{"id":47905,"date":"2026-07-30T10:30:00","date_gmt":"2026-07-30T08:30:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=f3648434a713472868cc415f89165d18"},"modified":"2026-07-30T10:30:00","modified_gmt":"2026-07-30T08:30:00","slug":"very-solid-h1-performance-confirming-strength-of-veolia-business-model","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=47905","title":{"rendered":"Very Solid H1 Performance Confirming Strength of Veolia Business Model"},"content":{"rendered":"<p class=\"bwalignc\">\n<b>Improved 2026 guidance<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>A new semester of excellent performance, with +70bps EBITDA margin improvement and +10.4%<sup>(1)<\/sup> progression of current net income<sup>(2)<\/sup><\/b><\/li>\n<li>\n<b>Veolia is standing out in a volatile macro and geopolitical environment, with continuously improving results, thanks to solid operational execution and unique combination of growth and resilience <\/b><\/li>\n<li>\n<b>A performance based on a unique positioning at the heart of ecological security challenges, resource sovereignty, pollutant elimination, securing access to water, essential services including for new industries related to AI<\/b><\/li>\n<li>\n<b>Continued Group profile transformation towards international and technologies with closing of Clean Earth acquisition and a good progress of the disposal plan<\/b><\/li>\n<li>\n<b>Improved current net income<sup>(2)<\/sup> 2026 guidance and GreenUp plan trajectory fully confirmed<\/b><\/li>\n<\/ul><p>PARIS--(BUSINESS WIRE)--Regulatory News:<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260729716027\/en\/412950\/5\/240414.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260729716027\/en\/412950\/22\/240414.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260729716027\/en\/412950\/5\/240414.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260729716027\/en\/412950\/21\/240414.jpg\" \/><\/a><p>\nVeolia Environnement (Paris:VIE):<\/p><p>\n<b>Key figures:<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>In \u20acM<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2026<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>Variation at constant scope and forex<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Revenue<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n22,048<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>22,193<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+0.8%<\/b><\/p><p class=\"bwcellpmargin bwalignc\">\n<b>+1.5%<\/b> excluding energy prices<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>EBITDA<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n3,367<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3,552<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+5.0%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b><i>EBITDA margin<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<i>15.3%<\/i><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b><i>16.0%<\/i><\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+70bps<\/b> (current)<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Current EBIT<\/b><sup>(2)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1,834<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1,956<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+6.4%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Current net income group share<\/b><sup>(2)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n762<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>837<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+10.4%<\/b> at constant forex<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Net income group share<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n657<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>682<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Net capex<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1,747<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>1,630<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Net free cash flow<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-451<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>-288<\/b><\/p><\/td><td class=\"bwsinglebottom bwpadl0 bwwidth25 bwvertalignm bwalignc bwtopsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Net Financial Debt<\/b><sup>(2)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n20,764<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>24,548<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<\/table><p>\n\u2581\u2581\u2581<\/p><p>\n<b>Estelle Brachlianoff, CEO of the Group<\/b>,<i> <\/i>stated<i>:<\/i><\/p><p>\n<i>\u201cThe excellent results recorded in the first half illustrate Veolia\u2019s ability to capitalize on its strategic positioning at the heart of ecological security issues\u2014particularly water security\u2014and resource sovereignty, in an environment marked by strong economic and geopolitical tensions. Exceptional heat waves, the increasing frequency of droughts, and the growing needs of AI industries confirm the relevance of the Group\u2019s solutions and strengthen the structural drivers of its growth.