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GFL Environmental Reports First Quarter 2026 Results and Raises Full Year 2026 GuidanceApril 29, 2026 4:05 PM
PR Newswire (Canada)
Revenue, Adjusted EBITDA1 and Adjusted Free Cash Flow1 all ahead of expectationsAdjusted EBITDA margin1 of 29.1%, highest Q1 margin in Company's history and 180 basis points increase over the prior year periodPrice growth of 7.0%, accelerating sequentially by 60 basis pointsAdjusted EBITDA1 of $478.5 million, increase of 12.3%; Adjusted Net Income from continuing operations1 of $29.5 million; Net loss from continuing operations of $219.2 millionYear-to-date completed acquisitions generating approximately $425.0 million to $450.0 million in annualized revenueRaised full year 2026 Adjusted EBITDA2 guidance by $90 million to approximately $2,230 millionMIAMI BEACH, FL., April 29, 2026 /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL", "we", "our", or the "Company") today announced its results for the first quarter of 2026.
"I am extremely proud of the hard work and commitment of our over 15,000 employees, as we delivered another strong start to the year," said Patrick Dovigi, Founder and Chief Executive Officer of GFL. "Our exceptional execution drove industry leading top line growth of 8.5% before considering foreign exchange headwinds, including 7.0% from core pricing and 180 basis points of Adjusted EBITDA margin1 expansion. Our strong performance, achieved amid increased macroeconomic uncertainty and unusually challenging weather conditions, underscores the fundamental resiliency of our business model."Mr. Dovigi continued, "Since the start of the year, we have completed eight acquisitions, generating between $425.0 million to $450.0 million in annualized revenue and further densifying our footprint across our North American platform. On the back of these acquisitions alone, we are raising our full-year guidance. Given the momentum in our base business, we remain well positioned to exceed this guidance and look forward to providing a more detailed update when we report our second quarter results."Mr. Dovigi concluded, "Our increased guidance does not include any upside from our proposed acquisition of SECURE Waste, which we expect to close in the latter half of the year. We believe the acquisition of SECURE represents a unique opportunity for us to acquire a leading waste management provider in Western Canada, with a highly complementary network of hard to replicate permitted waste processing and disposal assets. The transaction reinforces our goal of creating long-term equity value for our shareholders and is expected to meaningfully accelerate the achievement of the multi-year financial targets we outlined at our 2025 Investor Day, significantly benefiting both GFL and SECURE shareholders."First Quarter ResultsRevenue of $1,643.8 million in the first quarter of 2026, increase of 5.4%, including 7.0% from core pricing.Adjusted EBITDA1 increased by 12.3% to $478.5 million in the first quarter of 2026, compared to $426.1 million in the first quarter of 2025. Adjusted EBITDA margin1 was 29.1% in the first quarter of 2026, compared to 27.3% in the first quarter of 2025.Net loss from continuing operations was $219.2 million in the first quarter of 2026, compared to $213.9 million in the first quarter of 2025.Adjusted Free Cash Flow1 was $(24.3) million in the first quarter of 2026, compared to $13.7 million in the first quarter of 2025.During the quarter, no shares were repurchased by the Company however we intend to continue to be opportunistic on share repurchases going forward.Updated Full Year 2026 Guidance2GFL updated its 2026 guidance solely to reflect the impact of acquisitions completed through April 1, 2026. All other assumptions underlying our original guidance issued on February 11, 2026 remain unchanged.Revenue is estimated to be approximately $7,320 million to $7,340 million, up compared to original guidance by approximately $320 million to $340 million.Adjusted EBITDA2 is estimated to be approximately $2,230 million, up compared to original guidance by approximately $90 million.Adjusted Free Cash Flow2 is estimated to be approximately $850 million, up compared to original guidance by approximately $15 million.Full year net capex is expected to be approximately $825 million.Full year cash interest is expected to be approximately $445 million.Net Leverage2 is estimated to be in the mid 3s by the end of 2026.The 2026 updated guidance includes the expected contribution of acquisitions completed as of April 1, 2026 but excludes any impact from acquisitions not yet completed. Implicit in forward-looking information in respect of our expectations for 2026 are certain current assumptions, including, among others, no changes to the current economic environment, including fuel and commodities. The 2026 updated guidance assumes GFL will continue to execute on our strategy of organically growing our business, leveraging our scalable network to attract and retain customers across multiple service lines, realizing operational efficiencies and extracting procurement and cost synergies. See "Forward-Looking Information"._____________________(1)A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.(2)Information contained in the section titled "Updated Full Year 2026 Guidance" includes non-IFRS measures and ratios, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow and Net Leverage. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures. See "Non-IFRS Measures" below. See First Quarter Results for the equivalent historical non-IFRS measure.Q1 2026 Earnings CallGFL will host a conference call related to our first quarter earnings on April 30, 2026 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto our Investors page at investors.gflenv.com or by clicking here. Listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 627968) approximately 15 minutes prior to the scheduled start time.We encourage participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login/LE9zwo3jkZr3ni9X4o4KwiGrPb70n6aKQZm. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. Participants may pre-register at any time, including up to and after the call start time. For those unable to listen live, an audio replay of the call will be available until May 14, 2026 by dialing 1-226-828-7578 in Canada or 1-866-813-9403 in the United States (access code: 189804).About GFLGFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.For more information, visit the GFL web site at gflenv.com. To subscribe for investor email alerts please visit investors.gflenv.com or click here.Forward-Looking InformationThis release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities, the markets in which we operate or potential share repurchases are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances.Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to certain assumptions set out herein in the section titled "Updated Full Year 2026 Guidance"; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; changes to trade agreements, restrictions on trade, including sanctions, export controls, import duties, quotas, treaties, tariffs, trade wars, changes to trade and investment policies and other governmental actions; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025 and GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws. The purpose of disclosing our financial outlook set out in this release is to provide investors with more information concerning the financial impact of our business initiatives and growth strategies.Non-IFRS MeasuresThis release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.EBITDA represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) change in value on Call Option, (d) share of net (income) loss of investments accounted for using the equity method, (e) share-based payments, (f) transaction costs, (g) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (h) Founder/CEO remuneration and (i) other. For the three months ended March 31, 2026, change in value on Call Option has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.Acquisition EBITDA represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) transaction costs, (c) acquisition, rebranding and other integration costs, (d) Founder/CEO remuneration, (e) cash payments related to GFL Environmental Services transition services agreement, (f) cash interest paid on early termination of long-term debt, (g) distribution received from joint ventures and (h) other. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the three months ended March 31, 2026, cash payments related to GFL Environmental Services transition services agreement and other have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in the prior period. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.Adjusted Net Income (Loss) from continuing operations represents net income (loss) from continuing operations adjusted for (a) amortization of intangible assets, (b) amortization of deferred financing costs, (c) (gain) loss on foreign exchange, (d) change in value on Call Option, (e) share of net (income) loss of investments accounted for using the equity method, (f) loss on termination of hedged arrangements, (g) transaction costs, (h) acquisition, rebranding and other integration costs, (i) Founder/CEO remuneration, (j) other and (k) the tax impact of the foregoing. Adjusted income (loss) per share from continuing operations is defined as Adjusted Net Income (Loss) from continuing operations divided by the weighted average shares in the period. For the three months ended March 31, 2026, change in value on Call Option has been added back to net income (loss) from continuing operations. We believe that Adjusted income (loss) per share from continuing operations provides a meaningful comparison of current results to prior periods' results by excluding items that GFL does not believe reflect its fundamental business performance.Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.All references to "$" in this press release are to Canadian dollars, unless otherwise noted.For further information:
Patrick Dovigi, Founder and Chief Executive Officer
+1 905-326-0101
pdovigi@gflenv.comGFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
(In millions of dollars except per share amounts)
Three months endedMarch 31,
2026
2025Revenue
$ 1,643.8
$ 1,560.1Expenses
Cost of sales
1,344.0
1,272.6Selling, general and administrative expenses
265.8
286.2Interest and other finance costs
139.6
210.4(Gain) loss on sale of property and equipment
(3.6)
3.2Loss (gain) on foreign exchange
93.7
(5.7)Change in value on Call Option
10.0
—Other
11.0
8.0
1,860.5
1,774.7Share of net loss of investments accounted for using the equity method
(55.5)
(51.7)Loss before income taxes
(272.2)
(266.3)Current income tax expense
36.5
33.2Deferred tax recovery
(89.5)
(85.6)Income tax recovery
(53.0)
(52.4)Net loss from continuing operations
(219.2)
(213.9)Net income from discontinued operations
—
3,620.8Net (loss) income
(219.2)
3,406.9Less: Net loss attributable to non-controlling interests
(3.5)
(2.7)Net (loss) income attributable to GFL Environmental Inc.
(215.7)
3,409.6
Items that may be subsequently reclassified to net (loss) income
Currency translation adjustment
163.7
(10.4)Reclassification to net (loss) income of fair value movements on cash flow hedges, net of tax
1.2
6.0Fair value movements on cash flow hedges, net of tax
(2.2)
7.3Share of other comprehensive loss of investments accounted for using the equity method
(2.9)
—Other comprehensive income
159.8
2.9Comprehensive loss from continuing operations
(59.4)
(211.0)Comprehensive income from discontinued operations
—
3,444.3Total comprehensive (loss) income
(59.4)
3,233.3Less: Total comprehensive loss attributable to non-controlling interests
(0.5)
(2.9)Total comprehensive (loss) income attributable to GFL Environmental Inc.
$ (58.9)
$ 3,236.2
Basic and diluted (loss) income per share
Continuing operations
$ (0.63)
$ (0.58)Discontinued operations
—
9.25Total operations
$ (0.63)
$ 8.67Weighted and diluted weighted average number of shares outstanding
358,492,750
391,360,731______________________________________(1)Basic and diluted (loss) income per share is calculated on net (loss) income attributable to GFL Environmental Inc. adjusted for amounts attributable to preferred shareholders. Refer to Note 9 in our Unaudited Interim Financial Statements. GFL Environmental Inc.
