GFL Environmental Inc.

- The company has recently issued $1 billion in bonds this year at a tight spread, indicating active debt fundraising. - Post-SECURE acquisition, the combined business is expected to have enhanced cash flows and scale, enabling potential refinancing of the balance sheet at improved rates closer to investment grade. - The borrowing cost is currently ~140 bps over treasuries; investment-grade levels could reduce this to 70-80 bps, implying a 60-70 bps pretax interest efficiency opportunity. - The company expects to deploy $1.8 billion to $2 billion annually for M&A on a combined basis, driven by strong free cash flow generation and enhanced capital structure flexibility. - There is emphasis on balancing capital deployment between M&A, organic growth, and share buybacks, with no immediate plans for equity fundraising mentioned. - The firm plans continued disciplined leverage management (~3 to 3.5x) to optimize cost of equity and maintain flexibility.

- EPR growth CapEx for 2026 is expected to be around $100 million to $125 million, with most major collection contracts coming online in the first half of 2026; the program is materially winding down (Page 11). - RNG capital target revised down from $175 million to about $125 million based on feasibility studies; currently generating ~$50 million benefit from 5 facilities; minimal incremental contribution expected in 2026 but meaningful step-ups projected in 2027 and 2028 as more facilities come online (Page 14). - Focus on incremental portfolio optimization targeting $40 million to $80 million benefits, with continuous improvements in pricing and data analytics aiding capital deployment decisions (Page 16). - Pro forma combined business with SECURE will allow materially increased returns-focused growth capital deployment while maintaining net leverage commitments; most of this capital expected in solid waste acquisitions and organic high-ROI opportunities (Page 4).

- Q1 revenues grew 8.5% driven by strong pricing (+7%) and underlying volume despite adverse weather. - Pricing strength (8.5% in Canada, 6.3% in U.S.) provides high visibility to meet or exceed price guidance for the year. - Volumes had a mixed picture: special waste performed well; C&D volumes down for several quarters but some recent positive signs in roll-off volumes. - Weather was a $11 million headwind in Q1 but underlying volume excluding weather and one-time events was positive. - Outlook on C&D volumes remains uncertain due to macro/geopolitical factors, with a wait-and-see stance into Q2. - Texas market plans to double revenue over 5 years, driven by a larger footprint and organic growth (e.g., new C&D recycling facility). - Incremental contribution from RNG expected to grow from ~$50 million today to ~$125 million target by 2028. - Active M&A pipeline with $300M-$500M deployment expected in 2026, adding to growth. - Overall, multiple avenues for upside above current guidance are anticipated.

- Adjusted EBITDA margin in Q1 2026 expanded 180 bps to 29.1%, the highest first-quarter margin in history, demonstrating strong foundational performance. - Full-year 2026 guidance updated with 8 acquisitions contributing; revenue expected at $7.32-$7.34 billion, adjusted EBITDA of $2.23 billion, and adjusted free cash flow of $850 million. - Q2 2026 anticipated adjusted EBITDA margin at 30.4%, slightly behind prior year due to commodities, fuel prices, and M&A impacts. - Pricing momentum remains strong with base pricing expected to end 20-30 bps higher by year-end than originally forecasted, supported by high customer retention. - Operational improvements and margin expansion expected, particularly from Canadian business via extended and repriced recycling contracts. - Underlying U.S. margins projected to expand nearly 200 bps when excluding exogenous factors. - Growth CapEx related to EPR expected to wind down after 2026; contribution from RNG facilities to increase notably in 2027-28. - Continued M&A activity and integration costs anticipated but balanced by revenue synergies and operational efficiencies.

- The company has completed 8 acquisitions year-to-date, including Frontier Waste Solutions, enhancing their Texas footprint. - They maintain a robust pipeline of actionable opportunities, aiming to deploy an incremental $300 million to $500 million before year-end. - Contribution from completed acquisitions has led to a nearly 5% increase in guidance. - Additional M&A activity completed during the year will provide further upside to their guidance. - They announced the proposed acquisition of SECURE Waste Infrastructure, expected to complement and densify their geographic footprint in Western Canada. - The SECURE deal is strategically significant, enhancing scale and free cash flow, enabling increased growth capital deployment. - Regulatory approval process for SECURE is anticipated to take 3 to 5 months with expected closing in Q4 (September-October).