Gfl Environmental Inc · TSX:GFL

Gfl Environmental — Investor Day (May 2022)

90 slides from Gfl Environmental's investor day presentation, May 24, 2022

1. Slide 1: 2022 Investor Day

   2022 Investor Day May 24, 2022

2. Slide 2: Disclaimer

   Disclaimer Unless otherwise indicated, all references in this presentation to ‘‘GFL,’’ ‘‘we,’’ ‘‘our,’’ ‘‘us,’’ the “Company’’ or similar terms refer to GFL Environmental Inc. and its consolidated subsidiaries. Forward-Looking Information This presentation includes certain “forward-looking statement

3. Slide 3: Agenda

   Agenda Topics Presenters Patrick Dovigi 8:15 am Opening Remarks Founder and Chief Executive Officer Greg Yorston Billy Soffera Chief Operating Officer Senior Vice President, Operations Ben Habets Matthew McAra 8:30 am Solid Waste Area Vice President, Eastern U.S. Area Vice President, Western Canada

4. Slide 4: Opening Remarks

   Opening Remarks Patrick Dovigi Founder and Chief Executive Officer

5. Slide 5: Best-in-Class Team – Today's Presenters

   Best-in-Class Team – Today’s Presenters Greg Yorston Billy Soffera Ben Habets Matthew McAra Stephen Miranda Ed Glavina Chief Operating Officer Senior Vice President, Area Vice President, Area Vice President, Vice President, Recycling Area Vice President, Operations Eastern U.S. Western Canada Enviro

6. Slide 6: Executed on Key Strategic Initiatives Since IPO

   Executed on Key Strategic Initiatives Since IPO, On Track to Continue to Exceed Targets in the Near-Term Key Strategic Initiatives Fiscal 2020 – 2021 Results Fiscal 2022+ Perspectives Double Adjusted EBITDA(1) from Increased  Potential Fiscal 2022 run-rate Adjusted EBITDA(1) $1.0B to $2.0B by Fisca

7. Slide 7: Significant Investments in the Platform Since IPO

   Significant Investments in the Platform Since IPO Operational Snapshot – At IPO(1) Operational Snapshot – Current(2) Headquarters Headquarters Solid Waste Solid Waste Environmental Services Environmental Services 11,500+ 5,300+ 210+ 18,000+ 9,200+ 450+ Employees Trucks Post Collection Facilities(3)

8. Slide 8: Industry Leading Growth Rates Across Key Financial Metrics

   Industry Leading Growth Rates Across Key Financial Metrics GFL Industry Peers(1) (C$ millions) 34.4% 6,050(2) 7.3% CAGR CAGR Revenue 1,853 2018 2022E 2018 2022E 42.8% 1,700 (2) 7.6% CAGR CAGR Adjusted EBITDA(3) 409 2018 2022E 2018 2022E 8.9% 35.4% (2) CAGR 660 CAGR Adjusted Free 360 Cash Flow(3) 202

9. Slide 9: Best-in-Class Strategic Network of Assets in Early Stages of Optimization

   Best-in-Class Strategic Network of Assets in Early Stages of Optimization Strategically Located Asset Network in North America(1) 160+ Transfer Stations 90+ Landfills 35+ Material Recovery Facilities (“MRF”) 20+ Organics Facilities 140+ Liquid Waste Facilities Headquarters Solid Waste 13 Environment

10. Slide 10: Multi-Pronged Growth Strategy to Create Long-Term Shareholder Value

    Multi-Pronged Growth Strategy to Create Long-Term Shareholder Value Reinvest Excess Maximize Value Drive Organic Adjusted EBITDA Reduce Cost of Debt Free Cash Flow into From Sustainability Growth Margin(1) Expansion M&A Strategy Initiatives  Optimize base business price  Leverage investment in bes

11. Slide 11: On Track to Generate $1.0B of Adjusted Free Cash Flow in the Near Term

    On Track to Generate $1.0B of Adjusted Free Cash Flow(1)(2) in the Near Term Potential RNG Projects $105 - $125 Potential Incremental Acquisitions $90 - $110 Organic Growth $110 - $115 3 2 1 $990 – $1,080 $685 – $730 $540 $360 2020 2021 Potential 2022 Potential 2024 Run-Rate(2) Run-Rate(2) 1 Organic

