Waste Management, Inc. · NYSE:WM
Waste Management — Investor Day (June 2025)
115 slides from Waste Management's investor day presentation, Jun 24, 2025
Slide 1: Slide 1
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks Ed Egl VP, Investor Relations
Slide 3: Today's Agenda
Today’s Agenda 8:30AM 9:50AM 10:15AM Welcome and Opening Remarks Ed Egl | VP, Investor Relations Fueling a LongTerm, Powerful Engine for Growth Jim Fish | Chief Executive Officer Driving Operational Excellence through the WM Way John Morris | President and Chief Operating Officer Attaining Growth th
Slide 4: Cautionary Statements
CAUTIONARY STATEMENTS Forward-Looking Statements & Projections This presentation contains a number of forwardlooking statements and projections, including but not limited to, all statements regarding future results and performance of our business; all statements regarding targets, projections, estim
Slide 5: Fueling a Long-Term, Profitable Engine for Growth
Fueling a Long-Term, Profitable Engine for Growth Jim Fish Chief Executive Officer
Slide 6: Key Messages
Key Messages Fostering a people-first leadership approach built on the strength and experience of adynamic leadership team Fueling a powerful, long-term growth engine for sustained value creation Leveraging a unique, un-replicable asset network and materials management expertise to drive competitive
Slide 7: WM Snapshot
WM Snapshot! (NYSE: WM) Houston, TX $22.1B teadquarters Fi 24 Revenue ating EBITD) 2024 Revenue Vertically-Integrated Asset Network with Unmatched Size and Scale? by Segment* WM Asset Network WM Asset Locations \ 506 262 Solid and Medical Active solid Waste Transfer facilities waste landfills 105 49
Slide 8: Clear Track Record of Outperforming Our Goals
Clear Track Record of Outperforming Our Goals Continuing to Exceed 2019 Investor Day Financial Targets 2019 - 2021 Actual Collection & Disposal { — oy teflecting Organic Revenue | Se 2020 COVID Growth Adjusted Operating EBITDA* Free Cash Flow? § : (before sustainability = | growth investments)? 2022
Slide 9: Proven Track Record of Compounding Shareholder Value
Proven Track Record of Compounding Shareholder Value... Total Shareholder _Volatility Returns Have Remained Return? vs. Market? Resilient through: Beta vs. S&P 500 - _ . Political administration +476% 60 changes WM — ® Regulatory policy =! changes +205% ———— .98 aioe, XLI (Industrial Select COVID-19
Slide 10: Fostering a People-First Leadership Approach
Fostering a People-First Leadership Approach Enabled by Experienced Team © @® ee © Jim Fish John Morris Devina Rankin Tara Hemmer Rafa Carrasco Chief Executive President and Chief EVP and Chief SVP and Chief SVP, Enterprise Strategy and Officer Operating Officer Financial Officer Sustainability Offi
Slide 11: Executing the WM Value Creation Engine
Executing the WM Value Creation Engine g Value Creation people-Firg, Sustainability Revenue Growth WM Healthcare Margin Selutons Improvement ECE 7 a Generation : Acceleration via M&A ) SE EEE POPE PERCE EP EE EEE EP EET ECE eo rceE EERE EE PEER Ter EEr Eee eer Ere crrea wm a
Slide 12: Un-Replicable Core Business
Un-Replicable Core Business The Power of Organic Growth in Our Core Business Winning with Customers While Lowering Our Cost to Serve Disciplined Targeted Volume ab Effective Cost Price Growth Expansion Management Maximizing Customer Capturing incremental Leveraging automation to Lifetime Value throu
Slide 13: Expanding Our Ability to Compete and Win
Un-Replicable Core Business Expanding Our Ability to Compete and Win Environmental Solutions and Technology Asset Management and Logistics Expertise Relentlessly Customer Focused Regulatory Growing Expertise Best-in-Class Asset Network Leadership Strengthening Differentiation and Deepening Our Compe
Slide 14: Well Positioned in an Increasingly Constrained Disposal Market
Un-Replicable Core Business Well Positioned in an Increasingly Constrained Disposal Market Increasing Municipal Solid Waste (MSW) Generation* Projected MSW generation ! 2000 2005 2010 2015 2020 2025 2030 Landfill MWastetoEnergy MRecycling ‘Bll Composting Capacity Offline from Closures (millions of t
Slide 15: Significant Opportunity for Growth in Large, Resilient Industry
