Slide 1: Acquisition of SECURE Waste Infrastructure
Acquisition of SECURE Waste Infrastructure April 13, 2026
Slide 2: Disclaimer
Disclaimer Unless otherwise indicated, all references in this presentation to “GFL”, “we”, “our”, “us”, the “Company” or similar terms refer to GFL Environmental Inc. and its consolidated subsidiaries. Forward-Looking Information This presentation includes certain “forward-looking statements” and “f
Slide 3: Transaction Highlights
Transaction Highlights Leading Player in Attractive Waste Segment ▪ Leading waste processing and disposal platform in Western Canada ▪ Difficult to replicate network of high barrier, long life, critical waste infrastructure assets ▪ Compelling macro tailwinds support sustainable long-term growth of
Slide 4: Highly Compelling Financial Profile Accelerates Shareholder Value Creation
Highly Compelling Financial Profile Accelerates Shareholder Value Creation Status Quo Pro Forma (C$ millions, unless otherwise noted) GFL(1) for SECURE Materially Enhanced Scale Adjusted EBITDA(2)(3) $2,140 $2,715 Accretive to Adjusted EBITDA Margin(2)(3) & Adjusted Free Cash Flow(2)(3) Conversion A
Slide 5: SECURE – Leading Waste Management Provider in Western Canada
SECURE – Leading Waste Management Provider in Western Canada Leading Waste Management Platform in Western Canada Compelling Business Profile Market Share Leader in industrial waste management, with #1 Waste Management Mid-Single Digit processing capacity in Western Canada 75% Organic Revenue CAGR Mi
Slide 6: Significantly Enhanced Scale, Capabilities, and Density in Western Canada
Significantly Enhanced Scale, Capabilities, and Density in Western Canada Pro Forma Geographic Footprint – GFL & SECURE Facilities British Columbia Alberta Saskatchewan Manitoba ✓ Complementary service offering & asset base within existing GFL footprint ✓ Expanded capabilities to offer customers a f
Slide 7: Enhancement of Pro Forma Capital Deployment Capacity
Enhancement of Pro Forma Capital Deployment Capacity Increased Free Cash Flow Generation and Balance Sheet Flexibility Allow for Incremental ~$1.0B of Capital to be Deployed into Returns Focused Capital Investments(1) over the Next 2 Years Incremental Capacity for SECURE Acquisition Returns Focused
Slide 8: Transaction Details
Transaction Details ▪ GFL to acquire 100% of SECURE for an implied Enterprise Value of ~$6.4B • EV / 2026E Adjusted EBITDA of ~11x (including synergies) Overview ▪ SECURE shareholders to receive 0.3356x GFL subordinate voting share and $4.95 in cash per share(1) ▪ Consideration of $24.75 per share,
Slide 9: Appendix
Appendix
Slide 10: Definitions
Definitions “EBITDA” represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for in