(UNAUDITED DATA – AUDIT IN PROCESS)

A RECORD 9 MONTH 2021 RESULTS DELIVERY

REVENUE AND RESULTS SIGNIFICANTLY ABOVE 2020 AND 2019

ACCELERATION OF RESULTS GROWTH IN THE 3RD QUARTER

VEOLIA IN A VERY SOLID POSITION AHEAD OF SUEZ ACQUISITION

PARIS--(BUSINESS WIRE )--Regulatory News:

1 Variation at constant exchange rates

Antoine Frérot, Veolia’s Chairman & CEO commented: « After a flying start to the year, Veolia has maintained an outstanding pace of growth in the 3rd quarter, even stronger than in 2019, both in terms of activity and results. All indicators are green. Our commercial momentum is particularly strong, thanks to expanding markets and offers that integrate more and more added value. Moreover, our strict cost control has enabled us once again to benefit from a strong operating leverage. Our financial performance in the first 9 months of 2021 is not only much better than in 2020, which was penalized by the sanitary crisis in the first 2 quarters of the year, but also very much ahead of 2019, which was a record year of profits for Veolia. 2021 guidance is therefore fully confirmed. Our teams have also remained fully committed to finalizing the acquisition of Suez around year-end. We are now all looking forward to welcoming Suez’s teams in order to create the world leader in ecological transformation. »

In the first 9 months of 2021 Veolia’s activity progressed significantly. The adaptation measures put in place early 2020 to face the sanitary crisis have contributed to recover a very positive momentum as from the second half of 2020, which has continued in 2021.

At constant exchange rates, after a growth of 4.0% in Q1,2021 and of +19.7% in Q2,2021 compared to Q2 2020 which was the most penalized quarter by the sanitary crisis (revenue was down 11%) , Q3 2021 progressed by 5.9%, versus Q3 2020 which was nearly flat.

Compared to « pre-Covid » 2019, revenue in the 9 months 2021 increased by 4.7% at constant exchange after +4.6% in H1,2021.

Exchange rates variations unfavorably impacted revenue growth by -0.6% (-€111M)

Scope effect was +€135M. Growth in Central and Eastern Europe (Czech Republic and Hungary mainly) and in Global Businesses (acquisition of Osis from Suez) more than offset the divestment of Sade Telecom and of the industrial cleaning activity in Singapore.

Energy prices (heat and electricity) had a favorable impact on revenue of +€131M and recycled material prices of +€358M of which +€238M for paper and cardboard, strongly up, of €28M for plastics and of €49M for metals.

Weather effect was a positive of +€47M, down compared to H1. After a cold winter, favorable for the energy activities, rainy summer penalized water volumes in France.

The Volumes/Commerce impact was very positive, +€812M, or +4.3% on the Group’s revenue, thanks to a continued solid commercial momentum in all our businesses, the volume rebound in Waste and the recovery of works.

Service prices continued to be well oriented, leading to a favorable impact of +€280M on the Group’s revenue, or +1.5%, after +1.3% in the first half.

By geography and at constant exchange rates, the evolution over the 1st nine months of 2021 is as follows

By business, at constant scope and exchange rates, the evolution over the 9 months is as follows:

Water revenue increased by +1.7%, with prices up 0.7% and volumes down 2% in France and up 0.2% in Central and Eastern Europe,and solid works activity. Water Technology and Networks grew by 6.1%.

Waste revenue increased by 14.3%, including volumes up +5.4%, continued well oriented prices (up 2.8%) and the impact of higher recycled material prices (+5.1% effect), which has strengthened in the 3rd quarter. Energy revenue grew sharply, by 18.2% at constant exchange rates and by 10.6% at constant scope and exchange rates, with a favorable weather impact of +1.6% on revenue (+€60M) and a heat and electricity prices impact of +3.4%

Following the excellent 9M performance, we fully confirm our full year guidance

The different steps of the combination with Suez proceed as planned and according to the previously announced timetable. Several major milestones have been reached during the 3rd quarter of which:

Veolia group aims to be the benchmark company for ecological transformation. With nearly 179,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and replenish them.

In 2020, the Veolia group supplied 95 million people with drinking water and 62 million people with wastewater service, produced nearly 43 million megawatt hours of energy and treated 47 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €26.010 billion in 2020. www.veolia.com

As the changes in the health crisis are difficult to estimate, we draw your attention to the “forward-looking statements” that may appear in this press release and relating to the consequences of this crisis which may affect the future performance of the Company.

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 divesture 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.

