Strengthening of Growth in the Third Quarter and Strong Results Driven by International Operations Confirm the Value of Veolia's Strategic Positioning

2026 Guidance Fully Confirmed

• Strengthened growth in Q3 with revenue up +5.0%⁽¹⁾, driven notably by International performance and Water activities
• Confirmation of Veolia's unique positioning, offering proprietary solutions to secure critical needs such as access to water or local resources
• EBITDA margin improvement by +50bps, supported by the organic growth and the continued rigor of efficiency plans
• GreenUp strategic plan moving full speed ahead with the rapid portfolio transformation towards international and technologies
  • Successful start of Clean Earth integration
  • Disposal plan well underway: €570 million already signed at a 10.4x EBITDA multiple
• 2026 guidance and GreenUp plan trajectory fully confirmed

PARIS--(BUSINESS WIRE)--Regulatory News:

Veolia Environnement (Paris:VIE):

Key figures:

In €M	9M 2025	9M 2026	Variation at constant scope and forex
Revenue	32,323	33,310	+2.1% +2.6% excluding 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%

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Estelle Brachlianoff, CEO of the Group, stated:

“Veolia delivered strong growth in the third quarter, with revenue up +5.0%⁽¹⁾, driven notably by the performance of our international activities and Water. This momentum reflects the strength of our positioning, offering unique solutions to address critical needs. Current context confirms that Veolia relies on powerful structural trends, including water security, resource sovereignty, and the growing demand for essential environmental services.

We continued to improve our operational performance, with a further 50-basis-point increase in EBITDA margin. This achievement demonstrates the benefits of our recurring efficiency plans, the strict discipline of our operational management and our ability to implement additional action plans whenever required.

The transformation of our portfolio towards international and innovative activities, with higher value creation, is progressing rapidly. The integration of Clean Earth has got off to a successful start, strengthening our platform in the United States, while our disposal plan is well underway, with €570 million of disposals already signed at an average multiple of 10.4 times EBITDA.

Building on these solid results we fully confirm our 2026 guidance and our GreenUp trajectory.”

KEY 9M 2026 FACTS

Strengthened growth in Q3 with revenue up +5.0%⁽¹⁾, driven by excellent International growth at +6.0%⁽¹⁾, strong Water performance over the summer and good commercial momentum.

Sustained Revenue growth over 9M of +2.6%⁽¹⁾ to €33,310M:

• Strong performance in Water (+2.6%⁽²⁾) and in Energy (+3.8%⁽¹⁾). Resilient Waste (+1.5%⁽²⁾)

Operational Performance in line with annual guidance: EBITDA of €5,404M, an organic growth of +5.1%⁽²⁾, in the target range of +5% to +6%⁽²⁾, and margin increase of +50bps:

• Growth and performance (+6.0%) were notably fueled by commerce and volume effect as well as net pricing, productivity and efficiency gains

Current EBIT⁽³⁾ up +6.7%⁽²⁾, to €2,950M.

Net financial debt⁽³⁾ under control at €25,423M, with free cash flow seasonality, closing of Clean Earth acquisition and hybrid debt repayment. Confirmation of leverage ratio equal or slightly above 3x at year-end.

Continued Group profile transformation towards international and technologies

• Successful start of Clean Earth integration in Hazardous Waste in the US, in line with the plan, after closing in June. Organization in place and ready to deliver synergies starting in 2027
• ~€2bn+ disposal plan well underway with €570M already signed at a 10.4x 2025 EBITDA multiple and all processes launched

MAIN BUSINESS DEVELOPMENTS

NEW - Global - Veolia strengthens its position as the world leader in desalination with major contracts in the Middle East. Nearly 200 million euros in contracts in Oman and the United Arab Emirates, for a total capacity of 490,000 m³/day. 18% of the world’s desalination capacity has been built with Veolia’s advanced technologies and innovative solutions, making it the global leader in Water Technologies.

NEW - Spain - Veolia wins a major €1 billion, 25-year drinking water services contract in Spain. Veolia announces that it has been selected as the winning bidder by The Metropolitan Council of Barcelona for the landmark €1 billion, 25-year tender for the management of essential drinking water services across eight municipalities in the Barcelona metropolitan area, serving more than 230,000 residents. This contract will consolidate the Group’s long lasting presence and commitment to Spain which is set to become its third-largest market in the coming years.

