Paris, July 29th, 2025

2025 Half Year Results

- Revenue at €4.598 billion, up +1% year-on-year, driven by international growth

- EBITDA at €726 million, broadly stable in comparison to H1 2024 driven by strong
performance in Water, offset by softer performance in Recycling and Recovery
activities

- Net debt at €5.729 billion on June 30th 2025, after payment of Gruppo Ecosistem
acquisition

- Successful integration for Gruppo Ecosistem, strengthening the Group's
industrial and hazardous waste treatment operations

- Effective execution and commissioning of several important new contracts in
France and internationally

- Accelerated implementation of the Sustainable Development roadmap with
three pillars: Climate, Nature and Social


On June 30th, 2025, SUEZ Group's total revenue reached €4.598 billion, compared to €4.550 billion in
H1 2024, reflecting a 1% increase over the period. This performance was driven by a strong contribution
from Water activities, especially international activities (in particular China, India, Africa and the Middle
East) but was offset by a marginal decline in Recycling and Recovery, particularly in industrial activities.

EBITDA(a) has remained broadly stable at €726 million, compared to €733 million in H1 2024. Activities
under public concessions, particularly in Water segment, demonstrated resilience. However, an
unfavorable economic environment for industry-exposed activities, as well as operational challenges at
some facilities, negatively impacted the Recycling and Recovery business.

At the same time, the Group continues to strengthen its performance and reduce costs.

The breakdown of revenue and EBITDA by division is as follows:

REVENUE EBITDA
Million €uros June 30th, 2025 June 30th, 2024 June 30th, 2025 June 30th, 2024


Water 1 744 1 664 +5% 412 350 +18%
Recycling and Recovery 2 880 2 907 -1% 360 410 -12%
Others and elimination of internal transactions (25) (21) (46) (27)

Total 4 598 4 550 +1% 726 733 -1%




SUEZ, Société Anonyme, a company registered under the laws of France, with a share capital of €63,799,880.78, having its
seat at: Altiplano, 4, place de la Pyramide - 92800 Puteaux, France, registered number 901 644 989 RCS Nanterre –Tel : +33
(0)1 58 81 20 00 – suez.com – VAT Number: FR60901644989


General
Net debt(b) stands at €5.729 billion, compared to €5.411 billion at the end of 2024. This change is mainly
driven by two factors: the acquisition of Gruppo Ecosistem in Italy closed in April, and the rise in working
capital requirements at the end of June, given seasonality of the Group’s activities.

The acquisition of 85% of Gruppo Ecosistem, a leading independent company in the industrial waste
treatment and recovery sector, strengthens SUEZ’s presence in Italy and enhances its position in the
highly promising high-value industrial and hazardous waste treatment market.

The Group continues to expand its commercial development in France and internationally through the
winning and commissioning of a number of contracts, including:

• Extension of the twenty-four-year contract to modernize and operate the Argenteuil Energy
Recovery Unit (“ERU”), with a total value of over €800 million, with the AZUR syndicate. The
new contract also includes improving the site's energy and environmental performance. The
Argenteuil’s ERU has a total capacity of 206,000 tons of household waste per year, equivalent
to the annual production of 600,000 inhabitants;

• Design and construction of the largest seawater desalination plant using membrane filtration for
industrial use in China. The plant located in Shandong province will supply Wanhua Chemical
Group. Commissioned in the first half of 2025, the plant is designed to produce 300,000 m3 of
fresh water per day;

• Commissioning of the largest industrial-capacity biochar plant in Canada, through Carbonité, a
joint venture with our two partners Airex Énergie and the Rémabec Group;

• Operation, maintenance and improvement of water services in Kochi city, in India, for a period
of 10 years. This new contract will increase the quality and availability of water in an area
extending over nearly 95 km2, benefiting approximately 700,000 people.

In April 2025, SUEZ Innovation Day was a great success with all stakeholders. The company showcased
numerous technological advancements to address current and future challenges in water and waste
management, representing the Group's leadership in innovation. With 37 patents filed in 2024, SUEZ
entered the INPI's TOP 50 patent filers ranking in the first half of 2025, becoming the only environmental
services company to be included.

In addition, SUEZ has accelerated the deployment of its sustainable development roadmap, achieving
progress across its three pillars, particularly the Nature pillar, with the publication and implementation of
"Nature Standards" at its sites, and its major commitment to the 3rd United Nations Ocean Conference,
held in June in Nice.



The financial statements are available on the Group's website www.suez.com



Contacts

SUEZ Press Office
Email: suez.media@suez.com
Tel: +33 6 32 18 39 54

FINANCE DEPARTMENT
Adil Belmejdoub
Financial Communication Director
adil.belmejdoub@suez.com

Find out more about the SUEZ Group
on the website and on social media
About SUEZ:
Faced with growing environmental challenges, SUEZ has been delivering essential services that protect and improve our quality
of life for more than 160 years. SUEZ provides its customers with innovative and resilient solutions for water and waste services.
With 40 000 employees across 40 countries, the Group works with customers to create value over the full lifecycle of their
assets and services, and to drive their low carbon transition. In 2024, SUEZ provided drinking water for 68 million people
worldwide and sanitation services for 44 million people. The Group generated 8 TWh of energy from waste and wastewater. In
2024, SUEZ has generated revenues of 9.2 billion euros.
For more information: www.suez.com / Twitter @suez



GLOSSAIRE

(a) EBITDA corresponds to Recurring Operating Income plus the share of net income of associates and joint ventures,
net of (i) depreciation and amortization, (ii) provisions net of provisions, (iii) taxes on IFRIC21, (iv) share-based
payments, (v) net cash costs from concessions, and (vi) net brand and know-how royalties. See note 3.2.2 of the
financial statements.
(b) Net financial debt (post IFRS16) includes current and non-current financial debt (including derivative financial
instruments on assets and liabilities), less cash and cash equivalents. See note 11 to the financial statements.


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This document contains forward-looking statements which are based on current plans and forecasts of Suez’s management. Such forward-looking
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