Secure Waste Infrastructure Corp.
Secure Waste Infrastructure — Investor Presentation (April 2026)
31 slides from Secure Waste Infrastructure's investor presentation, April 2026
Slide 1: Investor Presentation
SECURE INVESTOR PRESENTATION TSX : SES TRANSFORMING WASTE INTO VALUE April 2026
Slide 2: Corporate Snapshot
SECURE WASTE INFRASTRUCTURE CORP. CORPORATE SNAPSHOT Adjusted EBITDA per Share (3)(5) Adjusted EBITDA Conversion Ratio (3)(6) TSX: SES S&P/TSX Composite Index 8% CAGR 2022-2025 DFCF above 50% of EBITDA $2.40 GFL Sale (1) $2.10 60% Definitive Agreement Pending Close 40% $1.80 $1.50 20% $24.75 Offer $
Slide 3: GFL Transaction Overview
GFL TRANSACTION OVERVIEW
Slide 4: Transaction Highlights
TRANSACTION HIGHLIGHTS DEFINITIVE AGREEMENT ANNOUNCED APRIL 13, 2026 FOR GFL TO ACQUIRE 100% OF SECURE’S OUTSTANDING SHARES Delivers immediate value at $24.75 per share(1), implying a total Enterprise Value(2) of approximately $6.4 billion Transaction Represents a compelling premium: 23% to 60-d
Slide 5: Immediate & Tangible Value Realization
IMMEDIATE & TANGIBLE VALUE REALIZATION TRANSACTION CRYSTALLIZES VALUE AT A PREMIUM TO TRADING VALUE Implied Offer Metrics $25 Offer Price: $24.75(1) Definitive Consensus Target Price(2): $22.19 Agreement $20 Offer C$/Sh $24.75 (-) Cash Consideration C$/Sh $4.95 Implied Equity Consideration C$/Sh $19
Slide 6: Accelerates Value Realization
ACCELERATES VALUE REALIZATION >3X TURN PREMIUM(1) TO TRADING MULTIPLE, CRYSTALLIZING VALUE AND REDUCING STANDALONE EXECUTION RISK SECURE has demonstrated high- EV/EBITDA (2) quality, infrastructure-backed waste 17.6x 17.4x business 15.1x 15.3x Stable cash flows, durable growth, and 14.8x industr
Slide 7: Attractive Entry Point into GFL
ATTRACTIVE ENTRY POINT INTO GFL 80% EQUITY CONSIDERATION PROVIDES MEANINGFUL PARTICIPATION UPSIDE 18.0x 17.0x 16.0x 16.0x 15.0x >3x upside transaction multiple to 14.0x consensus target 13.0x 12.7x 12.0x GFL trading below normalized valuation levels EV / NTM EBITDA Multiple Evolution (Average) 11.
