Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — H1 2026 Earnings Presentation
42 slides from Veolia Environnement Sa's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS July 30th, 2026 Estelle Brachlianoff, CEO Emmanuelle Menning, CFO
Slide 2: Agenda
AGENDA 1 Highlights 2 H1 2026 Key Figures
Slide 3: Highlights
1 HIGHLIGHTS Estelle Brachlianoff, CEO
Slide 4: Very solid H1 performance confirming strength of Veolia business model
Very solid H1 performance confirming strength of Veolia business model Improved 2026 guidance New semester of excellent performance, with +70bps EBITDA margin improvement and +10.4%(2) progression of current net income Standing out in a volatile macro and geopolitical environment, with continuously
Slide 5: Very solid first-half results, well in line with full-year guidance
Very solid first-half results, well in line with full-year guidance H1 2026 KEY FIGURES KEY TAKEAWAYS Revenue: €22,193M, up +1.5%(1) Superior underlying EBITDA growth, above last year Continued margin expansion fueled by EBITDA: €3,552M, up +5.0%(2) strategic portfolio management and €195M efficienc
Slide 6: Sustained demand for our services and technologies
Sustained demand for our services and technologies Veolia: the Environmental security powerhouse Sustained strong demand for critical needs Protect Health and Secure Supply chain Secure essential ecosystems services ● Pollutants removal, ● Water ● Drinking Water supply remediation ● Critical mineral
Slide 7: Strong resilient growth model
Strong Resilient Growth model standing out in a volatile macro and geopolitical environment Growth Resilience ● International leader, 44 countries on 5 ● NO impact from Tariffs continents ● NO impact on margin rate from Forex ● TOP 3 in Europe, Americas, Asia, volatility, only translation Middle-Eas
Slide 8: Resilient growth model illustrated in H1 with strong results despite external headwinds
Resilient Growth model illustrated in H1 with strong results despite external headwinds Veolia = Resilience & Growth Unique positioning and External headwinds strict piloting EBITDA up +5.0%(1) ● Middle-East crisis leading ● Water security is key, as to delayed Projects and fuel demonstrated in Iran
Slide 9: Strongholds: Water activity supported by recurring heat waves and critical needs
Strongholds: Water activity supported by recurring heat waves & critical needs Municipal Water Strongholds ● Revenue up +4.1%(1) and EBITDA up +7.7%(1) ● Strong momentum as water-stress expands: cost of no water for industries, take off of activities water reuse projects including for data center co
Slide 10: Boosters: Hazardous Waste and Water Technologies
Boosters: Hazardous Waste Global platform expansion, Soft start of the year in Water Technologies with positive momentum ahead Water Technologies Boosters ● Growth temporary slow-downed by delayed projects with Middle-East crisis activities ● Rebound expected in H2 2026 / 2027 thanks to strong actio
Slide 11: Success of our innovative offers
Success of our innovative offers AI industries BeyondPFAS & New Pollutants NEW ● AWS Data center c. €1bn NEW (Mississippi) c. €1bn ● Accelerated momentum in MicroE: €343M new Water Water Energy ● Clean Earth Ops Tech bookings ● Enviropacific €560m Haz. Water Waste Tech. €410m Water Ops. €259m €205m
Slide 12: Very good international growth
Very good international growth, supported notably by Americas and Asia Pacific AMERICAS, ASIA PACIFIC, AFRICA EUROPE MIDDLE-EAST Revenue: €9.9bn, up+2.6%(1)(2) Revenue: €5.7bn, up +3.9%(1) and +7.1% at constant forex EBITDA: €1,499M, up +2.1%(1) EBITDA: €991M, up +8.9%(1) ● Superior performance of W
Slide 13: Efficiency gains and synergies delivery
Outstanding track-record in efficiency and synergies delivery Efficiency gains: €195M in H1 2026 in line with annual target of >€350M Long-term track-record of efficiency and synergy Outstanding success of Suez integration SG&A 10% Recurring operational efficiency embedded in business model €195M Di
Slide 14: Assets rotation in 4 years
€8bn+ assets rotation in 4 years: more International & Tech c.€0.5bn of divestitures to be signed in 2026 2024 2025 H1 2026 H2 2026-28 €8bn+ assets rotation during GreenUp plan More International & Tech with acquisitions Investments mainly ~90% in Boosters and ~80% outside Europe in growth Boosters
Slide 15: Clean Earth acquisition
