Core Insights - Republic Services, Inc. reported a net income of $550 million, or $1.75 per diluted share, for Q2 2025, an increase from $512 million, or $1.62 per diluted share, in Q2 2024 [1][9] - Adjusted net income for Q2 2025 was $556 million, or $1.77 per diluted share, compared to $509 million, or $1.61 per diluted share, in the same period last year [1][9] - The company achieved double-digit growth in EBITDA and a 100 basis points expansion in adjusted EBITDA margin [2] Financial Performance - Total revenue for Q2 2025 was $4.235 billion, a 4.6% increase from $4.048 billion in Q2 2024, with 3.1% organic growth and 1.5% from acquisitions [9][14] - Year-to-date cash flow from operations was $2.13 billion, with adjusted free cash flow of $1.42 billion [8][31] - The company invested nearly $900 million in acquisitions during the first half of 2025 [8] Dividend and Shareholder Returns - The Board of Directors approved a quarterly dividend increase of 4.5 cents, bringing the total to $0.625 per share, payable on October 15, 2025 [4] - Year-to-date cash returned to shareholders was $407 million, including $362 million in dividends and $45 million in share repurchases [8] Guidance and Outlook - Full-year 2025 revenue is expected to be in the range of $16.675 billion to $16.750 billion, with adjusted EBITDA guidance reiterated at $5.275 billion to $5.325 billion [8][9] - Adjusted diluted earnings per share guidance remains between $6.82 and $6.90, while adjusted free cash flow guidance has been increased to $2.375 billion to $2.415 billion [8][9] Operational Metrics - The average recycled commodity price per ton sold was $149, a decrease of $24 per ton compared to the previous year [8] - The company completed and commenced operations on four renewable natural gas projects during the quarter [8] Cost Structure - Total cost of operations for Q2 2025 was $2.449 billion, representing 57.9% of revenue, compared to 58.8% in Q2 2024 [16] - Selling, general and administrative expenses were $425 million, or 10.0% of revenue, slightly down from 10.1% in the prior year [17] Business Segments - Revenue from the collection segment was $2.822 billion, accounting for 66.6% of total revenue, while landfill revenue was $516 million, representing 12.2% [14] - Environmental solutions generated $462 million in revenue, making up 10.9% of total revenue [14] Performance Metrics - Adjusted EBITDA for Q2 2025 was $1.361 billion, with an adjusted EBITDA margin of 32.1%, an increase of 100 basis points from the previous year [19][21] - The company reported a net income margin of 13.0%, up from 12.6% in Q2 2024 [19]

[Second Quarter 2025 Results Overview](index=1&type=section&id=Second%20Quarter%202025%20Results%20Overview) Republic Services delivered strong second quarter 2025 results, marked by significant financial and operational growth across key metrics and strategic initiatives [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Republic Services reported strong Q2 2025 results with increased net income and adjusted EPS, driven by double-digit EBITDA growth and 100 basis points of adjusted EBITDA margin expansion, successfully pricing ahead of cost inflation Second Quarter 2025 Financial Performance (vs. Q2 2024) | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (in millions) | | :-------------------------- | :-------------------- | :-------------------- | :------------------- | | Net Income | $550 | $512 | +$38 | | Diluted EPS | $1.75 | $1.62 | +$0.13 | | Adjusted Net Income | $556 | $509 | +$47 | | Adjusted Diluted EPS | $1.77 | $1.61 | +$0.16 | - Expanded Net Income Margin by **40 Basis Points** and Adjusted EBITDA Margin by **100 Basis Points**[4](index=4&type=chunk) [Key Operational Highlights](index=1&type=section&id=Second-Quarter%20and%20Year-to-Date%202025%20Highlights) The company achieved total revenue growth of 4.6% (3.1% organic), with core price increasing revenue by 5.7%, generating significant year-to-date cash flow and investing in acquisitions while increasing dividends Second Quarter 2025 Revenue Growth Components | Component | Growth | | :-------------------------------- | :----- | | Total Revenue Growth | 4.6% | | Organic Growth | 3.1% | | Growth from Acquisitions | 1.5% | | Core Price on Total Revenue | 5.7% | | Core Price on Related Business Revenue | 7.0% | | Average Yield on Total Revenue | 4.1% | | Volume Increase on Total Revenue | 0.2% | Second Quarter 2025 Key Financial Metrics | Metric | Value | YoY Change | | :-------------------- | :------ | :--------- | | Net Income (in millions) | $550 | - | | Net Income Margin | 13.0% | +0.4% (40 bps) | | EPS (in dollars) | $1.75 | +8.0% | | Adjusted EPS (in