Q1 2025 KEY FIGURES

_{⁽¹⁾ At constant scope and forex and excluding energy prices 
⁽²⁾ At constant scope and forex 
⁽³⁾ Before Suez PPA}

Sustained Revenue growth of +3.9%⁽¹⁾ to €11,507M:

• Boosters⁽²⁾, including new power flexibility assets in Hungary, were up +7.2%⁽¹⁾, while Strongholds⁽³⁾ grew by +3.9%⁽¹⁾
• Strong growth in Water (+2.4%⁽⁴⁾) and Waste (+3.7%⁽⁴⁾). Revenue increase of +5.3%⁽¹⁾ in Energy, while maintaining a very high level of profitability
• Including the impact of lower energy prices, total Group Revenue is up by +1.5%⁽⁴⁾

Solid Operational Performance: EBITDA of €1,695M, an organic growth of +5.5%⁽⁴⁾, in the target range of +5% to +6%⁽⁴⁾, and margin increase of +60bps:

• €91M of efficiency gains, in line with the annual target of €350M.
• €25M of synergies, i.e. a cumulative amount of €460M at the end of March 2025, in line with revised target of €530M by the end of 2025

Current EBIT⁽⁵⁾ up +8.4 %(4), to €915M.

Dynamic capital allocation policy leading to value creation:

• Opening of Tahwill hazardous waste treatment facility in Saudi Arabia
• Closing of the acquisition of power flexibility assets in Hungary

Net financial debt⁽⁵⁾ under control at €18,855M, i.e. a 2.75x leverage ratio, compared to 2,88x last year.

2025 guidance and GreenUp Plan 2024-27 fully confirmed.

¹ _{At constant scope and forex and excluding energy prices}
² _{Boosters: water technologies, hazardous waste, bioenergies, flexibility and energy efficiency}
³ _{Strongholds: municipal water, solid waste, district heating and cooling networks}
⁴ _{At constant scope and forex}
⁵  _{Before Suez PPA}

ABOUT VEOLIA

Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with 215,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew them. In 2024, the Veolia group provided 111 million inhabitants with drinking water and 98 million with sanitation, produced 42 million megawatt hours of energy and treated 65 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 44.7 billion euros in 2024.

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.