Un-Replicable Core Business Significant Opportunity for Growth in Large, Resilient Industry ~$125 Billion U.S. and Canada Waste and Recycling Industry Total Addressable Market! WB wm | $22.18 | | Republic Services | $16.0B {08 waste Connections | $8.9B RL insomnia [| SAB Continued Leadership Positio
Slide 16: Maximizing Growth Opportunities from Sustainability Investments
New Growth Platforms | Sustainability Maximizing Growth Opportunities from Sustainability Investments Executed and Ongoing Sustainability Growth Investments 2027 Expected Results Since 20221 1 ~$1.4B Investment in 39 New or Automated Additional 2.8M Tons of Recycling Infrastructure Facilities Annual
Slide 17: Capturing Strategic Value and Driving Growth in WM Healthcare Solutions
New Growth Platforms | WM Healthcare Solutions Capturing Strategic Value and Driving Growth in WM Healthcare Solutions Strategic Update on Stericycle Acquisition Capturing Cost Synergies + Expecting $250M of annual run-rate cost synergies in 2027 + Double original expectations of >$125M Reducing SG&
Slide 18: Capitalizing on Strong Secular Growth Trends
Capitalizing on Strong Secular Growth Trends to Power the Business Forward Increasing Regulatory Requirements Increasing requirements for Multiple jurisdictions considering or implementing disposal of material containing PFAS EPR legislation to support recycling Declining Landfill Airspace Availabil
Slide 19: Leveraging Technology and Automation to Reduce Labor Dependency
Leveraging Technology and Automation to Reduce Labor Dependency Addressing Labor Dependency Challenge... Increasing Wage Inflation + Average WM frontline wages up >29% over past 5 years Slowing Population Growth * U.S. birth rate at historically low levels? Aging Population + Median age expected in
Slide 20: WM Investment Thesis
WM Investment The s Fostering a people-first leadership approach built on the strength and experience of a dynamic leadership team 20 aS Fueling a powerful, long-term growth engine for sustained value creation Leveraging unique, un-replicable asset network and materials management expertise to drive
Slide 21: Driving Operational Excellence through the WM Way
Driving Operational Excellence through the WM Way John Morris President and Chief Operating Officer
Slide 22: Key Messages
Key Messages O01 Building on deep core competencies to fuel growth and profitable expansion Partnering with our customers to provide world-class, environmental solutions to advance their business Modernizing our business model through targeted technology investments to elevate labor performance, dri
Slide 23: Delivered Sustained Operational Improvements and Efficiency Gains
Delivered Sustained Operational Improvements and Efficiency Gains that Have Strengthened Our Margin Profile Operational Excellence Strategic Initiatives Announced in 2019 Drive Operating Efficiencies through: Continuous focus on process optimization Increasing development and adoption of new technol
Slide 24: Leveraging Differentiated Core Competencies
Leveraging Differentiated Core Competencies ( Across the Organization — People-First Management Technology and Automation Optimization 24
Slide 25: Enabling WM Way Across Our Value Chain
Enabling WM Way Across Our Value Chain WM Software Commercial , Connected Truck . Large Industrial — Enterprise Residential Automated | Wellhead Satellite Recycling Facility RNG Plant Natural Gas Pipeline CNG Fueling Station 25 wm
Slide 26: Collection Operations Value Chain
Collection Operations Value Chain oH : = WM Software Commercial Industrial Large Connected Truck denn Entsreriee Healthcare : Residential anit Collection * Differentiated technology enables increased safety, labor efficiency, and improved service delivery * Route efficiencies improved daily via pate
Slide 27: Leading in Safety and Advancing Our Business through Innovation
Collection Leading in Safety and Advancing Our Business through Innovation Leveraging Technology and Automation to Provide Safer Work Environment Improving Labor Efficiency, Customer Satisfaction, and Profitability All-Time Driver Turnover | | 28% Improvement from 2022 Using Technology to Increase S
Slide 28: Optimizing Our Fleet Operations
Collection Optimizing Our Fleet Operations Background aoe ; _ RESULTS Integrated digital backbone between trucks, repair shops, and technicians — creates enhanced fleet visibility and improves maintenance processes Greater Asset Utilization Reducing unplanned fleet work orders, driving Repair Shop g
