Secure Waste Infrastructure Corp.
Secure Waste Infrastructure — Investor Presentation (February 2026)
25 slides from Secure Waste Infrastructure's investor presentation, February 2026
Slide 1: Investor Presentation
SECURE INVESTOR PRESENTATION TSX : SES TRANSFORMING WASTE INTO VALUE February 2026
Slide 2: Corporate Snapshot
SECURE WASTE INFRASTRUCTURE CORP. CORPORATE SNAPSHOT Adjusted EBITDA per Share (4) Adjusted EBITDA Conversion Ratio (5) TSX: SES 8% CAGR 2022-2025 DFCF above 50% of EBITDA S&P/TSX Composite Index $2.40 $12 - $21 $2.10 60% 52 Week Share Price Range 40% $1.80 $4.1 Billion $1.50 20% Market Capitalizati
Slide 3: Investment Thesis
INVESTMENT THESIS STABLE, INFRASTRUCTURE-BACKED BUSINESS WITH MULTIPLE GROWTH DRIVERS Proven Track Record of Revenue Growth Critical Infrastructure Network Multiple Growth Drivers Strong and consistent financial results underscore the stability and growth • Difficult to replicate infrastructure • Pr
Slide 4: Business Overview
BUSINESS OVERVIEW LEADING WASTE MANAGEMENT AND ENERGY INFRASTRUCTURE PLATFORM INFRASTRUCTURE PLATFORM BUSINESS SEGMENTS Adjusted EBITDA(1) by Source of Waste WASTE PRODUCTION MANAGEMENT (75%) 65% 75% • Processing, recovery, and disposal infrastructure • Recycling of metals and 80% recovered oil • Sp
Slide 5: The SECURE Waste Management Network
THE SECURE WASTE MANAGEMENT NETWORK TRANSFORMING WASTE INTO VALUE Waste Generation Collection Collection Processing Processing & Recovery Re-use/Disposal Re-Use and Disposal Recurring waste volumes generated Waste is directed into SECURE’s network Waste is processed at SECURE’s network of Solid wast
Slide 6: Business Drivers
BUSINESS DRIVERS STRUCTURAL GROWTH FROM INCREASING PRODUCTION AND INDUSTRIAL ACTIVITY Sustained growth in Western Canadian Reduced producer sensitivity to short term Expansion of produced water disposal Crude Oil Production commodity price fluctuations market Canadian crude oil supply is anticipated
Slide 7: 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 95 mbbl/day produced water disposed 38 mbbl/day liquid waste processed 1 million bbls/year oil recovered from waste 3.2 million tonnes/year solid waste disposed #1
Slide 8: Processing & Recovery
PROCESSING & RECOVERY NETWORK OF FACILITIES THAT PROCESS WASTE VOLUMES AND RECOVER VALUABLE COMMODITIES Consistent Volume Growth With Limited Volatility From Commodity Prices Critical handling of hazardous and non-hazardous 10,000 $100 liquids, solids, emulsions, and industrial by- 8,000 $90 product
Slide 9: Liquids Waste Processing Facility
LIQUIDS WASTE PROCESSING FACILITY PROCESSING & DISPOSAL OF WATER, EMULSION AND SLURRIES Waste Processing Liquid waste and emulsion are mechanically and chemically treated to separate oil and water. Recovery Crude oil recovered from processes and emulsion treating is optimized, quality checked Waste
Slide 10: Metals Recycling Facility
METALS RECYCLING FACILITY PROCESSING AND RECOVERY OF SCRAP METAL Processing Post-separation residue is processed at another plant to recover additional Collection and Offload recyclable materials. Scrap is collected via multiple channels and shipped by truck or rail Processing Materials are loaded t
Slide 11: Disposal
DISPOSAL INDUSTRIAL LANDFILLS & WATER DISPOSAL WELLS PROVIDING FINAL DISPOSAL Class II Oilfield Landfill Essential, Non-Replicable Structural Barriers Create a Revegitated Native Grasses Assets Durable Moat Topsoil CAP Subsoil Safe, compliant disposal of residual Scarce, permitted assets, Geological
Slide 12: Energy Infrastructure
