Seche Environnement : 2023 Universal Registration Document

NON-FINANCIAL		01	RISK	04
		REPORT
PERFORMANCE	FACTORS
1.1	Presentation of the Group and its business model	8	4.1 Methodology	212
1.2	Market analysis	15	4.2 Summary and description of key risk factors	214
1.3	Doublel materiality analysis	23										05
1.4	Environmental issues	29	CORPORATE
1.5	Societal issues	49
1.6	Governance and economic development issues	62	GOVERNANCE
1.7	Social issues	76
1.8	Methodological note	90	5.1 Administrative and Management Bodies	228
1.9	Report by one of the Statutory Auditors, appointed as
5.2 Compensation and benefits paid to members of the
	an independent third party, on the consolidated Non-
		administrative and management bodies	250
	Financial Performance Report	94
	5.3 Transactions with corporate officers or shareholders 258
							5.4 Internal control and risk management procedures
2023							related to financial reporting	259
				02 INFORMATION ABOUT
ANNUAL REPORT	06
2.1	Significant events of the financial year	98		THE COMPANY
2.2	Selected financial information on the consolidated			AND ITS CAPITAL
	financial statements as at December 31, 2023	104

2.3 Comments on activity and consolidated results for the

	year ended December 31, 2023		106	6.1	Share capital		262
2.4	Comments on consolidated cash flow as at December		6.2	Major shareholders		263
	31, 2023				113	6.3	Memoranda of Association and Articles of Association	267
2.5	Comments on the consolidated financial structure as at		6.4	Information and history of the Company's legal
	December 31, 2023		116	6.5	situation during the financial year		269
2.6	Expected developments, future prospects and			Information on holdings		270
	significant post-balance sheet events		120	6.6	Related-party agreements		271
2.7	Presentation of corporate financial statements and			6.7	Employees		273
	appropriation of income		122
2.8	Information on dividends		124	ADDITIONAL	07
CONSOLIDATED		03		INFORMATION
FINANCIAL STATEMENTS		7.1	Person responsible for the Universal Registration
								Document		276
3.1	Consolidated financial statements at December 31, 2023	126	7.2	Statutory auditors		277
3.2	Notes to the consolidated financial statements		131	7.3	Information from third parties, expert statements
3.3	Report of the Statutory Auditors on the consolidated		7.4	and declarations of interests		278
	financial statements at December 31, 2023		180	Documents on display		278
3.4	Parent company financial statements at December 31,		7.5	Documents incorporated by reference		298
3.5	2023				184	7.6	Concordance tables		298
Report of the Statutory Auditors on the parent
	company financial statements at December 31, 2023	206

This is a translation into English of the official version of the Universal Registration Document issued in French and which has been prepared in ESEF format and is available at www. www.groupe-seche.com.

The Universal Registration Document has been filed on March 13, 2024 with the AMF, in its capacity as competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of that Regulation.

The Universal Registration Document may be used for the purposes of an offer of financial securities to the public or the admission of financial securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole then formed is approved by the AMF in accordance with Regulation (EU) 2017/1129. This Universal Registration Document including the Annual Financial Report is a reproduction of the official version which has been prepared in ESEF format and is available at www. www.groupe-seche.com.

Universal Registration Document 2023 •

3

MESSAGE FROM JOËL SÉCHÉ

CHAIRMAN OF THE BOARD OF DIRECTORS

Target of a billion

euros achieved 2 years ahead

of schedule

€1,013 million

in contributed revenue in1 2023,

up +13%

70% of revenue aligned

with the EU green taxonomy +3 pointsvs. 2022

Key player in the

decarbonization

of the economy

Climate Strategy validated by the SBTi

2025 target exceeded

GHG emissions	-11%in 2023
	compared to 2020 levels
Well on track for 2025 target
GHGs avoided	+29%in 2023
	vs. 2020

Present in more than

15 countries around the world,

with more than

6,100 employees

(including more than 2,900 in France)

Dear Shareholders,

Financial year 2023 once again confirms the relevance of Séché Environnement's development strategy in the French and international ecological transition markets, particularly in the circular economy and in combating climate change.

For several years now, Séché has been committed to a strategy of external growth that broadens the range of its offerings and extends its geographical coverage. This year, in France, Séché took on new high-tech businesses in the industrial water cycle, in promising markets driven by environmental regulations.

Internationally, new strategic acquisitions in Italy, Peru and Namibia have reinforced the Group's expertise as a specialist in hazardous waste and its position as a operator of choice for industrial customers in these regions.

