New Hazardous-Waste Capabilities Coming to Austin

Veolia to Build a Major Hazardous Waste U.S. Player With the Acquisition of Clean Earth and Unlock Further International Growth

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• An agreement to acquire Clean Earth, a leading U.S. hazardous waste player with prime assets including 700 operating permits

• 2X size of Veolia U.S. hazardous waste becoming the number 2 player1 in the US

• Increased exposure into fast growing industries such as retail & healthcare to offer full range of environmental services across the U.S.

• $3bn valuation, 9.8x 2026e EBITDA2 post run-rate synergies. Accretive from year 2

• €2bn in asset disposals and portfolio transformation

• Veolia’s global hazardous waste revenue to increase to €5.2bn, EBITDA margin to increase to 17%3

• Significant boost of Veolia’s anchoring in the United States and in hazardous waste activities, both identified as growth boosters in the GreenUp strategic plan

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"In line with our GreenUp focus on growth boosters, this acquisition is a major step in the Group transformation and the strengthening of its financial profile. It allows us to unlock the full value potential of our U.S. hazardous waste activities and to double our size on this critical fast growing sector, creating a number 2 player. We reinforce our global capacities in hazardous waste and further increase our international footprint. Thanks to a de-risked integration process and a strong complementarity between both businesses and teams, this transaction offers a solid value creation potential with significant synergies. It will also unlock a new growth potential for the Group by strengthening our exposure to the most dynamic industries across the U.S., and open up new opportunities for our diversified offerings nationwide. We also further accelerate our asset rotation strategy and portfolio pruning with an additional c.€2bn+ assets disposals in mature activities, leading to a total of €8.5bn of asset rotation since the launch of GreenUp. This continued transformation of our portfolio enhances the growth profile and strength of our Group, uniquely positioned to tackle the sustained demand for environmental security", said Estelle Brachlianoff, Veolia’s Chief Executive Officer.

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Veolia announces its biggest and most transformative acquisition since the merger with Suez both for its growth acceleration in the U.S. and for U.S. hazardous waste. The Group has entered into an agreement with Enviri to acquire Clean Earth, a prime asset in the U.S. hazardous waste sector. It will double Veolia’s U.S. hazardous waste footprint to create a number two player in a fast growing sector, with a nationwide operational platform, wider market coverage and an advanced portfolio of technical capabilities. It will also enable Veolia to strengthen its presence in fast growing industries such as retail and healthcare allowing it to offer a full range of environmental services on a nationwide basis.

Clean Earth already operates a facility in Austin that manages soils, liquids, drums, and other regulated waste streams for local businesses. By bringing this operation under Veolia’s umbrella, Austin gains a direct connection to one of the most technically advanced waste-treatment networks in the country - including high-temperature hazardous-waste destruction, PFAS treatment, deep-well injection for large-volume liquids, and specialized handling for complex industrial materials. For Austin’s fast-growing industries - semiconductors, biotech, advanced manufacturing, clean energy, and labs - safe, compliant, and reliable hazardous-waste management is becoming an increasingly critical operational need.

With its 82 locations, including 19 EPA8 permitted Treatment, Storage and Disposal Facilities (TSDFs) and over 700 operating permits across the country, the Clean Earth portfolio is highly complementary to Veolia. The combined entity will accelerate synergies and growth through greater efficiencies due to enhanced logistics and expanded treatment capabilities and technologies, including PFAS treatment and new contaminants. It also enables Veolia to further develop its business in underserved geographies like the Southeast and Pacific Northwest.