Slide 29: Improving Frontline Worker and Customer Experience with Connected Truck
Collection Improving Frontline Worker and Customer Experience with Connected Truck Daily Driver Fleet Health Alerting Performance Feedback => Critical health alerting Daily performance report ranks i and intelligent monitoring each driver as ‘bronze, silver, gold’ to improve asset reliability for Sa
Slide 30: Post-Collection Value Chain
Post-Collection Value Chain Post-Collection * CONNECTED LANDFILL® technology with automated sensing and controls * Intermodal operations to optimize landfill network * Automation technology recycling facilities helps to maximize material recovery Ty oS CES Transfer Stations Automated ; Wellhead — %
Slide 31: Maximizing Landfill Asset Value with Innovation
Post-Collection Maximizing Landfill Asset Value with Innovation Modern Landfill Excellence Key Benefits GPS-Enabled Equipment and F ESD V Extends Landfill Site Life Drone-Based Reality Capture Data geese. S28 and Profitability _ drive optimal airspace utilization wellneads igre, with improved airspa
Slide 32: Optimizing Our Industry-Leading Network of Post-Collection Assets
Post-Collection Optimizing Our Industry-Leading Network of Post-Collection Assets Max ing Value of Our paralleled Asset Network by: Trends Impacting Post-Collection Assets Limited land availability Expanding intermodal capacity to hindering greenfield leverage breadth of network development Securing
Slide 33: SPOTLIGHT: Intermodal Capabilities
Post-Collection SPOTLIGHT: Intermodal Capabilities Eastern Seaboard P Significantly constrained disposal capacity in region* ~45% of total U.S. waste generated in region + ~50% of waste generatedin region may not have local disposal option in 10 years Pacific Northwest Limited landfill capacity in W
Slide 34: Utilizing Emerging Technologies to Mitigate Industry's Largest Challenges
Utilizing Emerging Technologies to Mitigate Industry’s Largest Challenges Industry Challenges Aspirational Innovations, Moving Quickly Toward Reality (eel Autonomous Vehicles Dependency Phased deployment of autonomous capability for collection and postcollection operations to augment and optimize fu
Slide 35: Key Messages Recap
Partnering with our Modernizing our business Driving operational Building on deep core customers to model through targeted excellence across the competencies to provide world-class, technology investments to value chain from the fuel growth and environmental solutions elevate labor performance, mome
Slide 36: Attaining Growth through Differentiation
Attaining Growth through Differentiation eo Mike Watson
Slide 37: Key Messages
Key Messages Solving our customers’ biggest challenges with industry-leading capabilities, enabling us to be the partner of choice Applying a proven, customercentric playbook to drive scalable growth and differentiated customer experience Accelerating momentum through focused expansion in high-growt
Slide 38: Delivering Scalable Growth through Differentiation
Delivering Scalable Growth through Differentiation Optimizing Enhancing go-to-market Leveraging data Amplifying customer experience effectiveness and analytics WM brand to engage customers, to capitalize on growth to increase retention and to drive increased increase stickiness, and opportunities an
Slide 39: Solving Customers' Biggest Challenges through a Digital-First Experience
Customer Experience Solving Our Customers Biggest Challenges through a Modernized, Digital-First Customer Experience What Our Customers Need Actions Taken to Enhance & Create a Digital-First Customer Experience... ¥ Increased online self-service applications by 15x! to empower customers Ease of Use
Slide 40: Removing Customer Friction Points to Drive Scalable Growth
Customer Experience Where We’re Going | Removing Customer Friction Points to Drive Scalable Growth 2030 Vision* oT li Accelerate | C r ption of service by 3X Service Reliability Personalized Proactive Service Al-enabled Agents Connecting assets to Digital Interactions Outreach Providing smart create
Slide 41: Go-To-Market Excellence
