Waste Connections (WCN) investor relations material

Investment profile

• Third-largest solid waste operator in North America, with ~25,000 employees, >$50B enterprise value and operations across 46 U.S. states and 6 Canadian provinces.

• 2026e revenue of ~$10.09B, adjusted EBITDA of ~$3.345B and adjusted free cash flow of ~$1.43B at the outlook midpoint; revenue mix 86% U.S. and 14% Canada.

• Asset base includes 371 hauling operations, 114 landfills, 224 transfer stations, 90 recycling facilities and 124 E&P waste operations and injection wells.

Market strategy and operations

• Market mix is ~40% exclusive or franchise markets, with sole-provider positions and long-duration contracts, and ~60% competitive markets, primarily secondary or rural.

• Integrated operations with disposal represent ~60% internalization; exclusive-market economics do not require landfill ownership, while competitive-market opportunities may be attractive when disposal is neutral.

• Market selection, asset and contractual positioning, and local execution are identified as key drivers of returns.

People and technology

• Voluntary turnover has declined ~55% from its peak, while safety incident rates are down >30% from peak.

• 2025–2027 AI investment of $100M targets price optimization, fleet cameras, customer tools, predictive maintenance and dynamic routing; expected 100bps margin benefit by 2030.

• Driver academies, a diesel technician partnership, AI-enabled safety coaching, business analytics and employee-feedback tools support workforce development and execution.