Question · Q3 2025
Ryan Bonomi asked for clarification on the R&G benefit expected for 2026, specifically whether there will be an incremental step-up next year and if a larger step-up is still anticipated into 2027. Bonomi also inquired about the trends in restricted versus open market pricing in the second half of the year and any preliminary thoughts on 2026 pricing.
Answer
Luke Pelosi (CFO, GFL) clarified that 2026 R&G production volume is muted, with incremental production from fully ramped 2025 facilities likely offset by current RIN pricing, resulting in a modest incremental amount. He expects the next significant leg up in tailwinds to occur in 2027 and into 2028. Pelosi described blended pricing with high single-digit open market (commercial/industrial) and lower mid-single-digit residential restricted, noting that renewals are resetting contracts to higher mid-single to high single digits. He emphasized the industry's rational and disciplined pricing, aiming for pricing in excess of 2026 internal cost inflation.
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