- Thursday, May 7, 2020 -

COVANTA HOLDING CORPORATION REPORTS 2020 FIRST QUARTER RESULTS

MORRISTOWN, NJ, May 7, 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 three months ended March 31, 2020.

First quarter performance chart

Key Highlights

• Strong Q1 results, Adjusted EBITDA and Free Cash Flow up $13 million year-over-year
• Tip fee prices up 5% on same-store basis and profiled waste revenue up 18%
• Business operating well, providing essential service with limited disruption
• Executing robust response to COVID-19, including proactive cost reduction program

“Our first quarter performance was strong, in particular demonstrating the secular tailwind for waste pricing in our markets," said Covanta's President and CEO Stephen J. Jones. "Towards the end of the quarter, we began to see the effects of the COVID-19 pandemic and we took decisive steps to protect our employees, keep our facilities operating safely and reliably for our client communities,and offset potential financial impacts. Covanta is well positioned to navigate this storm, and as we look beyond, we have confidence in the long-term growth drivers of the business." More detail on our first quarter results can be found in the exhibits to this release and in our first quarter 2020 earnings presentation found in the Investor Relations section of the Covanta website at www.covanta.com.

Conference Call Information

Covanta will host a conference call at 8:30 AM (Eastern) on Friday, May 8, 2020 to discuss its first 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 6143075. 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 Waste-to-Energy ("WtE") 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 forward-looking 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