On revenue, staff take a quarter
The brief’s 25 / 64 / 7 / 1-2 split is FY2024, on revenue. For 2025 staff take , D&A and the parent dividend .
Most of the rest passes straight through to suppliers. It is not value Veolia created.
The split depends on what you divide by
Both views are honest. They answer different questions, so we show them side by side.
On value added, staff take two thirds
Remove what passes through and the picture changes: staff , D&A , dividend .
The base is : operating income plus staff plus D&A. This is a first pass, not a published Veolia measure.
Where the shares come from
Effect of the deals
| Stakeholder | Water Technologies buyout | Clean Earth, full year |
|---|---|---|
| Employees | Synergies are cost cuts, so a likely small negative | Staff share of revenue , of value added . Uses group average pay, an assumption |
| Shareholders | Keep more income, of value added | Dividend share of revenue from |
| Lenders | a year of new interest, of value added | Net debt up in nine months, with other flows |
| Sellers | CDPQ exits with | Enviri receives |
The deals barely change the split. They change who funds it: debt rises first and benefits arrive later, which is why leverage sits at on September debt, on our measure.