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Investor Presentation August / Q3 2025 Posted on 8/25/2025
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SAFE HARBOR STATEMENT This document 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 presentation 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 presentation include, but are not limited to, statements about expected 2025 and 2026 financial results, outlook and related assumptions, potential growth and margin expansion, potential acquisition activity, return of capital to shareholders, the timing and amount of investments and the ability to meet or exceed long-term, aspirational sustainability targets. 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 presentation. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this presentation, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. 2
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WCN: INVESTMENT HIGHLIGHTS Third largest solid waste company in North America Differentiated approach: • Pure play solid waste strategy • Focus on exclusive and secondary markets Industry-leading financial and operational metrics Well-positioned for strategic growth opportunities in active M&A environment Long-term outperformance in total shareholder return Demonstrated progress towards achievement of aspirational ESG targets driving value creation 3
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WCN: AT A GLANCE ~ 25,000 employees ~$9.45 billion revenue* ~$3.12 billion adjusted EBITDA* ~$1.30 billion adjusted free cash flow* ~$20 billion assets ~$55 billion enterprise value Revenues: 86% U.S. and 14% Canada Footprint across 46 U.S. states and 6 Canadian provinces *2025e based on July 2025 outlook; see appendix for non-GAAP reconciliation tables 4
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OUR DIFFERENTIATED VIEW ON SOLID WASTE Solid waste is a commodity ▪ Lowest price provider wins ▪ Customer has basic level of service expectations ▪ Private companies can dictate pricing in competitive markets Returns are driven by: ▪ Market selection ▪ Asset and contractual positioning ▪ Local execution 5
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TARGETING ATTRACTIVE MARKETS Market Selection Strategy Rankings reflect relative attractiveness to WCN Integrated Operations ▪ Purposeful market selection strategy since inception ▪ Current mix: ➢ ~40% exclusive / franchise markets ➢ ~60% competitive markets, primarily secondary or rural, with high market share ▪ Integrated operations include disposal ➢ Exclusive markets - landfill ownership not critical ➢ Competitive markets more likely integrated; may be attractive if disposal neutral Exclusive Markets #1 EBITDA Margin #1 EBIT Margin #1 FCF Margin #1 ROA #3 EBITDA Margin #2 (tie) EBIT Margin #2 FCF Margin #2 ROA #2 EBITDA Margin #2 (tie) EBIT Margin #3 FCF Margin #3 ROA #4 EBITDA Margin #4 (tie) EBIT Margin #4 FCF Margin #4 ROA Attractive if High Market Share & Disposal Neutral Non-Integrated Operations Competitive Markets 6
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7 CUL TURE: HUMAN CAPITAL DRIVES VALUE CREATION ▪ >50% multi-year decline in voluntary turnover ▪ Momentum for further improvement ▪ >35% reduction from year-end 2022 ▪ >50% from peak levels in mid-2022 ▪ Optimal staffing => positioned to capitalize on growth opportunities ▪ >20% multi-year reduction ▪ Record safety performance (I-rates) in 2025 ▪ 65% of locations improved YoY in 2024 or recorded zero incidents Turnover Open PositionsSafety Engagement ▪ Improving employee engagement survey scores ▪ ~95% employee survey participation rates Ongoing margin opportunity from reduction in several costs, including overtime, 3rd party repairs and insurance ▪ Waste is a local business => optimal structure is decentralized ▪ Culture is either accidental or intentional ▪ Servant Leadership: holding leaders accountable to those they serve ▪ Engagement drives Relationships / Relationships = Results ▪ Winning at Human Capital drives superior long-term performance
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INNOVATION AND HUMAN CAPITAL INVESTMENTS OPERATIONAL TECH TRAINING & SAFETY ROBOTICS PFAS CAPTUREELECTRIC VEHICLES IN HOUSE TRAININGAI TRAINING MODULES Operational Technologies People: Training and Safety ▪ Robotics and optical sorters at recycling facilities ▪ PFAS treatment / capture => landfill leachate ▪ EV => electric vehicles being deployed / tested ▪ AI => commercial overage charge opportunities, price retention tools ▪ In-house driver academies; diesel tech partnership ▪ AI-based e-learning modules ▪ AI-driven, camera-based telematics in fleet for safety CAMERA TELEMATICS