12. Slide 12: Committed Entrepreneurial Management Team with Significant Equity Stake

    Committed Entrepreneurial Management Team with Significant Equity Stake Executive Management Team Executive Compensation Aligned with Shareholders  Compensation program aligns the interests of our executive officers with those of our shareholders Patrick Dovigi Founder, President, Chief Executive O

13. Slide 13: Key Messages

    Key Messages Proven Business Model Drives Organic Growth; Complemented by M&A Strategy Industry Leading Growth Rates Across Key Financial Metrics Executed on Key Strategic Initiatives Since IPO, On Track to Continue to Exceed Targets in the Near-Term Multi-Pronged Growth Strategy to Create Long-Term

14. Slide 14: Solid Waste – Overview

    Solid Waste – Overview Greg Yorston Chief Operating Officer

15. Slide 15: Solid Waste – Segment Priorities

    Solid Waste – Segment Priorities 1 2 3 4 5 Create Incremental Continue to Maintain Densification Value through Commitment to Expand Adjusted Disciplined Pricing of Platform Sustainable Health & Safety EBITDA Margin(1) Solutions (1) For a reconciliation of non-IFRS measures to its nearest IFRS equiva

16. Slide 16: Solid Waste at a Glance

    Solid Waste at a Glance Solid Waste – Overview & Market Areas(1) ~$4.4B(2) Revenue (Canada: ~$1.4B / U.S.: ~$3.0B) 30.9%(2) Adjusted EBITDA Margin(3) 7 Areas (Canada: 2 / U.S.: 5) ~$600M – $1.3B (Revenue Range by Area) Operating Structure Provides Operational Hauling Landfill Oversight at the Transf

17. Slide 17: Solid Waste Operating Model Supports Markets

    Solid Waste Operating Model Supports Markets  AVPs and RVPs have finance business partners  Allows for acquisitions to be rapidly integrated at local and regional levels Strategy is to  For continued growth, maintain flexibility for have Local Leaders in Local regions to be split or expanded Mark

18. Slide 18: Safety Performance – Significant Improvement in Total Recordable Incident Rate

    Safety Performance – Significant Improvement in Total Recordable Incident Rate Total Recordable Incident Rate (“TRIR”) 7.5  Implemented Safety Enterprise 7.0 Management System, to replace different systems from acquisitions 6.1 • One system for compliance, 5.6 Department of Transport files, trainin

19. Slide 19: Forecasting is a Cornerstone of the Area Business Model

    Forecasting is a Cornerstone of the Area Business Model Forecasting Accuracy  GMs, RVPs and AVPs have tools and training to submit a bottoms-up LOB +/- 5.0% - 7.0% forecast twice a month  Forecasting discipline allows management to anticipate revenue/cost headwinds and course correct in real-time

20. Slide 20: GFL Pricing Tool – Allows for Oversight Down to the Branch Level

    GFL Pricing Tool – Allows for Oversight Down to the Branch Level Proprietary Pricing & Approval Platform WISHES – Key Focus Areas  Custom-built pricing system called “WISHES” used to quote new commercial and roll-off business Cost  GM training on price calculation • Facilitates high quality new sa

21. Slide 21: WISHES Drives Improved Pricing Management

    WISHES Drives Improved Pricing Management WISHES – Q1 Order Tracking Snapshot Alternate Approvals Automatic  WISHES uses combination of “prevent” and “detect” controls to manage margin and Alternate surcharge levels • Provides flexibility that allows each BU and Sales Representative to address uniq

22. Slide 22: Solid Waste Surcharge Strategy – Commercial & Industrial Lines of Business

    Solid Waste Surcharge Strategy – Commercial & Industrial Lines of Business Illustrative Solid Waste Fuel Surcharge Opportunity  Fuel and environmental surcharges well established and Addressable Market Fuel Surcharge Structure effectively used in industry to recover costs and provide required margi

23. Slide 23: KPI Dashboard – Focus on Rigorous Cost Controls

    KPI Dashboard – Focus on Rigorous Cost Controls Gross Profit Margin (%) Net R&M Cost Revenue per Hour per Hour ($) ($) Forecasts are augmented by granular review of KPIs by BU vs budget Labour Operating Cost per Cost per Hour Hour ($) ($) Rigorous Forecasting Process Prompts Appropriate and Timely C

24. Slide 24: Key Performance Indicator – Quartile Report by BU

    Key Performance Indicator – Quartile Report by BU  Our AVPs and RVPs review all five KPIs to understand relationship between revenue and costs KPI Quartile Report Example Gross Profit % Net Revenue / Hour ($) Operating Cost / Hour ($) Labour Cost / Hour ($) Truck R&M Costs / Hour ($) BU #1 65.8% BU