NEW - United Kingdom - Veolia wins £0.7bn Waste Contracts with East London and Surrey. In September, Veolia won a £527m waste contract for Surrey Councils to deliver essential services to over 420,000 residents. AI innovations and increased data analytics will be implemented to help increase recycling rates. In July, Veolia won a 10-year contract with East London Waste Authority at around £183 million, with Veolia delivering recycling and waste services for 1.2 million residents. Veolia now partners with more than half of London’s local authorities, delivering social value and recycling and waste treatment services to over 5 million Londoners.

NEW - Saudi Arabia - Veolia signs three strategic agreements to accelerate the Kingdom's environmental security. Veolia announced the signing of three strategic memorandums of understanding in water technologies and hazardous waste management. These agreements address major challenges for the Kingdom: preservation of water resources, energy efficiency, decarbonization of industry, and development of local skills. Established with three leading economic and industrial players in Saudi Arabia, these partnerships strengthen Veolia’s longstanding commitment in the country and its contribution to the ambitions of Saudi Vision 2030, aligning with the objectives of its strategic GreenUp program.

US - Veolia completes Clean Earth deal, doubling its U.S. Hazardous Waste business and expanding its growth platform. Veolia reinforces its position as a world’s leading hazardous waste management company, effectively doubling U.S. hazardous waste revenues. The $3 billion transaction adds robust pretreatment, storage and disposal capabilities, 2,600 highly trained people, and an expanded presence to Veolia’s American offering, making the company an even greater powerhouse for innovative environmental services and solutions. Backed by a strong integration track record, the transaction will deliver $120 million of synergies by year 4.

Global - Veolia launched in London a new global offer for data centers, Data Center Resource 360, designed to address the critical environmental and operational challenges facing the rapidly expanding digital infrastructure sector, while supporting the resilience of communities and responding to their critical resource needs. The offer places a particular emphasis on their integration and acceptability into local ecosystems, at a time when environmental security is emerging as a key strategic priority.

In addition, in the context of this new offer, Veolia works with Amazon to develop reclaimed Water for cooling systems for Data Centers. Collaboration combines Veolia's advanced water reuse technologies with Amazon AI and cloud capabilities to advance more sustainable strategies for data center infrastructure. This supports Amazon’s goal to be water positive in direct data center operations by 2030 and aligns with the objectives of Veolia’s GreenUp strategic program regarding resource preservation, pollution control, and decarbonization.

Water Technologies - Veolia accelerates growth in microelectronics with €343 million in water technology bookings since the beginning of the year, confirming strong commercial momentum in a strategic growth market. Major contract wins with leading semiconductor manufacturers in Singapore and the United States, including ultrapure water production and wastewater reclamation to zero liquid discharge standards. Full water-cycle expertise, from ultrapure water to reuse and advanced wastewater treatment, supporting Veolia’s GreenUp strategy and customers’ operational resilience.

Australia - Veolia strengthens its leadership in PFAS treatment in Australia with the acquisition of the country's major soil remediation player. The Group reinforces its position as a pioneer in the fight against PFAS contamination in Australia, with the acquisition of Enviropacific acting as a double growth booster - accelerating both its geographic expansion and its capabilities in hazardous waste treatment - fully aligned with its global GreenUp strategy. The transaction, part of usual tuck-ins, is valued at AUD 228 million (Enterprise Value) and was closed at the end of March 2026. Enviropacific reported FY25 turnover of approximately AUD c.250 million, with nearly 300 employees.

Colombia - Veolia strengthens its leadership in Latin America with a landmark Water contract in Colombia to modernize Cúcuta’s Water infrastructure. Veolia will lead an ambitious plan in partnership with Cúcuta municipality to modernize the city's water infrastructure and address long-standing water and sanitation needs. The plant will considerably reduce water losses from the current 42% to below 30%, bringing it in line with the best systems in the country and in Latin America. This contract represents around €100 million in average annual revenue over 20 years, i.e. an estimated c.€2 billion backlog.