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10-YEAR TOTAL SHAREHOLDER RETURN (TSR) 10-YEAR TOTAL SHAREHOLDER RETURN (TSR) ~500% 10-Year TSR >3.0x the returns of the TSX60 1.9x the returns of the S&P500 Differentiated Returns As of 8/8/2025 >1.5x the returns of the DJ Waste Index 9 0 100 200 300 400 500 600 700 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 WCN S&P500 S&P/TSX Composite Index Dow Jones Waste Index 499% 323% 262% 165%
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LOOKING AHEAD: POSITIONED FOR GROWTH ▪ Price-led organic growth ➢ Historical Core Price spread to CPI => ~150bps+ ▪ Employee retention-related benefits ▪ Sustainability-related projects ▪ Technology as a differentiator ▪ >100 acquisitions in last five years with annualized revenue of ~$2.2 billion ▪ Acquisition pipeline => ~$5 billion of private company revenue in U.S./Canada consistent with market model ▪ Deal integration bolstered by emphasis on human capital Organic Growth Opportunities Inorganic Growth Opportunities 10
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ACQUISITION CASE STUDIES ▪ 1,400-acre, rail-served, solid waste landfill in Alabama with multiple transload facilities in Northeast, including Newark ▪ Strategic rationale: ➢ Growth potential: unique opportunity at early stage ➢ Internalization as competitive advantage ➢ Optionality: free up capacity at legacy WCN landfills for 3rd party tons ➢ M&A: incremental disposal capacity expanded addressable market for solid waste collection acquisitions Arrowhead Environmental: August 2023 NYC/Royal Waste: September 2024 11 ▪ New York City conversion to franchise market “zones” in commercial collection/disposal to be rolled out by 2027 ➢ WCN largest beneficiary; only public company and fully integrated awardee ▪ Acquired Royal Waste Services ➢ Leading hauler in NYC with transfer, recycling assets ➢ Opportunities include: ➢ Internalization into Arrowhead through Newark, NJ ➢ Consolidation of WCN, Royal routes ➢ Growth ➢ Additional acquisitions
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ESG: Connecting with the Sustainable Future ESG Targets* ▪ ESG targets aligned with business objectives and incentive compensation ▪ $500mm capital commitment towards achievement ▪ On track for targeted achievement with multi-year progress ▪ Details provided at => Waste Connections Sustainability 12*Long-term aspirational targets established in 2020.
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FINANCIAL DISCUSSION 13
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WCN: FINANCIAL HIGHLIGHTS* Adjusted EBITDA** Adjusted EBITDA Margin** Revenue Adjusted Free Cash Flow ** *2025e based on financial outlook provided in July 2025. **A non-GAAP measure; see appendix for reconciliation tables. ***Normalized adjusted Free Cash Flow excludes $100- $150mm of RNG-related spend and $100mm-$150mm impact for closure-related items at the Chiquita Canyon LF. 14
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FULL YEAR 2024 HIGHLIGHTS ▪ Revenue: $8.920 billion, up 11.2% ▪ Adjusted EBITDA: $2.902 billion, up 15.0% ▪ Industry-leading adjusted EBITDA margin of 32.5%, up 100bps YoY ▪ Adj. free cash flow of $1.218 billion ▪ Capital Allocation: ➢ Record year of private company acquisitions ▪ ~$750mm acquired annualized revenue ➢ Acquisition outlays of ~$2.2 billion in 2024 ▪ Leverage* only increasing from ~2.60x => 2.67x ➢ Raised dividend +10.5% in October ▪ 14th consecutive annual double-digit increase 15*Compliance debt divided by compliance EBITDA
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LOOKING AT 2025* AND BEYOND ▪ Maintained full year 2025 outlook in July ➢ Revenue: $9.45 billion ➢ Adj. EBITDA: $3.12 billion ➢ Adj. EBITDA Margin: 33.0%, up 50bps YoY ▪ Completed outsized amount of acquisitions ➢ ~$200mm of annualized revenue closed YTD ➢ Plus, another $100mm - $200mm anticipated by early 2026 => not included in outlook* ▪ Low-leverage of 2.7x => positioned for future growth ➢ Return of capital: $235mm of share repurchases YTD ▪ Multi-year opportunity for margin expansion ➢ Price-led growth with favorable price/cost spread ➢ Acquisition integration ➢ Tailwinds from human capital-related drivers ➢ Leveraging technology across multiple platforms 16*2025e reflects July 2025 Outlook.