dollars) | $1.77 | +9.9% | | Adjusted EBITDA (in billions) | $1.36 | - | | Adjusted EBITDA Margin | 32.1% | +1.0% (100 bps) | Year-to-Date 2025 Cash Flow & Shareholder Returns | Metric | Value (in millions) | | :-------------------------------- | :------------------ | | Cash Flow from Operations | $2,130 | | Adjusted Free Cash Flow | $1,420 | | Cash Invested in Acquisitions | $888 | | Cash Returned to Shareholders | $407 | | - Share Repurchases | $45 | | - Dividends Paid | $362 | - The Company completed and commenced operations on four renewable natural gas projects during the quarter[5](index=5&type=chunk) [Updated Full-Year 2025 Financial Guidance](index=3&type=section&id=Updated%20Full-Year%202025%20Financial%20Guidance) Republic Services updated its full-year 2025 financial guidance, raising the outlook for adjusted free cash flow while reaffirming adjusted EBITDA and adjusted diluted EPS targets [Guidance Updates](index=3&type=section&id=Guidance%20Updates) Republic Services updated its full-year 2025 financial guidance, increasing the outlook for adjusted free cash flow while reiterating original guidance for adjusted EBITDA and adjusted diluted EPS Updated Full-Year 2025 Financial Guidance | Metric | Previous Guidance | Updated Guidance | | :-------------------------- | :---------------- | :--------------- | | Revenue (in billions) | - | $16.675 - $16.750 | | Adjusted EBITDA (in billions) | $5.275 - $5.325 | Reiterated | | Adjusted Diluted EPS (in dollars) | $6.82 - $6.90 | Reiterated | | Adjusted Free Cash Flow (in billions) | - | $2.375 - $2.415 (Increased) | [Quarterly Dividend Increase](index=3&type=section&id=Company%20Increases%20Quarterly%20Dividend) Republic Services' Board of Directors approved a 4.5-cent increase in the quarterly dividend, bringing it to $0.625 per share, payable on October 15, 2025 - Increased quarterly dividend by approximately **8 percent**, with the new quarterly dividend set at **$0.625 per share**[4](index=4&type=chunk)[9](index=9&type=chunk) [About Republic Services](index=4&type=section&id=About%20Republic%20Services) Republic Services, Inc. is a leader in the environmental services industry, providing a comprehensive suite of products and services including recycling, solid waste, special waste, hazardous waste, and field services - Republic Services provides recycling, solid waste, special waste, hazardous waste, and field services, with a vision to partner with customers for a more sustainable world through circularity and decarbonization[14](index=14&type=chunk) [Supplemental Unaudited Financial Information and Operating Data](index=5&type=section&id=SUPPLEMENTAL%20UNAUDITED%20FINANCIAL%20INFORMATION%20AND%20OPERATING%20DATA) This section provides detailed unaudited financial statements and operating data, offering a comprehensive view of the company's balance sheet, income, cash flows, and revenue and cost analyses [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet shows an increase in total assets to **$33.4 billion** as of June 30, 2025, from **$32.4 billion** at December 31, 2024, primarily driven by growth in goodwill and property and equipment, net Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total Assets | $33,397 | $32,402 | | Total Current Liabilities | $3,647 | $4,128 | | Long-term debt, net of current maturities | $12,546 | $11,851 | | Total Stockholders' Equity | $12,052 | $11,407 | [Unaudited Consolidated Statements of Income](index=6&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For the second quarter of 2025, Republic Services reported a 4.6% increase in revenue to **$4.235 billion** and a 7.0% increase in net income to **$550 million** compared to the prior year, reflecting improved operating income and diluted EPS Consolidated Statements of Income Highlights (in millions, except per share data) | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | Revenue | $4,235 | $4,048 | $8,244 | $7,910 | | Operating income | $861 | $814 | $1,665 | $1,547 | | Net income | $550 | $512 | $1,045 | $966 | | Diluted earnings per share (in dollars) | $1.75 | $1.62 | $3.33 | $3.06 | | Cash dividends per common share (in dollars) | $0.580 | $0.535 | $1.160 | $1.070 | [Unaudited Consolidated Statements of Cash Flows](index=7&type=section&id=UNAUDITED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Year-to-date cash provided by operating activities increased to **$2.134 billion** in 2025 from **$1.911 billion** in 2024, while cash used in investing activities significantly increased due to higher cash used in acquisitions and investments Consolidated Statements of Cash Flows Highlights (in