Canada · Delayed Price · Currency is CAD SECURE Waste Infrastructure Earnings Call Transcripts
Fiscal Year 2026
-
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
-
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.
-
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.
-
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.
-
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.
-
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
-
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.
-
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.
-
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.
-
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.