25. Slide 25: Key Takeaways

    Key Takeaways Safety Performance Improvement from Enterprise-Wide System Adoption, Rapid Onboarding of Proven Processes and Technology Use Operating Model Promotes Local Application of Centralized Strategies, Enabling Tailored Approaches to Local Market Conditions KPI Monitoring and Forecasting as C

26. Slide 26: Solid Waste – Operations

    Solid Waste – Operations Billy Soffera Senior Vice President, Operations

27. Slide 27: Solid Waste – Operational Priorities

    Solid Waste – Operational Priorities 1 2 3 4 5 Continue to Invest in Build Out & Retain Continue CNG Optimize Asset Broaden KPI Rigor Residential Fleet World Class Team Fleet Conversion Network Automation 27

28. Slide 28: Optimizing Asset Network

    Optimizing Asset Network Geospatial & Routing Capabilities  Utilize customer and geospatial data to further identify route optimization opportunities • Consider expanding transfer station, landfill and MRF networks  Leverage data to identify strategic market opportunities and opportunities to expa

29. Slide 29: Adoption of Best Practices to Broaden KPI Rigor

    Adoption of Best Practices to Broaden KPI Rigor Enables tracking of R&M costs per hour  Trucks Common  Containers  Property Maintenance Platform Adoption Monitoring turnover rates to identify Enables granular measurement of Deployment BUs requiring support service KPIs by call center Rigorously o

30. Slide 30: Focus on Employee Development & Retention

    Focus on Employee Development & Retention  Labour market remains challenging across North America  In response, developed and implemented targeted programs to attract & retain talent in the field and at corporate  Focused on reducing churn by increasing employee satisfaction and developing strong

31. Slide 31: CNG Fleet – Significant Opportunity to Enhance Margins & Improve Operating Efficiency

    CNG Fleet – Significant Opportunity to Enhance Margins & Improve Operating Efficiency  CNG conversion strategy in near-term raises target of annual fleet replacements that are CNG trucks with overall goal of 50% - 70% conversion  Realization of operational efficiencies as CNG trucks require less m

32. Slide 32: Residential Fleet Automation – Meaningful Opportunity to Drive Margins & Efficiency

    Residential Fleet Automation – Meaningful Opportunity to Drive Margins & Efficiency  Critical safety and operational cost lever, as automation anticipated to drive significant margin expansion  Fleet automation to be driven by leveraging other tools (i.e., GIS and contract bidding discipline)  Co

33. Slide 33: Assessing & Participating in the Evolution of Electric / Alternative Fleets

    Assessing & Participating in the Evolution of Electric / Alternative Fleets GFL Experience & Advantages GFL Battery Electric Vehicle  Early adopter of scaled Battery Electric Vehicles (“BEVs”)  Extensive experience with vehicle development creates strategic partnerships with OEMs  Planned adoptio

34. Slide 34: Solid Waste – Eastern U.S.

    Solid Waste – Eastern U.S. Ben Habets Area Vice President, Eastern U.S.

35. Slide 35: Solid Waste – Eastern U.S. Market Area

    Solid Waste – Eastern U.S. Market Area Solid Waste – Eastern U.S. Market Area(1) Operational Snapshot(1) 2,900+ 1,650+ 12 Employees Trucks Landfills 27 3 Transfer Stations MRFs Revenue Mix(2) 1.7% 4.8% 1.2% 10.3% 39.3% Hauling Landfill Transfer Station 42.7% MRF Commercial & Industrial Residential L

36. Slide 36: Solid Waste – Eastern U.S. Market Strategies

    Solid Waste – Eastern U.S. Market Strategies Area Strategy & Perspectives Revenue Profile  TRIR improved by 160+ bps over previous three years 1.5x  Disciplined best management practices and personal touches drive safety  Densification- Commercial and Industrial growth opportunities  Vertically

37. Slide 37: Solid Waste – Eastern U.S. Case Studies

    Solid Waste – Eastern U.S. Case Studies Richmond, Virginia(1) Raleigh, North Carolina(1)  Nascent market with active buy-and-build strategy, complemented by strong  Mature market with strong organic growth initiatives and incremental tuck-in organic growth initiatives acquisition opportunities  R