Clean Earth acquisition, enhancing growth profile and value creation ● Clean Earth acquisition closed early June 2026 17% Municipal Water Operations for $3bn 13% ● Doubling US Hazardous Waste Business 4% Regulated Water Energy ○ Reaching #2 position with combined revenue of 2025 US c.$2.2bn(1) REVEN
Slide 16: Improved 2026 guidance
Improved 2026 guidance fueled by strong positioning and strict piloting Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Clean Earth acquisition Accretive in 2027 (5) Current net income Min. +8% at constant forex D group share(3) including Clean Earth IMPR OVE €2bn+ d
Slide 17: H1 2026 Key Figures
H1 2026 2 KEY FIGURES Emmanuelle Menning, CFO
Slide 18: Very solid first-half results, in line with full-year guidance
Very solid first-half results, in line with full-year guidance Sharp current net income(1) increase supports 2026 guidance improvement Variation at constant In €M H1 2025 H1 2026 scope and forex +0.8% Revenue 22,048 22,193 +1.5% excl. energy prices EBITDA 3,367 3,552 +5.0% EBITDA margin 15.3% 16.0%
Slide 19: Solid International growth
Solid International growth H1 2026 In €M H1 2026 Revenue Variation (1) Variation (1) EBITDA -4.8% +2.5% Water Technologies 2,213 294 +0.6% excl. projects +6.7%(2) Americas, Asia Pacific, Africa Middle-East 5,747 +3.9% 991 +8.9% Europe 9,905 +1.1% 1,499 +2.1% +2.6% excl. energy prices France and Haza
Slide 20: Water: Strong performance of Municipal Water
Water: Strong performance of Municipal Water Revenues of €8,489M, up +1.6%(1) EBITDA of €1,684M, up +6.8%(1) - Record EBITDA margin of 19.8%, up +110bp Variation vs. H1 2025 Evolution vs H1 2025 H1 2026 Municipal Water revenue of €6,276M, up +4.1%(1) Revenue H1 2025 8,545 ● Favorable impact of hot w
Slide 21: Waste: Resilient performance despite sluggish macro and adverse weather
Waste: Resilient performance despite sluggish macro and adverse weather Revenues of €7 771M, up +0.2%(1) EBITDA of €1,064M, up +5.4%(1) - EBITDA margin of 13.7%, up +100bp Evolution vs H1 2025 Variation vs. H1 2025 H1 2026 Revenue H1 2025 7,672 Solid Waste revenue of €5,542M, -0.5%(1) Scope(3) +2.0%
Slide 22: Energy: Solid performance supported by good heating season in CEE
Energy: Solid performance supported by good heating season in CEE Revenues of €5,933M, up +2.7%(1) EBITDA of €805M, up +1.1%(1) - EBITDA margin of 13.6%, flat Evolution vs H1 2025 Variation vs. H1 2025 H1 2026 Revenue H1 2025 5,831 District Heating & Cooling Networks Scope +0.7% revenue of €4,173M,
Slide 23: H1 2026 Revenue
H1 2026 Revenue of €22,193M, up +1.5%(1) excl. energy prices Evolution vs H1 2025 Forex: Back to positive in Q2 thanks to HUF, In €M Organic growth: +1.5%(1) AUD and CZK appreciation excluding energy prices Scope: Significant ramp-up in Q2 with EnviroPacific in Australia and consolidation of Clean E
Slide 24: H1 2026 EBITDA
H1 2026 EBITDA of €3,352M, up +5.0%(1), with an improved underlying momentum in Q2 Evolution vs H1 2025 Forex: Back to positive in Q2 In €M ● No impact on margin (translation only) ● c. 60% of revenue non euro Organic growth: +5.0%(1) Organic growth ● Energy and recyclate prices: -€60M, temporary di
Slide 25: Current EBIT
Current EBIT(1) of €1,956M, up +6.4%(2) Evolution vs H1 2025 In €M H1 2025 H1 2026 Variation EBITDA 3,367 3,552 +5.0%(2) Current EBIT(1) up +6.4%(2), showing good operating leverage Renewal expenses -157 -150 Amortization(1) including OFA repayment -1,518 -1,556 ➔ D&A incl. OFA up +1.9% at constant
Slide 26: Current net income group share
Current net income Group share(1) of €837M, up +10.4% at constant forex Evolution vs H1 2025 In €M H1 2025 H1 2026 Variation Current net income(1) Group share of €837M, up +10.4%(3) Current EBIT (1) 1,834 1,956 +6.4%(2) ● Higher cost of debt linked to recent Cost of net financial debt (1) -330 -371
Slide 27: Net income group share
Net income Group share of €682M Evolution vs H1 2025 In €M H1 2025 H1 2026 Variation Net income(1) Group share of €682M, up +3.8% Current net income – Group share (1) 762 837 +10.4%(2) Higher restructuring and integration costs associated to Water Tech and Clean Restructuring and integration costs -
Slide 28: Continued improvement of net free cash flow generation
Continued improvement of net free cash flow generation Evolution vs H1 2025 In €M H1 2025 H1 2026 Decrease in Net Capex to €1,630M (46% of EBITDA) EBITDA 3,367 3,552 ● Stable growth capex of -€989M vs. -€994M ○ Contractual growth capex (including regulated water) of Net Capex -1,747 -1,630 -€704M ○
