Veolia: Why 2026E Is Likely To Be Excellent

Veolia remains a top-tier defensive investment, excelling in water, waste, and energy with strong recurring revenues and inflation-protected cash flows. VEOEY exceeded 2025 strategic targets two years early, achieving 150 bps margin expansion, 9.5% ROIC, and robust organic growth in high-potential segments. The company offers a 5%+ dividend yield, targets 4-8% annual dividend growth, and maintains a conservative capital structure with limited key risks.