Announcement • Jan 09

Veolia Environnement S.A. (ENXTPA:VIE) completed the acquisition of an additional 56.3% majority stake in Suez SA (ENXTPA:SEV) from Amber Capital LP, CIAM and others for €7 billion.

Veolia Environnement S.A. (ENXTPA:VIE) offered to acquire remaining 70.1% stake in Suez SA (ENXTPA:SEV) from Amber Capital LP, CIAM and others for €7.9 billion on January 7, 2021. Veolia Environnement S.A. reached an agreement in principle to acquire remaining 70.1% stake in Suez SA from Amber Capital LP, CIAM and others on April 11, 2021. Under the terms, Veolia will pay €18 per share and purchase price will be reduced by any other distribution or adjusted take to account of any capital transaction. As of April 12, 2021, the offer price is increased from €18 per share to €20.5 per share. As of July 20, 2021, the offer price decreased to €19.85 per share. Veolia and SUEZ have signed a Combination Agreement on May 14, 2021. Veolia has the necessary funds to complete the transaction. Transaction will be financed by a bridging loan with a banking syndicate. Both parties have agreed to enter into definitive merger agreements by May 14, 2021. Subject to the success of the Offer, Veolia Environnement S.A. intends to request to the shareholders’ general meeting of Suez the appointment of its representatives to the board of directors of Suez, in order to reflect the new composition of the shareholding, as well as the renewal or the appointment of directors unrelated to the Veolia group, for a period at least equal to the period during which the shares of Suez will remain listed on Euronext Paris. The entire workforce of Suez and its controlled subsidiaries engaged in salaried activity in France will retain their position. Veolia could include up to four or five executives from Suez on its executive committee out of the dozens of members that will make up the body. Similarly, between fifteen to twenty country managers would be drawn from Suez’ workforce out of the forty or so countries in which the group will be represented after the operation. As of June 15, 2021, Bertrand Camus, Director-General and Chief Executive Officer of Suez has resigned, appointment of the next Director-General should be recorded in mid-July. The tender offer will be subject to regulatory approval, antitrust approval, including approval from European Commission and approval of shareholders of Suez. As of January 7, 2021, Board of Directors of Veolia unanimously approved the transaction. As on February 3, 2021, French court rules in favor of Veolia. French court rules that Veolia did not need to consult Suez staff about this takeover. On February 5, 2021, UK Competition & Markets Authority barred any integration between Veolia Environnement SA and Suez SA. As of February 8, 2021, French court rejected the bid. Veolia intends to apply to the AMF to implement a squeeze-out with respect to Suez shares, if the number of shares not tendered in the Offer by the minority shareholders of Suez does not represent more than 10% of the share capital or the voting rights of Suez following the Offer. The offer will lapse if Veolia fails to acquire share capital of Suez greater than 50%. As on January 8, 2021, Veolia abandoned its previously announced intention to obtain approval from Suez's board prior to lodging a buyout offer. As of February 19, 2021, The Australian Competition and Consumer Commission is seeking comments/concerns from public on transaction by March 10, 2021. As of April 15, 2021, the Versailles Court of Appeal found that Veolia had respected the rights and attributions of Suez's employee representative committees by transmitting the documents and information that could be communicated at the stage of the acquisition of 29.9% of Suez from Engie. As of February 23, 2021, the order of February 8, 2021, issued without debate and prohibiting Veolia from filing a tender offer for Suez SA, is cancelled and as a result, Veolia's tender offer is therefore continuing. This revised Veolia offer