Earnings release
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1 Exhibit 99.1 WASTE CONNECTIONS REPORTS SECOND QUARTER 2025 RESULTS AND UPDATES FULL YEAR OUTLOOK - Continued improvement in employee retention and record safety performance complement 6.6% solid waste core pricing to drive better than expected results - Revenue of $2.407 billion, above expectations and up 7.1% - Net income(a) of $290.3 million, or $1.12 per share, adjusted net income attributable to Waste Connections(b) of $333.1 million, or $1.29 per share - Adjusted EBITDA(b) of $786.4 million, above expectations and up 7.5% - Adjusted EBITDA(b) margin of 32.7% of revenue - Maintains full year 2025 outlook of $9.45 billion in revenue, $3.12 billion in adjusted EBITDA(b) and $1.30 billion in adjusted free cash flow(b) TORONTO, ONTARIO, July 23, 2025 - Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the second quarter of 2025 and updated its outlook for the full year. “Continued improvement in employee retention and record low safety rates, along with solid waste core pricing growth of 6.6%, drove underlying solid waste margin expansion of approximately 70 basis points in the period,” said Ronald J. Mittelstaedt, President and Chief Executive Officer. “We delivered results above our outlook for the quarter in spite of headwinds from lower-than-expected contributions from higher margin, commodity-related activities and continued sluggishness in the economy, along with tariff-induced uncertainties.” “As anticipated, we have already completed an outsized year of acquisition activity, at approximately $200 million in annualized revenue, with a robust pipeline and almost half of the year still ahead of us. The strength of our financial profile and free cash flow generation keeps us well-positioned for additional acquisitions, while maintaining the flexibility for increased return of capital to shareholders, including through opportunistic share repurchases already underway.” Mr. Mittelstaedt added, “In spite of incremental and growing headwinds, our full year 2025 outlook remains within the ranges from February, providing for approximately 6% revenue growth and 50 basis points of adjusted EBITDA margin expansion to 33.0%. We remain well-positioned for upside from contributions from additional acquisitions, improvements in commodity-related activity and solid waste volumes.” Q2 2025 Results Revenue in the second quarter totaled $2.407 billion, up from $2.248 billion in the year ago period. Operating income was $459.5 million, which included $7.3 million primarily in impairments and other operating items and transaction- related expenses. This compares to operating income of $424.7 million in the second quarter of 2024, which included $15.7 million primarily in impairments and other operating items and transaction-related expenses. Net income in the second quarter was $290.3 million, or $1.12 per share on a diluted basis of 259.0 million shares. In the year ago period, the Company reported net income of $275.5 million, or $1.07 per share on a diluted basis of 258.6 million shares.
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2 Adjusted net income(b) in the second quarter was $333.1 million, or $1.29 per diluted share, versus $320.0 million, or $1.24 per diluted share, in the prior year period. Adjusted EBITDA(b) in the second quarter was $786.4 million, as compared to $731.8 million in the prior year period. Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and acquisition-related items, as reflected in the detailed reconciliations in the attached tables. Six Months Year to Date Results For the six months ended June 30, 2025, revenue was $4.635 billion, up from $4.321 billion in the year ago period. Operating income, which included $27.5 million primarily attributable to transaction-related expenses and impairments and other operating items was $849.8 million, as compared to operating income of $791.5 million in the prior year period, which included $27.2 million primarily attributable to transaction-related expenses and impairments and other operating items. Net income for the six months ended June 30, 2025 was $531.8 million, or $2.05 per share on a diluted basis of 258.9 million shares. In the year ago period, the Company reported net income of $505.5 million, or $1.96 per share on a diluted basis of 258.5 million shares. Adjusted net income(b) for the six months ended June 30, 2025 was $626.2 million, or $2.42 per diluted share, compared to $588.7 million, or $2.28 per diluted share, in the year ago period. Adjusted EBITDA(b) for the six months ended June 30, 2025 was $1.499 billion, as compared to $1.382 billion in the prior year period. Updated 2025 Outlook Waste Connections also updated its outlook for 2025, which assumes no change in the current economic environment or