Slides
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9M 2026KEY FIGURES Estelle Brachlianoff, CEO Emmanuelle Menning, CFO November 5th, 2026
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AGENDA 1 Highlights 2 9M 2026 Key Figures
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Estelle Brachlianoff, CEO 1HIGHLIGHTS
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4 9M 2026 Highlights Strengthening of growth in Q3 confirms the value of our strategic positioning Strengthened growth in Q3 thanks to unique positioning Driven by strong International growth and Water performance Strict operational execution and discipline to improve margins Recurring efficiency plans and ad-hoc additional action plans (e.g. fuel surcharge, Water Tech) Value creating portfolio transformation: more International & Tech €570M disposals signed at an average multiple of 10.4x
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5 Full confirmation of Improved 2026 guidance & GreenUp trajectory (1) at constant scope and forex, excluding energy prices (2) at constant scope and forex (3) excluding Suez and Clean Earth PPA Strong 9M 2026 and Guidance fully confirmed Revenue €33,310M up +2.6%(1) YTD up +5.0%(1) in Q3 EBITDA €5,404M up +5.1%(2) Current EBIT(3) €2,950M up +6.7%(2) Strict operational & balance sheet discipline EBITDA margin 16.2% up +50bps
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6 How we sustain performance and growth despite geopolitical context and subdued macro Unique positioning with proprietary solutions for critical needs1 International footprint in 45 countries - TOP3 in each country by activity2 Strict operational discipline and delivery4 Continuous portfolio management to enhance value5 Combination of Strongholds/Infrastructure and Boosters/Tech activities3
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Veolia: a unique positioning, with resilient growth supported by solid megatrends 7 Strategic autonomy in face of Geopolitical Tensions Supply Chains Breaking Down Tension Around Access to Energy & Strategic Resources High Investments in AI & the Digital Economy Erosion of Purchasing Power Extreme Weather Events Systemic Pollution Strengthening Regulatory Framework Veolia, a global powerhouse to benefit from solid Megatrends 1 2 3 4 5
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8 Strengthening of growth in Q3, driven by 80% International (1) at constant scope and forex (2) excluding energy prices (3) excluding projects AMERICAS, ASIA PACIFIC, AFRICA MIDDLE-EAST (27.3%) Revenue up +4.7%(1) YTD Revenue up +6.2%(1) in Q3 WATER TECH (10.2%) Revenue up +2.6%(1)(3) YTD Revenue up +6.4%(1)(3) in Q3 EUROPE (42.8%) Revenue up +3.8%(1)(2) YTD Revenue up +6.9%(1)(2) in Q3 FRANCE AND HAZARDOUS WASTE EUROPE (19.7%) Stable revenue YTD Revenue up +0.9%(1) in Q3 International businesses more profitable and faster growing: +6.0%(1)(2) in Q3 Group performance structurally not sensitive to national political context (local contracts) France exposure remains limited (20% revenue & EBITDA, 14% cEBIT) 1 2 3 4 5
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9 Solid commercial momentum in Stronghold/Infrastructure activities, notably in Water €1bn 25-year drinking Water services contract in Spain (8 municipalities around Barcelona) €2bn landmark Water Contract in Colombia to Modernize Cúcuta’s Water Infrastructure New £0.7bn Waste Contracts in the UK with East London and Surrey 1 2 3 4 5
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10 Promising awards in Boosters/Tech activities Desalination: award of a large new unit in Hamriyah UAE, and new O&M contract in Oman, confirming Veolia leadership 3 Strategic Agreements to Accelerate the Saudi Arabia Kingdom's Environmental Security Hazardous Waste & Water tech: many contracts awarded with MicroE industries 1 2 3 4 5