millions) | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :----------------------------------- | :------------------------------------------- | :------------------------------------------- | | Cash provided by operating activities | $2,134 | $1,911 | | Cash used in investing activities | $(1,815) | $(1,113) | | Cash used in financing activities | $(260) | $(435) | | Increase in cash, cash equivalents, restricted cash and restricted cash equivalents | $60 | $364 | | Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $263 | $592 | [Revenue Analysis](index=8&type=section&id=REVENUE) Collection services remain the largest revenue contributor, accounting for 66.6% of total revenue in Q2 2025, with overall growth driven by price, volume, and acquisitions [Revenue by Line of Business](index=8&type=section&id=Revenue%20by%20Line%20of%20Business) Total Revenue by Line of Business (in millions, as % of total revenue) | Line of Business | Q2 2025 Revenue (in millions) | Q2 2025 % | Q2 2024 Revenue (in millions) | Q2 2024 % | YTD 2025 Revenue (in millions) | YTD 2025 % | YTD 2024 Revenue (in millions) | YTD 2024 % | | :-------------------------------- | :---------------------------- | :-------- | :---------------------------- | :-------- | :----------------------------- | :--------- | :----------------------------- | :--------- | | Collection | $2,822 | 66.6% | $2,723 | 67.3% | $5,565 | 67.4% | $5,386 | 68.1% | | Transfer, net | $221 | 5.2% | $208 | 5.1% | $409 | 5.0% | $391 | 4.9% | | Landfill, net | $516 | 12.2% | $440 | 10.9% | $937 | 11.4% | $845 | 10.7% | | Environmental solutions, net | $462 | 10.9% | $473 | 11.7% | $911 | 11.1% | $896 | 11.3% | | Other | $214 | 5.1% | $204 | 5.0% | $422 | 5.1% | $392 | 5.0% | | **Total Revenue** | **$4,235** | **100.0%** | **$4,048** | **100.0%** | **$8,244** | **100.0%** | **$7,910** | **100.0%** | [Revenue Components and Growth Drivers](index=8&type=section&id=Revenue%20Components%20and%20Growth%20Drivers) Changes in Components of Total Revenue (as % of total revenue) | Component | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :-------------------------------- | :------ | :------ | :------- | :------- | | Average yield | 4.1% | 5.5% | 4.3% | 5.8% | | Fuel recovery fees | (0.3)% | — | (0.4)% | (0.2)% | | **Total price** | **3.8%** | **5.5%** | **3.9%** | **5.6%** | | Volume | 0.2% | (0.8)% | (0.5)% | (0.9)% | | Recycling processing and commodity sales | — | 0.5% | 0.1% | 0.4% | | Environmental solutions | (0.9)% | 0.4% | (0.3)% | (0.4)% | | **Total internal growth** | **3.1%** | **5.6%** | **3.0%** | **4.8%** | | Acquisitions / divestitures, net | 1.5% | 3.0% | 1.2% | 3.4% | | **Total** | **4.6%** | **8.6%** | **4.2%** | **8.2%** | | Core price | 5.7% | 6.8% | 5.9% | 6.9% | Core Price, Average Yield, and Volume (as % of Related Business Revenue) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------ | :------ | :------ | :------- | :------- | | Core price | 7.0% | 8.1% | 7.2% | 8.3% | | Average yield | 5.0% | 6.6% | 5.2% | 7.0% | | Volume | 0.2% | (1.0)% | (0.6)% | (1.0)% | [Cost of Operations](index=9&type=section&id=COST%20OF%20OPERATIONS) Total cost of operations for Q2 2025 was **$2.449 billion**, representing 57.9% of revenue, a decrease from 58.8% in Q2 2024, with labor and related benefits as the largest component Major Components of Cost of Operations (in millions, as % of revenue) | Component | Q2 2025 Amount (in millions) | Q2 2025 % | Q2 2024 Amount (in millions) | Q2 2024 % | YTD 2025 Amount (in millions) | YTD 2025 % | YTD 2024 Amount (in millions) | YTD 2024 % | | :-------------------------- | :--------------------------- | :-------- | :--------------------------- | :-------- | :---------------------------- | :--------- | :---------------------------- | :--------- | | Labor and related benefits | $844 | 19.9% | $809 | 20.0% | $1,662 | 20.2% | $1,599 | 20.2% | | Transfer and disposal costs | $279 | 6.6% | $288 | 7.1% | $533 | 6.5% | $552 | 7.0% | | Maintenance and repairs | $379 | 9.0% | $370 | 9.1% | $738 | 8.9% | $726 | 9.2% | | Transportation and subcontract costs | $302 | 7.1% | $301 | 7.4% | $594 | 7.2% | $581 | 7.3% | | Fuel | $116 | 2.7% | $121 | 3.0% | $230 | 2.8% | $247 | 3.1% | | Disposal fees and taxes | $96 | 2.3% | $90 | 2.2% | $179 | 2.2% | $174 | 2.2% | | Landfill operating costs | $104 | 2.5% | $96 | 2.4% | $193 | 2.3% | $186 | 2.4% | | Risk management | $109 | 2.6% | $102 | 2.5% | $213 | 2.6% | $197 | 2.5% | | Other | $220 | 5.2% | $206 | 5.1% | $421 | 5.1% | $404 | 5.1% | | **Total cost of operations** | **$2,449** | **57.9%** | **$2,383** | **58.8%** | **$4,763** | **57.8%** | **$4,666** | **59.0%** | [Selling, General and Administrative Expenses](index=10&type=section&id=SELLING%2C%20GENERAL%20AND%20ADMINISTRATIVE%20EXPENSES) Selling, general