Slide 8: Stronger Combined Entity
STRONGER COMBINED ENTITY SHAREHOLDERS RETAIN UPSIDE IN A BETTER-VALUED ENTITY Exposure to a larger, more diversified consolidation vehicle within the waste management industry Equity in a business with stronger growth profile and a portfolio based primarily in more stable municipal solid waste indus
Slide 9: Transaction Details
TRANSACTION DETAILS BOARD OF DIRECTORS AND SPECIAL COMMITTEE UNANIMOUSLY RECOMMEND SHAREHOLDERS VOTE IN FAVOUR OF THE TRANSACTION SECURE shareholders to elect to receive (i) $24.75 in cash, (ii) 0.4195 of a GFL subordinate voting share, or (iii) a combination of $4.95 in cash and 0.3356 of a GFL s
Slide 10: SECURE Business Overview
SECURE BUSINESS OVERVIEW
Slide 11: The SECURE Waste Management Network
THE SECURE WASTE MANAGEMENT NETWORK TRANSFORMING WASTE INTO VALUE Waste Generation Collection Collection Processing Processing & Recovery Re-use/Disposal Re-Use and Disposal Recurring waste volumes generated Waste is directed into SECURE’s network Waste is processed at SECURE’s network of Solid wast
Slide 12: Business Overview
BUSINESS OVERVIEW LEADING WASTE MANAGEMENT AND ENERGY INFRASTRUCTURE PLATFORM INFRASTRUCTURE PLATFORM BUSINESS SEGMENTS Adjusted EBITDA(1) by Source of Waste WASTE PRODUCTION MANAGEMENT (~75%) 65% 75% • Processing, recovery, and disposal infrastructure • Recycling of metals and 80% recovered oil • S
Slide 13: Volume Drivers
VOLUME DRIVERS RECURRING WASTE STREAMS ACROSS MARKET CYCLES Production Volumes Growth Driving Organic Growth Industrial Landfills WCSB CONVENTIONAL OIL VOLUMES (1) • Oil contaminated soils Specialty Chemicals 3,750,000 100 • Reclamation and • Production chemicals remediation • Emulsion breakers • Pa
Slide 14: Organic Growth Across Cycles
ORGANIC GROWTH ACROSS CYCLES STRONG AND CONSISTENT FINANCIAL RESULTS UNDERSCORE THE STABILITY AND GROWTH INHERENT IN THE BUSINESS PLATFORM 1,800 20% Resilient, infrastructure-backed model supports stable volumes across cycles 1,500 10% Driven by production, industrial activity and environmental
Slide 15: Market Share Leader for Industrial Waste Management
MARKET SHARE LEADER FOR INDUSTRIAL WASTE MANAGEMENT 80+ LOCATIONS PROVIDING CRITICAL INFRASTRUCTURE IN THE MOST ACTIVE OPERATING REGIONS 95 mbbl/day produced water disposed 38 mbbl/day liquid waste processed 1 million bbls/year oil recovered from waste 3.2 million tonnes/year solid waste disposed #1
Slide 16: Processing & Recovery
PROCESSING & RECOVERY NETWORK OF FACILITIES THAT PROCESS WASTE VOLUMES AND RECOVER VALUABLE COMMODITIES Consistent Volume Growth With Limited Volatility From Commodity Prices Critical handling of hazardous and non-hazardous 10,000 $100 liquids, solids, emulsions, and industrial by- 8,000 $90 product
Slide 17: Liquids Waste Processing Facility
LIQUIDS WASTE PROCESSING FACILITY PROCESSING & DISPOSAL OF WATER, EMULSION AND SLURRIES Waste Processing Liquid waste and emulsion are mechanically and chemically treated to separate oil and water. Recovery Crude oil recovered from processes and emulsion treating is optimized, quality checked Waste
Slide 18: Metals Recycling Facility
METALS RECYCLING FACILITY PROCESSING AND RECOVERY OF SCRAP METAL Processing Post-separation residue is processed at another plant to recover additional Collection and Offload recyclable materials. Scrap is collected via multiple channels and shipped by truck or rail. Processing Materials are loaded
Slide 19: Disposal
DISPOSAL INDUSTRIAL LANDFILLS & WATER DISPOSAL WELLS PROVIDING FINAL DISPOSAL Class II Oilfield Landfill Essential, Difficult to Structural Barriers Create a Revegitated Native Grasses Replicate Assets Durable Moat Topsoil CAP Subsoil Safe, compliant disposal of residual Scarce, permitted assets, Ge
