Slides
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AGENDA 1.Waste Transformation by Veolia 2.Hazardous Waste Booster 3.Performance & Business Models 4.Round Table
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WASTE TRANSFORMATION BY VEOLIA Estelle BRACHLIANOFF Chief Executive Officer, Veolia
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4 Health Protection PFAS Micropollutants Strategic Independence Local Energy, Strategic Metals & Minerals Industrialization & Reshoring Pharmaceuticals Microelectronics Essential Services Environmental Regulation CO2 & Biodiversity CLIENTS' CHALLENGES > Licence to operate for industries > Regulatory compliance requiring innovative treatments > Securing access to key resources (energy, materials, solvents…) > Impact reduction on health & environment Supportive Megatrends From an Essential Service to the “Mining” of Energy & Materials and Health Protection
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5 40% Water 25% Energy 35% Waste €15.7bn (incl. 11,4Md Solid Waste) €45bn 2024 Revenues “BOOSTER” #1 Worldwide in Hazardous Waste STRONGHOLD #1 in Europe in Circular Economy 10% Hazardous Waste €4.3bn Veolia a Leader Environmental Services, Circular Economy & Hazardous Waste
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Waste Business Portfolio 6 Solid Waste 73% 27% Hazardous Waste 2024 Revenues €15.7bn Balanced Portfolio for Stronger Resilience & Impact SOLID WASTE 55 Mtons treated with 500+ solid waste processing plants 9 TWh of energy generated 6.5 Mtons of recycled material (plastics, paper, metals etc) 1.5 Mtons of compost produced HAZARDOUS WASTE 8.7 Mtons of pollutants treated* in 300+ hazardous waste processing facilities * Impact scope related to the divestment of RGS (U.S.A.)
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7 WASTE MANAGEMENT SECTOR ~€1,300bn in 2025* ~3% growth per year by 2030* BOOSTER HAZARDOUS WASTE STRONGHOLD SOLID WASTE GreenUp 24-27 Ambition** ● Revenues Growth: Mid to high single digit CAGR ● EBITDA Growth: ~+10% CAGR ● Margin Expansion ● ROCE Increase: ~+50% ● +285 Kt new capacity opened by 2027 and +430 Kt/y when fully ramped up ● +100 Kt/y of new M&A treatment By 2030 ● Revenue Growth: +50% ● ~€1bn in PFAS & new pollutants treatment across activities ● Solid Revenue Growth ** 2023 Restated of RGS Disposal All the trajectory figures are expressed at constant forex Veolia, Championing a Growing Market * Veolia estimation (World Bank, Eurostat, Frost&Sullivan)
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8 Veolia’s Winning Formula to Lead Waste Transformation NPS 55 High Net Promoter Score (NPS) Key Asset Ownership Innovation & Technology Business Combination Energy / Waste / Water Technologies Worldwide Footprint Local Anchoring Top 3 in each country
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9 A Global Presence to Foster the Transformation of Waste Market This slide does not intend to reflect relevant markets from a competition law standpoint, nor Veolia’s positioning on such markets. U.S. #3 Hazardous waste Colombia #1 Hazardous waste #2 Solid waste Brazil #3 Solid waste Europe #1 Circular Economy #1 Hazardous waste France #2 Solid waste Germany #2 Solid waste United-Kingdom #2 Solid waste Australia #2 Solid waste #2 Hazardous waste Middle East #2 Hazardous waste China #3 Hazardous waste Veolia Revenue 2024: > €1bn > €0.1bn < €0.1bn Geographical Footprint Outside Europe 34% 2024 Revenues €15.7bn France 31% Europe 35% excluding France
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Creating Differentiating Solutions Through Combination Examples of Strategic Business Synergies & Combinations PFAS & New Pollutants €205m* revenue in 2024 from €0 in 2022 Bioenergies from Waste 9 TWh and €2.5bn revenue from combination in 2024 SOLID WASTE ENERGY HAZ. WASTE WATER TECH. European Sector Potential 150 GWth by 2030 Veolia Revenue Target €1bn by 2030 10* Combined revenue from water ops, water tech and hazardous waste