ENERGY INFRASTRUCTURE TRANSPORTATION, TERMINALLING, OPTIMIZATION AND STORAGE SOLUTIONS FOR OUR ENERGY CUSTOMERS Q3’25 Average Production(1) Montney In thousand BOE / day Oil Sands 3 oil pipelines Montney 2258 aggregating customer volumes Deep Basin 568 Duvernay 320 13 terminals Clearwater Clearwater
Slide 13: Energy Infrastructure: Commercial and Market Optimization
ENERGY INFRASTRUCTURE COMMERCIAL AND MARKET OPTIMIZATION CAPABILITIES DRIVEN BY CONSISTENT SUPPLY Recurring volumes driven by commercial agreements Organic growth projects driving higher volumes 8,000 6,000 Annual (000's m3) Pipeline and Terminalling 4,000 Volumes(1) Clearwater Nipisi Terminal Thr
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 Growth4 Dividend Conversion1 Margin2 Yield5 SECURE >50% SECURE 34.0% SECURE 20.9% Peer B 18.0% SECURE 2.2% Peer E 45.9% Peer A 31
Slide 15: Peer Group Valuation Benchmarking
PEER GROUP VALUATION BENCHMARKING TRADING WELL BELOW INDUSTRY PEERS PROVIDES INVESTMENT OPPORTUNITY 2026 EV/EBITDA (1) 18.0x SECURE Value Proposition 15.0x Peer Average ~14.5x Same Store Sales Growth 12.0x Organic & M&A Growth 9.0x Competitive Dividend 6.0x Shareholder Returns 3.0x Re-rate to lowest
Slide 16: High Discretionary Free Cash Flow Conversion
HIGH DISCRETIONARY FREE CASH FLOW CONVERSION STRUCTURALLY LOW MAINTENANCE AND WORKING CAPITAL REQUIREMENTS SUPPORTS STRONG CASH FLOW PROFILE 2025 Actuals 2026 Estimates(2) 600 Debt to $501 EBITDA 2.5x 500 ~$75 $0.42/ 400 >50% Share CONVERSION $ MILLIONS RATE ~$300 300 $273 $384M 200 FUNDS FLOW FROM
Slide 17: Capital Allocation and Balance Sheet Strength
CAPITAL ALLOCATION AND BALANCE SHEET STRENGTH STRATEGIC APPROACH TO MAXIMIZING SHAREHOLDER VALUE 2023 – 2025 Capital Allocation (millions) 1 High Rate of Return Organic Growth DIVIDENDS $307 2 Strategic Acquisitions 3 Competitive Dividend $1,058 ~ $1.9 BILLION $190 M&A 4 Opportunistic Share Repurcha
Slide 18: Strong Financial Position
STRONG FINANCIAL POSITION SIGNIFICANT LIQUIDITY TO EXECUTE ON STRATEGIC PRIORITIES WHILE MAINTAINING LOW LEVERAGE Significant financial flexibility with Total Debt LO N G -T E RM D E B T M AT U R I T I E S (2 ) to EBITDA(1) of 2.1x (1.8x excluding leases) at December 31, 2025 $1,000 Debt capacit
Slide 19: The SECURE Playbook
THE SECURE PLAYBOOK 2026 – 2030 STRATEGIC PRIORITIES FOCUSED GROWTH DISCIPLINED INVESTMENT OPTIMIZED PORTFOLIO MAXIMIZE VALUE Same Store Sales Organic Capital Strategic Acquisitions Create Shareholder Value Increase volumes handled across Execute on high-value capital Seek accretive investment Strat
Slide 20: Investment Strategy
INVESTMENT STRATEGY DISCIPLINED CAPITAL DEPLOYMENT ACROSS ORGANIC GROWTH AND M&A HISTORY OF EXECUTION DISCIPLINED CAPITAL Partner with customers DEPLOYMENT DRIVES on new infrastructure Capital Deployed (2025) ~$300 Million • Two fully contracted Montney produced High return (>20% IRR) water faciliti
Slide 21: Appendix
APPENDIX
Slide 22: 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 23: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements contained in this document constitute "forward-looking statements" and/or Credit ratings; long term debt maturities; SECURE's strategic priorities for 2026 to 2030, including with Forward-looking statements involve significant known and unknown risks and
Slide 24: Forward-Looking Statements (Cont'd)
FORWARD-LOOKING STATEMENTS (CONT’D) SECURE's ability to bid on new contracts and renew existing contracts; potential closure and post- SECURE's ability to effectively complete acquisition and divestiture transactions on acceptable terms or at The guidance in respect of SECURE's expectations of capit
Slide 25: 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
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