38. Slide 38: Solid Waste – Western Canada

    Solid Waste – Western Canada Matthew McAra Area Vice President, Western Canada

39. Slide 39: Solid Waste – Western Canada Market Area

    Solid Waste – Western Canada Market Area Solid Waste – Western Canada Market Area(1) Operational Snapshot(1) 2,300+ 1,150+ 25(2) Employees Trucks Landfills 40 8 2 Transfer Stations MRFs Organics Facilities Revenue Mix(3) 1.7% 22.2% Hauling Landfill Transfer Station MRF 0.2% 3.5% 53.3% 19.1% Commerci

40. Slide 40: Solid Waste – Western Canada Market Strategies

    Solid Waste – Western Canada Market Strategies Area Strategy & Perspectives Revenue Profile  Significant building out of safety culture since IPO 1.5x • 75%+ reduction in TRIR • Safe for Life P.A.U.S.E.  Robust growth since IPO  Positioned for acquisition and organic growth • RVP model introducti

41. Slide 41: Solid Waste – Western Canada Market Strategies

    Solid Waste – Western Canada Market Strategies Vancouver Island & Lower Mainland, British Columbia(1) Edmonton, Alberta(1)  Foundation built through platform acquisition of Alpine Disposal and further  Mature collection market with focus on vertical integration tuck-in transactions  Recently acqu

42. Slide 42: Solid Waste – Recycling

    Solid Waste – Recycling Stephen Miranda Vice President, Recycling

43. Slide 43: GFL Recycling at a Glance

    GFL Recycling at a Glance GFL Recycling Market Areas(1) MRF Revenue Mix(2) Commodity Processing Sales Fees 47% 53% Commodity Sales Mix(2) Non-Fiber 32% Fiber 68% MRF (1) Figures as at May 1, 2022. 43 (2) Reflects Fiscal 2021.

44. Slide 44: GFL's Strategic Recycling Foundation

    GFL’s Strategic Recycling Foundation Business MRF Operations Contract / Commercial Development Management Management  Key market growth  Safety and preventative  Expand margins in  Extended Producer maintenance contracts Responsibility (“EPR”)  Create products based on  Reflect composition  I

45. Slide 45: GFL Recycling – Strategic Priorities to Drive Growth

    GFL Recycling – Strategic Priorities to Drive Growth Centralization of Leverage Existing Leverage Collection Commodities Customers & Targeted Operational Tune Up Positioning for EPR Footprint Marketing Prospecting  Optimize selling prices  Greenfields  Differentiate our offerings by  Creation of

46. Slide 46: Case Study – Winnipeg MRF

    Case Study – Winnipeg MRF Key Perspectives Innovate to Maximize Value  Winnipeg MRF built on back of anchor municipal collection contract • Facility purpose designed with nearly double capacity required for City of Winnipeg materials • Excess capacity allows for incremental growth volume from adjac

47. Slide 47: Strategically Expanding MRF Footprint & Differentiating Offerings with Technology

    Strategically Expanding MRF Footprint & Differentiating Offerings with Technology Fiscal 2022 Fiscal 2023 Fiscal 2024+  Plan to commission state-of-the-art MRF  Commission state-of-the-art MRF in in key U.S. market Pontiac, Michigan  Commission Calgary, Alberta MRF  Commence build of MRF in Calg

48. Slide 48: Environmental Services

    Environmental Services Ed Glavina Area Vice President, Environmental Services

49. Slide 49: Environmental Services – Segment Priorities

    Environmental Services – Segment Priorities 1 2 3 4 5 Continue to Strategically Greater Supply Expand into Key Commitment to Expand Adjusted Expand Portfolio of Chain Ownership U.S. Markets Health & Safety EBITDA Margin(1) Service Offerings (1) For a reconciliation of non-IFRS measures to its neares

50. Slide 50: Environmental Services at a Glance

    Environmental Services at a Glance Environmental Services – Overview & Market Areas(1) ~$733M(2) Revenue 25.6%(2) Adjusted EBITDA Margin(3) 4 Areas (Canada: 3 / U.S.: 1) 3,500+ Employees 750+ Trucks 140+ Liquid Waste Facilities Liquid Waste 13 Soil Remediation Soil Remediation Facilities (1) Figures

51. Slide 51: Highly Complementary Offerings with Focus on Resource Recovery

    Highly Complementary Offerings with Focus on Resource Recovery Environmental Solutions Specialized Permitted Facilities Resource Recovery On-Site Embedded Services & Industrial Services Industrial Services Cleaning GFL’s Processing & Technical Expertise Enables its Unique Business Model  High press