Slide 20: Energy Infrastructure
ENERGY INFRASTRUCTURE TRANSPORTATION, TERMINALLING, OPTIMIZATION AND STORAGE SOLUTIONS FOR OUR ENERGY CUSTOMERS Q3’25 Average Production(1) Montney In thousand BOE / day Oil Sands 3 oil pipelines Montney 2258 aggregating customer volumes Deep Basin 568 Duvernay 320 13 terminals Clearwater Clearwater
Slide 21: Energy Infrastructure
ENERGY INFRASTRUCTURE COMMERCIAL AND MARKET OPTIMIZATION CAPABILITIES DRIVEN BY CONSISTENT SUPPLY Recurring volumes driven by commercial agreements Organic growth projects driving higher volumes 8,000 6,000 Annual (000's m3) Pipeline and Terminalling 4,000 Volumes(1) Clearwater Nipisi Terminal Thr
Slide 22: Business Drivers
BUSINESS DRIVERS STRUCTURAL GROWTH FROM INCREASING PRODUCTION AND INDUSTRIAL ACTIVITY Sustained growth in Western Canadian Reduced producer sensitivity to short term Expansion of produced water disposal Crude Oil Production commodity price fluctuations market Canadian crude oil supply is anticipated
Slide 23: High Discretionary Free Cash Flow Conversion
HIGH DISCRETIONARY FREE CASH FLOW CONVERSION STRUCTURALLY LOW MAINTENANCE AND WORKING CAPITAL REQUIREMENTS SUPPORTS STRONG CASH FLOW PROFILE 2026 DISCRETIONARY FREE CASH FLOW (1) 600 $550M 500 ~55% CONVERSION 400 RATE (1) $ MILLIONS ~$300M 300 ~$425M FUNDS FLOW FROM 200 OPERATIONS 100 - (1)(2) 2026
Slide 24: Strong Financial Position
STRONG FINANCIAL POSITION SIGNIFICANT LIQUIDITY TO EXECUTE ON STRATEGIC PRIORITIES WHILE MAINTAINING LOW LEVERAGE Significant financial flexibility with Total Debt LO N G -T E RM D E B T M AT U R I T I E S (2 ) to Adjusted EBITDA(1) of 2.1x (1.8x excluding leases) at December 31, 2025 $1,000 Deb
Slide 25: Investment Strategy
INVESTMENT STRATEGY DISCIPLINED CAPITAL DEPLOYMENT ACROSS ORGANIC GROWTH AND M&A HISTORY OF EXECUTION DISCIPLINED CAPITAL Partner with customers DEPLOYMENT DRIVES on new infrastructure Capital Deployed (2025) ~$300 Million • Two fully contracted Montney produced High return (>20% IRR) water faciliti
Slide 26: Investment Thesis
INVESTMENT THESIS STABLE, INFRASTRUCTURE-BACKED BUSINESS WITH MULTIPLE GROWTH DRIVERS Critical Infrastructure Network Multiple Growth Drivers Difficult to replicate infrastructure with high barriers to Pricing and volume growth entry Reclamation and abandonment regulation Assets located in t
Slide 27: Appendix
APPENDIX
Slide 28: Non-GAAP and Other Financial Measures
NON-GAAP AND OTHER FINANCIAL MEASURES SECURE uses accounting principles that are generally accepted in Canada (the issuer’s “GAAP”), which includes International Financial Reporting Standards (“IFRS”). This presentation contains certain supplementary non-GAAP financial measures, such as Adjusted EBI
Slide 29: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements contained in this document constitute "forward-looking statements" and/or the existence of multi-decade expansion opportunities and 25+ years geology being available at existing SECURE’s competitive position, operating, acquisition and sustaining costs r
Slide 30: Forward-Looking Statements (Cont'd)
FORWARD-LOOKING STATEMENTS (CONT’D) including physical climate-related impacts; SECURE’s ability to generate sufficient cash flow from Forward-looking statements involve significant known and unknown risks and uncertainties, should not be including those with specialized skills or knowledge; uncerta
Slide 31: SECURE: In Summary
SECURE: IN SUMMARY WELL POSITIONED FOR LONG-TERM SUCCESS Resilient Business Performance Capital Deployment Optionality Critical infrastructure network with Track record of value creation for shareholders Significant leverage capacity to grow the recurring volumes requiring with industry leading Adju
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