CASELLA WASTE SYSTEMS (CWST)

• Casella Waste Systems (CWST) presented its consistent strategic plan, emphasizing four key value drivers: price-cost spread, synergies from completed acquisitions, G&A back office savings, and continued strategic acquisitions.
• The company anticipates generating $10+ million annually in EBITDA from its price-cost spread strategy, targeting a minimum of 50 basis points above inflation, which translates to approximately 5% price for 2026.
• Significant financial benefits are expected from operational efficiencies, including $15 million in synergy benefits from integrating prior acquisitions and an additional $15 million in G&A back office savings over the next 3 years, driven by system modernization.
• Casella is strategically managing its landfill portfolio, with the Ontario landfill closing and the Highland landfill expanding from 460,000 to 1 million tons annually, adding 60 years of capacity, which is projected to create a positive tailwind for operating income, net income, and free cash flow. The McKean Landfill also offers substantial capacity at 1.6 million tons per year.
• The company clarified that despite a 4.5% decrease in reported third-party disposal revenue for Q4, overall landfill volumes (internal and external) were up 7% for the year, with third-party volumes up 3% and internalized volumes up 11%, indicating successful vertical integration and expected margin accretion.

• Casella Waste Systems emphasizes a consistent strategic plan focused on collection operations, landfill portfolio, Resource Solutions, and an aggressive acquisition strategy, having completed close to 80 acquisitions over the last six years.
• The company identifies four key value drivers: generating $10+ million annually in EBITDA from price-cost spread, realizing $15 million in synergy benefits from past acquisitions over three years, achieving $15 million in G&A back office savings over three years, and a strong acquisition pipeline with $150 million-$200 million of revenues expected to convert in 2026.
• Casella leverages its ability to price at will for 70-75% of its business, targeting a minimum of 50 basis points price-cost spread and anticipating approximately 5% price in 2026.
• The tight disposal capacity in the Northeast, with few new landfills and several major sites expected to close over the next five years, creates a positive pricing backdrop for Casella's landfill operations.
• The company is actively managing its landfill assets, including an expansion at its Highland landfill (expected to double annual permit to 1 million tons/year and add 60 years of capacity) to mitigate the planned closure of its Ontario landfill in 2028.

• Casella Waste Systems outlined its consistent strategic plan, which focuses on driving value through collection operations, landfill portfolio returns, Resource Solutions, and growth via acquisitions.
• The company expects to generate $10+ million annually in EBITDA from its price-cost spread strategy, targeting a minimum of 50 basis points and anticipating approximately 5% price for 2026 based on current inflation views.
• Management projects $15 million in synergy benefits over 3 years from already completed Mid-Atlantic acquisitions, following system integration.
• An additional $15 million in G&A back-office cost efficiencies is expected over the next 3 years due to technology modernization and system integration.
• Casella is actively managing its landfill portfolio, including expanding the Highland landfill from 460,000 tons per year to 1 million tons per year and adding 60 years of capacity to offset the 2028 closure of the Ontario landfill, aiming for a positive impact on operating income, net income, and free cash flow.

• Casella Waste Systems reported strong full-year 2025 results, with revenues increasing 18%, Adjusted EBITDA up 17%, and Adjusted Free Cash Flow growing 14%, marking the fifth consecutive year of double-digit growth across these metrics.
• The company provided 2026 guidance, projecting revenues between $1.97 billion and $1.99 billion, Adjusted EBITDA between $455 million and $465 million, and Adjusted Free Cash Flow between $195 million and $205 million.
• In 2025, Casella completed 9 acquisitions totaling over $115 million in annualized revenues, and started 2026 by closing the Mountain State Waste acquisition, adding approximately $30 million in annualized revenues. The acquisition pipeline remains robust, with hopes to acquire $150 million to over $200 million in revenues in 2026.
• Strategic initiatives include the completion of Mid-Atlantic system integration by early Q2 2026, expected to generate over $5 million in savings in 2026 from operational efficiencies and route optimization. The company is also making progress on landfill expansion permits at Hayes and Highland facilities.

• Casella Waste Systems reported strong financial results for Q4 2025, with revenues of $469.1 million, up 9.7% year-over-year, and Adjusted EBITDA of $107 million, up 12.7% year-over-year. For the full year 2025, revenues increased 18%, Adjusted EBITDA increased 17%, and Adjusted Free Cash Flow increased 14%, marking the fifth consecutive year of double-digit growth across these metrics.
• The company provided 2026 financial guidance, projecting revenues between $1.97 billion and $1.99 billion (8% growth at midpoint), Adjusted EBITDA between $455 million and $465 million (9% growth at midpoint), and Adjusted Free Cash Flow between $195 million and $205 million (11% growth at midpoint).
• Casella completed 9 acquisitions in 2025, adding over $115 million in annualized revenues, and closed the Mountain State Waste acquisition in early 2026, adding another $30 million in annualized revenues. Strategic initiatives include the substantial completion of Mid-Atlantic system integration, expected to generate more than $5 million of savings in 2026 from automated trucks and route optimization, and ongoing landfill expansion efforts at Hayes and Highland.

