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SECURE Waste Infrastructure (SES) investor relations material
SECURE Waste Infrastructure Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Adjusted EBITDA reached $129 million for Q2 2026, up 20% year-over-year per basic share, reflecting strong operational performance and contributions from recent growth projects.
Revenue increased 19% year-over-year to $422 million, with net income rising 43% to $43 million for the quarter.
Major growth projects, including new water disposal facilities and hazardous waste upgrades, are now in service and contributing to results.
Discretionary free cash flow was $76 million, supporting a reduction in total leverage to 1.9x.
Financial highlights
Q2 2026 revenue: $422 million (up from $355 million in Q2 2025).
Net income: $43 million (up from $31 million in Q2 2025); EPS (basic): $0.20 (up from $0.14).
Adjusted EBITDA: $129 million (up from $110 million in Q2 2025); per share: $0.59 (up from $0.49).
Funds flow from operations: $92 million (up from $83 million); discretionary free cash flow: $76 million (up from $54 million).
Capital expenditures: $42 million; dividends declared per share: $0.105.
Outlook and guidance
2026 Adjusted EBITDA expected near the top of the $520–$550 million guidance range.
Growth capital spend for 2026 on track for $100 million.
Outlook supported by stable customer activity, increasing production volumes, and contributions from new infrastructure.
GFL transaction expected to close in the second half of 2026, enhancing scale and diversification.
- Acquisition by GFL Environmental Inc. approved by required shareholder vote.SES
EGM 2026 - Directors elected, auditors reappointed, and executive compensation approved after strong Q1.SES
AGM 2026 - Definitive acquisition at 23% premium, strong Q1 EBITDA, and robust growth outlook.SES
Q1 2026 - CAD 6.4B acquisition expands scale, boosts cash flow, and delivers immediate value to shareholders.SES
M&A announcement - 2025 adjusted EBITDA hit $501M; 2026 guidance is $520–$550M with a 5% dividend hike.SES
Q4 2025 - Q3 2025 adjusted EBITDA up 17% per share; 2025 guidance set at $500 million, 80% recurring cash flows.SES
Q3 2025 - Solid Q2 results, recurring cash flows, and 2025 guidance maintained amid metals headwinds.SES
Q2 2025 - Raised 2024 Adjusted EBITDA guidance and strong buybacks drive robust per-share growth.SES
Q2 2024 - Strong Q1, higher per-share EBITDA, major buybacks, and increased growth capital amid volatility.SES
Q1 2025
Next SECURE Waste Infrastructure earnings date
Next SECURE Waste Infrastructure earnings date
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