Canada's Secure Waste Q1 adjusted EBITDA rises 13%

Overview

• Canada waste management firm's Q1 adjusted EBITDA rose 13% yr/yr to C$137 mln

• Q1 net income was C$35 mln; revenue reached C$383 mln

• Company to be acquired by GFL Environmental, with shareholder vote set for May 27, 2026

Outlook

• Secure expects 2026 Adjusted EBITDA to trend toward high end of $520-$550 mln guidance

• Company increases 2026 growth capital investment to about $100 mln from $75 mln

• Secure expects volume growth to track about 3% annually, supported by steady production activity

Result Drivers

• GROWTH CAPITAL DEPLOYMENT - Prior year investments, including Clearwater Phase 3 expansion and a new Montney water disposal facility, contributed to Q1 results

• PORTFOLIO OPTIMIZATION - Shift toward higher-margin waste streams and disciplined pricing supported EBITDA and margin expansion

• LOWER FIELD ACTIVITY - Gains were partially offset by reduced field activity as customer capital budgets reflected lower commodity prices entering 2026

Company press release: ID:nCNWL9tKSa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the environmental services & equipment peer group is "buy."

• Wall Street's median 12-month price target for SECURE Waste Infrastructure Corp is C$23.88, about 2.4% above its April 29 closing price of C$23.31

• The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 18 three months ago

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