Clean Harbors (CLH) 47th Annual Raymond James Institutional Investor Conference summary

Business overview and operations

• Focused on sustainability, managing hazardous waste disposal and recycling across North America with 24,000 employees and 900 branches serving 340,000+ customer locations.

• Operates six business units under two pillars: environmental services (technical, field, industrial, and Safety-Kleen Environmental) and Safety-Kleen Sustainability Solutions.

• Largest collector of used motor oil in North America, processing over 250 million gallons annually and producing base/blended oil products for major refineries.

• Offers over 60 lines of business, with cross-selling at large customer sites and a dominant market share in hazardous waste collection.

Competitive advantages and supply chain

• Maintains a vast transportation network, including 2,600+ rail cars and a large fleet of specialty vehicles, with in-house equipment refurbishment for tailored solutions.

• Operates a spoke-hub model with 33 TSDFs, 10 incinerators (handling 70% of commercial incineration waste), 7 hazardous waste landfills, 11 wastewater treatment facilities, 8 solvent recycling sites, and 9 oil refineries.

• Recent $230 million investment in a new incinerator in Nebraska, increasing capacity and strengthening the disposal network.

• Competitive moat spans collection, transportation, and disposal, offering integrated coast-to-coast solutions with proprietary tracking software and a strong safety record.

Growth opportunities and market trends

• Captive incinerators at customer sites have declined from 90 to 40 over 25 years, creating opportunities to absorb additional waste volumes as customers outsource disposal.

• PFAS remediation is a growing business, generating $120 million in revenue in the past year, with 15%-20% quarterly pipeline growth and projected 20% annual revenue growth through 2026.

• Reshoring and nearshoring trends in pharmaceuticals, semiconductors, and auto manufacturing are driving increased hazardous waste volumes and new long-term contracts.

• Environmental services and Safety-Kleen Environmental segments grew organically in the mid-to-high single digits and double digits last year.