Waste Connections Reports Third Quarter 2026 Results and Raises Full Year Outlook

• Strong execution, improving solid waste landfill volumes and further strength in commodity-related revenues drive outsized results and another increase to full year outlook

• Revenue of $2.638 billion, exceeding expectations

• Net income of $359.2 million, and adjusted EBITDA* of $895.8 million, or 34.0% of revenue, above expectations

• Net income and adjusted net income* of $1.43 and $1.58 per share, respectively

• Year to date closed acquisitions of approximately $130 million in annualized revenues

• Increases regular quarterly dividend by 10% and completes year to date share repurchases of over $1 billion

• Second increase to full year 2026 outlook for revenue and adjusted EBITDA*

THE WOODLANDS, Texas, October 21, 2026--Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced its results for the third quarter of 2026.

"Another top to bottom beat in the period was driven by continued strength in operational execution along with improving trends in landfill activity and commodity-driven revenue. Sequential improvement of 70 basis points in solid waste unit volumes was led by an uptick in landfill volumes, with operating results continuing to reflect the benefits of elevated employee retention and record safety performance," said Ronald J. Mittelstaedt, President and Chief Executive Officer.

"Most importantly, we overcame a late quarter surge in diesel pricing to deliver adjusted EBITDA margin* of 34% on underlying margin expansion of 50 basis points," continued Mr. Mittelstaedt. "Our performance puts us firmly on track to exceed the increased full year 2026 outlook we provided in July for revenue and adjusted EBITDA*, and we remain positioned to deliver double-digit growth in adjusted free cash flow* of at least $1.4 billion. Additional acquisitions completed later this year, and further improvement in E&P waste activity or other commodity-driven revenues, would provide incremental benefit."

Mr. Mittelstaedt continued, "As anticipated, the strength of our operating performance, free cash flow generation and balance sheet positioned us for another double-digit annual increase in our quarterly cash dividend, our sixteenth in a row. Additionally, we continued our opportunistic share repurchases, bringing year to date outlays to over $1 billion for 2.5% of outstanding shares, demonstrating once again our ability to fund our differentiated growth strategy and acquisition activity, along with record return of capital to shareholders."