Clean Harbors (CLH) CJS Securities 26th Annual "New Ideas for the New Year” Investor Conference summary

Company overview and business segments

• Leading North American provider of environmental and industrial services with 45 years of history and $6B revenue expected in 2025.

• Operates two main segments: Environmental Services (ES, $5B revenue) and Safety-Kleen Sustainability Solutions (SKSS, $1B revenue).

• ES includes technical services, Safety-Kleen Environmental Services, field services, and industrial services.

• SKSS focuses on collecting and recycling used motor oils into clean base oils and lubricants.

• Employs about 24,000 people and operates around 700 branches and over 100 disposal sites.

Segment performance and growth drivers

• Technical services saw 12% revenue growth in Q3 2025, driven by strong disposal volumes and project work.

• Field services expanded through the HEPACO acquisition, adding $300-$400M revenue, but 2025 growth slowed due to fewer large emergency jobs.

• Industrial services faced flat to slightly down revenue in 2025 due to customer cost pressures, with recovery expected in 2026.

• SKSS stabilized EBITDA at $140M in 2024 and 2025 by shifting from paying for used oil to charging for collections.

• PFAS-related work reached $120M in 2025, with 15-20% annual growth expected and a strong pipeline.

Margin expansion and operational efficiency

• Environmental services segment achieved 26% EBITDA margin in 2025, exceeding Vision 2027 goals.

• Margin growth driven by targeted pricing strategies, improved data analytics, and volume growth.

• Cost control, technology adoption, and internalization of labor and transportation contributed to efficiency.

• Long-term margin target set above 30%, with over 500 basis points improvement in five years.