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11 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 sustaining plan over time 1 2 3 4 5 AI for Water, Waste and Energy Management Veolia and Microsoft joint publication
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12 Strong and specific action plans to protect margins Specific price increases thanks to our pricing power/Top 3 position ● E.g. fuel surcharges in Waste ● +2.9% pricing impact in Q3 Specific savings plan ● E.g. France ● E.g. Germany Specific action plan in Water Tech launched mid 2026 ● Price increases: Chemicals ● G&A reduction ● Management reshuffle ● Speed up Synergy: €50M cumulated, with a €90M target end 2027 1 2 3 4 5
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13 GreenUp in action: value creation via accelerated portfolio transformation Acquisitions and growth capex priorities Disposals criteria ● Outside Europe/International ● Boosters activities/Tech ● Non strategic (E.g. construction, facility management) ● Non TOP3 ● Mature ● Enhanced growth ● Sustained EPS progression ● ROCE enhancement ● Strict balance sheet discipline ● Synergy delivery track record 1 2 3 4 5
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14 €8bn+ assets rotation in 4 years: more International & Tech €0.6bn €2.4bn €3.0bn €1.0bn SADE, RGS disposals WaterTech Acquisitions Disposals Main moves €0.1bn c.€2bn DisposalsClean Earth, Enviropacific €0.2bn e.g. SADE, RGS 2024 2025 Mid 28 9M 2026 Acquisitions: ~90% in Boosters/Tech ~80% outside Europe 1 2 3 4 5 o/w €570m already signed NEW
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15 Successful start of Clean Earth integration $3bn acquisition closed in June Ready to deliver $120m cost synergies over 4 years Accretive from 2027 1 2 3 4 5 Merged teams Successful start, in line with plan (1) including Clean Earth
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16 €2bn+ disposal plan well underway: €570M already signed at an average multiple of 10.4x and all processes launched E.g. Oil recycling activity, Europe E.g. Facility Management, France E.g. Industrial Cleaning, Belgium E.g. Recycling, Netherlands E.g. Recycling, South Korea E.g. Rookery, UK (ERF minority stake) E.g. Dry Waste, Czech Republic Non Top 3 MatureNon strategic 1 2 3 4 5 NEW
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Emmanuelle Menning, CFO 2 9M 2026 KEY FIGURES
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(1) at constant scope and forex, excluding energy prices (2) excluding Suez and Clean Earth PPA 18 In €M 9M 2025 9M 2026 Variation at constant scope and forex Revenue 32,323 33,310 +2.1% +2.6% excl. energy prices EBITDA 5,080 5,404 +5.1% EBITDA margin 15.7% 16.2% +50bps (current) Current EBIT(2) 2,737 2,950 +6.7% FX impacts* (vs. 9M 2025) €M % Revenue -87 -0.3% EBITDA -7 -0.1% Current EBIT(2) -6 -0.2% Strengthening of growth in Q3 and strong underlying EBITDA growth Q3 revenue up +5.0%(1) *Translation only / no impact on margins
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19 ● Water Technologies: Rebound in Q3 and positive outlook with increased bookings ● Americas, Asia Pacific, Africa Middle-East: Accelerated growth in Q3, notably in Asia-Pacific and Latam ● Europe: Excellent summer for Water, good resistance of Waste and Energy despite sluggish macro and low power prices ● France & Hazardous Waste Europe: Strong summer in Water. Lower soil remediation activity Revenue in €M Var. vs 2025 at cst scope and fx H1 2026 Q3 2026 9M 2026 Water Technologies -4.8% +0.6% excl. projects +2.3% +6.4% excl. projects 3,403 -2.5% +2.6% excl. projects Americas, Asia Pacific, Africa Middle-East +3.9% +6.2% 9,067 +4.7% Europe +1.1% +2.6% excl. energy prices +6.9% +6.9% excl. energy prices 14,253 +2.8% +3.8% excl. energy prices France and Hazardous Waste Europe -0.8% +0.9% 6,571 -0.2% TOTAL(1)(1) +0.8% +1.5% excl energy prices +4.9% +5.0% excl energy prices 33,310 +2.1% +2.6% excl energy prices Growth acceleration in Q3 driven by International (1) including others
