Casella Waste Systems (CWST) Investor Presentation summary

Business overview and strategy

• Provides integrated solid waste, recycling, and resource solutions with $1.8 billion in 2025E revenue, operating in 10 Eastern U.S. states.

• Focuses on secondary and tertiary markets, with a strong disposal footprint in the Northeast.

• Strategy centers on capital allocation for growth, optimizing disposal capacity, and value creation through resource solutions and acquisitions.

• Completed 76 acquisitions since 2018, deploying ~$2 billion and adding nearly $1 billion in annual revenue.

• Acquisitions drive margin expansion, operational synergies, and geographic growth, especially in the Mid-Atlantic and Hudson Valley regions.

Financial performance and guidance

• Revenue grew from $743 million in 2019 to $1.56 billion in 2024, with a 2025 guidance midpoint of $1.835 billion.

• Adjusted EBITDA increased at a ~18% CAGR, reaching $420 million in 2025 guidance.

• Adjusted Free Cash Flow projected at $170–$180 million for 2025, up 10.5% year-over-year.

• Net cash from operating activities expected at $325–$335 million in 2025, with capital spending of $240 million.

• Consolidated net leverage ratio improved to 2.34x at 9/30/25, with over $850 million in available liquidity.

Operational highlights

• Operates 81 collection operations, 32 recycling facilities, 9 disposal facilities, 2 landfill gas-to-energy sites, and 71 transfer stations.

• Landfill network offers significant permitted and permittable capacity, with strategic expansions and rail infrastructure investments.

• Collection business drives profitability through pricing above inflation, automation, and technology investments.

• Resource Solutions segment mitigates commodity risk via contract structures and processing fees, with recent upgrades to key recycling facilities.