Unaudited Interim Condensed Unaudited Consolidated Statements of Financial Position
(In millions of dollars)
March 31, 2026
December 31, 2025Assets
Cash
$ 1,436.2
$ 85.6Trade and other receivables, net
863.6
802.0Income taxes recoverable
62.3
96.0Prepaid expenses and other assets
153.5
180.6Current assets
2,515.6
1,164.2
Property and equipment, net
7,461.0
7,324.3Intangible assets, net
1,737.2
1,757.0Investments accounted for using the equity method
1,865.4
1,898.0Other long-term assets
277.3
256.8Goodwill
7,012.5
6,894.9Non-current assets
18,353.4
18,131.0Total assets
$ 20,869.0
$ 19,295.2
Liabilities
Accounts payable and accrued liabilities
1,542.2
1,888.3Income taxes payable
3.9
5.7Lease obligations
73.8
59.9Landfill closure and post-closure obligations
46.1
44.0Current liabilities
1,666.0
1,997.9
Long-term debt
9,375.1
7,422.6Lease obligations
444.2
450.6Other long-term liabilities
34.5
34.5Deferred income tax liabilities
701.3
777.7Landfill closure and post-closure obligations
1,186.0
1,126.5Non-current liabilities
11,741.1
9,811.9Total liabilities
13,407.1
11,809.8
Shareholders' equity
Share capital
7,051.8
7,008.4Contributed surplus
205.7
205.7Retained earnings
6.3
229.5Accumulated other comprehensive income (loss)
16.0
(140.8)Total GFL Environmental Inc.'s shareholders' equity
7,279.8
7,302.8Non-controlling interests
182.1
182.6Total shareholders' equity
7,461.9
7,485.4Total liabilities and shareholders' equity
$ 20,869.0
$ 19,295.2 GFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(In millions of dollars)
Three months ended March 31,
2026
2025Operating activities
Net (loss) income$ (219.2)
$ 3,406.9Adjustments for non-cash items
Depreciation of property and equipment273.7
257.9Amortization of intangible assets72.6
61.4Share of net loss of investments accounted for using the equity method55.5
51.7Gain on divestitures—
(4,466.8)Other3.9
8.0Interest and other finance costs139.6
212.0Share-based payments37.6
59.7Loss (gain) on unrealized foreign exchange94.2
(6.6)(Gain) loss on sale of property and equipment(3.6)
4.4Change in value on Call Option10.0
—Current income tax expense36.5
59.7Deferred tax (recovery) expense(89.5)
762.0Interest paid in cash(118.9)
(188.7)Income taxes paid in cash, net(3.7)
(4.6)Changes in non-cash working capital items(117.2)
(41.5)Landfill closure and post-closure expenditures(3.7)
(2.0)
167.8
173.5Investing activities
Purchase of property and equipment(386.2)
(314.6)Proceeds from disposal of assets and other5.3
3.7Proceeds from divestitures—
5,929.6Business acquisitions and investments, net of cash acquired(144.3)
(241.0)Distribution received from associates and joint ventures4.5
3.6
(520.7)
5,381.3Financing activities
Repayment of lease obligations(25.5)
(25.6)Issuance of long-term debt3,016.7
706.9Repayment of long-term debt(1,208.5)
(3,723.8)Proceeds from termination of hedged arrangements—
28.0Payment of contingent purchase consideration and holdbacks(14.4)
(2.4)Repurchase of subordinate voting shares, inclusive of tax(57.0)
(2,134.6)Dividends issued and paid(7.5)
(7.9)Payment of financing costs(13.8)
(0.1)Repayment of loan to related party—
(2.9)
1,690.0
(5,162.4)
Increase in cash1,337.1
392.4Changes due to foreign exchange revaluation of cash13.5
11.0Cash, beginning of period85.6
133.8Cash, end of period$ 1,436.2
$ 537.2SUPPLEMENTAL DATAYou should read the following information in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025, as well as our Unaudited Interim Financial Statements and notes thereto for the three months ended March 31, 2026.Revenue GrowthThe following table summarizes the revenue growth in our segments for the period indicated:
Three months ended March 31, 2026
Contribution
from
Acquisitions
Organic
Growth
Foreign
Exchange
Revenue
GrowthCanada
1.3 %
7.2 %
— %
8.5 %USA
5.1
3.4
(4.6)
3.9Total
3.9 %
4.6 %
(3.1) %
5.4 %Detail of Organic GrowthThe following table summarizes the components of our organic growth for the period indicated:
Three months endedMarch 31, 2026Price
7.0 %Surcharges
(0.6)Volume
(1.2)Commodity price
(0.6)Total organic growth
4.6 %Operating Segment ResultsThe following table summarizes our operating segment results for the periods indicated:
Three months endedMarch 31, 2026
Three months endedMarch 31, 2025($ millions)
Revenue
Adjusted
EBITDA(1)
Adjusted
EBITDA
Margin(2)
Revenue
Adjusted
EBITDA(1)
Adjusted
EBITDA
Margin(2)Canada
$ 535.9
$ 167.8
31.3 %
$ 494.0
$ 137.7
27.9 %USA
1,107.9
373.2
33.7
1,066.1
360.2
33.8Solid Waste
1,643.8
541.0
32.9
1,560.1
497.9
31.9Corporate
—
(62.5)
—
—
(71.8)
—Total
$ 1,643.8
$ 478.5
29.1 %
$ 1,560.1
$ 426.1
27.3 %______________________________________(1)A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.(2)See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.Net LeverageThe following table presents the calculation of Net Leverage as at the dates indicated:($ millions)
March 31, 2026
December 31, 2025Total long-term debt, net of derivative asset(1)
$ 9,324.9
$ 7,401.6Deferred finance costs and other adjustments
(59.3)
(25.1)Total long-term debt excluding deferred finance costs and other adjustments
$ 9,384.2
$ 7,426.7Less: cash
(1,436.2)
(85.6)
7,948.0
7,341.1
Trailing twelve months Adjusted EBITDA(2)
2,037.3
1,985.0Run-Rate EBITDA Adjustments(3)
148.6
172.6Run-Rate EBITDA(3)
$ 2,185.9
$ 2,157.6
Net Leverage(2)
3.6x
3.4x______________________________________(1)Total long-term debt includes derivative asset reclassified for financial statement presentation purposes to other long-term assets, refer to Note 7 in our Unaudited Interim Financial Statements.(2)A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.(3)See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures and ratios.Shares OutstandingThe following table presents the total shares outstanding as at the date indicated:
March 31, 2026Subordinate voting shares
346,876,036Multiple voting shares
11,812,964Basic shares outstanding
358,689,000Effect of dilutive instruments
17,064,348Series A Preferred Shares (as converted)
5,950,390Series B Preferred Shares (as converted)
8,832,105Diluted shares outstanding
390,535,843NON-IFRS RECONCILIATION SCHEDULEAdjusted EBITDA The following table provides a reconciliation of our net loss from continuing operations to EBITDA and Adjusted EBITDA for the periods indicated:($ millions)
Three months endedMarch 31, 2026
Three months endedMarch 31, 2025Net loss from continuing operations
$ (219.2)
$ (213.9)Add:
Interest and other finance costs
139.6
210.4Depreciation of property and equipment
273.7
257.9Amortization of intangible assets
72.6
61.4Income tax recovery
(53.0)
(52.4)EBITDA
213.7
263.4Add:
Loss (gain) on foreign exchange(1)
93.7
(5.7)(Gain) loss on sale of property and equipment
(3.6)
3.2Change in value on Call Option
10.0
—Share of net loss of investments accounted for using the equity method(2)
60.7
55.3Share-based payments(3)
37.6
58.4Transaction costs(4)
9.8
21.2Acquisition, rebranding and other integration costs(5)
9.2
1.5Founder/CEO remuneration(6)
36.4
20.8Other
11.0
8.0Adjusted EBITDA
$ 478.5
$ 426.1______________________________________(1)Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.(2)Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.(3)This is a non-cash item and consists of the amortization of the estimated fair value of share-based payments granted to certain members of management under share-based payment plans.(4)Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.(5)Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.(6)Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.Adjusted Net Income (Loss) from Continuing OperationsThe following table provides a reconciliation of our net loss from continuing operations to Adjusted Net Income (Loss) from continuing operations for the periods indicated:($ millions)
Three months endedMarch 31, 2026
Three months endedMarch 31, 2025Net loss from continuing operations
$ (219.2)
$ (213.9)Add:
Amortization of intangible assets(1)
72.6
61.4Amortization of deferred financing costs
2.7
23.4Loss (gain) on foreign exchange(2)
93.7
(5.7)Change in value on Call Option
10.0
—Share of net loss of investments accounted for using the equity method(3)
60.7
55.3Loss on termination of hedged arrangements(4)
—
30.5Transaction costs(5)
9.8
21.2Acquisition, rebranding and other integration costs(6)
9.2
1.5Founder/CEO remuneration(7)
36.4
20.8Other
11.0
8.0Tax effect(8)
(57.4)
(37.0)Adjusted Net Income (Loss) from continuing operations
$ 29.5
$ (34.5)Adjusted income (loss) per share from continuing operations, basic and diluted
$ 0.08
$ (0.09)______________________________________(1)This is a non-cash item and consists of the amortization of intangible assets such as customer lists, municipal contracts, non-compete agreements, trade name and other licenses.(2)Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.(3)Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.(4)Consists of gains and losses on the termination of hedged arrangements associated with the 3.750% 2025 Secured Notes, the 5.125% 2026 Secured Notes, the 4.250% 2025 Secured Notes and the 4.750% 2029 Notes.(5)Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.(6)Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.(7)Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.(8)Consists of the tax effect of the adjustments to net loss from continuing operations.Adjusted Cash Flows from Operating Activities and Adjusted Free Cash FlowThe following table provides a reconciliation of our cash flows from operating activities to Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow for the periods indicated:($ millions)
Three months endedMarch 31, 2026
Three months endedMarch 31, 2025Cash flows from operating activities
$ 167.8
$ 173.5Less:
Operating cash flows from discontinued operations(1)
—
69.6Cash flows from operating activities (excluding discontinued operations)
167.8
103.9Add:
Transaction costs(2)
9.8
21.2Acquisition, rebranding and other integration costs(3)
9.2
1.5Founder/CEO remuneration(4)
36.4
20.8Cash payments related to GFL Environmental Services transition services agreement(5)
3.8
—Cash interest paid on early termination of long-term debt(6)
—
68.9Distribution received from joint ventures
4.5
3.6Other
7.1
—Adjusted Cash Flows from Operating Activities
238.6
219.9Proceeds on disposal of assets and other
5.3
3.7Purchase of property and equipment
(386.2)
(296.5)Adjusted Free Cash Flow (including incremental growth investments)
(142.3)
(72.9)Incremental growth investments(7)
118.0
86.6Adjusted Free Cash Flow
$ (24.3)
$ 13.7______________________________________(1)Consists of operating cash flows from discontinued operations. GFL Environmental Services was presented as discontinued operations. Refer to Note 17 in our Unaudited Interim Financial Statements.(2)Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future, and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.(3)Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.(4)Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.(5)Consists of cash payments to GFL for services provided to GFL Environmental Services based on the transition services agreement, which was satisfied in full on March 3, 2025 in connection with our divestiture of GFL Environmental Services.(6)Consists of interest and related fees on early repayment of revolving credit facility, Term Loan B Facility, 3.75% 2025 Secured Notes and 5.125% 2026 Secured Notes.(7)Consists of incremental sustainability related capital projects, primarily related to recycling and RNG.
View original content to download multimedia:https://www.prnewswire.com/news-releases/gfl-environmental-reports-first-quarter-2026-results-and-raises-full-year-2026-guidance-302757879.htmlSOURCE GFL Environmental Inc.