With its activities closely aligned with the European green taxonomy, Séché offers its industrial and public-sector customers a local product range that meets the majority of their environmental sustainability challenges.

1 Contributed revenue: see definition in section 2.2 of this document

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Séché Environnement benefits from an extensive commercial offering that integrates the entire waste management value chain, and complements its proven expertise in hazardous waste with rare know-how in the production of carbon-free materials and energies, and now, recycled water.

Above all, with nearly half of its revenue generated by environmental services that meet the environmental safety requirements for industrial infrastructure, Séché is positioned at the heart of the long-term environmental challenges faced by economic players, while also meeting their short-term industrial requirements, giving visibility to its development strategy and resilience to its economic and financial performance.

The high operating performance

of the historical business demonstrates the Group's ability to rapidly integrate new activities and bring them up to its profitability standards.

The solid organic growth posted by the Group in 2023 confirms the sales momentum and positive trend observed in most business lines in recent years, particularly in France.

Two years ahead of target, contributed revenue is exceeding the symbolic billion euro mark!

In addition, before taking into account the business perimeters integrated during the year, the Group's operating performance was high, and significantly better than in 2022, which was already characterized by a buoyant economic climate and the significant contribution of exceptionally large contracts.

This high level of operating performance demonstrates Séché's ability to rapidly assimilate the acquisitions of recent years, to immediately implement industrial and commercial synergies with other business lines, and to raise them to its profitability standards.

Non-financial performance is no exception.

Following the SBTi's approval of its Climate Strategy in line with the Paris Agreements, Séché is already on track in 2023 to meet its 2025 target for reducing its greenhouse gas emissions. At the same time, the Group has also significantly increased the amount of greenhouse gases avoided at

customer sites by its recycling activities, putting it in a good position to meet its 2025 target.

In addition, the Group is working hard on a number of environmental issues that are crucial to both itself and its customers, such as water and energy efficiency and the protection of biodiversity.

The high rate of alignment

of activities with the European green taxonomy confirms the quality

of Séché's positioning at the heart

of the sustainable development issues faced by economic players.

With a robust financial structure and confidence in its ability to meet the challenges of the future, just as it has managed to turn the crises of recent years into opportunities, Séché Environnement has defined a new roadmap to steer its development over the medium term.

New goals have been set, outlining solid prospects for growth, increased operating profitability and free cash flow generation by 2026.

On the non-financial front, the intensification of current action plans and the implementation of new flagship projects will enable us to continue building a Group that is even more respectful of the environment, increasingly restrained in its consumption and more moderate in its impact.

These indicators support the Group's model of profitable, sustainable growth, and provide the means to accelerate its development strategy. Indeed, Séché's ability to accelerate its own ecological transition will enable it to share the benefits with its customers in a mutually advantageous partnership.

This is my vision for our Group: that of a company that performs well both industrially and financially, with an exemplary environmental record, serving its customers while respecting all its stakeholders, and working for the benefit of humankind and to preserve life.

Joël Séché

Chairman of the Board of Directors

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NON-FINANCIAL

PERFORMANCE REPORT

1.1	Presentation of the Group and its business model	8
1.2	Market analysis	15
1.3	Double materiality analysis	23
1.4	Environmental issues	29
1.5	Societal issues	49
1.6 Governance and economic development issues	63
1.7	Social issues	76
1.8	Methodological note	90

1.9 Report of one of the Statutory Auditors, appointed as an

independent third party, on the verification of the consolidated
Non-Financial statement	94

Universal Registration Document 2023•

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01	NON-FINANCIAL PERFORMANCE REPORT
Presentation of the Group and its business model

To remember…

INITIATION OF THE

OFFERING INNOVATIVE

ENTREPRENEURIAL

SOLUTIONS

PROJECT

TO ACCELERATE

IN THE 1980S

THE ECOLOGICAL

TRANSITION

DECARBONIZATION	DEVELOPING
OF THE ECONOMY	VALUE-CREATING
WHILE CONTROLLING	KNOW-HOW
RISKS

Some key dates in Séché Environnement's history

1.1 PRESENTATION OF THE GROUP AND ITS BUSINESS MODEL

1.1.1 HISTORY

Séché Environnement is the result of an entrepreneurial project, initiated in the mid-1980s by its founder Joël Séché, in the field of waste management. A growing company in highly visible and buoyant markets, the family-owned group is now a player in the circular economy and environmental services, both in France and internationally.

Bringing together cutting-edge expertise and complementary technologies, Séché Environnement is one of the few integrated operators capable of handling all types of waste. Thanks to businesses in the environmental service, the Group is positioned at the core of the issues of resource preservation, the fight against climate change and biodiversity protection.

