Here are 1-3 brief analogies to describe Waste Connections (WCN):

• The FedEx or UPS for trash and recycling across North America.
• A utility company for waste, handling everything from household trash to industrial disposal and recycling.

• Non-Hazardous Waste Collection: Gathers non-hazardous waste from residential, commercial, municipal, industrial, and E&P customers.
• Waste Transfer Services: Operates transfer stations to compact and load waste for transportation to disposal or treatment facilities.
• Waste Disposal Services: Manages and operates municipal solid waste (MSW) and non-MSW landfills for the final disposal of waste.
• Recycling and Resource Recovery: Processes and recovers various recyclable materials like paper, plastics, glass, and metals for reuse.
• Exploration & Production (E&P) Waste Management: Provides specialized treatment, recovery, and disposal services for waste generated by oil and natural gas exploration and production activities.
• Intermodal Services: Offers rail haul movement of cargo and solid waste containers through a network of intermodal facilities.
• Equipment Leasing: Provides leasing services for equipment to its customers.

Waste Connections (WCN) serves a broad range of customers across various sectors. The company does not identify specific major customer companies by name in its description but rather categorizes its diverse client base. As it provides services to individuals (residential customers) as well as businesses and governmental entities, the most appropriate way to describe its major customers is through these categories.

The up to three categories of customers that Waste Connections primarily serves include:

• Residential customers: Individuals and households that receive non-hazardous waste collection and recycling services.
• Commercial customers: Businesses and organizations that require waste collection, transfer, disposal, and recycling services.
• Municipal customers: Cities, towns, and local governments for whom Waste Connections provides waste collection, transfer, and disposal services.

Ronald J. Mittelstaedt, President and Chief Executive Officer

Mr. Mittelstaedt is a founder of Waste Connections, Inc., established in 1997. He served as the Chief Executive Officer from the company's formation in 1997 until July 2019, at which point he transitioned to the role of Executive Chairman. In April 2023, Mr. Mittelstaedt was reappointed as President and Chief Executive Officer. He has over 35 years of experience in the solid waste industry and also served as President of Waste Connections from its formation through August 2004. Mr. Mittelstaedt also serves as a director of SkyWest, Inc.

Mary Anne Whitney, Executive Vice President and Chief Financial Officer

Ms. Whitney has been the Executive Vice President and Chief Financial Officer of Waste Connections since February 2021. She previously held various finance positions for Wheelabrator Technologies from 1990 to 2001. Prior to her current role, Ms. Whitney served in several financial leadership capacities at Waste Connections, including Director of Finance, Vice President - Finance, and Senior Vice President and Chief Financial Officer. She is also a member of the Board of Directors of Vestis Corp.

Jason J. Craft, Executive Vice President and Chief Operating Officer

Mr. Craft has served as Executive Vice President and Chief Operating Officer of Waste Connections since August 2025. He has a long history with the company, having held various operational roles since November 2003, including Regional Vice President, Senior Vice President – Operations, Divisional Vice President, and District Manager. Additionally, Mr. Craft worked in Waste Connections' Operations Analysis and Integrations department and Internal Audit department. Before joining Waste Connections, he held various accounting positions with The Newark Group Inc. from June 2000 to April 2003.

Derek Tan, Senior Vice President and Chief Accounting Officer

Mr. Tan was appointed Senior Vice President and Chief Accounting Officer of Waste Connections in May 2025. His previous roles at Waste Connections include Vice President – Financial Reporting and Region Controller - Canada. From June 2015 to April 2016, Mr. Tan served as Accounting Director for Quidsi, a subsidiary of Amazon. He also held various District Controller positions within Waste Connections.

James M. Little, Executive Vice President – Engineering and Disposal

Mr. Little has been Executive Vice President – Engineering and Disposal of Waste Connections since July 2019. He previously served as Senior Vice President – Engineering and Disposal and Vice President – Engineering for the company. Prior to his tenure at Waste Connections, Mr. Little held various management positions with Waste Management, Inc. (formerly USA Waste Services, Inc., which acquired Waste Management, Inc. and Chambers Development Co. Inc.).