Slide 29: Net financial debt
Net financial debt of €24,548M(1) o/w Clean Earth for €2.5bn(2) Net FCF of -€288M vs -€451M in H1 2025 Net financial debt(1) of €24,548M at 30/06/2026 vs. €19,657M at 31/12/2025, with classical FCF seasonality and closing of Clean Earth acquisition 29 (1) before Suez PPA (2) excluding IFRS 16 debt (
Slide 30: Improved 2026 guidance
Improved 2026 guidance fueled by strong positioning and strict piloting Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Clean Earth acquisition Accretive in 2027 (5) Current net income Min. +8% at constant forex D group share(3) including Clean Earth IMPR OVE €2bn+ d
Slide 31: Appendices
APPENDICES Qveoua
Slide 32: Selection of recent events
APPENDIX 1: Selection of recent events ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch?v https://edge.media-server.com/mmc/p/ =KoSk8eA8KEo 99ebma2t/lan/en/ AND PRESENTATION AND PRESENTATION ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch?v= https://webapp.spotme.com/l
Slide 33: H1 2026 Detailed Revenue by geography
APPENDIX 2: H1 2026 Detailed Revenue by geography Variation at constant In €M H1 2025 H1 2026 scope and forex Water Technologies 2,409 2,213 -4.8%/+0.6%(1) Americas, Asia Pacific, Africa Middle-East 5,533 5,747 +3.9% North America 1,535 1,581 +3.7% Latin America 948 1,046 +10.1% Asia - Pacific 2,203
Slide 34: H1 2026 Detailed Revenue by business
APPENDIX 3: H1 2026 Detailed Revenue by business(1) In €M Variation at H1 2025 H1 2026 constant scope and forex Municipal Water 6,135 6,276 +4,1% Water Technologies 2,409 2,213 -4.8%/+0.6%(2) Total Water 8,545 8,489 +1.6% Solid Waste 5,597 5,542 -0.5% Hazardous Waste 2,075 2,229 +2.1%/+6.2%(3) Total
Slide 35: Net financing rate
APPENDIX 4: Net financing rate In €M June 2025 June 2026 Average gross debt (1) 27,070 29,763 Gross cost of borrowing 3.33% 3.30% Average cash balance 9,792 9,756 Interest rate 2.62% 2.57% Average bank overdrafts 127 158 Average net financial debt(2) 17,405 20,165 Cost of debt (PPA excluded) -330.2
Slide 36: Successful debt refinancing in 2026
APPENDIX 5: Successful debt refinancing in 2026 Bond redemption schedule as of 30th June 2026 ● Smooth debt repayment schedule: ○ €850M hybrid debt called and repaid value February 9, 2026 In €M ○ €750M senior repaid in June 2026 ● Successful bond debt issuance: ○ €2.5bn triple tranche senior (5-yea
Slide 37: Net liquidity
APPENDIX 6: Net liquidity In €M June 2025 June 2026 Syndicated credit lines 4,500.0 4,500.0 Bilateral credit lines 720.9 764.8 Lines of credit - - Cash and cash equivalents 6,861.7 6,767.1 Total Veolia 12,082.6 12,031.9 Subsidiaries Bilateral credit lines 1,117.1 608.1 Cash and cash equivalents(1) 2
Slide 38: Statement of cash flows
APPENDIX 7: Statement of cash flows In €M June 2025 June 2026 EBITDA 3,367 3,552 Net industrial investments -1,747 -1,630 WCR variation -1,171 -1,238 Dividends received 74 74 Renewal expenses -157 -150 Restructuring and other non current charges -85 -103 Taxes paid -330 -371 Interest paid (incl. IFR
Slide 39: Consolidated statement of financial position
APPENDIX 8: Consolidated statement of financial position In €M June 2025 June 2026 Intangible Assets 19,163 21,979 Property, Plant & Equipment 17,548 19,263 Other non-current assets 5,918 6,322 Operating financial assets (current and non-current) 1,311 1,184 Cash and cash equivalents 7,330 7,288 Oth
Slide 40: Forex
APPENDIX 9: FOREX Reminder on Forex for Veolia: c.40% Euros / c.60% non Euros ➔ No impact on margin rate ➔ No transaction exposure ➔ Translation exposure only: revenues and costs in the same currency H1 2025 H1 2026 Variation 1€ = xxx foreign currency closing rate average rate closing rate average r
Slide 41: Important disclaimer
This document presents the results for the first half of 2026. The consolidated accounts and operating and financial review, as approved by the Board of Directors, in its meeting held on 29 July 2026, are available on Veolia’s website at https://www.veolia.com/en/veolia-group/finance. IMPORTANT DISC
Slide 42: Contacts
CONTACTS Analyst & Investor Relations Media Relations Selma Bekhechi Laurent Obadia Head of Investor Relations Deputy CEO in charge of Stakeholders and E-mail: selma.bekhechi@veolia.com Communications, Advisor to the Chairman E-mail: laurent.obadia@veolia.com Ariane de Lamaze Vice President, Investo