underlying economic trends. The Company’s outlook excludes any impact from additional acquisitions that may close during the year, and expensing of transaction-related items. The outlook provided below is forward looking, and actual results may differ materially depending on risks and uncertainties detailed at the end of this release and in our periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Certain components of the outlook for 2025 are subject to quarterly fluctuations. See reconciliations in the attached tables. - Revenue is estimated to be approximately $9.450 billion; - Net income is estimated to be approximately $1.140 billion, and adjusted EBITDA(b) is estimated to be approximately $3.120 billion, or about 33.0% of revenue; - Capital expenditures are estimated to be between $1.200 billion and $1.250 billion; and - Net cash provided by operating activities is estimated to be between $2.483 billion and $2.533 billion, and adjusted free cash flow(b) is estimated to be approximately $1.300 billion. ---------------------------------------------------------------------------------------------------------------------------------------------------- (a) All references to "Net income" refer to the financial statement line item "Net income attributable to Waste Connections" (b) A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule
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3 Q2 2025 Earnings Conference Call Waste Connections will be hosting a conference call related to second quarter earnings on July 24th at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting “News & Events” from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. A replay of the conference call will be available until July 31, 2025, by calling 877-344-7529 (within North America) or 412-317-0088 (international) and entering Passcode #4455366. About Waste Connections Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance (“ESG”) efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement. Safe Harbor and Forward-Looking Information This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words "may," "might," "believes," "thinks," "expects," "estimate," "continue," "intends" or other words of similar meaning. All of the forward- looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2025 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. – financial tables attached – CONTACT: Mary Anne Whitney / (832) 442-2253 Joe Box / (832) 442-2153 maryannew@wasteconnections.com joe.box@wasteconnections.com
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4 WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF NET INCOMETHREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2025(Unaudited)(in thousands of U.S. dollars, except share and per share amounts) Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Revenues $ 2,248,166 $ 2,407,055 $ 4,320,819 $ 4,635,231 Operating expenses: Cost of operations 1,301,070 1,392,857 2,522,853 2,684,299 Selling, general and administrative 228,848 242,966 449,583 493,100 Depreciation 241,229 257,421 463,920 499,728 Amortization of intangibles 44,124 50,236 84,414 97,878 Impairments and other operating items 8,190 4,030 8,544 10,471 Operating income 424,705 459,545 791,505 849,755 Interest expense (82,377) (82,751) (160,864) (163,626) Interest income 4,009 2,314 6,060 4,084 Other income, net 9,647 10,050 7,823 11,922 Income before income tax provision 355,984 389,158 644,524 702,135 Income tax provision (80,584) (98,882) (139,996) (170,348) Net income 275,400 290,276 504,528 531,787 Plus: Net loss attributable to noncontrolling interests 77 - 1,003 - Net income attributable to Waste Connections $ 275,477 $ 290,276 $ 505,531 $ 531,787 Earnings per common share attributable to Waste Connections’ common shareholders: Basic $ 1.07 $ 1.12 $ 1.96 $ 2.06 Diluted $ 1.07 $ 1.12 $ 1.96 $ 2.05 Shares used in the per share calculations: Basic 257,994,105 258,377,345 257,897,609 258,286,168 Diluted 258,565,246 258,982,647 258,523,996 258,944,234 Cash dividends per common share $ 0.285 $ 0.315 $ 0.570 $ 0.630
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5 WASTE CONNECTIONS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(in thousands of U.S. dollars, except share and per share amounts) December 31, 2024 June 30, 2025 ASSETS Current assets: Cash and equivalents $ 62,366 $ 110,166 Accounts receivable, net of allowance for credit losses of $25,730 and $23,612 at December 31, 2024 and June 30, 2025, respectively 935,027 1,031,911 Prepaid expenses and other current assets 229,519 207,662 Total current assets 1,226,912 1,349,739 Restricted cash 135,807 157,305 Restricted investments 78,126 77,784 Property and equipment, net 8,035,929 8,380,628 Operating lease right-of-use assets 308,198 325,050 Goodwill 7,950,406 8,220,824 Intangible