Core Insights - Veolia reported strong financial results for 2025, with global revenue reaching $50.11 billion, a 2.8% increase, and EBITDA rising 6.3% to $8.0 billion, driven by growth in North America and the successful execution of its GreenUp program [1][2] Financial Performance - North America achieved a 3.6% organic revenue growth, totaling $3.6 billion, primarily from the Hazardous Waste and Regulated Water divisions, with combined revenue including Water Technologies reaching $5.3 billion [1][2] - The GreenUp program exceeded financial targets, setting a strong foundation for 2026 goals and expanding growth areas such as hazardous waste capacity and PFAS management [1][2] Strategic Acquisitions - In 2025, Veolia made four acquisitions in the hazardous waste sector, including a significant deal to create a national platform, enhancing its service capabilities for industrial expansion in the U.S. [1] - The planned acquisition of Clean Earth in 2026 is expected to double Veolia's hazardous waste footprint, providing a nationwide operational platform and advanced technical capabilities [2] Market Positioning - Veolia's growth strategy is aligned with increasing demand for environmental services, focusing on critical needs such as clean water, waste management, and pollution control [1][2] - The company is positioned as a key partner for businesses facing complex environmental challenges, leveraging its comprehensive capabilities and nationwide reach [1][2] Future Outlook - The company expresses confidence in its growth potential for 2026 and beyond, supported by strategic investments and acquisitions that enhance its market position in North America [1][2]

Acquisition Highlights - Veolia is acquiring Clean Earth for an Enterprise Value of $3.0 billion (approximately €2.6 billion), which is 9.8x EBITDA 2026e post run-rate synergies[3] - The acquisition is expected to generate $120 million (approximately €105 million) in run-rate cost synergies by Year 4[3] - The transaction is expected to be EPS accretive from Year 2[3] - Veolia will fund the cash transaction through existing financial resources and debt, alongside accelerated portfolio rotation with over €2 billion disposals of mature assets[3] Strategic Impact - The acquisition doubles Veolia's size in the US Hazardous Waste sector, making it the 2 player in the US[3, 5] - Clean Earth has a network of 82 specialized sites and 700 permits across all US states[5, 9] - Clean Earth's 2022-2024 Revenue CAGR was +6.8%[9] - Veolia's US revenue will reach approximately $6.3 billion, representing 12% of Veolia Group[21] Financial Performance - Clean Earth's 2024A Revenues were $1.03 billion with $200 million EBITDA[9] - Clean Earth's FCF/EBITDA conversion is over 60%[9] - Veolia anticipates €5.2 billion (approximately $6 billion) in Revenue and €0.9 billion in EBITDA from Hazardous Waste in 2025E[16] - Veolia expects EBITDA Growth of >+10% CAGR from GreenUp 24-27[16]