Casella Waste Systems (CWST) Investor presentation summary

Business profile

• Integrated solid waste, recycling and resource solutions provider operating across 11 contiguous Eastern U.S. states, with a focus on secondary and tertiary markets.

• 2026 revenue guidance midpoint of $2.105 billion; collection represented 65.1% of revenue, disposal 14.3%, energy and processing 1.0%, and resource solutions 19.6% for 2025.

• Operates 89 collection operations, 35 recycling facilities, 76 transfer stations, 9 disposal facilities and 2 landfill gas-to-energy sites.

• Landfills have more than 25 years of average remaining useful life; disposal footprint is positioned in the capacity-constrained Northeast.

Growth and capital allocation

• 2021–2025 CAGR: revenue 19%, Adjusted EBITDA 20% and Adjusted Free Cash Flow 21%; long-term targets include 4%–5% annual organic revenue growth and 10%–15% Adjusted FCF growth.

• Targeting more than 300 bps of Adjusted EBITDA margin expansion over three years through revenue quality, operational performance, back-office efficiency and portfolio reviews.

• Completed 82 acquisitions through 9/30/26 since 2018, deploying ~$2 billion to acquire more than $1 billion of annual revenue; acquired businesses offer route, facility, fleet and overhead synergies.

• Mid-Atlantic acquired annualized revenue exceeds $400 million, including GFL assets; 13 additional deals followed the mid-2023 platform acquisition.

• Star Waste acquisition closed 4/1/26, adding approximately $100 million of annualized revenue and collection operations in Massachusetts and southern New Hampshire.

Operating priorities

• Collection initiatives include automation, route optimization, labor effectiveness, positive price-cost spreads and acquisition integration; 2025 collection Adjusted EBITDA margin was 29.7% actual, versus 30.9% in 2020.

• Landfill volume grew 6.8% in 2025, including 11.0% growth in intercompany tons; average annual landfill price growth was 5.4% since 2020.

• McKean’s permit allows up to 1.6 million tons annually by rail; potential Hyland expansion offers further capacity, alongside increased landfill volume and internalization priorities.

• Resource Solutions emphasizes processing fees, selective sustainability adjustment fees, contract transitions and recycling facility upgrades; National Accounts offer high growth with minimal capital investment.