Go-To-Market Excellence Enhancing Go-to-Market Process Evidence of Success | ! — = ao Re Optimizing Sales Structure Amplifying eCommerce Lowering cost to serve Capitalizing on digital investments Rightsizing Service Transforming Prospecting Increase in Using WM Smart Truck® technology Implementing A
Slide 42: Leveraging Predictive Analytics to Extend Customer Lifetime Value
il | Data Analytics Where We're Going | Leveraging Predictive Evidence of Analytics to Extend Customer Lifetime Value Success Ne je ch cn a Core Price Spread to Inflation >300 bpst Enhance Salesforce Optimize Proactive Retention Guided Retention Efficiency Customer Value Campaigns Offers Focusing on
Slide 43: Improved ROI by Elevating WM's Purpose-Driven Brand
A Brand Improved ROI by Elevating WM’s Purpose-Driven Brand through Sophisticated Marketing & Analytics Maximizing Brand Recognition and Marketing ROI Brand Awareness Sales Impact Si \ Zz . . ignificant Increase in +700 BPS WM Phoenix Open MLB media drove Metrics since 2019‘ i" paid media drove $11M
Slide 44: Pursuing Significant Opportunities in Growth Markets
Pursuing Significant Opportunities in Growth Markets National Accounts WM Healthcare Solutions Environmental Solutions ¥ Capturing increased v Applying WM’‘s suite of ¥ Deploying refined share of wallet capabilities environmental services v Leveraging analytics and v Leveraging technology, ¥ Capital
Slide 45: Outsized Growth through National Accounts
National Accounts Outsized Growth through National Accounts with Unparalleled Value Proposition National Accounts has Gro’ ° Revenue 12% cack Seamless Customer Onboarding Industry-Best Reporting and Analytics | Sustainability gains, regulatory compliance, service efficiencies iltlelements® 83% new c
Slide 46: Targeted Cross-Selling Strategy for Healthcare Customers
WM Healthcare Solutions Targeted Cross-Selling Strategy Designed to Optimize Healthcare Customer Engagement and Maximize Share National and Hospital Customers Small-Medium Business Customers =. Value Proposition Value Proposition ~$1.4B ~ integrated WM One Solution consistently scaled across ~$1.1B
Slide 47: Continuing to Drive Growth in Environmental Solutions
Environmental Solutions Continuing to Drive Growth in Environmental Solutions * Pioneered sustainable solutions for processing of new BioFuel waste streams Expanded WM’s market differentiation by creating a proprietary sustainable liquid recycling technology Hacardous ju + Increased efficiencies by
Slide 48: Key Messages Recap
Solving our customers’ Applying a proven, Accelerating momentum Executing clear priorities biggest challenges with customer-centric playbook through focused to deliver leading industry-leading to drive scalable growth expansion in high-growth customer service and capabilities, enabling us to and dif
Slide 49: Promoting a High-Performance Culture
Promoting a High-Performance Culture
Slide 50: Today's Panel
Today’s Panel —— Moderator Panelists Kim Stith Marcel Dalby Rebecca McMorris Ron Ward SVP and Chief Human VP, Collection Operations Senior Director, Area VP, Capitol Area Resources Officer and Business Optimization Enterprise Digital Services Joined WM: 2001 2005 2022 2020 ‘0 wn
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Slide 53: Work in Progress note
NOTE: Please refer to the yellow box in the upper right corner for Work in Progress (WIP) notes; slide design subject to change
Slide 54: Key Messages
Key Messages o1 Growing our sustainability business while operating the company with sustainability in mind Continuing strong commitment to ongoing sustainability innovation as we position for long-term secular tailwinds Delivering on sustainability investments in Recycling and RNG to drive signific
Slide 55: Sustainability Embedded in Our DNA
Sustainability Embedded in Our DNA BOLD AMBITIONS FOR A .-EMBEDDED IN SUSTAINABLE TOMORROW... EVERYTHING WE DO TODAY Material is REPURPOSED ; g ) Brand Customer Value Commitment Proposition Who We Are How We Serve We're reimagining a circular economy. Energy is RENEWABLE We're innovating for climate
Slide 56: Partnering with Customers to Develop Opportunities for Tomorrow
Partnering with Customers to Develop Opportunities for Tomorrow While Delivering Solutions for Today Developing for pp Industrial waste and Biosolids, food, and yard le} Hazardous waste liquids management waste beneficial use L=/T\ management Long-Term nae a (CO) Carbon capture and ES Textiles recyc
