Michael Doumet's questions to GFL Environmental Inc (GFL) leadership • Q2 2025
Question
Michael Doumet from National Bank Financial asked if the accelerated margin expansion in 2025 is pulling forward future gains or if new efficiencies are being found. He also questioned whether the EPR ramp provides a consistent baseline for 1-2% organic volume growth in the coming years.
Answer
Executive VP & CFO Luke Pelosi clarified that while the 2025 outsized margin expansion was part of the plan due to investments like EPR bearing fruit, the additional 20 basis point guidance raise represents a true acceleration. He also noted that the majority of EPR's growth impact is a near-term profile, expected to be largely realized by 2026, not an ongoing multi-year growth source.