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HAZARDOUS WASTE REVENUES in €bn 2018 2.4 2021 3.1 2022 4.1 2023 4.2 2024 4.3 Strong Track Record of Resilience and Growth RESILIENCE GROWTH 2008 SOLID WASTE REVENUES in €bn Veolia revenue w/o Suez Suez contribution 2018-24 CAGR excl. Suez +4.5% 2018-24 CAGR incl. Suez +8% 11.4 2024 7.2 2018 8.2 2021 10.6 2022 10.5 2023 ● Volumes: new customers, volume expansion with existing customer, new regulations, new pollutants, population concerns ● Pricing & Mix Optimization ● New Offers & Innovation Toward more Added Value Solutions: ex. PFAS ● Geographical and Customer Balance ● Agility / Performance: long track record in efficiency plans, high utilization rate of assets ● Price Indexation, Pricing Strategy, Hedging of Commodities 2018-24 CAGR incl. Suez +10% 2018-24 CAGR excl. Suez +8% Veolia revenue w/o Suez Suez contribution 11
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HAZARDOUS WASTE BOOSTER Estelle BRACHLIANOFF Chief Executive Officer, Veolia
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Specialized Treatment for Every Type of Hazardous Waste Innovative Cutting-Edge Technologies Embedded in our Offers Physico-Chemical Treatment Wastewater contaminated with toxic material Ex: fly ashes, filter cakes, catalyst waste, … High Temperature Incineration Hazardous liquids, solids, sludge waste Ex: PCB, PFAS, pesticides, non chlorinated solvents, … Recycling & Regeneration Valuable & Recyclable Hazardous waste Ex: chlorinated solvents, acids, batteries, precious metals, spent oils, ... Specialised ‘class 1’ Landfilling Polluted minerals or materials to be stabilized and stored Ex: air pollution control residue, polluted sludges, powdery asbestos, ... Hazardous Waste characterization: traceability, safety, treatment path validation (~15% of the workforce, typically chemical engineers) Laboratory Analysis Soil Remediation Polluted soils sorted, treated and recovered Ex: soils contaminated by heavy metals (mercury, lead, etc.), hydrocarbons, PFAS, solvents, chlorinated compounds, ... 13
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Spent Solvent Recovery ® > Solvent regeneration to supply industrials with high-quality secondary raw materials guaranteeing the quality and safety > 73 plants with tolling model to customers 14 > Innovative recovery process able to produce technical grades metal hydroxides & carbonate (nickel, cobalt, lithium, copper) > Fed from a network of preparation units across Europe answering to the EU Critical Raw Material Act for EV Batteries Strategic metals separation ® & Battery Recycling PFAS - Plug & Sorb ® > Saturated activated carbon regeneration, even the most contaminated > Turnkey service with a complete range of filters and activated carbon to filter polluting emissions GeoMelt ® > In particular vitrification technologies adapted for radioactive waste > Reliable, safe and cost effective solution to treat polluted soils, or even metallic and reactive waste Fostering Change with Constant Innovation PFAS - DropFast™ > Innovative add-on solution allowing chemical reactions on PFAS during thermal treatment to perform pollutants destruction > 100% high temperature incinerators in Europe equipped by the end of 2025 New
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15 Veolia, Undisputed Leader Worldwide €4.3bn 2024 Revenues, 300+ Owned Treatment Assets North America #3 USA Latin America #1 Colombia Africa Middle East #2 Asia #3 China Pacific #2 Australia Europe #1 HAZARDOUS WASTE MANAGEMENT SECTOR ~€35bn* in 2025 ~3.5%* growth per year by 2030 New assets under construction Solvent Regeneration High Temperature Incineration Class 1 Landfill Physico-Chemical Treatment * Source: Emerton, Veolia estimation
