© 2025 CLEAN HARBORS Forward Looking Statements and GAAP Disclaimer Fourth-Quarter and Full-Year 2025 Investor Review February 18, 2026 These slides contain (and the accompanying oral discussion will contain) forward-looking statements, which are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "seeks," "will," "should," "estimates," "projects," "may," "likely," "potential," "outlook" or similar expressions. Such statements may include, but are not limi ...

Core Insights - Republic Services, Inc. reported strong financial results for the fourth quarter and full year of 2025, with net income of $545 million for Q4 and $2.14 billion for the full year, reflecting increases from the previous year [1][2] - The company generated cash flow from operations of $4.30 billion and adjusted free cash flow of $2.43 billion in 2025, exceeding guidance [1][2] - For 2026, Republic Services expects continued growth, with projected adjusted free cash flow between $2.520 billion and $2.560 billion and revenue anticipated in the range of $17.050 billion to $17.150 billion [1][2] Financial Performance - Q4 2025 net income was $545 million, or $1.76 per diluted share, compared to $512 million, or $1.63 per diluted share in Q4 2024, marking an increase of 11.4% in adjusted EPS [1][2] - Full-year 2025 net income was $2.14 billion, or $6.85 per diluted share, up from $2.04 billion, or $6.49 per diluted share in 2024 [1][2] - Adjusted EBITDA for 2025 was $5.31 billion, with an adjusted EBITDA margin of 32.0%, an increase of 90 basis points from the previous year [1][2] Revenue and Growth - Total revenue for Q4 2025 was $4.136 billion, a 2.2% increase from Q4 2024, driven by a 3.7% growth in average yield on total revenue [1][2] - For the full year 2025, total revenue reached $16.591 billion, reflecting a 3.5% growth, with organic growth from recycling and waste business contributing 3.2% [1][2] - The average recycled commodity price per ton sold decreased to $135 in 2025, down $29 from the previous year [1][2] Shareholder Returns - The company returned $1.6 billion to shareholders in 2025, including $854 million in share repurchases and $738 million in dividends [1][2] - A quarterly dividend of $0.625 per share was declared for shareholders of record on April 2, 2026, to be paid on April 15, 2026 [1][2] Strategic Investments - Republic Services invested $1.1 billion in acquisitions in 2025 and plans to invest approximately $1 billion in acquisitions in 2026 [1][2] - The company completed nine renewable natural gas projects in 2025 and commenced operations at its Polymer Center in Indianapolis [1][2] 2026 Financial Guidance - The company anticipates adjusted diluted earnings per share in the range of $7.20 to $7.28 for 2026 [1][2] - Expected adjusted EBITDA for 2026 is projected to be between $5.475 billion and $5.525 billion [1][2] - Revenue growth from average yield on total revenue is expected to be in the range of 3.2% to 3.7%, with a volume decline of approximately 1.0% [1][2]

Core Viewpoint - Republic Services, Inc. has appointed Ian Craig to its board of directors, enhancing its leadership with expertise in digital transformation and sustainability initiatives [1] Company Overview - Republic Services, Inc. is a leader in the environmental services industry, providing a comprehensive range of products and services including recycling, solid waste, special waste, hazardous waste, and field services [1] - The company is committed to advancing circularity and supporting decarbonization, aiming to create a more sustainable world [1] Leadership Appointment - Ian Craig, currently the CEO of Coca-Cola FEMSA, has been appointed to the board, which now consists of 13 members, including 12 independent directors [1] - Craig has a strong background in strategic growth, having led over $7 billion in mergers and acquisitions across Latin America [1] - His leadership at Coca-Cola FEMSA has focused on digital transformation and sustainability, aligning with Republic's commitment to environmental stewardship [1] Strategic Importance - The addition of Craig is expected to drive growth in complex markets and enhance the company's focus on sustainability initiatives [1] - His experience in building digital platforms and implementing AI-enabled capabilities will support Republic's strategic priorities [1]

