First quarter 2019 results


  • Brisk business activity: organic revenue growth of 3.7% to €4,210m
  • Strong sales momentum across all divisions
  • EBIT up 3.3% in organic terms to €293m, in line with the expected trajectory
  • 2019 outlook confirmed


in millions of euros
March 31, 20181
March 31, 20192
Gross change Organic change FX change Change at constant FX3
Revenue 4,055
 4,210 +3.8%
 +3.7% +0.9%


EBITDA / revenue














EBIT / revenue











in millions of euro
Dec 31, 2018
Mar. 31, 2019
ex. IFRS16
Mar. 31, 2019 Change
ex. IFRS16
Net debt
 9,031 10,367
Net debt / EBITDA
 3.23x 3.26x


  • SUEZ reported revenue of €4,210m in first-quarter 2019, up 3.7% in organic terms. Group growth continues to be driven by increased business activity for the Water Technologies and Solutions (WTS) and International divisions, which posted organic revenue growth of 8.5% and 4.5%, respectively. In a favorable tariff environment, the Recycling & Recovery Europe division posted solid organic revenue growth of 4.7%. Volumes treated decreased slightly, the result of continued greater contract selectivity as to paper and certain plastics. Waste volumes in Europe are nevertheless expected to rise 1.5% in 2019. Water Europe business was stable as expected.
  • EBIT stood at €293m at March 31, 2019, up 3.3% in organic terms.
  • On a like-for-like accounting basis, debt remained practically stable from December 31st at €9,031m compared with €8,954m (+0.9%), and the debt ratio came out at 3.26x EBITDA on a 12-month rolling basis. This stability factors in the following three key items: seasonal growth in the WCR for €337m, an unfavorable currency effect for €124m and net proceeds from the disposal of a 20% stake in SUEZ Water Resources Inc. (USA) for €524m.
  • The Argentine government and SUEZ have concluded and implemented a transactional settlement agreement on Aguas Argentinas. For the SUEZ group, the cash amount received in April is €220m.


Commenting on the first-quarter 2019 results, Chief Executive Officer Jean-Louis Chaussade said:

1 Figures at end-March 2018 include the impact of the allocation of the acquisition price of GE Water, for -€3m, -€2m and -€10m on revenue, EBITDA and EBIT, respectively.
2 Data at end-March 2019 include the impact of the first application of IFRS 16, for +€76m and +€3m on EBITDA and EBIT, respectively.
3 Change at constant FX in this press release exclude the impact of the initial application of IFRS 16.

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