<\/i><\/p><p>\n<i>We continued to improve our operational performance in the first half of the year with a further margin improvement of 70 basis points and a growth in current net income of more than +10%<sup>(<b>1<\/b>)<\/sup>. These results, which are largely in line with our annual targets, despite a complex environment, demonstrate the strength of our model and our strict operational management.<\/i><\/p><p>\n<i>This momentum has resulted in a solid increase in our EBITDA across all our geographic regions, with particularly strong performances in the United States, Latin America, and Asia. These results demonstrate the resilience of our business model, the quality of our operational execution, and Veolia's ability to meet rapidly growing essential needs.<\/i><\/p><p>\n<i>The transformation of our asset portfolio continued with the completion of the strategic acquisition of Clean Earth, enabling us to build a national platform in the United States, where we achieve more than 6 billion dollars in revenue and are now number 2 in hazardous waste treatment.<\/i><\/p><p>\n<i>We therefore approach the second half of the year with confidence and are raising our guidance for the full fiscal year.\u201d<\/i><\/p><p class=\"bwalignc\">\n<b>KEY H1 2026 FACTS<\/b><\/p><p>\n<b>Sustained Revenue growth of +1.5%<\/b><sup>(2)<\/sup><b> to \u20ac22,193M:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nGrowth in Water (+1.6%<sup>(3)<\/sup>), thanks to good volumes in Municipal Water and in Energy (+2.7%<sup>(2)<\/sup>). Stable Waste (+0.2%<sup>(3)<\/sup>)<\/li>\n<li>\nGood International growth (+3.9%<sup>(3)<\/sup> in Americas, Asia Pacific, Africa Middle-East), with an excellent second quarter<\/li>\n<li>\nIncluding the impact of lower energy prices, total Group Revenue is up by +0.8%<sup>(3)<\/sup><\/li>\n<\/ul><p>\n<b>Operational Performance in line with annual guidance: EBITDA of \u20ac3,552M, an organic growth of +5.0%<\/b><sup>(3)<\/sup><b>, in the target range of +5% to +6%<\/b><sup>(3)<\/sup><b>, and margin increase of +70bps:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Growth and performance (+6.0%)<\/b> were notably fueled by net pricing, productivity and efficiency gains with \u20ac195M gross efficiency gains in H1, in line with annual target of above \u20ac350M, as well as by commerce and volume effect<\/li>\n<\/ul><p>\n<b>Current EBIT<sup>(4<\/sup><\/b><sup>)<\/sup><b> up +6.4%<\/b><sup>(3)<\/sup><b>, to \u20ac1,956M.<\/b><\/p><p>\n<b>Current net income Group share<sup>(4)<\/sup> of \u20ac837M<\/b>, up +10.4\u2009%<sup>(5)<\/sup> enabling to <b>raise annual target to min. +8%<\/b><sup>(5)<\/sup><b> now including Clean Earth.<\/b><\/p><p>\n<b>Net income Group share of \u20ac682M.<\/b><\/p><p>\n<b>Net financial debt<sup>(<\/sup><\/b><sup>4)<\/sup><b> under control at \u20ac24,548M, including Clean Earth acquisition, with significant net free cash-flow improvement fueled by strict management of Capex and Working capital requirements. Confirmation of leverage ratio equal or slightly above 3x at year-end.<\/b><\/p><p>\n<b>Continued Group profile transformation towards international and technologies<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Closing of Clean Earth acquisition in Hazardous Waste in the US<\/b>, early June 2026. Integration is underway and synergies expected to start in 2027<\/li>\n<li>\n<b>Disposal process ready for the \u20ac2bn+ plan <\/b>to be delivered by mid 2028, including around \u20ac500M disposals signed in 2026.<\/li>\n<\/ul><p>\n<b>Innovation to fuel growth and efficiency ambitions beyond GreenUp:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Veolia announces an<\/b> <b>ambitious plan to accelerate its footprint in the data centers industry and microelectronics, targeting over \u20ac1 billion in annual revenue from these two markets by 2030<\/b>.<\/li>\n<li>\nVeolia intends to fully leverage the potential of digital and AI-driven solutions to sustain its recurring efficiency plan. The Group notably targets to <b>double the share of digital and AI efficiency gains to 50% of operational efficiency by 2030<\/b>, compared with 23% in 2025<\/li>\n<\/ul><p class=\"bwalignc\">\n<b>MAIN BUSINESS DEVELOPMENTS<\/b><\/p><p>\n<b>NEW - US<\/b> - <b>Veolia completes Clean Earth deal, doubling its U.S. Hazardous Waste business and expanding its growth platform<\/b>. Veolia reinforces its position as a world\u2019s leading hazardous waste management company, effectively doubling U.S. hazardous waste revenues. The $3 billion transaction adds robust pretreatment, storage and disposal capabilities, 2,600 highly trained people, and an expanded presence to Veolia\u2019s American offering, making the company an even greater powerhouse for innovative environmental services and solutions. Backed by a strong integration track record, the transaction will deliver $120 million of synergies by year 4.<\/p><p>\n<b>Global <\/b>- <b>Veolia launched in London a new global offer for data centers, Data Center Resource 360<\/b>, designed to address the critical environmental and operational challenges facing the rapidly expanding digital infrastructure sector, while supporting the resilience of communities and responding to their critical resource needs. The offer places a particular emphasis on their integration and acceptability into local ecosystems, at a time when environmental security is emerging as a key strategic priority.