say we have an enhanced profile of growth for years to come, I can talk to you about 28, 29, 2030 even, with a cleaner acquisition synergies and investments we've made. Thank you. Your next question comes from the line of Philippe Ourpatian with Oddo BHF. Please go ahead. Yes, good morning. I have 3 questions, in fact. One is a slight, I would say, clarification concerning the efficiencies. Means that the slide 27 is showing EUR 326 million growth and performances on which you have some price effects and volume effects. I would like to know exactly what was the amount of the efficiencies you were mentioning, in fact, previously in your slide, as separated from works, volumes, and commerce. That's the 1st question. In this question, there is also another one concerning the next slide, which is 28, where you are mentioning EUR 399 million. It's over the target of EUR 350 of efficiencies. Could you spread it a little bit more by activities or geographies? You mentioned France and Spain as a specific plan, to have more color about where this EUR 399 were generated. Second question is hazardous waste. Could you just remind us or elaborate a little more about the new facilities, because Germany, in hazardous waste, Germany has started, if I'm not wrong, and there is some other geography where you are working, U.S., U.K., Saudi Arabia, and Asia. Could you just remind us in order to take into account those volumes and maybe value creation effects? Last, you just issue a press release concerning India. Your famous French competitor also issue a lot of press release concerning this area. It seems to me that India was not an easy country. We have seen Suez losing a lot of money years ago in this contract. What has changed in this market concerning water? What are the level of risk or capital employed you are injecting in this in this kind of country? Even if I do think that it's mainly through OEM contract. Many thanks. Looks like you have not only the question, but the answers, and you are right. I will elaborate in a minute. Efficiencies, in a way, the answer is on page 28. Efficiency, EUR 399 million, which we've retained 47%, right? Emmanuelle. Absolutely. Bonjour, Philippe. Roughly, when you take... You're absolutely right, from the EUR 299 million, which have been fueled by all the specific action plan, also, which were in France and in Spain, and the rest is, as you know, fully embedded in, in our business. For 70%, we have been able to retain 47%. When you look at this number, if you want precise number, we have volumes commerce, which is around 10% growth, and pricing that efficiency, which is around 2.8% growth, so roughly EUR 140 million and EUR 190 million. 47% of 399 equals 189. Plus volume and commerce, roughly equals what you see on the slide. Where is it mainly? The beauty of Veolia's model, it's everywhere. That's why we're so confident we can keep it forever, because it's a series of plants everywhere on the globe, which have initiatives which combine, you know, give you the number. The specifics where you have more than the average, are France, Spain, and China. You know, France, Spain, and China, launched specific plans which were more than the average, given the fact that we're disappointed by the result in 2023, basically, for those geographies. We've launched specific action plan, with specific names, you know, the Hunter, the Arianeo, and there was an equivalent one in China. That's why, you know, on those geographies, you know, we have a particularly big disconnect between revenue and the, and EBITDA growth, because, you know, this was thanks to the very, very well-executed delivery of the sun, which again, won't stop. How's this waste? The various hazardous waste, yeah, do you want to add something on the? Yeah, with pleasure. You know us perfectly well, Philippe. Regarding the efficiency, one point that I wanted to add, as you know, 70% is fully embedded in our business model, is what we sell: selling price increase, purchasing and procurement improvements. On top of the three specific plan that Estelle has mentioned, and which are taking a lot of energy to the French team, but also to Daniel in Spain. With very, very specific action plan, where you have strong SG&A efficiency on top of procurement and on top of operational improvement. We have launched this year, a new seat in our results. What we call it was a project which was called Mobi'Cash. We are dealing with a lot of energy of what we consider as asset, which are not as performant as we wanted them to be. Meaning that for us, it's a clear approach of upper out, and all the team is working very, very strongly to it, and it's in all our geographies, and it is contributing to our leverage, operational leverage that you see and the increase of EBIT of 8.9%. Uh, in terms of, uh, hazardous waste, uh, you're right, we have five new plants, which are under construction or under commissioning. Uh, you know, in terms of the sequence, uh, we've showed it during our deep dive on waste a few months ago, so we're exactly on the trajectory we, we showed you at that time. Uh, which means that, uh, just to refresh your memory, you have a phase of construction, but then you have like, what we call cold commissioning, and then hot commissioning, and then ramping up of, uh, you know, operational, uh, performance, you know, with a commercial, uh, commercializing of the plant. Uh, so depending on the different, you know, what we call by ramping up, again, you know, cold commissioning, hot commissioning, and then, uh, commercializing progressively the total capacity