France - Veolia unveils its plan to accelerate heating and cooling networks in France to help cities adapt to heatwaves. Faced with the increasing frequency and intensity of heatwaves, Veolia aims to make heating-cooling networks an essential infrastructure for urban adaptation to climate change. More than 100 sites have been identified in France to support the accelerated deployment of these urban networks, which are capable of simultaneously producing heat and cold from local, renewable, or recovered energy sources, enabling service for up to 3 million people. These projects will be based on energy recovery solutions from urban wastewater, geothermal energy, data centers, and waste-to-energy plants, to accelerate their development, continuing the innovative "Ecothermal Grid" offering.

Czech Republic - Veolia drives the Czech coal exit with a multi-energy transformation in Karviná. The Group is transforming the Karviná plant into a multi-energy plant, eliminating coal use by 2029, while serving approximately 50,000 households. Based on local and circular energy sources, the new system will reduce annual CO2 emissions by 200,000 tonnes while ensuring long-term price stability and air quality improvements for the Karviná and Havířov regions.

GUIDANCE CONFIRMED

Our 2026 targets are confirmed:

• Solid organic⁽⁴⁾ revenue growth excl. energy prices
• Organic⁽⁴⁾ EBITDA growth of +5% to +6%
• Current net income Group share⁽⁵⁾ growth of minimum +8% at constant forex and incl. Clean Earth
• Current EPS Group share⁽⁵⁾ to grow in line with current net income Group share⁽⁵⁾ (thanks to share buyback plan to compensate the impact of the employee shareholding program)
• Dividend growth in line with current EPS Group share growth⁽⁵⁾
• Leverage ratio equal or slightly above 3x with Clean Earth

In addition,

• The Clean Earth acquisition will be accretive to current net income from 2027. Clean Earth PPA will be treated as a non current item
• The €2bn+ disposal program will be delivered by mid 2028

GreenUp trajectory is fully confirmed.

DETAILED KEY FIGURES AT 30 SEPTEMBER 2026

Sustained Revenue growth to €33,310M, up +2.1% at constant scope and forex, and by +2.6% excluding the impact of energy prices.

EBITDA growth to €5,404M, i.e. +5.1% organic growth. Margin increase of +50bps.

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The organic growth of revenue by operating segments was as follows:

In €M	9M 2025	9M 2026	Variation at constant scope and forex
Water Technologies	3,555	3,403	-2.5%/+2.6% excluding projects
Americas, Asia Pacific, Africa Middle-East	8,334	9,067	+4.7%
Europe	13,816	14,253	+2.8%/+3.8% excluding energy prices
France and Hazardous Waste Europe	6,616	6,571	-0.2%
TOTAL^(6)	32,323	33,310	+2.1%/+2.6% excluding energy prices

Water Technologies business recorded revenue of 3,403 million euros, down -2.5% at constant scope and forex. After a first half impacted by the geopolitical situation in the Middle East, the business is showing gradual improvement thanks to targeted pricing and business development initiatives. In the third quarter, the order book increased and revenue excluding Projects rose by +6.4% at constant scope and exchange rates, bringing growth to +2.6% at the end of September.

In the Americas, Asia Pacific, Africa Middle-East, revenue totaled 9,067 million euros, an organic growth of +4.7%, with an acceleration to +6.2% in the third quarter. It increased in all geographies:

• In North America, revenue reached 2,680 million euros, up +4.8% at constant scope and forex (and up +6.8% in the third quarter), notably driven by price increases in Regulated Water and Hazardous Waste;
• Revenue in Latin America was €1,589 million, an increase of +10.9% at constant scope and forex, and +12.7% in the third quarter. This performance reflects price indexation and contract wins, notably the Water business in Colombia (Cúcuta contract) and in Chile, growth in Waste in Colombia, Brazil and Argentina, as well as strong momentum in Energy Services in Brazil;
• In Asia, revenue amounted to 1,757 million euros, up +3.1% at constant scope and forex with growth accelerating in the third quarter (+6.6%). This growth was supported by strong momentum in the Municipal Water business in Japan, with a contract renewal rate of nearly 100%. In China, resilient performance in Energy and organic growth in the Waste business offset the decline in Industrial Water;
• In the Pacific region, revenue amounted to 1,735 million euros, up +3.4% at constant scope and forex. Activity was driven by the strong performance of waste treatment and recovery activities, with higher volumes at landfill sites and transfer stations, as well as a positive pricing effect;
• In Africa Middle-East, revenue totaled 1,307 million euros, slightly up +1.5% at constant scope and forex, and this despite the effect of the conflict in the Middle-East.