• Casella Waste Systems reported strong full-year 2025 results, with revenues increasing 18%, Adjusted EBITDA up 17%, and Adjusted Free Cash Flow growing 14%, marking the fifth consecutive year of double-digit growth across these metrics.
• For Q4 2025, revenues increased 9.7% year-over-year to $469.1 million, and Adjusted EBITDA grew 12.7% to $107 million, with Adjusted EBITDA margins expanding by approximately 60 basis points year-over-year to 22.8%.
• The company provided financial guidance for 2026, projecting revenues in the range of $1.97 billion-$1.99 billion, Adjusted EBITDA between $455 million-$465 million, and Adjusted Free Cash Flow between $195 million-$205 million. This guidance includes approximately $60 million from acquisitions and assumes approximately 4.5% organic growth at the midpoint.
• In 2025, Casella completed nine acquisitions representing over $115 million in annualized revenues. Additionally, the Mountain State Waste acquisition closed on January 1, 2026, adding approximately $30 million in annualized revenues, and the acquisition pipeline remains robust with over $500 million of annualized revenues.
• Strategic initiatives include the substantial completion of Mid-Atlantic acquisition integration and system migration, expected to be fully finished by early Q2 2026, and permitting progress on landfill expansions at Hakes and Highland, which are anticipated to significantly increase capacity and extend operational life.

• Casella Waste Systems, Inc. reported revenues of $469.1 million for the fourth quarter of 2025, an increase of 9.7% from the same period in 2024, and $1.837 billion for fiscal year 2025, up 18.0% from fiscal year 2024.
• Net income for fiscal year 2025 was $7.9 million, a 41.9% decrease compared to fiscal year 2024, while Adjusted EBITDA for fiscal year 2025 increased by 17.3% to $422.8 million.
• The company provided fiscal year 2026 guidance, estimating revenues between $1.970 billion and $1.990 billion and Adjusted EBITDA between $455 million and $465 million.
• In fiscal year 2025, Casella acquired nine businesses with approximately $115 million in annualized revenue, and on January 1, 2026, closed the Mountain State Waste acquisition, adding approximately $30 million in annualized revenue.

• Casella Waste Systems reported strong financial performance for Q4 and fiscal year 2025, with revenues increasing 9.7% to $469.1 million in Q4 2025 and 18.0% to $1.837 billion for the full fiscal year. Adjusted EBITDA also grew significantly, up 12.7% to $107.0 million in Q4 2025 and 17.3% to $422.8 million for fiscal year 2025.
• Despite the revenue growth, net income for fiscal year 2025 decreased 41.9% to $7.9 million, primarily due to higher depreciation and amortization expenses from acquisitions. The company was active in M&A, acquiring nine businesses in fiscal year 2025 with approximately $115 million in annualized revenue, and closed another acquisition on January 1, 2026, adding $30 million.
• For fiscal year 2026, the company provided guidance projecting revenues between $1.970 billion and $1.990 billion and Adjusted EBITDA between $455 million and $465 million. Edmond R. Coletta also assumed the role of President and CEO on January 1, 2026.

• CWST, a provider of integrated solid waste, recycling, and resource solutions in the Eastern U.S., projects 2025 revenue guidance between $1.830 to $1.840 billion and Adjusted EBITDA guidance between $415 to $425 million.
• As of September 30, 2025, the company reported a consolidated net leverage ratio of 2.34x and available liquidity exceeding $850 million.
• Strategic initiatives include driving profitability in its Collection business, achieving an adjusted 32.1% Collection Adjusted EBITDA margin for 2025 YTD , and optimizing long-term disposal capacity, with 53.0 million tons of permitted airspace in 2024.

• CWST projects $1.830 to $1.840 billion in revenue and $415 to $425 million in Adjusted EBITDA for fiscal year 2025.
• The company has completed 66 acquisitions since 2019, deploying approximately $2 billion of capital to acquire about $850 million of annual revenue.
• As of September 30, 2025, CWST reported a consolidated net leverage ratio of 2.34x and available liquidity of over $850 million.
• CWST operates 81 collection operations, 32 recycling facilities, and 9 disposal facilities across 10 contiguous states in the Eastern U.S..

2025 Financial Guidance