Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — Investor Day (2025)
41 slides from Veolia Environnement Sa's investor day presentation, Nov 26, 2025
Slide 1: -DECARBONIZIN F
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Slide 2: Agenda
AGENDA 1. New Urban Energy: Focus on Urban Heating 2. Value Creation Model 3. Example of a Decarbonization Journey in Central Europe 4. Roundtable
Slide 3: New Urban Energy: Focus on Urban Heating
NEW URBAN ENERGY: FOCUS ON URBAN HEATING Estelle BRACHLIANOFF Chief Executive Officer, Veolia
Slide 4: Major Trends Shaping the Energy Sector
Major Trends Shaping the Energy Sector DRIVERS > Energy security of supply Natural Stronger through local sourcing Resources Environmental Scarcity Regulations > Decarbonization Steady Strategic Growth Independence > Energy efficiency in Energy Demand > Flexibility Climate Price Change Volatility >
Slide 5: Veolia, a Leader in Urban Energy
Veolia, a Leader in Urban Energy 30% 35% Bioenergy, Flexibility Waste & Energy Services €44.7bn 25% €11bn 70% 2024 Energy 2024 District heating Revenues Revenues and cooling networks 1 (Stronghold) 40% Water +€1bn energy revenue in combination with waste energy 1 As per 2024 Publication: industrial
Slide 6: Our Value Proposition in Energy
Our Value Proposition in Energy NEW URBAN ENERGY at the scale of a city, a district, an industrial park, a building Energy Services Activities District Heating Bioenergy for Buildings Networks1 and Flexibility and Industries2 > Heat Production > Energy Performance > Heat & Power & distribution Guara
Slide 7: Urban Heating Undergoing Significant Shifts
Urban Heating Undergoing Significant Shifts Heat is 50% of energy consumed Fossil-fuel share* in Europe Reduce dependency on 13% of heat is consumed through fossil fuels 79% 80% 70% urban networks in Europe of which 56% from fossil fuels Network efficiency** Regulation pushing up network efficiency,
Slide 8: What Makes Veolia Unique in Urban Heating Activities
What Makes Veolia Unique in Urban Heating Activities Public Procurement Expertise & Local Presence Combining Veolia Activities Knowledge of institutional clients, Access to upstream resources thanks to proficiency in public tenders and dense our activities in water and waste (wood, network with esta
Slide 9: An Outstanding Urban Heating Asset Base Built Over Time
An Outstanding Urban Heating Asset Base Built Over Time VEOLIA’S DEVELOPMENT SINCE 1980 TODAY Network ~500 heating networks Entering new Decarbonization of privatization to serving 7 Million geographies existing networks increase efficiency customers or 9% of connected Europeans Urban 1st network 1s
Slide 10: Robust Local Presence Enabling Sustained Growth
Robust Local Presence Enabling Sustained Growth Veolia owns most of the networks it Harbin operates (>75%) Poznań Existing networks expanding with Warsaw growing cities Heating networks being created Prague Tashkent in new districts and medium-sized cities Veolia-owned or -operated DHN 10
Slide 11: An Extended Portfolio of Solutions Aligned with Future Trends
An Extended Portfolio of Solutions Aligned with Future Trends TOWARDS HEATING NETWORKS OF TOMORROW EFFICIENT High Standard Heating Networks SECURED Relying on Diversified Local and Secured Sourcing AFFORDABLE Protection against price volatility SUSTAINABLE Using Decarbonized Energy FLEXIBLE Balancin
Slide 12: A Proven Track Record in Large-scale Decarbonization with Fuel Mix
A Proven Track Record in Large-scale Decarbonization with Fuel Mix A Unique Know-how in both Transformation and Operation Without Service Interruption DECARBONIZATION INVESTMENTS PLANNED €0.7Bn €1.6bn already spent (since 2018) cumulated in 2030 SUSTAINABILITY GERMANY, CZECH REPUBLIC, POLAND, Brauns
Slide 13: Securing Heat Supply by Combining with Waste and Water Activities
Securing Heat Supply by Combining with Waste and Water Activities & Using Local Energies SECURITY OF SUPPLY COMBINING COMBINING COMBINING WITH WASTE WITH WATER WITH LOCAL ENERGY ● Connecting Energy Recovery ● Producing Heat and Cold from ● Leveraging any local energy Facilities wastewater treatment
Slide 14: Enhancing Energy Efficiency with Innovative Solutions