Revenue in Europe reached 14,253 million euros on September 30, 2026, up +2.8% at constant scope and forex and +3.8% excluding the effect of energy prices, with an acceleration in the third quarter of +6.9%.

• In Central and Eastern Europe, revenue stood at 7,946 million euros, up +2.9% at constant scope and forex and excluding the effect of energy prices. This performance was mainly driven by favorable weather conditions in the Energy business during the first half of the year, particularly in Poland and the Czech Republic, as well as strong electricity sales volumes. Growth was also supported by solid momentum in the Water business, with volumes up 1.9% as of September 30 and significant price indexation (notably in Romania and the Czech Republic);
• In Northern Europe, revenue of 3,303 million euros rose by +5.1% at constant scope and forex, with strong growth of +10.2% in the third quarter. In the United Kingdom, activity increased by +8.2% at constant scope and exchange rates, driven by price increases and business development, particularly in waste treatment activities and industrial services;
• In Iberia, revenue stood at 2,299 million euros, up +5.7% at constant scope and forex. This growth was notably driven by Spain, where the Water business benefited from favorable tariff revisions and a 2.7% increase in billed volumes. Significant contract wins were recorded in the third quarter, particularly in the water sector, including the award of a contract for essential drinking water services with eight municipalities around Barcelona. The Energy business benefited from increased works activity and higher electricity prices;
• Italy generated revenue of 705 million euros, up +2.1% at constant scope and forex, notably thanks to the positive impact of energy prices.

Revenue for France and Hazardous Waste Europe totaled to 6,572 million euros, slightly down -0.2% at constant scope and forex compared to September 30, 2025, with a third quarter of +0.9%.

• Water revenue of 2,354 million euros was up +0.9% at constant scope and forex, thanks to higher volumes (+3.8%);
• Waste revenue stood at 2,085 million euros, down -2.6% at constant scope and forex. This decline was notably due to selective commercial activity, while lower volumes and reduced works activity, as well as lower electricity prices, were partly offset by price indexation;
• Hazardous Waste Europe recorded revenue of 1,800 million euros, up +1.9% at constant scope and forex, including a +6.2% increase in the third quarter. The business benefited from a strong third quarter despite the summer heatwaves, following a first half marked by severe weather at the beginning of the year and shutdowns at incinerator plants.

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The organic growth of revenue by business⁽⁷⁾ was as follows:

In €M	9M 2025	9M 2026	Variation at constant scope and forex
Water	12,981	13,165	+2.6%
Municipal Water	9,425	9,762	+4.5%
Water Technologies	3,555	3,403	-2.5%/+2.6% excl. projects
Waste	11,523	12,078	+1.5%
Solid Waste	8,397	8,512	+1.1%
Hazardous Waste	3,126	3,566	+2.6%/+6.3% incl. tuck-ins excl. Clean Earth
Energy	7,820	8,067	+2.3%/+3.8% excluding energy prices
District Heating and Cooling Networks	5,378	5,453	+0.9%/+3.3% excluding energy prices
Bioenergies, Flexibility and Energy Efficiency	2,441	2,615	+5.3%/+4.8% excluding energy prices
TOTAL	32,323	33,310	+2.1%/+2.6% excluding energy prices

Water activities recorded revenue growth of +2.6% at constant scope and forex, driven by tariff increases of +1.6%, as well as improved volumes and commercial gains, partially offset by the deferral of projects in Water Technologies.

• Revenue from stronghold Municipal Water rose by +4.5% at constant scope and forex. This positive momentum was largely driven by solid tariff increases across most geographies (particularly in Spain, Central and Eastern Europe, North America and Chile). This was complemented by an increase in water volumes (notably in France for +3.8% and Spain for +2.7%), with a rebound in the third quarter up +5.3% driven by heatwaves.
• Revenue from the Water Technologies booster business was down -2.5% at constant scope and forex. rates, but rebounded positively in the third quarter of +2.3% following the implementation of an action plan and supported by a strong order backlog. The business was impacted by a decline in Projects activity, particularly in the Middle East.

Revenue from Waste activity increased (+1.5 % at constant scope and forex), thanks to tariff revisions (+3.1%), offsetting the impact of the commerce/volumes/works (-1.2%) and the negative impact of bad weather in the first quarter.