1. Elevated Temperature Landfill (ETLF) Events and Associated Costs: Waste Connections faces significant financial and operational risks due to unpredictable Elevated Temperature Landfill (ETLF) events. Specifically, the Chiquita Canyon Landfill in California has required substantial remediation spending, which began in 2023 and is expected to continue, posing a considerable drain on company resources and impacting financial results.
2. Rising Fuel and Labor Costs: The company's operational efficiency and margin sustainability are significantly challenged by rising fuel and labor costs. As a waste collection and disposal company, Waste Connections' operations are inherently fuel-intensive and rely heavily on a stable workforce.
3. Volume Declines and Volatile Commodity Prices: Waste Connections is exposed to risks from potential declines in solid waste volumes, which can be exacerbated by macroeconomic uncertainties. Additionally, the company's recycling services are vulnerable to weak and fluctuating commodity prices for recycled materials, such as cardboard and plastics, which can negatively impact revenue.

• The global transition towards a circular economy and zero-waste initiatives, which aim to significantly reduce overall waste generation and divert materials from traditional landfill disposal.
• The ongoing decarbonization and global shift away from fossil fuels, which directly threatens the demand for Waste Connections' specialized exploration and production (E&P) waste treatment, recovery, and disposal services.

• Price-Led Organic Growth: Waste Connections anticipates continued revenue growth driven by core pricing increases in its solid waste services. For example, in 2026, the company targets core solid waste pricing growth of 5% to 5.5%. This strategy has consistently contributed to the company's performance, with solid waste core pricing rising 6.5% in 2025.
• Strategic Acquisitions: The company actively pursues and completes acquisitions, which add significant annualized revenue. Waste Connections closed 19 acquisitions in 2025, adding approximately $330 million in annualized revenue, and expects $125 million in rollover revenue in 2026 from deals already completed. The company maintains a strong acquisition pipeline, focusing on internalizing waste streams and expanding into new markets.
• Investments in Renewable Natural Gas (RNG) Projects: Waste Connections is investing in RNG facilities, with capital expenditures including $100 million for RNG projects in 2025 and an estimated $100 million for 2026. These projects are expected to contribute to EBITDA and cash flow, indicating a future revenue stream from clean energy generation.
• Expansion into Secondary and Rural Markets: Waste Connections' growth strategy includes expanding its presence in less-competitive secondary and rural markets. This approach enables the company to gain higher local market share and establish a more dominant operational position.
• Operational Improvements and Technology Investments (including AI): While primarily enhancing margins, investments in operational efficiency and technology, such as AI-driven initiatives for dynamic real-time routing and mobile connectivity, are expected to reduce customer calls and improve service. These improvements can support revenue growth by allowing for competitive pricing and improved customer retention.

Share Repurchases

• Waste Connections returned over $830 million to shareholders in 2025 through share repurchases and dividends, with over $500 million attributed to share repurchases.
• In 2022, the company repurchased shares valued at $425 million.
• The company renewed its normal course issuer bid (NCIB) in August 2025, authorizing share purchases from August 12, 2025, to August 11, 2026.

Share Issuance

• The number of shares outstanding has remained relatively stable over the last few years, with 257.89 million in 2025, 258.06 million in 2024, and 257.64 million in 2023.

Outbound Investments

• In 2025, Waste Connections closed 19 acquisitions, which are expected to add approximately $330 million in annualized revenue.
• The company completed acquisitions totaling approximately $750 million in annualized revenue during 2024.
• Waste Connections' acquisition strategy focuses on bolstering its presence, expanding services, and growing its customer base through "tuck-in" acquisitions in new or adjacent markets.

Capital Expenditures

• For 2026, estimated capital expenditures are approximately $1.25 billion, with about $100 million allocated to Renewable Natural Gas (RNG) and recycling projects.
• Capital expenditures totaled $1.194 billion in 2025, including approximately $100 million for RNG projects.
• The company is making significant investments in sustainability, ESG, and AI-driven initiatives, particularly in RNG facilities, which are projected to generate around $200 million of annual EBITDA by 2026.