Enhancing Energy Efficiency with Innovative Solutions 88% Group Average Network Efficiency Rate in 2024* EFFICIENCY AFFORDABILITY FLEXIBILITY PRODUCTION DISTRIBUTION FLEXIBLE EFFICIENCY EFFICIENCY ASSETS ● Optimizing resource ● Cutting heat losses ● Ensuring stability for greener consumption to prod
Slide 15: 100% Renewable Heat Source Network
100% Renewable Heat Source Network A Showcase for Future Heating Networks SUSTAINABILITY ● Cross-border initiative between Görlitz (Germany) and Zgorzelec (Poland) ● Financial support at EU and National levels Görlitz & ZgorzelecPoland ● 30,000 people connected to the network ● Shifting from gas to
Slide 16: Ecothermal Grid Innovative Offer
NEW “ECOTHERMAL GRID” Innovative Offer AFFORDABILITY EFFICIENCY SECURITY OF SUPPLY VEOLIA PROPOSAL FOR CLEANER, SMARTER, AND MORE SUSTAINABLE CITIES TARGETED REGIONS > To deliver a direct route to carbon-neutral 1. Priority markets Objective heating and cooling for existing or greenfield 2. Compleme
Slide 17: Our Ambition
Our Ambition DRIVERS WINNING FORMULA 2030 AMBITION PAVE THE WAY IN > Security of supply through > An Outstanding Urban HEATING NETWORK local sourcing Heating Asset Base, TRANSFORMATION Strong Local presence > Decarbonization Become the #1 > Innovative Offers in Urban Heating > Energy efficiency > Ab
Slide 18: Value Creation Model
VALUE CREATION MODEL Emmanuelle MENNING Deputy CEO Finance and Purchasing, Veolia
Slide 19: Urban Heating KFIs
Urban Heating KFIs Key positioning in Central and Eastern Europe Business Centered Around Heat Delivery Uzbekistan 20% Electricity €0.4bn Poland Germany €2.9bn By-product of heat €1.0bn Czech through cogeneration Republic Slovakia ● Most efficient electricity (>90%) €1.1bn €0.4bn ● Prioritary on the
Slide 20: Urban Heating: A Powerful Stronghold Capturing Value at Every Step
Urban Heating: A Powerful Stronghold Capturing Value at Every Step of the Value Chain Presence in the Whole Value Chain EBITDA EBITDA ● Resilient and macro-resistant business thanks to (i) regulated heat prices and (ii) Margin Margin pass-through formulas ~17% ~15% ● Delivering higher margins when c
Slide 21: Urban Heating: an Integrated Advantage
Urban Heating: an Integrated Advantage Clear and Identified Levers to Optimize and Secure the Value Management Key Levers Owned Assets Operational Stable Affordability & Long-term contracts Know-How Customer Base Security of supply Perimeter not subject to Long-term proven Natural local heat tenders
Slide 22: A Resilient Business Model: Protected From Price Volatility
A Resilient Business Model: Protected From Price Volatility Flexible Operations and Strategic Hedging Transforming Commodity Risk into Value Creation Protection from volatility Stress Test Demonstrated Resilience 1 80% 20% Heat Electricity Energy Cogeneration Natural pass-through Centralized hedging
Slide 23: Growth: EBITDA Trajectory
Growth: EBITDA Trajectory Mid-Single Digit Growth Leveraging on Operational Expertise and Coal Exit EBITDA Building Blocks Recurring and controlled EBITDA aligned with the 0) Stronghold expectations 1-3 R (2 IT CAG Flexibility & Green DIG Value Creation E premiums -SINGL Heat spread boosted by Coal
Slide 24: Organic Growth
Organic Growth Urban Heating Growth Aligned with Stronghold Expectations New connections Additional services Geographical Development ● Incentives to connect to a ● Energy efficiency packages to final ● Growth through concession decarbonized network customers (synergies with booster) or PPP contract
Slide 25: Performance Optimization Driven by Operational Know-How and Digitalisation
Performance Performance Optimization Driven by Operational Know-How and Digitalisation Production Digitalization & AI Diversified Production Assets & Network Efficiency Reducing leakages & optimizing Forecasting demand to optimize Multifuel assets to seize market heat temperature heat production opp
Slide 26: Capital Allocation: Coal Exit on Track
Capital Allocation: Coal Exit on Track On-schedule Delivery: Strong Execution Skills & Replicable Model of Value Creation €0.7bn already spent 2025 €1.6bn cumulated in 2030 2024 2028 2030 Braunschweig, Germany Łódź, Poland Ostrava, Czech Republic Coal → Natural Gas Coal → Heat pump Coal → Biomass +
Slide 27: Coal Exit Delivering IRR > 10%