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20 Water: Strong performance of Municipal Water and progressive rebound in Water Technologies Variation vs. 9M 2025 9M 2026 Revenue 9M 2025 12,981 Scope -0.1% Forex -1.1% Commerce/Volumes/Works +1.0% Price effect +1.6% Revenue 9M 2026 13,165 Growth at constant scope & FX +2.6% Evolution vs 9M 2025 Municipal Water revenue of €9,762M, up +4.5%(1) ● Favorable hot summer throughout our geographies: e.g.: water volumes up 3.8% in France, +2.7% in Spain, +1.9% in CEE ● Positive indexations (except in France) ● Strong commercial dynamism: new contracts in Spain, Latam… Water Technologies revenue of €3,403M, up +2.6%(1) excluding projects (+0.6%(1) in H1) ● Progressive rebound thanks to strong action plan: pricing initiatives, commercial actions ● Strong bookings in Q3 including new contracts with MicroE industries (1) at constant scope and forex
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21 Evolution vs 9M 2025 Rebound of Solid Waste in Q3, up +4.3%(1), leading to 9M revenues of €8,512M, up +1.1%(1) ●Significant rebound in Q3 in the UK (+14.8%), in Asia (+9.4%) and in Latam (+20.9%) fueled by strong volumes, dynamic commercial momentum and price increases ●France and Germany impacted by commercial selectivity on low margin activities such as municipal collection and lower electricity prices impacting WTE Hazardous Waste revenue of €3,566M, up +2.6%(1) and up +6.3%(1) incl. tuck-ins(2) ●Europe: strong Q3, in spite of heat waves disturbances ●Sustained growth and good pricing in the US ●Swift integration of Clean Earth with 1st synergies in 2027 Variation vs. 9M 2025 9M 2026 Revenue 9M 2025 11,523 Scope(3) +3.2% Forex +0.1% Commerce/Volumes -1.2% Price effect +3.1% Weather -0.1% Recyclate & Energy prices -0.2% Revenue 9M 2026 12,078 Growth at constant scope & FX +1.5% (1) at constant scope and forex (2) including tuck-in, excluding Clean Earth (3) includes Clean Earth and hazardous waste tuck-ins Waste: Resilient performance despite sluggish macro and adverse weather
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22 Evolution vs 9M 2025 District Heating & Cooling Networks revenue of €5,453M, up +3.3%(1) ● Very good heating season, supported by favorable weather ● Good volumes of electricity over the summer Bioenergy, Flexibility, Energy Efficiency revenue of €2,615M, up +4.8%(1) ● Good performance of Energy Efficiency activities notably in Spain and Latam Variation vs. 9M 2025 9M 2026 Revenue 9M 2025 7,820 Scope +0.3% Forex +0.6% Commerce/Volumes/Works +2.8% Weather +1.3% Energy prices -1.5% Other -0.3% Revenue 9M 2026 8,067 Growth at constant scope & FX +3.8%(1) (1) at constant scope and forex, excluding energy prices Energy: Solid performance supported by a good heating season in CEE
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23 9M 2026 Revenue of €33,310M, up +2.6%(1) excl. energy prices In €M (1) at constant scope and forex Organic growth: +2.6%(1) excluding energy prices -0.3% +1.2% -0.5% +0.0% +0.3% +2.3% Evolution vs 9M 2025 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 Clean Earth (4 months) Organic growth ● Energy prices: Lower electricity prices in Waste-to Energy (France and UK) and cogeneration in Central and Eastern Europe ● Recyclate prices: Lower paper and plastic prices, offset by used oils ● Weather: Favorable weather in Energy in H1 ● Pricing & Commerce: acceleration of growth in Q3 notably in Water, and sustained pricing