A regional company that became a group with a national dimension, at the dawn of the 2000s, Séché Environnement has been implementing an active, organic and external growth strategy, in France and internationally for several years.

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NON-FINANCIAL PERFORMANCE REPORT	01
Presentation of the Group and its business model

1.1.2 VALUE CREATION - BUSINESS MODEL

Séché Environnement's mission is to offer its clients, whether manufacturers or public authorities, innovative solutions to accelerate their ecological transition. A specialist in hazardousness, the family-owned group is now one of the only French players to offer an integrated service offering, ranging from the prevention and remediation of industrial and environmental risks to the management, recovery and treatment of all types of waste, including

The business model is summarized in the diagram below:

industrial effluents. This particularity makes it one of the major players in the management of the industrial water cycle in France. Thanks to its ability to anticipate regulations and its certification strategy, which gives it perfect control of processes and environmental risks, Séché Environnement is also distinguished by its ability to produce low carbon resources (materials or energy) and its involvement in the preservation of biodiversity.

01

02

Value creation and its distribution are described in section 1.5.4 Community footprint and local development on the value distribution graph.

By mastering the entire circular economy value chain to respond to the problems of all types of waste (in particular the most complex involving chemical, pyrotechnic and bacteriological risks, etc.), the Group responds to growing societal concerns through its business lines focused on environmental protection. The Group thus intervenes at the crossroads of sustainable development issues by its control

03

04

05

06

07

of the potential impacts of economic development, not only on the human level (protection of health and well-being), but also on the environment (hazardousness, natural resources, climate, biodiversity).

Séché Environnement's core business line is the creation of circular economy loops, namely those below:

• Reduce waste generation
• Re-useand recycle the material
• Energy recovery
• Control the hazardousness of the final waste

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01	NON-FINANCIAL PERFORMANCE REPORT
Presentation of the Group and its business model

Thus, Séché Environnement is an innovative player that has anticipated changes in the business lines of waste. Very early on, the Group evolved its business model beyond the historical management of the disposal of waste. Over time, Séché Environnement has transformed its offer by material recovery activities (recycling, regeneration, etc.) and energy (heat, biogas, electricity, etc.), as well as by a panel of expert services, dedicated to its industrial clients or public authorities (delegated infrastructure management, industrial water treatment, etc.), or by environmental protection services (remediation, environmental emergency, etc.). It has thus gradually become an international environmental services group that supports its clients, whether industrial or regional, in their transformation towards a more sustainable growth model, capable in particular of reducing their environmental footprint.

The Group carries out its activity both in France (74% of its contributed revenue1 in 2023), and internationally (26%), whether the waste is hazardous (66% of its contributed revenue in 2023) or non-hazardous (34%). The Group targets industrial clients (85% of its contributed revenue in 2023) and local authorities (15%).

With its specialist knowledge, in particular in hazardous waste, the Group is committed to accelerating the implementation of its know-how in high-potential international markets. This control of hazardousness and processes is a major competitive advantage in markets where the waste producer has legal responsibility throughout the value chain to the final holder. Thanks to its history of excellence with regard to its compliance requirements and keen to involve its stakeholders, local or

national, in its economic development, the Group is able to change its permits whenever necessary in an approach to anticipate regulatory changes or the needs of its clients.

Séché Environnement is also a player in the decarbonization of the economy. Attentive to the needs of its clients, the Group is able to provide low-carbon resources, that is to say recycled raw materials or waste-derived energy, thus competing with fossil fuels. The decarbonization of its clients is possible thanks to the direct effort to which the Group itself is committed. Séché Environnement's decarbonization strategy, aligned with the Paris Agreement, aims to reduce the Group's direct emissions by 25% by 2030 compared to 2020. The strategy is detailed in chapter 1.4.3 Climate Change Mitigation.

Seeking to minimize its impacts and those of its clients, Séché Environnement aims for the excellence of its processes. To this end, the Group relies on a certification process, which allows it to offer services with the highest international standards, as well as a dynamic research and development (R&D) process, which reinforces its position as an expert player with high added value.

The economic value generated by Séché Environnement permeates the players in the communities surrounding the company. Thus, the Group's suppliers and employees are the first beneficiaries of value sharing (see 1.5.4 Community footprint and local development). The Group ensures a high level of transparency and dialog with all its stakeholders (clients, suppliers, elected officials, civil servants, associations) as detailed in 1.6.1. Consulting of stakeholders.

1 Contributed revenue: see definition in section 2.1.2 of this document

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