Financial Information for the period ended September, 30 2021

Group key figures for the nine months ended September 30, 2021 are presented below. Re-presented comparative figures for the nine months ended September 30, 2020 include IFRS 2 share-based payment impacts in current items. A reconciliation of published and re-presented indicators is presented in the Appendices.

Nine months ended September 30, 2020 published

Nine months ended September 30, 2020 re-presented

∆ at constant scope and exchange rates

Current net income - Group Share

Current net income - Group Share

excluding capital gains and losses on financial divestitures net of tax

The main foreign exchange impacts on key figures were as follows:

The Group consolidated revenue totaled €20,357 million for the nine months ended September 30, 2021, compared with €18,705 million for the nine months ended September 30, 2020, up +9.4% at constant exchange rates and +8.7% organically.

Quarterly revenue trends at constant exchange rates by operating segment for the first nine months of 2021 are as follows:

Change at constant exchange rates vs. 2020.

Following a post-health crisis recovery in Group activity in Q3 2020, Q3 2021 revenue growth (+5.9% at constant exchange rates) confirmed first-half trends. The third quarter confirmed:

∆ at constant scope and exchange rates

Revenue increased +10.3% in France compared with the nine months ended September 30, 2020:

- Water revenue is up +1.7% year-on-year boosted by increased construction activities which returned to 2019 levels and the positive impact of tariff reviews (+0.7%) which offset lower water volumes due to a wet summer in Q3.

- Waste revenue rose +20.6% year-on-year continuing the H1 recovery, with higher volumes in industrial waste collection (+7,8%) and landfill (+1.5%), favorable recyclate price trends (paper, plastic and ferrous and non-ferrous metals) and the positive impact of tariff reviews.

Europe excluding France revenue grew 13.8% at constant exchange rates compared with the nine months ended September 30, 2020, continuing to benefit from higher recyclate prices and a positive weather effect in energy at the beginning of the year. These items combined with the integration of new entities in Central and Eastern Europe and the end of the health crisis in the United Kingdom offset waste volumes which remained below pre-health crisis levels:

- In Central and Eastern Europe, revenue increased +23.3% at constant exchange rates year-on-year to €2,853 million. This growth was mainly driven by:

- In the United Kingdom/Ireland, revenue increased +6.3% at constant exchange rates to €1,772 million. In Q3, revenue continued to benefit from higher recyclate prices (paper and metals), an upturn in industrial waste and landfill volumes, which nearly returned to pre-health crisis levels and excellent incinerator performance (availability rate of 93.7%).

- In Northern Europe, revenue grew +8.0% at constant exchange rates year-on-year to €2,076 million. In Germany, revenue grew +12.6% at constant scope, thanks to the surge in recyclate prices (€116 million, including €91 million for paper), the good recovery in commercial waste volumes and strong energy installation activities.

Revenue increased +5.2% in the Rest of the World at constant exchange rates year-on-year, with growth in all geographies:

- Revenue in Latin America increased +15.1% at constant exchange rates, driven notably by favorable tariff indexation in Argentina (local inflation) and Colombia, growth in hazardous waste activities in Chile and Argentina and commercial wins in waste (Peru and Colombia) and water (Peru).

- In Africa/Middle East, revenue grew +10% at constant exchange rates following new contract wins, chiefly in energy services in the Middle East, increased water volumes in Morocco and business growth in Western Africa (Ivory Coast).

- In North America, revenue increased +3.5% at constant exchange rates year-on-year to €1,291 million. Hazardous waste contributed to this growth with higher volumes and a favorable price volume mix, partially offset by the impacts of the bitterly cold weather in Texas in the first quarter and hurricane Ida in September which led to the temporary shut-down of certain sites.

- Revenue in Asia increased +3.5% at constant exchange rates with increased hazardous waste activities in China and scope entries in China and India.

- In the Pacific zone, revenue fell -0.9% at constant exchange rates. The continuation of sanitary restrictions during part of the year affected waste activities (lower volumes), while energy activities were impacted by the sale of an industrial asset (impact of -€27 million).

Global businesses revenue increased +5.7% at constant exchange rates compared with the nine months ended September 30, 2020, despite the sale of the Sade Telecom business at the end of 2020. At constant scope and exchange rates, segment revenue increased +9%:

- Hazardous waste activities in Europe increased significantly by +27.5% at constant exchange rates, with good volume and price levels and a recovery in sanitation and industrial maintenance activities which returned to pre-health crisis levels. Activity also benefited from the positive scope impact tied to the acquisition of Suez RV OSIS in the first-half of the year (revenue of €116 million).

