Waste Connections (WCN) Investor presentation summary

Strategic positioning and market approach

• Third largest solid waste company in North America with a pure-play strategy focused on exclusive and secondary markets.

• Emphasizes market selection, asset positioning, and local execution to drive returns.

• Maintains a decentralized operating structure, prioritizing culture and human capital.

• Integrated operations and exclusive contracts support industry-leading margins and returns.

• Over 25,000 employees and operations across 46 U.S. states and 6 Canadian provinces.

Financial performance and outlook

• 2025 revenue reached $9.47B (up 6.1%), with adjusted EBITDA of $3.13B (up 7.7%) and a 33% margin.

• 2026 outlook projects $9.90B–$9.95B revenue, $3.30B–$3.33B adjusted EBITDA, and $1.40B–$1.45B free cash flow.

• Q1 2026 revenue was $2.37B (up 6.4%), with core price increases above expectations and EBITDA margin at 32.5%.

• Maintains low leverage (2.75x) despite significant capital outlays for acquisitions and returns to shareholders.

• Adjusted EBITDA margin expected to rise to 33.3–33.4% in 2026, with normalized free cash flow conversion above 48%.

Growth drivers and capital allocation

• Organic growth led by pricing, employee retention, and technology investments.

• Over 100 acquisitions in five years, adding ~$2.3B in annualized revenue.

• Addressable market includes over $5B in private company revenue aligned with the business model.

• Continued acquisition execution and increased capital returns supported by strong cash flow.

• Multi-year AI and technology investments enhance efficiency, customer experience, and margin expansion.