<\/p><p>\nIn addition, in the context of this new offer, <b>Veolia works with Amazon to develop reclaimed Water for cooling systems for Data Centers<\/b>. Collaboration combines Veolia's advanced water reuse technologies with Amazon AI and cloud capabilities to advance more sustainable strategies for data center infrastructure. This supports Amazon\u2019s goal to be water positive in direct data center operations by 2030 and aligns with the objectives of Veolia\u2019s GreenUp strategic program regarding resource preservation, pollution control, and decarbonization.<\/p><p>\n<b>NEW - Water Technologies <\/b>- <b>Veolia accelerates growth in microelectronics with \u20ac343 million in water technology bookings<\/b> since the beginning of the year, confirming strong commercial momentum in a strategic growth market. Major contract wins with leading semiconductor manufacturers in Singapore and the United States, including ultrapure water production and wastewater reclamation to zero liquid discharge standards. Full water-cycle expertise, from ultrapure water to reuse and advanced wastewater treatment, supporting Veolia\u2019s GreenUp strategy and customers\u2019 operational resilience.<\/p><p>\n<b>Australia<\/b> - <b>Veolia strengthens its leadership in PFAS treatment in Australia with the acquisition of the country's major soil remediation player.<\/b> The Group reinforces its position as a pioneer in the fight against PFAS contamination in Australia, with the acquisition of Enviropacific acting as a double growth booster - accelerating both its geographic expansion and its capabilities in hazardous waste treatment - fully aligned with its global GreenUp strategy. The transaction, part of usual tuck-ins, is valued at AUD 228 million (Enterprise Value) and was closed at the end of March 2026. Enviropacific reported FY25 turnover of approximately AUD c.250 million, with nearly 300 employees.<\/p><p>\n<b>NEW - Colombia<\/b> - <b>Veolia strengthens its leadership in Latin America with a landmark Water contract in Colombia to modernize C\u00facuta\u2019s Water infrastructure.<\/b> Veolia will lead an ambitious plan in partnership with C\u00facuta municipality to modernize the city's water infrastructure and address long-standing water and sanitation needs. The plant will considerably reduce water losses from the current 42% to below 30%, bringing it in line with the best systems in the country and in Latin America. This contract represents around \u20ac100 million in average annual revenue over 20 years, i.e. an estimated c.\u20ac2 billion backlog.<\/p><p>\n<b>NEW - France<\/b> - <b>Veolia unveils its plan to accelerate heating and cooling networks in France to help cities adapt to heatwaves. <\/b>Faced with the increasing frequency and intensity of heatwaves, Veolia aims to make heating-cooling networks an essential infrastructure for urban adaptation to climate change. More than 100 sites have been identified in France to support the accelerated deployment of these urban networks, which are capable of simultaneously producing heat and cold from local, renewable, or recovered energy sources, enabling service for up to 3 million people. These projects will be based on energy recovery solutions from urban wastewater, geothermal energy, data centers, and waste-to-energy plants, to accelerate their development, continuing the innovative \"Ecothermal Grid\" offering.<\/p><p>\n<b>Czech Republic<\/b> - <b>Veolia drives the Czech coal exit with a multi-energy transformation in Karvin\u00e1<\/b>. The Group is transforming the Karvin\u00e1 plant into a multi-energy plant, eliminating coal use by 2029, while serving approximately 50,000 households. Based on local and circular energy sources, the new system will reduce annual CO2 emissions by 200,000 tonnes while ensuring long-term price stability and air quality improvements for the Karvin\u00e1 and Hav\u00ed\u0159ov regions.<\/p><p class=\"bwalignc\">\n<b>IMPROVED GUIDANCE<\/b><\/p><p>\n<b>Our 2026 targets are improved:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\nSolid organic<sup>(6)<\/sup> revenue growth excl. energy prices<\/li>\n<li>\nOrganic<sup>(6)<\/sup> EBITDA growth of +5% to +6%<\/li>\n<li>\n<b>Current net income Group share<sup>(7)<\/sup> growth of minimum +8% at constant forex and incl. Clean Earth<\/b><\/li>\n<li>\nCurrent EPS Group share<sup>(7)<\/sup> to grow in line with current net income Group share<sup>(7)<\/sup> (thanks to share buyback plan to compensate the impact of the employee shareholding program)<\/li>\n<li>\nDividend growth in line with current EPS Group share growth<sup>(7)<\/sup><\/li>\n<li>\nLeverage ratio equal or slightly above 3x with Clean Earth<\/li>\n<\/ul><p>\n<b>In addition<\/b>,<\/p><ul class=\"bwlistdisc\">\n<li>\nThe Clean Earth acquisition will be accretive to current net income from 2027. Clean Earth PPA will be treated as a non current item<\/li>\n<li>\nThe \u20ac2bn+ disposal program will be delivered by mid 2028<\/li>\n<\/ul><p>\n<b>GreenUp trajectory is fully confirmed.