Casella Waste Systems (CWST) Waste360/ Stifel Investor Summit summary

Opening remarks and event overview

• The summit marked the 16th Investor Summit and the first-ever Waste Leadership Summit, with a full schedule and recognition of partners and organizers.

• Safety protocols and event logistics were emphasized, including a check presentation for young leaders and an awards gala.

Market environment and business performance

• The solid waste market in the Northeast and Mid-Atlantic remains stable, with MSW and C&D volumes up and strong business metrics.

• Despite a challenging winter, construction demo volumes rose over 10% in Q1, though contaminated soils and special waste streams remain sluggish.

• The company has achieved 10 years of 20% annual free cash flow growth and expects another strong year, supported by organic growth and over $150 million in acquired revenues through April.

• Consistent growth through organic development and significant M&A activity, with 80 acquisitions since 2018 and $800 million in revenue acquired since 2021.

Market position and capacity trends

• Focus remains on holding top-three market positions in secondary and tertiary markets, with a top-two position in Northeastern landfills and over 25 years of disposal capacity.

• Landfill network offers over 73.9 million tons of permitted airspace, with expansion opportunities and over 25 years of average remaining useful life.

• Limited new landfill permits and closures have led to increased reliance on waste-to-rail solutions, which are costly but necessary due to capacity constraints.

• Market equilibrium is maintained by pricing adjustments as capacity shifts, with disposal prices in the Northeast being the highest nationally.