Slide 57: Growing Recycling Business Fueled by Long-Term Drivers
Growing Recycling Business Fueled by Long-Term Drivers Regulatory Requirements Generating More Inbound Materials Growing Customer Interest in Circularity Driving Demand for Outbound Materials + 7U,S. states and 9 out of 13 Canadian provinces/territories * More customers looking for fully circular so
Slide 58: Realizing Significant Return on Investments in Recycling
Realizing Significant Return on Investments, Capitalizing on Recycling Opportunities $1.4B Investment! in: Automating and Upgrading Existing Facilities t & ) Expanding into New Markets Driving automation to increase annual capacity 1M tons and reduce labor costs Enhancing material quality to drive i
Slide 59: Case Study | Elkridge Automation Project
Case Study | Elkridge Automation Project (Baltimore-D.C. Area) Before Investment of ~$54M in automation equipment, in a newly built facility, with over 1 mile of conveyors and 22 optical sorters Elkridge Background 170k >150 ~45% 60% tons per year ~ headcount increase in throughput to headcount tota
Slide 60: Pursuing Future Recycling Growth Supported by Leading Capabilities
Pursuing Future Recycling Growth Supported by Leading Capabilities Nearlerm Opportunity Enter New Geographies Enter population dense, high- growth geographies where WM is currently under-represented Expand into New Materials Capitalize on Policy Changes Create capacity to meet policy-driven increase
Slide 61: Recycling Food Waste is a New Frontier
Recycling Food Waste is a New Frontier Background: California, U.S. California Senate Bill 1383 + -Aims to fight methane pollution by diverting food and yard waste from landfills + Establishes 2025 state targets: + 75% decrease in food and yard waste sent to landfills Background: Quebec, Canada Orga
Slide 62: Poised for Renewable Energy Growth
Poised for Renewable Energy Growth Based on oe Size and Scale al Integration si Downstream Optionality Decades of Renewable Energy Expertise GastoElecticity b iki . Monetizing byproduct * Developed and built one of the first z 7 i LFG-to-electricity plants SUF REHOUDER from core business - , es Grow
Slide 63: Progressing on RNG Project Journey
Progressing on RNG Project Journey $1.6B Investment? in 20 New WM-Owned RNG Facilities, a l Complementing Original 4 Faciliti P oe cal $470M - 3-4 $375M- I Original 4 Facilities (-3M MMBtus) 2027 mm 20 Growth Project MMBtus Btpected ; $500M Years $400M 4 Total Projects : s incremental annual Payback
Slide 64: Case Study | Fairless RNG Project
Case Study | Fairless RNG Project BACKGROUND Flagship Landfill in the Metro-Philadelphia Area Strategic asset given proximity to major population centers and limited disposal alternatives 6k Acres | 3.8M Tons | 10 Years Landfill Size Annual Volume Remaining Airspace UNIQUE WM SOLUTION RESULTS Vertic
Slide 65: Executing Robust Risk Management Framework
Executing Robust Risk Management Framework to Proactively Mitigate Earnings Volatility Balanced Approach to Price FixedPrice Sales Target Current Execution? Risk Management g Current Year 2025 VY Contracting with stable, high-quality buyers in 70-90% of volume secured at a MMBtu Expected the volunta
Slide 66: Long-Term Opportunity to Monetize Additional Landfill Gas
Long-Term Opportunity to Monetize Additional Landfill Gas ~136M MMBtu Est. Captured! Potential Future Opportunities are Rigorously Scrutinized Based On: Regulatory Environment Monitoring federal and state regulatory environments and ~45% - 55% potentially viable under criteria capital incentives, th
Slide 67: Key Messages Recap
Growing our sustainability Continuing strong Delivering on sustainability Building on our execution business while operating commitment to ongoing investments in Recycling track record to the company with sustainability and RNG to drive expand capabilities sustainability in mind innovation as we sig
Slide 68: Delivering on the Promise of WM Healthcare Solutions
Delivering on the Promise of WM Healthcare Solutions Rafa Carrasco SVP, Enterprise Strategy and President, WM Healthcare Solutions
Slide 69: Key Messages