<\/b><\/p><p class=\"bwalignc\">\n<b>DETAILED RESULTS AT 30 JUNE 2026<\/b><\/p><p>\n<b>Sustained Revenue growth to \u20ac22,193M, up +0.8% at constant scope and forex, and by +1.5% excluding the impact of energy prices.<\/b><\/p><p>\n<b>EBITDA growth to \u20ac3,552M, i.e. +5.0% organic growth. Margin increase of +70bps.<\/b><\/p><p>\n\u2581\u2581\u2581<\/p><p>\n<b>The organic growth of revenue by operating segments was as follows:<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>In \u20acM<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2026<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>Variation at constant scope and forex<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nWater Technologies<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2,409<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2,213<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-4.8%\/+0.6% excluding projects<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nAmericas, Asia Pacific, Africa Middle-East<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n5,533<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n5,747<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+3.9%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nEurope<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n9,733<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n9,905<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+1.1%\/+2.6% excluding energy prices<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFrance and Hazardous Waste Europe<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n4,371<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n4,318<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-0.8%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>TOTAL<\/b><sup>(<b>8<\/b>)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>22,048<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>22,193<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+0.8%\/+1.5%<\/b> excluding energy prices<\/p><\/td><\/tr>\n<\/table><p>\nThe <b>Water Technologies<\/b> activity reported revenue of 2,213 million euros, down -4.8% at constant scope and forex. This decrease is mainly explained by the slowdown in Project activity, impacted by the geopolitical context in the Middle-East, which is causing significant delays in orders and execution. Excluding Projects, Water Technologies was thus up +0.6% on a like-for-like basis.<\/p><p>\nIn the<b> Americas, Asia Pacific, Africa Middle-East<\/b>, revenue reached 5,747 million euros, an organic growth of +3.9%, with an acceleration in the second quarter with organic growth of +4.6%. It increased in all geographies:<\/p><ul class=\"bwlistdisc\">\n<li>\nIn <b>North America<\/b>, revenue reached 1,581 million euros, up +3.7% at constant scope and forex, thanks to price increases in Regulated Water and Hazardous Waste. The area benefited from sustained volumes of distributed Water caused by heatwaves in the northeastern part of the country. The Hazardous Waste activity also benefited from strong commercial momentum despite the intensity of the adverse weather conditions during the first quarter.<\/li>\n<li>\n<b>Latin America <\/b>revenue stood at 1,046 million euros, up +10.1% at constant scope and forex, driven by tariff indexations in Regulated Water in Chile, good progression of Waste in Colombia and Argentina and good performance of Waste and Energy services in Brazil.<\/li>\n<li>\nIn <b>Asia,<\/b> revenue amounted to 1,173 million euros, up +1.5% at constant scope and forex with an acceleration in the second quarter, showing organic growth of +5.3%. This growth was largely driven by strong performance in Municipal Water in Japan, where a 100% contract renewal rate was achieved. Southeast Asia and India saw sustained volumes in plastic recycling and growth in Hazardous Waste activities, respectively. In China, strong performance in Energy and organic growth in the Waste business (driven by increased volumes in hazardous waste activities and plastic recycling) offset the decline in Industrial Water activity. These strong regional results helped cushion the downturn recorded in Hong Kong, which was impacted by the expected slowdown in landfill operations.<\/li>\n<li>\nIn the <b>Pacific <\/b>region, revenue amounted to 1,128 million euros, up +3.5% at constant scope and forex, and up by +9.8% at constant forex with acquisitions such as Enviropacific in Australia. The activity was driven by the good performance of Waste treatment and recovery operations (with volume growth in landfills and transfer stations).<\/li>\n<li>\nIn <b>Africa Middle-East,<\/b> revenue totaled 819 million euros, slightly up +1.0% at constant scope and forex, and this despite the effect of the conflict in the Middle-East.<\/li>\n<\/ul><p>\nRevenue in<b> Europe <\/b>reached 9,905 million euros on June 30, 2026, an organic variation of +1.1%. Excluding the effect of energy prices, revenue rose by +2.6%.