Company Overview - Vow ASA is focused on preventing pollution through advanced technologies that convert biomass and waste into valuable resources and clean energy [2] - The company operates subsidiaries such as Scanship, C.H. Evensen, and Etia, which contribute to its mission of industry decarbonisation and material recycling [2] - Vow ASA is a leader in wastewater purification and waste valorisation in the cruise market, with strong positions in food safety, robotics, and heat-intensive industries [2] Upcoming Financial Report - Vow ASA will release its fourth quarter 2025 report on February 25, 2026, which will be available on their website and news platforms [1] - A live audio webcast will take place on the same day at 08:30 CET, featuring CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby, including a Q&A session for participants [1]

Company Overview - Vow ASA is focused on preventing pollution through advanced technologies that convert biomass and waste into valuable resources and clean energy for various industries [2] - The company is a leader in wastewater purification and waste valorisation in the cruise market, with strong positions in food safety, robotics, and heat-intensive industries [2] Upcoming Financial Report - Vow ASA will release its fourth quarter 2025 report on February 25, 2026, which will be available on the company's website and news platforms [1] - A live audio webcast will take place on the same day at 08:30 CET, hosted by CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby, including a Q&A session for participants [1] Contact Information - For further inquiries, contact details for CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby are provided, including phone numbers and email addresses [2]

Group 1 - Hilppa Rautpalo, Senior Vice President of Legal, HR, and EHSQ at Lassila & Tikanoja Plc, has resigned to pursue a new position outside the company by August 2026 [1] - The recruitment process for her successor will begin immediately [1] - Eero Hautaniemi, President and CEO, expressed gratitude for Rautpalo's contributions over the past six years [2] Group 2 - Lassila & Tikanoja is a leading Nordic circular economy company focused on waste management, recycling, hazardous waste, remediation services, industrial services, and water treatment [2] - The company aims to promote sustainable material use and transform waste into valuable raw materials [2] - Lassila & Tikanoja employs approximately 2,300 people in Finland and Sweden and is listed on Nasdaq Helsinki [2]

Core Viewpoint - The analyst maintains a buy rating on Waste Management, Inc. (WM) and expresses confidence in the company's fundamentals and outlook, noting an 8% increase in stock price since the last update [1] Company Performance - Waste Management, Inc. has shown a positive stock performance, with an increase of approximately 8% since the analyst's last update in late November 2025 [1]

Core Insights - Brightline Capital Management, LLC has completely exited its position in Enviri, selling 1,400,000 shares, resulting in a total position valuation decrease of $17.77 million [2][8] - Enviri's shares have increased by 110.2% over the past year, significantly outperforming the S&P 500 by 97.25 percentage points [8][10] Company Overview - Enviri is a leading provider of environmental and waste management services, focusing on complex industrial waste challenges and supporting resource recovery and regulatory compliance [6] - The company operates under long-term contracts, generating revenue from service fees, product sales, and value-added processing of industrial waste streams [9] Financial Performance - Enviri reported a total revenue of $575 million in the third quarter, which was essentially flat year over year [11] - The company posted a GAAP loss from continuing operations of $20 million and an adjusted EBITDA of $74 million, down from $85 million a year earlier, with an adjusted EBITDA margin decrease to 12.9% from 14.8% [11] - Full-year guidance has been lowered, with expectations of $268 million to $278 million in adjusted EBITDA and negative free cash flow of $20 million to $30 million [11] Investment Implications - The exit from Enviri by Brightline Capital Management may reflect a strategic shift towards larger positions in more stable companies, given Enviri's shrinking margins and revised outlook [12][13] - The performance of Enviri's stock does not align with its operating momentum, indicating that locking in gains can be a strategic decision in light of negative cash flow and lowered guidance [13]

Core Insights - Clean Harbors (CLH) is expected to report quarterly earnings of $1.61 per share, reflecting a year-over-year increase of 3.9% [1] - Anticipated revenues for the quarter are projected at $1.46 billion, which represents a 1.7% increase compared to the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' projections [1] Revenue Estimates - The consensus estimate for 'Revenue- Direct Revenues- Safety-Kleen Sustainability Solutions' is $201.28 million, showing a decrease of 2% from the prior-year quarter [4] - Analysts project 'Revenue- Direct Revenues- Environmental Services' to reach $1.24 billion, indicating a year-over-year increase of 1.4% [4] EBITDA Projections - 'Adjusted EBITDA- Safety-Kleen Sustainability Solutions' is expected to be $31.17 million, up from $24.60 million in the previous year [5] - The consensus for 'Adjusted EBITDA- Environmental Services' is projected at $320.60 million, compared to $310.57 million a year ago [5] Stock Performance - Over the past month, Clean Harbors shares have remained unchanged, while the Zacks S&P 500 composite has decreased by 2% [5] - Clean Harbors holds a Zacks Rank 3 (Hold), suggesting that its performance is likely to align with the overall market in the near term [5]

