分组1 - Waste Connections reported quarterly earnings of $1.29 per share, exceeding the Zacks Consensus Estimate of $1.28 per share, and up from $1.16 per share a year ago, representing an earnings surprise of +0.85% [1] - The company posted revenues of $2.37 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.01%, and an increase from $2.26 billion year-over-year [2] - Waste Connections has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has underperformed the market, losing about 2.7% since the beginning of the year, while the S&P 500 gained 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is $1.22 on revenues of $2.36 billion, and for the current fiscal year, it is $5.64 on revenues of $9.97 billion [7] - The Waste Removal Services industry is currently ranked in the bottom 29% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Exhibit 99.1 WASTE CONNECTIONS REPORTS FOURTH QUARTER 2025 RESULTS AND PROVIDES 2026 OUTLOOK Fourth Quarter Highlights Full Year 2025 Highlights Expectations for 2026 TORONTO, ONTARIO, February 11, 2026 - Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced its results for the fourth quarter of 2025 and outlook for 2026. "Adjusted EBITDA(b) margin expansion of 110 basis points in the fourth quarter capped off a remarkable year for Waste Connections, driven by price- ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Investment Opportunity - A specific company is highlighted as a potential investment opportunity, possessing critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI data centers [3][7] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the anticipated surge in electricity demand driven by AI technologies [3][6] Energy Demand and Infrastructure - AI technologies, particularly large language models like ChatGPT, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The company in focus owns nuclear energy infrastructure, making it a key player in the future of clean and reliable power in the U.S. [7] Financial Position - The company is noted for being completely debt-free and holding a substantial cash reserve, which is nearly one-third of its market capitalization [8] - It is trading at a low valuation of less than 7 times earnings, making it an attractive option for investors seeking exposure to AI and energy sectors [10] Market Trends - The company is positioned to capitalize on the onshoring trend driven by tariffs, as well as the surge in U.S. LNG exports under the current administration's energy policies [5][14] - There is a growing recognition on Wall Street of this company's potential, as it quietly benefits from multiple market tailwinds without the high valuations typical of other firms in the sector [8][9] Future Outlook - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12] - The overall sentiment is that investing in AI is not just about financial returns but also about being part of a transformative technological revolution [15]

Core Thesis - Waste Connections, Inc. (WCN) is positioned as a strong investment opportunity due to its focus on underserved rural regions, operational leverage, and diversified revenue streams, with a current share price of $167.23 and a DCF-based fair value of $213.25 per share, indicating a potential upside of 23.1% [1][4]. Company Overview - WCN operates in the competitive waste collection industry, emphasizing service quality and pricing power in rural areas, similar to strategies employed by other companies like Dino Polska [2]. - The company diversifies its revenue through the treatment of non-hazardous by-products from oil and gas operations and the production of methane gas from landfills, which is converted into electricity [2]. Financial Performance - WCN's adjusted EBITDA trends show strong operational leverage, particularly in the Canada segment, which experienced a margin expansion of 4.5 percentage points and revenue growth of 26.6% [3]. - The company has total assets of $20.78 billion and debt of $8.96 billion, although it faces challenges due to a negative net cash position [4]. - WCN's median five-year revenue growth stands at 11.23%, supporting its fair value estimate [4]. Competitive Advantages - WCN operates 77 MSW landfills, 20 E&P waste landfills, and 16 non-MSW landfills, creating significant barriers to entry through regulatory compliance and geographic footprint [3]. - The company's operational efficiency is improving, as cost growth lags behind revenue growth, and it maintains a modest net margin of 11% [3]. Market Sentiment - Customer sentiment is mixed, reflecting high expectations in a concentrated industry, but WCN's resilient contracts and strategic positioning contribute to its growth potential [4].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is positioned as a critical player in the AI energy landscape, owning essential energy infrastructure assets that will benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened with debt [8][10] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without high premiums [9][10] Market Trends - The article discusses the broader trends of onshoring driven by tariffs and the surge in U.S. LNG exports, indicating a favorable environment for the company's operations [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12] Future Outlook - The company is positioned at the heart of America's next-generation power strategy, particularly in nuclear energy, which is seen as a clean and reliable power source for the future [7][14] - The potential for significant returns is emphasized, with projections of over 100% return within 12 to 24 months for investors who act now [15][19]

