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SECURE Waste Infrastructure (SES) investor relations material
SECURE Waste Infrastructure Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Delivered solid Q2 2025 results with resilience despite seasonal and macroeconomic headwinds, including forest fires and US steel tariffs.
Core operations focus on waste collection, processing, recycling, and disposal, with a strong infrastructure network in Western Canada and North Dakota.
Business transformation over the past decade has shifted to 80% recurring/production cash flows and 90% infrastructure focus.
Completed a $162 million acquisition of a metals recycling company in January 2025, expanding scrap metals processing capacity.
Returned $286M to shareholders YTD via dividends and share repurchases, buying back 7% of shares outstanding.
Financial highlights
Q2 revenue (ex-oil purchase/resale) was $353M, up 5% year-over-year, driven by steady core volumes, pricing, and acquisitions.
Net income for Q2 2025 was $31 million ($0.14/share), up 17% per share year-over-year.
Adjusted EBITDA was $110M ($0.49/share), up 14% per share but down 4% in absolute terms from Q2 2024 due to seasonality and metals headwinds.
Discretionary free cash flow was $54M, up 20% per share year-over-year.
Market capitalization of $3.7B and enterprise value of $4.5B as of June 30, 2025.
Outlook and guidance
2025 adjusted EBITDA expected at $510M–$540M; strongest quarter anticipated in Q4 due to metals recovery and project ramp-up.
Discretionary free cash flow guidance of $270M–$300M; growth capital $125M, sustaining capital $85M, asset retirement spend $15M.
Long-term fundamentals remain strong, with volume and pricing growth expected into 2026, supported by organic projects and industrial demand.
Canadian crude oil supply expected to grow 2.5% annually to 2030, supporting production volumes.
Guidance maintained despite macro volatility, with caution around US tariffs and trade agreements.
Assess impact of seasonality on operations.
Explain the increase in credit facility.
How does the metal recycling acquisition benefit SECURE?
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Next SECURE Waste Infrastructure earnings date
Q3 202530 Oct, 2025
Next SECURE Waste Infrastructure earnings date
Q3 202530 Oct, 2025
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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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