Commentary & Deal Flow

Combined books in excess of €7.7bn
Guidance: 5yr: MS+85bp area (+/-2bps) WPIR (Books >€3.4bn) | 10yr: MS+110bp area (+/-2bps) WPIR (Books >€4.3bn)

IPTs: 5yr: MS+115a | 10yr: MS+145a

• Issuer: Veolia Environnement
• Ticker: VIEFP
• Country: FR
• Issuer LEI: 969500LENY69X51OOT31
• Issuer Ratings: Baa1/BBB (Moody's/S&P)
• Expected Issue Ratings: Baa1/BBB (Moody's/S&P)
• Form of Notes: Senior, Unsecured, Reg S (Cat.2), Bearer Dematerialized
• Clearing: Euroclear France
• Pricing Date: 01-Apr-26
• Settlement Date: 10-Apr-26 (T+5)
• Maturity Date:
• • 5yr: 10-Apr-31
  • 10yr: 10-Apr-36
• Size:
• • 5yr: €500m
  • 10yr: €500m
• Guidance:
• • 5yr: MS+85bp area (+/-2bps) WPIR
  • 10yr: MS+110bp area (+/-2bps) WPIR
• ISIN:
• • 5yr: FR0014017P12
  • 10yr: FR0014017P04
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Documentation: EMTN Programme / Euronext Paris / French Law / MWC / Clean-up @75% / 3m Par Call / EUR 100k + 100k
• Use of Proceeds: General Corporate Purposes
• Listing: Euronext Paris (Regulated Market)
• Global Coordinators: CIC CIB (B&D), Société Générale
• Active Bookrunners: CIC CIB (B&D), Commerzbank, ING, J.P. Morgan, MUFG, Santander, Société Générale
• Target Market: The manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As set out in the Base Prospectus dated 30 March 2026
• Advertisement: The Base Prospectus and its supplements are available on the website of the AMF (http://www.amf-france.org) and on the Issuer’s website (https://www.veolia.com/fr/groupe/espace-finance). The Final Terms, when available, will also be published on the website of the AMF (http://www.amf-france.org)
• Books Subject: 12:15 UKT / 13:15 CET
• Timing: Books open, today’s business