would be recommended by the SUEZ Board of Directors before June 29, 2021. As of June 29, 2021, Board of Directors of Suez SA approved and recommended its shareholders to accept the offer on revised offer price. On July 20, 2021, the AMF declared the offer to be compliant and approved the draft offer document. The tender offer opened on July 29, 2021. The transaction is expected to close in first quarter of 2022. Closing of the offer is expected to happen on April 19, 2022. Completion is expected by the end of 2021. As of July 23, 2021, the transaction is expected to close no later than early 2022. As of July 29, 2021, Veolia’s objective is to close the operation by the end of 2021. As on November 5, 2021, The Australian Competition and Consumer Commission is still reviewing the case and is seeking comments/concerns from public on transaction by November 17, 2021. On November 23, 2021, Competition Commission of India approves proposed combination involving acquisition of stake by Veolia Environnement S.A (Veolia) in SUEZ and acquisition of stake in New Suez by Meridiam. On December 7, 2021, CMA decided that the merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. Veolia Environnement had until December 14, 2021 to offer an undertaking to the CMA. As of December 14, 2021, European Commission approved the transaction and the French Competition Authority AMF has set the closing date of the takeover bid as January 7, 2022. The proposed merger has already received 15 out of 18 approvals from the main competition authorities, with the examination still underway by the competition authorities in Chile, the United Kingdom and Australia. On December 14, 2021, Veolia Environnement informed the CMA that it would not be offering any undertakings. The CMA has therefore decided to refer this Merger for a phase 2 investigation pursuant. Messier Maris & Associés S.C.A. and Perella Weinberg Partners acted as financial advisors to Veolia Environnement S.A. Crédit Agricole Corporate and Investment Bank S.A., HSBC Continental Europe, S.A, Morgan Stanley Europe SE, BofA Securities, Inc. and Bank of America Europe DAC acted as presenting banks and financial advisors for Veolia. Board of Directors of Suez has appointed FINEXSI, SA, Financial Advisory Arm as an independent expert and JPMorgan Chase & Co. (NYSE:JPM) acted as defense advisor to Suez. Pierre-Yves Chabert, Anne-Sophie Coustel, Andrew A. Bernstein, Jean-Yves Garaud, Delphine Michot, Antoine Winckler and Séverine Schrameck of Cleary Gottlieb Steen & Hamilton LLP (France) acted as legal advisor to Veolia Environnement S.A. Bertrand Cardi Ben Burman, Forrest Alogna Cécile de Narp, Gersende Renard in M&A, Didier Théophile, Olivia Chriqui, Martin Lebeuf, Henri Savoie, Patrick Mele, Guillaume Griffart, Cyril Bonan, Nicolas Mennesson, Wenceslas Le Chevalier, Geoffrey Pastorelli, Mathieu Della Victoria Guillaume Aubron and Christophe Vinsonneau of Darrois Villey Maillot Brochier acted as legal advisors to Suez SA in the deal. Claire Jeffs of Slaughter and May acted as legal advisor for Suez. Veolia Environnement S.A. (ENXTPA:VIE) completed the acquisition of an additional 56.3% majority stake in Suez SA (ENXTPA:SEV) from Amber Capital LP, CIAM and others for €7 billion on January 7, 2022. At the close of Offer on January 7, 2022, Veolia would own 551,451,261 Suez shares representing 86.22% of the share capital and voting rights of Suez. The final result will be announced on January 10, 2022. Veolia will request the reopening of the offer for a period expected to run from January 12 to January 27, 2022 (inclusive). This reopening will allow shareholders who have not tendered their shares to do so under unchanged conditions. Veolia also confirms its intention to proceed with the squeeze-out and delisting of Suez shares in the event that the number of shares not tendered to the offer by minority Suez shareholders does not represent, at the end of the reopened offer, more than 10% of the capital and voting rights of Suez.