Original: GFL Environmental Reports First Quarter 2026 Results and Raises Full Year 2026 Guidance
CA Market News
2月前
SECURE FILES MANAGEMENT INFORMATION CIRCULAR IN CONNECTION WITH GFL TRANSACTIONApril 27, 2026 7:00 AM
PR Newswire (Canada)
The Board of Directors of SECURE unanimously recommends that shareholders vote FOR the Arrangement Resolution.Your vote is important no matter how many shares you own. Vote today.Shareholders who have questions or need assistance with voting their shares should contact SECURE's proxy solicitation agent Laurel Hill Advisory Group by telephone at 1-877-452-7184 (toll-free in North America), 1-416-304-0211 (outside North America), by texting "INFO" to 1-877-452-7184 or 416-304-0211 or by email at assistance@laurelhill.com. CALGARY, AB, April 27, 2026 /CNW/ - SECURE Waste Infrastructure Corp. ("SECURE" or the "Corporation") (TSX: SES) is pleased to announce it has filed its management information circular (the "Circular") and accompanying materials (collectively, the "Meeting Materials") for the special meeting of SECURE shareholders (the "Meeting") to be held in connection with the proposed plan of arrangement (the "Transaction") between SECURE and GFL Environmental Inc. ("GFL") (TSX: GFL) (NYSE: GFL) pursuant to the terms of the previously announced arrangement agreement between SECURE and GFL dated April 12, 2026 (the "Arrangement Agreement").SECURE is also pleased to announce that on April 23, 2026, the Court of King's Bench of Alberta granted an interim order in respect of the Transaction, authorizing the calling and holding of the Meeting and certain other matters related to the Meeting. A copy of the interim order is included in the Circular.The MeetingThe Meeting will be held in a hybrid format on May 27, 2026 at 10:00 a.m. (Calgary time) at Brookfield Place, 225 – 6th Avenue S.W., Suite 1410, Calgary, Alberta and through a live audio webcast accessible at meetings.lumiconnect.com/400-991-827-641.At the Meeting, SECURE shareholders will be asked to consider, and if thought advisable, approve a special resolution approving the Transaction (the "Arrangement Resolution"), the full text of which is set forth in the Circular. The Arrangement Resolution requires approval by (i) not less than 66?% of the votes cast by SECURE shareholders present in person or represented by proxy at the Meeting; and (ii) a simple majority of the votes cast by SECURE shareholders present in person or represented by proxy at the Meeting, excluding those votes attached to SECURE shares held by persons required to be excluded pursuant to MI 61-101 – Protection of Minority Security Holders in Special Transactions (which represent approximately 1.25% of the total issued and outstanding SECURE shares).The Circular provides further details on the Transaction and the Meeting, including with respect to voting instructions and consideration elections, and SECURE shareholders are urged to carefully review the Meeting Materials and the instructions provided therein. The Meeting Materials and the Arrangement Agreement can be found on SECURE's website at https://secure.ca/gfl-transaction and have also been filed on SECURE's SEDAR+ profile at www.sedarplus.ca. The Meeting Materials are in the process of being delivered to SECURE shareholders in accordance with applicable corporate and securities laws.SECURE's Board of Directors (the "Board") unanimously recommends that shareholders vote FOR the Arrangement Resolution.ADDITIONAL INFORMATION FOR SECURE SHAREHOLDERS – REASONS TO VOTE IN FAVOURIn making its recommendation, the Board, together with a special committee of independent directors (the "Special Committee"), carefully considered a number of strategic, financial and market factors, including the following:Attractive Premium and Relative Valuation; Flexibility in ConsiderationThe consideration that SECURE shareholders are entitled to receive under the Transaction represents a 23% premium to the volume weighted average price of the SECURE shares for the 60 trading days ending April 10, 2026, being the last completed trading day prior to the public announcement of the Transaction. The Transaction attributes an enterprise value to SECURE of approximately $6.4 billion.Aligning with individual preferences, SECURE shareholders can elect to receive $24.75 in cash, 0.4195 of a subordinate voting share in the capital of GFL or $4.95 in cash and 0.3356 of a subordinate voting share in the capital of GFL for each SECURE share, subject to rounding and proration, as applicable, as set forth in the plan of arrangement (the form of which is attached as Schedule "A" to the Arrangement Agreement).Upside Participation in a More Diversified Combined Company with Significant ScaleThe Transaction provides SECURE shareholders the opportunity for continued ownership in a larger, more diversified vehicle with exposure to significant scale and growth potential. The combined company will benefit from both SECURE's complementary leading waste processing and disposal platform in Western Canada and North Dakota, and GFL's asset base across Canada and the United States. Shareholders in the combined company will gain exposure to a platform that has the ability to capture more waste streams across the value chain, from collection through final disposal.Risks Associated with SECURE StandaloneHistorically the public market valuation of SECURE has not fully reflected the intrinsic value of SECURE's business, and the Transaction facilitates accelerated value recognition for SECURE shareholders that captures the underlying value of the business today. If the Transaction does not proceed, there may be a limited number of other potential counterparties available to complete a transaction with SECURE, resulting in SECURE shareholders and not having the opportunity to crystalize the value of their investment and achieve ongoing upside potential. On a risk adjusted basis, the Board considers the Arrangement and becoming part of the diversified combined company preferable to continuing as a standalone pure-play waste management and energy infrastructure company.Independent Process and FairnessThe Transaction is the result of thorough arm's length negotiations between SECURE and GFL. Such negotiations included extensive input from external legal counsel and financial advisors, and the Special Committee, culminating in multiple separate offers from GFL prior to entering into the Arrangement Agreement. The Arrangement Agreement includes a customary "fiduciary out" that will enable SECURE to enter into a Superior Proposal (as defined in the Arrangement Agreement) in certain circumstances.RBC Capital Markets and ATB Cormark Capital Markets have provided opinions to the effect that, as of April 12, 2026, and subject to certain assumptions, limitations, qualifications and other matters stated therein, the consideration to be received by SECURE shareholders pursuant to the Transaction is fair, from a financial point of view, to the SECURE shareholders.BOARD AND SPECIAL COMMITTEE RECOMMENDS SHAREHOLDERS VOTE FOR THE TRANSACTIONThe Special Committee, after considering the terms of the Transaction in detail and upon receipt of advice from external legal counsel and the advice and fairness opinion from ATB Cormark Capital Markets, unanimously recommended to the Board, among other things, that the Board approve the Transaction.The Board, after consulting with its financial and legal advisors, and after careful consideration of, among other things, the fairness opinion from RBC Capital Markets, that the Special Committee had received the fairness opinion from ATB Cormark Capital Markets and the recommendation of the Special Committee, unanimously: (i) determined that the consideration to be received by the SECURE shareholders is fair, from a financial point of view, and that the Transaction is in the best interests of SECURE; (ii) resolved to recommend that the SECURE shareholders vote in favour of the Arrangement Resolution; and (iii) authorized the entering into of the Arrangement Agreement and the performance by SECURE of its obligations under the Arrangement Agreement.VOTING AND SUPPORT AGREEMENTSTPG Angelo Gordon and Solus Alternative Asset Management LP who in aggregate held approximately 19% of the outstanding SECURE shares as at April 12, 2026, and each director and officer who owns SECURE shares, representing approximately 2% of the outstanding SECURE shares (on a non-diluted basis) as at April 12, 2026, have agreed, among other things, to vote their SECURE shares in favour of the Arrangement Resolution and to otherwise support the Arrangement.Vote Your Shares Today – Voting is Important and EasyShareholders are encouraged to vote well in advance of the Meeting, in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to shareholders together with the management information circular. Further details and voting instructions can be found in the Circular under the section entitled "General Proxy Matters".The deadline for shareholders to return their completed proxies or voting instruction forms is Monday, May 25, 2026 at 10:00 a.m. (Calgary time) or, if the Meeting is adjourned or postponed, no less than 48 hours (excluding Saturdays, Sundays and holidays in the Province of Alberta) prior to the commencement of the reconvened Meeting.SHAREHOLDER QUESTIONS AND VOTING ASSISTANCEIf you have any questions or require voting assistance, please contact SECURE's proxy solicitation agent:Laurel Hill Advisory Group
Toll-free calls in North America at 1-877-452-7184 (1-416-304-0211 outside North America)
Text message by texting "INFO" to 416-304-0211 or 1-877-452-7184
Email at assistance@laurelhill.comABOUT SECURESECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta, with an extensive network of assets across western Canada and North Dakota. Through its Waste Management segment, SECURE operates long-life, permitted processing, recovery, and disposal infrastructure that supports the safe, efficient, and environmentally responsible management of waste from energy and industrial activity, including the recycling of metals and recovered oil and the use of specialty chemical solutions to reduce waste intensity and improve operational efficiency. SECURE's Energy Infrastructure segment includes crude oil pipelines, terminals, and storage facilities that optimize, store, and transport crude oil to market, enhancing customer value through product quality optimization, improved pricing, and reduced emissions while protecting the environment.SECURE's shares trade under the symbol SES and are listed on the Toronto Stock Exchange.FORWARD-LOOKING STATEMENTSCertain statements contained or incorporated by reference in this press release constitute "forward-looking statements and/or "forward-looking information" within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). When used in this press release, the words "achieve", "advance", "anticipate", "believe", "can be", "capacity", "commit", "continue", "could", "deliver", "drive", "enhance", "ensure", "estimate", "execute", "expect", "focus", "forecast", "forward", "future", "goal", "grow", "integrate", "intend", "may", "maintain", "objective", "ongoing", "opportunity", "outlook", "plan", "position", "potential", "prioritize", "realize", "remain", "result", "seek", "should", "strategy", "target" "will", "would" and similar expressions, as they relate to SECURE, its management are intended to identify forward-looking statements. Such statements reflect the current views of SECURE and speak only as of the date of this press release. In particular, this press release contains or implies forward-looking statements pertaining but not limited to: the timing of the Meeting; the consideration that SECURE shareholders will be entitled to receive under the Transaction, including as result of SECURE shareholder elections; the expected benefits of the Transaction, including that the Transaction will provide SECURE shareholders with continued ownership in a larger, more diversified vehicle with exposure to significant scale and growth potential, that the combined company will benefit from SECURE and GFL's complimentary assets, that the combined company will have the ability to capture more waste streams across the value chain, that if the Transaction does not proceed, there are a limited number of other potential counterparties available to complete a transaction with SECURE and that the Transaction will provide SECURE shareholders with the ability to crystalize the value of their investment and achieve ongoing upside potential; and other similar statements.Forward-looking statements are based on certain assumptions that SECURE has made in respect thereof as at the date of this press release regarding, among other things; that the Meeting will be held when currently scheduled; the satisfaction of the conditions to closing the Transaction; the approval of the Transaction at the Meeting and the completion of the Transaction on anticipated terms and timing; that actions by third parties, including any governmental or regulatory authority, do not delay or otherwise adversely affect completion of the Transaction; the ability of the combined company to realize on the anticipated benefits of the Transaction; and other assumptions described in the Circular, SECURE's Annual Information Form for the year ended December 31, 2025 ("AIF") and from time to time in filings made by SECURE with securities regulatory authorities.Forward-looking statements involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to: the risk that the Transaction may be varied or terminated in certain circumstances; risks relating to the outcome of the Transaction, including the risks associated with approval at the Meeting and the receipt of other approvals required under the Arrangement Agreement; the risk that other conditions to closing of the Transaction may not be satisfied, or to the extent permitted, waived; the risk that actions by third parties, including any governmental or regulatory authority, could delay or otherwise adversely affect completion of the Transaction; the risk the anticipated benefits of the Transaction may not be realized and that the results of the combined company could differ from what is currently anticipated; risks related to SECURE's and GFL's business; and other risk factors identified in the Circular, AIF and from time to time in filings made by the Corporation with securities regulatory authorities.Although forward-looking statements contained in this press release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this press release are made as of the date hereof and are expressly qualified by this cautionary statement. Unless otherwise required by applicable securities laws, SECURE does not intend, or assume any obligation, to update these forward-looking statements.Further information regarding the assumptions and risks inherent in the making of forward-looking statements and in respect of the Transaction will be found under the heading "Forward-Looking Statements" and "Risk Factors" in the Circular, along with SECURE's other public disclosure documents which are available on the SEDAR+ website at www.sedarplus.ca.For more information: Allen Gransch, President & Chief Executive Officer; Chad Magus, Chief Financial Officer, Phone: (403) 984-6100, Email: ir@secure.ca, Website: www.SECURE.ca.