- Veolia Water Technologies revenue increased +4.8% at constant exchange rates with increased technological distribution activities in Europe, the ramp-up of Mobile Unit solutions and the development of municipal projects in France. VWT bookings totaled €1,045 million as of September 30, 2021, compared with €929 million one year earlier.

- SADE which sold its Telecom activity at the end of 2020 (scope impact of -€234 million) reported a fall of -18.8% at constant scope and exchange rates and an increase of +7.3% at constant scope and exchange rates, driven by dynamic commercial activity in France and a return to pre-crisis activity levels.

The Group’s activity by business is marked by resilient Water activities, with growth to end-September 2021 of +2.8% at constant scope and exchange rates year-on-year. Revenue growth continued in Waste, exceeding H1 levels (+14.3% at constant scope and exchange rates at end-September compared with +13.7% in H1). Energy continued to report good activity growth in line with the first six months (+10.6% at constant scope and exchange rates compared with +10.3% in H1).

∆ at constant scope and exchange rates

of which Technology and Construction

Water Operations revenue increased +1.7% at constant scope and exchange rates year-on-year confirming the activity’s resilience driven by an upturn in construction activity and good commercial momentum despite lower Q3 volumes due to reduced consumption linked to a wet summer in France.

Technology and Construction revenue is up +6.1% at constant scope and exchange rates compared with September 30, 2020. This increase is mainly driven by VWT, with growth reported by Westgarth (a subsidiary specializing in the Oil & Gas sector) and increased construction activity for municipalities in France and the United States.

Revenue increased +14.3% in the Waste business at constant exchange rates compared with the nine months ended September 30, 2020, benefiting from ongoing high recyclate prices (+5.1%), volume growth (+5.4%) and positive tariff increases (+2.8%).

Recyclate prices and particularly paper prices continued to increase in the third quarter.

Overall, volumes have returned to pre-health crisis levels, except for commercial and industrial waste which remain down in certain geographies.

Energy revenue grew +18.2% at constant exchange rates compared with the nine months ended September 30, 2020 and +10.6% organically, restated for the scope effects of integrating Prague Right Bank heating network activities and cogeneration installations in Budapest (+€279 million in revenue).

The business’ strong growth is supported by a highly favorable weather impact at the beginning of the year (+1.6%) notably in Central and Eastern Europe, an increased price effect (+3.4%) driven by price rises in Poland and Romania and higher volumes (+2.6%) notably in Italy and Central Europe.

1.3 ANALYSIS OF THE CHANGE IN GROUP REVENUE

The increase in revenue breaks down by main impact as follows:

The foreign exchange impact of -€111 million (-0.6% of revenue) mainly reflects fluctuations in American (-€123 million) and Asian (-€32 million) currencies, partially offset by an improvement in the Australian (+€41 million) and UK (+€42 million) currencies1.

The consolidation scope impact of €135 million mainly concerns the impact of integrating the Prague Right Bank urban heating network (€144 million), the Budapest cogeneration installations (€135 million) and waste processing activities in Russia (€25 million) in Central Europe. In the Global businesses segment, the sale of SADE’s Telecom network activities in 2020 (-€234 million) was partially offset by the integration of OSIS in 2021 (€116 million).

The commerce / volumes / works impact is +€812 million, driven by higher waste volumes (+€386 million) and excellent commercial momentum.

The weather impact is +€47 million and mainly concerns Central Europe where the Energy business benefited from a severe winter in the first quarter, offset by the impact of a wet summer in France.

Energy and recyclate prices had an impact of +€489 million, driven by a strong increase in recyclate prices (+€358 million, including €238 million for paper, €28 million for plastic and €49 million for metal)) and the positive impact of energy prices in Europe and notably in Central Europe, which benefited from higher heating tariffs in Poland, and in Germany with favorable impacts on electricity sales.

Favorable price effects (+€280 million) are mainly tied to tariff reviews estimated at +2.8% in waste and +1.0% in water.

Group consolidated EBITDA for the nine months ended September 30, 2021 was €3,140 million, up +26.4% at constant exchange rates year-on-year. The margin rate is 15.4% at September 30, 2021, compared with 13.3% at September 30, 2020.

The increase in EBITDA between 2020 and 2021 breaks down by impact as follows:

The foreign exchange impact on EBITDA was -€10 million and mainly reflects unfavorable fluctuations in American (-€16 million), and Central European (-€3 million) currencies, partially offset by an improvement in the Australian and UK currencies2.

The consolidation scope impact of +€66 million mainly reflects the impact of the acquisition of the Prague Right Bank urban heating network and the Budapest cogeneration installations in 2020.

