Slide 1: Investor Presentation September 2026
Investor Presentation September 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements and information included herein constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements with respect to our anticipated 2026 financial results. Words such as “will,”
Slide 3: Overview & Strategy
Overview & Strategy
Slide 4: Investment Thesis
Investment Thesis National vertically Focused on customer Advancing use of Resilient business that Consistent earnings and integrated operations needs and sustainability technology to benefits in a free cash flow growth and high-quality asset to drive profitable differentiate service strengthening e
Slide 5: Overview
Overview Market Republic Services Provide essential services in a $163 billion Strong and predictable free cash flow environmental services industry U.S. and Canada footprint with diversified exposure to franchise, large Continued opportunity for consolidation urban and small to mid-sized markets to
Slide 6: Where We Compete
Where We Compete Continue to expand addressable market with our differentiated capabilities Current Addressable Market Recycling & Waste - Prioritize investment in verticals with above average growth rates and higher return profiles Recycling & Waste Environmental $110B Solutions $37B Environmental
Slide 7: Business Foundation
Business Foundation Market Position Operating Model Talent Goal to obtain a leading market Standardized processes to Attracting and retaining position in the markets where deliver operational excellence the best talent we operate Recycling and waste operations Matrix organization; High employee enga
Slide 8: Strategy: Differentiating Capabilities
Differentiating Capabilities CUSTOMER ZEAL Drive customer loyalty by offering differentiated products and services specifically designed to meet our customers’ needs Strategy Offering a complete set of products and services Designed to generate profitable DIGITAL growth by partnering with Provide a
Slide 9: Financial Performance
Financial Performance Adjusted EPS1 Adjusted Free Cash Flow1 ($ in millions) 3-Yr CAGR 3-Yr CAGR $7.02 of 13% of 12% $2,433 $6.46 $2,183 $5.61 $1,985 2023 2024 2025 2023 2024 2025 Return on Invested Capital 5-Year Total Shareholder Return (period ended December 31, 2025) Consistent 10.8% Outpaced RO
Slide 10: Capital Allocation
Capital Allocation Efficient and balanced approach to cash • Organic growth utilization which drives shareholder value • Tuck-ins • New platforms • Continue balanced • $3.2 billion invested in approach to acquisitions over the last 3 fiscal years capital allocation • Accelerated M&A • Increased annu
Slide 11: Differentiating Capabilities
Differentiating Capabilities
Slide 12: Customer Zeal
Customer Zeal Customer centric culture with short- and long-term initiatives to win with customers and drive loyalty • Seamless sales and service resolution • Complete set of product and service offerings • Setting and exceeding customer expectations • Empowering employees to deliver with zeal • Exp
Slide 13: Digital
Digital Using technology to differentiate service offerings with customers and drive operational efficiencies Financial Reporting RISE Tablets MPower Asset Mgmt AI-Enhanced Routing Customer & Order Mgmt Connected with 70M+ automated customer Increased maintenance productivity Improved driver product
Slide 14: Sustainability
Sustainability 2030 Climate Driving profitable growth by providing customers Leadership Goals: with environmentally responsible solutions 35% 120M 22% Reduce absolute Scope 1 and 2 greenhouse gas emissions 35% *APPROVED BY SBTi* Tons of material handled Reduction in Scope 1 and 2 annually greenhouse
Slide 15: Integrated Growth
Integrated Growth 15 Investor Presentation
Slide 16: Recycling & Waste
Recycling & Waste Providing customers with sustainable solutions that support a cleaner, safer and healthier world Provide safe, high-quality service that supports customer sustainability goals Vertically integrated to compete effectively in the United States and Canada Strong internalization, contr
Slide 17: Environmental Solutions
Environmental Solutions Expanding capabilities to provide customers a complete set of products and services Customers desire a single provider for all environmental services needs Vertically integrated platform serving United States and Canada Leading market position with strategic infrastructure ne
Slide 18: Sustainability Innovation: Polymers and Decarbonization
Sustainability Innovation Investing in infrastructure at the intersection of environmental and economic sustainability Polymer Centers Blue Polymers $220M Annual Revenue $30M Annual EBITDA Circularity $70M EBITDA expected by 2029 expected by 2029 2024 2025 2027 2028+ Las Vegas Indianapolis Allentown
