机构：东吴证券 研究员：袁理/陈孜文 考虑未来国补当期常态化回款，保守预计稳态下经营性现金流净额115亿元（对应约130 亿港元），资 本开支35-40 亿元（对应约40~45 亿港元），财务费用参考25 年水平（24 亿港元），测算分红潜力=经 营性现金流净额-资本开支-财务费用=61~66 亿港元，分红比例潜力超100%。 事件：2025 年公司实现主营业务收入275.21 亿港元，同比-9%，归母净利润39.25 亿港元，同比+16%。 25 年建造收入占比降至10%，运营提质增效&财务费用节约&危废减值收窄贡献盈利增量。1）盈利结 构持续优化：分收入类型来看：①运营收入：25 年为198.33 亿港元（同比+2%，下同），占主营收入 72%（+8pct）；②建造收入：25 年为27.22 亿港元（-53%），占主营收入10%（-9pct）；③财务收入： 25 年为49.66 亿港元（-2%），占主营收入18%（+1pct）。2）财务费用节约：25 年财务费用23.94 亿港 元，同比下降6.13 亿港元。3）减值收窄：25 年应收账款、其他应收款及合约资产减值计提4.49 亿港元 （24 年为5.44 ...

Perma-Fix Environmental Services (NasdaqCM:PESI) Q4 2025 Earnings call March 24, 2026 10:00 AM ET Company ParticipantsBen Naccarato - EVP and CFODavid Waldman - President and CEOHoward Brous - VP and Wealth AdvisorMark Duff - President and CEOWalter Schenker - FounderConference Call ParticipantsAaron Spychalla - Senior Research AnalystOperatorGood morning, everyone, and welcome to the Perma-Fix fourth quarter and fiscal 2025 business update conference call. At this time, all participants are in a listen-onl ...

Perma-Fix Environmental Services (NasdaqCM:PESI) Q4 2025 Earnings call March 24, 2026 10:00 AM ET Company ParticipantsBen Naccarato - EVP and CFODavid Waldman - President and CEOHoward Brous - VP and Wealth AdvisorMark Duff - President and CEOWalter Schenker - FounderConference Call ParticipantsAaron Spychalla - Senior Research AnalystOperatorGood morning, everyone, and welcome to the Perma-Fix fourth quarter and fiscal 2025 business update conference call. At this time, all participants are in a listen-onl ...

Perma-Fix Environmental Services (NasdaqCM:PESI) Q4 2025 Earnings call March 24, 2026 10:00 AM ET Speaker5Good morning, everyone, and welcome to the Perma-Fix fourth quarter and fiscal 2025 business update conference call. At this time, all participants are in a listen-only mode, and the floor will be open for questions following the presentation. If anyone should require operator assistance during this conference, please press star zero on your phone keypad. Please note this conference is being recorded. I ...

Lassila & Tikanoja PlcStock exchange release23 March 2026 at 4 AM EET The share repurchase programme launched by Lassila & Tikanoja Plc has been completed Lassila & Tikanoja Plc has completed the repurchase of its own shares, which was announced in a stock exchange release on 27 February 2026. The repurchase of the shares started on 3 March 2026 and was completed on 20 March 2026. In total, 150,000 shares were repurchased, corresponding to approximately 0,4 per cent of all shares in Lassila & Tikanoja Plc. ...

PresentationFrancisco MarquesChief of staff to the CEO Ladies and gentlemen, good morning or good afternoon. I am Francisco Silverio Marques, Chief of Staff to the CEO at Veolia and honored to be your host today for what will be not only the presentation of our multifaceted performance results, but actually how for Veolia, multifaceted performance is a natural lever for creation of value. To lead this discussion today, I'm very happy to welcome our CEO, Estelle Brachlianoff; and Emmanuelle Menning, our Dep ...