and administrative expenses for Q2 2025 were **$425 million**, or 10.0% of revenue, a slight decrease from 10.1% in Q2 2024, with salaries and related benefits as the largest component Selling, General and Administrative Expenses (in millions, as % of revenue) | Component | Q2 2025 Amount (in millions) | Q2 2025 % | Q2 2024 Amount (in millions) | Q2 2024 % | YTD 2025 Amount (in millions) | YTD 2025 % | YTD 2024 Amount (in millions) | YTD 2024 % | | :-------------------------- | :--------------------------- | :-------- | :--------------------------- | :-------- | :---------------------------- | :--------- | :---------------------------- | :--------- | | Salaries and related benefits | $280 | 6.6% | $276 | 6.8% | $573 | 6.9% | $556 | 7.0% | | Provision for doubtful accounts | $8 | 0.2% | $12 | 0.3% | $18 | 0.2% | $20 | 0.3% | | Other | $137 | 3.2% | $119 | 3.0% | $261 | 3.2% | $246 | 3.1% | | **Total SG&A expenses** | **$425** | **10.0%** | **$407** | **10.1%** | **$852** | **10.3%** | **$822** | **10.4%** | [Accounts Receivable](index=13&type=section&id=ACCOUNTS%20RECEIVABLE) Accounts receivable increased to **$1.88 billion** as of June 30, 2025, from **$1.821 billion** at December 31, 2024, while days sales outstanding remained stable at approximately 40.4 days Accounts Receivable and Days Sales Outstanding (in millions) | Metric | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :----------------------------------- | :-------------------------- | :-------------------------- | | Accounts receivable, net | $1,880 | $1,821 | | Allowance for doubtful accounts | $66 | $74 | | Days sales outstanding | 40.4 | 40.9 | | Days sales outstanding, net of deferred revenue | 29.9 | 30.0 | [Cash Dividends](index=13&type=section&id=CASH%20DIVIDENDS) Republic Services paid **$181 million** in cash dividends in April 2025 and recorded a quarterly dividend payable of **$182 million** as of June 30, 2025 - Paid a cash dividend of **$181 million** in April 2025 and recorded a quarterly dividend payable of **$182 million** as of June 30, 2025[42](index=42&type=chunk) [Share Repurchase Program](index=13&type=section&id=SHARE%20REPURCHASE%20PROGRAM) No shares of common stock were repurchased during Q2 2025, leaving approximately **$2.5 billion** in authorized purchase capacity under the October 2023 repurchase program - No shares were repurchased during Q2 2025. Remaining authorized purchase capacity under the October 2023 repurchase program is approximately **$2.5 billion**[43](index=43&type=chunk) [Performance Metrics and Reconciliations of Certain Non-GAAP Measures](index=10&type=section&id=PERFORMANCE%20METRICS%20AND%20RECONCILIATIONS%20OF%20CERTAIN%20NON-GAAP%20MEASURES) This section provides detailed reconciliations of non-GAAP financial measures, including Adjusted EBITDA, Adjusted EPS, and Adjusted Free Cash Flow, offering insights into the company's operational performance and financial health [Adjusted EBITDA and Adjusted EBITDA Margin](index=11&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin) Adjusted EBITDA for Q2 2025 increased to **$1.361 billion**, with an adjusted EBITDA margin of 32.1%, up 100 basis points from the prior year, demonstrating strong operational performance Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation (in millions, as % of revenue) | Metric | Q2 2025 Amount (in millions) | Q2 2025 % | Q2 2024 Amount (in millions) | Q2 2024 % | YTD 2025 Amount (in millions) | YTD 2025 % | YTD 2024 Amount (in millions) | YTD 2024 % | | :----------------------------------- | :--------------------------- | :-------- | :--------------------------- | :-------- | :---------------------------- | :--------- | :---------------------------- | :--------- | | Net income attributable to Republic Services, Inc. | $550 | 13.0% | $512 | 12.6% | $1,045 | 12.7% | $965 | 12.2% | | EBITDA | $1,350 | 31.9% | $1,220 | 30.1% | $2,605 | 31.6% | $2,370 | 30.0% | | Total adjustments | $11 | - | $38 | - | $24 | - | $52 | - | | **Adjusted EBITDA** | **$1,361** | **32.1%** | **$1,258** | **31.1%** | **$2,629** | **31.9%** | **$2,422** | **30.6%** | [Adjusted EBITDA and Adjusted EBITDA Margin by Business Type](index=11&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EBITDA%20Margin%20by%20Business%20Type) Recycling & Waste Solutions generated **$1.252 billion** in Adjusted EBITDA for Q2 2025 with a 33.2% margin, while Environmental Solutions contributed **$109 million** with a 23.7% margin Adjusted EBITDA and Adjusted EBITDA Margin by Business Type (in millions, as % of revenue) | Business Type | Q2 2025 Revenue (in millions) | Q2 2025 Adj. EBITDA (in millions) | Q2 2025 Adj. EBITDA Margin | Q2 