Acquisition of Clean Earth 21 November 2025 Highlights Estelle Brachlianoff, Chief Executive Officer, Veolia Key highlights Acquisition enhancing Group growth profile and international footprint Fully aligned with GreenUp plan and priority boosters Doubling Veolia size in the fast growing US Hazardous Waste sector and reaching #2 position(1) Enterprise Value of $3.0bn (c.€2.6bn), i.e. 9.8x(2) EBITDA 2026e post run-rate synergies $120m (c.€105m) run-rate cost synergies by Year 4, backed by Veolia solid track ...

Group 1 - Veolia Environnement is demonstrating resilience and growth in a sector often viewed as slow-moving and overregulated, with improving margins and accelerating "booster" segments [1] - The GreenUp plan is on track, contributing to the company's positive outlook [1] Group 2 - The investment approach focuses on macroeconomic analysis and valuation models, emphasizing financial structure, free cash flow generation, and capital allocation discipline [2] - There is a particular interest in companies undergoing transformation or recovery, with a favorable risk/reward profile over a 2-3 year horizon [2]