CEO salary percentage	29.64%
CEO tenure	4.2yrs
CEO ownership	0.01%
Management average tenure	6yrs
Board average tenure	6.7yrs

Date	Total Compensation	Salary	Company Earnings
Jun 30 2026	n/a	n/a	€1b
Mar 31 2026	n/a	n/a	€1b
Dec 31 2025	€3m	€1m	€1b
Jun 30 2025	n/a	n/a	€1b
Mar 31 2025	n/a	n/a	€1b
Dec 31 2024	€4m	€1m	€1b
Sep 30 2024	n/a	n/a	€1b
Jun 30 2024	n/a	n/a	€1b
Mar 31 2024	n/a	n/a	€1b
Dec 31 2023	€4m	€1m	€961m
Sep 30 2023	n/a	n/a	€1b
Jun 30 2023	n/a	n/a	€1b
Mar 31 2023	n/a	n/a	€940m
Dec 31 2022	€2m	€515k	€794m

Name	Position	Tenure	Compensation	Ownership
Estelle Brachlianoff	CEO & Director	4.2yrs	€3.48m	0.011% € 2.6m
Stuart Stock	Vice-President of Digital Business & Technology	no data	no data	no data
Selma Bekhechi	Vice-President of Investor Relations and Financial Communication	no data	no data	no data
Eric Haza	Chief Legal Officer	no data	no data	no data
Fabrice Gardon	Chief Compliance & Security officer	less than a year	no data	no data
Laurent Obadia	Deputy CEO of Stakeholders	8.7yrs	no data	no data
Isabelle Quainon	Chief Human Resources Officer	1.5yrs	no data	no data
Helman le de Sécheval	General Counsel & Overseeing Italy BU	less than a year	no data	no data
Régis Calmels	Senior Executive Vice President of Asia	no data	no data	no data
Philippe Guitard	Chief Executive Officer of Central & Eastern Europe Zone	13.7yrs	no data	no data
Jean-François Nogrette	Chief Executive Officer of France & Special Waste Europe Zone	7.9yrs	no data	no data
Gustavo Tafernaberry	Chief Executive Officer of Iberia & Latin America Zone	8.6yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Estelle Brachlianoff	CEO & Director	4.3yrs	€3.48m	0.011% € 2.6m
Pierre-Andre de Chalendar	Senior Independent Director	5.4yrs	€151.80k	0.0022% € 501.6k
Antoine Frerot	Chairman of the Board	16.3yrs	€702.13k	0.026% € 6.0m
Isabelle Courville	Independent Director	10.4yrs	€122.33k	0.00014% € 32.4k
Julia Marton-Lefèvre	Independent Director	2.4yrs	€63.80k	0.00010% € 23.1k
Maryse Aulagnon	Independent Vice-Chairwoman	14.3yrs	€85.80k	0.0017% € 388.3k
Olivier Andries	Independent Director	3.4yrs	€100.98k	0.00010% € 23.1k
Guillaume Jean Texier	Independent Director	10.4yrs	€145.42k	0.00012% € 27.7k
Pavel Pasa	Employee Representative Director	11.9yrs	€86.90k	no data
Enric Xavier Amiguet Rovira	Non-Voting Director & Censor	4.3yrs	€37.95k	no data
Veronique Bedague-Hamilius	Independent Director	3.4yrs	€71.28k	0.00010% € 23.1k
Franck Le Roux	Employee Representative Director	7.9yrs	€93.28k	no data

Data	Last Updated (UTC time)
Company Analysis	2026/09/09 12:33
End of Day Share Price	2026/09/09 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Arnaud Joan	Banco Santander
Julie Arav	Barclays
Peter Crampton	Barclays

Veolia Environnement Management

Management criteria checks 4/4

Key information

Recent management updates

Veolia Environnement Sa Announces Appointment of Executives

Veolia Environnement SA, Annual General Meeting, Apr 23, 2026

Veolia Appoints Nadège Petit as CEO of the North America Zone, Effective December 1, 2025

Veolia Environnement SA Announces Board Appointments and Composition of Its Committees

Veolia Environnement SA, Annual General Meeting, Apr 24, 2025

Veolia Announces Executive Appointments

Recent updates

First half 2026 earnings released: EPS: €0.83 (vs €0.91 in 1H 2025)

Veolia Environnement SA to Report Fiscal Year 2026 Results on Feb 17, 2027

Veolia Environnement SA (ENXTPA:VIE) completed the acquisition of Clean Earth, Inc. from Enviri Corporation (NYSE:NVRI).

Veolia Environnement SA Confirms Group Earnings Guidance for the Year 2026

Upcoming dividend of €1.50 per share

Veolia Environnement Sa Announces Appointment of Executives

Veolia Unveils A Next-Generation Integrated Offering to Revolutionize the Future of the Data-Center Industry

Veolia Environnement SA (ENXTPA:VIE) agreed to acquire Enviropacific Services Limited from Next Capital Pty. Ltd. and others for an enterprise value of AUD 220 million.

Veolia Environnement Transforms Karviná Plant Into Multi-Energy Facility

Veolia Environnement SA, Annual General Meeting, Apr 23, 2026

Dividend increased to €1.50

Full year 2025 earnings released: EPS: €1.70 (vs €1.67 in FY 2024)

Veolia Environnement SA Proposes to Increase the Cash Dividend in Respect of the Financial Year 2025 , Payable from 13 May 2026

Veolia Environnement SA to Report First Half, 2026 Results on Jul 30, 2026

Veolia Unveils Major Project to Phase Out Coal in Poland to Support European Decarbonization and Strengthen Energy Resilience in Poznan

Veolia Environnement SA (ENXTPA:VIE) entered into a definitive agreement to acquire Clean Earth, Inc. from Enviri Corporation (NYSE:NVRI) for approximately $3.0 billion.