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24 9M 2026 EBITDA of €5,404M, up +5.1%(1) In €M (1) at constant scope and forex Organic growth: +5.1%(1) Evolution vs 9M 2025 Forex: Back to positive since Q2 ● No impact on margin (translation only) ● c. 60% of revenue non euro Organic growth ● Energy and recyclate prices: temporary diesel price-cost squeeze partially offset by fuel surcharges. Lower recycled paper and plastics offset by used oils ● Weather: good heating season in CEE in H1. No impact in Q3 ● Very strong intrinsic Growth and Performance at +6.0% ○ Volume and commerce: enhanced momentum ○ €30M of Water Technology synergies ○ Net efficiency gains: 56% retention rate -0.1% +1.4% -1.4% +0.6% +6.0%
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25 Current EBIT(1) of €2,950M, up +6.7%(2) In €M 9M 2025 9M 2026 Variation at constant scope and forex EBITDA 5,080 5,404 +5.1% Renewal expenses -231 -232 Amortization(1) including OFA repayment -2,262 -2,403 Industrial capital gains net of provisions, asset impairments and other 73 85 Share of current net income of JV and associates 77 96 Current EBIT (1) 2,737 2,950 +6.7% (1) before Suez and Clean Earth PPA (2) at constant scope and forex Evolution vs 9M 2025 Current EBIT(1) up +6.7%(2), showing good operating leverage ● Amortization excl. OFA up +2.9%(2) ● JV progression due to one time items
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● 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. Well positioned for 2027 ● Strong liquidity: €4.1bn at Sept. 30 ● Disposals proceeds to come ● Smooth cost of debt evolution ○ Increase in 2026/2027 due to M&A ○ Financing rate stable at 3.82% vs. 3.83% in Sept. 2025 ○ 78% of fixed rate debt ○ Veolia spread not correlated to French OAT ● Higher interest rates / inflation offset by contract indexation 26 Strict balance sheet discipline Strict balance sheet discipline (1) before Suez PPA In €M
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27 Clean Earth acquisition Accretive in 2027(5) €2bn+ disposal plan to be delivered in 2 years post closing Full confirmation of GreenUp trajectory (1) at constant scope & forex (2) excluding energy price impact (3) before Suez and Clean Earth PPA (4) thanks to share buyback plan to compensate the impact of the employee shareholding program (5) current net income group share before Suez and Clean Earth PPA Revenue Continued solid organic growth(1)(2) EBITDA +5% to +6% organic growth(1) Current net income group share(3) Min. +8% at constant forex including Clean Earth Current EPS group share(3) Current EPS to grow in line with current net income(4) Dividend policy Dividend to grow in line with current EPS(3) Leverage ratio(3) Equal or slightly above 3x including Clean Earth 2026 guidance and GreenUp trajectory confirmed
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APPENDICES
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29 APPENDIX 1: Selection of recent events ACCESS TO REPLAY https://www.youtube.com/watch?v=K oSk8eA8KEo AND PRESENTATION ACCESS TO REPLAY https://www.youtube.com/watch?v=Hx QMo5L09ZM AND PRESENTATION ACCESS TO REPLAY https://www.youtube.com/watch?v=HU 6UdyzMBPI AND PRESENTATION ACCESS TO REPLAY https://edge.media-server.com/mmc/p/99e bma2t/lan/en/ AND PRESENTATION ACCESS TO REPLAY https://webapp.spotme.com/login/veolia/the ma-desalination-oman AND PRESENTATION ACCESS TO REPLAY https://webapp.spotme.com/login/veolia/veo lia-thema-energy-2025?utm_source=veolia website AND PRESENTATION ACCESS TO REPLAY https://www.youtube.com/watch?v=x-Q gC10XrpI AND PRESENTATION ACCESS TO REPLAY https://webapp.spotme.com/login/veolia/inn ovation-for-environmental-security/ AND PRESENTATION
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30 APPENDIX 2: 9M 2026 Detailed Revenue by geography In €M 9M 2025 9M 2026 Variation at constant 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 o/w Asia o/w Pacific 3,263 1,754 1,509 3,492 1,757 1,735 +3.2% +3.1% +3.4% Africa Middle East 1,327 1,307 +1.5% Europe 13,816 14,253 +2.8%/+3.8%(2) Central and Eastern Europe 7,727 7,946 +1.2%/+2.9%(2) Northern Europe 3,205 3,303 +5.1% Southern Europe 2,883 3,004 +4.8% France and Hazardous Waste Europe 6,616 6,571 -0.2% Water France 2,334 2,354 +0.9% Waste France 2,141 2,085 -2.6% Hazardous Waste Europe 1,761 1,800 +1.9% Other activities 381 333 -2.8% TOTAL(3) 32,323 33,310 +2.1%/+2.6%(2) (1) excluding projects (2) excluding energy prices (3) incl. others
