Waste Connections, Inc. · TSX:WCN
Waste Connections — Q3 2025 Earnings Presentation
21 slides from Waste Connections's earnings presentation, Oct 22, 2025
Slide 1: Investor Presentation
Investor Presentation August / Q3 2025 Posted on 8/25/2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These fo
Slide 3: WCN: Investment Highlights
WCN: INVESTMENT HIGHLIGHTS Third largest solid waste Well-positioned for strategic company in North America growth opportunities in active M&A environment Differentiated approach: • Pure play solid waste strategy Long-term outperformance in • Focus on exclusive and total shareholder return secondary
Slide 4: WCN: At a Glance
WCN: AT A GLANCE Revenues: 86% U.S. and 14% Canada ~ 25,000 employees ~$9.45 billion revenue* ~$3.12 billion adjusted EBITDA* ~$1.30 billion adjusted free cash flow* ~$20 billion assets ~$55 billion enterprise value Footprint across 46 U.S. states and 6 Canadian provinces *2025e based on July 2025 o
Slide 5: Our Differentiated View on Solid Waste
OUR DIFFERENTIATED VIEW ON SOLID WASTE Solid waste is a commodity ▪ Lowest price provider wins ▪ Customer has basic level of service expectations ▪ Private companies can dictate pricing in competitive markets Returns are driven by: ▪ Market selection ▪ Asset and contractual positioning ▪ Local execu
Slide 6: Targeting Attractive Markets
TARGETING ATTRACTIVE MARKETS Market Selection Strategy Integrated Operations Non-Integrated Operations Exclusive Markets ▪ Purposeful market selection strategy #1 EBITDA Margin #3 EBITDA Margin since inception #1 EBIT Margin #2 (tie) EBIT Margin ▪ Current mix: #1 FCF Margin #2 FCF Margin ➢ ~40% excl
Slide 7: Culture: Human Capital Drives Value Creation
CULTURE: HUMAN CAPITAL DRIVES VALUE CREATION ▪ Waste is a local business => optimal structure is decentralized ▪ Culture is either accidental or intentional ▪ Servant Leadership: holding leaders accountable to those they serve ▪ Engagement drives Relationships / Relationships = Results ▪ Winning at
Slide 8: Innovation and Human Capital Investments
INNOVATION AND HUMAN CAPITAL INVESTMENTS Operational Technologies OPERATIONAL TECH TRAINING & SAFETY ▪ Robotics and optical sorters at IN HOUSE TRAINING recycling facilities ROBOTICS ▪ PFAS treatment / capture => landfill leachate ▪ EV => electric vehicles being deployed / tested ▪ AI => commercial
Slide 9: 10-Year Total Shareholder Return (TSR)
10-YEAR TOTAL SHAREHOLDER 10-YEAR TOTAL SHAREHOLDERRETURN RETURN (TSR) (TSR) 700 Differentiated Returns 499% 600 ~500% 10-Year TSR 500 400 323% >1.5x the returns of 262% the DJ Waste Index 300 165% 200 1.9x the returns of the S&P500 100 0 >3.0x the returns of the 2015 2016 2017 2018 2019 2020 2021 2
Slide 10: Looking Ahead: Positioned for Growth
LOOKING AHEAD: POSITIONED FOR GROWTH Organic Growth Opportunities Inorganic Growth Opportunities ▪ Price-led organic growth ▪ >100 acquisitions in last five years with annualized ➢ Historical Core Price spread to CPI => ~150bps+ revenue of ~$2.2 billion ▪ Acquisition pipeline => ~$5 billion of priva
Slide 11: Acquisition Case Studies
ACQUISITION CASE STUDIES Arrowhead Environmental: August 2023 NYC/Royal Waste: September 2024 ▪ 1,400-acre, rail-served, solid waste landfill in Alabama with ▪ New York City conversion to franchise market “zones” in multiple transload facilities in Northeast, including Newark commercial collection/d
Slide 12: ESG: Connecting with the Sustainable Future
ESG: Connecting with the Sustainable Future ▪ ESG targets aligned with business objectives and incentive compensation ▪ $500mm capital commitment towards achievement ESG Targets* ▪ On track for targeted achievement with multi-year progress ▪ Details provided at => Waste Connections Sustainability *L
Slide 13: Financial Discussion
FINANCIAL DISCUSSION 13
Slide 14: WCN: Financial Highlights
WCN: FINANCIAL HIGHLIGHTS* Revenue Adjusted EBITDA** Adjusted EBITDA Margin** Adjusted Free Cash Flow ** *2025e based on financial outlook provided in July 2025. **A non-GAAP measure; see appendix for reconciliation tables. 14 ***Normalized adjusted Free Cash Flow excludes $100- $150mm of RNG-relate
Slide 15: Full Year 2024 Highlights
FULL YEAR 2024 HIGHLIGHTS ▪ Revenue: $8.920 billion, up 11.2% ▪ Capital Allocation: ➢ Record year of private company acquisitions ▪ Adjusted EBITDA: $2.902 billion, up 15.0% ▪ ~$750mm acquired annualized revenue ➢ Acquisition outlays of ~$2.2 billion in 2024 ▪ Industry-leading adjusted EBITDA margin
Slide 16: Looking at 2025 and Beyond
LOOKING AT 2025* AND BEYOND ▪ Maintained full year 2025 outlook in July ▪ Multi-year opportunity for margin expansion ➢ Revenue: $9.45 billion ➢ Price-led growth with favorable price/cost spread ➢ Adj. EBITDA: $3.12 billion ➢ Acquisition integration ➢ Adj. EBITDA Margin: 33.0%, up 50bps YoY ➢ Tailwi
Slide 17: Waste Connections: In Summary
WASTE CONNECTIONS: IN SUMMARY Performance: Differentiated market model ESG: Integral to our business and consistent driving industry-leading EBITDA and FCF margins with objective to drive value creation Capital deployment: Track record of value Culture: Culture matters and differentiates creation TS
Slide 18: Non-GAAP Reconciliation Tables
NON-GAAP RECONCILIATION TABLES 18
Slide 19: Non-GAAP Adjusted EBITDA Reconciliation Schedule
NON-GAAP ADJUSTED EBITDA RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) Adjusted EBITDA* 2020 2021 2022 2023 2024 2025e** Net income attributable to Waste Connections 204,677 618,047 835,662 762,800 617,573 1,140,000 Plus/(less): Net Inc. (exp.) attributable to noncontrol
Slide 20: Non-GAAP Adjusted Free Cash Flow Reconciliation Schedule
NON-GAAP ADJUSTED FREE CASH FLOW RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) 2025 Outlook*** Adjusted Free Cash Flow* 2020 2021 2022 2023 2024 Low High Net cash provided by operating activities 1,408,521 1,698,229 2,022,492 2,126,817 2,228,927 2,482,888 2,532,888 Plus/
Slide 21: Principal Administrative Offices
PRINCIPAL ADMINISTRATIVE OFFICES 3 Waterway Square Place, Suite 110 The Woodlands, TX 77380 (832) 442-2200 INVESTOR RELATIONS Mary Anne Whitney, EVP - CFO Joe Box, VP – Investor Relations Phone: (832) 442-2253 Phone: (832) 442-2153 maryannew@wasteconnections.com joe.box@wasteconnections.com investor