Veolia Environnement Sa · EURONEXT:VIE
Veolia Environnement Sa — 9M 2026 Earnings Presentation
36 slides from Veolia Environnement Sa's earnings presentation, Nov 5, 2026
Slide 1: 9M 2026 Key Figures
9M 2026 KEY FIGURES November 5th, 2026 Estelle Brachlianoff, CEO Emmanuelle Menning, CFO
Slide 2: Agenda
AGENDA 1 Highlights 2 9M 2026 Key Figures
Slide 3: Highlights
1 HIGHLIGHTS Estelle Brachlianoff, CEO
Slide 4: 9M 2026 Highlights
9M 2026 Highlights Strengthening of growth in Q3 confirms the value of our strategic positioning Strengthened growth in Q3 Strict operational execution and Value creating portfolio thanks to unique positioning discipline to improve margins transformation: more International & Tech Driven by strong I
Slide 5: Strong 9M 2026 and Guidance fully confirmed
Strong 9M 2026 and Guidance fully confirmed Revenue EBITDA EBITDA margin €33,310M up +2.6%(1) YTD €5,404M up +5.1%(2) 16.2% up +5.0%(1) in Q3 up +50bps Full confirmation of Improved 2026 guidance & Current GreenUp trajectory Strict EBIT(3) operational & balance sheet €2,950M discipline up +6.7%(2) (
Slide 6: How we sustain performance and growth despite geopolitical context and subdued macro
How we sustain performance and growth despite geopolitical context and subdued macro 1 Unique positioning with proprietary solutions for critical needs 2 International footprint in 45 countries - TOP3 in each country by activity 3 Combination of Strongholds/Infrastructure and Boosters/Tech activitie
Slide 7: Veolia: a unique positioning, with resilient growth supported by solid megatrends
1 2 3 4 5 Veolia: a unique positioning, with resilient growth supported by solid megatrends Strategic autonomy in Erosion face of of Purchasing Geopolitical Power Tensions Veolia, a global Tension Around Access Systemic powerhouse to to Energy & Pollution Strategic benefit from solid Resources Megat
Slide 8: Strengthening of growth in Q3, driven by 80% International
1 2 3 4 5 Strengthening of growth in Q3, driven by 80% International AMERICAS, ASIA EUROPE (42.8%) PACIFIC, AFRICA MIDDLE-EAST (27.3%) Revenue up +3.8%(1)(2) YTD Revenue up +6.9%(1)(2) in Q3 Revenue up +4.7%(1) YTD International businesses more Revenue up +6.2%(1) in Q3 profitable and faster growing
Slide 9: Solid commercial momentum in Stronghold/Infrastructure activities, notably in Water
1 2 3 4 5 Solid commercial momentum in Stronghold/Infrastructure activities, notably in Water €1bn 25-year drinking Water services €2bn landmark Water Contract in New £0.7bn Waste Contracts in the contract in Spain (8 municipalities Colombia to Modernize Cúcuta’s UK with East London and Surrey aroun
Slide 10: Promising awards in Boosters/Tech activities
1 2 3 4 5 Promising awards in Boosters/Tech activities Desalination: award of a large new Hazardous Waste & Water tech: 3 Strategic Agreements to unit in Hamriyah UAE, and new many contracts awarded with Accelerate the Saudi Arabia O&M contract in Oman, confirming MicroE industries Kingdom's Environ
Slide 11: Strict operational execution with recurring efficiency plan, enhanced by AI
1 2 3 4 5 Strict operational execution with recurring efficiency plan, enhanced by AI Recurring efficiency plan: €294M YTD in line with annual target of >€350M Digital and AI increasing contribution AI for Water, Waste and Energy sustaining plan over time Management Veolia and Microsoft joint public
Slide 12: Strong and specific action plans to protect margins
1 2 3 4 5 Strong and specific action plans to protect margins Specific price Specific savings plan Specific action plan in increases thanks to Water Tech launched our pricing power/Top mid 2026 3 position ● E.g. France ● E.g. Germany ● Price increases: Chemicals ● E.g. fuel surcharges in ● G&A reduc
Slide 13: GreenUp in action: value creation via accelerated portfolio transformation
