Waste Connections, Inc.

Previous wording

Environmental, organizational and financial sustainability initiatives have been key components of our success since we were founded in 1997. We continuously monitor and evaluate new technologies and investments that can enhance our commitment to the environment, to our employees and to the communities we serve. We have committed $500 million to the advancement of long-term, aspirational sustainability targets, which we evaluate continuously and have expanded as we make progress towards their achievement. Our targets align with our focus on value creation for our stakeholders, and we have incorporated progress towards their achievement into compensation metrics. Our sustainability targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.

Current wording

Environmental, organizational and financial sustainability initiatives have been key components of our success since we were founded in 1997. We continuously monitor and evaluate new technologies and investments that can enhance our commitment to the environment, to our employees and to the communities we serve. We have exceeded our $500 million commitment to the advancement of long-term, aspirational sustainability targets, which we evaluate continuously and have expanded as we make progress towards their achievement. Our targets align with our focus on value creation for our stakeholders, and we have incorporated progress towards their achievement into compensation metrics. Our sustainability targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.

Previous wording

Revenues. Total revenues increased $154.6 million, or 6.4%, to $2.562 billion for the three months ended June 30, 2026, from $2.407 billion for the three months ended June 30, 2025. Total revenues increased $297.0 million, or 6.4%, to $4.932 billion for the six months ended June 30, 2026, from $4.635 billion for the six months ended June 30, 2025.

Current wording

Revenues. Total revenues increased $179.7 million, or 7.3%, to $2.638 billion for the three months ended September 30, 2026, from $2.458 billion for the three months ended September 30, 2025. Total revenues increased $476.7 million, or 6.7%, to $7.570 billion for the nine months ended September 30, 2026, from $7.094 billion for the nine months ended September 30, 2025.

Previous wording

Acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, increased revenues by $47.1 million and $104.5 million, respectively, for the three and six months ended June 30, 2026.

Current wording

Acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2025, increased revenues by $53.9 million and $158.4 million, respectively, for the three and nine months ended September 30, 2026.

Previous wording

Operations that were divested during, or subsequent to, the three and six months ended June 30, 2025, decreased revenues by $1.3 million and $3.5 million, respectively, for the three and six months ended June 30, 2026.

Current wording

Operations that were divested during, or subsequent to, the three and nine months ended September 30, 2025, decreased revenues by $0.5 million and $4.0 million, respectively, for the three and nine months ended September 30, 2026.

Previous wording

During the three months ended June 30, 2026, the net increase in prices charged to our customers at our existing operations was $146.3 million, consisting of $121.8 million of core price increases and surcharges of $24.5 million. During the six months ended June 30, 2026, the net increase in prices charged to our customers at our existing operations was $266.4 million, consisting of $243.1 million of core price increases and surcharges of $23.3 million.

Current wording

During the three months ended September 30, 2026, the net increase in prices charged to our customers at our existing operations was $153.4 million, consisting of $123.7 million of core price increases and surcharges of $29.7 million. During the nine months ended September 30, 2026, the net increase in prices charged to our customers at our existing operations was $419.7 million, consisting of $366.8 million of core price increases and surcharges of $52.9 million.

Previous wording

During the three and six months ended June 30, 2026, we recognized volume losses totaling $64.1 million and $122.1 million, respectively, resulting from a decrease in roll off and commercial collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

Current wording

During the three and nine months ended September 30, 2026, we recognized volume losses totaling $54.8 million and $176.9 million, respectively, resulting from a decrease in roll off and commercial collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

Previous wording

E&P waste revenues at facilities owned during the three and six months ended June 30, 2026 increased $23.4 million and $42.2 million, respectively, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased production in our Canada and Southern segments and higher crude oil and natural gas prices.

Current wording

E&P waste revenues at facilities owned during the three and nine months ended September 30, 2026 increased $19.1 million and $61.4 million, respectively, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased drilling and production in our Canada and Southern segments and higher crude oil and natural gas prices.

Previous wording

Revenues from sales of recyclable commodities at facilities owned during the three and six months ended June 30, 2026 decreased $4.8 million and $14.0 million, respectively. The decreases were primarily attributable to lower prices for old corrugated cardboard and plastics.

