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SECURE Waste Infrastructure (SES) investor relations material
SECURE Waste Infrastructure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Delivered a strong Q3 2025, with infrastructure-backed business showing resilience and 80% of adjusted EBITDA derived from recurring production and industrial activity, supporting stable cash flows.
Core operations focus on collection, processing, recovery, recycling, and disposal of industrial waste in Western Canada and North Dakota, with a critical infrastructure network.
Business transformation over the past decade increased recurring cash flows from 40% to 80%, expanded facilities from 26 to 80, and shifted focus to waste management and energy infrastructure.
Metals recycling business faced continued weakness due to tariffs, foreign oversupply, and soft Canadian demand, prompting a shift of 95% of shipments to U.S. markets.
Major infrastructure projects in Alberta Montney region progressing on schedule, expected to drive future growth.
Financial highlights
Q3 2025 adjusted EBITDA was $135 million, up 6% year-over-year and 17% higher on a per share basis.
Revenue excluding oil purchase and resale was $365 million, down 2% from Q3 2024, mainly due to lower specialty chemicals sales and drilling/completions volumes.
Net income was $1 million, down from $94 million in Q3 2024, impacted by a non-cash $55 million provision and absence of a prior year tax recovery.
Funds flow from operations was $96 million; discretionary free cash flow was $68 million.
Market capitalization at $4.4B and enterprise value at $5.3B as of September 2025.
Outlook and guidance
2025 adjusted EBITDA guidance revised to $500 million, reflecting delayed ferrous metal sales, weaker macro environment, and a canceled acquisition.
2025 organic growth capital program of $125M, focused on water disposal infrastructure and facility upgrades.
Q4 adjusted EBITDA expected to be consistent with Q3, with results subject to seasonal and market factors.
2026 outlook anticipates solid Adjusted EBITDA growth from new project start-ups, metals recovery, and stable demand.
Long-term demand growth anticipated for recycled steel, with global scrap demand expected to double by 2040.
Metals recycling: U.S. tariff impact & strategy?
Montney water facilities: 2026 EBITDA contribution?
Capital allocation strategy with current leverage?
What drives 2026 metals recycling EBITDA growth?
Expected cash flow from new infrastructure projects?
Explain the crude oil storage provision impact.
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Next SECURE Waste Infrastructure earnings date
Q4 202523 Feb, 2026
Next SECURE Waste Infrastructure earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Secure Energy Services Inc. is an energy infrastructure and environmental solutions company that provides midstream, waste management, and fluid management services to the oil and gas industry. The company operates a network of processing, recovery, and disposal facilities, offering solutions for water treatment, crude oil gathering, and recycling of drilling byproducts. Secure Energy Services Inc. is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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