Key Messages Capitalizing on strong secular growth trends through use of O1 most expansive medical waste collection, treatment, and disposal asset network in North America Well-positioned to unlock increased profit potential as we apply WM operational playbook to medical waste platform Successfully
Slide 70: WM Healthcare Solutions at a Glance
WM Healthcare Solutions at a Glance North America and UK & Ireland market leader in regulated medical waste and compliance services 2024 Revenue By Solution i Regulated Medical Waste and Compliance Secure Information Destruction By Geography A HB North America BB international Comprehensive Global O
Slide 71: Comprehensive Provider with Full Suite of Solutions
Comprehensive Provider with Full Suite of Solutions Customers —e @ S & ar! itt WMHS U Regulated , Incinerator 2 Trace Pathological Non [ Medical wm A 1 Ball Waste and Chemo Rens ped Landfill Compliance Services oe L——~__..(#\(&)——-(§ healthcare ZL yee a uutoclave Practice and Sharps Regulated . care
Slide 72: Medical Waste Benefiting from Multiple Secular Growth Drivers
Medical Waste Benefiting from Multiple Secular Growth Drivers Aging U.S. Population* Increasing Rising U.S. Hospital Occupancy? # of US. population (millions of people) Chronic Conditions % national hospital occupancy and % breakdown by age group % U.S. population with 420M Increase chronic conditio
Slide 73: Growth Outlook Underpinned by Strengths of Integrated Businesses
Growth Outlook Underpinned by Strengths of Integrated Businesses Growing Industr Market-Leading Z Y Network & Customer Base Total U.S. Medical Waste Management * Size and scope of collection, Services Market Value ($B)! treatment, and disposal network + - Broad set of customers across iti $3.6 - $3.
Slide 74: WM Unlocks Stericycle's Full Potential
WM Unlocks Stericycle’s Full Potential Stericycle Positioning Enhanced by WM Capabilities ® Trusted brands and Powerful customer value ‘ deeply ingrained in proposition ‘h best-in-class Strong demand for data pnd en alyrlcs a URI eentone data and analytics platform supplementing compliance and susta
Slide 75: Significant Opportunity to Drive Growth with Combined Company
Significant Opportunity to Drive Growth with Combined Company Driving Growth through Cross-Sell Opportunities and Providing Benefits to Customers ~$2.5B Wallet Share Opportunity + One source solution managing all complex hospital waste streams + Single partner simplifying experience across customer
Slide 76: Case Study | Driving Revenue Growth through Cross-Selling
Case Study | Driving Revenue Growth through Cross-Selling Opportunities BACKGROUND Large hospital system in North and South Carolina has been a long-time customer of Stericycle + Regulated medical waste + Shredding services * Consolidated waste stream billing services and Hospital Specialists $3M /
Slide 77: Key Opportunities Related to Acquisition
Key Opportunities Related to Acquisition Capitalize on Scale to Drive Operating Leverage wv Optimizing SG&A + Eliminated public company cost redundancies Implement leading technologies, including Al and automation Drive back-office efficiencies v Lowering operating costs Expect to Achieve in 2027 +
Slide 78: Key Takeaways
Key Takeaways Capitalizing on strong Well-positioned to unlock Successfully achieved Significant profitable secular growth trends increased profit early integration growth opportunity for through use of most potential as we apply WM milestones, firming up cross-selling expansive medical waste operat
Slide 79: Achieving Sustainable Long-term Growth
Achieving Sustainable Long-term Growth Yr Devina Rankin -
Slide 80: Key Messages
Key Messages Building on exceptional, multi-year track record of value creation as we enter the next era of growth, profitability, and compounding returns Delivering ongoing shareholder value through our people-first strategy, differentiation, un-replicable assets, and ongoing investments in technol
Slide 81: Proven Track Record of Delivering Strong Financial Performance
Proven Track Record of Delivering Strong Financial Performance Revenue ($M) Adj. Operating EBITDA ($M) Free Cash Flow! ($M) ij ig (6% CAGR and Margin (%)* (before sustainability growth investments) $22,063 | -9% CAGR (-13% CAGR- $20,426 $6.563 S267 - $5,899 | e . $5,512 $2,537 $2,666 2022 2023 2024
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