assets, net 1,991,619 2,062,045 Other assets, net 90,812 105,235 Total assets $ 19,817,809 $20,678,610 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 637,371 $ 729,886 Book overdraft 14,628 15,024 Deferred revenue 382,501 412,417 Accrued liabilities 736,824 705,551 Current portion of operating lease liabilities 40,490 41,762 Current portion of contingent consideration 59,169 87,800 Current portion of long-term debt and notes payable 7,851 8,759 Total current liabilities 1,878,834 2,001,199 Long-term portion of debt and notes payable 8,072,928 8,337,178 Long-term portion of operating lease liabilities 272,107 279,115 Long-term portion of contingent consideration 27,993 20,272 Deferred income taxes 958,340 1,035,413 Other long-term liabilities 747,253 651,776 Total liabilities 11,957,455 12,324,953 Commitments and contingencies Equity: Common shares: 258,067,487 shares issued and 258,019,389 shares outstanding at December 31, 2024; 258,393,105 shares issued and 258,346,757 shares outstanding at June 30, 2025 3,283,161 3,285,689 Additional paid-in capital 325,928 335,939 Accumulated other comprehensive loss (205,740) (93,812) Treasury shares: 48,098 and 46,348 shares at December 31, 2024 and June 30, 2025, respectively - - Retained earnings 4,457,005 4,825,841 Total Waste Connections’ equity 7,860,354 8,353,657 Noncontrolling interest in subsidiaries - - Total equity 7,860,354 8,353,657 Total liabilities and equity $ 19,817,809 $20,678,610
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6 WASTE CONNECTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED JUNE 30, 2024 AND 2025(Unaudited)(in thousands of U.S. dollars) Six months ended June 30, 2024 2025 Cash flows from operating activities: Net income $ 504,528 $ 531,787 Adjustments to reconcile net income to net cash provided by operating activities: Loss (gain) from disposal of assets, impairments and other (1,603) 11,480 Depreciation 463,920 499,728 Amortization of intangibles 84,414 97,878 Deferred income taxes, net of acquisitions 47,592 58,292 Current period provision for expected credit losses 8,756 5,171 Amortization of debt issuance costs 5,960 4,101 Share-based compensation 40,813 41,956 Interest accretion 19,227 25,556 Payment of contingent consideration recorded in earnings - (400) Adjustments to contingent consideration (500) 30,584 Other 1,694 (2,661) Net change in operating assets and liabilities, net of acquisitions (73,114) (123,731) Net cash provided by operating activities 1,101,687 1,179,741 Cash flows from investing activities: Payments for acquisitions, net of cash acquired (1,435,704) (510,738) Capital expenditures for property and equipment (387,170) (497,765) Proceeds from disposal of assets 2,997 5,417 Proceeds from sale of investment in noncontrolling interests 37,000 - Other (11,227) (16,886) Net cash used in investing activities (1,794,104) (1,019,972) Cash flows from financing activities: Proceeds from long-term debt 3,140,648 1,613,594 Principal payments on notes payable and long-term debt (2,234,998) (1,488,785) Payment of contingent consideration recorded at acquisition date (12,496) (22,895) Change in book overdraft 1,350 397 Payments for repurchase of common shares - (389) Payments for cash dividends (147,271) (162,950) Tax withholdings related to net share settlements of equity-based compensation (31,264) (30,934) Debt issuance costs (12,557) (3,433) Proceeds from issuance of shares under employee share purchase plan 2,183 2,593 Proceeds from sale of common shares held in trust 286 324 Other (4,000) - Net cash provided by (used in) financing activities 701,881 (92,478) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,096) 2,007 Net increase in cash, cash equivalents and restricted cash 8,368 69,298 Cash, cash equivalents and restricted cash at beginning of period 184,038 198,173 Cash, cash equivalents and restricted cash at end of period $ 192,406 $ 267,471
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7 ADDITIONAL STATISTICS (in thousands of U.S. dollars, except where noted) Solid Waste Internal Growth: The following table reflects a breakdown of the components of our solid waste internal growth for the three and six month periods ended June 30, 2025: Three months ended June 30, 2025 Six months ended June 30, 2025 Core Price 6.6% 6.7% Surcharges (0.2%) (0.2%) Volume (2.6%) (2.7%) Recycling (0.3%) (0.2%) Foreign Exchange Impact (0.2%) (0.5%) Closed Operation (0.9%) (0.9%) Total 2.4% 2.2% Revenue Breakdown: The following table reflects a breakdown of our revenue for the three month periods ended June 30, 2024 and 2025: Three months ended June 30, 2024 Revenue Inter-company Elimination Reported Revenue % Solid Waste Collection $ 1,583,098 $ (4,599) $ 1,578,499 70.2% Solid Waste Disposal and Transfer 756,139 (314,104) 442,035 19.7% Solid Waste Recycling 