Company Overview

GFL Environmental Inc, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America. It provides a comprehensive line of solid waste management services through its extensive platform of facilities across Canada and 18 U.S. states. With a workforce exceeding 15,000 employees, GFL was founded by Patrick Dovigi on December 19, 2007.

Business Operations

The company is engaged in offering solid waste management, liquid waste management, and soil remediation services, including collection, transportation, transfer, recycling, and disposal. Its facilities include convenience sites, landfills, material recovery facilities (MRFs), organic processing sites, soil remediation sites, and transfer stations.

The company operates through two primary segments:

- Solid Waste Segment: This segment encompasses hauling, landfills, transfers, and material recovery facilities. Its solid waste management business line, which generates the majority of revenue, includes the collection, transportation, transfer, recycling, and disposal of non-hazardous solid waste.

- Environmental Services Segment: This segment provides liquid waste management and soil remediation services, including liquid waste and soil remediation operations.

Market Presence and Operations

GFL's geographical segments are Canada and the United States, with the majority of its revenue derived from the United States. The company serves municipal, residential, commercial, and industrial customers through its comprehensive network of facilities.

Recent Financial Performance (Q2 2025)

GFL reported Adjusted EBITDA of $515.1 million for Q2 2025, an increase of 14.6%, showcasing strong operational metrics and resilience against market headwinds.

#### Key Financial Highlights for Q2 2025:

- Organic Growth: 8.3% organic price and volume growth, excluding divestitures, representing a 170 basis point acceleration over the previous quarter.

- Adjusted EBITDA Margin: 30.7%, a 230 basis points increase compared to the prior year period.

- Net Income: $274.2 million from continuing operations.

- Solid Waste Adjusted EBITDA Margin: 34.7%, marking the highest Q2 margin in the Company's history.

#### Market Capitalization and Trading Information

As of September 15, 2025, GFL Environmental Inc has a market capitalization of $16.70 billion, based on 363.34 million shares outstanding. The stock reached its all-time high on May 5, 2025, at 71.82 CAD.

Strategic Growth Initiatives

GFL continues to execute its growth strategy by focusing on acquisitions and operational improvements. The company has deployed over $300 million in tuck-in acquisitions during 2025 and is on track to meet its target of $700 to $900 million. Acquisitions completed year-to-date are generating approximately $105.0 million in annualized revenue.

2025 Guidance and Outlook

Management remains optimistic about the future and has increased the full-year 2025 Adjusted EBITDA guidance to a range of $1.950 billion to $1.975 billion. This represents an approximate $50.0 million increase in guidance before considering the effect of foreign currency translation.

Industry Position and Competitive Advantages

GFL's position as the fourth largest diversified environmental services company in North America provides significant competitive advantages through its scale, operational efficiency, and comprehensive service offerings. The company's extensive network across multiple geographic markets ensures stability and growth opportunities within the essential waste management sector.

GFL's focus on margin expansion, strategic acquisitions, and operational excellence positions it well for continued growth in the environmental services industry, even amidst macroeconomic headwinds in certain industrial and construction segments.