<\/p><ul class=\"bwlistdisc\">\n<li>\nIn <b>Central and Eastern Europe<\/b>, revenue stood at 5,751 million euros, up +1.8% at constant scope and forex and excluding the effect of energy prices. This performance was primarily driven by a favorable climate effect in Energy, particularly in Poland and the Czech Republic, which helped offset the decline in energy prices. Growth was also supported by strong performance in the Water activity, which benefited from significant tariff indexations (particularly in Romania and the Czech Republic).<\/li>\n<li>\nIn <b>Northern<\/b> <b>Europe<\/b>, revenue of 2,161 million euros rose by +2.7% at constant scope and forex. In the United Kingdom, activity increased by 5.3% at constant scope and forex, driven by significant tariff increases (indexation) and strong commercial development, particularly in Waste Treatment and industrial services.<\/li>\n<li>\nIn <b>Iberia<\/b>, revenue stood at 1,500 million euros, up +5.1% at constant scope and forex. This growth was largely driven by Spain, where the Water sector benefited from favorable tariff reviews and an increase in billed volumes. In addition, the sustained momentum of works in the Energy sector offset the decrease in energy prices.<\/li>\n<li>\n<b>Italy<\/b> generated revenue of 493 million euros, down -1.4% at constant scope and forex, notably following a decrease in energy prices.<\/li>\n<\/ul><p>\nRevenue in<b> France and Hazardous Waste Europe<\/b> amounted to 4,318 million euros, slightly down -0.8% at constant scope and forex compared to June 30, 2025.<\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Water <\/b>revenue of 1,532 million euros was up +1.7% at constant scope and forex , thanks to higher volumes (+2.2%).<\/li>\n<li>\n<b>Waste <\/b>revenue stood at 1,370 million euros, down -3.0% at constant scope and forex. This decline is driven mainly by commercial selectivity, while the decline in landfill volumes and falling electricity and recyclate prices, was nonetheless mitigated by tariff indexations.<\/li>\n<li>\n<b>Hazardous Waste Europe<\/b> revenue reached 1,189 million euros, down -0.2% at constant scope and forex. This development can be attributed to bad weather at the start of the year, shutdowns of incineration furnaces and an unfavorable cyclical trend in the Remediation and Mineral Waste activities, marked by the completion of several projects.<\/li>\n<\/ul><p>\n\u2581\u2581\u2581<\/p><p>\n<b>EBITDA evolution by segment was as follows:<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>In \u20acM<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>Variation at constant scope and forex<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nWater Technologies<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n299<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n294<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+2.5%\/+6.7% at constant management fees<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nAmericas, Asia Pacific, Africa Middle-East<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n894<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n991<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+8.9%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nEurope<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1,457<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1,499<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+2.1%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFrance and Hazardous Waste Europe<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n653<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n676<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+3.7%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>TOTAL<\/b><sup>(<b>9<\/b>)<\/sup><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3,367<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>3,552<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+5.0%<\/b><\/p><\/td><\/tr>\n<\/table><ul class=\"bwlistdisc\">\n<li>\n<b>Water Technologies<\/b> (+6.7% at constant scope, forex and management fees): The segment recorded a significant increase in profitability. This result is attributable to the value created by the One Water Tech project launched mid-2025, which offset the decline in Projects business.<\/li>\n<li>\n<b>Americas, Asia Pacific, Africa Middle-East <\/b>(+8.9% at constant scope and forex): Strong organic growth momentum across all regions, particularly in Latin America (+10.2% at constant scope and forex), thanks to good Waste volumes, tariff reviews (Regulated Water US, Latin America) and efficiency gains.<\/li>\n<li>\n<b>Europe<\/b> (+2.1% at constant scope and forex): Solid performance driven by Southern Europe, with organic growth of +10.6% in Iberia thanks to tariff reviews and strong volumes in Water, and +7.8% organic growth in Italy thanks to the efficiency plan. Northern Europe experienced a slight decline due to the impact of incinerator shutdowns for maintenance and falling electricity prices in the United Kingdom. In Central Europe, business remains steady, with the impact of energy prices offset by strong volumes, favorable climate conditions and efficiency gains.