SOURCE SECURE Waste Infrastructure Corp.
Original: SECURE FILES MANAGEMENT INFORMATION CIRCULAR IN CONNECTION WITH GFL TRANSACTION
CA Market News
3月前
GFL Environmental and SECURE Waste Infrastructure announce acquisition by GFL, further expanding and densifying GFL's Western Canadian footprintApril 13, 2026 6:45 AM
PR Newswire (US)
Unique opportunity to acquire a leading waste management provider in Western CanadaImmediately accretive, increasing Adjusted Free Cash Flow(1) per share by 12% to 15%Highly attractive financial profile, increasing Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow(1) conversion to between 40.5% and 42.5% on a pro forma basisNet Leverage(1) neutral acquisition providing GFL with enhanced scale and balance sheet flexibilityPurchase price of $24.75 per SECURE common share delivers immediate value to SECURE shareholdersEnhances potential for broader future equity index inclusionMIAMI BEACH, FL and CALGARY, AB, April 13, 2026 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL") and SECURE Waste Infrastructure Corp. ("SECURE") (TSX: SES) today announced that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which GFL has agreed to acquire all of the issued and outstanding common shares of SECURE for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion (the "Transaction"). The consideration for the Transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. The Transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).
The purchase price of $24.75 per SECURE common share represents a premium of 23% to the volume weighted average price of the common shares of SECURE for the 60 trading days ending April 10, 2026. Under the terms of the Transaction, SECURE common shareholders will receive, at their election, (i) $24.75 in cash, (ii) 0.4195 of a GFL subordinate voting share or (iii) a combination of $4.95 in cash and 0.3356 of a GFL subordinate voting share, for each SECURE common share held, subject to pro-ration, based on a maximum amount of GFL subordinate voting shares and maximum amount of cash as set out in the plan of arrangement, such that the aggregate consideration paid to SECURE common shareholders will consist of 80% GFL subordinate voting shares and 20% cash.The transaction is fully financed and is not subject to any financing conditions.SECURE operates a large scale, diversified waste management platform in Western Canada and North Dakota through its vertically integrated network of assets across over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and 5 transfer stations. SECURE's operations are supported by a proven management team and over 2,000 employees."The acquisition of SECURE will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services", said Patrick Dovigi, Founder and CEO of GFL.Mr. Dovigi continued, "The transaction reinforces GFL's goal of creating long-term equity value for our shareholders and is expected to significantly accelerate the achievement of the multi-year financial targets we outlined at our Investor Day in early 2025. The high-quality portfolio of acquired assets coupled with SECURE's strong operating margins and lower maintenance capital intensity are expected to increase Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow(1) conversion to between 40.5% and 42.5%. The transaction is also expected to be immediately accretive to Adjusted Free Cash Flow(1) per share by 12% to 15%. Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year end Net Leverage(1) in the low-to-mid 3s. Additionally, the transaction increases GFL's float weighted market capitalization which provides greater liquidity and enhances potential for broader future equity index inclusion.""With this transaction, we have delivered to SECURE shareholders an immediate premium to market value, crystalizing the intrinsic value in our shares and delivering approximately $5.5 billion of equity value to shareholders", said Mick Dilger, Chairman of the Board of Directors of SECURE (the "SECURE Board"). "We have long respected how Patrick and his team have grown GFL over the years and believe that the 16% ownership interest that SECURE common shareholders will retain in the combined company will provide shareholders with meaningful upside as GFL continues to execute on its growth strategy.""The transaction will combine SECURE's hard to replicate infrastructure network with GFL's broader platform, strengthening GFL's ability to capture more waste streams across the value chain," said Allen Gransch, President and CEO of SECURE. "We look forward to joining the GFL team on closing and working together to further unlock value for all shareholders." Mr. Dovigi concluded, "We are excited that Allen and SECURE's other senior management will continue to lead the business following closing as both employees and shareholders of GFL. We look forward to welcoming the over 2,000 SECURE employees to the GFL family."The Transaction has been unanimously approved by the Board of Directors of both companies. Angelo, Gordon & Co. LP and Solus Alternative Asset Management LP, which collectively own approximately 20% of the issued and outstanding SECURE common shares, together with the directors and senior officers of SECURE who collectively own approximately 2% of the issued and outstanding SECURE common shares, have entered into customary voting and support agreements pursuant to which they have agreed to vote all of their SECURE common shares in favor of the Transaction at a special meeting of shareholders which is expected to be held in late May 2026 (the "Special Meeting").SECURE Special Committee and Board RecommendationsIn connection with the Transaction, the SECURE Board established a special committee (the "Special Committee"), comprised entirely of independent directors, to, among other matters, review the terms of the Transaction and consider potential alternatives available to SECURE. The Special Committee, after considering the terms of the proposed Transaction in detail and upon receipt of advice from external legal counsel and the advice and fairness opinion from its financial advisor, unanimously recommended to the SECURE Board, among other things, that the SECURE Board approve the proposed Transaction.The SECURE Board, informed in part by the recommendation of the Special Committee, and after considering the terms of the proposed Transaction in detail and receiving advice from external legal counsel and advice from its financial advisors and a fairness opinion, unanimously: (i) determined that the consideration to be received by the SECURE common shareholders pursuant to the Transaction is fair, from a financial point of view, and that the Transaction is in the best interests of SECURE; (ii) resolved to unanimously recommend that the SECURE common shareholders vote in favor of the Transaction; and (iii) authorized the entering into of the Arrangement Agreement and the performance by SECURE of its obligations under the Arrangement Agreement.RBC Capital Markets provided a verbal independent fairness opinion to the SECURE Board and ATB Cormark Capital Markets provided a verbal independent fairness opinion to the Special Committee, in each case, to the effect that, based upon and subject to the various matters, limitations and qualifications and assumptions stated in each such opinion, the consideration to be received by the SECURE common shareholders pursuant to the Transaction is fair, from a financial point of view, to the SECURE common shareholders._____________________(1)A non-IFRS measure; see "Non-IFRS Measures" below for an explanation of the composition of non-IFRS measures. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.Financing PlanGFL has obtained fully committed financing for the Transaction through a bridge facility which can be used, together with cash on hand and capacity under its revolving credit facility, to fund the cash component of the Transaction. GFL will evaluate other long-term strategic and opportunistic financing opportunities as they present themselves. GFL expects to maintain its current credit rating profile following the closing of the Transaction.Transaction DetailsThe Transaction requires approval by at least: (i) 66 2/3% of the votes cast by SECURE common shareholders represented in person or by proxy at the Special Meeting; and (ii) a simple majority of the votes cast by SECURE common shareholders represented in person or by proxy at the Special Meeting, excluding those votes attached to SECURE common shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.Details of the Transaction and the required SECURE common shareholder approval will be included in an information circular ("Circular") that SECURE expects to mail to the SECURE common shareholders and file on SEDAR+ at www.sedarplus.ca in late April 2026. All holders of SECURE common shares are urged to read the Circular once available as it will contain additional important information concerning the Transaction, including the deadline for making elections to receive cash and/or GFL subordinate voting shares.The Transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals and approval by SECURE shareholders, as further detailed in the Arrangement Agreement, a copy of which will be filed on GFL's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov and SECURE's profile on SEDAR+ at www.sedarplus.ca.The Arrangement Agreement includes customary deal protection provisions, including that SECURE has agreed not to solicit or initiate any discussions regarding any other transaction, subject to customary "fiduciary out" rights to respond to a superior proposal. SECURE has also granted GFL a right-to-match any superior proposal and will pay a termination fee of $200 million to GFL if the Arrangement Agreement is terminated in certain circumstances. GFL has agreed to pay an expense reimbursement fee of up to $20 million to SECURE if the Arrangement Agreement is terminated in certain circumstances.Following completion of the Transaction, it is expected that the SECURE common shares will be delisted from the TSX and SECURE will cease to be a reporting issuer under Canadian securities laws.Conference CallGFL and SECURE will hold a conference call to discuss the Transaction on April 13, 2026 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto GFL's Investors page at investors.gflenv.com or by clicking here or listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 194824) approximately 15 minutes prior to the scheduled start time.Participants who will be dialing in are encouraged to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login/LE9zwo4AM07bxjk133DnH3hdaWqFuBeb9yC. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call.AdvisorsBarclays is acting as financial advisor to GFL and Stikeman Elliott LLP is acting as legal counsel to GFL in connection with the Transaction.Moelis & Company LLC and RBC Capital Markets are acting as financial advisors to SECURE. McCarthy Tétrault LLP is acting as lead Canadian legal counsel to SECURE in connection with the Transaction, with Bennett Jones LLP acting as Canadian competition counsel to SECURE.About GFLGFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.About SECURESECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta. SECURE's Waste Management segment is centered on a network of long-life, permitted processing, recovery, and disposal infrastructure across Western Canada and North Dakota that plays an essential role in the safe, efficient, and environmentally responsible management of waste generated by energy and industrial activity. Processing activities optimize the handling of hazardous and non-hazardous liquids, solids, emulsions, and industrial by-products, while recovery activities enable the recycling of metals and recovered oil, and disposal assets provide compliant, long-term solutions for residual waste. SECURE's Energy Infrastructure segment consists of crude oil terminals and storage facilities, and pipeline-connected infrastructure that enable the optimization, terminalling, storage and movement of crude oil and natural gas liquids to market, including value-adding marketing and optimization activities.Forward-Looking StatementsThis release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information"), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the expected financial and other benefits of the Transaction to GFL and SECURE shareholders, GFL's expected credit rating profile, growth plans and leverage, the expected timing of closing, the timing for when SECURE expects to hold a special meeting of SECURE common shareholders to approve the Transaction and the mailing of the Circular in respect thereof, and the consideration to be received by SECURE shareholders pursuant to the Transaction. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities and the markets in which we operate are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Without limiting the foregoing, there can be no assurance that the Transaction will be completed, or if so on the terms currently contemplated and as beneficial to the combined company as is anticipated by such forward looking information.Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favorable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect the forward-looking information contained herein can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025, GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada, SECURE's Annual Information Form for the year ended December 31, 2025 and from time to time in filings made by SECURE with securities regulatory authorities. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made) and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws.Non-IFRS MeasuresThis release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation."EBITDA" represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric."Adjusted EBITDA" is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) change in value on Call Option, (d) share of net (income) loss of investments accounted for using the equity method, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the year ended December 31, 2025, change in value on Call Option has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance."Adjusted EBITDA margin" represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business."Acquisition EBITDA" represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business."Run-Rate EBITDA" represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement."Net Leverage" is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA."Adjusted Cash Flows from Operating Activities" represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) incremental cash flow adjustment related to corporate costs attributable to discontinued operations, (c) transaction costs, (d) acquisition, rebranding and other integration costs, (e) Founder/CEO remuneration, (f) cash payments related to GFL Environmental Services transition services agreement, (g) cash taxes related to divestitures, (h) cash interest paid on early termination of long-term debt and (i) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the year ended December 31, 2025, cash payments related to GFL Environmental Services transition services agreement and cash interest paid on early termination of long-term debt have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in the prior period. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL."Adjusted Free Cash Flow" represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.All references to "$" in this press release are to Canadian dollars.For more information:GFL:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.comSECURE:
Allen Gransch, President and Chief Executive Officer;
Chad Magus, Chief Financial Officer,
Phone: (403) 984-6100,
Email: ir@secure.ca,
Website: www.secure.ca
View original content to download multimedia:https://www.prnewswire.com/news-releases/gfl-environmental-and-secure-waste-infrastructure-announce-acquisition-by-gfl-further-expanding-and-densifying-gfls-western-canadian-footprint-302740366.htmlSOURCE GFL Environmental Inc.
