Slide 1: Q1 2023 Investor Review
Q1 2023 Investor Review April 28, 2023
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: Q1 2023 Bridges – Implied Guidance vs Actual
Q1 2023 Bridges – Implied Guidance vs Actual Revenue Bridge New M&A / M&A Roll Over Outperformance FX Impact Environmental $48 $10 Services Incremental Incremental Outperformance Solid Waste Solid Waste $40 Price & Surcharges Volume $10 $5 $1,799 $1,686 Implied Q1 2023 Q1 2023 G Solid Price & Solid
Slide 4: Q1 2023 Solid Waste Adjusted EBITDA Margin Bridge – Year-Over-Year
Q1 2023 Solid Waste Adjusted EBITDA Margin(1) Bridge – Year-Over-Year Commodities Price in Excess of (125 bps) All Other Costs 190 bps Indirect Fuel(2) (80 bps) Direct Fuel M&A (15 bps) (10 bps) Acceleration of fuel surcharge implementation mitigating Adjusted EBITDA margin(1) impacts (90 bps) (50 b
Slide 5: Fuel Surcharge Implementation Continued to Accelerate
Fuel Surcharge Implementation Continued to Accelerate Direct & Indirect Fuel Price Impact & Change in Fuel Surcharge Significant Incremental Fuel Cost Recovery Opportunity 120% 85% 75% 50% 40% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Future State Fuel Price Impact - Direct Fuel Price Impact - Indirect Change i
Slide 6: Potential U.S. Solid Waste Divestitures – Update
Potential U.S. Solid Waste Divestitures – Update On track to successfully execute process to rationalize non-core assets Comprised of three distinct non-core U.S. Solid Waste regions acquired as part of several recent larger acquisitions in the U.S. • ~$400M – $450M of annualized revenue in aggr
Slide 7: Appendix
Appendix
Slide 8: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (C$ millions, unless otherwise noted) 1. Loss (gain) on foreign exchange: Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt Three months ended instruments and (ii) gains and losses attributabl
Slide 9: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation (C$ millions, unless otherwise noted) 1. Operating cash flows from discontinued operations: Consists of operating cash flows from discontinued operations. As at March 31, 2022, GFL Infrastructure was Three months ended presented as discontinued operations. Refe
Slide 10: Adjusted Net Income from Continuing Operations Reconciliation
Adjusted Net Income from Continuing Operations Reconciliation (C$ and shares in millions, unless otherwise noted) 1. Amortization of intangible assets: This is a non-cash item and consists of the Three months ended amortization of intangible assets such as customer lists, municipal contracts, non- c
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