Slides
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July 29, 2026 Second-Quarter 2026 Investor Review
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2PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Forward Looking Statements and GAAP Disclaimer These slides contain (and the accompanying oral discussion will contain) forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "seeks,“ “will,” "should," "estimates," "projects," "may," "likely,“ “potential,” “outlook” or similar expressions. Such statements may include, but are not limited to, statements about the Company’s future financial and operating results, plans, strategy, objectives and goals, strategic initiatives, cost management initiatives, pricing and productivity initiatives, contingent liabilities, interest expense, liquidity, business, economic and market conditions, trends, customer demand, expectations regarding new customer contracts, impacts of tariffs and new legislation, acquisitions, growth opportunities and investments, expectations, challenges and other statements that are not historical facts. Forward-looking statements are neither historical facts nor assurances of future performance. Such statements are based upon the beliefs and expectations ofClean Harbors' management as of the date of this presentation only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as "Risk Factors,” disclosed in our periodic filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the SEC, which may be viewed in the "Investors" section of the Clean Harbors website. Statement Regarding use of Non-GAAP Measures: Adjusted EBITDA and adjusted free cash flow, as presented in these slides, are non-GAAP financial measures and should not be considered alternatives to other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. These non-GAAP measures are not calculated identically by all companies. Therefore, our measurements of Adjusted EBITDA and adjusted free cash flow are clearly defined and may not be comparable to similarly titled measures reported by other companies. We believe that Adjusted EBITDA provides additional useful information to investors since management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. We believe adjusted free cash flow provides useful information to investors about our ability to generate cash. Adjusted EBITDA consists of GAAP net income (loss) plus accretion of environmental liabilities, stock-based compensation, depreciation and amortization, net interest expense, loss on early extinguishment of debt, provision for income taxes and excludes other transactions not deemed representative of fundamental segment results and other (income) expense, net. The Company defines adjusted free cash flow as net cash from operating activities less additions to property, plant and equipmentplus proceeds from sale and disposal of fixed assets. When necessary, the Company adjusts for the cash impact of items derived from non-operating activities. Starting in 2025, the Company began excluding significant strategic growth investments, which the Company expects to realize future long-term benefits from, as they are not indicative of free cash flow generation forthe current period. All amounts in USD unless otherwise noted. For a reconciliation of net income to Adjusted EBITDA and a reconciliation of net cash from operating activities to adjusted free cash flow, please refer to the appendix of this presentation.
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3PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Summary of Q2 Results * For a reconciliation of non-GAAP measures to its nearest GAAP equivalent, please refer to the appendix in this presentation. ▪ YTD TRIR results have us on track to meet our annual target ▪ Revenue rose 12% to $1.74B, with notable growth in both operating segments ▪ Net income of $170.5 million or EPS of $3.22 ▪ Adjusted EBITDA* grew 22% to $409.0M; Adjusted EBITDA* margin up 190 bps to 23.6% ▪ Adjusted free cash flow* was $135.7 million, in line with expectations ▪ Environmental Services segment achieved outstanding results driven by increased demand for disposal and recycling, continued momentum in project work, growth in Field Services and another strong performance from SK Environmental Services ▪ Profitable growth in Safety-Kleen Sustainability Solutions segment far exceeded expectations due to market conditions, supported by our oil collection strategies ▪ Corporate segment costs up due to incentive compensation, insurance, acquisitions and strategic investments in the business