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HAZARDOUS WASTE REVENUES GROWTH 16 1970-80's “Invention” of the hazardous waste sector from water activities 2030 Health Protection & Biodiversity By 2027: ● +285 kt new capacity opened, and +430 kt/y when fully ramped up ● +100 kt/y new capacity in 5 tuck-ins since Jan 25 ● 9Mt pollutants treated A Proven Growth Track Record and High Ambition From Pioneer to Global Leader 2014 €1.4bn >€6bn 2020 Impact 2020-2023 2024 GreenUp 2024-2027 €4.3bn 2027 +285 kt new plants +100 kt tuck-ins x3 +50% New €2.6bn New
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A Strong Ambition in Hazardous Waste 17 VEOLIA, A LEADER STRONG AMBITION IN HAZARDOUS WASTE GreenUp 24-27* ● Revenues growth: Mid to high single digit CAGR ● EBITDA Growth: ~+10% CAGR ● Margin Expansion ● ROCE Increase: ~+50% ● +285 Kt new capacity opened and +430 Kt/y when fully ramped up ● +100 Kt/y new M&A treatment By 2030 ● +50% Hazardous Waste Revenues ● ~€1bn in PFAS & new pollutants treatment across activities Worldwide footprint of owned treatment assets (300+) Wide range of technologies (physico-chemical treatment, high temperature incineration, soil remediation…) Continuous innovation Balanced customer portfolio Value creation via combination with water & energy Successful track record and growth strategy * 2023 Restated of RGS Disposal All the trajectory figures are expressed at constant FX Health protection Nature & biodiversity protection Industrialization Regulation New pollutants removal & strategic materials recovery SUPPORTIVE SECTORS & MEGATRENDS
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PERFORMANCES& BUSINESS MODELS Emmanuelle MENNING Deputy CEO Finance and Purchasing, Veolia
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SOLID WASTE
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Balanced Customer Portfolio Solid Waste: a key positioning in all our geographies FY24 €11.4bn Top #3 in the Geographies where we Operate FRANCE, #2 €3bn UK, #2 €2.2bn GERMANY , #2 €1.7bn SOUTH AMERICA €0.5bn (Colombia #2) AUSTRALIA, #2 €1.7bn ASIA €0.7bn 20 19% Commercial & Retail 15% Tertiary 16% Industrials Strong Position on a Mature Business EBITDA €1.5bn EBITDA Margin 13% ROCE** ~9% Above Group’s WACC ~50% Municipal Price Indexations Long Term contracts: 5 to 20 years duration Strong predictable FCF* NPS*** 49 2024 Figures* Free Cash Flow / ** ROCE calculated after tax / *** Net Promoter Score
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21 Transforming Waste into a Resource to Enhance Value Creation Collection & Services Sorting / Recycling Incineration Landfills ● Owned assets for Commercial & Industrial waste sorting, plastics, WEEE*, strategic metals ● Limited exposure to recycled materials prices ● Collected volumes to help to fill our treatment capacities ● Efficiency and selectivity in Municipal collection ● Long-term contracts Asset operated on behalf of customers ● Long term cash flow largely secured and high EBITDA margins ● Input waste can be sourced from collection business. Mainly owned sites ● High EBITDA margins Revenue FY24 €5.8bn EBITDA Margin 5-10% Revenue FY24 €2.5bn EBITDA Margin ~10% Revenue FY24 €1.8bn EBITDA Margin 20-25% Revenue FY24 €1.3bn EBITDA Margin 25-30% *Waste Electrical and Electronic Equipments Collection business “fueling” treatment assets Treatment Assets
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22 Agility & Positioning Top #3 in each geography Ability to protect and develop waste activities Balanced portfolio Geographical & Customer >90% renewal rate Including C&I, thanks to strong NPS Hedging strategy for electricity revenue Back to back contracts for recyclates Agility Long track record in efficiency plans Specific plans when needed: COVID, 2024/2025 (France, Germany) In figures +1%EU GDP Solid Waste (SW) Revenue +4.5% Revenue growth 2018-2024 SW Revenue excl. Suez +8% 2018-24 CAGR
