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Veolia Water Technologies & Solutions is the former GE Water franchise and now the core of the Water Technologies activity of Veolia, which ranks itself first worldwide in water technologies. The segment produced EUR 4,954 million of revenue and EUR 669 million of EBITDA in FY2025. It combines proprietary membranes, ion exchange and electrodeionization, process chemicals, analyzers, mobile water services and engineered plants. In semiconductors, it designs, builds and operates ultrapure water, reclaim and zero liquid discharge systems. Veolia cites more than 550 ultrapure water systems delivered across 23 countries and more than 15 billion cubic metres produced. Its franchise is strongest in North America, Europe and Singapore, while Japanese specialists dominate the narrower fab ultrapure water equipment market. Veolia's distinguishing claim is full-cycle coverage, from make-up water to hazardous waste, backed by long operating contracts. Veolia describes Water Technologies as a business treating drinking and process water, wastewater and sludge, with recycling, reuse and the recovery of salts, metals and energy, using more than 550 proprietary technologies including ultrafiltration, nanofiltration, reverse osmosis and ozone (2025 Universal Registration Document). The group presents the activity as a "Booster" under its GreenUp 2024–2027 plan, alongside hazardous waste and bioenergy, flexibility and energy efficiency. The operating model merges two historic organizations. Legacy Veolia Water Technologies brought engineering brands such as OTV, SIDEM, HPD, Evaled, AnoxKaldnes, Hydrotech, Biothane and ELGA. WTS brought the GE-built product estate: ZeeWeed, E-Cell, Sievers, Ozonia and Aquaray lines and a large chemicals and services base. Since mid-2025 the "One Water Tech" project has run both as one organization led by Anne Le Guennec, with four global business lines. **Engineering & Procurement projects:** Revenue (EUR billion): 1.4; Share of segment: 30%; EBITDA margin: 5–10%; Revenue character: Lumpy, milestone-driven contract revenue **Chemical Solutions & Monitoring:** Revenue (EUR billion): 1.3; Share of segment: 28%; EBITDA margin: about 10%; Revenue character: Recurring consumables and instruments **Integrated Services:** Revenue (EUR billion): 1.1; Share of segment: 23%; EBITDA margin: 15–20%; Revenue character: Recurring service, mobile and outsourcing contracts **Technologies & Products:** Revenue (EUR billion): 0.9; Share of segment: 18%; EBITDA margin: 15–20%; Revenue character: Equipment, membranes and proprietary systems The revenue model is therefore roughly 70% product, consumable and service and 30% project. This is the central feature of the investment case: projects dilute margin and create volatility, while the 70% base supports the profitability target. Segment EBITDA margin in FY2023 was about 11% in total but about 14% excluding projects, and Veolia targets about 17% excluding projects by 2027. **Chemicals:** Share of Water Technologies revenue: 16% **Petrochemicals:** Share of Water Technologies revenue: 10% **Food and beverage:** Share of Water Technologies revenue: 9% **Oil and gas:** Share of Water Technologies revenue: 9% **Power:** Share of Water Technologies revenue: 7% **Mining and metallurgy:** Share of Water Technologies revenue: 7% **Microelectronics:** Share of Water Technologies revenue: 6% **Pharmaceuticals:** Share of Water Technologies revenue: 5% **Healthcare:** Share of Water Technologies revenue: 4% **Pulp and paper:** Share of Water Technologies revenue: 3% **Total industrial:** Share of Water Technologies revenue: 76% **Municipal:** Share of Water Technologies revenue: 24% In the semiconductor value chain, the company sits in facility infrastructure rather than wafer processing. It acts as engineering contractor, equipment supplier, consumables and analyzer vendor, and increasingly as long-term operator. A typical scope covers make-up, polishing and distribution of ultrapure water, then wastewater segregation, reclaim and zero liquid discharge. Its customers are integrated device makers and foundries, including NXP, Texas Instruments, GlobalFoundries, STMicroelectronics and Soitec among named references, plus unnamed Tier-1 fabs in Asia and the United States. Independently characterized, WTS is a diversified industrial water platform with a semiconductor option rather than a semiconductor pure play. At about 6% of FY2023 segment revenue, microelectronics implies roughly EUR 280 million. Its appeal is that recurring chemicals, membranes and services attach to installed systems, and that Veolia can extend this to energy and hazardous waste on the same site. Its weakness relative to Japanese specialists is a thinner position in leading-edge ultrapure water supply in Taiwan, Japan and Korea.