Séché Environnement S.A.

Ladies and gentlemen, good morning. I thank you for your participation in this presentation meeting of our annual results, 2025, in this format of telephone conference. It is Maxime Séché, the General Director, who will expose you to the remarkable effects of the exercise 2025. Maxime, I'm going to tell you, is a great athlete, but he doesn't succeed every day. That's why you see him today with his arm in the air, because of a not too serious injury, I assure you, which currently forces him to limit his movements. But let's not worry, Baptiste Janiot, he is in good shape, administrative and financial director, and will detail the results of the exercise. ...Manuel Andersen who receives your questions right now at the address displayed on your screen. We will reserve a moment at the end of this presentation to answer them. Another important point, I ask you to ask your questions only by e-mail to Manuel. Manuel will ask us your questions orally which will allow their simultaneous translation to the benefit of all our non-French speakers. A few words about the ongoing exercise and our perspectives. In 2025, the macroeconomic and geopolitical environment has become much more complex than expected in France and in the world. Séché Environnement has nevertheless pursued its growth strategy with industry and communities to support them in their challenges of ecological transition, decarbonisation, protection of the environment and biodiversity. Thus, the first semester was particularly dynamic, with commercial and operational performances in sensitive progress on most markets in France, as in the international market. In the international market, this dynamic is favorable to last all year round. In France, over the years, growth and profitability have been penalized by certain circular economy activities, such as energy valorization activities, which support the normalization of energy sales, and by certain activities of material valorization, such as the regeneration of solvents or chemical purification exposed to a more Atlantic European chemistry. For these reasons, these new environments do not reach the target of growth and results set for 2025. This disappointment in the eyes of our initial ambitions is the fruit of factors, for the most part, punctual or exogenous. It must not hide the industrial and commercial successes of the past year, nor the promising perspectives of our group, led by a long-term vision and a growth strategy that creates lasting value. In France, as an example, Our group has initiated the emblematic Val-aux-Loire project, which will make the energy valorization unit of Nantes Metropole an exemplary tool for the energy transition of the territories. On the markets closed to strong barriers at the entrance of the management of industrial waters, our group has gained the trust of large industrial clients to deliver industrial water recycling stations, high-tech equipment such as SORG. He has also provided mobile treatment units equipped with innovative technologies that allow, among other things, the elimination of recycled industrial wastewater. On the markets of the fight against accidental pollution, Séchiers Environnement has once again demonstrated its capacity to provide adapted and fast responses in case of environmental emergency, including in the context of exceptional flood accidents, such as in Rouen, which resulted in significant lithium pollution consecutive to a fire in an industrial site. Internationally, most of our subsidiaries have made a solid growth on well-oriented markets, In Europe, our Italian subsidiaries have undergone a dynamic exercise, illustrating the resilience of the industrial markets of this country. In Latin America, Seche Environnement has implemented contracts for global, multi-annual offers of significant size around multinational mining groups of the first rank, confirming our expertise in the problems of durable mines. In Australia, the group has strengthened its leadership in the activities of dangerous waste treatment or environmental emergency. Finally, in Asia, ECO has successfully responded to the major industrial challenge that was the implementation of its new carbon-fuel incinerator, a tool with a strong potential for growth and profitability for the coming years. In terms of financing, our Group has strengthened its position of issuer, sought by investors in sustainable finance. The very successful first Green Bond in March, with 1.8 billion of demand for 400 million proposed, justified an additional emission of 70 million in July. In September, our first green hybrid obligation of 300 million, very largely over-subscribed, with a net worth of 3 billion, did not deny the attractiveness of our group for the investors, seduced by the credibility of our sustainability framework, just as much as by the quality of our long-term financial policy. In this vein, it is interesting to note that this environment exceeded in 2025 the decarbonisation objectives set as an impact criterion for its mandatory emissions of 2021. These mandatory emissions have significantly strengthened our financial capacity to support our opportunistic acquisition strategy targeted at the heart of the consolidation market. Thus, in France, Sechu Environnement announced its intention to acquire the Flamme Group, the fourth market participant in the incineration of dangerous waste. In Italy, we have prepared the acquisition signed since the beginning of 2026 of