Slides
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October 28, 2026 Third-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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4PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT $357.2 $425.4 26.8% 27.4% 11.0% 19.0% 27.0% 35.0% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 Q3 2025 Q3 2026 Adjusted EBITDA Margin $1,331.3 $1,551.1 Q3 2025 Q3 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. +17% +19% Q3 Performance ▪ Revenue increased YoY due to robust growth in Field Services as well as SK Environmental Services and Technical Services. Acquisitions also contributed. A large-scale ER event totaled ~$120 million in Field Services revenue in the quarter. ▪ Adjusted EBITDA grew faster than revenue growth; ES margin up 60 bps through revenue mix, pricing strategies and productivity gains ▪ Incinerator utilization, including the new Kimball incinerator, was 87% vs. 88% in Q3’25. Collection volume was healthy as deferred revenue grew 20%. ▪ 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 239K parts washer services Environmental Services
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5PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT $218.0 $318.3 Q3 2025 Q3 2026 +46% Q3 Performance ▪ Revenue rose sharply primarily due to increased pricing caused by continued global scarcity of base and blended products ▪ Adjusted EBITDA more than tripled as our re-refining spread remained wide due to the supply-constrained market environment; margin more than doubled vs. a year ago ▪ Collected 62M gallons of waste oil compared with 64M gallons in Q3’25; maintained a healthy CFO rate despite the sharp climb in base oil pricing ▪ Group III gallons increased by approximately 20% from same period a year ago. Blended products accounted for 19% of total volumes sold vs. 18% a year ago. Direct blended sales grew to 12% of total volumes sold, up from 9% a year ago. $40.9 $126.5 18.8% 39.7% 16.0% 23.0% 30.0% 37.0% 44.0% 51.0% $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 Q3 2025 Q3 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 +209%
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6PEOPLE 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 7 FINANCIAL OVERVIEW
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8PEOPLE 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. Q3 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 Q3 2025 $1,549.3 $1,048.5 $500.8 32.3% $189.6 12.2% $114.7 $193.0 $320.2 20.7% $118.8 $2.21 Q3 2026 $1,869.4 $1,208.0 $661.4 35.4% $217.1 11.6% $122.7 $318.1 $456.1 24.4% $208.1 $3.93
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9PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 6/30/26 $516.7 $1,463.4 $518.2 $2,771.9 $230.8 Balance Sheet Highlights Cash and short-term marketable securities Billed and unbilled receivables Accounts payable Current and long-term debt Environmental liabilities (in millions) 9/30/26 $516.6 $1,492.2 $551.8 $2,889.9 $232.7 12/31/25 $953.7 $1,205.0 $506.6 $2,776.2 $230.7
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10PEOPLE 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. Q3 2025 $302.0 ($83.3) $11.9 $230.6 $50.0 Cash from operations Capital expenditures, net of disposals Cash investments in strategic growth projects Adjusted free cash flow* Share repurchases Q3 2026 $419.2 ($168.1) $72.0 $323.1 $25.0
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11PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Full-Year 2026 Range Net Income Adjusted EBITDA* $528 $1,440 to $563 to $1,480 Guidance (as of October 28, 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* $970 $600 to $1,090 to $660 (in millions)
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PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 12 APPENDIX
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13PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Non-GAAP Results Reconciliation (in thousands, except percentages) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income $ 208,100 $ 118,799 $ 441,765 $ 304,384 Accretion of environmental liabilities 3,531 3,499 10,575 10,710 Stock-based compensation 11,745 8,922 36,141 22,620 Depreciation and amortization 122,703 114,729 360,309 342,994 Other income, net (1,524) (3,517) (1,223) (1,982) Interest expense, net of interest income 37,438 35,700 108,500 108,883 Provision for income taxes 74,095 42,027 156,899 103,641 Adjusted EBITDA $ 456,088 $ 320,159 $ 1,112,966 $ 891,250 Adjusted EBITDA Margin 24.4 % 20.7 % 22.0 % 19.7 %
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14PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Non-GAAP Results Reconciliation (in thousands) Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net cash from operating activities $ 419,203 $ 301,987 $ 664,673 $ 511,632 Additions to property, plant and equipment (172,842) (94,445) (397,480) (303,169) Cash investments in strategic growth projects 71,983 11,904 107,305 24,340 Proceeds from sale and disposal of fixed assets 4,789 11,187 8,483 15,250 Adjusted free cash flow $ 323,133 $ 230,633 $ 382,981 $ 248,053
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15PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT Non-GAAP Guidance Reconciliation For the Year Ending December 31, 2026 Projected net cash from operating activities $970 to $1,090 Additions to property, plant and equipment (530) to (590) Cash investments in strategic growth projects 145 to 145 Proceeds from sale and disposal of fixed assets 15 to 15 Projected adjusted free cash flow $600 to $660 For the Year Ending December 31, 2026 Projected net income $528 to $563 Adjustments: Accretion of environmental liabilities 16 to 15 Stock-based compensation 50 to 53 Depreciation and amortization 500 to 490 Interest expense, net 160 to 155 Provision for income taxes 186 to 204 Projected Adjusted EBITDA $1,440 to $1,480 (in millions) (in millions)
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PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 16 Questions
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17PEOPLE 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