Veolia Environnement SA Confirms Earnings Guidance for the Year 2025

Veolia Appoints Nadège Petit as CEO of the North America Zone, Effective December 1, 2025

First half 2025 earnings released: EPS: €0.91 (vs €0.84 in 1H 2024)

Veolia Environnement SA Confirms Earnings Guidance for the Year 2025

Veolia Environnement SA (ENXTPA:VIE) acquired Chameleon Industries Inc.

Veolia Environnement SA (ENXTPA:VIE) acquired New England MedWaste Management LLC.

Veolia Environnement SA (ENXTPA:VIE) acquired New England Disposal Technologies, Inc.

Veolia Completes Most Comprehensive Industry Testing to Date on Pfas Waste Incineration

Veolia Environnement SA (ENXTPA:VIE) acquired Alagoas Ambiental S/A and Serquip Tratamentos Resíduos AL.

Veolia Environnement SA (ENXTPA:VIE) signed an agreement to acquire remaining 30% stake in Veolia Water Technologies & Solutions from Caisse de dépôt et placement du Québec for $1.8 billion.

Upcoming dividend of €1.40 per share

Veolia Environnement SA Announces Board Appointments and Composition of Its Committees

Veolia Environnement SA (ENXTPA:VIE) completed the acquisition of an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ).

Veolia Environnement SA to Report Fiscal Year 2025 Results on Feb 16, 2026

Criteria Caixa, S.A. completed the acquisition of a 5.011% stake in Veolia Environnement SA (ENXTPA:VIE).

Dividend increased to €1.40

Veolia Environnement SA, Annual General Meeting, Apr 24, 2025

Full year 2024 earnings released: EPS: €1.59 (vs €1.36 in FY 2023)

Veolia Environnement Sa Provides Earnings Guidance for the Year 2025

Veolia Environnement SA to Report Q3, 2025 Results on Nov 06, 2025

Veolia Environnement SA to Report First Half, 2025 Results on Jul 31, 2025

Veolia Environnement Confirms Earnings Guidance for the Year 2024 and from 2024 to 2027

New minor risk - Shareholder dilution

First half 2024 earnings released: EPS: €0.92 (vs €0.75 in 1H 2023)

Veolia Announces Executive Appointments

Veolia Environnement SA to Report Q1, 2025 Results on May 07, 2025

Veolia Environnement Confirms Earnings Guidance for the Year 2024

Veolia Advances PFAS Mitigation in Drinking Water with More Than 30 Treatment Projects Launched in the U.S

Veolia Announces Board Changes, Effective on April 25, 2024

Dividend increased to €1.25

NGE SAS completed the acquisition of SADE CGTH from Veolia Environnement SA (ENXTPA:VIE).

Full year 2023 earnings released: EPS: €1.36 (vs €1.15 in FY 2022)

Fibre Excellence Energie SAS acquired unknown 50% stake in Chapelle Darblay from Veolia Environnement SA (ENXTPA:VIE).

NGE SAS signed an agreement to acquire SADE CGTH from Veolia Environnement SA (ENXTPA:VIE).

Veolia Environnement SA to Report Q3, 2024 Results on Nov 07, 2024

Veolia Environnement SA to Report Q2, 2024 Results on Aug 01, 2024

Italgas S.p.A. (BIT:IG) completed the acquisition of Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE).

New minor risk - Earnings quality

Veolia Environnement SA to Report Q3, 2023 Results on Nov 09, 2023

First half 2023 earnings released: EPS: €0.76 (vs €0.34 in 1H 2022)

Veolia Environnement SA Provides Earnings Guidance for the Year 2023

Italgas S.p.A. (BIT:IG) signed a purchase agreement to acquire Acqua S.r.l., Idrolatina S.r.l., and Acqua Campania S.p.A from Veolia Environnement SA (ENXTPA:VIE) for approximately €115 million.

Veolia Environnement Provides Earnings Guidance for the Year 2023

Upcoming dividend of €1.12 per share at 3.9% yield

Full year 2022 earnings released: EPS: €1.15 (vs €0.68 in FY 2021)

Veolia Environnement S.A. to Report Fiscal Year 2022 Results on Mar 22, 2023

First half 2022 earnings released: EPS: €0.35 (vs €0.54 in 1H 2021)

Upcoming dividend of €1.00 per share

Full year 2021 earnings released: EPS: €0.68 (vs €0.20 in FY 2020)

Insufficient new directors

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Investor sentiment deteriorated over the past week

Veolia Environnement S.A. (ENXTPA:VIE) completed the acquisition of an additional 56.3% majority stake in Suez SA (ENXTPA:SEV) from Amber Capital LP, CIAM and others for €7 billion.