Original: GFL Environmental and SECURE Waste Infrastructure announce acquisition by GFL, further expanding and densifying GFL's Western Canadian footprint
CA Market News
4月前
GFL Environmental Inc. Announces Renewal of Share Repurchase ProgramsFebruary 27, 2026 6:45 AM
PR Newswire (Canada)
MIAMI BEACH, FL, Feb. 27, 2026 /CNW/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that the Toronto Stock Exchange ("TSX") has accepted the Company's notice of intention to renew a normal course issuer bid (the "NCIB") for the 12-month period commencing on March 3, 2026 and ending no later than March 2, 2027. The NCIB will be conducted through the facilities of the TSX and the New York Stock Exchange ("NYSE") or alternative Canadian and U.S. trading systems, if eligible.
The NCIB only relates to subordinate voting shares, of which GFL had 346,575,862 subordinate voting shares issued and outstanding as of February 18, 2026. Under the NCIB, a maximum of 27,396,513 subordinate voting shares ("Shares") (representing 10% of the public float (the "Public Float") determined in accordance with TSX requirements as at February 18, 2026) may be repurchased by GFL. All Shares repurchased by GFL under the NCIB will be cancelled.GFL also announced today that it has received exemptive relief (the "Order") from the Ontario Securities Commission ("OSC") permitting it to repurchase Shares from underwriters in Ontario of any secondary offering undertaken pursuant to registration rights held by certain shareholders (including BC Partners Advisors L.P., Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital, LLC and affiliates of funds advised or managed by HPS Investment Partners, LLC).The Order permits GFL to purchase up to 50% of the Shares offered for resale pursuant to any such offering, subject to a maximum of 34,657,586 Shares, representing 10% of its current issued and outstanding Shares. The Order will expire 12 months from the date of this news release. A special committee of independent directors of the Company will oversee any purchases made in reliance on the Order to ensure such purchases, when made, are in the best interests of the Company. All such purchases will be at a discount to the closing price of the Shares on the TSX and NYSE on the date the associated offering is first announced.Any Shares purchased by GFL pursuant to the Order will not reduce the maximum number of Shares available for purchase under the NCIB, and any Shares purchased by GFL pursuant to the NCIB will not reduce the maximum number of Shares available for purchase under the Order.GFL will continue to be opportunistic in its approach to repurchasing Shares, whether pursuant to the NCIB, the Order or other means permitted by law, in each case, subject to market conditions and other factors.A copy of the decision document of the OSC has been filed under GFL's SEDAR+ profile at www.sedarplus.ca.Details of NCIBPurchases under the NCIB may be made by means of open market transactions, including through an automatic share purchase plan, privately negotiated transactions or such other means as a securities regulatory authority may permit. In accordance with TSX rules, any daily repurchases would be limited to a maximum of 103,153 subordinate voting shares, which represents 25% of the average daily trading volume on the TSX of 412,615 subordinate voting shares for the period from August 18, 2025 to February 18, 2026. The TSX rules also allow the Company to purchase, once a week, a block of subordinate voting shares not owned by any insiders, which may exceed such daily limit. The specific method, timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations.Pursuant to exemptive relief previously granted by the OSC to the Company on February 26, 2025, GFL is allowed to purchase up to 10% of its Public Float through the facilities of the NYSE and other U.S.-based trading systems as part of any NCIB implemented in the 36 months following the date of the decision, and is therefore not limited on such trading platforms to purchasing 5% of its outstanding subordinate voting shares at the beginning of any 12-month period as Canadian securities laws would otherwise provide. A copy of the decision from the OSC has been previously filed under GFL's SEDAR+ profile at www.sedarplus.ca.Under GFL's NCIB for the 12-month period that began on March 3, 2025 and is ending on March 2, 2026, GFL was authorized to repurchase up to 28,046,256 subordinate voting shares, or 10% of its public float determined in accordance with TSX requirements as at February 18, 2025. 18,360,127 subordinate voting shares were repurchased thereunder.About GFLGFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.Cautionary Note Regarding Forward-Looking Statements This release includes certain "forward-looking statements", including statements relating to the NCIB and the intended purchase for cancellation of subordinate voting shares of the Company thereunder, the methods by which any such purchases will be made, statements about the Company's beliefs and expectations, and the timing of any of the foregoing. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by GFL as of the date of this release, are subject to inherent uncertainties, risks, changes in circumstances, and other important factors that may cause actual results to differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the factors described in the "Risk Factors" section of GFL's annual information form for the 2025 fiscal year filed on Form 40-F and GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. These factors are not intended to represent a complete list of the factors that could affect GFL. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. GFL undertakes no obligation to publicly update any forward-looking statement, except as required by applicable securities laws. Purchases made under the NCIB or Order will be subject to various factors, including GFL's capital and liquidity positions, debt covenant restrictions, accounting and regulatory considerations, GFL's financial and operational performance, alternative uses of capital, the trading price of GFL's subordinate voting shares and general market conditions. The NCIB and Order do not obligate GFL to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time at the Company's discretion.For more information:Patrick Dovigi
+1 905 326-0101
pdovigi@gflenv.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/gfl-environmental-inc-announces-renewal-of-share-repurchase-programs-302699551.htmlSOURCE GFL Environmental Inc.
Original: GFL Environmental Inc. Announces Renewal of Share Repurchase Programs
CA Market News
5月前
GFL Environmental Reports Fourth Quarter and Full Year 2025 Results; Provides Full Year 2026 GuidanceFebruary 11, 2026 4:08 PM
PR Newswire (US)
Fourth Quarter 2025 Results and Full Year 2025 HighlightsFourth quarter revenue, Adjusted EBITDA1 and Adjusted Free Cash Flow1 all ahead of expectationsFourth quarter Adjusted EBITDA margin1 of 30.2%, highest Q4 margin in Company's history, 110 basis points increase over the prior year period2 Full year revenue of $6,615.9 million, increase of 9.5% excluding the impact of divestitures3 (7.8% including the impact of divestitures)Full year Adjusted EBITDA1 of $1,985.0 million, increase of 12.8%2; Adjusted Net Income from continuing operations1 of $283.9 million; Net income from continuing operations of $241.1 millionFull year Adjusted EBITDA margin1 of 30.0%, first time in Company's history, 130 basis points increase over the prior year period2Full year Adjusted Free Cash Flow1 of $755.9 million, increase of 23.6%; cash flow from operating activities of $1,316.0 millionCompleted acquisitions generating approximately $290 million in annualized revenueCompleted $3.0 billion of share repurchases, representing over 10% of issued and outstanding subordinate voting sharesNet Leverage1 of 3.4x, lowest year-end Net Leverage1 in Company's historyGuidance for 20264Revenue is estimated to be approximately $7,000 million, or $7,140 million on a constant currency basis, representing an increase of 8%Adjusted EBITDA4 is estimated to be approximately $2,140 million, or $2,185 million on a constant currency basis, representing an increase of 10%Adjusted Free Cash Flow4 is estimated to be approximately $835 million, or $860 million on a constant currency basis, representing an increase of 14%Guidance does not include contribution from any incremental M&AMIAMI BEACH, FL, Feb. 11, 2026 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL", "we", or "our", or the "Company") today announced its results for the fourth quarter and full year 2025, as well as guidance for the full year 2026.