Commerce and volume impacts are +€267 million. This increase was driven by higher waste volumes, mainly in France and Europe, and strong construction activities in Water in France and in Global businesses (VWT).

The €83 million one-off impact concerns the Operating Financial Asset disposal relating to a waste to energy project in France.

Favorable weather impact in Energy +€23 million principally in Central Europe, partially offset by severe weather in the US and by the wet summer in France (-€23 million).

Energy and recyclate prices had a favorable impact on EBITDA of +€98 million (vs. +€20 million at September 30, 2020), including +€75 million in recyclates.

The impact of prices net of cost inflation is -€155 million.

Cost-savings plans contributed +€299 million at the end of September, ahead of the €350 million annual objective and include:

- post-health crisis additional savings efforts under the Recover & Adapt plan for €87 million;

- the efficiency plan for €212 million and mainly concerning operating efficiency (61%) and purchasing (26%) across all geographic zones: France (25%), Europe excluding France (37%), Rest of the world (25%), Global businesses (11%) and Corporate (2%).

Group consolidated current EBIT for the nine months ended September 30, 2021 was €1,258 million, up significantly by +68.7% at constant exchange rates compared with the nine months ended September 30, 2020 re‑presented 3.

EBITDA reconciles with Current EBIT for the nine months ended September 30, 2021 compared with September 30, 2020 as follows:

Nine months ended September 30, 2020 published

Nine months ended September 30, 2020 re-presented

Provisions, fair value adjustments & other

Share of current net income of joint ventures and associates

The significant +€514 million increase in Current EBIT at constant exchange rates compared with September 30, 2020 re-presented5 is mainly due to:

- a marked improvement in EBITDA (+€658 million at constant exchange rates);

- an increase in depreciation and amortization(1) impacted by 2020 scope entries and the neutralization of the OFA disposal relating to a waste incinerator in France (-€83 million)

- a favorable difference in provisions and other, including higher capital gains on industrial divestitures (+€52 million at constant exchange rates) mainly relating to asset rotation transactions in Sweden and Norway.

The foreign exchange impact on Current EBIT was -€4 million and mainly reflects fluctuations in American currencies (-€8 million)6.

The net financial expense for the nine months ended September 30, 2021 is -€239 million, compared with -€433 million for the nine months ended September 30, 2020. This improvement is chiefly due to dividends received on Suez shares in respect of 2020 of €122 million and an improvement in the net finance cost.

Cost of net financial debt

The cost of net financial debt totaled -€242 million for the nine months ended September 30, 2021, compared with -€315 million for the nine months ended September 30, 2020. This significant decrease in the Group’s cost of net financial debt is due to favorable bond issue refinancing conditions in 2020, historically low foreign currency interest rates with nonetheless the beginning of an uptick, as well as increased commercial paper contributing to the performance of the cost of non-euro denominated debt and the positive impact of the cancellation of the interest rate hedging portfolio (pre-hedge swaps) set-up in 2020.

The Group’s financing rate (excluding IFRS 16 impacts) was therefore 2.67% at September 30, 2021, compared with 4.24% at September 30, 2020 (2.57% vs. 3.91% including IFRS 16 impacts).

Other financial income and expenses

Other financial income and expenses totaled +€3 million for the nine months ended September 30, 2021, compared with -€118 million for the nine months ended September 30, 2020.

They include Suez dividends for 2020 (€122 million) on shares purchased in October 2020 (29.9%) as well as interest on concession liabilities (IFRIC 12) of -€57 million and the unwinding of discounts on provisions for -€11 million.

Gains on financial divestitures recognized in the first nine months of 2021 totaled +€7 million and mainly include the capital gain on the divestiture of utilities services activities in Nordic countries (€11 million).

As of September 30, 2020, gains on current financial divestitures totaled +€9 million.

The current income tax expense for the nine months ended September 30, 2021 amounted to -€241 million, compared with -€98 million for the nine months ended September 30, 2020.

The current income tax rate for the nine months ended September 30, 2021 is 25.4%, versus 40.2% for the nine months ended September 30, 2020 re-presented (36.8% as of September 30, 2020 published).

Current net income attributable to owners of the Company was €667 million for the nine months ended September 30, 2021, compared with €126 million for the nine months ended September 30, 2020 re-presented (€149 million for the nine months ended September 30, 2020 published). Excluding capital gains and losses on financial divestitures net of tax and minority interests, current net income attributable to owners of the Company is €662 million, compared with €116 million for the nine months ended September 30, 2020 re-presented (€139 million for the nine months ended September 30, 2020 published).