<\/li>\n<li>\n<b>France and Hazardous Waste Europe<\/b> (+3.7% at constant scope and forex): EBITDA growth was driven by the successful implementation of operational efficiency plans across all entities and tariff increases. The business also benefited from positive momentum in Water volumes.<\/li>\n<\/ul><p>\n\u2581\u2581\u2581<\/p><p>\n<b>The organic growth of revenue by business<\/b><sup>(<b>10<\/b>)<\/sup><b> was as follows:<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>In \u20acM<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>H1 2026<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Variation<\/b><\/p><p class=\"bwalignl bwcellpmargin\">\n<b>at constant scope and forex<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Water<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>8,545<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>8,489<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+1.6%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nMunicipal Water<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n6,135<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n6,276<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+4.1%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nWater Technologies<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2,409<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2,213<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-4.8%\/+0.6% excl. projects<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Waste<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>7,672<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>7,771<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+0.2%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nSolid Waste<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n5,597<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n5,542<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-0.5%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nHazardous Waste<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2,075<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n2,229<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+2.1%\/+6.2% incl. tuck-ins excl. Clean Earth<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Energy<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>5,831<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>5,933<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+0.6%\/+2.7%<\/b> excluding energy prices<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nDistrict Heating and Cooling Networks<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n4,147<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n4,173<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-0.9%\/+1.9% excluding energy prices<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nBioenergies, Flexibility and Energy Efficiency<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1,684<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n1,759<\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n+4.2%\/+4.7% excluding energy prices<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth25\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>TOTAL<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>22,048<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>22,193<\/b><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth25 bwvertalignm bwalignc\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>+0.8%\/+1.5%<\/b> excluding energy prices<\/p><\/td><\/tr>\n<\/table><p>\n<b>Water <\/b>activities recorded revenue growth of +1.6% at constant scope and forex, driven by tariff increases of +1.5%, as well as improved volumes, partially offset by the deferral of projects in Water Technologies.<\/p><ul class=\"bwlistdisc\">\n<li>\nRevenue from<b> stronghold Municipal Water<\/b> rose by +4.1% at constant scope and forex. This positive momentum was largely driven by solid tariff increases across most geographies (particularly in Spain, Central and Eastern Europe, North America and Chile). This was complemented by an increase in water volumes, notably in France and Spain.<\/li>\n<li>\nRevenue from the <b>Water Technologies booster <\/b>business was down -4.8% at constant scope and forex. The activity was impacted by project slowdown, notably in the Middle-East.<\/li>\n<\/ul><p>\nRevenue from <b>Waste <\/b>activity<b> <\/b>remained stable (+0.2\u2009% at constant scope and forex), thanks to tariff revisions (+2.3%), offsetting the impact of the commerce\/volumes\/works (-1.4%), the decrease of paper, plastic and energy prices (-0.5%) and the negative impact of bad weather in the first quarter.<\/p><ul class=\"bwlistdisc\">\n<li>\nRevenue from the<b> stronghold Solid Waste<\/b> was slightly down -0.5% at constant scope and forex. This resulted from a combination of an unfavorable external context (bad weather and decrease in the prices of recyclable materials and energy) and commercial selectivity.<\/li>\n<li>\nRevenue from the<b> Hazardous Waste booster<\/b> rose by +2.1% at constant scope and forex and by +6.2% including tuck-ins, excluding Clean Earth. This growth was primarily attributed to the strong performance of waste chemical treatment and incineration operations, with positive tariff adjustments offsetting the adverse effects of bad weather in the United States and Europe during the first quarter.