Current wording

Revenues from sales of recyclable commodities at facilities owned during the three months ended September 30, 2026 increased $7.4 million. The increase was primarily attributable to higher prices for old corrugated cardboard. Revenues from sales of recyclable commodities at facilities owned during the nine months ended September 30, 2026 decreased $6.6 million. The decrease was primarily attributable to lower average prices for old corrugated cardboard and plastics during the first half of 2026, partially offset by the higher old corrugated cardboard prices during the three months ended September 30, 2026.

Previous wording

An increase in the average Canadian dollar to U.S. dollar currency exchange rate resulted in an increase in revenues of $0.1 million and $14.1 million for the three and six months ended June 30, 2026, respectively. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7229 and 0.7228 for the three months ended June

Current wording

A decrease in the average Canadian dollar to U.S. dollar currency exchange rate resulted in a decrease in revenues of $5.4 million for the three months ended September 30, 2026. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7149 and 0.7260 for the three months ended September 30, 2026 and 2025, respectively. An increase in the average Canadian dollar to U.S. dollar currency exchange rate resulted in an increase in revenues of $8.7 million for the nine months ended September 30, 2026. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7220 and 0.7158 for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Other revenues increased $7.9 million during the three months ended June 30, 2026, due primarily to an $8.4 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.5 million increase in other non-core revenue sources, partially offset by a $1.0 million decrease in intermodal revenues. Other revenues increased $9.4 million during the six months ended June 30, 2026, due primarily to an $11.9 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.4 million increase in other non-core revenue sources, partially offset by a $2.9 million decrease in intermodal revenues.

Current wording

Other revenues increased $6.6 million during the three months ended September 30, 2026, due primarily to an $8.8 million increase in landfill gas revenues on increased gas generation and higher values of renewable energy credits and a $0.1 million increase in other non-core revenue sources, partially offset by a $2.3 million decrease in intermodal revenues. Other revenues increased $16.0 million during the nine months ended September 30, 2026, due primarily to a $20.7 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.6 million increase in other non-core revenue sources, partially offset by a $5.3 million decrease in intermodal revenues.

Previous wording

Cost of Operations. Total cost of operations increased $86.4 million, or 6.2%, to $1.479 billion for the three months ended June 30, 2026, from $1.393 billion for the three months ended June 30, 2025. The increase was primarily the result of an increase in operating costs at our existing operations of $63.2 million, assuming foreign currency parity, additional operating costs of $23.2 million attributable to acquisitions closed during, or subsequent to, the three months ended June 30, 2025, and an increase in operating costs of $0.1 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the three months ended June 30, 2025.

Current wording

Cost of Operations. Total cost of operations increased $94.3 million, or 6.7%, to $1.501 billion for the three months ended September 30, 2026, from $1.407 billion for the three months ended September 30, 2025. The increase was primarily the result of an increase in operating costs at our existing operations of $72.3 million, assuming foreign currency parity, and additional operating costs of $24.4 million attributable to acquisitions closed during, or subsequent to, the three months ended September 30, 2025, partially offset by a decrease in operating costs of $2.4 million resulting from a lower average foreign currency exchange rate in effect during the current period.

Previous wording

The increase in operating costs at our existing operations for the three months ended June 30, 2026, assuming foreign currency parity, consisted of $20.0 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in fuel expense of $19.3 million due to higher diesel prices, an increase in trucking costs of $12.3 million, an increase in labor and recurring incentive compensation expenses of $10.6 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $4.4 million, higher costs for purchasing and processing recyclable commodities of $2.7 million and an increase in other landfill operating costs of $1.9 million, partially offset by a decrease in risk management expenses of $7.3 million and a net decrease of other expenses of $0.7 million.

Current wording

The increase in operating costs at our existing operations for the three months ended September 30, 2026, assuming foreign currency parity, consisted of $21.6 million related to higher fuel expense due to an increase in diesel prices, higher taxes on revenues and increased operating costs of $15.6 million, primarily related to new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in labor and recurring incentive compensation expenses of $15.3 million, higher trucking costs of $10.5 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $8.2 million, higher disposal costs of $4.8 million, an increase in other landfill operating costs of $3.6 million, higher costs for purchasing and processing recyclable commodities of $3.5 million and net increases of other operating expenses of $4.2 million, partially offset by a decrease in risk management expenses of $15.0 million.

