Secure Waste Infrastructure Corp.
Secure Waste Infrastructure — Investor Presentation (July 2025)
26 slides from Secure Waste Infrastructure's investor presentation, July 2025
Slide 1: Investor Presentation: Transforming Waste into Value
INVESTOR PRESENTATION TSX : SES TRANSFORMING WASTE INTO VALUE July 2025
Slide 2: Corporate Snapshot
SECURE WASTE INFRASTRUCTURE CORP. CORPORATE SNAPSHOT Our core operations located in Western Canada Adjusted EBITDA per Share(1) Adjusted EBITDA Conversion Ratio (1) and North Dakota are centered around the $2.25 70% 8% CAGR 2022-2024 DFCF 64% of EBITDA in 2024 collection, processing, recovery, recyc
Slide 3: The Evolution of Secure
THE EVOLUTION OF SECURE A DECADE OF GROWTH AND TRANSFORMATION 2014 2025 Exploit the value chain in Energy Waste Management & Energy Services Infrastructure Cash Flows 60% D&C & 40% Production Cash Flows 80% Prod/Recurring & 20% D&C 1,300 Employees 2,000 Employees 26 Facilities 80 Facilities 40% Recu
Slide 4: Leading in Waste Management & Energy Infrastructure
LEADING IN WASTE MANAGEMENT & ENERGY INFRASTRUCTURE INTEGRATED BUSINESS UNITS PROVIDING CRITICAL INFRASTRUCTURE SOLUTIONS Opportunities to Multiple Growth Drivers Achieve Additional Adjusted EBITDA (1) • Same store sales volume growth 2025e Growth through M&A • Reclamation and Abandonment • M&A oppo
Slide 5: Stable Cash Flows Supported by Recurring Volumes
STABLE CASH FLOWS SUPPORTED BY RECURRING VOLUMES 80% ADJUSTED EBITDA(1) TIED TO HIGHLY STABLE SOURCES Adjusted EBITDA (1) Production Volumes Growth Driving Same Store Sales by source of waste across the Network WCSB CONVENTIONAL OIL VOLUMES (2) DRILLING & COMPLETIONS 2.0 $100 20% Canadian crude oil
Slide 6: Waste Processing Facility
WASTE PROCESSING FACILITY DESIGNED FOR PROCESSING, RECOVERY, RECYCLING AND DISPOSAL OF INDUSTRIAL WASTE STREAMS Processing Liquid waste and emulsion are mechanically and chemically treated to separate oil and water. Crude oil optimization (Energy Infrastructure) Crude oil recovered from processes an
Slide 7: Waste Processing and Transfer Infrastructure
WASTE PROCESSING AND TRANSFER INFRASTRUCTURE UNMATCHED ASSET NETWORK ACROSS WESTERN CANADA AND NORTH DAKOTA WITH HIGH BARRIERS TO ENTRY Produced water volumes growing with higher production, increasing Critical asset network trend to tie-in customer produced water volumes via pipelines Complex r
Slide 8: Industrial Landfills
INDUSTRIAL LANDFILLS 12 DISPOSAL SITES LOCATED ACROSS WESTERN CANADA High barriers to entry driving recurring same store sales Geologically challenging to find suitable locations Difficult to obtain required permits High capital investment Designed and constructed to prevent/minimize envir
Slide 9: Metals Recycling Facilities
METALS RECYCLING FACILITIES NETWORK OF FACILITIES THAT AGGREGATE AND PROCESS SCRAP METALS Full service ferrous and non-ferrous Significant growth in the business, recycling, including onsite collection with a Q2’24 tuck-in and January 31, and offsite clean-up across 2025, closing of a $152M tran
Slide 10: Growth in Metals Recycling
GROWTH IN METALS RECYCLING INCREASING DEMAND FOR RECYCLED METAL SUPPORTS GROWTH STRATEGY Expected long-term demand growth in North America for Global scrap demand is expected recycled steel with green steel transition initiatives to double by 2040 Transition from carbon intensive BOF (virgin raw
Slide 11: Specialty Chemicals
SPECIALTY CHEMICALS INITIAL PHASE WASTE PREVENTION AND MANAGEMENT Integrated Chemical Solutions Development and blending of Specialty Chemicals used in optimizing operations and waste processing facilities Proprietary products Proprietary products that enhance asset performance and longevity
Slide 12: Energy Infrastructure
ENERGY INFRASTRUCTURE TRANSPORTATION, TERMINALLING, OPTIMIZATION AND STORAGE SOLUTIONS FOR OUR ENERGY CUSTOMERS Recurring volumes driven by commercial agreements Organic growth projects driving higher volumes 8,000 Three oil gathering pipelines backed by long-term contracts provide stable fee-base