Core Insights - Waste Connections, Inc. (WCN) has outperformed the industry with a 3.1% gain over the past three months, while the industry has seen a decline of 5.5% [2] - The company has an expected long-term earnings per share growth rate of 9.80%, with projected year-over-year growth of 7.5% in 2025 and 10.1% in 2026 [4] Acquisition Strategy - Waste Connections employs an active and disciplined acquisition strategy, focusing on financial, market, and management criteria to identify value-accretive opportunities [5] - The company has completed 30 acquisitions in 2021, 24 in 2022, 13 in 2023, and 24 in 2024, contributing revenues of $215.4 million, $552.0 million, $410.9 million, and $529.0 million respectively [6] - In 2025, acquisitions year-to-date are expected to represent approximately $300 million in annualized revenues, indicating strong momentum and management's execution capability [6] Dividend Policy - Waste Connections increased its quarterly dividend by 11.1% to $0.35 per share in October 2025, reflecting a disciplined approach to capital allocation [7] - The company has consistently rewarded shareholders, distributing $302.3 million in 2024, $270.6 million in 2023, $243.0 million in 2022, and $220.2 million in 2021, with $244 million returned in the first nine months of 2025 [9] Financial Performance - The company has demonstrated strong cash flow confidence through its increasing dividend payments, underscoring management's commitment to long-term value creation [9]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to help investors identify stocks with the potential to outperform the market within a 30-day timeframe [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score emphasizes identifying undervalued stocks using financial ratios [3] - Growth Score focuses on a company's financial health and future growth potential [4] - Momentum Score targets stocks with favorable price trends and earnings outlooks [5] - VGM Score combines all three styles to provide a comprehensive assessment of stocks [6] Zacks Rank and Style Scores Interaction - The Zacks Rank utilizes earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.93% since 1988 [7][8] - To optimize returns, investors should prioritize stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [9] - Stocks with lower ranks but high Style Scores may still face downward price pressure if earnings forecasts are declining [10] Company Spotlight: Waste Connections (WCN) - Waste Connections is an integrated solid waste services company operating in the U.S. and Canada, providing various waste management services [11] - WCN holds a Zacks Rank of 3 (Hold) and has a VGM Score of B, with a Momentum Style Score of A, indicating positive short-term performance [12] - Recent upward revisions in earnings estimates by analysts suggest a consensus estimate increase to $5.15 per share for fiscal 2025, with an average earnings surprise of +2.5% [12][13]

Company Overview - Waste Connections (WCN) is one of the largest integrated waste services companies in North America, operating in the US and Canada [1] - The company has experienced significant growth in recent years, largely due to numerous acquisitions, including a record number of deals [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The analyst has researched over 1000 companies and has transitioned from writing a blog to a value investing-focused YouTube channel [1] - The analyst expresses a preference for covering metals and mining stocks but is also comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

Group 1 - Waste Connections has filed a lawsuit against Haulla, alleging theft of confidential customer information and encouraging customers to breach contracts with Waste Connections [3][5] - The lawsuit claims Haulla accessed Waste Connections' customer portal illegally, created over 2,500 fake customer profiles, and impersonated customers to obtain sensitive pricing and service details [3][4] - Waste Connections asserts that Haulla's actions have damaged customer relationships and negatively impacted business operations [5] Group 2 - Haulla, operating under Ecube Labs, has filed for Chapter 11 bankruptcy and is involved in a separate lawsuit initiated by Waste Connections in March 2024 [6] - A Texas bankruptcy court has approved Haulla's request to borrow up to $1.5 million from its parent company to sustain operations, with an immediate borrowing of $500,000 [6] - Waste Connections has updated its complaint to include allegations against Ecube Labs Ltd., claiming it conspired with Haulla in the fraudulent activities [6]

Core Viewpoint - UBS has increased its price target for Waste Connections, Inc. from $190 to $195, maintaining a "Neutral" rating, citing steady execution and resilient fundamentals following Q3 results [1] Financial Performance - Waste Connections reported Q3 2025 revenue of $2.46 billion, up from $2.34 billion year-over-year, indicating growth [3] - Adjusted EBITDA for the same period rose to $830.3 million, aligning with the company's 2025 guidance, reflecting consistency and disciplined cost management [3] Future Outlook - UBS has adjusted its annual adjusted EBITDA forecasts for Waste Connections to $3.12 billion, $3.36 billion, and $3.70 billion for 2025, 2026, and 2027 respectively, attributing the upward revision to the company's strong performance and potential M&A activity due to pressures on smaller operators [2]