Casella Waste Systems, Inc. · NASDAQ:CWST
Casella Waste Systems — Q1 2026 Earnings Presentation
25 slides from Casella Waste Systems's earnings presentation, May 1, 2026
Slide 1: Casella Waste Systems, Inc. Investor Presentation
Casella Waste Systems, Inc. Investor Presentation May 2026 • 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain matters discussed in this presentation, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; growth; st
Slide 3: Company Overview
Company Overview Provides integrated solid waste, recycling and Investment Highlights: resource solution services Solid waste is a ~$100 billion industry in the U.S., • $2.07 billion revenue in 2026E (1) providing a recession-resistant, necessary service • Regional company, focused on secondary an
Slide 4: Financial Performance
Financial Performance Revenue Adjusted EBITDA (1) / Margin $ in millions 23.3% 23.2% 23.1% $2,070 22.9% 23.0% 22.6% $1,837 22.1% $1,557 $478 $423 $1,265 $361 $1,085 $889 $295 $775 $245 $204 $171 2020 2021 2022 2023 2024 2025 2026 Guidance (3) 2020 2021 2022 2023 2024 2025 Guidance 2026 (3) Net Cash
Slide 5: Consistent Strategy
Consistent Strategy • • • • • • • • • • • • • • • • • • • • • 5
Slide 6: Value Creation Framework
Value Creation Framework • • • • • • • • • • • → • • • • 6
Slide 7: Current Operations
Current Operations 88 Collection Operations (1) North Country LF WasteUSA LF 230k cubic yards/yr 34 Recycling Facilities Clinton LF 0.2mm tons capacity 600k tons/yr 9 Disposal Facilities (2), (3), (4) 250k tons/yr 12.1mm tons capacity 2 Landfill Gas-to-Energy 13.9mm tons capacity 74 Transfer Station
Slide 8: Strategy: Value Creation from Acquisitions
Strategy: Value Creation from Acquisitions Acquisitions Since 2018 • Completed 80 acquisitions since 2018 through 4/1/26 – Deployed ~$2 billion of capital acquiring over $1 billion of annual revenue • Direct geographic overlaps / tuck-ins and strategic adjacencies expanding growth opportunities • Ac
Slide 9: Acquisition Case Study: Mid-Atlantic
Acquisition Case Study: Mid-Atlantic • Strategy to build on initial platform acquisition to develop leading regional market position – Post GFL asset carveout acquisition (Mid-2023), we have completed an additional 10 deals – Total Mid-Atlantic annualized revenue acquired (including GFL assets) is o
Slide 10: Acquisition Case Study: Star Waste Systems
Acquisition Case Study: Star Waste Systems • Acquisition of well-established market leader within and adjacent to our MA and NH operating footprint – Closed April 1, 2026 – Approximately $100 million of annualized revenue – Solid waste residential, commercial and roll-off collection operations with
Slide 11: Strategy: Driving Higher Profitability in Collection Business
Strategy: Driving Higher Profitability in Collection Business Collection Price Key Strategies: 5.0% • Price to maintain positive spread over inflation and 6.5% generate proper returns 7.9% • Operating programs Indexed Collection Price – Automation of fleet driving improvements across 7.0% and YOY Ch
Slide 12: Strategy: Optimizing Long-term Disposal Capacity
Strategy: Optimizing Long-term Disposal Capacity Landfill Capacity (million tons) (1) Key Strategies: ■ Permittable airspace ■ Permitted airspace 98.2 • Drive incremental volume into the landfills and increase internalization of Casella tons 73.9 49.6 – Increased total landfill volume by +6.8% in 20
Slide 13: Strategy: Optimizing Long-term Disposal Capacity
Strategy: Optimizing Long-term Disposal Capacity The Northeast: Strong in-market landfill positioning • We operate nine landfills in the capacity constrained northeastern U.S. • Our landfills have an average remaining useful life of over +25 years1 • The supply-demand imbalance coupled with the regu
Slide 14: Strategy: Creating Value Through Resource Solutions
Strategy: Creating Value Through Resource Solutions Recycling Prices (1) vs. Adjusted EBITDA Margins Key Strategies: • Structure contracts to mitigate risk and ensure 231 sufficient margins – minimal commodity price risk – Processing fees at MRFs 198 197 33.9% 27.6% – Sustainability Recycling Adjust
Slide 15: Investment Thesis
Investment Thesis Solid waste is a ~$100 billion industry in the U.S., providing a recession-resistant, necessary service Integrated operations, providing collection, recycling, disposal and sustainability solutions for customers Well-positioned disposal footprint in capacity-constrained North
Slide 16: Appendix
Appendix • 16
Slide 17: 2026 Financial Guidance
2026 Financial Guidance Guidance (1) Key Assumptions • Revenue: $2.060 to $2.080 billion • Acquisitions: – Up year-over-year $233 million or +12.7% at midpoint – ~$150 million revenue contribution, including rollover – Guidance does not include impact of any acquisitions • Adjusted EBITDA: $473 to $
Slide 18: Balance Sheet
Balance Sheet 3/31/26 - Capitalization Table ($mm) Capital Structure Highlights 3/31/2026 A strong balance sheet and a disciplined approach to Cash and Cash Equivalents $ 126.9 Revolver ($700mm; S+1.55bps, due 2029) - capital allocation Term Loan A (S+1.55bps, due 2029) 800.0 Industrial Revenue Bond
Slide 19: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Non-GAAP Reconciliation of Adjusted EBITDA to Net income (1) 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended ($ in thousands) Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Net inco
Slide 20: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow Non-GAAP Reconciliation of Adjusted Free Cash Flow to Net cash provided by operating activities 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended ($ in thousands) Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31
Slide 21: Reconciliation of Consolidated Net Leverage Ratio
Reconciliation of Consolidated Net Leverage Ratio Reconciliation of Consolidated EBITDA (as defined by the applicable credit facility agreement) to Net Cash Provided by Operating Activities 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ende
Slide 22: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income Non-GAAP Reconciliation of Adjusted Net Income to Net income 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended ($ in thousands) Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Net
Slide 23: Capital Expenditure Detail
Capital Expenditure Detail (1) Capital Expenditure Detail 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended 12 months ended ($ in thousands) Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Growth Capital Expenditures: Acquisition capi
Slide 24: Reconciliations for 2026 Guidance Ranges
Reconciliations for 2026 Guidance Ranges Reconciliation of the Company's estimated Adjusted EBITDA from estimated Net Income for the fiscal year ending December 31, 2026. $ in thousands (Estimated) Fiscal Year Ending December 31, 2026 Net Income $4,000 - $10,000 Provision for income taxes 5,000 - 9,
Slide 25: Reconciliations for 2026 Guidance Ranges (cont'd)
Reconciliations for 2026 Guidance Ranges (cont’d) Reconciliation of the Company's estimated Adjusted Free Cash Flow from estimated Net Cash Provided by Operating Activities for the fiscal year ending 12/31/2026. $ in thousands (Estimated) Fiscal Year Ending December 31, 2026 Net Cash Provided by Ope
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