52. Slide 52: Comprehensive Services Across the Entire Industrial Waste Value Chain

    Comprehensive Services Across the Entire Industrial Waste Value Chain Waste Generation Collection Processing Re-Use / Disposal Blue-chip customers produce a Waste is collected via GFL’s Waste is processed at GFL’s owned Beneficial or recycled products are variety of hazardous & non- owned and 3rd pa

53. Slide 53: Diverse Service Offerings with Meaningful Cross-Selling Opportunities

    Diverse Service Offerings with Meaningful Cross-Selling Opportunities Service Offering Est. Revenue Mix Overview  Extensive fleet of hydrovac, straight-vac and combination wet-to-dry recovery trucks for proper hauling, transportation and disposal needs ~25%  Delivers integrated vacuum truck servic

54. Slide 54: Attractive Financial Profile with Upside Potential Driven by Operating Leverage

    Attractive Financial Profile with Upside Potential Driven by Operating Leverage Revenue Adjusted EBITDA Margin(1) (C$ millions) COVID-driven contraction 28.6% 1,000+ CAGR 26.4% ~26.0% 25.7% 25.5% 733 514 490 2019 2020 2021 2022E 2019 2020 2021 2022E Potential for Continued Adjusted EBITDA Margin(1)

55. Slide 55: Sustainability

    Sustainability Joy Grahek Executive Vice President, Strategic Initiatives Jennifer Ahluwalia Vice President, Environmental Responsibility and Sustainability

56. Slide 56: Social & Corporate Governance Highlights

    Social & Corporate Governance Highlights  Safe for Life program focuses all employees and contractors on clear path to achieving best-in-industry TRIR  Focus on innovative and entrepreneurial culture through award-winning Environmental Innovation Program, empowering employees to make decisions to

57. Slide 57: Doing our Part – GHG Reductions

    Doing our Part – GHG Reductions  Named to Corporate Knights / As You Sow Clean 200 Global list of publicly traded companies leading the transition to clean energy Helping Our Customers Achieve Their Sustainability Goals Reducing Our Own GHG Emissions 2020 GHG Emissions 2,522,562 206,080,638 2,432,0

58. Slide 58: Supporting Innovation to Reduce Emissions

    Supporting Innovation to Reduce Emissions  Robust Environmental Management  Well-positioned to adapt to  Committed to identifying and  ~15% of our solid waste collection fleet System tracks regulatory compliance and environmental regulatory changes given implementing sustainable environmental cu

59. Slide 59: GFL Renewables – RNG Projects

    GFL Renewables – RNG Projects GFL Renewables RNG Projects  Formed in 2021 4 RNG Projects  Focused on converting methane gas from collection Signed systems at MSW landfills into commercial-grade, 9 RNG Projects  ~5.5 million pipeline-quality RNG that can be used in commercial Currently Under MMBtu

60. Slide 60: Digital Strategy

    Digital Strategy Mike May Chief Information Officer

61. Slide 61: Hybrid Cloud Infrastructure Accelerates Speed of Delivery of Functionality to All Users

    Hybrid Cloud Infrastructure Accelerates Speed of Delivery of Functionality to All Users Enhance Customer Experience  Centralized, integrated customer service experience based on deep data Customers  Simple interactions from Order to Pay via preferred customer channel (e.g., phone, web, mobile or i

62. Slide 62: Information Technology Priorities – Ongoing Digital & Business Transformation

    Information Technology Priorities – Ongoing Digital & Business Transformation to Support Growth Enterprise Enhanced Data Acquisition Cybersecurity & Digital Innovation Infrastructure & Analytics Integration Risk Mitigation Applications  Develop and deploy  Migrate enterprise  Increase customer li

63. Slide 63: Break

    Break

64. Slide 64: M&A and Integration

    M&A and Integration Craig Orenstein Vice President, Corporate Development Julie Boudreau Vice President, Integrations

65. Slide 65: Established M&A Platform in Highly Fragmented North American Market

    Established M&A Platform in Highly Fragmented North American Market Established M&A Platform Industry Dynamics Driving Consolidation  200+ acquisitions completed since 2007 Lack of Succession Plans for Family-Owned Operators  Founder-led management team highly versed in a “buy and build” strategy

