GFL Environmental (GFL) investor relations material

Industry outlook and market trends

• Solid waste market conditions are regionally focused, with Western Canada showing strong performance due to energy sector growth and Eastern Canada rebounding steadily.

• U.S. market is also regionally varied, with special waste and construction volumes returning, while housing remains softer due to higher interest rates.

• Business fundamentals are resilient, with Q1 and Q2 showing strong trends and expectations to outperform for the rest of the year.

Growth strategy and financial outlook

• Targets CAD 9–9.5 billion in revenue and around CAD 3 billion EBITDA by 2027, mainly from solid waste.

• Plans to deploy CAD 1–2 billion annually in M&A, aiming to double business size in six to seven years through organic and inorganic growth.

• Recent SECURE acquisition in Western Canada adds high-margin, low-volatility post-collection assets, enhancing market position.

• Combined platform positions the company for significant upside, with incremental capital available for further M&A or share buybacks.

SECURE acquisition and market positioning

• SECURE assets are primarily landfill and deep well facilities with high free cash flow conversion and low maintenance CapEx.

• Acquisition was at an attractive multiple, with strong market share in Alberta and a favorable competitive dynamic.

• Anticipates robust growth in Western Canada due to major infrastructure investments and supportive government policies.

• Shareholder approval secured; acquisition expected to close between September 1 and October 1.