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Strong track record of efficiency > Special focus on operational excellence and cost efficiency in different areas ● SG&A optimization ● Purchasing efficiency ● Process and production > Additional measures when needed, e.g plan Recover & Adapt during Covid Strong Track Record in Generating Efficiency Gains 23 Portfolio Rotation ● Disposing non-profitable entities, e.g disposal of German West Region in 2020 ● Disposing non-strategic activities, e.g collection centers not fueling treatment asset in France ● M&A: Tuck-in with quick synergies delivery, e.g Hofmann Group in Germany Commercial selectivity ● Municipal collection tenders: limited to the most profitable geographic areas & contracts Cost control ● Germany & France: Real estate optimization, interim cost control, maintenance cost optimization, SG&A reduction… Yearly savings ~1 % of revenues for the last 10 years
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Creating value through combination: Bioenergy 24 ~9 TWh of Energy produced ~€2.5bn Combined Bioenergy / Waste revenue in 2024 of which ~€1bn Bioenergy sales Energy ~20% of Waste to Energy Revenue ~€0.4bn revenues Power and Heat Waste to Energy plants VALUE CREATION Revenue growth Large demand for: ● Affordable & Sustainable energy ● Locally sourced & secured energy Margin accretion > Boosting returns with additional margin > Unique positioning Alternative fuels / RDF Energy ~13% of Landfill revenue ~€0.2bn revenues Biomethane Landfill sites / Anaerobic digestion plants Preparing combustible from non recyclable waste ~€0.4bn revenues
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HAZARDOUSWASTE
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Hazardous Waste: A key player in all our Geographies 26 Customer portfolio A Global Network North America €1.3bn #3 USA Europe #1 €2.4bn Latin America €0.2bn (Colombia #1) Asia €0.2bn (China #3) Africa & Middle East #2 €50M Chemical 21% Oil & Gas 8% Healthcare Pharma & Bio 18%Business Services 5% Semiconductor 4% Manufacturing 16% Public & Education 6% Others 14% Infrastructure & Utilities 8% FY24 €4.3bn Main Financial KPIs - FY 2024 Australia #2 €0.2bn * ROCE calculated after tax EBITDA €0.6bn EBITDA Margin 14% CAPEX €0.5bn incl. €0.2bn new capacity ROCE* 6% NPS** 54 ** Net Promoter Score
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Business Adapted to the Maturity Level of the Sector 27 Entering the U.S. ● #1 Player ● 20 high temperature incineration plants ● Newly opened Battery recycling hydrometallurgy (France) ● Assets under delivery: > High temperature Incineration plant (Germany) > Solvent recovery (UK) Pioneering the Hazardous Waste in Europe Developing Hazardous Waste solutions worldwide ● #3 Player ● 3 high temperature incineration plants ● Asset under delivery: > High temperature incineration plant (USA Arkansas) ● Development in new fast growing markets: Australia, Middle East, Latin America ● China: recovery under way after structuring plan post Covid due to change in local regulation ● Assets under delivery: > High temperature incineration plant (KSA), > Solvent recovery (Taiwan) Rest of the world U.S. Europe 19981975 2010s Revenue FY24 €2.4bn EBITDA Margin ~16% Revenue FY24 €1.3bn EBITDA Margin ~15% Revenue FY24 €0.6bn EBITDA Margin ~10%
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Growth Performance Capital allocation Value Creation Volume Expansion New customers, volume expansion with current customer, regulation Pricing strategy & Mix optimization New offers & Innovation ex PFAS Efficiency High utilization rate of Assets > 80% New capacity built 5 Units High temperature Incineration (USA, Germany, KSA) with additional 210 Kt/y treatment capacity Spent Solvent Regeneration in Taiwan & UK with additional 75 Kt/y treatment capacity Tuck-ins acquisitions 5 small deals signed in H1 2025 EBITDA margin expansion Increasing cash generation Following new assets delivery Capital efficiency Continuous ROCE improvement with new capacity commissioned Veolia Value Creation Model in Hazardous Waste: 6 Key Levers 2023 Restated of RGS Disposal All the trajectory figures are expressed at constant FX 28 Revenue Growth Mid to High Single Digit CAGR 2023 - 2027 EBITDA Growth ~+10% CAGR 2023 - 2027 IRR > WACC +4% ROCE ≥ WACC After Year 3 ~+50% ROCE in 2027 1 2 3 4 5 6
