GFL Environmental Inc.
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Feb 18, 2026
Contents
EX-99.2 · Other Commitments
Other Commitments
We had letters of credit totaling approximately $415.4 million outstanding as at December 31, 2025 ($276.7 million as at December 31, 2024), which are not recognized in our Annual Financial Statements. This is inclusive of letters of credit under both the Revolving Credit Facility and EDC Guaranteed LC Facility (defined below). These letters of credit primarily relate to performance-based requirements under our municipal contracts and financial assurances issued to government agencies for our operating permits.
On September 5, 2025, we established a $200.0 million unsecured demand letter of credit and demand guarantee facility with the Bank of Montreal (“EDC Guaranteed LC Facility”) pursuant to which the Company has access to letters of credit that are 100% guaranteed by Export Development Canada. As of December 31, 2025, the Company had $140.2 million in outstanding letters of credit under the EDC Guaranteed LC Facility.
As at December 31, 2025, we had issued performance bonds totaling $1,936.4 million ($1,951.9 million as at December 31, 2024).
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