Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — Merger or Acquisition (November 2025)
22 slides from Veolia Environnement Sa's merger presentation, Nov 21, 2025
Slide 1: Acquisition of Clean Earth
Acquisition of Clean Earth 21 November 2025
Slide 2: Highlights
Highlights Estelle Brachlianoff, Chief Executive Officer, Veolia
Slide 3: Key highlights
Key highlights Acquisition enhancing Group growth profile and international footprint Fully aligned with GreenUp plan and priority boosters Doubling Veolia size in the fast growing US Hazardous Waste sector and reaching #2 position (1) Enterprise Value of $3.0bn (c.€2.6bn), i.e. 9.8x(2) EBITDA 2026e
Slide 4: US & Global Leadership accrued with strategic acquisition
US & Global Leadership accrued with strategic acquisition > Veolia is the #1 Worldwide player in Hazardous Waste, generating €4.3 billion in revenues in 2024 ○ Doubles the size of Veolia’s US Hazardous Waste operations and becomes #2 in the US(1) ○ Infrastructure and Scale: A complementary network o
Slide 5: Clean Earth acquisition fully aligned with GreenUp
Clean Earth acquisition fully aligned with GreenUp GreenUp: investing priority in Boosters, combined with resilience of Strongholds ＞ Water Clean Earth = Boosters Technologies Outside Europe, ＞ Hazardous notably USA, Middle Hazardous Waste enhanced growth Waste East, Australia + 5-10% CAGR ＞ Bioener
Slide 6: Clean Earth: A key player in U.S. Hazardous Waste with unique assets
Clean Earth: A key player in U.S. Hazardous Waste with unique assets Revenue by customers1 2026E Financial KPIs2 12% Healthcare 17% 60%+ $1,030m $200m Construction 45% FCF/EBITDA & Infra Revenue by Revenues EBITDA conversion customers1 Industrials 26% Retail Unique network of assets with 82 permitte
Slide 7: Doubling Veolia presence in US Hazardous Waste
Doubling Veolia presence in US Hazardous Waste Other Other Soil 7% Soil 4% remediation Soil remediation 1% remediation 8% 16% Incineration/ US Haz Waste Revenue US Haz Waste elimination Revenue Incineration/ 2025E: Revenue 22% 2025E: elimination 2025PF: c.$1.2bn c .$980m Waste 12% Collection $2.2bn
Slide 8: Reaching #2 position in the US Hazardous Waste sector
Reaching # 2 position(1) in the US Hazardous Waste sector Nationwide reach ＞ National reach with combined Clean Earth Installations Treatment, Storage and presence across 39 states Disposal Facility (TSDF) Universal and electronic Waste ＞ Strong asset Soil remediation complementarities: Metal recycl
Slide 9: Veolia (inc. Clean Earth), an international Hazardous Waste leader
Veolia (inc. Clean Earth), an international Hazardous Waste leader NE W Veolia (inc. Clean Earth) New Hazardous Waste Profile Main Financial KPIs - Proforma 2025E A Global Network Revenue EBITDA Europe #1 EBITDA €5.2bn Margin €2.5bn €0.9bn (~$6bn) 17% W Enhanced Hazardous Waste ambition NE Africa &
Slide 10: Booster activity supported by sustained demand and megatrends
Booster activity supported by sustained demand and megatrends CLIENTS' CHALLENGES > Licence to operate for industries Health Strategic Essential Protection Independence Services PFAS Local Energy, Strategic > Regulatory compliance Micropollutants Metals & Minerals requiring innovative treatments Env
Slide 11: With Clean Earth acquisition, US revenue will reach c.$6.3bn
With Clean Earth acquisition, US revenue will reach c.$6.3bn, representing 12% of Veolia Group, reinforcing international footprint 2025E Proforma Veolia + Clean Earth Revenue France 19% Europe Rest of the World 42% and Water Tech 2025E Proforma 39% Revenues o/w US 12% 11
Slide 12: Synergies & integration
Synergies & integration Bob Cappadona President and CEO, Environmental Solutions and Services North America, Veolia
Slide 13: Complementarity of Clean Earth and Veolia, yielding significant synergies
Complementarity of Clean Earth and Veolia, yielding significant synergies SIGNIFICANT COST DE-RISKED INTEGRATION SYNERGIES $120m Expected ＞ Strong track-record of Veolia in expected ＞ Waste disposal implementation integration and synergy delivery run-rate ＞ Transport costs of ＞ Deep knowledge of the
Slide 14: Financials and next steps
Financials and next steps Emmanuelle Menning, Deputy CEO Finance and Purchasing, Veolia
Slide 15: Strong value creation
Strong value creation INDICATIVE SYNERGIES RAMP-UP In $m STRONG VALUE CREATION ＞ Current EPS accretion from Year 2 ＞ Enhanced growth profile with increased exposure to attractive US market and improved activity mix ＞ Expecting run rate synergies of $120m, backed by solid track record ＞ Leading to 9.
Slide 16: Full cash acquisition in line with disciplined financial policy
Full cash acquisition in line with disciplined financial policy and reiterated commitment to BBB / Baa1 ratings ＞ Financing in cash and bond issuances ＞ Strong liquidity maintained during the transaction process and post completion Clean Earth Enterprise Value ＞ Group leverage ○ Around or slightly a
Slide 17: Accelerating portfolio pruning with €2bn+ new disposals
Accelerating portfolio pruning with €2bn+ new disposals, leading to a total of c.€8.5bn asset rotation Investments > Accelerating portfolio mainly in growth Boosters pruning with the Clean Earth (Water Technologies, Hazardous c.€2.6bn Waste, Bioenergy, outside c.€2.3bn acquisition coupled with €2bn+
Slide 18: Expected calendar and next steps
Expected calendar and next steps CONTEMPLATED CALENDAR TO CLOSING ＞ Carve out from Enviri of non Clean Earth assets, Veolia to acquire remaining ＞ Closing targeted mid 2026 after completion of the carve out and regulatory approval ＞ Strong experience of Veolia in acquiring and integrating assets (e.
Slide 19: A major step in the Group transformation and the strengthening of our financial profile
A major step in the Group transformation and the strengthening of our financial profile Unlocking a new growth potential for the Group > Acquisition of Clean Earth for ~€2.6bn doubles our size in the Hazardous Waste US > Veolia becomes #2 in the US fast growing Hazardous Waste sector and #1 worldwid
Slide 20: Questions & Answers
QUESTIONS & ANSWERS
Slide 21: 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 22: 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
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