66. Slide 66: Disciplined Approach to Executing Strategic, Accretive Acquisitions

    Disciplined Approach to Executing Strategic, Accretive Acquisitions Proven Track Record of Execution & Integration  200+ acquisitions completed Disciplined Valuation &  ~$7.9B invested in strategic, accretive acquisitions since January 1, 2019 Capital  Historically completed acquisitions at an av

67. Slide 67: Founder-Led Multi-Disciplinary M&A and Integration Team

    Founder-Led Multi-Disciplinary M&A and Integration Team Executive Involvement in M&A & Integration Established Corporate Development & Integration Teams Field Level Field Level Financial Reporting, Corp. Dev. Corp. Dev. Tax, and Treasury & Craig Orenstein Shared Services Vice President, Corporate De

68. Slide 68: Illustrative M&A Timeline

    Illustrative M&A Timeline Engage External Operations / Advisors Close Technology Diligence Initial Contact (Deal Dependent) Finalize Terms Transaction Origination Due Diligence Completion Integration Letter of Intent Legal, Financial, Pre-Integration Execute Definitive Integration Reputational, and

69. Slide 69: Well Defined Integration Steps Ease Transition Process & Maximize Synergies

    Well Defined Integration Steps Ease Transition Process & Maximize Synergies Integration Support – Core Functions Keys to Managing Multiple Integrations  Planning  Dedicated integration resources  Well defined repeatable process Cradle to Grave M&A Due Diligence & Oversight Discoveries Pre-Close I

70. Slide 70: Integration Landscape – Accountability Across Our Platform

    Integration Landscape – Accountability Across Our Platform Human Resource Management Environmental, Training Safety & ESG Fleet & Treasury Facilities Finance Branding Operations Procurement Health & IT Corporate Legal PMO Safety Development Integrations Team Serves as Point of Contact between GFL an

71. Slide 71: Illustrative M&A Integration Process

    Illustrative M&A Integration Process Closing Closing System T-6 Weeks Completion (T = 0) T + 30 Go Live Phase I: Pre-Closing  Letter of Intent (“LOI”) Executed  Operations / IMO / IT / HR Alignment  Due Diligence (Operations, HR, IT, Financial, Environmental, Tax, Legal, etc.)  Integration Plan

72. Slide 72: Track Record of Adding Value to Acquired Assets

    Track Record of Adding Value to Acquired Assets Purchase Multiple Acquired Adjusted EBITDA(1) ~$60 – $70(2) ~7.0x – 8.0x Cost Synergy Levers  Route optimization / maximize route density  SG&A rationalization ~(1.5x) – Cost Synergies ~$15 – $30  Implementation of GFL’s National Procurement Program

73. Slide 73: Financial Outlook

    Financial Outlook Luke Pelosi Chief Financial Officer

74. Slide 74: Financial Priorities

    Financial Priorities 1 2 3 4 5 Continue to Drive Adjusted Disciplined Organic Delevering Optimize Our Grow Adjusted EBITDA Margin(1) Approach to & Lowering Best-in-Class Free Cash Flow(1) Expansion Capital Allocation Cost of Debt Asset Base (1) For a reconciliation of non-IFRS measures to its neares

75. Slide 75: Financial Highlights

    Financial Highlights Revenue Adjusted EBITDA(1) Adjusted Free Cash Flow(1) (C$ millions) (C$ millions) (C$ millions) 42.8% 35.4% 34.4% 1,700(2) 6,050(2) CAGR CAGR 660 (2) CAGR 5,526 1,464 540 4,196 1,077 360 3,347 826 1,853 409 (82) 2018 2019 2020 2021 2022E 2018 2019 2020 2021 2022E 2019 2020 2021

76. Slide 76: GFL Growth Opportunity

    GFL Growth Opportunity GFL Incremental Industry Average(1) Organic(2) M&A Organic + M&A Opportunities  Pricing growth in line with industry peers to Revenue offset inflation Mid-Single Digits Mid-Single Digits+ High-Single Digits Low-Teens CAGR  Implementation of appropriate surcharge rates for tu

77. Slide 77: Fiscal 2022 Full Year Guidance

    Fiscal 2022 Full Year Guidance Fiscal 2021 Fiscal 2022 (C$ millions, unless otherwise noted) Actuals As Adjusted YoY Growth Revenue  Organic growth 5.0% – 6.0%  Net M&A roll over 8.0% – 8.5% $6,000 – $5,525 17% – 19%  $175M of incremental revenue contribution from M&A completed so far in 2022, ne

