Clean Harbors, Inc. · NYSE:CLH
Clean Harbors — Q3 2025 Earnings Presentation
19 slides from Clean Harbors's earnings presentation, Oct 29, 2025
Slide 1: Third-Quarter 2025 Investor Review
Third-Quarter 2025 Investor Review October 29, 2025 © 2025 CLEAN HARBORS
Slide 2: Forward Looking Statements and GAAP Disclaimer
Forward Looking Statements and GAAP Disclaimer These slides contain (and the accompanying oral discussion will contain) forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "seeks,“ “will,” "should," "estimates,
Slide 3: Summary of Q3 Results
Summary of Q3 Results ▪ Revenue of $1.55B, with continued growth in ES segment ▪ Net income of $118.8M or EPS of $2.21 ▪ Adjusted EBITDA* was $320.2M; Adjusted EBITDA* margin up 100 bps to 20.7% ▪ Adjusted free cash flow* was a record $230.6M ▪ Environmental Services segment grew with strength in Te
Slide 4: Environmental Services
Environmental Services $1,297.2 $1,331.3 Q3 Performance ▪ Revenue increased YoY due to demand for disposal services, project volumes, PFAS work and pricing, which more than offset Revenue +3% a shortfall in Industrial Services turnarounds and a lack of any (in millions) medium to large-sized emergen
Slide 5: Successful PFAS Incineration Study with EPA
Successful PFAS Incineration Study with EPA ▪ Conducted PFAS incineration study in conjunction with EPA and DoD in November 2024. Results, which were reviewed by third-party experts, were issued in September 2025 and included: - Clean Harbors’ RCRA-permitted, high-temperature incineration ensures sa
Slide 6: Safety-Kleen Sustainability Solutions
Safety-Kleen Sustainability Solutions $232.1 Q3 Performance $218.0 ▪ Revenue decrease reflects market pricing for base and blended Revenue products as well as lower volumes sold, partly offset by a -6% (in millions) substantially higher contribution from charge for oil (CFO) ▪ Adjusted EBITDA flat d
Slide 7: SDA Unit Unlocks Value of Re-refining Byproduct
SDA Unit Unlocks Value of Re-refining Byproduct ▪ Vacuum Tower Asphalt Extender (VTAE) is a byproduct of the re-refining process that we sell into the paving and roofing industries ▪ By combining a proven Solvent De-Asphalting (SDA) technology with our hydrotreating process, we can upgrade VTAE into
Slide 8: Disciplined Capital Allocation Strategy – Driven by ROIC
Disciplined Capital Allocation Strategy – Driven by ROIC Organic Growth Share ▪ Invest in capex to drive Investments Repurchases organic growth ▪ Evaluate acquisition and divestiture opportunities ▪ Execute authorized buyback plan Acquisitions Debt ▪ Assess current debt structure and leverage & Dive
Slide 9: Financial Overview
FINANCIAL OVERVIEW PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 9
Slide 10: Q3 Income Statement
Q3 Income Statement (in millions, except per share data) Q3 2025 Q3 2024 Revenues $1,549.3 $1,529.4 Cost of revenues $1,048.5 $1,055.6 Gross profit $500.8 $473.8 Gross margin % 32.3% 31.0% Selling, general and administrative expenses $189.6 $177.8 SG&A % 12.2% 11.6% Depreciation and amortization $11
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights (in millions) 9/30/25 6/30/25 12/31/24 Cash and short-term marketable securities $850.4 $699.1 $789.8 Billed and unbilled receivables $1,286.9 $1,295.6 $1,177.6 Accounts payable $444.1 $432.8 $487.3 Current and long-term debt $2,779.3 $2,781.6 $2,786.2 Environmental liabilit
Slide 12: Cash Flow Highlights
Cash Flow Highlights Q3 2025 Q3 2024 (in millions) $302.0 $239.2 Cash from operations ($83.3) ($94.7) Capital expenditures, net of disposals $11.8 -- Cash investment in Solvent De-Asphalting Unit $0.1 -- Cash investment in Phoenix Hub $230.6 $144.5 Adjusted free cash flow* $50.0 $20.0 Share repurcha
Slide 13: Guidance (as of October 29, 2025)
Guidance (as of October 29, 2025) Full-Year 2025 (in millions) Range Net Income $379 to $400 Adjusted EBITDA* $1,155 to $1,175 Net Cash from Operating Activities $795 to $865 Adjusted Free Cash Flow* $455 to $495 * Please refer to the appendix in this presentation for a reconciliation of Adjusted EB
Slide 14: Appendix
APPENDIX PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 14
Slide 15: Non-GAAP Results Reconciliation
Non-GAAP Results Reconciliation (in thousands, except percentages) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net income $ 118,799 $ 115,213 $ 304,384 $ 318,325 Accretion of environmental liabilities 3,499 3,618 10,710 10,139 Stoc
Slide 16: Non-GAAP Results Reconciliation
Non-GAAP Results Reconciliation (in thousands) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net cash from operating activities $ 301,987 $ 239,239 $ 511,632 $ 473,833 Additions to property, plant and equipment (94,445) (96,803) (303
Slide 17: Non-GAAP Guidance Reconciliation
Non-GAAP Guidance Reconciliation For the Year Ending (in millions) December 31, 2025 Projected net income $379 to $400 Adjustments: Accretion of environmental liabilities 15 to 14 Stock-based compensation 28 to 31 Depreciation and amortization 455 to 445 Interest expense, net 147 to 142 Provision fo
Slide 18: Questions
Questions PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 18
Slide 19: (NYSE: CLH)
(NYSE: CLH) 42 Longwater Drive Norwell, MA 02061 Jim Buckley SVP, Investor Relations 781-792-5100 Email: Buckley.James@CleanHarbors.com www.cleanharbors.com PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 19