Coal Exit Delivering IRR > 10% Strategic Investments Driving Double Digit Returns IRR DRIVERS ADDITIONAL VALUE Heat spread & CO2 savings Flexible assets Avoided CO2 purchase and cheaper fuels Adapted to fluctuating electricity markets IRR>10% Electricity volumes Green Efficient network* Additional v
Slide 28: Coal Exit: Example of Value Creation Levers
Coal Exit: Example of Value Creation Levers Customized Energy Transitions to Maximize Value Creation Heat spread Braunschweig, Germany Poznań, Poland Přerov, Czech Republic & CO2 Savings Electricity volumes CO2 CO2 CO2 Regulatory Emissions Emissions Emissions incentives -45% -60%* -55% Reduced fixed
Slide 29: A Business Model Creating Value Sustainably
A Business Model Creating Value Sustainably Driving Value through Operational Excellence and Decarbonization Expertise Growth Performance Capital Allocation Value Creation > New connections leveraging > Extensive expertise Coal Exit investment on track our efficient network in network management (€0
Slide 30: Example of a Decarbonization Journey in Central Europe
EXAMPLE OF A DECARBONIZATION JOURNEY IN CENTRAL EUROPE Pavel Míčka Head of Transformation and Performance, Central and Eastern Europe, Veolia
Slide 31: Veolia, a Major Heat Provider in Central & Eastern Europe
Veolia, a Major Heat Provider in Central & Eastern Europe VEOLIA ENERGY IN CENTRAL & EASTERN EUROPE Top 3 Tashkent for heat supply in Poland, Czech Republic, Poznań Hungary Braunschweig Görlitz Warsaw Łódź Prague Karviná 5.7 M Přerov Inhabitants connected Bratislava Budapest Pecs Major urban heating
Slide 32: Boosting Network Operational Performance
Boosting Network Operational Performance Leading the Way in High Standard Networks VEOLIA’S ADDED VALUE Decarbonizing and Providing energy storage Increasing Optimizing Securing heat supply for enhanced autonomy efficiency with Digital & AI with Renewables and security and flexibility > Geothermal >
Slide 33: Poznań, a Showcase for Major Network Transformation
Poznań, a Showcase for Major Network Transformation From Coal to Gas to Renewables VEOLIA’S APPROACH ENERGY MIX EVOLUTION IN POZNAŃ Local Environment 2021 2030 To Net Zero Consensual Solution Sustainable Legal Assets Framework Transformation 1,360 540 0 kt CO 2 kt CO 2 kt CO 2 POZNAŃ DECARBONIZATION
Slide 34: Creating Additional Value by Combining our 3 Businesses
Creating Additional Value by Combining our 3 Businesses Combination with Waste Combination with Water Waste providing fuel to thermal plants Residual Heat from drinking water in Prague (V Tower) or Budapest (University, Přerov Heating Plant: Administrative buildings) ● Multifuel boiler (RDF, gas, bi
Slide 35: Strong Potential for Growth By Network Expansion or Creation
Strong Potential for Growth By Network Expansion or Creation Network Expansion New Network Number of connections increasing High attractiveness of new in Veolia operated networks geothermal-based network Poznań: +27% network expansion Veolia geothermal solution for new network since 2015 in Romania
Slide 36: Roundtable
ROUNDTABLE POZNAŃ DECARBONIZATION Jacek Jaśkowiak Philippe Guitard Jakub Patalas Mayor of Poznań Head of Central and Eastern Europe Zone, Veolia CEO, Poznań site, Veolia
Slide 37: Wrap Up
WRAP UP Estelle BRACHLIANOFF Chief Executive Officer, Veolia
Slide 38: Key Takeaways
Key Takeaways 2030 AMBITION WHAT URBAN HEATING NEEDS TO MATCH PAVE THE WAY IN EUROPE’S AMBITIONS HEATING NETWORK Priority given to local TRANSFORMATION energy-based projects Become the #1 Faster permit approvals in Urban Heating in Europe Guarantee funds for Geothermal projects €350m revenue (such a
Slide 39: Questions & Answers
QUESTIONS & ANSWERS
Slide 40: Important Disclaimer
IMPORTANT DISCLAIMER Veolia Environnement is a corporation listed on the Euronext Paris. This presentation contains “forward-looking statements'' within the meaning of the provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of f
Slide 41: Contacts
CONTACTS Media Relations Media Relations Analyst & Investor Relations LaurentObadia Laurent Obadia Selma Bekhechi Deputy +33 Phone: CEO1in 85charge 57 89 of 43Stakeholders and Head of Investor Relations Communications, E-mail: Advisor to the Chairman laurent.obadia.@veolia.com Phone: +33 1 85 57 84