1 2 3 4 5 GreenUp in action: value creation via accelerated portfolio transformation Acquisitions ● Outside Europe/International and growth ● Boosters activities/Tech ● Enhanced growth capex ● Sustained EPS priorities progression ● ROCE enhancement ● Strict balance sheet Disposals ● Non strategic (E
Slide 14: €8bn+ assets rotation in 4 years: more International & Tech
1 2 3 4 5 €8bn+ assets rotation in 4 years: more International & Tech 2024 2025 9M 2026 Mid 28 Acquisitions: ~90% in Boosters/Tech Acquisitions €3.0bn ~80% outside Europe €2.4bn €0.6bn Disposals €0.1bn €0.2bn €1.0bn NEW c.€2bn o/w €570m e.g. SADE, already RGS signed Main moves SADE, RGS WaterTech Cl
Slide 15: Successful start of Clean Earth integration
1 2 3 4 5 Successful start of Clean Earth integration Merged $3bn teams acquisition Successful closed in June start, in line with plan Ready to deliver $120m Accretive cost synergies from 2027 over 4 years (1) including Clean Earth 15
Slide 16: €2bn+ disposal plan well underway
1 2 3 4 5 €2bn+ disposal plan well underway: €570M already signed at an average multiple of 10.4x and all processes launched NEW Non strategic Non Top 3 Mature E.g. Oil recycling activity, E.g. Recycling, Netherlands E.g. Dry Waste, Czech Republic Europe E.g. Recycling, South Korea E.g. Facility Man
Slide 17: 9M 2026 Key Figures
9M 2026 2 KEY FIGURES Emmanuelle Menning, CFO
Slide 18: Strengthening of growth in Q3 and strong underlying EBITDA growth
Strengthening of growth in Q3 and strong underlying EBITDA growth Q3 revenue up +5.0%(1) In €M 9M 2025 9M 2026 Variation at constant scope and forex +2.1% Revenue 32,323 33,310 +2.6% excl. energy prices EBITDA 5,080 5,404 +5.1% FX impacts* (vs. 9M 2025) €M % EBITDA margin 15.7% 16.2% +50bps (current
Slide 19: Growth acceleration in Q3 driven by International
Growth acceleration in Q3 driven by International Revenue in €M H1 2026 Q3 2026 9M 2026 Var. vs 2025 at cst scope and fx -4.8% +2.3% -2.5% Water Technologies 3,403 +0.6% excl. projects +6.4% excl. projects +2.6% excl. projects Americas, Asia Pacific, Africa +3.9% +6.2% 9,067 +4.7% Middle-East +1.1%
Slide 20: Water: Strong performance of Municipal Water and progressive rebound in Water Technologies
Water: Strong performance of Municipal Water and progressive rebound in Water Technologies Variation vs. 9M 2025 9M 2026 Evolution vs 9M 2025 Revenue 9M 2025 12,981 Municipal Water revenue of €9,762M, up +4.5%(1) Scope -0.1% ● Favorable hot summer throughout our geographies: e.g.: water volumes up 3
Slide 21: Waste: Resilient performance despite sluggish macro and adverse weather
Waste: Resilient performance despite sluggish macro and adverse weather Variation vs. 9M 2025 9M 2026 Evolution vs 9M 2025 Revenue 9M 2025 11,523 Rebound of Solid Waste in Q3, up +4.3%(1), leading to 9M revenues of €8,512M, up +1.1%(1) Scope(3) +3.2% ● Significant rebound in Q3 in the UK (+14.8%), i
Slide 22: Energy: Solid performance supported by a good heating season in CEE
Energy: Solid performance supported by a good heating season in CEE Variation vs. 9M 2025 9M 2026 Evolution vs 9M 2025 Revenue 9M 2025 7,820 Scope +0.3% District Heating & Cooling Networks revenue of €5,453M, up +3.3%(1) Forex +0.6% ● Very good heating season, supported by favorable weather Commerce
Slide 23: 9M 2026 Revenue of €33,310M, up +2.6% excl. energy prices
9M 2026 Revenue of €33,310M, up +2.6%(1) excl. energy prices In €M (1) Evolution vs 9M 2025 Organic growth: +2.6% excluding energy prices Forex: Back to positive since Q2 thanks to HUF, AUD and CZK appreciation Scope: Significant ramp-up since Q2 with EnviroPacific in Australia and consolidation of
Slide 24: 9M 2026 EBITDA of €5,404M, up +5.1%
