Veolia already ran this business
Veolia held 70% and consolidated all of it. CDPQ held . Three of these ten tanks stand for that share.
Paying for what Veolia already ran
The Water Technologies buyout closed a year ago, so this is the deal we can already judge. It should be read on income and return, not on ESG progress.
Paying changes the owner, not the plant
The buyout adds no tonne, no cubic metre and no euro of revenue to any group KPI. Only the green marks change.
Any gain sits in net income, cash and return on capital.
Interest costs more than the income kept
Veolia keeps of minority income and pays of interest after tax. Before synergies the effect is .
With this delivery the effect is . Income breaks even at of synergies.
Delivery is on plan
Filed figures add up to of by September 2026, or . Each block is €10M.
Q3 added . The rest needs a quarter to the end of 2027.
H1 2026 margin was against for 2025.
The filed lines
Does the return beat the cost?
Return on price is with full synergies, against a discount rate.
That uses reported minority income, which is after Suez purchase amortisation, so the real gap is smaller. H1 revenue was , at constant scope, with of integration cost.
Nine-month revenue was : at constant scope and + excluding Projects. Q3 rose .
Testing the published ~11x:
- on EBITDA plus synergies implies of EV.
- Implied equity is , leaving of net debt nobody published.
- The price is the 30% share of EBITDA, before synergies or debt.
- The price is reported minority income.