Waste Connections, Inc. · TSX:WCN
Waste Connections — Investor Presentation (November 2026)
21 slides from Waste Connections's investor presentation, Nov 1, 2026
Slide 1: November / Q4 2026
November / Q4 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These fo
Slide 3: WCN: Investment Highlights
WCN: INVESTMENT HIGHLIGHTS Differentiated approach: Well-positioned for AI and sustainability Long-term Third largest solid ⚬ “Pure Play” solid Industry-leading strategic M&A and investments support outperformance in total waste company in waste strategy financial and return of capital given shareho
Slide 4: WCN: At a Glance
WCN: AT A GLANCE Revenues: 86% U.S. and 14% Canada Local scale with leading asset positions ~ 25,000 employees 371 – hauling operations ~$10.09 billion revenue* 114 – landfills 224 – transfer Stations ~$3.345 billion adjusted EBITDA* 90 – recycling facilities 124 – E&P waste operations and ~$1.43 bi
Slide 5: Our Differentiated View on Solid Waste
OUR DIFFERENTIATED VIEW ON SOLID WASTE SOLID WASTE IS A RETURNS ARE DRIVEN BY COMMODITY Lowest price provider Market selection wins Customer has basic level of Asset and contractual service expectations positioning Private companies can Local execution dictate pricing in competitive markets 5
Slide 6: Purposeful Market Selection Strategy
PURPOSEFUL MARKET SELECTION STRATEGY Integrated Operations Non-Integrated Operations (with disposal) (without disposal) • Current mix: ⚬ ~40% exclusive / franchise markets #1 EBITDA Margin #3 EBITDA Margin Exclusive Sole provider of waste services #1 EBIT Margin #2 (tie) EBIT Margin ~40% Long du
Slide 7: Culture: Human Capital Drives Value Creation
CULTURE: HUMAN CAPITAL DRIVES VALUE CREATION • Decentralized operating structure => culture matters • Demonstrated improvement in retention and safety ⚬ Direct linkage with key operating metrics and financial performance ⚬ Behavioral focus provides ongoing opportunity for improvement VOLUNTARY TURNO
Slide 8: Innovation and Human Capital Investments
INNOVATION AND HUMAN CAPITAL INVESTMENTS INNOVATION STARTS WITH PEOPLE Safety: AI-driven, Internal data & Leveraging AI to In-house driver camera-based fleet Business analytics communication capture and academies; diesel telematics provide and AI-driven hub, enhancing incorporate tech partnership co
Slide 9: Harnessing AI to Drive Efficiency
HARNESSING AI TO DRIVE EFFICIENCY 2025 – 2027: $100 MILLION AI INVESTMENT Fleet-based Price optimization Digital customer Predictive fleet Dynamic fleet cameras to detect tools experience tools maintenance routing tools overages Expected to drive 100bps margin benefit by 2030 9
Slide 10: Track Record: Total Shareholder Return
TRACK RECORD: TOTAL SHAREHOLDER RETURN DIFFERENTIATED RETURNS 1,529% +1,529% WCN: 20-YEAR TSR 822% ~2X 719% DJ WASTE INDEX 456% ~2X S&P 500 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 WCN S&P500 S&P/TSX Composite Index Dow Jones Waste Index ~3.5X TSX 60 As of 10/29/2026 10
Slide 11: Positioned for Continued Value Creation
POSITIONED FOR CONTINUED VALUE CREATION ORGANIC GROWTH DRIVERS INORGANIC GROWTH OPPORTUNITIES Price-led organic solid waste >100 acquisitions over last five years growth with annualized revenue of ~$2.3B Employee retention-related Addressable market => $5B of private benefits company revenue consist
Slide 12: Connecting with the Sustainable Future
CONNECTING WITH THE SUSTAINABLE FUTURE • Sustainability targets aligned with business objectives and incentive compensation • Exceeded $500mm capital commitment towards target achievement • Achieved three targets ahead of schedule with strong performance on remaining objectives • Details provided at
Slide 13: Financial Discussion
FINANCIAE DISCUSSION
Slide 14: WCN: Financial Highlights
WCN: FINANCIAL HIGHLIGHTS* REVENUE ADJUSTED EBITDA** ADJUSTED EBITDA MARGIN** ADJUSTED FREE CASH FLOW** *2026e based on financial outlook provided in October; adjusted free cash flow based on midpoint of financial outlook. **A non-GAAP measure; see appendix for reconciliation tables. 14 ***Normalize
Slide 15: Strong YTD Results & Well-Positioned for 2026
STRONG YTD RESULTS & WELL-POSITIONED FOR 2026 2026 YTD NINE MONTHS ENDED HIGHLIGHTS 2026 OUTLOOK • Revenue: $7.570B, up 6.7% Outlook for 2nd time in October • Raised 2026 Outlook* ⚬ Core Price => 5.7%, above expectations ⚬ Revenue: ~$10.09B ⚬ Adj. EBITDA: ~$3.345B • Adj. EBITDA: $2.505B, up 7.6% ⚬ A
Slide 16: Looking Ahead
LOOKING AHEAD • Future margin expansion runway on: ⚬ Price-led growth with favorable price/cost spread ⚬ Leveraging technology across multiple platforms ⚬ Acquisition integration • AI/technology beneficiary => multi-year investment with attractive returns and margin potential • Low leverage and stro
Slide 17: Waste Connections: In Summary
WASTE CONNECTIONS: IN SUMMARY PROVEN & CONSISTENT HUMAN CAPITAL AS A STRATEGY DIFFERENTIATOR Differentiated market model Emphasis on culture in driving industry-leading decentralized operating EBITDA and FCF margins structure Track record of value Positioned for continued creation from capital outpe
Slide 18: Non-GAAP Reconciliation Tables
NON-GAAP RECONCILIATION TABLES 18
Slide 19: Non-GAAP Adjusted EBITDA Reconciliation Schedule
NON-GAAP ADJUSTED EBITDA RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) Nine Months Ended September 30th 2026 Adjusted EBITDA* 2021 2022 2023 2024 2025 2025 2026 Outlook* Net income attributable to Waste Connections 618,047 835,662 762,800 617,573 1,076,557 818,057 874,96
Slide 20: Non-GAAP Adjusted Free Cash Flow Reconciliation Schedule
NON-GAAP ADJUSTED FREE CASH FLOW RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) Nine Months Ended September 30th 2026 Outlook*** Adjusted Free Cash Flow* 2021 2022 2023 2024 2025 2025 2026 Low High Net cash provided by operating activities 1,698,229 2,022,492 2,126,817 2,
Slide 21: Principal Administrative Offices and Investor Relations
PRINCIPAL ADMINISTRATIVE OFFICES 3 Waterway Square Place, Suite 110 The Woodlands, TX 77380 (832) 442-2200 INVESTOR RELATIONS Mary Anne Whitney, EVP - CFO Joe Box, VP – Investor Relations Phone: (832) 442-2253 Phone: (832) 442-2153 maryannew@wasteconnections.com joe.box@wasteconnections.com investor
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