Slide 13: 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 55 waste processing and transfer facilities(1) 136 mbbl/d 12 produced water and waste industrial processed and disposed landfills 1.1 million bbls 12 oil recovered
Slide 14: Financial and Operational Waste Management Benchmarking
FINANCIAL AND OPERATIONAL WASTE MANAGEMENT BENCHMARKING INDUSTRY LEADER ACROSS VARIOUS METRICS Adjusted Free Cash Flow Adjusted EBITDA Return on Invested Capital3 Revenue Growth Dividend Conversion1 Margin2 Rate4 Yield5 SECURE >50% SECURE 33.6% SECURE 21.1% Peer D 15.9% SECURE 2.4% Peer E 43.8% Peer
Slide 15: Peer Group Valuation Benchmarking
PEER GROUP VALUATION BENCHMARKING TRADING WELL BELOW INDUSTRY PEERS PROVIDES INVESTMENT OPPORTUNITY 2025 EV/EBITDA (1) 20.0x SECURE Value Proposition Peer Average 16x 16.0x Same Store Sales Growth 12.0x Organic & M&A Growth ~4x VALUATION GAP 8.0x Competitive Dividend Shareholder Returns 4.0x Re-rate
Slide 16: Capital Allocation and Balance Sheet Strength
CAPITAL ALLOCATION AND BALANCE SHEET STRENGTH STRATEGIC APPROACH TO MAXIMIZING SHAREHOLDER VALUE 2023 – 2025e Capital Allocation (millions) 1 High Rate of Return Organic Growth DIVIDENDS $315 2 Strategic Acquisitions 3 Competitive Dividend $1,100 > $1.9 BILLION $190 4 Opportunistic Share Repurchases
Slide 17: 2025 Organic Growth Capital Program
2025 ORGANIC GROWTH CAPITAL PROGRAM $125 MILLION TOTAL SPEND EXPECTED, LARGELY TIED TO MONTNEY REGION WATER DISPOSAL INFRASTRUCTURE Strategic Rationale Key 2025 Infrastructure Investments: Infrastructure-based investments Produced Water Disposal: Constructing two new produced water disposal facili
Slide 18: High Discretionary Free Cash Flow Conversion
HIGH DISCRETIONARY FREE CASH FLOW CONVERSION STRUCTURALLY LOW MAINTENANCE AND WORKING CAPITAL REQUIREMENTS SUPPORTS STRONG CASH FLOW PROFILE 2025e DISCRETIONARY FREE CASH FLOW (1) 600 2025 ESTIMATES(2) 510-540 500 400 >50% CONVERSION RATE $ MILLIONS 300 270-300 200 100 - 2025e Sustaining Lease ARO S
Slide 19: Proven Track Record of Revenue Growth
PROVEN TRACK RECORD OF REVENUE GROWTH STRONG AND CONSISTENT FINANCIAL RESULTS UNDERSCORE THE STABILITY OF THE UNDERLYING BUSINESS Growing revenue driven by recurring volumes and sector growth without volatility from commodity prices ADJUSTED REVENUE (1) 1,800 100 ~15% CAGR 2020 – 2025e 1,500 85 Adju
Slide 20: Strong Financial Position
STRONG FINANCIAL POSITION SIGNIFICANT LIQUIDITY TO EXECUTE ON STRATEGIC PRIORITIES WHILE MAINTAINING LOW LEVERAGE Significant financial flexibility with Total Debt CREDIT RATINGS FITCH S&P to EBITDA(1) of 2.1x (1.8x excluding leases) at Corporate Rating BB- B+ June 30, 2025 Debt capacity availab
Slide 21: Share Buybacks
SHARE BUYBACKS NEARLY 30% OF OUTSTANDING SHARES REPURCHASED OVER THE PAST 2.5 YEARS SUBSTANTIAL ISSUER BID NORMAL COURSE ISSUER BID Initiated in Q2’25 to accelerate share buybacks Provides an additional capital allocation as a result of the Corporation’s low leverage, stable alternative to opportuni
Slide 22: 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
Slide 23: Appendix
APPENDIX
Slide 24: 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 25: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements contained in this document constitute "forward-looking statements” and/or SECURE’s belief that there is growth potential with active development from customers upstream SECURE’s intentions to purchase and resell crude oil to take advantage of changing ma
Slide 26: Forward-Looking Statements (Cont'd)
FORWARD-LOOKING STATEMENTS (CONT’D) Increased capacity and stronger pricing with access to global markets through new infrastructure; the Forward-looking statements involve significant known and unknown risks and uncertainties, should not be The effect of climate change and related activism on our o
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