Previous wording

Total cost of operations increased $156.0 million, or 5.8%, to $2.840 billion for the six months ended June 30, 2026, from $2.684 billion for the six months ended June 30, 2025. The increase was primarily the result of an increase in operating costs at our existing operations of $105.3 million, assuming foreign currency parity, additional operating costs of $47.0 million attributable to acquisitions closed during, or subsequent to, the six months ended June 30, 2025, and an increase in operating costs of $6.4 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $2.7 million from operations divested during, or subsequent to, the six months ended June 30, 2025.

Current wording

Total cost of operations increased $250.3 million, or 6.1%, to $4.341 billion for the nine months ended September 30, 2026, from $4.091 billion for the nine months ended September 30, 2025. The increase was primarily the result of an increase in operating costs at our existing operations of $174.9 million, assuming foreign currency parity, additional operating costs of $71.4 million attributable to acquisitions closed during, or subsequent to, the nine months ended September 30, 2025, and an increase in operating costs of $4.0 million resulting from a higher average foreign currency exchange rate in effect during the current period.

Previous wording

The increase in operating costs at our existing operations for the six months ended June 30, 2026, assuming foreign currency parity, consisted of $42.8 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in labor and recurring incentive compensation expenses of $22.0 million, an increase in fuel expense of $20.7 million due to higher diesel prices, an increase in trucking costs of $19.7 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $6.4 million, an increase in costs for purchasing and processing recyclable commodities of $4.0 million and a net increase of other expenses of $0.8 million, partially offset by a decrease in risk management expenses of $11.1 million.

Current wording

The increase in operating costs at our existing operations for the nine months ended September 30, 2026, assuming foreign currency parity, consisted of higher taxes on revenues and increased operating costs of $58.1 million, primarily related to new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in fuel expense of $42.4 million due to higher diesel prices, an increase in labor and recurring incentive compensation expenses of $37.2 million, higher trucking costs of $30.7 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $14.5 million, higher costs for purchasing and processing recyclable commodities of $7.4 million, an increase in property taxes of $3.9 million, higher disposal costs of $3.6 million and a net increase of other expenses of $3.3 million, partially offset by a decrease in risk management expenses of $26.2 million.

Previous wording

Cost of operations as a percentage of revenues decreased 0.2 percentage points to 57.7% for the three months ended June 30, 2026, from 57.9% for the three months ended June 30, 2025. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.5 percentage point decrease in labor and benefits costs, a 0.4 percentage point decrease due to lower risk management expenses and a 0.1 percentage point decrease from all other net changes, partially offset by a 0.6 percentage point increase from higher fuel expense and a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

Current wording

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 56.9% for the three months ended September 30, 2026, from 57.2% for the three months ended September 30, 2025. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.7 percentage point decrease due to lower risk management expenses and a 0.6 percentage point decrease in labor and benefits costs, partially offset by a 0.7 percentage point increase from higher fuel expense, a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenues and a 0.1 percentage point increase from all other net changes.

Previous wording

percentage point decrease due to a decrease in risk management expenses and a 0.1 percentage point decrease from all other net changes, partially offset by a 0.3 percentage point increase from higher fuel expense and a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

Current wording

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 57.4% for the nine months ended September 30, 2026, from 57.7% for the nine months ended September 30, 2025. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.5 percentage point decrease in labor and benefits costs and a 0.5 percentage point decrease due to lower risk management expenses, partially offset by a 0.4 percentage point increase from higher fuel expense, a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenues and a 0.1 percentage point increase from all other net changes.

Previous wording

SG&A. SG&A expenses increased $17.5 million, or 7.2%, to $260.5 million for the three months ended June 30, 2026, from $243.0 million for the three months ended June 30, 2025. The increase was comprised of $15.2 million, assuming foreign currency parity, at our existing operations and $2.3 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2025.