63,298 (2,133) 61,165 2.7% E&P Waste Treatment, Recovery and Disposal 123,566 (5,779) 117,787 5.2% Intermodal and Other 49,096 (416) 48,680 2.2% Total $ 2,575,197 $ (327,031) $ 2,248,166 100.0% Three months ended June 30, 2025 Revenue Inter-company Elimination Reported Revenue % Solid Waste Collection $ 1,690,785 $ (5,331) $ 1,685,454 70.0% Solid Waste Disposal and Transfer 784,015 (342,396) 441,619 18.3% Solid Waste Recycling 69,163 (2,358) 66,805 2.8% E&P Waste Treatment, Recovery and Disposal 178,117 (8,282) 169,835 7.1% Intermodal and Other 43,934 (592) 43,342 1.8% Total $ 2,766,014 $ (358,959) $ 2,407,055 100.0% Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three and six month periods ended June 30, 2024 and 2025: Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Acquisitions, net $ 120,705 $ 112,870 $ 198,693 $ 242,168
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8 ADDITIONAL STATISTICS (continued) (in thousands of U.S. dollars, except where noted) Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three and six month periods ended June 30, 2024 and 2025: Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Cash Interest Paid $ 71,642 $ 71,092 $ 138,026 $ 155,246 Cash Taxes Paid 54,974 68,965 83,381 91,140 Debt to Book Capitalization as of June 30, 2025: 50% Internalization for the three months ended June 30, 2025: 60% Days Sales Outstanding for the three months ended June 30, 2025: 39 (23 net of deferred revenue) Share Information for the three months ended June 30, 2025: Basic shares outstanding 258,377,345 Dilutive effect of equity-based awards 605,302 Diluted shares outstanding 258,982,647
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9 NON-GAAP RECONCILIATION SCHEDULE(in thousands of U.S. dollars, except where noted) Reconciliation of Adjusted EBITDA: Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections defines adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently. Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Net income attributable to Waste Connections $ 275,477 $ 290,276 $ 505,531 $ 531,787 Less: Net loss attributable to noncontrolling interests (77) - (1,003) - Plus: Income tax provision 80,584 98,882 139,996 170,348 Plus: Interest expense 82,377 82,751 160,864 163,626 Less: Interest income (4,009) (2,314) (6,060) (4,084) Plus: Depreciation and amortization 285,353 307,657 548,334 597,606 Plus: Closure and post-closure accretion 6,087 11,942 15,492 23,816 Plus: Impairments and other operating items 8,190 4,030 8,544 10,471 Less: Other income, net (9,647) (10,050) (7,823) (11,922) Adjustments: Plus: Transaction-related expenses(a) 7,256 3,973 17,103 15,943 Plus/(Less): Fair value changes to equity awards(b) 222 (734) 1,507 1,036 Adjusted EBITDA $ 731,813 $ 786,413 $ 1,382,485 $ 1,498,627 As % of revenues 32.6% 32.7% 32.0% 32.3% ____________________________ (a) Reflects the addback of acquisition-related transaction costs.(b) Reflects fair value accounting changes associated with certain equity awards.
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10 NON-GAAP RECONCILIATION SCHEDULE (continued) (in thousands of U.S. dollars, except where noted) Reconciliation of Adjusted Free Cash Flow: Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry. Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment. Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. Other companies may calculate adjusted free cash flow differently. Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Net cash provided by operating activities $ 611,378 $ 638,202 $ 1,101,687 $ 1,179,741 Plus: Change in book overdraft 1,621 507 1,350 397 Plus: Proceeds from disposal of assets 1,912 4,448 2,997 5,417 Less: Capital expenditures for property and equipment (217,219) (285,310) (387,170) (497,765) Adjustments: Transaction-related expenses(a) 3,704 8,769 8,680 11,161 Executive separation costs(b) 1,670 1,670 1,670 2,119 Payment of contingent consideration recorded in earnings(c) - 400 - 400 Pre-existing Progressive Waste share-based grants(d) 1,117 - 1,131 16 Tax effect(e) (1,544) (1,673) (2,913) (2,398) Adjusted free cash flow $ 402,639 $ 367,013 $ 727,432 $ 699,088 As % of revenues 17.9% 15.2% 16.8% 15.1% ___________________________ (a) Reflects the addback of acquisition-related transaction costs. (b) Reflects the cash component of severance expense associated with an executive departure from 2023. (c) Reflects the addback of acquisition-related payments for contingent consideration that were recorded as expenses in earnings and as acomponent of cash flows from operating activities as the amounts paid exceeded the fair value of the contingent considerationrecorded at the acquisition date.(d) Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.(e) The aggregate tax effect of footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.
