Core Insights - Waste Management (WM) is positioned as a leading provider of waste collection, recycling, and landfill services in North America, offering both reliable dividend income and business quality [2] Dividend Growth - WM's board approved a 10% increase in the dividend rate for 2025, raising the quarterly payout from $0.75 to $0.825 per share, marking 22 consecutive years of annual increases [4] - The company has raised its full-year free cash flow outlook to between $2.8 billion and $2.9 billion, indicating strong cash flow to support the dividend [5] Business Performance - WM's core collection and disposal franchise experienced a 7.1% year-over-year revenue growth in Q2, contributing to a total revenue of approximately $6.4 billion, which is a 19% increase year over year [6] - The integration of the Stericycle acquisition has positively impacted growth rates, with CEO Jim Fish highlighting robust organic growth and operational efficiency [7]

Core Insights - TotalEnergies SE and Veolia Environnement have signed a memorandum of understanding to enhance their partnership focused on energy transition and circular economy [1][2] - The collaboration aims to leverage TotalEnergies' expertise in methane emissions reduction and low-carbon energy solutions alongside Veolia's capabilities in water resource management and waste recovery [1][2] Group 1: Partnership Objectives - The agreement emphasizes both companies' commitment to reducing greenhouse gas emissions and water consumption while fostering innovation across various industries [2] - Veolia plans to utilize TotalEnergies' AUSEA drone technology for methane detection at landfills, aiming to capture 80% of landfill methane by 2032 [3] - TotalEnergies aims to reduce freshwater use by 20% in water-stressed areas by 2030 with Veolia's assistance [3] Group 2: Collaborative Projects - The companies intend to work on wastewater reuse projects at TotalEnergies sites and repurpose municipal wastewater for industrial applications [4] - Veolia's treatment technologies will be applied to enhance water efficiency in these collaborative efforts [4] Group 3: Market Reaction - TotalEnergies shares experienced a slight decline of 0.12%, trading at $59.63 in premarket [5]

Core Insights - TotalEnergies and Veolia have signed a memorandum of understanding to enhance cooperation in energy transition and circular economy initiatives, aiming to reduce greenhouse gas emissions and water footprint [1][11] Group 1: Collaboration Areas - The partnership will leverage Veolia's expertise in water resource management and waste recovery, alongside TotalEnergies' capabilities in methane emissions measurement and low-carbon energy production [2] - Veolia plans to implement TotalEnergies' AUSEA technology, which utilizes drones for methane emissions measurement at landfills, aiming for an 80% capture rate of methane emissions by 2032 [3][4] Group 2: Water Management - Veolia will assist TotalEnergies in achieving a 20% reduction in freshwater withdrawals by 2030 compared to 2021, particularly in water-stressed areas [5] - The collaboration includes developing wastewater reuse projects at TotalEnergies sites and enhancing water treatment technologies [6] Group 3: Sustainable Desalination - TotalEnergies will support Veolia in deploying low-carbon energy solutions at desalination plants, including a joint project for a solar power plant in Oman [7] - Veolia aims to double its desalination capacity by 2030 while significantly reducing the energy footprint of the technology [8] Group 4: Resource Recovery - The two companies will collaborate on research and innovation to industrialize processes for recovering strategic chemical elements from waste, such as rare earths used in renewable energy technologies [9]

Core Insights - WM reported strong second-quarter 2025 results, with adjusted earnings of $1.92 per share, exceeding the consensus estimate by 1.6%, and total revenues of $6.4 billion, surpassing expectations by 1.4% and increasing 19% year-over-year [1] Financial Performance - The company's effective pricing and cost control strategies are crucial for profitability, focusing on aligning price adjustments with service quality and demand while optimizing operational processes [2] - WM has consistently paid dividends since 1998, with payouts increasing from $970 million in 2021 to $1.21 billion in 2024, indicating a commitment to long-term shareholder value [3] Strategic Moves - The acquisition of Stericycle is expected to enhance WM's earnings and cash flows within a year, with anticipated annual run-rate synergies exceeding $125 million, positioning WM favorably in the medical waste industry [4] Financial Challenges - The Stericycle acquisition has increased WM's debt load, raising concerns about financial flexibility and potential impacts on shareholder returns if cash flow does not meet expectations [5] - WM's liquidity appears weak, with a current ratio of 0.86 in Q2 2025, down from 1.07 in the previous year, indicating challenges in covering short-term obligations [6]