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29 Growth: Mid-to-high single digit growth Booster Volume Expansion Industrial production + new legislations stricter control 2 Pricing Strategy & Mix Optimization 8% price increase in USA 4% price increase in Europe Broad price mixes New Offers PFAS revenues from €0M in 2022 to €205M in 2024 (half of which from Hazardous Waste) 1 2 3 +8% +1% +12% +2% 2024: 2018 2020 2022 2024 CAGR CAGR Europe Revenue (excl Suez) Compared to Europe GDP Long-term disconnect with GDP Europe revenues in € excl. Suez EU GDP USA Revenue (excl. RGS) compared to USA GDP USA revenues in $ excl. RGS USA GDP 2018 2020 2022 2024 +1% Low calorific: High calorific & Packaged Waste: Small lab waste: High halogenic: 150/250$/t 250/400$/t 2000/2600$/t 3000/4000$/t
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30 Performance: Technical Expertise Enhancing Profitability 4 ● Optimize existing capacities through high availability rates ● Track record in maintaining very high standards Average availability rates 22-24 ○ Europe: 85% to 95% according to asset type ○ USA: ~90% Asset availability ● Saturating out existing assets thanks to our own collection & transfer /preparation asset network Internalization rate ○ Europe >80% ○ USA >25% ● Ensuring commercial ramp-up of additional assets via additional take or pay of third parties Volume internalization4 ● Unique base of benchmark based +300 assets worldwide ● Global expertise network allowing Know-How Export ● Optimization of the cost base based on strong technical expertise Network of expertise Example of incineration cost base 35% Staff 15% Consomables 15% Maintenance 15% Subcontracting 15% Other 5% Energy
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31 Capital Allocation: Additional Value Secured 3 in the U.S. NEDT: Haz Waste management Ingenium: Eight 10-days facilities MedWaste: Medical Waste management 1 in Japan Zeeklite: Haz Waste landfilling 1 in Brazil Alagoas Ambiantal: Haz Waste landfill Gum Springs USA Incineration Plant +70Ktons Delivery of new assets +285 KTons by 2027 (out of 430 Ktons/y capacity when fully ramped-up) Tuck-ins acquisitions +100 KTons/y Tahwil KSA Incineration Plant +60Ktons Taiwan Solvent Recovery +40Ktons Germany Incineration Plant +80Ktons UK Solvent Recovery +35Ktons >50% volumes secured via our own collection network or contracted volumes with clients 5 6 5 tuck-ins signed in H1 2025 ~€200M Capex in 2024 ~€300M Cumulated EV
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32 Wrap-up: Hazardous Waste Financial Ambitions 2027 REVENUE BRIDGE 2023-2027 (€bn) 2023 €3.9bn Mid to High Single Digit CAGR Additional capacityPerformanceGrowth Asset availability Volume expansion Pricing strategy and mix optimisation New offer & Innovation New capacity built Tuck-ins acquisitions GreenUp 24-27 ● Revenues growth: Mid to high single digit CAGR ● EBITDA Growth: ~10% CAGR ● Margin Expansion ● ROCE Increase: ~+50% ● +285 Kt new capacity opened and +430 Kt/y when fully ramped up ● +100 Kt/y new M&A treatment 2023 Restated of RGS Disposal All the trajectory figures are expressed at constant FX
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Middle-East Helder Daravano General Manager MAGMA Africa & Middle-East Australia Matt Ead National Remediation Services Manager Australia & New Zealand U.S. Bob Cappadona President and CEO Environmental Solutions and Services North America Europe Catherine Ricou CEO Hazardous Waste Europe ROUND TABLE BOOST GROWTH IN HAZARDOUS WASTE