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11 NON-GAAP RECONCILIATION SCHEDULE (continued) (in thousands of U.S. dollars, except per share amounts) Reconciliation of Adjusted Net Income attributable to Waste Connections and Adjusted Net Income per Diluted Share attributable to Waste Connections: Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections’ operations. Waste Connections provides adjusted net income attributable to Waste Connections to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income attributable to Waste Connections has limitations due to the fact that it excludes items that have an impact on the Company’s financial condition and results of operations. Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently. Three months ended June 30, Six months ended June 30, 2024 2025 2024 2025 Reported net income attributable to Waste Connections $ 275,477 $ 290,276 $ 505,531 $ 531,787 Adjustments: Amortization of intangibles(a) 44,124 50,236 84,414 97,878 Impairments and other operating items(b) 8,190 4,030 8,544 10,471 Transaction-related expenses(c) 7,256 3,973 17,103 15,943 Fair value changes to equity awards(d) 222 (734) 1,507 1,036 Tax effect(e) (15,222) (14,687) (28,385) (30,898) Adjusted net income attributable to Waste Connections $ 320,047 $ 333,094 $ 588,714 $ 626,217 Diluted earnings per common share attributable to Waste Connections’ common shareholders: Reported net income $ 1.07 $ 1.12 $ 1.96 $ 2.05 Adjusted net income $ 1.24 $ 1.29 $ 2.28 $ 2.42 _________________________ (a) Reflects the elimination of the non-cash amortization of acquisition-related intangible assets.(b) Reflects the addback of impairments and other operating items.(c) Reflects the addback of acquisition-related transaction costs.(d) Reflects fair value accounting changes associated with certain equity awards.(e) The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respectiveperiods.
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UPDATED 2025 OUTLOOK NON-GAAP RECONCILIATION SCHEDULE (in thousands of U.S. dollars, except where noted) Reconciliation of Adjusted EBITDA: Updated 2025 Outlook Estimates Observation Net income attributable to Waste Connections $ 1,140,000 Plus: Income tax provision (a) 367,472 Approximate 24.4% effective rate Plus: Interest expense, net 322,000 Plus: Depreciation and Depletion 1,031,000 Approximately 10.9% of revenue Plus: Amortization 196,000 Plus: Closure and post-closure accretion 48,000 Plus: Impairments and other operating items (b) 10,471 Less: Other income, net (b) (11,922) Adjustments: (b) Plus: Transaction-related expenses 15,943 Plus: Fair value changes to equity awards 1,036 Adjusted EBITDA $ 3,120,000 Approximately 33.0% of revenue ____________________________(a) Approximately 24.4% full year effective tax rate, including amounts reported for the six month period ended June 30, 2025.(b) Reflects amounts reported for the six month period ended June 30, 2025, as shown on page 9. Reconciliation of Adjusted Free Cash Flow: Updated 2025 Outlook Low Estimate High Estimate Net cash provided by operating activities $ 2,482,888 $ 2,532,888 Plus: Change in book overdraft (a) 397 397 Plus: Proceeds from disposal of assets (a) 5,417 5,417 Less: Capital expenditures for property and equipment (1,200,000) (1,250,000) Adjustments: (a) Transaction-related expenses 11,161 11,161 Executive separation costs 2,119 2,119 Payment of contingent consideration recorded in earnings 400 400 Pre-existing Progressive Waste share-based grants 16 16 Tax effect (2,398) (2,398) Adjusted Free Cash Flow $ 1,300,000 $ 1,300,000 ____________________________ Reflects amounts reported for the six month period ended June 30, 2025, as shown on page 10.
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