Republic Services, Inc.

Strong Q2 performance; pricing-driven growth - Revenue grew +4.6% YoY and adjusted EBITDA grew +4.5% YoY; adjusted EBITDA margin held at 32.1%. - Adjusted EPS: $1.85 (per call). Adjusted free cash flow (YTD): $1.58B. - Organic revenue growth driven mainly by pricing: average yield on total revenue +3.4%; average yield on related revenue +4%. - Volume headwind: organic volume -1.9% on related revenue (-1.6% on total revenue). Management said this largely reflects “event-driven landfill” comps from the prior year and noted improvement of ~50 bps vs Q1.

Guidance raised for full-year 2026 (key investor datapoints) - Management raised 2026 guidance: - Revenue: $17.2B–$17.3B - Adj. EBITDA: $5.525B–$5.55B - Adj. EPS: $7.23–$7.28 - Adj. free cash flow: $2.54B–$2.575B - Why the raise: higher-than-expected fuel recovery fee revenue through July, better recycling commodity revenue (current pricing), and acquisition contribution. - Fuel recovery fee assumption: diesel roughly ~$4/gallon for the remainder of the year (with sensitivity framed as roughly neutral to EBITDA after accounting for broader cost interactions and timing).

M&A and capital returns: meaningful, but carefully guided - Invested $860M in strategic acquisitions in the first half of 2026; expects $1.2B+ of value-creating acquisitions in 2026. - Pipeline described as “strong” and likely to support another strong year next year, but management emphasized they’ll guide conservatively to avoid “chasing” deal volume without returns. - Shareholder returns in first half: $1B+ returned via dividends + ~1% share repurchase, and they increased the dividend for the 23rd consecutive year. - Debt/financial positioning: total debt ~$14.2B, liquidity ~$2.8B, leverage ~2.6x.