Republic Services (RSG) Investor presentation summary

Investment thesis and market overview

• Vertically integrated operations and high-quality assets support profitable growth and resilience in changing economic conditions.

• Focus on customer needs, sustainability, and technology to differentiate offerings and drive operational efficiencies.

• Operates in a $163 billion environmental services industry with significant consolidation opportunities and diversified market exposure.

• Approximately 80% of revenue is annuity-type, providing predictable cash flow.

Business foundation and strategy

• Aims for leading market positions with vertically integrated recycling and waste operations in 90% of served markets.

• Standardized processes and a matrix organization of 201 business units drive operational excellence.

• High employee engagement and robust talent development programs support performance.

• Strategy centers on customer loyalty, digital transformation, and ambitious 2030 sustainability goals.

Financial performance and guidance

• Adjusted EPS grew from $5.61 in 2023 to $7.02 in 2025, with a 3-year CAGR of 13%.

• Adjusted free cash flow increased from $1.99B in 2023 to $2.43B in 2025.

• 2026 guidance: revenue of $17.2–$17.3B, adjusted EBITDA of $5.53–$5.55B, adjusted EPS of $7.23–$7.28, and free cash flow of $2.54–$2.58B.

• $3.2B invested in acquisitions and $3.7B returned to shareholders over the last three years.