78. Slide 78: Delevering Driven by Adjusted EBITDA Growth & Free Cash Flow Generation

    Delevering Driven by Adjusted EBITDA(1) Growth & Free Cash Flow Generation Potential for credit rating B+ (Stable) / B1 (Stable) Unique opportunity to Committed to maintaining upgrades in the near-term Corporate Credit Ratings further reduce Cost of Net Leverage(1) below 5.0x with further credit pro

79. Slide 79: Well Positioned in Rising Rate Environment with Optionality to Refinance Debt

    Well Positioned in Rising Rate Environment with Optionality to Opportunistically Refinance Debt Variable vs Fixed Interest Current Debt Maturity Profile TLA 6% 3,182 Maturity Extension Unsecured Notes TLB 937 32% 21% 2,125 625 1,874 ~8.0B ~4.5%(1) 1,625 1,000 (As at Q1 2022) (Cost of Debt for 2025E

80. Slide 80: Scenario 1: Base Business Supports Delevering via Adjusted EBITDA Growth

    Scenario 1: Base Business Supports Delevering via Adjusted EBITDA(1) Growth & Strong FCF Generation Delevering Profile – No Incremental M&A Organic 2022E – 2025E Adjusted Free Cash Flow(1)(2) CAGR: 17.7% Growth Reduction (0.20x) in Net Debt (0.30x) RNG Organic Reduction (0.15x) Growth in Net Debt (0

81. Slide 81: Scenario 2: Tempered Delevering with Active M&A

    Scenario 2: Tempered Delevering with Active M&A Delevering Profile – $500M of Incremental M&A per Annum Organic +0.15x 2022E – 2025E Adjusted Free Cash Flow(1)(2) CAGR: 22.1% Growth vs. Base Case (0.20x) RNG M&A (0.15x) Contribution Organic (0.15x) Growth Reduction +0.25x (0.15x) in Net Debt vs. Bas

82. Slide 82: Scenario 3: Potential to Maintain Leverage at Low 3.0x with M&A Spend of $1.0B

    Scenario 3: Potential to Maintain Leverage at Low 3.0x with M&A Spend of $1.0B per Annum Delevering Profile – $1.0B of Incremental M&A per Annum Organic +0.25x 2022E – 2025E Adjusted Free Cash Flow(1)(2) CAGR: 25.8% Growth vs. Base Case (0.20x) RNG M&A Organic (0.15x) Contribution Growth (0.05x) RNG

83. Slide 83: Disciplined Approach to Capital Allocation

    Disciplined Approach to Capital Allocation Fiscal 2019 – Fiscal 2021 Capital Allocation Capital Deployment Priorities Dividends Net Capex 0.4% 15.0% Continue to fund our best internal 1 growth opportunities ~$8.2B Identify and execute on strategic, 2 Deployed accretive acquisitions M&A 84.6% Prepay

84. Slide 84: Closing Remarks

    Closing Remarks Patrick Dovigi Founder and Chief Executive Officer

85. Slide 85: Appendix

    Appendix aa) ouaenat 1"

86. Slide 86: Adjusted EBITDA Reconciliation

    Adjusted EBITDA Reconciliation (C$ millions, unless otherwise noted) 1. Loss (gain) on foreign exchange: Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign Year e

87. Slide 87: Adjusted Free Cash Flow Reconciliation

    Adjusted Free Cash Flow Reconciliation (C$ millions, unless otherwise noted) 1. Costs associated with IPO related debt repayments: Consists of costs, including related fees, premiums, accrued interest and the termination of swap arrangements, associated with the extinguishment of certain notes Year

88. Slide 88: Net Leverage

    Net Leverage (C$ millions, unless otherwise noted) December December December 31, 2021 30, 2020 30, 2019 Total long-term debt 7,979.0 6,166.1 7,625.1 Deferred finance costs and other adjustments 57.9 58.5 (50.6) Total long-term debt excluding deferred finance costs and other 7,921.1 6,107.6 7,675.7

89. Slide 89: Definitions

    Definitions “EBITDA” represents, for the applicable period, net income (loss) plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, less (c) the provision for income taxes, in each case to the extent deduct

90. Slide 90: investors.gflenv.com ir@gflenv.com

    investors.gflenv.com ir@gflenv.com

GFL Environmental — Investor Day (May 2022) on 6ix