Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — Q1 2026 Earnings Presentation
34 slides from Veolia Environnement Sa's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Key Figures
Q1 2026 KEY FIGURES May 6th, 2026 Estelle Brachlianoff, CEO Emmanuelle Menning, CFO
Slide 2: Agenda
AGENDA 1 Highlights 2 Q1 2026 Key figures
Slide 3: Highlights
1 HIGHLIGHTS Estelle Brachlianoff, CEO
Slide 4: A good start of the year
A good start of the year combining resilient growth and solid performance Resilient growth and solid EBITDA progression, in line with guidance Confirmation of resilient growth profile thanks to unique positioning with worldwide footprint and expertise & multilocal delivery - Limited Middle-East war
Slide 5: Resilient growth and solid EBITDA progression
Resilient growth and solid EBITDA progression, in line with annual guidance Q1 2026 KEY FIGURES KEY TAKEAWAYS Revenue: €11,427M, up +2.1%(1) Resilient growth in a geopolitical wait-and-see environment EBITDA: €1,766M, up +5.1%(2) Continued margin expansion fueled by strategic portfolio management an
Slide 6: Unique positioning combining resilience and growth
Unique positioning combining Resilience and Growth 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-East ● NO dependency on subsidies or ● Techn
Slide 7: Unique multi local positioning and Middle-East impact
Unique multi local positioning leading to limited Middle-East war impact Overall resilience as Limited Middle-East exposure demonstrated in 2022/24 ● #1 priority: Staff Security ● Fuel cost inflation: globally pass through or slightly positive for Veolia ● 2025 revenues: €1.3bn ○ c.60% Water incl. d
Slide 8: Veolia: the environmental security powerhouse
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 9: Q1 2026 key developments: Good international growth
Q1 2026 key developments: Good international growth €2.8bn (24%) in AMERICAS, ASIA €5.4bn (47%) EUROPE, UP +3.0%(1)(2) PACIFIC, AFRICA MIDDLE-EAST, UP ● UK very strong commercial momentum: Isle of Wight +3.1%(1) , and +5.3% at constant forex (backlog £50 M), Hampshire PFI extended until 2035 (£126 M
Slide 10: Resilient growth and solid EBITDA progression in all activities
Resilient growth and solid EBITDA progression in all our activities Strongholds activities (1)(2) Revenue: €8,395M, up +2.5% ● Municipal Water: Solid growth in all key geographies ● Solid Waste: Mixed performance in Europe offset by international ● District Heating & Cooling Networks: Very good heat
Slide 11: Continued asset portfolio transformation
Continued asset portfolio transformation towards more international and innovation driven M&A synergy delivery New acquisitions Disposals Integration of Water Technology Acquisition of Enviropacific in Several divestments of non strategic following buyout of minority interests in Australia, closed i
Slide 12: 2030 ambition for growth related to innovative offers
2030 ambition for growth related to innovative offers AI industries Revenues: NEW “BeyondPFAS & New Pollutants” Revenues Data Center & Chip Manufacturing Organic Growth + New innovative Organic growth + technologies incl. egrade enhanced, duplicable c. €1bn c. €1bn sulfuric acid + soil remediation w
Slide 13: Leveraging Digital and AI to sustain efficiency
Leveraging Digital and AI to sustain Veolia’s recurring efficiency plan AI and Digital benefits Increasing contribution to efficiency plan Digital and AI to enhance employees, operations, Digital and AI gains customer service : share of operational efficiency NEW ● Enhanced productivity c. 50% ● Enh
Slide 14: Fully confirmed 2026 guidance
Fully confirmed 2026 guidance Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Clean Earth acquisition Current net income Min. +8% at constant forex group share(3) excl. Clean Earth Assuming closing mid 2026, accretive to current Net Income from 2027 (3) Current EPS C
Slide 15: Q1 2026 Key Figures
Q1 2026 2 KEY FIGURES Emmanuelle Menning, CFO
Slide 16: Solid Q1 performance
Solid Q1 performance, in line with annual guidance Reminder on Forex: Variation at constant In €M Q1 2025 Q1 2026 No impact on margin rate scope and forex +1.0% Revenue 11,507 11,427 ● c.40% Euros / c.60% non Euros +2.1% excl. energy prices ● No transaction exposure EBITDA 1,695 1,766 +5.1% ● Transl
Slide 17: Resilient growth in a geopolitical wait-and-see environment
Resilient growth in a geopolitical wait-and-see environment Q1 2025 Q1 2026 Variation at constant In €M Revenue Revenue scope and forex -2.2% Water Technologies 1,156 1,061 +4.3% excl projects Americas, Asia Pacific, Africa Middle-East 2,845 2,799 +3.1% +0.8% Europe 5,351 5,407 +3.0% excl. energy pr
Slide 18: Water: Strong performance of municipal water
Water: Strong performance of municipal water Evolution vs Q1 2025 Variation vs. Q1 2025 Q1 2026 Revenue Q1 2025 Municipal Water revenue of €3,010M, up +3.6%(1) 4,155 ● Solid growth in all key geographies notably Spain, North America, Scope -0.1% Central and Eastern Europe, fueled by commercial dynam