"Our more than 15,000 employees delivered another year of results that exceeded our expectations," said Patrick Dovigi, Founder and Chief Executive Officer of GFL. "The continued strong execution of our value creation strategies drove full year top-line growth of 9.5%3, Adjusted EBITDA margin1 of 30%, the highest in our history, and industry-leading Adjusted EBITDA margin1 expansion of 130 basis points over the prior year2. To achieve such a result in the face of ongoing macro headwinds reinforces our conviction in our stated goal of achieving low-to-mid 30s margins by 2028."Mr. Dovigi continued, "During the year, we remained committed to our returns focused capital allocation strategies. We completed the sale of our Environmental Services business and the recapitalization of Green Infrastructure Partners at valuations that demonstrate the equity value creation our team is capable of achieving. We used the proceeds from these transactions to materially delever our balance sheet and buy back over 10% of our shares. We also deployed nearly $1 billion into accretive acquisitions and ended the year with Net Leverage1 of 3.4x, the lowest year-end Net Leverage1 in our history. Our M&A pipeline remains robust and going forward we will continue to be opportunistic in our approach to accretive M&A, strategic reinvestment and return of capital to shareholders, while maintaining Net Leverage in the low-to-mid 3s."Mr. Dovigi concluded, "We have built a best-in-class North American platform that we will continue to optimize. Based on our strong results for 2025 and the contributions from our growth investments and recently completed M&A, we believe we are well positioned for another year of industry-leading financial performance in 2026."Fourth Quarter Results2Revenue of $1,686.4 million in the fourth quarter of 2025, increase of 7.3%, including 6.4% from core pricing.Adjusted EBITDA1 increased by 11.1% to $508.7 million in the fourth quarter of 2025, compared to $458.0 million in the fourth quarter of 2024. Adjusted EBITDA margin1 was 30.2% in the fourth quarter of 2025, compared to 29.1% in the fourth quarter of 2024.Net income from continuing operations was $72.7 million in the fourth quarter of 2025, compared to net loss from continuing operations of $211.4 million in the fourth quarter of 2024.Adjusted Free Cash Flow1 was $424.6 million in the fourth quarter of 2025, compared to $281.4 million in the fourth quarter of 2024.Year to Date Results2Revenue of $6,615.9 million for the year ended December 31, 2025, an increase of 9.5% excluding the impact of divestitures3 (7.8% including the impact of divestitures), including 6.1% from core pricing3 and 0.5% from positive volume3.Adjusted EBITDA1 increased by 12.8% to $1,985.0 million for the year ended December 31, 2025, compared to $1,759.6 million for the year ended December 31, 2024. Adjusted EBITDA margin1 was 30.0% for the year ended December 31, 2025, compared to 28.7% for the year ended December 31, 2024.Net income from continuing operations was $241.1 million for the year ended December 31, 2025, compared to net loss from continuing operations of $897.5 million for the year ended December 31, 2024.Adjusted Free Cash Flow1 was $755.9 million for the year ended December 31, 2025, compared to $611.4 million for the year ended December 31, 2024.Repurchased 43,741,452 subordinate voting shares through a combination of our normal course issuer bid, direct share buybacks and through secondary offerings. We intend to continue to be opportunistic on further share repurchases going forward.Guidance for 20264GFL also provided its guidance for 2026. The following guidance is provided based on a USD/CAD exchange rate of 1.36 versus the average exchange rate for 2025 of 1.40.Revenue is estimated to be approximately $7,000 million.Full year core pricing in the mid 5s, volume of 0.25% to 0.50%, and surcharges and commodity price impact of (0.5%).Revenue from net M&A contribution of 2.5%.Changes in foreign exchange resulting in approximately (2.1%) revenue impact.Adjusted EBITDA4 is estimated to be approximately $2,140 million.Full year Adjusted EBITDA margin4 is expected to be approximately 30.6%, increase of 60 basis points.Adjusted Free Cash Flow4 is estimated to be approximately $835 million.Full year net capex is expected to be approximately $800 million.Full year net capex excludes approximately $175 million of incremental growth capital expected to be deployed in 2026 related to material recycling facilities and other infrastructure primarily related to opportunities arising under extender producer responsibility legislation.Full year cash interest is expected to be approximately $395 million.Net Leverage4 is estimated to be low 3s by the end of 2026, resulting from growth in Adjusted EBITDA4 and Adjusted Free Cash Flow4.The 2026 guidance excludes any impact from acquisitions, refinancing opportunities and any redeployment of capital. Implicit in forward-looking information in respect of our expectations for 2026 are certain current assumptions, including, among others, no changes to the current economic environment, including fuel and commodities. The 2026 guidance assumes GFL will continue to execute on our strategy of organically growing our business, leveraging our scalable network to attract and retain customers across multiple service lines, realizing operational efficiencies and extracting procurement and cost synergies. See "Forward-Looking Information".______________________(1)A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.(2)Effective March 1, 2025, we completed the divestiture of our Environmental Services line of business ("GFL Environmental Services"). Certain revenue disaggregation and segment reporting balances in prior periods have been re-presented for consistency with the current period presentation in relation to GFL Environmental Services which has been presented as discontinued operations. For additional information, refer to Note 2 and Note 23 in our Annual Financial Statements.(3)Reflects pro forma adjustments to remove the contribution of one divestiture in Fiscal 2024. Refer to "Supplemental Data" for details.(4)Information contained in the section titled "Guidance for 2026" includes non-IFRS measures and ratios, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow and Net Leverage. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures. See "Non-IFRS Measures" below. See Fourth Quarter and Full Year 2025 Results for the equivalent historical non-IFRS measure.Q4 2025 Earnings CallGFL will host a conference call related to our fourth quarter and full year 2025 earnings and our 2026 guidance on February 11, 2026 at 5:00 pm Eastern Time. A live audio webcast of the conference call can be accessed by logging onto our Investors page at investors.gflenv.com or by clicking here. Listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 051473) approximately 15 minutes prior to the scheduled start time.We encourage participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login/LE9zwo3kQxD8wqN9wQqROJ7SatmjACUromI. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. Participants may pre-register at any time, including up to and after the call start time. For those unable to listen live, an audio replay of the call will be available until February 26, 2026 by dialing 1-226-828-7578 in Canada or 1-866-813-9403 in the United States (access code: 259238).Annual ReportGFL also announced that on or about February 17, 2026, it will be filing its annual report on Form 40-F, including the Company's audited consolidated financial statements (the "Annual Financial Statements") for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) and with the Canadian securities regulators on SEDAR+ (www.sedarplus.ca) The annual report will also be available on the Investors page of the Company's website at investors.gflenv.com. Shareholders may receive a hard copy of the complete Annual Financial Statements from the Company free of charge upon request by contacting GFL Investor Relations at ir@gflenv.com.About GFLGFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.For more information, visit the GFL web site at gflenv.com. To subscribe for investor email alerts please visit investors.gflenv.com or click here.Forward-Looking InformationThis release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities, the markets in which we operate or potential share repurchases are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances.Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to certain assumptions set out herein in the section titled "Guidance for 2026"; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; changes to trade agreements, restrictions on trade, including sanctions, export controls, import duties, quotas, treaties, tariffs, trade wars, changes to trade and investment policies and other governmental actions; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025 and GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws. The purpose of disclosing our financial outlook set out in this release is to provide investors with more information concerning the financial impact of our business initiatives and growth strategies.Non-IFRS MeasuresThis release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.EBITDA represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) change in value on Call Option, (d) share of net (income) loss of investments accounted for using the equity method, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the year ended December 31, 2025, change in value on Call Option has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.Acquisition EBITDA represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) incremental cash flow adjustment related to corporate costs attributable to discontinued operations, (c) transaction costs, (d) acquisition, rebranding and other integration costs, (e) Founder/CEO remuneration, (f) cash payments related to GFL Environmental Services transition services agreement, (g) cash taxes related to divestitures, (h) cash interest paid on early termination of long-term debt and (i) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the year ended December 31, 2025, cash payments related to GFL Environmental Services transition services agreement and cash interest paid on early termination of long-term debt have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in the prior period. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.Adjusted Net Income (Loss) from continuing operations represents net income (loss) from continuing operations adjusted for (a) amortization of intangible assets, (b) ARO discount rate depreciation adjustment, (c) amortization of deferred financing costs, (d) (gain) loss on foreign exchange, (e) change in value on Call Option, (f) share of net (income) loss of investments accounted for using the equity method, (g) loss on termination of hedged arrangements, (h) (gain) loss on divestiture, (i) transaction costs, (j) acquisition, rebranding and other integration costs, (k) Founder/CEO remuneration, (l) other and (m) the tax impact of the foregoing. Adjusted income (loss) per share from continuing operations is defined as Adjusted Net Income (Loss) from continuing operations divided by the weighted average shares in the period. For the year ended December 31, 2025, change in value on Call Option has been added back to net income (loss) from continuing operations. We believe that Adjusted income (loss) per share from continuing operations provides a meaningful comparison of current results to prior periods' results by excluding items that GFL does not believe reflect its fundamental business performance.Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.All references to "$" in this press release are to Canadian dollars, unless otherwise noted.For further information:
Patrick Dovigi, Founder and Chief Executive Officer
+1 905-326-0101
pdovigi@gflenv.com GFL Environmental Inc.
Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)
(In millions of dollars except per share amounts)
Three months endedDecember 31,
Year endedDecember 31,
2025
2024(1)
2025
2024(1)Revenue
$ 1,686.4
$ 1,571.2
$ 6,615.9
$ 6,138.8Expenses
Cost of sales
1,348.8
1,272.5
5,248.6
5,010.0Selling, general and administrative expenses
254.7
224.5
967.4
864.5Interest and other finance costs
134.5
162.6
595.2
665.8(Gain) loss on sale of property and equipment
(95.6)
1.2
(91.1)
(2.7)(Gain) loss on foreign exchange
(85.3)
279.5
(256.9)
291.2Loss (Gain) on divestiture
8.6
(12.8)
8.6
481.8Change in value on Call Option
60.0
—
60.0
—Other
3.4
(1.0)
(181.8)
(29.7)
1,629.1
1,926.5
6,350.0
7,280.9Share of net (loss) income of investments accounted for using the equity method
(16.0)
1.3
(39.0)
18.2Income (loss) before income taxes
41.3
(354.0)
226.9
(1,123.9)Current income tax recovery
(48.1)
(78.1)
(0.7)
(16.4)Deferred tax expense (recovery)
16.7
(64.5)
(13.5)
(210.0)Income tax recovery
(31.4)
(142.6)
(14.2)
(226.4)Net income (loss) from continuing operations
72.7
(211.4)
241.1
(897.5)Net (loss) income from discontinued operations
(48.5)
11.9
3,572.3
159.8Net income (loss)
24.2
(199.5)
3,813.4
(737.7)Less: Net loss attributable to non-controlling interests
(9.7)
(10.4)
(20.7)
(15.0)Net income (loss) attributable to GFL Environmental Inc.
$ 33.9
$ (189.1)
$ 3,834.1
$ (722.7)
Items that may be subsequently reclassified to net income (loss)
Currency translation adjustment
(204.0)
429.0
(484.2)
544.1Reclassification to net income (loss) of fair value movements on cash flow hedges, net of tax
1.1
1.4
9.1
(4.3)Fair value movements on cash flow hedges, net of tax
13.4
(32.2)
36.0
(44.8)Share of other comprehensive income (loss) of investments accounted for using the equity method, net of tax
11.1
—
2.3
(1.2)Reclassification to net income (loss) of foreign currency differences on divestitures
(2.3)
—
(0.8)
(26.5)Other comprehensive (loss) income
(180.7)
398.2
(437.6)
467.3Comprehensive (loss) income from continuing operations
(108.0)
186.8
(196.5)
(430.2)Comprehensive (loss) income from discontinued operations
(48.5)
11.9
3,395.8
159.8Total comprehensive (loss) income
(156.5)
198.7
3,199.3
(270.4)Less: Total comprehensive (loss) income attributable to non-controlling interests
(12.6)
4.8
(31.4)
4.8Total comprehensive (loss) income attributable to GFL Environmental Inc.
