CASELLA WASTE SYSTEMS (CWST)

• 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

• CWST reported strong financial results for fiscal year 2024, with revenue of $1,557 million, Adjusted EBITDA of $361 million, and Adjusted Free Cash Flow of $158 million.
• The company provided 2025 financial guidance, projecting revenue between $1.775 billion and $1.805 billion (midpoint $1.79 billion) and Adjusted EBITDA between $410 million and $425 million (midpoint $417.5 million), representing midpoint increases of 14.9% and 15.8% respectively.
• CWST expanded its permitted landfill airspace from 78.6 million tons in 2019 to 102.1 million tons in 2024, achieving an average annual price growth of 7.1% per ton over the same period.
• As of December 31, 2024, the company reported a Consolidated Net Leverage ratio of 2.54x and approximately $900 million in available liquidity.
• CWST delivered a Total Shareholder Return of +360% as of December 31, 2024, significantly outperforming its peer group (+138%) and the Russell 2000 (+45%).

• CWST provides integrated solid waste, recycling, and resource solution services, primarily focused on the secondary and tertiary markets of the Eastern U.S..
• The company reported $1.557 billion in revenue and $361 million in Adjusted EBITDA for 2024, with 2025 guidance projecting revenue of $1.830 to $1.840 billion and Adjusted EBITDA of $415 to $425 million.
• CWST has a strong track record of growth, completing 66 acquisitions since 2019 and deploying approximately $2 billion of capital to acquire about $850 million of annual revenue.
• As of September 30, 2025, the company maintained a strong balance sheet with a Consolidated Net Leverage ratio of 2.34x and available liquidity of over $850 million.

• Casella Waste Systems reported record third-quarter 2025 revenue of approximately $485 million and adjusted EBITDA of approximately $120 million, representing year-over-year growth of 17.9% and 16.4%, respectively.
• The company raised the lower end of its 2025 revenue and adjusted EBITDA guidance, increasing midpoints to $1.835 billion for revenue and $420 million for adjusted EBITDA.
• Year-to-date, Casella completed eight acquisitions, adding approximately $105 million in annualized revenue, with the Mountain State Waste transaction expected to close in early 2026, contributing an additional $30 million.
• For 2026, the company anticipates organic growth of 4% to 5% and total revenue growth of 7% to 8% (excluding future acquisitions), targeting adjusted EBITDA growth of 9% to 10% and adjusted free cash flow growth of 10% to 15%.
• The current CEO will transition to an Executive Chairman role at the end of 2025, with Ned stepping into the CEO role.

• Casella Waste Systems reported record Q3 2025 revenue of $485.4 million and adjusted EBITDA of $119.9 million, driven by solid waste pricing strength, healthy landfill volumes, and contributions from acquisitions.
• The company raised the lower end of its 2025 guidance, increasing the midpoints for revenue to $1.835 billion and adjusted EBITDA to $420 million.
• For 2026, Casella anticipates 7%-8% total revenue growth (excluding future acquisitions), 9%-10% adjusted EBITDA growth, and 10%-15% adjusted free cash flow growth, with a target of 25 to 50 basis points of overall margin improvement.
• The company completed eight acquisitions year-to-date, adding approximately $105 million in annualized revenue, and expects the Mountain State Waste transaction to close in early 2026, contributing an additional $30 million.
• John Casella will transition to the Executive Chairman role at the end of 2025, with Ned Coletta stepping into the CEO role.

• Casella Waste Systems (CWST) reported record Q3 2025 revenue of approximately $485 million and adjusted EBITDA of approximately $120 million, reflecting year-over-year growth driven by solid waste pricing, healthy landfill volumes, and acquisitions. The company also raised the lower end of its 2025 revenue and adjusted EBITDA guidance, increasing midpoints to $1.835 billion and $420 million, respectively.
• Year-to-date, CWST completed eight acquisitions, adding approximately $105 million in annualized revenue. The pending Mountain State Waste transaction is expected to close at the beginning of 2026, contributing an additional $30 million of annualized revenues, with an active pipeline representing approximately $500 million in annualized revenues.
• For 2026, CWST anticipates strong growth, targeting overall organic growth in the range of 4% to 5%, total revenue growth of 7% to 8% (excluding future acquisitions), adjusted EBITDA growth of 9% to 10% with 25 to 50 basis points of overall margin improvement, and adjusted free cash flow growth of 10% to 15%. Improvements in the Mid-Atlantic segment are expected to contribute at least $5 million in annualized savings.
• John Casella will transition to Executive Chairman at the end of 2025, with Ned Coletta stepping into the CEO role on January 1, 2026.

• Casella Waste Systems, Inc. reported Q3 2025 revenues of $485.4 million, an increase of 17.9% from the same period in 2024, with net income rising 73.0% to $10.0 million and Adjusted EBITDA up 16.4% to $119.9 million.
• Year-to-date, the company completed eight acquisitions adding approximately $105 million in annualized revenue, with an additional $30 million anticipated from the Mountain State Waste transaction.
• The company increased the lower end of its 2025 guidance ranges for revenue to $1.830 billion - $1.840 billion and Adjusted EBITDA to $415 million - $425 million, while reaffirming other guidance metrics.

• Casella Waste Systems, Inc. reported Q3 2025 revenues of $485.4 million, an increase of 17.9% from the same period in 2024, with net income rising 73.0% to $10.0 million.
• Adjusted EBITDA for Q3 2025 was $119.9 million, up 16.4% year-over-year.
• Year-to-date, the company completed eight acquisitions totaling approximately $105 million in annualized revenue, with an additional $30 million expected from the Mountain State Waste transaction.
• Net cash provided by operating activities was $233.2 million for the nine months ended September 30, 2025, a 35.9% increase from the prior year, and Adjusted Free Cash Flow reached $119.5 million, up 21.0%.
• The company increased the lower end of its 2025 guidance ranges for revenue and Adjusted EBITDA, and reaffirmed its full-year guidance for net income, net cash provided by operating activities, and Adjusted Free Cash Flow.

• Casella Waste Systems reported strong Q2 2025 revenues of $465.3 million, an increase of 23.4%, primarily driven by six acquisitions contributing over $90 million in annualized revenue.
• Despite a 16.3% decrease in operating income to $19.3 million due to higher depreciation and amortization expenses related to acquisitions, adjusted net income rose 5.9%.
• The company raised its full-year revenue outlook to $1.84 billion and adjusted free cash flow guidance for 2025 to over $170 million.
• Casella also remarketed $29 million in Solid Waste Disposal Revenue Bonds with a new interest rate of 5% per annum, set to mature in 2035.