GFL Environmental Inc. - Ordinary Shares (Sub Voting)

Strong Q1 Performance: GFL reported revenue growth of approximately 12.5% year-over-year, reaching $1.56 billion, and achieved an adjusted EBITDA margin of 27.3%, reflecting a 120 basis point improvement from the prior year. This strong performance is attributed to an effective multipronged growth strategy, disciplined pricing, and the shedding of lower-quality revenue.

Positive Volume Growth: Despite challenging weather conditions affecting roll-off and special waste sectors, GFL saw positive volume growth driven primarily by Extended Producer Responsibility (EPR) initiatives in Canada. Volume rose by approximately 90 basis points compared to expectations, indicating a rebound and strong demand.

M&A Opportunities: GFL's M&A pipeline remains robust, with a focus on tuck-in acquisitions that align with their existing markets. The company has already made three acquisitions in 2025, amounting to $240 million and expected to generate over $85 million in annualized revenue. Growth through M&A is expected to remain a key component of the growth strategy.