GFL Environmental Inc. - Ordinary Shares (Sub Voting)

Q1 performance blew past expectations (record margins): Adjusted EBITDA margin expanded 180 bps to 29.1%, the highest Q1 in GFL’s history; revenues up 8.5% YoY (before FX translation headwinds). Management highlighted pricing + cost wins despite weather and macro uncertainty. Also noted >200 bps of underlying solid waste adjusted EBITDA margin expansion (more than “explained” by cost efficiency + top-line outperformance).

Pricing strength + volumes resilience (with weather/mix drags): - Pricing +7% for Q1, about 25 bps better than plan, driven by strong retention and continued realization of incremental pricing opportunities (Canada 8.5%, U.S. 6.3%). Management expects this pricing trajectory to carry through the year, implying upside vs original guide. - Volumes ~120 bps behind prior year but better than expected after large winter storm impacts in some markets. Excluding hurricane + one-time transfer station volume from the prior-year comp, volumes were up 80 bps, with special waste + EPR offsetting lower C&D and winter storms. - C&D remains a drag due to economic uncertainty; upside is expected when volumes normalize, but timing is unclear.

Costs: continued efficiency tailwind, but fuel is a near-term headwind: - 5th consecutive quarter of YoY reductions in operational and SG&A cost intensity as % of revenue. - Fuel: diesel +10% YoY and +40% in March. This created about a $10m guidance headwind, with only ~$1m recovered in Q1 due to fuel surcharge timing lags. Management says by end of Q2 surcharges should generally offset incremental fuel costs—so more margin dilution than EBITDA dollar drag, unless diesel rises further.