Gfl Environmental Inc · TSX:GFL
Gfl Environmental — Q2 2026 Earnings Presentation
11 slides from Gfl Environmental's earnings presentation, Jul 30, 2026
Slide 1: Investor Presentation
Investor Presentation June 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 statement
Slide 3: Strategically Positioned Asset Base
Strategically Positioned Asset Base Solid Waste – Overview & Market Areas Solid Waste Revenue by Geography(1) Canada 33% ~$7.3B U.S. 67% Solid Waste Revenue Mix(1) Recycling Other 4% 6% Residential 24% Hauling Transfer & Disposal Landfill 20% Transfer Station ~$7.3B MRFs & Recycling Facilities Organ
Slide 4: SECURE Waste Infrastructure – Acquisition Overview
SECURE Waste Infrastructure – Acquisition Overview Leading Waste Management Platform in Western Canada Compelling Business Profile Waste Market Share Leader in industrial waste management, Management Mid-Single Digit with #1 processing capacity in Western Canada 75% Organic Revenue CAGR Mid 30s Adju
Slide 5: Highly Compelling Pro Forma Operating Platform and Financial Profile
Highly Compelling Pro Forma Operating Platform and Financial Profile Accelerates Shareholder Value Creation (C$ millions, unless otherwise noted) 2026 Pro Forma Pro Forma Revenue Mix(5) Energy Infrastructure Adjusted EBITDA(1)(2)(3) $2,805 7% Other 3% Residential 20% Recycling 8% Adjusted EBITDA Mar
Slide 6: GFL Growth Opportunity
GFL Growth Opportunity GFL Industry Average Incremental Organic M&A(2) Organic + M&A Organic(1) Opportunities ▪ Earlier stages of price discovery Revenue Mid-Single Digits ▪ Incremental surcharge Mid-Single Digits+ Mid-Single Digits Low-Teens CAGR opportunities ▪ Contribution from EPR & RNG projects
Slide 7: GFL's Minority Stakes Imply ~$2.8B in Combined Equity Value
GFL's Minority Stakes Imply ~$2.8B in Combined Equity Value Valuation of GFL Equity Stakes Environmental Green Infrastructure (C$ millions, unless otherwise noted) Services (ES) Partners (GIP) 2026E Adjusted EBITDA(1) ~$600 ~$350 Net Leverage(1) ~5.5x – 6.0x ~4.5x – 5.0x Historical Realized Multiple
Slide 8: Highlighting Significant Value Disconnect
Highlighting Significant Value Disconnect Illustrative Sum-of-the-Parts Valuation ~13.8x EV / EBITDA(5) ~11.4x GFL’s Equity Stake in EV / Adj. EBITDA(1)(2) ES/GIP(3) (~1.0x) ~10.4x EV / Adj. EBITDA(1)(2) ~3.4x Discount to Peer Average Current GFL Implied Peer Average Pro Forma Pro Forma Valuation Va
Slide 9: Sell Side Analyst Views
Sell Side Analyst Views GFL Analyst Ratings and Price Targets (C$ million, solid waste peers in US$ millions) Price Targets Target Price Targets & Ratings Rating CAD USD Return Broker 1 Buy $87.00 $62.81 83% Broker 2 Hold $59.08 $43.00 25% Broker 3 Hold $60.00 $43.87 28% Broker 4 Buy $75.00 $54.15 5
Slide 10: Appendix
Appendix
Slide 11: 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