READ PRESENTATION (SES IR Presentation October 2025)

TRANSFORMING WASTE INTO VALUE

October 2025

CORPORATE SNAPSHOT

Our core operations located in Western Canada and North Dakota are centered around the collection, processing, recovery, recycling, and disposal of industrial waste streams and the efficient operation of our critical infrastructure network.

$2.40

$2.10

$1.80

Adjusted EBITDA per Share (4) Adjusted EBITDA Conversion Ratio (5)

,

60%

40%

20%

TSX: SES

S&P/TSX Composite Index

$4.1B

Market Capitalization (1)

$1.50

$1.20

2022 2023 2024 2025e

0%

Waste Management

Energy Infrastructure

SECURE

$12 - $21

52 Week Share Price

~75%

Waste Management

~25%

$5.1B

Enterprise Value (2)

2.1%

Dividend Yield (3)

~2,000

20%

10%

0%

Return on Capital Employed (6)

250%

200%

150%

100%

50%

0%

Share Performance (7)

SECURE

Waste Management Energy Infrastructure

Energy Infrastructure

Employees

2022 2023 2024 2025e

2022 2023 2024

2025

Refer to "Forward-Looking Statements" herein. (1) Equity value based on common shares outstanding at September 30, 2025, and a share price of $19.00. (2) Enterprise valuation uses fully diluted shares at September 30, 2025, a share price of $19.00 and net deb (excluding leases) as at September 30, 2025). (3) Share price of $19.00. (4) Non-GAAP financial measure, refer to "Non-GAAP and other financial measures" herein. Adjusted EBITDA per Share is based on ending shares outstanding each year; 2025 uses expected Adjusted EBITDA of $500 million and shares outstanding as of September 30, 2025. (5) Non-GAAP financial measure, refer to "Non-GAAP and other financial measures" herein. Peer averages based on 2025 FactSet consensus Free Cash Flow ÷ Adjusted EBITDA for CLH, CWST-US, GFL, RSG-US, WM, WCN, GEI, KEY, and PPL, as at October 30, 2025. SECURE metrics reflect 2025 estimated Adjusted EBITDA and projected Discretionary Free Cash Flow

per public guidance. (6) Return on Capital Employed = Discretionary Free Cash Flow ÷ average capital employed (total assets less current liabilities). 2024 excludes assets held for sale and related liabilities at December 31, 2023; 2025 uses balances at September 30, 2025. Refer to "Non-GAAP and other financial measures" 2

herein. (7) Peer group includes CLH, CWST-US, GFL, RSG-US, WM, WCN, ENB, GEI, PPL, and TRP. Total Shareholder Return (TSR) = price change + dividends.

A DECADE OF GROWTH AND TRANSFORMATION

2014

Exploit the value chain in Energy Services

Cash Flows 60% D&C & 40% Production

2025

Waste Management & Energy Infrastructure

Cash Flows 80% Prod/Recurring & 20% D&C

1,300 Employees

26 Facilities

40% Recurring Cash Flows

$210M Adjusted EBITDA (1))

0% Diversified Customer End Market

60% Infrastructure Focused

2,000 Employees

80 Facilities

80% Recurring Cash Flows

~$500M Adjusted EBITDA (1))

20% Diversified Customer End Market

90% Infrastructure Focused

SECURE | Investor Presentation Refer to "Forward-Looking Statements" herein. (1) Non-GAAP financial measure, refer to "Non-GAAP and other financial measures" herein. 3

LEADING IN WASTE MANAGEMENT & ENERGY INFRASTRUCTURE

INTEGRATED BUSINESS UNITS PROVIDING CRITICAL INFRASTRUCTURE SOLUTIONS

Multiple Growth Drivers

• Same store sales volume growth

• Reclamation and Abandonment Regulation

• Organic growth - greenfield and

  brownfield expansion

  Opportunities to Achieve Additional Growth through M&A

  
  
  

• M&A opportunities aligned with long-term strategy and core business profile, while providing increased growth and customer diversification

  Adjusted EBITDA (1)

  
  
  

  2025e

  Waste Management

  Waste Management Segment 2025e

  Industrial Landfills

  Waste Processing

  Metals Recycling

  
  
  

  Critical Infrastructure

  Network

• Difficult to replicate infrastructure with high barriers to entry providing critical processing, recycling, and disposal solutions for customers

  Stable and Highly

  
  
  

  Recurring Cash Flows

• 80% volumes tied to production-related and recurring waste streams

• Long -term customer relationships with high-quality producers

• Track record of consistent growth, margin expansion and cash flow generation

Energy

Infrastructure

~25%

~75%

Facilities

Specialty Chemicals

SECURE | Investor Presentation Refer to "Forward-Looking Statements" herein. (1) Non-GAAP financial measure, refer to "Non-GAAP and other financial measures" herein. 4

MARKET SHARE LEADER FOR INDUSTRIAL WASTE MANAGEMENT

~80 LOCATIONS PROVIDING CRITICAL INFRASTRUCTURE IN THE MOST ACTIVE OPERATING REGIONS

Montney

134 mbbl/d

produced water and waste

processed and disposed

>1 million bbls

oil recovered from waste

3.2 million tonnes

solid waste disposed

132 mbbl/d

oil pipeline & terminalling

Deep Basin

Clearwater

Duvernay

Heavy Oil

Cardium

Viking

Bakken

SECURE | Investor Presentation 5

Volumes are trailing twelve months to September 30, 2025. (1) Sourced from Peters & Co Fall 2025 Energy Overview, data from geoSCOUT, NOVI Labs, Enervus and Peters & Co. estimates. Production is based on a combination of reported wellhead liquids and estimated sales natural gas.

(2) 13 facilities include pipeline connected terminals.