Current wording

SG&A. SG&A expenses increased $17.4 million, or 7.4%, to $253.9 million for the three months ended September 30, 2026, from $236.5 million for the three months ended September 30, 2025. The increase was comprised of $13.6 million, assuming foreign currency parity, at our existing operations and $4.3 million from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, partially offset by a decrease of $0.5 million resulting from a lower average foreign currency exchange rate in effect during the current period.

Previous wording

The increase in SG&A expenses at our existing operations for the three months ended June 30, 2026, assuming foreign currency parity, was comprised of an increase of $5.7 million in administrative payroll and incentive compensation expenses, an increase in direct acquisition expenses of $3.6 million, an increase in deferred compensation costs of $3.4 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in software license fees of $2.0 million and $0.5 million of other net expense increases.

Current wording

The increase in SG&A expenses at our existing operations for the three months ended September 30, 2026, assuming foreign currency parity, was comprised of an increase of $10.0 million in administrative payroll and incentive compensation expenses, a collective increase in travel and meetings expenses and charitable contributions of $4.5 million and $2.0 million of other net expense increases, partially offset by a decrease in deferred compensation costs of $2.9 million due to a decrease in the market value of investments held to fund our deferred compensation liability.

Previous wording

The increase in SG&A expenses at our existing operations for the six months ended June 30, 2026, assuming foreign currency parity, was comprised of an increase in expenses for uncollectible accounts receivable of $5.8 million, an increase in software license fees of $3.4 million, an increase in deferred compensation costs of $3.1 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in administrative payroll and incentive compensation expense of $2.3 million, an increase in travel, meetings and training expenses of $2.1 million and other net expense increases of $0.9 million, partially offset by a decrease in direct acquisition expenses of $6.0 million and a decrease in professional fees of $3.8 million.

Current wording

The increase in SG&A expenses at our existing operations for the nine months ended September 30, 2026, assuming foreign currency parity, was comprised of an increase in administrative payroll and incentive compensation expense of $12.3 million, a collective increase in travel and meetings expenses and charitable contributions of $8.4 million, higher expenses for uncollectible accounts receivable of $6.0 million, an increase in software license fees of $4.8 million and other net expense increases of $1.2 million, partially offset by a decrease in direct acquisition expenses of $6.8 million and a decrease in professional fees of $4.5 million.

Previous wording

SG&A expenses as a percentage of revenues decreased 0.3 percentage points to 10.4% for the six months ended June 30, 2026, from 10.7% for the six months ended June 30, 2025. The decrease as a percentage of revenues was primarily driven by a 0.2 percentage point decrease in administrative payroll and incentive compensation expenses and a 0.1 percentage point decrease in direct acquisition expenses.

Current wording

SG&A expenses as a percentage of revenues decreased 0.2 percentage points to 10.1% for the nine months ended September 30, 2026, from 10.3% for the nine months ended September 30, 2025. The decrease as a percentage of revenues was primarily driven by a 0.1 percentage point decrease in administrative payroll and incentive compensation expenses and a 0.1 percentage point decrease in direct acquisition expenses.

Previous wording

Depreciation expense increased $46.1 million, or 9.2%, to $545.8 million for the six months ended June 30, 2026, from $499.7 million for the six months ended June 30, 2025. The increase was comprised of an increase in depreciation expense of $20.5 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $12.5 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2025, an increase of $11.5 million in depletion expense at our existing operations and an increase of $1.7 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the six months ended June 30, 2025.

Current wording

Depreciation. Depreciation expense increased $26.6 million, or 10.1%, to $290.6 million for the three months ended September 30, 2026, from $264.0 million for the three months ended September 30, 2025. The increase was comprised of an increase in depreciation expense of $11.0 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase of $8.7 million in depletion expense at our existing operations and an increase in depreciation and depletion expense of $7.5 million from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, partially offset by a decrease of $0.6 million resulting from a lower average foreign currency exchange rate in effect during the current period.

Previous wording

Depreciation. Depreciation expense increased $20.9 million, or 8.1%, to $278.3 million for the three months ended June 30, 2026, from $257.4 million for the three months ended June 30, 2025. The increase was comprised of an increase in depreciation expense of $10.8 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $4.6 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2025 and an increase of $5.5 million in depletion expense at our existing operations.