$ (143.9)
$ 193.9
$ 3,230.7
$ (275.2)
Basic income (loss) per share(2)
Continuing operations
$ 0.19
$ (0.58)
$ 0.57
$ (2.53)Discontinued operations
(0.13)
0.06
9.67
0.42Total operations
$ 0.06
$ (0.52)
$ 10.24
$ (2.11)Diluted income (loss) per share(2)
Continuing operations
$ 0.19
$ (0.58)
$ 0.56
$ (2.53)Discontinued operations
(0.13)
0.06
9.43
0.42Total operations
$ 0.06
$ (0.52)
$ 9.99
$ (2.11)
Weighted average number of shares outstanding
359,414,533
393,503,219
369,560,643
380,841,299Diluted weighted average number of shares outstanding
367,250,914
393,503,219
378,689,219
380,841,299______________________(1)Comparative figures have been re-presented, refer to Note 2 and 23 in our Annual Financial Statements.(2)Basic and diluted income (loss) per share is calculated on net income (loss) attributable to GFL Environmental Inc. adjusted for amounts attributable to preferred shareholders. Refer to Note 14 in our Annual Financial Statements.GFL Environmental Inc.
Unaudited Consolidated Statements of Financial Position
(In millions of dollars)
December 31, 2025
December 31, 2024Assets
Cash
$ 85.6
$ 133.8Trade and other receivables, net
802.0
1,175.1Income taxes recoverable
96.0
86.0Prepaid expenses and other assets
180.6
300.7Current assets
1,164.2
1,695.6
Property and equipment, net
7,324.3
7,851.7Intangible assets, net
1,757.0
2,833.2Investments accounted for using the equity method
1,898.0
344.4Other long-term assets
256.8
207.4Deferred income tax assets
—
209.3Goodwill
6,894.9
8,065.8Non-current assets
18,131.0
19,511.8Total assets
$ 19,295.2
$ 21,207.4
Liabilities
Accounts payable and accrued liabilities
1,888.3
1,880.2Income taxes payable
5.7
—Long-term debt
—
1,146.5Lease obligations
59.9
69.4Due to related party
—
2.9Landfill closure and post-closure obligations
44.0
51.7Current liabilities
1,997.9
3,150.7
Long-term debt
7,422.6
8,853.0Lease obligations
450.6
477.2Other long-term liabilities
34.5
41.6Deferred income tax liabilities
777.7
464.5Landfill closure and post-closure obligations
1,126.5
998.7Non-current liabilities
9,811.9
10,835.0Total liabilities
11,809.8
13,985.7
Shareholders' equity
Share capital
7,008.4
9,938.0Contributed surplus
205.7
151.3Retained earnings (deficit)
229.5
(3,573.5)Accumulated other comprehensive (loss) income
(140.8)
462.6Total GFL Environmental Inc.'s shareholders' equity
7,302.8
6,978.4Non-controlling interests
182.6
243.3Total shareholders' equity
7,485.4
7,221.7Total liabilities and shareholders' equity
$ 19,295.2
$ 21,207.4GFL Environmental Inc.
Unaudited Consolidated Statements of Cash Flows
(In millions of dollars)
Three months endedDecember 31,
Year endedDecember 31,
2025
2024
2025
2024Operating activities
Net income (loss)
$ 24.2
$ (199.5)
$ 3,813.4
$ (737.7)Adjustments for non-cash items
Depreciation of property and equipment
265.7
295.4
1,053.9
1,126.7Amortization of intangible assets
74.7
110.9
262.2
441.1Share of net loss (income) of investments accounted for using the equity method
16.0
(1.3)
39.0
(18.2)Loss (gain) on divestiture
114.0
(12.8)
(4,352.8)
481.8Other
3.4
(1.0)
(181.8)
(27.0)Interest and other finance costs
134.5
165.2
596.8
674.9Share-based payments
56.5
14.1
151.5
104.7(Gain) loss on unrealized foreign exchange
(85.7)
280.3
(257.1)
292.3(Gain) loss on sale of property and equipment
(95.6)
2.1
(89.9)
(2.2)Change in value on Call Option
60.0
—
60.0
—Current income tax (recovery) expense
(42.3)
(67.6)
28.6
25.4Deferred tax (recovery) expense
(41.5)
(49.1)
778.9
(232.5)Interest paid in cash
(78.1)
(97.2)
(449.2)
(490.4)Income taxes paid in cash, net
(28.0)
(8.0)
(34.3)
(43.8)Changes in non-cash working capital items
87.6
150.4
(57.8)
(17.9)Landfill closure and post-closure expenditures
(20.1)
(16.6)
(45.4)
(37.0)
445.3
565.3
1,316.0
1,540.2Investing activities
Purchase of property and equipment
(248.3)
(317.2)
(1,141.4)
(1,193.0)Proceeds on disposal of assets and other
42.4
20.8
58.4
61.3(Payments) proceeds from divestitures
(5.3)
16.5
5,811.8
86.0Business acquisitions and investments, net of cash acquired
(366.7)
(36.0)
(983.2)
(649.5)Distribution received from associates and joint ventures
1.7
1.4
212.9
10.8
(576.2)
(314.5)
3,958.5
(1,684.4)Financing activities
Repayment of lease obligations
(34.5)
(0.5)
(115.0)
(103.8)Issuance of long-term debt
799.7
749.6
2,633.2
3,240.5Repayment of long-term debt
(524.9)
(942.3)
(4,818.9)
(2,906.3)Proceeds from termination of hedged arrangements
—
—
28.0
—Payment for termination of hedged arrangements
(1.1)
(1.1)
(2.2)
(7.5)Payment of contingent purchase consideration and holdbacks
(0.4)
(1.4)
(5.3)
(30.0)Repurchase of subordinate voting shares
(208.9)
—
(2,967.4)
—Dividends issued and paid
(7.6)
(7.5)
(31.1)
(28.2)Payment of financing costs
(0.2)
(7.6)
(5.9)
(25.1)Repayment of loan to related party
—
—
(2.9)
(5.8)Distribution to non-controlling interest
—
—
(56.4)
—Contribution from non-controlling interests
—
11.2
27.1
29.4
22.1
(199.6)
(5,316.8)
163.2
(Decrease) increase in cash
(108.8)
51.2
(42.3)
19.0Changes due to foreign exchange revaluation of cash
(0.2)
(16.9)
(5.9)
(20.9)Cash, beginning of year
194.6
99.5
133.8
135.7Cash, end of year
$ 85.6
$ 133.8
$ 85.6
$ 133.8SUPPLEMENTAL DATAYou should read the following information in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, as well as our audited consolidated financial statements and notes thereto for the year ended December 31, 2025.Revenue GrowthThe following tables summarize the revenue growth in our segments for the periods indicated:
Three months ended December 31, 2025
Contribution from Acquisitions
Organic Growth
Foreign Exchange
Revenue Growth
Impact from divestitures
Total Revenue GrowthCanada
3.4 %
6.5 %
— %
9.9 %
— %
9.9 %USA
5.3
1.1
(0.3)
6.1
—
6.1Total
4.7 %
2.8 %
(0.2) %
7.3 %
— %
7.3 %
Year ended December 31, 2025
Pro forma excluding divestitures(1)
Contribution from Acquisitions
Organic Growth
Foreign Exchange
Revenue Growth
Impact from divestitures
Total Revenue GrowthCanada
1.4 %
10.1 %
— %
11.5 %
— %
11.5 %USA
3.8
2.8
1.9
8.5
(2.4)
6.1Total
3.0 %
5.1 %
1.4 %
9.5 %
(1.7) %
7.8 %________________________(1)Reflects pro forma adjustments to remove the contribution of one divestiture in Fiscal 2024.Detail of Organic GrowthThe following table summarizes the components of our organic growth for the periods indicated:
Three months ended December 31, 2025
Year ended December 31, 2025
Year endedDecember 31, 2025(1)Price
6.4 %
6.0 %
6.1 %Surcharges
(0.6)
(1.0)
(1.0)Volume
(2.3)
0.5
0.5Commodity price
(0.7)
(0.5)
(0.5)Total organic growth
2.8 %
5.0 %
5.1 %________________________(1)Reflects pro forma adjustments to remove the contribution of one divestiture in Fiscal 2024.Operating Segment ResultsThe following tables summarize our operating segment results for the periods indicated, excluding the results of GFL Environmental Services which has been presented as discontinued operations:
Three months ended December 31, 2025
Three months ended December 31, 2024(1)($ millions)
Revenue
Adjusted EBITDA(2)
Adjusted EBITDA Margin(3)
Revenue
Adjusted EBITDA(2)
Adjusted EBITDA Margin(3)Canada
$ 552.8
$ 175.9
31.8 %
$ 502.9
$ 151.2
30.1 %USA
1,133.6
394.0
34.8
1,068.3
373.0
34.9Solid Waste
1,686.4
569.9
33.8
1,571.2
524.2
33.4Corporate
—
(61.2)
—
—
(66.2)
—Total
$ 1,686.4
$ 508.7
30.2 %
$ 1,571.2
$ 458.0
29.1 %
Year endedDecember 31, 2025
Year endedDecember 31, 2024(1)($ millions)
Revenue
Adjusted EBITDA(2)
Adjusted EBITDA Margin(3)
Revenue
Adjusted EBITDA(2)
Adjusted EBITDA Margin(3)Canada
$ 2,162.6
$ 689.6
31.9 %
$ 1,940.4
$ 578.6
29.8 %USA
4,453.3
1,557.4
35.0
4,198.4
1,441.7
34.3Solid Waste
6,615.9
2,247.0
34.0
6,138.8
2,020.3
32.9Corporate
—
(262.0)
—
—
(260.7)
—Total
$ 6,615.9
$ 1,985.0
30.0 %
$ 6,138.8
$ 1,759.6
28.7 %________________________(1)Comparative figures have been re-presented, refer to Note 2 and 23 in our Annual Financial Statements.(2)A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.(3)See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.Net LeverageThe following table presents the calculation of Net Leverage as at the dates indicated:($ millions)
December 31, 2025
December 31, 2024Total long-term debt, net of derivative asset(1)
$ 7,401.6
$ 9,884.8Deferred finance costs and other adjustments
(25.1)
(134.9)Total long-term debt excluding deferred finance costs and other adjustments
$ 7,426.7
$ 10,019.7Less: cash
(85.6)
(133.8)
7,341.1
9,885.9
Trailing twelve months Adjusted EBITDA(2)
1,985.0
2,250.5Run-Rate EBITDA Adjustments(3)
172.6
182.6Run-Rate EBITDA(3)
$ 2,157.6
$ 2,433.1
Net Leverage(2)
3.4x
4.1x ________________________(1)Total long-term debt includes derivative asset reclassified for financial statement presentation purposes to other long-term assets, refer to Note 10 in our Annual Financial Statements.(2)A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.(3)See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures and ratios.Shares OutstandingThe following table presents the total shares outstanding as at the date indicated:
December 31, 2025Subordinate voting shares
346,110,312Multiple voting shares
11,812,964Basic shares outstanding
357,923,276Effect of dilutive instruments
16,970,218Series A Preferred Shares (as converted)
5,847,311Series B Preferred Shares (as converted)
8,700,482Diluted shares outstanding
389,441,287NON-IFRS RECONCILIATION SCHEDULEAdjusted EBITDA The following tables provide a reconciliation of our net income (loss) from continuing operations to EBITDA and Adjusted EBITDA for the periods indicated, excluding the results of GFL Environmental Services which has been presented as discontinued operations:($ millions)
Three months endedDecember 31, 2025
Three months endedDecember 31, 2024(1)Net income (loss) from continuing operations
$ 72.7
$ (211.4)Add:
Interest and other finance costs
134.5
162.6Depreciation of property and equipment
265.7
263.0Amortization of intangible assets
74.7
71.4Income tax recovery
(31.4)
(142.6)EBITDA
516.2
143.0Add:
(Gain) loss on foreign exchange(2)
(85.3)
279.5(Gain) loss on sale of property and equipment