Filippa, specialist in non-dangerous industrial waste management, which completes with the value add the dangerous waste activities of our group in this country. Finally, in Chile, we negotiated the acquisition, finalized in January 2026, of Hydronor, which is the number one in the market for dangerous waste, whose installations are harmoniously distributed throughout the Chilean territory, that is to say in the north, in the middle and in the south, strengthen our capacity to deploy our environmental solutions in the heart of the most industrial regions of this country. These acquisitions will contribute to the more sustained growth and improvement of the anticipated profitability in 2026. Our group has taken the measure of the challenges that await it in a macroeconomic and geopolitical context that remains difficult on an international level and uncertainties that affect some of our markets in France. Séché Environnement has the assets to do so. Séché Environnement specialises in market trends, the ecological transition, the protection of human health, the environment and biodiversity, in France, in Europe and around the world. Séché Environnement is an integrated group of services to the environment. It responds globally as a unique interlocutor to the problems of sustainability of economic, industrial and territorial actors, such as the reduction of their ecological footprint through the production of decarbonized resources, the recycling of their industrial waters or the resorption of their accidental pollution. This environment is positioned on regulated markets with strong barriers at the entrance, in France, in Europe, and now in most industrialized economies in the world. These markets are growing in volume and value, because these regulations are often carried out by public, international opinions and are increasingly restrictive for waste producers who must face more difficult access conditions to natural resources and imperatives for the preservation of ecosystems. Sechu Environnement is a family business with a patrimonial vision and strong values. It pursues a strategy of profitable and long-term growth in France and internationally in perfect alignment with our shareholders. Our commercial forces are mobilized for 2026 to deploy offers renewed in the direction of more dynamic and industrial clients, to find new synergies that will be implemented between businesses and subsidiaries, to make cost savings that will be realized on all our perimeter, and a more rigorous financial discipline than ever, which aims to maximize the generation of treasury to accelerate our debt relief. Believing in the right orientation of our activities and our results, and in the solidity of our financial situation, the Board of Directors proposed to the General Assembly shareholders the maintenance of the dividend at 1.20 euros. I will now pass the floor to Maxime Sechet, who will present to you in detail the strategic achievements of the 2025 exercise.

Your turn, Maxime. Thank you. Hello everyone. I am delighted to see you again for this presentation of the results. Next slide. So to put the current context in perspective, I would like to go back to our business model. As you know, we are positioned on regulated markets with strong entry barriers. And I would like to remind you that as a family business, we have a long-term vision, that is to say that we are pursuing a profitable and sustainable growth strategy. You know our jobs as actors of the ecological transition. These jobs position us on tendential growth markets, particularly those of the protection of human health, the environment and biodiversity. Next slide. But above all, we are a specialist in industrial markets and the most complex waste. In 2025, industrial customers represent 90% of our turnover against 88% in 2024, and dangerous waste 72% of the turnover against 69% in 2024. We have the authorizations to treat all types of waste and we can intervene on the entire value chain. This positioning is strengthened with targeted international development. First, thanks to the support of our existing clients, but also with external growth. The international represents 36% of the group's activity in 2025, against 32% in 2024. Next slide. The relevance of our positioning also appears in the alignment rate of our activities to the European green taxonomy, namely 69% in 2025. In 2025, we also achieved our objectives of reducing greenhouse gas emissions and increasing greenhouse gas avoided by our customers. Next slide. So, on this slide, we can see the history of our performance. So, it validates our long-term strategy as a family business. We have a growth model that is profitable, with an EBE in progress and a capacity to generate cash flow. And we execute this strategy with a careful financial policy, that is to say, an objective of leverage lower than three times the EBE. Next slide. As mentioned in the introduction, in 2025, we experienced a sustained growth in our activities, except those linked to the circular economy in France and Spain. Environmental services, which represent 48% of the turnover, are very bearable, with a growth of more than 10%. The pollution and environmental emergency markets have been very dynamic. Our subsidiaries, Séché Urgence Interventions in France and Spiltek in South Africa, have won large-scale contracts. In the management of industrial waters, the development of the subsidiary Séché Traitement des Eaux Industrielles is in line with the plans presented