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WASTE CONNECTIONS: IN SUMMARY Performance: Differentiated market model driving industry-leading EBITDA and FCF margins Capital deployment: Track record of value creation ESG: Integral to our business and consistent with objective to drive value creation Culture: Culture matters and differentiates 17 TSR: Total shareholder return of ~8,300% from IPO in 1998 through August 2025
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NON-GAAP RECONCILIATION TABLES 18
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NON-GAAP ADJUSTED EBITDA RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) 19 Adjusted EBITDA* 2020 2021 2022 2023 2024 2025e** Net income attributable to Waste Connections 204,677 618,047 835,662 762,800 617,573 1,140,000 Plus/(less): Net Inc. (exp.) attributable to noncontrolling interests (685) 442 339 26 (1,003) - Plus: Income tax provision 49,922 152,253 212,962 220,675 146,363 367,472 Plus: Interest Expense, net 157,122 159,880 196,381 265,292 315,197 322,000 Plus: Depreciation and Amortization 752,404 813,009 918,960 1,003,211 1,163,769 1,227,000 Plus: Closure and post-closure accretion 15,095 14,497 16,253 19,605 29,774 48,000 Plus: Loss on early extinguishment of debt - 115,288 - - - - Plus: Impairments and other operating items 466,718 32,316 18,230 238,796 613,012 10,471 Plus/(Less): Other expense (income), net 1,392 (6,285) (3,154) (12,481) (10,471) (11,922) Adjustments: Plus: Transaction-related expenses 9,803 11,318 24,933 10,653 26,059 15,943 Plus/(Less): Fair value changes to equity awards 5,536 8,393 86 (1,726) 1,592 1,036 Plus: Executive separation costs - - 16,105 - - Adjusted EBITDA* 1,661,984 1,919,158 2,220,652 2,522,956 2,901,865 3,120,000 Revenues 5,445,990 6,151,361 7,211,859 8,021,951 8,919,591 9,450,000 Adjusted EBITDA* as % of Revenues 30.5% 31.2% 30.8% 31.5% 32.5% 33.0% **2025e based on July 2025 outlook. *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. Other companies may calculate differently.
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NON-GAAP ADJUSTED FREE CASH FLOW RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) 20 Adjusted Free Cash Flow* 2020 2021 2022 2023 2024 Low High Net cash provided by operating activities 1,408,521 1,698,229 2,022,492 2,126,817 2,228,927 2,482,888 2,532,888 Plus/(less): Change in book overdraft 1,096 (367) (1,076) (790) (227) 397 397 Plus: Proceeds from disposal of assets 19,084 42,768 30,676 31,581 7,903 5,417 5,417 (Less): Capital Expenditures for Property & Equipment (597,053) (744,315) (912,677) (934,000) (1,055,988) (1,200,000) (1,250,000) Adjustments: Payment of contingent consideration recorded in earnings 10,371 520 2,982 - 35,035 400 400 Cash received for divestitures (10,673) (17,118) (5,671) (6,194) - - - Transaction-related expenses 9,803 30,771 30,825 5,519 11,408 11,161 11,161 Pre-existing Progressive Waste share-based grants 5,770 397 286 1,285 1,194 16 16 Executive separation costs - - 1,686 1,670 2,119 2,119 Tax Effect (5,021) (1,287) (2,993) (1,772) (12,396) (2,398) (2,398) Adjusted Free Cash Flow* 841,898 1,009,598 1,164,844 1,224,132 1,217,526 1,300,000 1,300,000 Revenues 5,445,990 6,151,361 7,211,859 8,021,951 8,919,591 9,450,000 9,450,000 Adjusted EBITDA * 1,661,984 1,919,158 2,220,652 2,522,956 2,901,865 3,120,000 3,120,000 Adjusted Free Cash Flow* as % of Adjusted EBITDA* 50.7% 52.6% 52.5% 48.5% 42.0% 41.7% 41.7% Normalized Adjusted Free Cash Flow** 841,898 1,009,598 1,164,844 1,224,132 1,501,526 1,500,000 1,600,000 Normalized Adjusted Free Cash Flow*** as % of Adjusted EBITDA* 50.7% 52.6% 52.5% 48.5% 51.7% 48.1% 51.3% **Adjusted free cash flow normalized for $284 million in 2024 and $200 - $300mm in 2025 from Chiquita and RNG-related impact, respectively. ***2025 based on July 2025 outlook. 2025 Outlook*** *Adjusted free cash flow, free cash flow as % of revenue and adjusted EBITDA, non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation and liquidity measures. Other companies may calculate these metrics differently.
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PRINCIPAL ADMINISTRATIVE OFFICES 3 Waterway Square Place, Suite 110 The Woodlands, TX 77380 (832) 442-2200 INVESTOR RELATIONS Mary Anne Whitney, EVP - CFO Phone: (832) 442-2253 maryannew@wasteconnections.com Joe Box, VP – Investor Relations Phone: (832) 442-2153 joe.box@wasteconnections.com investors.wasteconnections.com 21