The discrepancy between theoretical and exercisable voting rights accounts for 10,432,860 treasury shares held by the company at the close of August. This calculation excludes 11,669,666 shares registered on September 2, 2026, which were acquired under a forward contract to hedge obligations linked to the Sequoia 2026 employee share plan.

Beyond these figures, the company maintains a specific reporting requirement regarding shareholding thresholds. Under Article 8 of its Articles of Association, Veolia mandates that shareholders declare when they cross certain ownership markers, adding a layer of transparency beyond the baseline requirements set by French law and existing financial regulations.