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4PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT $376.2 $406.1 27.8% 27.9% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 Q2 2025 Q2 2026 Adjusted EBITDA Margin $1,352.0 $1,456.6 Q2 2025 Q2 2026 Revenue (in millions) Adjusted EBITDA* (in millions) * For a reconciliation of net income to Adjusted EBITDA, please refer to the appendix in this presentation. +8% +8% Q2 Performance ▪ Revenue increased YoY due to robust growth across Technical Services and SK Environmental Services, as well as recent acquisitions. A large-scale event totaled ~$30 million in Technical Services revenue in the quarter. ▪ Adjusted EBITDA grew in line with revenue growth; ES margin up 10 bps despite a difficult comp with a year ago when we had several high-margin waste projects and emergency response events ▪ Incinerator utilization, including the new Kimball incinerator, was 91% vs. 86% in Q2’25, reflecting ongoing strength in base business, as well as project volumes. Landfill volumes up 7% from a year ago due to continued project wins ▪ SK Environmental Services revenue up 11%, driven by a combination of pricing and volume growth in core offerings, particularly containerized waste and vacuum services; performed 236K parts washer services Environmental Services
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5PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT ▪ Recently signed a long-term disposal contract with a customer that is expanding its U.S. operations ▪ Contract involves incineration waste streams, along with complex wastewater volumes ▪ Contract term is for 10 years and carries an estimated total value of $600 million ▪ Will start in Q4 and is expected to reach full capacity in 2030 driven by the phased launch of manufacturing sites by the customer ▪ Demonstrates our unique capabilities and versatility to safely process large volumes of variable waste streams due to the scale and redundancy of our network ▪ Reflects manufacturing expansion/reshoring trends within the U.S. economy Multi-Year Disposal Contract Win
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6PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT ▪ Integrated solution that addresses multiple phases of the data center market ▪ Initial focus on construction phase, where our mechanical flushing, chemical passivation and water filtration services are in demand ▪ Expect to invest an additional ~$50M in capex over the next three years as part of targeting $200M in annual revenue by the end of 2028 ▪ Opportunity to introduce additional lines of business including fluid recovery, waste removal and ER events ▪ Data center market expected to grow at a ~20% CAGR through 2030 to create a potential TAM of $8-$10 billion across all CLH services Introducing New Data Center Offering
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7PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Expanding Field Services With Acquisition of ES&H ▪ Signed definitive agreement to acquire ES&H for $305 million; All-cash transaction expected to close in second half of 2026 ▪ ~$90 million of annual base revenue with ~$30 million of adjusted EBITDA ▪ Expect to achieve ~$5M of cost synergies; Post synergy multiple of ~8.7X ▪ Leading emergency response provider in U.S. Gulf with a 30+ year reputation; adds ES&H’s 13 service branches, the majority of which are coastal locations ▪ Strong reputation for on-water responses; holds the Coast Guard’s highest Oil Spill Response Organization (OSRO) classification ▪ Offers Forefront branded service that includes emergency response readiness plan development, training and management ▪ Anticipate strong cultural fit due to safety and compliance track record and history of successful response events; cross-selling opportunities available
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8PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT $197.7 $278.4 Q2 2025 Q2 2026 +41% Q2 Performance ▪ Revenue increase directly reflects sharp uptick in market pricing due to scarcity of base and blended products throughout Q2, supported by higher YoY charge-for-oil (CFO) revenue ▪ Adjusted EBITDA increased substantially as our re-refining spread widened alongside the supply-constrained environment; margin more than 70% higher than a year ago ▪ Gathered 61M gallons of waste oil compared with 64M gallons in Q2’25; maintained a high CFO rate that was up significantly from the same period a year ago ▪ Blended products accounted for 21% of total volumes sold vs. 19% a year ago and 16% in Q1. Direct blended sales increased to 11% of total volumes sold from 9% a year ago and 8% in Q1. Market conditions are helping to drive new customers to purchase our blended products and enter closed loop arrangements $38.3 $93.0 19.4% 33.4% $- $20.0 $40.0 $60.0 $80.0 $100.0 Q2 2025 Q2 2026 Adjusted EBITDA Margin Revenue (in millions) * For a reconciliation of net income to Adjusted EBITDA, please refer to the appendix in this presentation. Adjusted EBITDA* (in millions) Safety-Kleen Sustainability Solutions +143%
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9PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT ▪ Invest in capex to drive organic growth ▪ Evaluate acquisition and divestiture opportunities ▪ Execute authorized buyback plan ▪ Assess current debt structure and leverage Disciplined Capital Allocation Strategy – Driven by ROIC
