Did the deals change anything real?
Mostly the reported numbers, so far. The KPI cannot tell bought tonnes from real progress.
Five acquisitions, one independent read. Every underlined figure opens its source, such as .
What Clean Earth adds depends who counts
Added to the KPI over a full year: . Real-world change: zero. The waste was already being handled.
What the nine-month results changed
Still no tonnes
The 5 November release gives no hazardous tonnage, so the KPI question stays open. Hazardous Waste revenue grew at constant scope.
No Clean Earth line
Veolia says integration is on plan. We estimate to of revenue in four months, against at the seller’s pace.
Water Technologies synergies on plan
of are delivered. Revenue fell at constant scope, but rose in Q3.
Debt rose again
Net debt reached , or on our measure. of disposals are signed at .
The five deals
| Deal | Price | What it brings | Stage |
|---|---|---|---|
 Water Technologies, last 30% from CDPQ | Full ownership of a business Veolia already ran | Closed. Results can be read | |
 Clean Earth, from Enviri | A US network that collects and processes waste, 20 sites in EPA data | Closed June 2026. Too early | |
 New England Disposal Technologies | Hazardous waste treatment and emergency response, Massachusetts | Closed 2025 | |
 New England MedWaste, Bio-Med Innovations | Medical waste treatment and storage, Massachusetts | Closed 2025 | |
| Ingenium | Packaging, logistics and multi-stream hazardous treatment, California | Closed 2025 |
What the evidence shows
The target moved with the portfolio
It was until Veolia sold RGS, then . Veolia met it before Clean Earth arrived, at in 2025. Nothing says what happens now that it has bought tonnes.
Read the tonnes chapterHalf of its federal tonnes only pass through
of its 2023 receipts were storage or transfer, and it incinerated none of them. It sent of its outbound shipments to Veolia sites.
See what Clean Earth doesVeolia paid above three of four value ranges
Those ranges came from the seller’s own banker. Veolia won by , and a rival cut its bid by after due diligence. At Veolia’s rate the price holds only if a EBITDA jump arrives in 2026.
Test the priceThe Water Technologies buyout moves no KPI
Veolia already consolidated the business. It now pays of interest after tax to keep of minority income, so synergies are the whole case.
Read the buyout ledgerThe tuck-ins reached the KPI first
They cost , but they added about of capacity to the 2025 picture. If it ran full, like-for-like growth falls from to .
Read the tuck-ins chapterWho gets the value depends on the denominator
Staff take of revenue and of value added. Neither deal changes that split by much.
Compare both divisions
The filings say it themselves
A year earlier the same sentence said ten million. Press any extract to open the whole page.
What Veolia should do
Report tonnes at constant perimeter next to the total, from FY2026.
- Cost
- Low, the data exists.
- Borne by
- Reporting teams, and a weaker headline.
- Would change our mind
- If the audited perimeter already does this.
Why we did this
We are six EDHEC students, and this is our Innovations in Finance capstone. Companies now report on more than profit, so a deal can look like progress on a scorecard without changing anything in the real world.
We wanted to know how to tell the two apart, using five recent Veolia deals as the test. We built this so that partners and professors do not have to take our word for it: every number leads back to its source.
Alexis Lascou–Prokop 
Thibault Cartron 
Loïc Descharrières 
Éthan Berger 
Léon Faguet 
Solène Gin
Every source document, every input and all model checks.
Evidence