Jake Wyman

Jake Wyman inquired about the key drivers behind the acceleration in the Technical Services segment during Q4, including factors like project activity, pricing, mix, and volume, and how much of this momentum is expected to carry into Q1. He also asked for details on the moving pieces contributing to the Environmental Services' 5% growth guidance for 2026 and the expected quarterly cadence beyond Q1.

Answer

Co-CEO Eric Gerstenberg and Mike Battles attributed Technical Services' Q4 success to strong containerized waste volumes (8% increase), robust Safety-Kleen Environmental waste collection and VAC services, and strong project business (including PFAS). They anticipate this momentum to continue into Q1 and 2026. CFO Eric Dugas and Eric Gerstenberg outlined 2026 ES growth drivers as Kimball Incinerator ramp-up ($10-15M incremental EBITDA), 20% PFAS growth, continued Field Services growth, and diligent pricing/volume strategies in Technical Services and Safety-Kleen, with roughly 5% growth expected each quarter.