Clean Harbors (CLH) Oppenheimer 20th Annual Industrial Growth Conference summary

Safety and operational culture

• Achieved record low TRIR in Q1, emphasizing a strong safety culture as a core value.

• Safety improvements help offset rising healthcare and legal costs, and support recruitment and retention.

• Transportation compliance and safe driving are critical due to the large fleet and associated costs.

• Family employment anecdotes highlight trust in workplace safety.

Margin expansion and financial targets

• Environmental Services segment achieved 25% margin in 2024, with a goal to reach 30% over the next few years.

• Vision 2027 remains on track, with Environmental Services outperforming expectations.

• SKSS business margins have been challenging, but efforts are ongoing to improve.

Capital allocation and M&A strategy

• Capital deployment is guided by ROIC, with a focus on high-return investments and buybacks.

• $430M remains under the buyback program; no debt due until 2027; recent Moody’s upgrade.

• M&A focus is on fragmented areas like field services, as further consolidation in incinerators and landfills is unlikely.