9M 2026 EBITDA of €5,404M, up +5.1%(1) In €M Evolution vs 9M 2025 Forex: Back to positive since Q2 ● No impact on margin (translation only) ● c. 60% of revenue non euro Organic growth: +5.1%(1) Organic growth ● Energy and recyclate prices: temporary diesel price-cost squeeze partially offset by fuel
Slide 25: Current EBIT of €2,950M, up +6.7%
Current EBIT(1) of €2,950M, up +6.7%(2) Variation Evolution vs 9M 2025 at constant In €M 9M 2025 9M 2026 scope and Current EBIT(1) up +6.7%(2), forex showing good operating leverage EBITDA 5,080 5,404 +5.1% ● Amortization excl. OFA up +2.9%(2) ● JV progression due to one time items Renewal expenses
Slide 26: Strict balance sheet discipline
Strict balance sheet discipline In €M Strict balance sheet discipline ● Net financial debt(1) at €25.4bn well under control ● Leverage ratio slightly above 3x end 2026 as expected, and back to ≤3x in 2027 ● Strong Investment grade rating ● Successful bond issuances in 2026 covering all 2026 needs. W
Slide 27: 2026 guidance and GreenUp trajectory confirmed
2026 guidance and GreenUp trajectory confirmed 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 group share(3) including Clean Earth €2bn+ disposal plan to be Current EPS Curre
Slide 28: Appendices
APPENDICES Qveoua
Slide 29: Appendix 1: Selection of recent events
APPENDIX 1: Selection of recent events ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch?v=K https://edge.media-server.com/mmc/p/99e oSk8eA8KEo bma2t/lan/en/ AND PRESENTATION AND PRESENTATION ACCESS TO REPLAY ACCESS TO REPLAY https://www.youtube.com/watch?v=HU https://webapp.spotme.com
Slide 30: Appendix 2: 9M 2026 Detailed Revenue by geography
APPENDIX 2: 9M 2026 Detailed Revenue by geography Variation at constant In €M 9M 2025 9M 2026 scope and forex Water Technologies 3,555 3,403 -2.5%/+2.6%(1) Americas, Asia Pacific, Africa Middle-East 8,334 9,067 +4.7% North America 2,362 2,680 +4.8% Latin America 1,382 1,589 +10.9% Asia - Pacific 3,2
Slide 31: Appendix 3: 9M 2026 Detailed Revenue by business
APPENDIX 3: 9M 2026 Detailed Revenue by business(1) In €M Variation at constant 9M 2025 9M 2026 scope and forex Municipal Water 9,425 9,762 +4,5% Water Technologies 3,555 3,403 -2.5%/+2.6%(2) Total Water 12,981 13,165 +2.6% Solid Waste 8,397 8,512 +1.1% Hazardous Waste 3,126 3,566 +2.6%/+6.3%(3) Tot
Slide 32: Appendix 4: Net financial debt of €25,423M
APPENDIX 4: Net financial debt of €25,423M(1) o/w Clean Earth Net FCF of -€200M Net financial debt(1) of €25,423M at 30/09/2026 vs. €19,657M at 31/12/2025, with classical FCF seasonality, closing of Clean Earth acquisition in June and €500M hybrid debt repaid in Sept. (1) before Suez PPA 32
Slide 33: Appendix 5: Successful debt refinancing
APPENDIX 5: Successful debt refinancing Bond redemption schedule as of end Nov. 2026 ● Smooth debt repayment schedule: ○ €850M hybrid debt called and repaid value February 2026 ○ €750M senior repaid in June 2026 ○ €500M hybrid debt called and repaid value September 2026 ○ €650M senior repaid in Nove
Slide 34: Appendix 6: Forex
APPENDIX 6: 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 09M 2025 09M 2026 Variation 1€ = xxx foreign currency closing rate average rate closing rate average
Slide 35: Important Disclaimer
This document presents the key figures for the first nine months of 2026. The operating and financial review, as approved by the Board of Directors, in its meeting held on 4 November 2026, is available on Veolia’s website at https://www.veolia.com/en/veolia-group/finance. IMPORTANT DISCLAIMER Veolia
Slide 36: Contacts
CONTACTS Analyst & Investor Relations Media Relations Selma Bekhechi Laurent Obadia Head of Investor Relations Deputy CEO in charge of Stakeholders and E-mail: [email protected] Communications, Advisor to the Chairman E-mail: [email protected] Ariane de Lamaze Vice President, Investo