Clean Harbors, Inc. · NYSE:CLH
Clean Harbors — Q4 2025 Earnings Presentation
18 slides from Clean Harbors's earnings presentation, Feb 18, 2026
Slide 1: Fourth-Quarter and Full-Year 2025 Investor Review
Fourth-Quarter and Full-Year 2025 Investor Review February 18, 2026 © 2025 CLEAN HARBORS
Slide 2: Forward Looking Statements and GAAP Disclaimer
Forward Looking Statements and GAAP Disclaimer These slides contain (and the accompanying oral discussion will contain) forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "seeks,“ “will,” "should," "estimates,
Slide 3: Summary of Q4 and 2025 Results
Summary of Q4 and 2025 Results Q4 ▪ Revenue grew 5% to $1.5 billion ▪ Net income of $86.6 million; EPS of $1.62 ▪ Adjusted EBITDA* was $278.7 million; Adjusted EBITDA* margin was 18.6% Full-Year 2025 ▪ Revenue grew 2% to $6.03 billion ▪ Net income of $391.0 million; EPS of $7.28 ▪ Adjusted EBITDA* i
Slide 4: Environmental Services
Environmental Services $1,300.8 Q4 Performance $1,225.7 ▪ Revenue increased YoY due to demand for disposal and recycling services, volumes related to projects, growth in PFAS Revenue +6% services, and emergency response work (in millions) ▪ Adjusted EBITDA outpaced revenue growth and drove ES margin
Slide 5: Significant PFAS Momentum Entering 2026
Significant PFAS Momentum Entering 2026 ▪ EPA’s September PFAS incineration study attracting attention and driving conversations with potential CLH customers ▪ CLH Co-CEO Eric Gerstenberg testified as expert witness on PFAS destruction and disposal at Senate hearing in November ▪ Three-year contract
Slide 6: Safety-Kleen Sustainability Solutions
Safety-Kleen Sustainability Solutions $205.3 $198.9 Q4 Performance ▪ Revenue decrease reflects lower market pricing for base and Revenue blended products as well as less volumes sold, mostly offset by a -3% (in millions) materially higher contribution from charge for oil (CFO) ▪ Adjusted EBITDA incr
Slide 7: Disciplined Capital Allocation Strategy – Driven by ROIC
Disciplined Capital Allocation Strategy – Driven by ROIC Organic Growth Share ▪ Invest in capex to drive Investments Repurchases organic growth ▪ Evaluate acquisition and divestiture opportunities ▪ Execute authorized buyback plan Acquisitions Debt ▪ Assess current debt structure and leverage & Dive
Slide 8: Financial Overview
FINANCIAL OVERVIEW PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 8
Slide 9: Q4 and Full-Year 2025 Income Statement
Q4 and Full-Year 2025 Income Statement (in millions, except per share data) Q4 2025 Q4 2024 2025 2024 Revenues $1,499.7 $1,431.1 $6,030.8 $5,890.0 Cost of revenues $1,040.7 $1,003.5 $4,144.6 $4,065.7 Gross profit $459.0 $427.6 $1,886.2 $1,824.2 Gross margin % 30.6% 29.9% 31.3% 31.0% Selling, general
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights (in millions) 12/31/25 9/30/25 12/31/24 Cash and short-term marketable securities $953.7 $850.4 $789.8 Billed and unbilled receivables $1,205.0 $1,286.9 $1,177.6 Accounts payable $506.6 $444.1 $487.3 Current and long-term debt $2,776.2 $2,779.3 $2,786.2 Environmental liabili
Slide 11: Cash Flow Highlights
Cash Flow Highlights (in millions) Q4 2025 Q4 2024 2025 2024 Cash from operations $355.1 $303.9 $866.7 $777.8 Capital expenditures, net of disposals ($115.4) ($59.7) ($403.4) ($423.1) Adjusted free cash flow* $261.3 $247.5 $509.3 $357.9 Share repurchases $133.0 $25.0 $249.8 $55.2 * Please refer to t
Slide 12: Guidance
Guidance (as of February 18, 2026) Full-Year 2026 (in millions) Range Net Income $410 to $461 Adjusted EBITDA* $1,200 to $1,260 Net Cash from Operating Activities $820 to $940 Adjusted Free Cash Flow* $480 to $540 * Please refer to the appendix in this presentation for a reconciliation of Adjusted E
Slide 13: Appendix
APPENDIX PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 13
Slide 14: Non-GAAP Results Reconciliation
Non-GAAP Results Reconciliation (in thousands, except percentages) For the Three Months Ended For the Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net income $ 86,590 $ 83,974 $ 390,974 $ 402,299 Accretion of environmental liabilities 3,616 3,317 14,326
Slide 15: Non-GAAP Results Reconciliation
Non-GAAP Results Reconciliation (in thousands) For the Three Months Ended For the Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Adjusted free cash flow Net cash from operating activities $ 355,093 $ 303,938 $ 866,725 $ 777,771 Additions to property, plan
Slide 16: Non-GAAP Guidance Reconciliation
Non-GAAP Guidance Reconciliation For the Year Ending (in millions) December 31, 2026 Projected net income $410 to $461 Adjustments: Accretion of environmental liabilities 16 to 15 Stock-based compensation 35 to 38 Depreciation and amortization 450 to 440 Interest expense, net 144 to 139 Provision fo
Slide 17: Questions
Questions PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 17
Slide 18: (NYSE: CLH)
(NYSE: CLH) 42 Longwater Drive Norwell, MA 02061 Jim Buckley SVP, Investor Relations 781-792-5100 Email: Buckley.James@CleanHarbors.com www.cleanharbors.com PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 18