C] Changes in net Free Cash Flow and Net Financial Debt

Net free cash flow for the nine months ended September 30, 2021 is +€705 million, up significantly on the nine months ended September 30, 2020 (-€377 million).

The change in net free cash flow year-on-year reflects:

- the increase in EBITDA over the first nine months through greater activity, the intensification of commercial and operating efficiency efforts and an OFA disposal relating to a waste incinerator in France.

- net industrial investments of €1,335 million, up 1.6% at current exchange rates (+2.2% at constant exchange rates):

- a marked improvement in the change in operating working capital requirements to -€360 million, compared with -€651 million for the nine months ended September 30, 2020 thanks to ongoing debt recovery efforts.

- the receipt of Suez dividends of €122 million on July 8, 2021 on the shares acquired in October 2020 (29.9% non-consolidated investment).

Overall, net financial debt amounted to €13,445 million, compared with €13,217 million as of December 31, 2020.

Compared with December 31, 2020, the change in net financial debt is mainly due to:

- net free cash flow generation of +€705 million for the period;

- the payment of the dividends voted by the Combined Shareholders’ Meeting of April 22, 2021 (-€397 million);

- net financial investments of -€258 million (including acquisition costs and net financial debt of new entities) and mainly comprising the impact of the acquisition of OSIS and an organic fertilizer plant in France and the divestment of Utilities Services activities in Sweden and Norway and of the Shenzhen water concession in China.

Net financial debt was also impacted by negative exchange rate fluctuations of -€203 million as of September 30, 2021 compared with December 31, 2020 7.

A] Reconciliation of data published in 2020 and 2019 with data re-presented in 2021

From fiscal year 2021 and with a view to improving comparability with other issuers, the impacts of applying IFRS 2, “Share-based payments”, are now included in Current EBIT.

In accordance with ESMA guidance on changes in the definition of non-GAAP indicators, the 2019 and 2020 indicators were restated.

Reconciliation of aggregate indicators for the nine months ended September 30, 2020 and 2019

Personnel cost- share based payments

Net current income Group share

Net current income Group share excl. financial capital gains

Reconciliation of 2020 and 2019 Q3 indicators:

Personnel cost- share based payments

Net current income Group share

Net current income Group share excl. financial capital gains

This adjustment does not impact Net income attributable to owners of the Company in so far as it involves a reclassification between current and non-current items in Net income attributable to owners of the Company.

To calculate Current EBIT (which includes the share of current net income of joint ventures viewed as core Company activities and associates), the following items are deducted from operating income:

- goodwill impairments of fully controlled subsidiaries and equity-accounted entities;

- non-current provisions and impairment;

- non-current and/or significant impairment of non-current assets (property, plant and equipment, intangible assets and operating financial assets);

For the other indicators, please refer to Section 5.5.8 of the 2020 Universal Registration Document

1 Main foreign exchange impacts by currency: US dollar (-€94 million), Argentine peso (-€29 million), Japanese yen (-€29 million), Polish zloty (-€26 million), Brazilian real (-€9 million), Hong Kong dollar (-€9 million), Czech koruna (+€19 million).

2 Foreign exchange impacts by currency: US dollar (-€10 million), Argentine peso (-€4 million), Colombian peso (-€2.0 million), Polish zloty (-€6 million), United Arab Emirates dirham (-€2 million), Hungarian forint (-€1 million), Brazilian real (-€1 million), Australian dollar (+€5 million), Czech koruna (+€5 million), pound sterling (+€7 million).

4 Including principal payments on operating financial assets.

6 Foreign exchange impacts by currency: US dollar (-€4 million), Argentine peso (-€3 million), Polish zloty (-€2 million), United Arab Emirates dirham (-€2 million), Hungarian forint (-€1 million), Czech koruna (+€2 million) and Swedish crown (+€1 million).

7 Mainly driven by negative impacts on the US dollar (-€71 million), pound sterling (-€42 million), Czech koruna (-€30 million), Hong King dollar (-€21 million) and Chinese renminbi yuan (-€14 million).

Group Media Relations Laurent Obadia Evgeniya Mazalova – Emilie Dupas Tél : + 33 (0)1 85 57 86 25/ 33 33 Investor & Analyst Relations Ronald Wasylec - Ariane de Lamaze Tél. : + 33 (0)1 85 57 84 76 / 84 80

Group Media Relations Laurent Obadia Evgeniya Mazalova – Emilie Dupas Tél : + 33 (0)1 85 57 86 25/ 33 33 Investor & Analyst Relations Ronald Wasylec - Ariane de Lamaze Tél. : + 33 (0)1 85 57 84 76 / 84 80