2024 Revenue (in millions) | Q2 2024 Adj. EBITDA (in millions) | Q2 2024 Adj. EBITDA Margin | | :-------------------------- | :---------------------------- | :-------------------------------- | :------------------------- | :---------------------------- | :-------------------------------- | :------------------------- | | Recycling & Waste Solutions | $3,773 | $1,252 | 33.2% | $3,575 | $1,146 | 32.0% | | Environmental Solutions | $462 | $109 | 23.7% | $473 | $112 | 23.7% | | **Total** | **$4,235** | **$1,361** | **32.1%** | **$4,048** | **$1,258** | **31.1%** | [Adjusted Earnings Per Share](index=12&type=section&id=Adjusted%20Earnings%20Per%20Share) Adjusted diluted EPS for Q2 2025 was **$1.77**, an increase from **$1.61** in Q2 2024, after accounting for restructuring charges and business divestitures/impairments Adjusted Diluted Earnings Per Share Reconciliation (in millions, except per share data) | Metric | Q2 2025 Net Income - Republic (in millions) | Q2 2025 Diluted EPS (in dollars) | Q2 2024 Net Income - Republic (in millions) | Q2 2024 Diluted EPS (in dollars) | | :----------------------------------- | :------------------------------------------ | :------------------------------- | :------------------------------------------ | :------------------------------- | | As reported | $550 | $1.75 | $512 | $1.62 | | Total adjustments | $6 | $0.02 | $(3) | $(0.01) | | **As adjusted** | **$556** | **$1.77** | **$509** | **$1.61** | [Adjusted Free Cash Flow](index=13&type=section&id=Adjusted%20Free%20Cash%20Flow) Year-to-date adjusted free cash flow significantly increased to **$1.420 billion** in 2025 from **$1.151 billion** in 2024, reflecting strong cash generation after capital expenditures and certain adjustments Adjusted Free Cash Flow Reconciliation (in millions) | Metric | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :----------------------------------- | :------------------------------------------- | :------------------------------------------- | | Cash provided by operating activities | $2,134 | $1,911 | | Property and equipment received | $(727) | $(773) | | Proceeds from sales of property and equipment | $8 | $5 | | Restructuring payments, net of tax | $5 | $7 | | Divestiture related tax payments | — | $1 | | **Adjusted free cash flow** | **$1,420** | **$1,151** | - Adjusted free cash flow has material limitations as it excludes certain required payments like debt service and dividends[39](index=39&type=chunk) [Non-GAAP Measure Explanations and Adjustments](index=12&type=section&id=Non-GAAP%20Measure%20Explanations%20and%20Adjustments) This section provides the rationale for using non-GAAP measures like EBITDA and Adjusted EBITDA, explaining their usefulness in understanding operational performance by excluding non-cash and specific non-recurring items, and details the nature of adjustments made for debt extinguishment, restructuring, and business divestitures - EBITDA and Adjusted EBITDA are used to provide insight into operating performance exclusive of certain non-cash and other costs, demonstrating the ability to execute financial strategy and understand ongoing performance separate from disproportionate impacts[34](index=34&type=chunk)[35](index=35&type=chunk) [Gain on Extinguishment of Debt and Other Related Costs](index=12&type=section&id=Gain%20on%20extinguishment%20of%20debt%20and%20other%20related%20costs) - No gain or loss on extinguishment of debt was recognized in Q2 or YTD 2025. In Q2 and YTD 2024, an **$8 million** gain was recognized from early settlement of cash flow hedges, reducing interest expense[36](index=36&type=chunk) [Restructuring Charges](index=12&type=section&id=Restructuring%20charges) - Restructuring charges were **$6 million** in Q2 2025 (YTD **$9 million**), primarily related to the design and implementation of a new accounts receivable system. In Q2 2024 (YTD **$12 million**), charges related to asset management and customer/order management software systems redesign[37](index=37&type=chunk)[38](index=38&type=chunk) [Loss (Gain) on Business Divestitures and Impairments, Net](index=13&type=section&id=Loss%20%28gain%29%20on%20business%20divestitures%20and%20impairments%2C%20net) - Recorded a loss on business divestitures and impairments of **$3 million** in Q2 2025 (YTD **$1 million**), compared to a net gain of **$2 million** in Q2 2024[38](index=38&type=chunk) [Reconciliation of Full-Year 2025 Financial Guidance](index=14&type=section&id=RECONCILIATION%20OF%20FULL-YEAR%202025%20FINANCIAL%20GUIDANCE) This section provides a detailed reconciliation of the company's full-year 2025 financial guidance for Adjusted EBITDA, Adjusted Diluted EPS, and Adjusted Free Cash Flow, including