too many reasons, depending on who you read!
it rained heavily the night before, making for a late start to allow the ground to dry out for moving artillery, the last thing Napoleon needed.
he failed (for many reasons, not all his fault) to prevent the Prussians from rejoining the battle.
he appointed the wrong Marshals in the wrong commands (revisionists mainly blame Ney and of course Grouchy for making poor tactical decisions; but of course Napoleon appointed them to their respective commands in the first place, and this wasn't the first time he'd picked the wrong man for the job)
he had some kind of tactical 'battle fatigue', to which he was occasionally prone (such as at Borodino) where he couldn't be bothered to do anything clever and just slugged it out, thus underestimating the British infantry on a battlefield chosen by Wellington. there is no reason for Napoleon not to have been familiar with Wellington's troop quality or expertise at using terrain as his Marshals would have told him about this (and there is anecdotal evidence that they did).
it's hard to say whether the quality of the French army and particular their commanders was poor or not poor comparatively, after all Napoleon had accomplished great things with a very low quality army in 1814...he was certainly missing the likes of Davout and Murat, anyway.
even so, given his strategic and (up till now) tactical brilliance in the 1815 campaign, it's odd that he failed to defeat an army that was not anywhere near the best that Wellington ever commanded. it's even possible to argue that Waterloo was lost before it was even fought, as the failure to detroy the Prussian army at Ligny and damage the British at Quatre Bras made fighting against the clock at Waterloo inevitable. personally, i think with his 1805-1812 army and its commanders Napoleon would have won fairly easily.
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