Current wording

Depreciation expense increased $72.7 million, or 9.5%, to $836.4 million for the nine months ended September 30, 2026, from $763.7 million for the nine months ended September 30, 2025. The increase was comprised of an increase in depreciation expense of $31.5 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase of $20.2 million in depletion expense at our existing operations, an increase in depreciation

Previous wording

SG&A expenses as a percentage of revenues increased 0.1 percentage point to 10.2% for the three months ended June 30, 2026, from 10.1% for the three months ended June 30, 2025. The increase as a percentage of revenues was primarily driven by a 0.1 percentage point increase in direct acquisition expenses.

Current wording

Depreciation expense as a percentage of revenues increased 0.3 percentage points to 11.0% for the three and nine months ended September 30, 2026, from 10.7% for the three and nine months ended September 30, 2025. For both comparable periods, the increase as a percentage of revenues was primarily driven by increased depletion expense at our existing operations.

Previous wording

Amortization of Intangibles. Amortization of intangibles expense decreased $2.6 million, or 5.2%, to $47.6 million for the three months ended June 30, 2026, from $50.2 million for the three months ended June 30, 2025. The decrease was comprised of a decrease of $6.1 million from certain intangible assets becoming fully amortized subsequent to June 30, 2025, partially offset by an increase of $3.5 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended June 30, 2025.

Current wording

Amortization of Intangibles. Amortization of intangibles expense decreased $2.5 million, or 5.0%, to $48.8 million for the three months ended September 30, 2026, from $51.3 million for the three months ended September 30, 2025. The decrease was comprised of a decrease of $5.9 million from certain intangible assets becoming fully amortized subsequent to September 30, 2025 and $0.2 million resulting from a lower average foreign currency exchange rate in effect during the current period, partially offset by an increase of $3.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended September 30, 2025.

Previous wording

Amortization of intangibles expense decreased $3.0 million, or 3.1%, to $94.9 million for the six months ended June 30, 2026, from $97.9 million for the six months ended June 30, 2025. The decrease was comprised of a decrease of $11.6 million from certain intangible assets becoming fully amortized subsequent to June 30, 2025, partially offset by an increase of $8.1 million from intangible assets acquired in acquisitions closed during, or subsequent to, the six months ended June 30, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.

Current wording

Amortization of intangibles expense decreased $5.6 million, or 3.7%, to $143.6 million for the nine months ended September 30, 2026, from $149.2 million for the nine months ended September 30, 2025. The decrease was comprised of a decrease of $17.5 million from certain intangible assets becoming fully amortized subsequent to September 30, 2025, partially offset by an increase of $11.6 million from intangible assets acquired in acquisitions closed during, or subsequent to, the nine months ended September 30, 2025 and an increase of $0.3 million due to a higher average foreign currency exchange rate in effect during the current period.

Previous wording

Amortization of intangibles expense as a percentage of revenues decreased 0.2 percentage points to 1.9% for the three and six months ended June 30, 2026, from 2.1% for the three and six months ended June 30, 2025. The decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.1 percentage point increase related to acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025 having higher amortization expense as a percentage of revenue than our company average.

Current wording

Amortization of intangibles expense as a percentage of revenues decreased 0.2 percentage points to 1.9% for the three and nine months ended September 30, 2026, from 2.1% for the three and nine months ended September 30, 2025. For both comparable periods, the decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.1 percentage point increase related to acquisitions closed during, or subsequent to, the three and nine months ended September 30, 2025 having higher amortization expense as a percentage of revenue than our company average.

Previous wording

Impairments and Other Operating Items. Impairments and other operating items increased $54.5 million, to net losses totaling $58.5 million for the three months ended June 30, 2026, from net losses totaling $4.0 million for the three months ended June 30, 2025.

Current wording

Impairments and Other Operating Items. Impairments and other operating items decreased $58.2 million, to net losses totaling $1.9 million for the three months ended September 30, 2026, from net losses totaling $60.1 million for the three months ended September 30, 2025.

Previous wording

The net losses of $4.0 million recorded during the three months ended June 30, 2025 consisted of net losses of $1.7 million on the disposal of property and equipment, $1.0 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $1.0 million from damages to an operating facility and other net losses of $0.3 million.