• Revenue from the stronghold Solid Waste grew by +1.1% at constant scope and forex, driven by growth of +4.3% in the third quarter. This significant rebound was supported by strong commercial momentum and price increases, with solid performances in the United Kingdom, Latin America and Asia. This momentum offset the decline recorded in France and Germany, resulting from a deliberate policy of commercial selectivity in municipal collection activities and lower energy prices.
• Revenue from the Hazardous Waste booster rose by +2.6% at constant scope and forex and by +6.3% including tuck-ins, excluding Clean Earth. This growth was driven in particular by commercial gains and positive price adjustments in Europe and the United States, offsetting the negative impact of adverse weather conditions in the first quarter of 2026.

Energy revenue was up +2.3% at constant scope and forex and +3.8% excluding the impact of energy prices. The favorable climate impact of +1.3% and the commerce/volume effect of +2.8% allowed to largely offset the unfavourable energy price effect of -1.5%.

• Revenue from the stronghold District Heating and Cooling Networks, mainly located in Central and Eastern Europe, rose by +3.3% at constant scope and forex after neutralizing the impact of energy prices. This growth was driven by a combination of favorable climate conditions and strong volumes despite lower energy prices.
• Revenue of the Bioenergies, Flexibility and Energy Efficiency booster grew by +4.8% at constant scope and forex, excluding the impact of energy prices. This development was mainly due to the solid performance in Iberia and Latin America.

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Revenue growth by effect breaks down as follows:

• The currency effect was -87 million euros (-0.3%), reflecting the international dimension of the Group (c. 60% of non-euro revenue) and mainly corresponding to depreciation of US, Japanese, UK, Hong Kong and Argentinian currencies, partially offset by improvement in Australian, Hungarian and Czech currencies⁽⁸⁾. It should be noted that these are translation impacts and not transaction impacts, with no impact on margins.
• The perimeter effect of +383 million euros (+1.2%) mainly included acquisitions of Clean Earth in the US and Enviropacific in Australia in Hazardous Waste treatment.
• The commodity price effect (corresponding to changes in energy and recyclate prices) amounted to -138 million euros (-0.4%), due to lower energy prices (-147 million euros), mainly in Central and Eastern Europe (cogeneration), in France and the United Kingdom, in waste recovery, which was not offset by the positive effect of recyclate prices (+9 million euros).
• The climate effect amounted to +83 million euros (+0.3%), mainly in Energy in Central and Eastern Europe linked to a colder winter, particularly in the first quarter 2026.
• The Pricing and Commerce effect amounted to +746 million euros (+2.3%), driven by sustained growth in Water and Energy and favorable tariff reviews in Water and Waste activities, despite decline in Waste volumes.

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EBITDA growth by effect breaks down as follows:

• The currency impact on EBITDA amounted to -7 million euros (-0.1%). This mainly reflects the international dimension of the Group and corresponds to the depreciation of US, British and Japanese currencies, partially offset by improvement in Australian, Hungarian and Czech currencies⁽⁹⁾. It should be noted that these are translation impacts and not transaction impacts, with no impact on margins.
• The perimeter impact of +73 million euros (+1.4 %) mainly included acquisitions of Clean Earth in the US and Enviropacific in Australia in Hazardous Waste treatment.
• Changes in commodity prices (energy and recycled materials) had a net unfavorable impact on EBITDA of -74 million euros (-1.4%), linked to the deterioration in energy price, particularly in Central and Eastern Europe (cogeneration), France and the United Kingdom in the Waste business and the temporary margin squeeze resulting from fuel prices;.
• The climate impact was +28 million euros (+0.6%), mainly in Energy in Central and Eastern Europe, due to cold weather conditions until mid-March 2026.
• Growth and Performance of +303 million euros (+6.0%) thanks to Pricing, Productivity and Efficiency (net of gains shared with customers, contract renegotiations and timing effects on the passing on of costs), the Commerce/Volumes/Works and Water Technologies synergies (30 million euros).

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Current EBIT⁽¹⁰⁾ growth of +6.7% at €2,950M, at constant scope and forex

The increase in current EBIT⁽¹⁰⁾ compared with September 30, 2025 at constant scope and forex amounted to +184 million euros (+6.7%), and was mainly due to:

• a good EBITDA growth (+258 million euros at constant scope and forex);
• an increase in amortization⁽¹¹⁾, including the repayment of operating financial assets (-97 millions euros at constant scope and forex) and excluding operating financial assets, amortization increased by +2.9% at constant scope and forex;
• an increase in "share of current net income of joint ventures and associates" of +15 million euros at constant scope and forex.