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PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 10 FINANCIAL OVERVIEW
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11PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT (in millions, except per share data) * Please refer to the appendix in this presentation for a reconciliation to the nearest GAAP equivalent. Q2 Income Statement * Please refer to the appendix in this presentation for a reconciliation to the nearest GAAP equivalent. Revenues Cost of revenues Gross profit Gross margin % Selling, general and administrative expenses SG&A % Depreciation and amortization Income from operations Adjusted EBITDA* Adjusted EBITDA* margin % Net income Diluted earnings per share Q2 2025 $1,549.9 $1,033.5 $516.4 33.3% $186.2 12.0% $116.3 $210.3 $336.2 21.7% $126.9 $2.36 Q2 2026 $1,735.0 $1,126.2 $608.8 35.1% $214.6 12.4% $121.8 $268.9 $409.0 23.6% $170.5 $3.22
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12PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 12/31/25 $953.7 $1,205.0 $506.6 $2,776.2 $230.7 Balance Sheet Highlights Cash and short-term marketable securities Billed and unbilled receivables Accounts payable Current and long-term debt Environmental liabilities (in millions) 6/30/26 $516.7 $1,463.4 $518.2 $2,771.9 $230.8 6/30/25 $699.1 $1,295.6 $432.8 $2,781.6 $236.2
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13PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Cash Flow Highlights (in millions) * Please refer to the appendix in this presentation for a reconciliation to the nearest GAAP equivalent. Q2 2025 $208.0 ($87.3) $12.4 $133.2 $12.0 Cash from operations Capital expenditures, net of disposals Cash investments in strategic growth projects Adjusted free cash flow* Share repurchases Q2 2026 $239.2 ($124.0) $20.5 $135.7 $27.1
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14PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Full-Year 2026 Range Net Income Adjusted EBITDA* $481 $1,350 to $531 to $1,410 Guidance (as of July 29, 2026) * Please refer to the appendix in this presentation for reconciliations of Adjusted EBITDA and Adjusted free cash flow to the nearest GAAP equivalent. Net Cash from Operating Activities Adjusted Free Cash Flow* $890 $520 to $1,010 to $580 (in millions)
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PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 15 APPENDIX
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16PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Non-GAAP Results Reconciliation (in thousands, except percentages) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income $ 170,464 $ 126,905 $ 233,665 $ 185,585 Accretion of environmental liabilities 3,502 3,591 7,044 7,211 Stock-based compensation 14,818 6,063 24,396 13,698 Depreciation and amortization 121,807 116,285 237,606 228,265 Other (income) expense, net (430) 603 301 1,535 Interest expense, net of interest income 37,208 37,106 71,062 73,183 Provision for income taxes 61,655 45,684 82,804 61,614 Adjusted EBITDA $ 409,024 $ 336,237 $ 656,878 $ 571,091 Adjusted EBITDA Margin 23.6 % 21.7 % 20.6 % 19.2 %
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17PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Non-GAAP Results Reconciliation (in thousands) Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net cash from operating activities $ 239,173 $ 208,040 $ 245,470 $ 209,645 Additions to property, plant and equipment (126,195) (90,029) (224,638) (208,724) Cash investments in strategic growth projects 20,535 12,436 35,322 12,436 Proceeds from sale and disposal of fixed assets 2,172 2,720 3,694 4,063 Adjusted free cash flow $ 135,685 $ 133,167 $ 59,848 $ 17,420
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18PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Non-GAAP Guidance Reconciliation For the Year Ending December 31, 2026 Projected net cash from operating activities $890 to $1,010 Additions to property, plant and equipment (505) to (565) Cash investments in strategic growth projects 120 to 120 Proceeds from sale and disposal of fixed assets 15 to 15 Projected adjusted free cash flow $520 to $580 For the Year Ending December 31, 2026 Projected net income $481 to $531 Adjustments: Accretion of environmental liabilities 16 to 15 Stock-based compensation 48 to 51 Depreciation and amortization 485 to 475 Interest expense, net 151 to 146 Provision for income taxes 169 to 192 Projected Adjusted EBITDA $1,350 to $1,410 (in millions) (in millions)
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PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 19 Questions
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20PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT (NYSE: CLH) 42 Longwater Drive Norwell, MA 02061 Jim Buckley SVP Investor Relations 781-792-5100 Email: Buckley.James@CleanHarbors.com www.cleanharbors.com