Waste Connections (WCN) Investor presentation summary

Strategic positioning and business model

• Third largest solid waste company in North America, focusing on exclusive and secondary markets.

• Differentiated 'pure play' solid waste strategy with industry-leading financial and operational metrics.

• Emphasis on purposeful market selection, with ~40% exclusive/franchise and ~60% competitive markets.

• Local scale with leading asset positions across 46 U.S. states and 6 Canadian provinces.

• Decentralized operating structure prioritizes culture, retention, and safety improvements.

Financial performance and outlook

• 2026 revenue projected at $10.02B–$10.05B, with adjusted EBITDA of $3.30B–$3.40B and margins of 33.2%–33.3%.

• Adjusted free cash flow expected at $1.40B–$1.45B, up 11%–15% YoY.

• 1H 2026 revenue up 6.4% and adjusted EBITDA up 7.4% YoY.

• 20-year total shareholder return of 1,545%, outperforming major indices.

• Low leverage maintained despite significant capital outlays for acquisitions and returns to shareholders.

Growth drivers and innovation

• Over 100 acquisitions in five years, with $2.3B annualized revenue added.

• $100M AI investment (2025–2027) targeting price optimization, predictive maintenance, and digital customer tools.

• AI and technology expected to drive 100bps margin benefit by 2030.

• Multi-year margin expansion expected from price-led growth, technology, and RNG facility contributions.

• Strong cash flow supports continued acquisition execution and increased capital returns.