Current wording

The net losses of $1.9 million recorded during the three months ended September 30, 2026 consisted of net losses of $1.7 million on the disposal of property and equipment and net losses of $1.4 million for charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by other net gains of $1.2 million.

Previous wording

Impairments and other operating items increased $127.5 million, to net losses totaling $138.0 million for the six months ended June 30, 2026, from net losses totaling $10.5 million for the six months ended June 30, 2025.

Current wording

Impairments and other operating items increased $69.3 million, to net losses totaling $139.9 million for the nine months ended September 30, 2026, from net losses totaling $70.6 million for the nine months ended September 30, 2025.

Previous wording

The net losses of $138.0 million recorded during the six months ended June 30, 2026 consisted of net losses of $132.0 millionto adjust the carrying value of closure and post-closure liabilities, net losses of $4.0 million on the disposal of property and equipment and net losses of $2.0 million to adjust an environmental liability at an operating facility.

Current wording

The net losses of $139.9 million recorded during the nine months ended September 30, 2026 consisted of net losses of $132.0 million to adjust the carrying value of closure and post-closure liabilities, net losses of $2.7 million for charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $2.0 million to adjust an environmental liability at an operating facility, net losses of $2.0 million on the disposal of property and equipment and other net losses of $1.2 million.

Previous wording

The decreases in our operating income for both the three and six months ended June 30, 2026 were due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, increased taxes on revenue, higher depreciation, increased labor and recurring incentive compensation expenses and higher trucking costs, partially offset by price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, and a decrease in direct acquisition expenses.

Current wording

The increase in our operating income for the three months ended September 30, 2026 was due primarily to price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, lower impairments and other operating items, increased E&P waste revenues and decreased risk management costs. These increases were partially offset by increases in operating expenses from acquisitions closed during, or subsequent to, the three months ended September 30, 2025, an increase in fuel expense due to higher diesel prices, higher operating costs associated with new operating facilities at existing operations and additional capacity developed to accommodate increased E&P disposal volumes, and increased labor and recurring incentive compensation expenses.

Previous wording

Operating income as a percentage of revenues decreased 2.0 percentage points to 17.1% for the three months ended June 30, 2026, from 19.1% for the three months ended June 30, 2025. The decrease as a percentage of revenues was comprised of a 2.2 percentage point increase in impairments and other operating items, a 0.1 percentage point increase in depreciation and a 0.1 percentage point increase in selling, general and administrative expenses, partially offset by a 0.2 percentage point decrease in amortization and a 0.2 percentage point decrease in cost of operations.

Current wording

Operating income as a percentage of revenues increased 2.6 percentage points to 20.5% for the three months ended September 30, 2026, from 17.9% for the three months ended September 30, 2025. The increase as a percentage of revenues was comprised of a 2.4 percentage point decrease in impairments and other operating items, a 0.3 percentage point decrease in cost of operations and a 0.2 percentage point decrease in amortization, partially offset by a 0.3 percentage point increase in depreciation.

Previous wording

Operating income as a percentage of revenues decreased 2.0 percentage points to 16.3% for the six months ended June 30, 2026, from 18.3% for the six months ended June 30, 2025. The decrease as a percentage of revenues was comprised of a 2.6 percentage point increase in impairments and other operating items and a 0.2 percentage point increase in depreciation, partially offset by a 0.3 percentage point decrease in cost of operations, a 0.3 percentage point decrease in selling, general and administrative expenses and a 0.2 percentage point decrease in amortization.

Current wording

Operating income as a percentage of revenues decreased 0.5 percentage points to 17.7% for the nine months ended September 30, 2026, from 18.2% for the nine months ended September 30, 2025. The decrease as a percentage of revenues was comprised of a 0.9 percentage point increase in impairments and other operating items and a 0.3 percentage point increase in depreciation, partially offset by a 0.3 percentage point decrease in cost of operations, a 0.2 percentage point decrease in amortization and a 0.2 percentage point decrease in selling, general and administrative expenses.

Previous wording

Interest Expense. Interest expense increased $8.4 million, or 10.2%, to $91.2 million for the three months ended June 30, 2026, from $82.8 million for the three months ended June 30, 2025. The increase was primarily attributable toan increase of$7.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026 and an increase of $4.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, partially offset bya decrease of $3.3 million due to a decrease in the average borrowings outstanding under our credit facilities during the three months ended June 30, 2026 and $0.1 million of other net expense decreases.

