Canada · Delayed Price · Currency is CAD SECURE Waste Infrastructure Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered strong Q1 performance, elected eight directors, reappointed KPMG LLP as auditors, and approved the executive compensation advisory vote. Shareholders were invited to submit questions after formal business.
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Q1 2026 saw strong Adjusted EBITDA growth and stable margins, driven by resilient waste and metals segments. The GFL transaction offers immediate value and future upside, with increased growth capital targeting infrastructure expansion.
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The acquisition of a major Western Canadian waste management provider for CAD 6.4 billion is expected to be highly accretive, leverage-neutral, and deliver significant synergies and growth opportunities. Integration risk is low, regulatory approval is anticipated, and the deal accelerates financial targets and index inclusion prospects.
Fiscal Year 2025
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Adjusted EBITDA grew 5% year-over-year to CAD 501 million in 2025, with strong cash flow and shareholder returns despite commodity volatility. 2026 guidance is CAD 520–550 million, supported by contracted infrastructure and a 5% dividend increase. Metal recycling headwinds are expected to ease as logistics normalize.
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Q3 2025 saw resilient cash flows and 6% adjusted EBITDA growth year-over-year, despite lower oil prices and metals recycling headwinds. 2025 EBITDA guidance was revised to $500 million, with strong capital returns and major infrastructure projects on track to drive 2026 growth.
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Q2 2025 saw resilient results with 5% revenue growth and 14% per-share EBITDA growth year-over-year, despite metals recycling headwinds and seasonal disruptions. 2025 guidance is maintained, with strong capital returns, major growth projects advancing, and robust outlook into 2026.
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Q1 2025 saw stable earnings and cash flow, with adjusted EBITDA up 24% per share year-over-year pro forma and net revenue rising 3%. Share buybacks and a higher growth capital program were key, while guidance remains unchanged amid macro uncertainty.
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Secure Waste Infrastructure has transformed into a recurring revenue waste and recycling business with industry-leading margins, strong cash flow, and a focus on regulated markets. Growth is driven by organic projects, targeted M&A, and expanding water management, with minimal tariff risk.
Fiscal Year 2024
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Delivered strong 2024 results with CAD 490M Adjusted EBITDA, robust margins, and major capital returns. 2025 guidance targets 10% EBITDA growth, supported by acquisitions, expansions, and stable recurring volumes. Metal recycling and waste infrastructure remain key growth drivers.
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Q3 2024 saw strong Adjusted EBITDA and stable margins despite divestitures, with robust waste and energy infrastructure volumes and continued share buybacks. Full-year guidance is reaffirmed at the top end, and capital allocation remains focused on buybacks, dividends, and growth projects.
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Shareholders approved a special resolution to change the corporation's name to Secure Waste Infrastructure Corp. The meeting was efficiently conducted, with all motions carried and no questions from attendees.
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Adjusted EBITDA reached CAD 114 million, with per-share metrics up due to buybacks and strong demand. Full-year guidance was raised, supported by robust industry fundamentals, strategic acquisitions, and major infrastructure expansions.