Veolia Environnement Update Summary Company Overview - **Company**: Veolia Environnement (OTCPK: VEOE.F) - **Date of Briefing**: March 23, 2026 Key Industry Insights - **Geopolitical Context**: The company operates in a world marked by geopolitical tensions, particularly in the Middle East, which affects global trade and emphasizes the importance of environmental security as a matter of national security and economic sovereignty [2][8]. - **ESG Relevance**: The current instability reinforces the relevance of Environmental, Social, and Governance (ESG) strategies, as environmental challenges are now seen as security imperatives [2]. Financial Performance - **Revenue**: Achieved over EUR 44 billion in revenue, with EBITDA up 6.3%, exceeding guidance [3]. - **Profitability**: Current net income increased by 11.8% on average per year over the past two years, with profitability up 150 basis points [3]. - **Gross Profit Target**: Achieved a gross profit target of 9.4% two years ahead of schedule [4]. - **Leverage Ratio**: Maintained a leverage ratio of 2.79 times, below the 3 times threshold, indicating financial strength [4]. - **International Operations**: EBITDA increased by 9.3% outside Europe, driven by hazardous waste and water technologies [4]. Environmental Performance - **GreenUp Plan**: Two out of three GreenUp objectives achieved two years early, including saving nearly 1.6 billion cubic meters of fresh water and treating 9.2 million tons of hazardous waste [5][24]. - **Decarbonization**: Scope 1 and 2 emissions reduced by 18.6% compared to 2021, with a target to reduce coal-based activity to below 1% by 2030 [10][12]. - **Biodiversity Initiatives**: Aiming to deploy biodiversity action plans on 85% of sensitive sites by 2027, having already reached 80% [26]. Operational Highlights - **Employee Engagement**: Achieved an 85% employee engagement rate, significantly above the utilities benchmark, with a focus on safety and security [31]. - **Safety Improvements**: Workplace accidents down 75% over 15 years, with a 5% reduction this year [32]. - **Employee Shareholding**: Aiming for 10% employee shareholding to enhance trust and ownership among employees [33]. Strategic Initiatives - **Decarbonization Strategy**: Integrated into the business model, focusing on methane capture, energy efficiency, and coal exit plans [10][12]. - **Water Resource Management**: Advanced tools deployed to monitor water distribution, aiming to save 1.5 billion cubic meters of freshwater by 2027 [24]. - **Hazardous Waste Management**: Achieved treatment of 9.2 million tons of hazardous waste, ahead of the 2027 target [25]. Market Opportunities - **AI and Digital Strategy**: AI is central to improving operational efficiency, with a significant increase in efficiency attributed to AI and digital initiatives [42]. - **Recycling and Circular Economy**: The EU's support for recycling aligns with Veolia's strategy to secure supply chains and reduce dependency on imports [51]. Regional Focus - **Middle East Operations**: Revenue from the Middle East is approximately EUR 1 billion, with a focus on essential services like desalination and hazardous waste management [50][46]. - **Coal Exit Plans**: Successful coal exit strategies in Central Eastern Europe are scalable to other regions, with a focus on multi-fuel approaches [54][56]. Conclusion - **Value Proposition**: Veolia's unique value proposition lies in delivering environmental security that creates lasting shareholder value, addressing critical challenges such as water scarcity and pollution [7][8]. - **Future Outlook**: The company is well-positioned to continue its growth trajectory, leveraging its integrated business model that aligns sustainability with profitability [37].

Company Overview - Lassila & Tikanoja Plc is a leading Nordic circular economy company focused on maximizing the potential of circularity in collaboration with customers and partners [2] - The company provides services in waste management, recycling, hazardous waste and remediation, industrial services, and water treatment [2] - Lassila & Tikanoja aims to enhance societal infrastructure and promote sustainable material use by converting waste into valuable raw materials [2] - The company employs approximately 2,300 people in Finland and Sweden and is listed on Nasdaq Helsinki [2] Share Repurchase Details - On March 20, 2026, Lassila & Tikanoja repurchased 10,000 shares at an average price of €7.6361 per share, totaling a cost of €76,361 [1] - Following this transaction, the total number of shares held by the company increased to 135,712 [1] - The share buybacks were conducted in accordance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegated Regulation (EU) 2016/1052 [1]

Core Viewpoint - Enviri Corporation has filed an initial Form 10 registration statement with the SEC for the spin-off of Harsco Environmental and Rail into a standalone company named New Enviri, which is expected to occur before the sale of its Clean Earth division to Veolia Environnement S.A. [1][4] Group 1: Spin-off and Corporate Structure - The spin-off of New Enviri is anticipated to take place in mid-2026, just prior to the closing of the Clean Earth sale, pending shareholder approval and other customary conditions [4]. - New Enviri will focus on providing environmental services and material processing for the metals industry, as well as equipment and services for the rail sector [2][6]. Group 2: Financial Projections - Expected pro forma revenues for 2026 are approximately $1.2 billion, with an Adjusted EBITDA of around $140 million, following the adjustment of corporate costs [7]. - New Enviri will launch with a conservative capital structure, featuring a Net Debt to Adjusted EBITDA ratio of 2.0x and an undrawn revolving credit facility at closing [7]. Group 3: Leadership and Governance - Carolann I. Haznedar is expected to serve as Chair of the Board for New Enviri, bringing extensive experience from her 35-year career at DuPont [5][8]. - The establishment of a strong corporate governance foundation is emphasized, with confidence in the leadership team's ability to drive strategic priorities and enhance shareholder value [8]. Group 4: Market Position and Growth Potential - New Enviri aims to be a market leader in environmental solutions for industrial waste and innovative rail technology, with significant growth potential through internal improvements and market recovery [6][7]. - The company anticipates strong cash flow generation, with improvements expected as existing contracts conclude and earnings strengthen [7].

Lassila & Tikanoja Plc, STOCK EXCHANGE RELEASE, 19 March 2026 at 6.30 PM (EET) Lassila & Tikanoja Plc: Share Repurchase 19.3.2026 In the Helsinki Stock Exchange Trade date 19.3.2026 Bourse trade Buy Share LASTIK Amount 10 000SharesAverage price/ share 7,7095EURTotal cost 77 095,00EUR Lassila & Tikanoja Plc now holds a total of 125 712 sharesincluding the shares r ...