Current wording

Interest Expense. Interest expense increased $12.0 million, or 14.1%, to $96.4 million for the three months ended September 30, 2026, from $84.4 million for the three months ended September 30, 2025. The increase was primarily attributable toan increase of$7.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026, an increase of$2.2 million from the issuance of CAD $400.0 million of senior unsecured notes in August 2026, an increase of $1.5 million from the issuance of CAD $300.0 million of senior unsecured notes in August 2026, an increaseof $0.3 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended September 30, 2026 and $0.8 million of other net expense increases.

Previous wording

Interest expense increased $15.3 million, or 9.3%, to $178.9 million for the six months ended June 30, 2026, from $163.6 million for the six months ended June 30, 2025. The increase was primarily attributable to an increase of $11.2 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of$8.4 million from the issuance of $600.0 million of senior unsecured notes in March 2026 and $0.4 million of other net expense increases, partially offset by a decrease of $2.6 million from lower interest rates on borrowings outstanding during the comparable periods and a decrease of $2.1 million due to a decrease in the average borrowings outstanding under our credit facilities during the six months ended June 30, 2026.

Current wording

Interest expense increased $27.2 million, or 11.0%, to $275.3 million for the nine months ended September 30, 2026, from $248.1 million for the nine months ended September 30, 2025. The increase was primarily attributable to an increase of $15.6 million from the issuance of $600.0 million of senior unsecured notes in March 2026, an increase of $11.1 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of$2.2 million from the issuance of CAD $400.0 million of senior unsecured notes in August 2026, an increase of $1.5 million from the issuance of CAD $300.0 million of senior unsecured notes in August 2026 and $1.0 million of other net expense increases, partially offset

Previous wording

Interest Income. Interest income increased $1.8 million, or 78.3%, to $4.1 million for the three months ended June 30, 2026, from $2.3 million for the three months ended June 30, 2025. Interest income increased $3.1 million, or 77.3%, to $7.2 million for the six months ended June 30, 2026, from $4.1 million for the six months ended June 30, 2025. The increases were primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Current wording

Interest Income. Interest income decreased $2.1 million, or 41.3%, to $3.0 million for the three months ended September 30, 2026, from $5.1 million for the three months ended September 30, 2025. The decrease was primarily attributable to lower average cash balances in the current period and lower average investment rates. Interest income increased $1.0 million, or 11.5%, to $10.2 million for the nine months ended September 30, 2026, from $9.2 million for the nine months ended September 30, 2025. The increase was primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Previous wording

Other Income, Net. Other income, net increased $23.2 million to an income total of $33.3 million for the three months ended June 30, 2026, from an income total of $10.1 million for the three months ended June 30, 2025.

Current wording

Other Income, Net. Other income, net decreased $11.7 million to an income total of $2.8 million for the three months ended September 30, 2026, from an income total of $14.5 million for the three months ended September 30, 2025.

Previous wording

to fund our employee deferred compensation obligations, $2.1 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period and $1.4 million of income from other sources.

Current wording

Other income of $14.5 million recorded during the three months ended September 30, 2025 consisted of $8.1 million from proceeds on insurance claims, $2.9 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, $2.3 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations and $1.2 million of income from other sources.

Previous wording

Other income, net increased $25.4 million to an income total of $37.3 million for the six months ended June 30, 2026, from an income total of $11.9 million for the six months ended June 30, 2025.

Current wording

Other income, net increased $13.6 million to an income total of $40.1 million for the nine months ended September 30, 2026, from an income total of $26.5 million for the nine months ended September 30, 2025.

Previous wording

Other income of $37.3 million recorded during the six months ended June 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists, $5.5 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $3.2 million from a vendor rebate and the reimbursement of expenditures and $0.3 million of income from other sources.

Current wording

Other income of $40.1 million recorded during the nine months ended September 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists, $5.2 million from a vendor rebate and the reimbursement of expenditures, $4.5 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $1.0 million of foreign currency exchange gains and $1.1 million of income from other sources.