specific adjustments [Adjusted EBITDA Reconciliation](index=14&type=section&id=Adjusted%20EBITDA) The anticipated full-year 2025 Adjusted EBITDA is projected to be in the range of **$5.275 billion to $5.325 billion**, after adjusting for items such as depreciation, interest expense, and estimated labor disruption costs Anticipated Full-Year 2025 Adjusted EBITDA Reconciliation (in millions) | Metric | Year Ending December 31, 2025 (in millions) | | :----------------------------------- | :------------------------------------------ | | Net income attributable to Republic Services, Inc. | $2,090 - $2,100 | | Provision for income taxes | $485 - $490 | | Interest expense, net | $570 | | Depreciation, depletion, amortization and accretion | $1,920 - $1,930 | | Loss from unconsolidated equity method investments | $170 | | Restructuring charges | $15 | | Labor disruption | $25 - $50 | | **Adjusted EBITDA** | **$5,275 - $5,325** | [Adjusted Diluted Earnings per Share Reconciliation](index=14&type=section&id=Adjusted%20Diluted%20Earnings%20per%20Share) Anticipated full-year 2025 Adjusted Diluted EPS is projected to be between **$6.82** and **$6.90**, incorporating adjustments for restructuring charges and estimated labor disruption impacts Anticipated Full-Year 2025 Adjusted Diluted Earnings per Share Reconciliation | Metric | Year Ending December 31, 2025 (in dollars) | | :----------------------------------- | :----------------------------------------- | | Diluted earnings per share | $6.72 - $6.74 | | Restructuring charges | $0.04 | | Labor disruption | $0.06 - $0.12 | | **Adjusted diluted earnings per share** | **$6.82 - $6.90** | [Adjusted Free Cash Flow Reconciliation](index=14&type=section&id=Adjusted%20Free%20Cash%20Flow) The anticipated full-year 2025 Adjusted Free Cash Flow is projected to be in the range of **$2.375 billion to $2.415 billion**, after accounting for capital expenditures, asset sales, restructuring payments, and estimated labor disruption impacts Anticipated Full-Year 2025 Adjusted Free Cash Flow Reconciliation (in millions) | Metric | Year Ending December 31, 2025 (in millions) | | :----------------------------------- | :------------------------------------------ | | Cash provided by operating activities | $4,230 - $4,290 | | Property and equipment received | $(1,895) - $(1,935) | | Proceeds from sales of property and equipment | $10 | | Restructuring payments, net of tax | $10 | | Labor disruption, net of tax | $20 - $40 | | **Adjusted free cash flow** | **$2,375 - $2,415** | - The financial guidance is based on current economic conditions. Labor disruptions in certain isolated markets, which began in July 2025, are estimated to impact the full year, with the ultimate impact dependent on their duration[48](index=48&type=chunk) [Information Regarding Forward-Looking Statements](index=15&type=section&id=INFORMATION%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section serves as a disclaimer, highlighting that the press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from projections - The press release contains forward-looking statements subject to risks and uncertainties, including impacts from the global economy, interest rates, acquisitions, work stoppages, and acts of war. Readers are cautioned not to place undue reliance on these statements, and the company does not undertake to update them[50](index=50&type=chunk)

Core Viewpoint - The Massachusetts Congressional delegation is urging Republic Services to resume negotiations with striking sanitation workers to end a 28-day work stoppage, which has led to significant delays in waste collection across multiple communities [3][4][5]. Group 1: Strike Details - The strike by Teamsters Local 25 against Republic Services has entered its fifth week, with no new bargaining sessions scheduled since July 18 [4][6]. - Over 400 members of Teamsters Local 25 are involved in delivering essential waste and recycling services, emphasizing the importance of competitive wages and comprehensive benefits for workers [5][6]. Group 2: Community Impact - Many cities and towns in North Shore and Greater Boston are experiencing collection delays and gaps in trash, recycling, and yard waste pickup due to the strike [4][7]. - Local officials are actively communicating with Republic Services to address missed pickups and are working to restore recycling services as soon as possible [7]. Group 3: Legal Actions - Officials from six cities and towns have filed a complaint in Salem Superior Court seeking health violation citations and additional resources from Republic Services, citing the company's failure to adequately manage waste collection during the strike [8].

