Veolia: Data-centre cooling and water-use growth themes support Veolia’s positive exposure

Research evidence excerpt

Veolia: Data-centre cooling and water-use growth themes support Veolia’s positive exposure

Equity Research

European Utilities & Clean Energy

14 May 2026

Veolia

Data-centre cooling and water-use

growth themes support Veolia’s

VIE.PA/VIE FP OVERWEIGHTpositive exposure

European Utilities & Clean POSITIVE

Our Sustainable & Thematic team highlights data-centre Energy Price Target EUR 38.50

cooling and water use as attractive growth themes. Veolia, as Price (13-May-26) EUR 34.46

one of world’s largest water players, is positively exposed Potential Upside/Downside +11.7% Source: Bloomberg, Barclays Research

through its strong positioning in products and services that

improve cooling efficiency and water management. Reiterate European Utilities & Clean Energy

OW. Peter Crampton +44 (0)20 3555 0125

peter.crampton2@barclays.com

The Barclays Sustainable & Thematic team has published a detailed report on data-centre Barclays, UK

cooling and water use. The report Thematic Investing: Powering AI: Demystifying Data Center Dominic Nash, PhD

Cooling & Water Use (13 May) builds on our earlier data-centre research and offers a deep dive +44 (0)20 3134 2364

into cooling technologies, water usage and the wider implications across Tech, Industrials, Real dominic.nash@barclays.com

Estate, Energy and Sustainability. It clarifies the key cooling technologies and their water-energy Barclays, UK

trade-offs, challenges common investor misconceptions, maps the evolving supplier ecosystem Laura Marconi

and includes sector-level analyst views. We estimate cooling accounts for c.10-15% of the +44 (0)20 3555 0762

capital cost of a powered data-centre shell (excluding IT equipment), with that share likely to laura.marconi@barclays.com

increase as more advanced liquid-cooling architectures are adopted.