- Thursday, February 20, 2020 -

COVANTA HOLDING CORPORATION REPORTS 2019 FOURTH QUARTER AND FULL YEAR RESULTS AND PROVIDES 2020 GUIDANCE

MORRISTOWN, NJ, February 20, 2020 - Covanta Holding Corporation (NYSE: CVA) ("Covanta"
or the "Company"), a world leader in sustainable waste and energy solutions, reported financial
results today for the year ended December 31, 2019.

 2019 financial results table

Key Highlights:

• Processed 21.4 million tons of waste at EfW facilities, a new annual record for Covanta
• 2019 EfW tip fee prices grew 5% same store, including 11% profiled waste revenue growth
• Reached construction stage on 3 development projects in the UK
• Issued 5th Comprehensive Sustainability Report highlighting continued progress towards
our Environmental, Social and Governance goals.

“2019 finished on a positive note, as we saw continued strength in waste pricing and improved
processing volume on a year-over-year basis. Our focus on a strong operating culture helped our
fleet break multiple processing records,” said Stephen J. Jones, Covanta's President and CEO.
"At the same time, our development efforts continue to advance as we progressed our third UK
project to financial close. Looking ahead to 2020, we continue to invest in our fleet to drive growth,
both domestically and overseas as we help the world meet its growing need for sustainable waste
solutions."

More detail on our fourth quarter results can be found in the exhibits to this release and in our fourth
quarter 2019 earnings presentation found in the Investor Relations section of the Covanta website
at www.covanta.com.

2020 Guidance
The Company established 2020 guidance for the following key metrics:

2020 financial guidance table

Conference Call Information
Covanta will host a conference call at 8:30 AM (Eastern) on Friday, February 21, 2020 to discuss
its fourth quarter results.

The conference call will begin with prepared remarks, which will be followed by a question and
answer session. To participate on the live call, please dial 1-888-317-6003 (US) or 1-412-317-6061
(international) approximately 15 minutes prior to the scheduled start of the call and enter the
passcode 0233059. The conference call will also be webcast live from the Investor Relations section
of the Company’s website. A presentation will be made available during the call and will be found
in the Investor Relations section of the Covanta website at www.covanta.com.

An archived webcast will be available two hours after the end of the conference call and can be
accessed through the Investor Relations section of the Covanta website at www.covanta.com.

About Covanta
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta’s
modern Energy-from-Waste ("EfW") facilities safely convert approximately 21 million tons of waste
from municipalities and businesses into clean, renewable electricity to power one million homes
and recycle 500,000 tons of metal. Through a vast network of treatment and recycling facilities,
Covanta also provides comprehensive industrial material management services to companies
seeking solutions to some of today’s most complex environmental challenges. For more information,
visit www.covanta.com.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements as defined in
Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the
Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act
of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (“SEC”),
all as may be amended from time to time. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could cause the actual results,
performance or achievements of Covanta Holding Corporation and its subsidiaries (“Covanta”) or
industry results, to differ materially from any future results, performance or achievements expressed
or implied by such forward-looking statements. Statements that are not historical fact are forwardlooking
statements. For additional information see the Cautionary Note Regarding Forward-Looking
Statements at the end of the Exhibits.

Investor Contact

Dan Mannes

1-862-345-5456

IR@covanta.com

Media Contact

James Regan

1-862-345-5216