Group 1 - Vow ASA has confirmed the delivery of a large pyrolysis reactor to Vow Green Metal (VGM) at the Follum site, expected in the fourth quarter of 2025, which will enhance VGM's production capacity [1] - The collaboration between Vow and VGM includes a joint FEED study aimed at doubling production capacity, reflecting a commitment to advancing pyrolysis technology for waste transformation [2] - Vow's solutions focus on converting biomass and waste into valuable resources and clean energy, contributing to pollution prevention and industry decarbonization [3][4] Group 2 - Vow ASA is a leader in wastewater purification and waste valorization, providing technologies that facilitate the transition to a fossil-free future [5] - The company has established strong positions in food safety, robotics, and heat-intensive industries, emphasizing its role in decarbonization efforts [5]

Debt Restructuring - Brazilian waste firm Ambipar hires BR Partners for debt restructuring [1]

Group 1: Acquisition Details - INVL Private Equity Fund II, the largest private equity fund in the Baltics, signed an agreement to acquire a 75% stake in Eesti Keskkonnateenused (EKT), Estonia's largest waste management group, with the transaction expected to be completed by the end of 2025, pending approval from the Estonian Competition Authority [1][2] - Current EKT shareholders (management) will retain a 25% stake in the company [1] Group 2: EKT Operations - EKT provides a wide range of waste management and municipal services, including collection and processing of household waste, secondary raw materials, construction waste, hazardous waste, bio-waste, and street cleaning, with consolidated revenue of EUR 77 million in 2024 and approximately 800 employees [2] Group 3: Growth Strategy and Future Plans - EKT is working on a major hazardous waste incineration project to boost existing capacity from 2,000 to 15,000 tonnes a year, and aims to expand sorting and recycling capabilities to enhance contributions to Estonia's circular economy goals [3] - The acquisition is expected to open more opportunities for EKT to successfully implement its growth strategy [3] Group 4: Fund's Investment Strategy - INVL Private Equity Fund II aims to invest EUR 10-60 million in companies across various sectors that have the potential to become regional leaders, focusing on acquiring majority or significant minority stakes [6][7] - The fund seeks attractive opportunities in the Baltics, Poland, Romania, and the broader EU, with a strategy centered on long-term value creation through active investment management [6][7] Group 5: Management and Experience - The fund is managed by INVL Asset Management, a leading Baltic alternative asset manager with over 30 years of experience, managing or supervising EUR 2 billion in assets across various investment strategies [8]

Group 1: Acquisition Details - INVL Private Equity Fund II, the largest private equity fund in the Baltics, signed an agreement to acquire a 75% stake in Eesti Keskkonnateenused (EKT), Estonia's largest waste management group, with the transaction expected to be completed by the end of 2025, subject to regulatory approval [1][2] - Current EKT shareholders (management) will retain a 25% stake in the company [1] Group 2: EKT Operations - EKT provides a wide range of waste management and municipal services, including collection and processing of household waste, secondary raw materials, construction waste, hazardous waste, bio-waste, and street cleaning, with consolidated revenue of EUR 77 million in 2024 and approximately 800 employees [2] Group 3: Growth Strategy and Future Plans - EKT is working on a major hazardous waste incineration project to boost its capacity from 2,000 to 15,000 tonnes a year, and aims to expand sorting and recycling capabilities to enhance contributions to Estonia's circular economy goals [3] - The acquisition is expected to open more opportunities for EKT to successfully implement its growth strategy [3] Group 4: Fund's Investment Strategy - INVL Private Equity Fund II aims to invest EUR 10-60 million in companies across various sectors that have the potential to become regional leaders, focusing on acquiring majority or significant minority stakes [6][7] - The fund seeks attractive opportunities in the Baltics, Poland, Romania, and the broader EU, with a strategy centered on long-term value creation through active investment management [6][7] Group 5: Management and Background - The fund is managed by INVL Asset Management, a leading Baltic alternative asset manager with over 30 years of experience, managing or supervising EUR 2 billion in assets across various investment strategies [8]

Core Viewpoint - Sabesp (SBS) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook for its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of changing earnings estimates in determining near-term stock price movements, making it a valuable tool for investors [2][4]. - An increase in earnings estimates typically leads to buying pressure and a potential rise in stock price, reflecting an improvement in the company's underlying business [5][6]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10]. Specifics for Sabesp - For the fiscal year ending December 2025, Sabesp is expected to earn $1.18 per share, with analysts raising their estimates by 8.3% over the past three months [8].

Debt Restructuring - Ambipar Participações e Empreendimentos is nearing the engagement of Seneca Evercore, a Brazil advisory boutique, for debt restructuring [1] Company Information - Ambipar is a waste-management company [1]