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31 APPENDIX 3: 9M 2026 Detailed Revenue by business(1) (1) restated to reflect changes in the business and improve comparability across periods (2) excluding projects (3) including tuck-ins and excluding Clean Earth (4) excluding energy prices In €M 9M 2025 9M 2026 Variation at constant 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) Total Waste 11,523 12,078 +1.5% District Heating & Cooling Networks 5,378 5,453 +0.9%/+3.3%(4) Bioenergy, Flexibility & Energy Efficiency 2,441 2,615 +5.3%/+4.8%(4) Total Energy 7,820 8,067 +2.3%/+3.8%(4) Total 32,323 33,310 +2.1%/+2.6%(4)
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32 APPENDIX 4: Net financial debt of €25,423M(1) (1) before Suez PPA 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. o/w Clean Earth
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33 APPENDIX 5: Successful debt refinancing ●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 November 2026 ●Successful bond debt issuance: ○ €2.5bn triple tranche senior (5-year, 8-year and 12-year) issued in January 2026, average coupon of 3.583 % ○ €1bn double tranche senior (5-year and 10-year) issued in April 2026, average coupon 3.906 % ○ €275M tap of 4.122 % April 2036 bond executed in June 2026 ○ €400M of 5.5-year non dilutive cash settled convertible bonds issued in June 2026 (coupon 0.75%) ○ €1.15 bn double tranche senior (4-year and 8-year) issued in August 2026, average coupon 3.856 % ●78% of NFD at fixed rate (€5.6bn variable rate bonds) and 5% inflated rate ●Group liquidity: ○ €14.9bn including €5.8bn in undrawn confirmed credit lines (without disruptive covenants) ○ Net Group liquidity: €4.1bn Solid investment grade rating Moody’s: P-2/ Baa1, stable outlook Standard & Poor’s: A-2 / BBB, stable outlook Bond redemption schedule as of end Nov. 2026
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34 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 1€ = xxx foreign currency 09M 2025 09M 2026 Variation closing rate average rate closing rate average rate closing rate % average rate % Argentine Peso 1615,63 1324,50 1732,87 1675,95 7% 27% Brazilian Real 6,24 6,32 5,91 5,98 -5% -5% South Korean Won 1648,05 1578,52 1539,06 1697,81 -7% 8% Australian Dollar 1,78 1,74 1,63 1,65 -8% -5% Canadian Dollar 1,63 1,56 1,61 1,61 -1% 3% US Dollar 1,17 1,12 1,14 1,16 -3% 4% Chinese Renminbi 8,36 8,07 7,61 7,93 -9% -2% Chilean Peso 1130,26 1070,35 1106,08 1053,54 -2% -2% Hong Kong Dollar 9,14 8,72 8,91 9,09 -2% 4% Japanese Yen 173,76 165,53 178,27 184,05 3% 11% Pound Sterling 0,87 0,85 0,85 0,86 -2% 2% Polish Zloty 4,27 4,24 4,37 4,27 2% 1% Czech Koruna 24,34 24,83 24,44 24,29 0% -2%
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35 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 Environnement is a corporation listed on the Euronext Paris. This press release 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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CONTACTS Analyst & Investor Relations Selma Bekhechi Head of Investor Relations E-mail: selma.bekhechi@veolia.com Ariane de Lamaze Vice President, Investor Relations E-mail: ariane.de-lamaze@veolia.com 30, rue Madeleine Vionnet 93300 Aubervilliers, France ➔http://www.finance.veolia.com Media Relations Laurent Obadia Deputy CEO in charge of Stakeholders and Communications, Advisor to the Chairman E-mail: laurent.obadia@veolia.com Veolia Press Group E-mail: presse.groupe@veolia.com 30, rue Madeleine Vionnet 93300 Aubervilliers, France ➔ http://www.veolia.com