GFL Environmental Inc. - Units

Q1 performance beat expectations; margin expansion hit a record - Adj. EBITDA margin: 29.1%, up +180 bps YoY (also about +30 bps vs plan), the highest first-quarter adjusted EBITDA margin in GFL’s history. - Drivers: pricing ahead of plan + better-than-expected volumes + cost intensity improvements (5th straight quarter of YoY reductions in both operational and SG&A cost intensity). - Top line: Revenue +8.5% YoY (before FX translation headwinds), driven by strong pricing and underlying volume.

Guidance raised via M&A contribution; base business guidance unchanged - Due to completing 8 acquisitions YTD (including Frontier Waste Solutions), GFL increased full-year guidance by nearly ~5% to reflect in-year deal contribution (base business guide itself unchanged). - Updated full-year 2026 outlook: - Revenue: $7.32B–$7.34B - Adj. EBITDA: $2.23B - Adj. free cash flow: $850M (includes cash interest $445M, net capex $825M) - Q2 2026 expectations: revenue ~$1.89B–$1.90B; Adj. EBITDA margin ~30.4% (noted as modestly behind prior year due to commodities, fuel, and M&A mix).

Pricing strength is a key upside lever (but volume/C&D is the main “unknown”) - Pricing: +7% in Q1, about +25 bps better than planned, primarily from strong customer retention and ongoing realization of incremental pricing opportunities (Investor Day strategy). - Canada pricing +8.5%, U.S. +6.3%. - Volumes: -120 bps vs prior year reported, but better than expected given major winter storms; excluding prior-year hurricane + one-time transfer station lapping, volumes were +80 bps as special waste & EPR offset lower C&D and weather. - Management expects multiple avenues of back-half upside (especially if commodity/fuel/FX stabilize): - Q1 pricing beat alone implies potential incremental $15M–$30M of annual revenue vs original guide. - However, C&D demand remains uncertain due to macro/geopolitical drag.