GFL details headquarters move, EPR and RNG plans

Financial Performance - Q4 revenue reached $1.69 billion, reflecting a 7.3% year-over-year increase [1] - Full-year revenue for 2025 was $6.62 billion, up 7.8% year-over-year [1] - Q4 net income was $24.2 million, with full-year net income totaling $3.1 billion [1] - Core pricing increased by 6.4% in Q4 and 6.1% for the full year [1] Strategic Initiatives - The company announced a headquarters relocation to Miami Beach, Florida, while maintaining Canadian offices, aiming for inclusion in U.S. stock indices [1] - GFL's capital strategy involved selling stakes in its environmental services and infrastructure businesses, facilitating share buybacks and debt reduction [1] - The company plans to spend $1.5 billion to $2 billion on M&A in 2026, focusing on tuck-in acquisitions [1] Operational Insights - Overall volumes decreased by 2.3% in Q4 but increased by 0.5% for the full year [1] - The company expects C&D volumes to remain soft in the current year [1] - GFL anticipates growth in volumes in 2026 due to expansion into southern markets [1] Environmental Initiatives - GFL plans to invest $175 million in incremental growth capital for packaging extended producer responsibility policies, with over $100 million expected in Q1 [2] - The company is adjusting its guidance for renewable natural gas projects, lowering the adjusted EBITDA run rate from $175 million to a range of $125 million to $150 million [2] Future Projections - For 2026, GFL projects revenue to reach $7 billion, with adjusted EBITDA expected to be about $2.14 billion and adjusted free cash flow around $835 million [2] - The company aims to maintain net leverage in the low to mid 3x range [2]