Slide 19: Waste: Resilient performance despite sluggish macro
Waste: Resilient performance despite sluggish macro and adverse weather Variation vs. Q1 2025 Evolution vs Q1 2025 Q1 2026 Revenue Q1 2025 3,811 Solid Waste revenue of €2,729M, -0.8%(1) Scope(2) +1.3% ● Good growth in the UK, Pacific and Latam, partially offset by Forex -2.4% slower Germany and Fran
Slide 20: Energy: Good performance boosted by supportive weather
Energy: Good performance boosted by supportive weather in CEE Evolution vs Q1 2025 Variation vs. Q1 2025 Q1 2026 Revenue Q1 2025 3,541 District Heating & Cooling Networks Scope +0.7% revenue of €2,657M, up +4.4%(1) Forex -0.4% ● Very good heating season in Central and Eastern Europe (notably Poland
Slide 21: Q1 2026 Revenue of €11,427M
Q1 2026 Revenue of €11,427M, up +2.1%(1) excl. energy prices Evolution vs Q1 2025 In €M Forex: depreciation of USD, GBP, ARS, JPY, CNY partially offset by HUF and CZK Scope, of which Hazardous waste tuck-ins in Organic growth: +2.1%(1) the US, Japan, Brazil and Australia excluding energy prices Orga
Slide 22: Q1 2026 EBITDA of €1,766M
Q1 2026 EBITDA of €1,766M, up +5.1%(1) Evolution vs Q1 2025 In €M Forex: Organic growth: +5.1%(1) ● No impact on margin (translation only) ● c. 60% of revenue non euro / international Group footprint Organic growth ● Energy prices: -€18M due to lower electricity prices in Waste to energy in the UK a
Slide 23: Efficiency gains in line with targets
Efficiency gains in line with targets Efficiency gains: €96M in Q1 2026 in line with annual target of >€350M SG&A Recurring operational 9% efficiency embedded in business model Procurement €96M Operational Target 50% of digital & 26% in Q1 2026 efficiency AI operational gains 65% in 2030 NEW 23
Slide 24: Current EBIT of €971M
Current EBIT(1) of €971M, up +7.2%(2) Evolution vs Q1 2025 In €M Q1 2025 Q1 2026 Variation EBITDA 1,695 1,766 +5.1%(2) Current EBIT(1) up +7.2%(2), showing good operating leverage Renewal expenses -74 -76 Amortization(1) including OFA repayment -750 -761 ➔ D&A excl. OFA up +2.3% at Industrial capita
Slide 25: Net financial debt of €20,797M
Net financial debt of €20,797M(1) Net FCF improvement despite WCR usual seasonality o/w Enviropacific for €137M Net FCF of -€762M vs -€906M in Q1 2025 Net financial debt(1) of €20,797M at 31/03/2026 vs. €19,657M at 31/12/2025, with classical FCF seasonality 25 (1) before Suez PPA
Slide 26: Fully confirmed 2026 guidance
Fully confirmed 2026 guidance Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Clean Earth acquisition Current net income Min. +8% at constant forex Assuming closing mid 2026, group share(3) excl. Clean Earth accretive to current Net Income from 2027(3) Current EPS Cu
Slide 27: Appendices
APPENDICES Qveoua
Slide 28: Appendix 1: Selection of recent events
APPENDIX 1: Selection of recent events NEW ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch?v https://edge.media-server.com/mm =KoSk8eA8KEo c/p/99ebma2t/lan/en/ AND PRESENTATION AND PRESENTATION ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch?v= https://webapp.spotme.c
Slide 29: Appendix 2: Detailed Revenue by geography
APPENDIX 2: Q1 2026 Detailed Revenue by geography Variation In €M Q1 2025 Q1 2026 Q1 26 vs Q1 25(1) Water Technologies 1,156 1,061 -2.2%/+4.3%(2) Americas, Asia Pacific, Africa Middle-East 2,845 2,799 +3.1% North America 741 707 +4.7% Latin America 509 525 +7.6% Asia - Pacific 1,179 1,160 -0.3% o/w
Slide 30: Appendix 3: Detailed Revenue by business
APPENDIX 3: Q1 2026 Detailed Revenue by business(1) In €M Variation Q1 2025 Q1 2026 Q1 26 vs Q1 25(2) Municipal Water 2,999 3,010 +3,6% Water Technologies 1,156 1,061 -2.2%/+4.3%(3) Total Water 4,155 4,070 +2.0% Solid Waste 2,791 2,729 -0.8% Hazardous Waste 1,019 1,035 +1.7%/+6.0%(4) Total Waste 3,8
Slide 31: Appendix 4: Successful debt refinancing in 2026
APPENDIX 4: Successful debt refinancing in 2026 Bond redemption schedule as of 6th May 2026 In €M ● Smooth debt repayment schedule: €850M of hybrid debt repaid in February 2026 ● Successful bond debt issuance: ○ €2.5bn triple tranche senior (5-year, 8-year and 12-year) issued in January 2026, averag
Slide 32: Appendix 5: Forex
APPENDIX 5: 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 Q1 2025 Q1 2026 Variation 1€ = xxx foreign currency closing rate average rate closing rate average r
Slide 33: Important Disclaimer
This document presents the key figures for the first quarter of 2026. The operating and financial review, as approved by the Board of Directors, in its meeting held on 5 May 2026, is available on Veolia’s website at https://www.veolia.com/en/veolia-group/finance. IMPORTANT DISCLAIMER Veolia Environn
Slide 34: 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