Core Insights - The global plastic waste management market was valued at USD 38.91 billion in 2024 and is projected to grow at a CAGR of 5.20%, reaching USD 64.6 billion by 2034 [1][6][16] - The Asia Pacific region currently holds over 50% of the market share, while North America is expected to experience the fastest growth during the forecast period [1][6][34] Market Overview - The market is driven by the rise of circular economy models, increasing government regulations, and AI-driven waste tracking systems [1][8] - The recycling segment held the largest market share in 2024, while the collection segment is anticipated to grow at the fastest rate from 2025 to 2034 [6][25][26] Polymer and Source Analysis - Polypropylene was the dominant polymer segment in 2024 due to its eco-friendly properties and recyclability [6][27] - The residential segment generated the highest revenue share in 2024, with the commercial segment expected to grow rapidly in the coming years [6][29][30] End Use and Regional Insights - The packaging segment accounted for 45% of the market share in 2024, with the consumer product segment projected to grow at a solid CAGR [6][32][33] - The Asia Pacific plastic waste management market is expected to reach USD 32.62 billion by 2034, growing at a CAGR of 5.30% [34][36] Technological Innovations - AI plays a significant role in enhancing recycling efficiency and monitoring compliance, with companies like Recycleye utilizing AI-powered systems to improve sorting accuracy and processing speed [10][20][22] Regulatory Environment - The United Nations resolution to end plastic pollution through a legally binding treaty by 2024 is driving new national policies and private sector compliance efforts [9][44] - North America is focusing on unified national approaches to plastic waste management, with significant government regulations in place [40][41][46]

Financial Data and Key Metrics Changes - Resolute Mining reported a strong quarter with production of 75,962 ounces at a cost of $16.68 per ounce, maintaining a net cash position of just above $110 million [1][27] - Operating cash flow for Q2 reached $85 million, driven by $262 million in revenue and 80,000 ounces of gold sales at an all-time high price of over $3,400 per ounce [27][28] - The Group's all-in sustaining cost was $16.68 per ounce sold, representing a $40 per ounce improvement from Q1 [31] Business Line Data and Key Metrics Changes - The Syama Mine in Mali produced 41,000 ounces of gold at an all-in sustaining cost of $2,134, which was below expectations due to explosive supply chain issues [10][11] - The Mako operation in Senegal had a strong quarter with production of approximately 35,000 ounces at an all-in sustaining cost of $972, exceeding expectations [17][18] Market Data and Key Metrics Changes - The company is on track to produce between 275,000 to 300,000 ounces in 2025, with a target of over 500,000 ounces by 2028 [2][3] - The acquisition of the Doropo and ABC projects is expected to significantly enhance the company's production capabilities and market position in West Africa [3][4] Company Strategy and Development Direction - The company aims to become a mid-tier African gold producer with a diversified portfolio, focusing on geographic diversification and internal growth opportunities [37] - The company is actively evaluating M&A opportunities, although the current pipeline is considered limited [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of the Syama operation despite current supply chain disruptions, emphasizing the asset's long-term value [13] - The company is closely monitoring the permitting process for the Doropo project, with expectations for completion by October [6][66] Other Important Information - The company is facing challenges with explosive supply chain issues in Mali due to security concerns and permitting delays [10][11] - The company has made significant progress in exploration activities, particularly in Côte d'Ivoire, with promising projects like ABC and Ladabo [24][25] Q&A Session Summary Question: What is the situation regarding explosives supply? - Management indicated that the explosives supply issue is due to a combination of supplier changes and permitting challenges, but they are working to resolve it [40][42] Question: Can you provide an update on Ravenswood? - Management stated that the sales process for Ravenswood was terminated due to operational challenges, and they are monitoring the situation as creditors [45][47] Question: How will Bentaco and Tombo be sequenced in mining operations? - Management explained that Bentaco is expected to be operational in 2027, with Tombo following, and they will likely process a mix of stockpile ore and Bentaco ore [50][51] Question: What is the outlook for VAT recovery in Senegal? - Management confirmed that VAT recovery is improving in Senegal, while Mali continues to experience cash leakage [61][62] Question: What is the status of the permitting process for Doropo? - Management clarified that the permitting process is underway, with applications lodged and expectations for completion by October, although it may be delayed [66][70]

29 July 2025 Q2 2025 Activities Report ASX/LSE - RSG 1 For personal use only This presentation contains information about Resolute Mining Limited (Resolute or the Company) and its activities that is current as at the date of this presentation unless otherwise stated. The information in this presentation remains subject to change without notice. This presentation has been prepared by Resolute and no party other than Resolute has authorised or caused the issue, lodgement, submission, despatch or provision of ...

