What to watch as Clean Earth integrates
Clean Earth disappears into the hazardous waste segment. These are the last clean readings, the first results after closing, and the figures that would show real change.
Twelve readings against the first results
| Indicator | Baseline | Latest, 5 Nov | Real progress looks like | Next reading |
|---|---|---|---|---|
| EBITDA | Not published | Reaches on a stated basis | Feb 2027 | |
| Margin | Not published | Closer to at Clean Harbors | Feb 2027 | |
| Clean Earth synergies | $0 | Still start in 2027 | in 2027, by year 4 | Feb 2028 |
| Capex | Not published | Stays near the forecast for 2026 | Feb 2027 | |
| Storage or transfer share | Not published | Falls as treatment moves in-house | EPA 2025 cycle | |
| Waste sent to Veolia sites | Not published | Rises, which proves internalisation | EPA 2025 cycle | |
| Injury rate (TRIR) | Not published | Moves toward at Clean Harbors | URD 2026 | |
| Goodwill | Not published | No impairment, final allocation by mid 2027 | H1 2027 | |
| Enforcement | penalty plus project, Calvert City | Not published | No repeat at the 20 sites | Ongoing |
| Group leverage | 3x or slightly above at year-end, as Veolia confirms | Feb 2027 | ||
| Disposals | signed at | The rest, , by mid 2028 | Feb 2027 | |
| Water Technologies synergies | delivered | Full plan by 2027 | Feb 2027 |
Where each reading comes from
The scorecard, indicator by indicator
How each deal touches the GreenUp indicators. Most effects are small, which is itself the finding: the deals are mainly financial and perimeter events.
| # | Indicator | Dimension | Water Technologies | Clean Earth | Tuck-ins |
|---|---|---|---|---|---|
| 1 | Customer NPS | Commercial | None by itself | Must enter the survey to keep 80% coverage | Must enter the survey |
| 2 | Scope 4 erased GHG | Commercial | None by consolidation | No figure published. Estimate only | No figure published |
| 3 | Booster revenue growth | Commercial | None: already consolidated | Perimeter gain, acquisitions not excluded | Perimeter gain |
| 4 | Scopes 1-2 vs 2021 | Environmental | None | Excluded from the target, enters totals | Below significance |
| 5 | Decarbonisation capex | Environmental | None | None | None |
| 6 | Fresh water saved | Environmental | None by consolidation. Client plants seem outside the KPI | None | None |
| 7 | Biodiversity plans | Environmental | None | 82 new sites to screen | Small |
| 8 | Lost-time injury rate | Human resources | None | Risk: TRIR 1.89, target margin 0.01 | Risk: small sites, Veolia flags acquisitions |
| 9 | Employee commitment | Human resources | Possible gain from one structure | 2,600 people to survey during integration | Small |
| 10 | Women, management committee | Human resources | None | None | None |
| 11 | Ethics answers | Social | None | New employees in the survey | Small |
| 12 | Access to essential services | Social | None | None | None |
| 13 | Current net income | Financial | Real gain if synergies arrive | Positive from 2027 before PPA | Small |
| 14 | Free cash flow | Financial | Interest cost offsets minority share | Capex rising, $69M forecast for 2026 | Small |
| 15 | Post-tax ROCE | Financial | Neutral on capital, gain with synergies | Dilutive until synergies arrive | Tuck-ins at ~9x |