Slide 19: Revenue by Market Type
Revenue by Market Type Balanced portfolio across market types - Sole service provider Franchise 25% - Long-term contracts - Optimal operating density - Market leader Small & Mid-Sized 30% - Vertical integration - Strong operating density - Vertical integration Large Urban 35% - More competitive - Ve
Slide 20: Financial Overview
Financial Overview
Slide 21: Financial Guidance
Financial Guidance 2026 Guidance Revenue $17.200 - $17.300 billion Adjusted EBITDA1 $5.525 - $5.550 billion Adjusted Diluted EPS1 $7.23 - $7.28 Adjusted Free Cash Flow1 $2.540 - $2.575 billion Acquisition Investment ~$1.2 billion 1 See “Reconciliation of Non-GAAP Measures” in appendix 21 Investor Pr
Slide 22: Revenue by Line of Business
Revenue by Line of Business Environmental Solutions 10% Small Container 31% 80% Other 2% Approximately 80% of revenue has an annuity-type profile Transfer & Landfill 17% Recycling & Waste 90% 70% Recycling1 3% Temporary Large Collection business represents ~70% Container 5% Residential 18% of total
Slide 23: Pricing Trends
Pricing Trends Pricing Mechanism Alt OPEN MARKET (60%) Index 2 14% • Secure price increases directly with CPI customer 8% Open Market • Greater pricing power Other 60% Restricted 5.9% Core Price in 20251 18% RESTRICTED PRICING (40%) Converting CPI based contracts to an 10% Pricing Trends1 alternativ
Slide 24: Volume Trends
Volume Trends 12% Volume Growth vs. Housing Starts Growth (lagged by one year) RSG Volume Growth 35% Housing Starts Growth 6% 15% Volume driven by: 0% -5% • Population growth -6% -25% 90% Correlation1 • Household formation -12% -45% '09 … '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 • New business fo
Slide 25: Acquisition Growth
Acquisition Growth Cumulative Acquisition Investment since 2023 Tuck-in acquisitions with significant synergy capture anticipated within first year $3,240 Expand our footprint and $2,143 capabilities $1,785 Dedicated M&A team has built a robust pipeline 2023 2024 2025 Purchase Price ($M) 25 Investor
Slide 26: Debt & Liquidity
Debt & Liquidity ($ in millions) Maturity by Debt Type Investment-grade credit rating $10,000 $8,000 Average cash interest rate of $6,000 4.0% $4,000 Total liquidity of $2.8 billion $2,000 $0 2026 2027 2028 2029 2030 2031+ Senior Notes IRBs Credit Facility Credit Facility includes outstanding balanc
Slide 27: Tax Related Expense
Tax Related Expense Equivalent Tax Impact1 Equivalent Tax Impact 24% 22% ~25% $190M • Includes tax provision and non-cash $254M $135M charges2 associated with renewable 18% 19% energy investments 16% 2024 2025 2026 Est. • 2025 non-cash renewable energy charge Income Tax Provision Non-Cash Renewable
Slide 28: Appendix
He REPUBLIC’ SERVICES Appendix
Slide 29: EPS
EPS Reconciliation of Non-GAAP Measures FY 2023 FY 2024 FY 2025 Adjusted Diluted EPS: Diluted EPS – as reported $5.47 $6.49 $6.85 Restructuring charges 0.08 0.07 0.05 Loss (gain) on business divestitures and impairment, net (0.03) (0.07) 0.00 Settlements and Withdrawal costs – multiemployer pension
Slide 30: Free Cash Flow
Free Cash Flow Reconciliation of Non-GAAP Measures FY 2023 FY 2024 FY 2025 Adjusted Free Cash Flow: ($ in millions) Cash provided by operating activities $3,618 $3,936 $4,296 Property and equipment received (1,717) (1,818) (1,923) Proceeds from sales of property and equipment 29 47 13 Restructuring
Slide 31: 2026 Guidance
2026 Guidance Reconciliation of Non-GAAP Measures FY 2026 Adjusted EBITDA: ($ in millions) Net income attributable to Republic Services, Inc. $2,210 - $2,220 Provision for income taxes 530 – 535 Other income, net (30) Interest expense, net 605 Depreciation, amortization, depletion and accretion 2,00
Slide 32: 2026 Guidance
2026 Guidance Reconciliation of Non-GAAP Measures FY 2026 Adjusted Diluted Earnings Per Share: Diluted earnings per share $7.18 - $7.23 Restructuring charges 0.05 Adjusted Diluted Earnings Per Share $7.23 - $7.28 Adjusted Free Cash Flow: ($ in millions) Cash provided by operating activities $4,485 -
Slide 33: National Footprint
National Footprint 389 260 208 Collection Transfer Stations Active Landfills Operations 84 26 13M Treatment, Storage Recycling Centers and Disposal Customers Facilities 16 87 42K Landfill Gas and Deep Injection Wells Renewable Energy Employees Projects 6M Environmental Solutions 5M Tons Processed 18
Slide 34: 2030 Sustainability Goals
2030 Sustainability Goals 0 <2.0 Climate Goals: Safety Employee Reduce our OSHA Total Amplified Fatalities Recordable Incident Rate (TRIR) to 2.0 or less by 35% 2030 Reduce absolute Scope 1 and 2 greenhouse gas emissions 35% *APPROVED BY SBTi* Engaged 88 Achieve and maintain employee engagement 40%
Slide 35: Industry Leading Performance
Industry Leading Performance 35 Investor Presentation