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    Michael Doumet

    Managing Director and Senior Equity Research Analyst at National Bank Financial

    Michael Doumet is a Managing Director and Senior Equity Research Analyst at National Bank Financial, specializing in the North American industrials sector with a focus on waste management, environmental services, and related infrastructure. He provides research coverage for major publicly traded companies such as Waste Connections and Secure Energy Services, regularly issuing ratings and recommendations that have influenced sector investment decisions. Doumet has established a strong track record as a top-ranked analyst, having been cited for his outperform recommendations and professional insight throughout his tenure at National Bank Financial, which he joined after previous roles in capital markets and research. He holds recognized industry credentials and is known for quantitative rigor, deep sector expertise, and consistent delivery of actionable investment ideas for institutional investors.

    Michael Doumet's questions to GFL Environmental (GFL) leadership

    Michael Doumet's questions to GFL Environmental (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.

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    Michael Doumet's questions to Waste Connections (WCN) leadership

    Michael Doumet's questions to Waste Connections (WCN) leadership • Q2 2025

    Question

    Michael Doumet of National Bank Financial asked if the improvements in employee retention were largely complete and what the next major drivers of efficiency would be, such as the mentioned AI initiatives. He also questioned if AI could alter the price-cost spread.

    Answer

    CEO Ronald Mittelstaedt responded that retention efforts are ongoing, with a goal of sub-20% total turnover. He identified technology, particularly AI, as the next major opportunity. The goal of AI is not to increase the price-cost spread, but to maintain it while significantly reducing customer churn. Other initiatives include real-time routing and digitized maintenance systems.

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