Core Insights - The company's performance in 2025 was driven by price-led organic growth, solid waste improvements, and operational efficiencies, resulting in a 7.7% increase in adjusted EBITDA to $3.125 billion [3][7][11] - The 2026 outlook anticipates revenue between $9.9 billion and $9.95 billion, with adjusted EBITDA projected at $3.30 billion to $3.325 billion, assuming no macroeconomic improvements [5][17] - The company reported a decline in recycled commodity values and renewable energy credits, impacting reported results despite margin expansion [1][4] Financial Performance - Q4 revenue reached $2.373 billion, with adjusted EBITDA rising to $796 million, reflecting a margin increase of 110 basis points [6][10] - For the full year, adjusted EBITDA margin was 33%, up 50 basis points from the previous year [11] - Adjusted free cash flow for 2025 was reported at $1.26 billion, with capital expenditures totaling $1.194 billion [15] Operational Improvements - The company achieved a 6.5% increase in solid waste core pricing, contributing to a 100 basis point margin expansion in solid waste [1] - Employee turnover and safety incident rates declined for three consecutive years, indicating improved workforce stability and safety [3][7] - Management noted reductions in operating costs, particularly in labor and risk management, which supported pricing retention [2] 2026 Guidance and Capital Plans - The guidance for 2026 includes an adjusted free cash flow target of $1.4 billion to $1.45 billion, with capital expenditures around $1.25 billion [5][17] - The company plans to continue its acquisition strategy, having closed 19 acquisitions in 2025 totaling approximately $330 million in annualized revenue [19] - Management emphasized that the 2026 outlook does not account for potential improvements in commodity values or cyclical volume recovery [18] Sustainability and Technology Initiatives - The company has five renewable natural gas (RNG) facilities operational, with expectations for improved contributions in 2027 as projects ramp up [21] - Initiatives aimed at digitizing operations and enhancing customer experience are underway, including real-time routing and improved mobile connectivity [22] - Progress on the Chiquita Canyon landfill management continues, with regulatory challenges impacting costs and timelines [12][13]

Group 1 - Platinum Equity has agreed to sell Urbaser, a Spanish waste management company, to Blackstone and EQT for $6.6 billion [1] - Platinum Equity will retain ownership of Urbaser's waste management business in Argentina [1]

Core Insights - GFL Environmental achieved a record adjusted EBITDA margin of 30.2% in Q4 2025, the highest in the company's history, despite commodity price declines impacting margins [1][4][8] - The company reported a 7.3% increase in revenue for Q4, driven by better-than-expected pricing, volume, and M&A contributions, partially offset by foreign exchange headwinds [3][5] - GFL's 2026 guidance targets approximately $7.0 billion in revenue, $2.14 billion in adjusted EBITDA, and $835 million in adjusted free cash flow, reflecting an 8% revenue growth and a 10% EBITDA growth [6][14][15] Financial Performance - Adjusted EBITDA for the full year 2025 was reported at $1.985 billion, with adjusted free cash flow of $756 million [9][8] - The company experienced a 6.4% pricing increase in Q4 and a 6.1% increase for the full year, exceeding original plans by 70 basis points [3][5] - GFL's net leverage at the end of 2025 was 3.4x, the lowest year-end net leverage in its history, with a potential to spend $1.5 to $2.0 billion on acquisitions in 2026 [7][13][19] Capital Allocation and M&A - GFL completed over $3.0 billion in share buybacks, including a $2.25 billion buyback plan and an additional $750 million in the second half of 2025 [11][10] - The company deployed close to $1 billion in M&A during 2025, with expectations for significant benefits rolling into 2026 [12][10] - Management emphasized a commitment to maintaining leverage in the low-to-mid 3x range while pursuing further M&A opportunities [19] Operational Efficiency - The company noted a continued trend of lower cost intensity in 2025, driven by improvements in labor turnover, fleet optimization, and procurement benefits [17] - GFL's operational initiatives are expected to contribute to further improvements in labor turnover in 2026 and 2027 [17] Strategic Initiatives - GFL relocated its executive headquarters to the U.S. to broaden eligibility for U.S. equity indices while maintaining Canadian index eligibility, with potential inclusion in Russell indices expected in mid-2026 [18] - The company is transitioning to U.S. GAAP reporting and domestic filings, which could support eligibility for additional indices in the future [18]

Core Insights - Waste Connections reported revenue of $2.37 billion for the quarter ended December 2025, reflecting a 5% increase year-over-year and matching the Zacks Consensus Estimate, with an EPS of $1.29, up from $1.16 in the previous year [1] Revenue Performance - E&P Waste Treatment, Recovery and Disposal revenue was $164.41 million, a 17.2% increase year-over-year, but below the estimated $178.34 million [4] - Intermodal and Other revenue was $41.72 million, down 8.4% year-over-year, compared to the estimated $43.83 million [4] - Solid Waste Disposal and Transfer revenue reached $418.31 million, a 2.3% increase year-over-year, exceeding the average estimate of $403.13 million [4] - Solid Waste Collection revenue was $1.7 billion, up 5.7% year-over-year, surpassing the estimated $1.65 billion [4] - Solid Waste Recycling revenue was $49.18 million, down 14.8% year-over-year, compared to the estimated $53.29 million [4] Stock Performance - Shares of Waste Connections have returned +4.7% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]