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HAZARDOUS WASTE IN EUROPE Catherine RICOU CEO, Hazardous Waste Europe, Veolia
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Hazardous Waste in Europe A Mature Sector with Opportunities for Growth * Listed companies Main Competitors 35 A Unique Integration of offers built over 50 years ● 1st Plant in France in 1975 to protect water resources near Paris ● Pan European network of assets ● Overall 5,500+ Ktons of Haz. Waste treated in 2024 European leader Revenue Growth Including additional capacities Dorog (Hungary - 1998) Dabrowa (Poland - 2005) Constanti (Spain - 2014) Suez (Germany, Belgium - 2022) €1.3bn €2.4bn x1.8 2018 2024 Key Customers *
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Physico-chemical-bio, Treatments 43 Processing units (Belgium, France, Germany, Italy, Switzerland) Soil Remediation 16 Land Management treatment sites (Mobile Units, Belgium, France, Italy, Spain) Liquid & Material Recovery 19 Recycling Units (Recycled oils, recycled fuels, solvents, ...) High Temperature Incineration 20 Incineration sites (France, Germany, Spain, Poland, Hungary, etc.) 36 A Pan European Network In Europe, a Strong Network Hazardous Waste Transfer, Treatment and Specialised Storage Platforms Platforms Incineration Contaminated Water TreatmentRecycling Import from overseas following stringent rules & traceability (PFS…) Inter-sites / transborder routes
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37 Veolia in Europe: creating sustainable value 2018-2024: Veolia Europe Hazardous Waste EBITDA: +10% CAGR Development Priorities & Ambition Geographic prioritization Growing sector such as Poland, Spain, Belgium Adaptation to the evolution of the sector New substances of concern: PFAS, NMP*, waste generated by Gigafactories,... Decarbonization (electrification, energy efficiency, increased recycling) Resilience of the European model Value Creation Model On-site services ● Diversity of the generated hazardous waste streams ● Diversity of customer portfolio (key accounts: 10-15% of our revenue on the segment in Europe) ● Diversity of our treatment capabilities ● New Offers: New waste streams, new industries (Gigafactories), DropFast™, etc. ● Efficiency: High utilization of Assets, 85% to 95% according to asset type ● New capacity built: Ongoing incineration project in Germany (80,000 tons by 2027) ● Strong ability to offer services "Inside the customer's fence" ● Connects industrial customers to Veolia's network of facilities * N-Methyl Pyrrolidone is a solvent used in the production of lithium batteries
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HAZARDOUS WASTE IN THE USA Bob CAPPADONA President and CEO, Environmental Solutions and ServicesNorth America, Veolia
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Key Customers Veolia’s Growth Story in the U.S. Reaching a Strong Positioning of #3 * Restated of RGS ** Listed companies Main Competitors 39 Evolution since the 1990's ● From hazardous waste removal and trading to a network of logistic platforms & treatment facilities ● Internalisation of treatment plants ● Overall 1,000+ Ktons of hazardous waste managed by Veolia in the USA in 2024 #3 in the geography Revenue Growth Including tuck-ins acquired over time: 2007: Marisol 2018: Heritage (Puerto Rico) 2019: TCI, Trioxy 2020: Alcoa 2023: USIT 2025: NEDT, MedWaste, Ingenium €0.5bn* €1bn* x2 2018 2024 ** **
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Liquids hazardous waste recovery 5 Recycling Units (Fuel blending, solvent recycling, engineered fuels,..) Transfer platforms 49 Transport & Transfer platforms in 29 States High Temperature Incineration 3 Incineration sites (Port Arthur - TX, Gum Springs - AR, Sauget - IL) Electronics recycling West Bridgewater-MA, Port, Washington-WI, Tallahassee-FL, Phoenix-AZ “White Glove” EV battery recycling services 40 A Wide Network of Owned Assets Veolia U.S. network of connected assets Solvent Reclaim and Fuels Blending Electronics Recycling Facility Hazardous waste landfill High-temperature Incinerator Medical Waste Transfer platforms Low Radioactive Materials Processing Transfer, Disposal, Storage Facility