(95.6)
1.2Change in value on Call Option
60.0
—Share of net loss of investments accounted for using the equity method(3)
20.4
3.1Share-based payments(4)
56.5
11.9Loss (gain) on divestiture(5)
8.6
(12.8)Transaction costs(6)
18.0
19.8Acquisition, rebranding and other integration costs(7)
6.5
2.1Founder/CEO remuneration(8)
—
11.2Other
3.4
(1.0)Adjusted EBITDA
$ 508.7
$ 458.0 ($ millions)
Year endedDecember 31, 2025
Year endedDecember 31, 2024(1)Net income (loss) from continuing operations
$ 241.1
$ (897.5)Add:
Interest and other finance costs
595.2
665.8Depreciation of property and equipment
1,053.9
996.9Amortization of intangible assets
262.2
286.7Income tax recovery
(14.2)
(226.4)EBITDA
2,138.2
825.5Add:
(Gain) loss on foreign exchange(2)
(256.9)
291.2Gain on sale of property and equipment
(91.1)
(2.7)Change in value on Call Option
60.0
—Share of net loss of investments accounted for using the equity method(3)
56.5
16.9Share-based payments(4)
150.2
97.5Loss on divestiture(5)
8.6
481.8Transaction costs(6)
56.1
46.1Acquisition, rebranding and other integration costs(7)
13.4
6.2Founder/CEO remuneration(8)
31.8
26.8Other(9)
(181.8)
(29.7)Adjusted EBITDA
$ 1,985.0
$ 1,759.6________________________(1)Comparative figures have been re-presented, refer to Note 2 and 23 in our Annual Financial Statements. (2)Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.(3)Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.(4)This is a non-cash item and consists of the amortization of the estimated fair value of share-based payments granted to certain members of management under share-based payment plans.(5)Consists of losses resulting from the divestiture of non-core businesses.(6)Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.(7)Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.(8)Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.(9)The year ended December 31, 2025 includes $186.7 million gain on dilution of equity investment in GIP and $6.5 million gain on dilution of equity investment in GFL Environmental Service JV LP ("GES"), refer to Note 3 in our Annual Financial Statements.Adjusted Net Income (Loss) from Continuing OperationsThe following tables provide a reconciliation of our net income (loss) from continuing operations to Adjusted Net Income from continuing operations for the periods indicated, excluding the results of GFL Environmental Services which has been presented as discontinued operations:($ millions)
Three months endedDecember 31, 2025
Three months endedDecember 31, 2024(1)Net income (loss) from continuing operations
$ 72.7
$ (211.4)Add:
Amortization of intangible assets(2)
74.7
71.4ARO discount rate depreciation adjustment(3)
(0.3)
3.0Amortization of deferred financing costs
3.4
5.6(Gain) loss on foreign exchange(4)
(85.3)
279.5Change in value on Call Option
60.0
—Share of net loss of investments accounted for using the equity method(5)
20.4
3.1Loss (gain) on divestiture(7)
8.6
(12.8)Transaction costs(8)
18.0
19.8Acquisition, rebranding and other integration costs(9)
6.5
2.1Founder/CEO remuneration(10)
—
11.2Other
3.4
(1.0)Tax effect(12)
(49.1)
(129.1)Adjusted Net Income from continuing operations
$ 133.0
$ 41.4Adjusted income per share from continuing operations, basic
$ 0.37
$ 0.11Adjusted income per share from continuing operations, diluted
$ 0.36
$ 0.11($ millions)
Year endedDecember 31, 2025
Year endedDecember 31, 2024(1)Net income (loss) from continuing operations
$ 241.1
$ (897.5)Add:
Amortization of intangible assets(2)
262.2
286.7ARO discount rate depreciation adjustment(3)
0.8
7.3Amortization of deferred financing costs
33.6
22.7(Gain) loss on foreign exchange(4)
(256.9)
291.2Change in value on Call Option
60.0
—Share of net loss of investments accounted for using the equity method(5)
56.5
16.9Loss on termination of hedged arrangements(6)
30.5
17.2Loss on divestiture(7)
8.6
481.8Transaction costs(8)
56.1
46.1Acquisition, rebranding and other integration costs(9)
13.4
6.2Founder/CEO remuneration(10)
31.8
26.8Other(11)
(181.8)
(29.7)Tax effect(12)
(72.0)
(235.7)Adjusted Net Income from continuing operations
$ 283.9
$ 40.0Adjusted income per share from continuing operations, basic
$ 0.77
$ 0.11Adjusted income per share from continuing operations, diluted
$ 0.75
$ 0.11________________________(1)Comparative figures have been re-presented, refer to Note 2 and 23 in our Annual Financial Statements. (2)This is a non-cash item and consists of the amortization of intangible assets such as customer lists, municipal contracts, non-compete agreements, trade name and other licenses.(3)This is a non-cash item and consists of depreciation expense related to the difference between the ARO calculated using the credit adjusted risk-free discount rate required for measurement of the ARO through purchase accounting compared to the risk-free discount rate required for quarterly valuations.(4)Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.(5)Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.(6)Consists of gains and losses on the termination of hedged arrangements associated with the 3.750% 2025 Secured Notes, the 5.125% 2026 Secured Notes, the 4.250% 2025 Secured Notes and the 4.750% 2029 Notes.(7)Consists of losses resulting from the divestiture of non-core businesses.(8)Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.(9)Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.(10)Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.(11)The year ended December 31, 2025 includes $186.7 million gain on dilution of equity investment in GIP and $6.5 million gain on dilution of equity investment in GES, refer to Note 3 in our Annual Financial Statements.(12)Consists of the tax effect of the adjustments to net income (loss) from continuing operations.Adjusted Cash Flows from Operating Activities and Adjusted Free Cash FlowThe following tables provide a reconciliation of our cash flows from operating activities to Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow for the periods indicated:($ millions)
Three months endedDecember 31, 2025
Three months endedDecember 31, 2024(1)Cash flows from operating activities
$ 445.3
$ 565.3Less:
Operating cash flows from discontinued operations(2)
(29.9)
133.9Incremental cash flow adjustment related to corporate costs attributable to discontinued operations(3)
—
(31.6)Cash flows from operating activities (excluding discontinued operations)
475.2
463.0Add:
Transaction costs(4)
18.0
19.8Acquisition, rebranding and other integration costs(5)
6.5
2.1Founder/CEO remuneration(6)
—
11.2Cash payments related to GFL Environmental Services transition services agreement(7)
3.8
—Cash taxes related to divestitures
28.2
1.3Distribution received from joint ventures
1.7
1.4Adjusted Cash Flows from Operating Activities
533.4
498.8Proceeds on disposal of assets and other
42.4
17.2Purchase of property and equipment
(248.3)
(285.9)Adjusted Free Cash Flow (including incremental growth investments)
327.5
230.1Incremental growth investments(9)
97.1
51.3Adjusted Free Cash Flow
$ 424.6
$ 281.4 ($ millions)
Year endedDecember 31, 2025
Year endedDecember 31, 2024(1)Cash flows from operating activities
$ 1,316.0
$ 1,540.2Less:
Operating cash flows from discontinued operations(2)
39.7
471.1Incremental cash flow adjustment related to corporate costs attributable to discontinued operations(3)
—
(126.2)Cash flows from operating activities (excluding discontinued operations)
1,276.3
1,195.3Add:
Transaction costs(4)
56.1
46.1Acquisition, rebranding and other integration costs(5)
13.4
6.2Founder/CEO remuneration(6)
31.8
26.8Cash payments related to GFL Environmental Services transition services agreement(7)
12.6
—Cash taxes related to divestitures
28.2
16.3Cash interest paid on early termination of long-term debt(8)
68.9
—Distribution received from joint ventures
9.1
10.8Adjusted Cash Flows from Operating Activities
1,496.4
1,301.5Proceeds on disposal of assets and other
58.4
57.7Purchase of property and equipment
(1,123.3)
(1,046.1)Adjusted Free Cash Flow (including incremental growth investments)
431.5
313.1Incremental growth investments(9)
324.4
298.3Adjusted Free Cash Flow
$ 755.9
$ 611.4________________________(1)Comparative figures have been re-presented, refer to Note 2 and 23 in our Annual Financial Statements. (2)Consists of operating cash flows from discontinued operations. As at December 31, 2025, GFL Environmental Services was presented as discontinued operations. Refer to Note 23 in our Annual Financial Statements.(3)Consists of corporate costs attributable to GES. This adjustment was not reflected in prior quarters' comparative figures. If the adjustment had been reflected in prior quarters' comparative figures, cash flows from operating activities (excluding discontinued operations) would have increased by $31.6 million for each of the three months ended March 31, 2024, June 30, 2024 and September 30, 2024.(4)Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future, and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.(5)Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.(6)Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.(7)Consists of cash payments to GFL for services provided to GES based on the transition services agreement, which was satisfied in full on March 3, 2025 in connection with our divestiture of GFL Environmental Services.(8)Consists of interest and related fees on early repayment of revolving credit facility, Term Loan B Facility, 3.75% 2025 Secured Notes and 5.125% 2026 Secured Notes.(9)Consists of incremental sustainability related capital projects, primarily related to recycling and RNG.
View original content to download multimedia:https://www.prnewswire.com/news-releases/gfl-environmental-reports-fourth-quarter-and-full-year-2025-results-provides-full-year-2026-guidance-302685662.htmlSOURCE GFL Environmental Inc.
Original: GFL Environmental Reports Fourth Quarter and Full Year 2025 Results; Provides Full Year 2026 Guidance
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