of the plant, uh, it takes, uh, quite a while. It's not, you press a button, and it's on and off and 100% instantly. It takes usually between the cold, hot commissioning and the full capacity, 2-3 years, just to give you an idea. This is classical in this business, you're here forever, which, you know, has its merit. In terms of the various orders of the being in this situation, the first to come online has been the Saudi one, which is already gone through the. I hope I won't, you know, like, you know, miss one, but you know, the cold and hot commissioning, and we are in the ramping up of the commercial activity. The next on the line is Blue J, which is our facility in the UK, in Garston, which is in the ramping up mode as well. I think we've finished the hot commissioning, and we are in the ramping up of the commercial activity. The next on the near will be will be the German one you mentioned, but which is not there yet. We are more at the end of the construction phase, if you want, not yet in the commissioning one. The next one will be in Asia, and the next one will be in the US. All that means that combined, if I remember well, we've put again the figures in our presentation, but if I remember well, it's 285,000 tons of capacity, which will be active at the end of GreenUp, but out of 130,000 tons of capacity when they are fully ramped up 100%, so 1 or 2 years after the end of GreenUp. India, you're exactly right. We're not doing crazy things in India. That's why I was super proud about this contract, which is a new of its kind. You answered yourself the question, you know, like, there is not funds employed at all of Veolia. You know, we've delivered, you know, technologies, and then we'll have a 15 years of O&M contract. It's not about funds employed here, it's about selling technology, and know-how in terms of maintaining plant. Those are massive one. We are talking about plant, which will be able to sustain the water supply for 60% of the entire Mumbai global population, which, if I remember well, is a 12 million, you know, like, population. Those are massive, and I'm very happy that it was without risk associated, exactly as you said. We're not chasing revenue for the sake of it, we said we will exit construction. In India, many... It's a EUR 250 million backlog, by the way. We are not chasing our revenue for the sake of it, that's why a lot of the contracts which were announced by competitors, we didn't even bid. To be honest, because we don't want to be in construction and pouring concrete. This is not what we do. We do sell technology, plus we do want to be in the O&M. All the rest, we just don't go for it at all. We are super selective in India as elsewhere, but this opportunity was a very, very good one. Many thanks. Once again, if you would like to ask a question, simply press star one on your telephone keypad. Your next question comes from the line of Charles Swabey with HSBC. Please go ahead. Hi, good morning. Just 1 question from me on efficiency gains, and the 23 that came from digital and AI in 25. Can you give us an idea how this compares to your assumptions when you put together the GreenUp plan? Would you say that they have exceeded expectations, and how should we think about this going forward? Thanks. Thanks for your question. You know, we had no idea there will be AI at this level when we launched GreenUp, which was at the end of 2023. We've conceived the whole thing and launched the beginning of 2024. We had no specific, you know, expectation. We knew we were already very much into digital or AI, but not Gen AI, if you want. This is really ramping up and a big potential for future efficiencies in the years to come. I think 23% is already a big figure, so one, we're not the style of talking about things. We're trying to deliver instead of talking too much. I think that was a proof of it. You know, we've picked our battles as well because some of it is more a myth than delivering real results. We've picked a few tools which actually are delivering real efficiencies. Real efficiencies for us means, consume less water, produce more green energy. This is a criteria, which, you know, we've picked a few proof of concepts, and there were many of them. We've picked a few just to be on the scaling up front. What is also absolutely amazing is the increase of the percentage of digital. It was in the past 5%, 10% of our efficiency gain, and now it's 20%, and it will continue to increase. You're right. Very helpful. Thank you. Thank you. Thank you very much. Yeah, I would say thank you very much. It looks like we have no further questions. Just wanted to say how happy we are about 2025, which not only was, you know, on target or even beyond target, in a few different KPIs, but as well was really a pivotal year for Veolia. We've crystallized, you know, major transformation of our portfolio, which will generate, you know, really enhanced growth and value creation for years to come and years with a lot of S's, as in, you know, 26, 27, 28, 29. I'm very confident about Veolia's trajectory, there is more to come. Thank you very much. Let me, before I finish, invite you not to miss what we've put on the slide, which are a few dates. If you want to have more information about our ESG agenda and multifaceted performance, that's a webinar on the 23rd of March, and we'll have a deep dive on innovation, tech, and AI in London on the 14th of April. Thank you very much. Thank you. Ladies and gentlemen, this now concludes today's presentation. Thank you all for joining. 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