Waste Connections (WCN) Investor presentation summary

Strategic positioning and market approach

• Operates as the third largest solid waste company in North America, focusing on exclusive and secondary markets with a pure-play solid waste strategy.

• Maintains a differentiated market model, emphasizing purposeful market selection and integrated operations for efficiency.

• Demonstrates industry-leading financial and operational metrics, with a strong track record of shareholder returns.

• Well-positioned for strategic M&A and capital returns due to low leverage and robust cash generation.

• Progress toward ESG targets is integrated into value creation and business objectives.

Financial performance and outlook

• 2025 revenue reached $9.47 billion, with adjusted EBITDA of $3.13 billion and a margin of 33.0%.

• 2026 outlook projects revenue of $9.90–$9.95 billion and adjusted EBITDA of $3.30–$3.33 billion, with margins of 33.3–33.4%.

• Adjusted free cash flow for 2026 expected at $1.40–$1.45 billion, or $1.60–$1.70 billion normalized.

• Maintains low leverage (2.75x in 2025) and continues strong capital returns, including $839 million in share repurchases and dividends in 2025.

• Multi-year opportunity for margin expansion driven by price-led growth, acquisitions, and technology deployment.

Operational excellence and innovation

• Employs approximately 25,000 people, with a footprint in 46 U.S. states and 6 Canadian provinces.

• Achieved record safety performance in 2025 and over 50% multi-year decline in voluntary turnover.

• Invests in human capital through driver academies, partnerships, and AI-driven safety and analytics platforms.

• Over 100 acquisitions in the last five years, adding ~$2.3 billion in annualized revenue.

• Leverages AI, robotics, and technology for operational efficiency and customer engagement.