Core Insights - Republic Services achieved a 20% reduction in greenhouse gas (GHG) emissions in 2024 compared to its 2017 baseline, surpassing its interim target of a 10% reduction by 2025 [1] - The company reported significant progress towards its 2030 Sustainability Goals, particularly in Safety, Talent, and Climate Leadership, with metrics exceeding industry benchmarks [3] Sustainability Achievements - The 2024 Sustainability Report highlights the company's advancements in sustainability, including third-party recognitions such as inclusion in Barron's 100 Most Sustainable Companies and Fortune's America's Most Innovative Companies [4] - Republic Services is launching 6 renewable natural gas (RNG) projects and expanding its electric collection fleet to 50 electric vehicles [8] Employee Engagement and Community Impact - The company maintains an industry-leading employee engagement score of 86, indicating strong internal morale and commitment [8] - Republic Services has positively impacted over 5 million people through its community investments [8]

Core Viewpoint - Republic Services, Inc. (RSG) is expected to report second-quarter 2025 results on July 29, with anticipated revenues of $4.3 billion, reflecting a 5.5% year-over-year increase driven by strong pricing and new renewable natural gas projects [1][2][8] Revenue Expectations - The Zacks Consensus Estimate for RSG's revenues is $4.3 billion, up 5.5% from the same quarter last year, supported by solid pricing and new projects [2][8] - Revenue from the Collection segment is estimated at $2.9 billion, indicating a 5.8% increase year-over-year [3] - Environmental Solutions' revenues are expected to rise 4.1% to $492 million, while Landfill revenues are projected to increase 5.1% to $462.7 million [3] - Transfer revenues are anticipated at $213.5 million, reflecting a 2.5% year-over-year increase, and Other segment revenues are estimated at $212.7 million, indicating a 4.2% increase [3] Earnings and EBITDA Expectations - EBITDA is estimated at $1.3 billion, suggesting a 5.2% rise from the previous year, with an EBITDA margin expected to remain stable at 30.1% [4] - The consensus estimate for earnings per share (EPS) is $1.75, indicating an 8.7% growth from the year-ago quarter, driven by disciplined expense management [4][8] Earnings Prediction - The model predicts an earnings beat for RSG, supported by a positive Earnings ESP of +0.16% and a Zacks Rank of 3 (Hold) [5]

Core Viewpoint - Analysts project that Republic Services (RSG) will report quarterly earnings of $1.75 per share, reflecting an 8.7% year-over-year increase, with revenues expected to reach $4.27 billion, a 5.4% increase from the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised 0.6% lower over the last 30 days, indicating a reevaluation of initial estimates by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts forecast 'Revenue- Environmental solutions, net' to reach $508.67 million, indicating a 7.6% increase year-over-year [5]. - 'Revenue- Collection- Total' is expected to be $2.88 billion, reflecting a 5.8% year-over-year change [5]. - The estimate for 'Revenue- Collection- Small-container' stands at $1.28 billion, suggesting a 6.7% increase year-over-year [5]. - 'Revenue- Collection- Large-container' is projected at $810.03 million, indicating a 5.2% year-over-year change [6]. - 'Revenue- Other- Other non-core' is expected to reach $100.75 million, reflecting a 4.2% increase from the prior-year quarter [6]. - 'Revenue- Collection- Residential' is estimated at $771.05 million, indicating a 5.1% year-over-year change [7]. - 'Revenue- Transfer' is projected at $479.38 million, reflecting a 4.7% increase from the prior-year quarter [7]. - 'Revenue- Landfill' is expected to reach $801.10 million, indicating a 5.2% year-over-year change [7]. - 'Revenue- Other- Recycling processing and commodity sales' is projected at $107.31 million, suggesting a slight decrease of 0.2% from the year-ago quarter [8]. - The average prediction for 'Revenue- Environmental solutions' is $504.62 million, indicating a 3.1% increase from the prior-year quarter [8]. - 'Revenue- Collection- Other' is expected to reach $18.78 million, reflecting a 2.6% year-over-year change [8]. Average Yield - Analysts suggest that 'Average yield' will likely reach 3.8%, down from 5.5% reported in the same quarter last year [9]. Stock Performance - Republic Services shares have seen a change of -0.3% in the past month, contrasting with the Zacks S&P 500 composite's +5.7% move, indicating a potential underperformance relative to the market [9].

Group 1 - Republic Services (RSG) is expected to report a year-over-year increase in earnings and revenues for the quarter ended June 2025, with earnings projected at $1.75 per share (+8.7%) and revenues at $4.27 billion (+5.5%) [1][3] - The earnings report is anticipated to be released on July 29, and the stock price may rise if actual results exceed expectations, while a miss could lead to a decline [2] - The consensus EPS estimate has been revised 0.38% lower over the last 30 days, indicating a reassessment by analysts [4] Group 2 - The Zacks Earnings ESP for Republic Services is +0.16%, suggesting analysts have become more optimistic about the company's earnings prospects [12] - The company has a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12] - Historically, Republic Services has beaten consensus EPS estimates in the last four quarters, with a recent surprise of +3.95% [13][14] Group 3 - Another company in the waste removal services industry, Veralto (VLTO), is expected to report earnings of $0.89 per share (+4.7%) and revenues of $1.34 billion (+4.3%) for the same quarter [18] - The consensus EPS estimate for Veralto has been revised 0.3% higher, but a lower Most Accurate Estimate results in an Earnings ESP of -0.43%, making it difficult to predict a beat [19]