<\/li>\n<\/ul><p>\n<b>Energy <\/b>revenue was up +0.6% at constant scope and forex and +2.7% excluding the impact of energy prices. The favorable climate impact of +1.7% and the commerce\/volume effect of +1.9% allowed to largely offset the unfavourable energy price effect of -2.7%.<\/p><ul class=\"bwlistdisc\">\n<li>\nRevenue from the<b> stronghold District Heating and Cooling Networks<\/b>, mainly located in Central and Eastern Europe, rose by +1.9% at constant scope and forex after neutralizing the impact of energy prices. This growth was driven by favorable weather conditions combined with good volumes.<\/li>\n<li>\nRevenue of the<b> Bioenergies, Flexibility and Energy Efficiency booster <\/b>grew by +4.7% at constant scope and forex, excluding the impact of energy prices. This development was mainly due to the solid performance in Iberia, which offset the decline in volumes and prices in Italy.<\/li>\n<\/ul><p>\n\u2581\u2581\u2581<\/p><p>\n<b>Revenue growth by effect breaks down as follows:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>The currency effect<\/b> was -228 million euros (-1.0%), reflecting the international dimension of the Group (c. 60% of non-euro revenue) and mainly corresponding to depreciation of US, UK, Japanese, Argentinian and Hong Kong currencies, partially offset by improvement in Hungarian, Australian and Czech currencies<sup>(11)<\/sup>. It should be noted that these are translation impacts and not transaction impacts, with no impact on margins.<\/li>\n<li>\n<b>The perimeter effect<\/b> of +189 million euros (+0.9%) mainly included acquisitions of Clean Earth in the US and Enviropacific in Australia in Hazardous Waste treatment.<\/li>\n<li>\n<b>The commodity price effect <\/b>(corresponding to changes in energy and recyclate prices) amounted to -164 million euros (-0.7%), due to lower energy prices (-145 million euros), mainly in Central and Eastern Europe, as well as the negative effect of recyclate prices (-19 million euros), mainly paper and plastic.<\/li>\n<li>\n<b>The climate effect<\/b> amounted to +84 million euros (+0.4%), mainly in Energy in Central and Eastern Europe linked to a colder winter in Q1 2026.<\/li>\n<li>\nThe <b>Pricing and Commerce <\/b>effect amounted to +264 million euros (+1.2%), with a sustained growth in Water and Energy, partially offset by lower Waste volumes ; as well as favorable tariff indexations and price increases in Water and Waste activities.<\/li>\n<\/ul><p>\n\u2581\u2581\u2581<\/p><p>\n<b>EBITDA growth by effect breaks down as follows:<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>The currency impact <\/b>on EBITDA amounted to -29 million euros (-0.9%). This mainly reflects the international dimension of the Group and corresponds to the depreciation of US, British and Japanese currencies, partially offset by improvement in Czech, Hungarian and Australian currencies<sup>(12)<\/sup>. It should be noted that these are translation impacts and not transaction impacts, with no impact on margins.<\/li>\n<li>\n<b>The perimeter impact<\/b> of +44 million euros (+1.3\u2009%) mainly included acquisitions of Clean Earth in the US and Enviropacific in Australia in Hazardous Waste treatment.<\/li>\n<li>\nChanges in <b>commodity prices<\/b> (energy and recycled materials) had a net unfavorable impact on EBITDA of -60 million euros (-1.8%), mainly due to lower energy prices.<\/li>\n<li>\nThe <b>climate impact<\/b> was +29 million euros (+0.9%), mainly in Energy in Central and Eastern Europe, due to cold weather conditions until mid-March 2026.<\/li><\/ul><br\/> <b>Contacts<\/b> <br\/><p>\n<b>MEDIA RELATION<\/b><br\/><b>Laurent Obadia - Evgeniya Mazalova<\/b><br\/><b>Charline Bouchereau - Anna Beaubatie<\/b><br\/><b>Aur\u00e9lien Sarrosquy<\/b><br\/><a  href=\"mailto:presse.groupe@veolia.com\" rel=\"nofollow\" shape=\"rect\"><i>presse.groupe@veolia.com<\/i><\/a><\/p><p>\n<b>INVESTORS RELATIONS<\/b><br\/><b>Selma Bekhechi - Ariane de Lamaze<\/b><br\/><a  href=\"mailto:investor-relations@veolia.com\" rel=\"nofollow\" shape=\"rect\"><i>investor-relations@veolia.com<\/i><\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260729716027\/en\/Very-Solid-H1-Performance-Confirming-Strength-of-Veolia-Business-Model\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>Improved 2026 guidance<\/p>\n<p>A new semester of excellent performance, with +70bps EBITDA margin improvement and +10.4%(1) progression of current net income(2)<\/p>\n<p>Veolia is standing out in a volatile macro and geopolitical environment, with continuously impro&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-47905","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/47905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47905"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/47905\/revisions"}],"predecessor-version":[{"id":47906,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/47905\/revisions\/47906"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}