Q2'25 Average Production(1)

In thousand BOE / day

Montney

2292

Deep Basin

599

Duvernay

277

Clearwater 172

Cardium 163

80% ADJUSTED EBITDA(1) TIED TO HIGHLY STABLE SOURCES

Adjusted EBITDA (1)

by source of waste

Production Volume Growth Driving Same Store Sales With Limited Volatility From Commodity Prices

10,800

$95

DRILLING & COMPLETIONS

20%

15%

80%

TIED TO HIGHLY

STABLE SOURCES

65%

INDUSTRIAL

PRODUCTION

Trailing 12 Month Total Facility Volumes(2)

10,000

(000's m3)

9,200

8,400

7,600

6,800

$90

$85

$80

$75

$70

6,000

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

$65

…And Canadian Crude Supply Anticipated to Continue

Growing at >2% per Year Through to 2030 (3)

SECURE | Investor Presentation (1) Non-GAAP financial measure (graphic based on 2025e), refer to "Non-GAAP and other financial measures" herein. (2) Source: Internal. Includes produced water, waste processing recovered oil and landfill volumes across 6

SECURE's network. Volumes are pro forma the divestiture of 29 facilities to Waste Connections on February 1, 2024 ("the Sale Transaction"). (3) RBC Capital Markets Energy Team - December 19, 2024 RBC Capital Markets Report assuming coverage of SECURE.

DESIGNED FOR PROCESSING, RECOVERY, RECYCLING AND DISPOSAL OF INDUSTRIAL WASTE STREAMS

Processing

Solid waste is tipped onto a waste pad

and solidified for end disposal at a SECURE landfill. Slurry waste is mechanically processed to separate water and oil.

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 and emulsion treating is optimized, quality checked and shipped to market via pipeline.

Collection and Offload

Waste is collected and transported either by truck or pipeline (emulsion, oil, water).

Disposal

Water is safely disposed via deep well injection.

SECURE | Investor Presentation

7

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

  • Complex regulatory requirements

  • High capital investment

  • Unique operating capabilities

    trend to tie-in customer produced water volumes via pipelines

    6,000

    Trailing 12 Month

• Strong and growing production activity driving higher same store sales and growth opportunities

• Increasing trend to outsourcing with significant produced

  water market share available to capture

• Increased regulations to safely dispose and/or recycle volumes in the future benefits SECURE

  Water Disposal Volumes(1)

  5,000

  (000's m3)

  4,000

  3,000

  Q2 '23

  Q3 '23

  Q4 '23

  Q1 '24

  Q2 '24

  Q3 '24

  Q4 '24

  Q1 '25

  Q2 '25

  Q3 '25

• Vertically integrated with Specialty Chemicals required for processing waste at our facilities

• Trailing 12-month utilization ~60%-65% across the facility network provides sufficient capacity for increased volumes with limited incremental capital

• Facilities designed for brownfield expansion

Trailing 12 Month Waste

Processing Volumes (1)

Stable and resilient waste processing volumes

2,500

(000's m3)

2,000

1,500

1,000

SECURE | Investor Presentation

Q2 '23

Q3 '23

Q4 '23

Q1 '24

Q2 '24

Q3 '24

Q4 '24

Q1 '25

Q2 '25

Q3 8

'25

Refer to "Forward-Looking Statements" herein. (1) Source: Internal. Volumes are pro forma the Sale Transaction (as defined herein).

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 environmental impact

  • High-quality, multi-layer liner, liner protections

    system and environmental monitoring programs

• Offers customers a reliable solution to safely manage

  their environmental liabilities

• New government regulations mandating minimum annual abandonment, remediation and reclamation spending expected to drive recurring landfill volumes for the longterm

• Locations have significant expansion capacity for growing

Trailing 12 Month Industrial Landfill Volumes(1)

Volumes driven by industry activity and mandatory abandonment, remediation and reclamation spending

4,000

3,500

'000 Tonnes

3,000

2,500

2,000

volumes 1,500

Q3 '23

Q4 '23

Q1 '24

Q2 '24

Q3 '24

Q4 '24

Q1 '25

Q2 '25

Q3 '25

SECURE | Investor Presentation Refer to "Forward-Looking Statements" herein. (1) Source: Internal. Volumes are pro forma the Sale Transaction. 9

NETWORK OF FACILITIES THAT AGGREGATE AND PROCESS SCRAP METALS

• Full service ferrous and non-ferrous recycling, including onsite collection and offsite clean-up across

• Large, consistent feedstock with strong industry diversification

• Operational improvements and strategic investments, driving higher inventory turnover, improved logistics and transportation efficiencies

• Owned rail car fleet is a key competitive advantage, providing

  greater flexibility and cost efficiency in serving multiple markets

• Significant growth in the business, with a Q2'24 tuck-in and Q1'25

closing of a $152M transaction

» Strategy expands geographic footprint with new central hub in Edmonton

» Enhances processing capabilities through an under-utilized

mega shredder, driving scale and operational synergies

» Global scrap demand is expected to double by 2040, supporting growth strategy

» Green steel transition initiatives

1,400

VOLUMES (MILLION TONNES)

1,200

1,000

800

600

400

200

-

WORLD SCRAP DEMAND BY YEAR (1)

EAF SHARE / BOF SCRAP MIX %)

50%

40%

30%

20%

10%

2040

2039

2038

2037

2036

2035

2034

2033

2032

2031

2030

2029

2028

2027

2026

2025

2024

2023

2022

2021

2020

0%

SECURE | Investor Presentation

BOF = Basic Oxygen Furnace. EAF = Electric ARC Furnace. Refer to "Forward-Looking Statements" herein. (1) Source: Sims Limited, World Steel