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41 Veolia in the US: Thriving in Hazardous Waste 2018-2024: Veolia U.S. Hazardous Waste EBITDA: +12% CAGR* Priority Offers & Ambition Focus on semiconductors, life sciences, chemical petroleum industries Expand our BeyondPFAS offering Explore emerging sectors as white-glove logistics for electronics, battery recycling customers, engineered fuels and renewable energy Customer Centricity ● Decentralized model: local service delivery ● Over 250+ onsite teams ● Highest Net Promoter Score (NPS) in the industry Agility ● Robustness to economic downturn, addressing challenges or opportunities 3-6 months in advance ● Reprioritization of industry sectors according to economic environments Value Creation Model ● Volume Expansion: Treatment internalisation, new target areas through partnerships (retail, patient healthcare) ● Nimble pricing discipline & focus on the less commoditized segments ● Asset utilization records in incineration ● Improved network capacity & investment in existing assets (VLM-Engineered Fuels) ● Tuck-ins to extend the network ● Gum Springs to be open by 2027 * excluding RGS
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HAZARDOUS WASTE IN MIDDLE-EAST Helder DARAVANO General Manager, MAGMANear & Middle East, Veolia
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> #2 player with €38M revenue in 2024, starting from €0M in 2018 > Strong local partner built with the expertise of Veolia worldwide network Starting with Magma (UAE): a key treatment in the UAE handed over to Veolia and its partners* in 2023 from ADNOC** ● 20 treatments lines, including a 25,000 tons/y incinerators ● 40+ types of hazardous waste treated (60 000 tons/y), including NORM waste*** ● Circularity: Water reuse, 3MW solar farm, alternative fuel as source of energy ● Merchant Plant: Treatment capacity shared between ADNOC** and the rest of the market ● Commissioning of Tahwil (KSA) in 2025 Hazardous Waste Operations in the Middle-East: Largest and most comprehensive treatment facilities in the region 43 In the Middle East, a Major Player in less than a Decade * Tadweer Group and Vision Invest ** Abu Dhabi National Oil Company Main Competitors Tahwil 2025 Magma 2024 SAUDI ARABIA OMAN UNITED ARAB EMIRATES QATAR KUWAIT Dubai ***Naturally occurring radioactive material Permitting 2 Years Construction 3.5 Years Commissioning 6m start. Q2 2025 Full Speed 2027 Key Customers
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HAZARDOUS WASTE IN AUSTRALIA Matt EAD National Remediation Services Manager Australia & New Zealand, Veolia
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45 In Australia, Adaptation to the Customer Needs is key to Success Hazardous Waste Operations in Australia Pilbara Liquid and Hazardous / Medical treatment facilities Liquid and Hazardous Collection Medical Collection WESTERN AUSTRALIA SOUTH AUSTRALIA NORTHERN TERRITORY QUEENSLAND NEW SOUTH WALES TASMANIA Hazardous Waste landfill Veolia well positioned to support communities and industries ● #2 player on the market with €204m turnover in Haz. waste in 2024 ● Evolution from direct landfilling towards waste pretreatment and soil remediation adapting from medical waste and landfill management towards local adapted solutions ● Offers adaptation to growing micropollutant concerns, providing solutions to tackle PFAS issues Main Competitor In Pilbara, solid waste management as a precursor of hazardous waste management ● From a small collection business into a leading position for Total Waste Management ● Now operating solid, liquid and hazardous waste * Listed companies Key Customers * VICTORIA