in 2023. STEI is now positioned on emerging subjects, such as the treatment of epiphysis. Dangerous management markets, which represent 24% of the turnover, have also seen a growth of more than 10%, with, in France, positive volume and price effects. Next slide. As for the circular economy, it is, as you know, activities of material and energy valorization. These activities represent 28% of the turnover. In 2025, we observed a decline in some of these activities. For example, in our material valorization activity, which attacks the great European donors, as well as the sectors of chemistry, pharmacy or energy for their dangerous waste, In 2025, there was a drop in the demand for the European chemical industry, which impacted our jobs in chemical purification and solvent regeneration. We lost 10 million euros in sales, which made us go from 60 million to 50 million euros in France and Spain. So we have put in place measures of redeployment of our offer and we should see the first positive effects of these measures in the second half of 2026. Next slide. Then, energy valuation. For memory, it is the production of steam by cogeneration, thanks to our tools for dangerous waste treatment. It is also the production of electricity by valorization of biogas produced on our ISDND and sold on the spot market. It is also the production of electricity and heat thanks to the units of energy valorization in DSP, in Public Service Delegation. So the slowing down of energy valuation activity is explained by exogenous factors, namely the price effect of electricity sold on spot markets and the indexing effects of steam sales contracts. Again, the decrease in energy sales has impacted our turnover to about 10 million euros. Next slide. but these factors did not affect our growth strategy on strategic markets. In Chile, we completed the closing of HydroNor on January 27th. So HydroNor is, as you know, the leader in the management of dangerous waste in Chile, with a turnover of 42 million euros, a market share of 35% and a capacity of 400,000 tons per year. So the company has a portfolio of more than 2,500 clients, mostly industrial, in the key sectors for us, which are mining, energy and chemistry. So HydroNord is three storage sites that are strategically distributed on Chilean territory. In the north, in Antofagasta, there is a site that is complementary to SAN, which is our existing subsidiary. In the center, in Pudahuel, near Santiago, Hydronor is the only actor benefiting from a treatment tool in the central region, which gives it a strong competitive position and an important market share on the largest market in China. The third site, it is in the south, in Copulemo, which allows Hydronor to ensure national coverage. So for information, we started the integration. So we noticed and we were able to see that the current management is of quality and we will merge the teams of Hydro Nord with those of our existing branch. So for this acquisition, our strategy is first to implement our group standards, but also to deploy services and circular economy activities through our new Green Dot branch, which is already active in this sector. Next slide. In Italy, we made the closing of the Philippa on February 27th. So, it's a non-dangerous industrial waste storage center in the north of the country, in Liguria. The company has an authorization to store a hundred categories of non-dangerous waste, including waste from chemical treatment, dust and soil depollution. So, the authorization allows us to treat about 100,000 tons per year for a turnover of 17 million euros. The context of the Italian market allows Filippa to benefit from a favorable price effect because the number of ISDNDs allowing to store solid industrial waste is decreasing and its ideal location in the heart of northern Italy allows it to capture the waste flows of the surrounding industries. There is a good commercial complementarity with our other installations in Italy. So the Filippa will allow us to extend our service offer to large industrial accounts and to strengthen our geographical mesh in northern Italy. We have also identified industrial synergies with optimizations on many waste flows. We can, for example, internalize the FURIA treatment residues, which were, until today, stored elsewhere in Northern Italy. And finally, a few words about the Flamme Group acquisition project in France. This acquisition was announced in June 2025, and it is subject to the consent of the competition authority. We hope to be able to make the closing before the summer. So, as a reminder, the FLAB group makes 40 million euros of turnover with 100 employees. It is the last independent actor in the incineration of dangerous waste in France. So, it is a group that exploits two incinerators of dangerous waste in northern France. It is a rare opportunity to acquire treatment capacities. and it is an opportunity that would position us as number 2 in France. There are strong complementarities with our activities. This acquisition would allow us to increase our treatment offer in Europe and to internalize the treatment of certain flows. Commercially, we will also be able to extend our service offer to large industrial accounts in the Hauts-de-France. On an industrial level, we will be able to optimize the waste mix and reduce treatment costs. Finally, we will come back in detail on these synergies once the agreement of the authority of the competition has been obtained.

Baptiste, I leave you the floor.