The currency effect on current EBIT⁽¹¹⁾ was negative by -6 million euros, mainly due to depreciation of US dollar (-17 million euros), the British pound sterling (-3 million euros), the Japanese yen and the Argentinian peso (-2 million euros each), partially offset by positive impacts on Czech koruna (+4 million euros) and the Australian dollar and Hungarian forint (+7 million euros each).

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Net Financial debt⁽¹¹⁾ of €25,423M.

Net financial debt⁽¹¹⁾ stood at 25,423 million euros, compared with 19,657 million euros at December 31^st, 2025. Compared with December 31^st, 2025, the change in net financial debt is mainly due to:

• Net Free cash-flow at -200 million euros. The change in net free cash flow compared with 30 September 2025 is explained by
  • The increase in EBITDA of 324 million euros, driven by organic growth and the gains generated by the operational and commercial efficiency plans;
  • Net capital expenditure of 2,578 million euros, down +43 million euros compared to 30 September 2025. These include investments in hazardous waste treatment projects for 192 million euros;
  • The change in operating working capital amounted to -1,488 million euros versus -1,272 million euros as of 30 September 2025, due in particular to longer collection periods in the Middle East as a result of the geopolitical context, and a decrease in advance payments in the Projects activity.
• Financial investments net of disposals of -2,859 million euros mainly following the acquisition of Clean Earth in the United States for -2,804 million euros and Enviropacific Services in Australia for -137 million euros and the disposal of Rookery in the United Kingdom for +101 million euros.
• The payment of dividends approved by the Combined General Meeting of 23 April 2026 for an amount of -1,099 million euros.
• Repayment of hybrid debt for -500 million euros.
• The share capital increase under the Sequoia 2026 employee share ownership program for a net amount of +340 million euros;
• The concurrent capital reduction through cancellation of -432 million euros in treasury shares acquired under the share buy-back program, to neutralize the dilutive effect of the Sequoia offer;
• Net financial debt⁽¹¹⁾ was also impacted by an unfavourable exchange rate effect and changes in fair value adjustment of 210 million euros at 30 September 2026, mainly due to US dollar variation.

AGENDA

Agenda 1 to 3 December 2026: Thema Event in Asia 17 February 2027: FY 2026 Results

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This press release presents the results for the first nine months of 2026. The operating and financial review, as approved by the Board of Directors, in its meeting held on 4th November 2026, is available on Veolia’s website at https://www.veolia.com/en/veolia-group/finance.

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ABOUT VEOLIA

Veolia, a global leader in environmental services, works every day to build ecological security for the benefit of public health and the competitiveness of industries and regions. With 215,000 employees across five continents, working closely with local communities, and thanks to its cutting-edge technologies, the group cleans up pollution, reduces carbon emissions, and regenerates resources through concrete solutions that combine its expertise in water and water technologies, waste - including hazardous waste management, and local energy. In 2025, the Veolia group served 110 million people with drinking water and 97 million with sanitation, produced 45 million megawatt hours of energy, and treated 64 million tons of waste. Veolia Environnement (Paris Euronext: VIE, Fortune 500, SBF 120) generated consolidated revenue of €44.4 billion in 2025. www.veolia.com.

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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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^1At constant scope and forex and excluding energy prices

^2 At constant scope and forex

^3Before Suez and Clean Earth PPA

^4 At constant scope and forex

^5Before Suez and Clean Earth PPA

^6Including Others

^7Restated to reflect changes in the business and improve compatibility across periods

^8Main currency impacts: US dollar (-142 million euros), Japanese yen (-44 million euros), British pound (-38 million euros), Hong Kong dollar (-16 million euros), Argentinian peso (-14 million euros), Australian dollar (+89 million euros), Hungarian forint (+73 million euros) and Czech koruna (+35 million euros)

^9Main currency impacts: US dollar (-26 million euros), British pound (-6 million euros), Japanese yen (-4 million euros), Australian dollar (+12 million euros), Hungarian forint (+10 million euros) and Czech koruna (+9 million euros)

^10Before Suez and Clean Earth PPA

^11Before Suez PPA