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WRAP UP Estelle BRACHLIANOFF Chief Executive Officer, Veolia
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47 ANNOUNCEMENTS ON HAZARDOUS WASTE BOOSTER Financial GreenUp 24-27 Ambition* ● Revenues Growth: Mid to high single digit CAGR ● EBITDA Growth: ~+10% CAGR ● Margin Expansion ● ROCE Increase: ~+50% By 2030 ● Revenue Growth: +50% ● ~€1bn in PFAS & new pollutants treatment across activities Capacities & tuck-ins ● +285 Kt new capacity opened by 2027 and +430 Kt/y when fully ramped up ● 5 Tuck-ins: +100 Kt/y Innovation ● Launching of DropFast™ * 2023 Restated of RGS Disposal All the trajectory figures are expressed at constant forex Successful Start of GreenUp 2024-2027 Plan for a Secured Growth VEOLIA, A LEADER Resilience & growth Worldwide footprint of owned treatment assets (300+) Wide range of technologies Continuous innovation Balanced customer portfolio Value creation via combination with water & energy Successful track record and growth strategy
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QUESTIONS & ANSWERS
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49 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 future performance. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to: the risk of suffering reduced profits or losses as a result of intense competition, the risk that changes in energy prices and taxes may reduce Veolia Environnement’s profits, the risk that governmental authorities could terminate or modify some of Veolia Environnement’s contracts, the risk that acquisitions may not provide the benefits that Veolia Environnement hopes to achieve, the risks related to customary provisions of divestiture transactions, the risk that Veolia Environnement’s compliance with environmental laws may become more costly in the future, the risk that currency exchange rate fluctuations may negatively affect Veolia Environnement’s financial results and the price of its shares, the risk that Veolia Environnement may incur environmental liability in connection with its past, present and future operations, as well as the other risks described in the documents Veolia Environnement has filed with the Autorité des Marchés Financiers (French securities regulator). Veolia Environnement does not undertake, nor does it have, any obligation to provide updates or to revise any forward-looking statements. Investors and security holders may obtain from Veolia Environnement a free copy of documents it filed (www.veolia.com) with the Autorités des marchés financiers. This document contains "non‐GAAP financial measures". These "non‐GAAP financial measures" might be defined differently from similar financial measures made public by other groups and should not replace GAAP financial measures prepared pursuant to IFRS standards.
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Media Relations Laurent Obadia Phone: +33 1 85 57 89 43 E-mail: laurent.obadia.@veolia.com Evgeniya Mazalova Phone: +33 6 27 45 11 38 E-mail: evgeniya.mazalova@veolia.com 30, rue Madeleine Vionnet 93300 Aubervilliers, France Media Relations Laurent Obadia Deputy CEO in charge of Stakeholders and Communications, Advisor to the Chairman Phone: +33 1 85 57 89 43 E-mail: laurent.obadia@veolia.com Evgeniya Mazalova Head of Global Media Relations Phone: +33 6 27 45 11 38 E-mail: evgeniya.mazalova@veolia.com 30, rue Madeleine Vionnet 93300 Aubervilliers, France Analyst & Investor Relations Selma Bekhechi Head of Investor Relations Phone: +33 1 85 57 84 76 E-mail: selma.bekhechi@veolia.com Ariane de Lamaze Vice President, Investor Relations Phone: +33 6 25 14 52 25 E-mail: ariane.de-lamaze@veolia.com 30, rue Madeleine Vionnet 93300 Aubervilliers, France ➔http://www.finance.veolia.com➔http://www.veolia.com CONTACTS