Core Insights - GFL Environmental reported strong financial results for Q4 and full year 2025, with a net leverage of 3.4x, the lowest in the company's history, and a significant share repurchase program totaling $3.0 billion, representing over 10% of outstanding shares [1][2] - The company achieved a full year revenue of $6,615.9 million, marking a 9.5% increase, and an Adjusted EBITDA of $1,985.0 million, up 12.8% from the previous year [1][2] - For 2026, GFL anticipates revenue of approximately $7,000 million, an increase of 8%, and an estimated Adjusted Free Cash Flow of around $835 million, reflecting a 14% growth [1][2] Financial Performance - Q4 2025 Adjusted Free Cash Flow was $424.6 million, compared to $281.4 million in Q4 2024, while net income from continuing operations was $72.7 million, a turnaround from a net loss of $211.4 million in Q4 2024 [1][2] - The full year Adjusted EBITDA margin reached 30.0%, a 130 basis points increase from the prior year, with Q4 margin at 30.2%, the highest for that quarter in the company's history [1][2] - The company repurchased 43,741,452 subordinate voting shares during the year and plans to continue share repurchases opportunistically [1][2] Guidance for 2026 - GFL's guidance for 2026 includes an estimated Adjusted EBITDA of approximately $2,140 million, representing a 10% increase, and an Adjusted EBITDA margin expected to be around 30.6%, an increase of 60 basis points [1][2] - Revenue growth is projected to be impacted by foreign exchange fluctuations, with a negative impact of approximately 2.1%, while core pricing is expected to be in the mid-5% range [1][2] - The guidance excludes contributions from any incremental mergers and acquisitions, focusing on organic growth and operational efficiencies [1][2]

Conshohocken, Pennsylvania--(Newsfile Corp. - February 2, 2026) - USA Environmental Solutions ("USA Enviro") announces that a Notice of Violation has been issued alleging that an industrial facility failed to comply with National Pollutant Discharge Elimination System ("NPDES") stormwater discharge permit requirements. The Notice of Violation alleges that the Company failed to implement best management practices ("BMPs") and to conduct required stormwater sampling. The Notice of Violation further alleges t ...

As filed with the United States Securities and Exchange Commission on February 2, 2026. Registration No. 333-291924 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Hennessy Capital Investment Corp. VIII (Exact name of registrant as specified in its charter) Cayman Islands 6770 98-1872964 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Num ...

Core Insights - Republic Services, Inc. has been recognized as one of the World's Most Admired Companies by Fortune for the fifth time, highlighting its strengths in social responsibility, innovation, quality of management, financial soundness, and long-term investment value [1][2] Group 1: Recognition and Awards - The company ranked high in a comprehensive survey evaluating around 1,500 candidates across nine criteria related to corporate reputation, including investment value and management quality [2] - Republic Services has also been recognized as one of Ethisphere's World's Most Ethical Companies for the seventh time and certified as a Great Place to Work for the ninth consecutive year [3] Group 2: Company Overview - Republic Services, Inc. is a leader in the environmental services industry, offering a complete set of products and services such as recycling, solid waste, special waste, hazardous waste, and field services [4] - The company's commitments to advance circularity and support decarbonization align with its vision to partner with customers for a more sustainable world [4]

Core Insights - Clean Harbors is currently valued at $257 per share with a P/E ratio of 35.6, significantly higher than typical industrial stocks, indicating market expectations of future growth beyond the 1.3% quarterly revenue growth reported in Q3 2025 [1] PFAS Catalyst - Clean Harbors secured a $110 million contract for PFAS water filtration at Joint Base Pearl Harbor-Hickam, showcasing its comprehensive PFAS solution that includes lab analytics, water filtration, site remediation, and high-temperature incineration disposal [2] - CEO Eric Gerstenberg highlighted the effectiveness of the company's high-temperature incinerators in safely destroying PFAS at a cost-effective scale, supported by an EPA study confirming commercial-scale destruction capabilities [3] - Management anticipates PFAS revenue to reach $100-120 million in 2025, reflecting a year-over-year growth of 20-25%, with a quarterly pipeline growth of 15-20% [3] Infrastructure Moat - Clean Harbors has $2.74 billion in property, plant, and equipment, with 36% of total assets invested in landfills, incinerators, treatment facilities, and transfer stations [4] - The incineration utilization rate reached 92% in Q3 2025, up from 89% the previous year, indicating strong pricing power due to near-capacity operations and mid-single-digit pricing growth [4] Financial Performance - The Environmental Services segment has achieved 14 consecutive quarters of year-over-year margin expansion, with an adjusted EBITDA margin of 20.7% in Q3, and management aims for margins to reach 30% [5] - Despite these strengths, Clean Harbors missed Q3 estimates by 6.8% on EPS and 1.9% on revenue, with Industrial Services revenue declining by 4% and Field Services down 11% due to deferred maintenance and lack of emergency response projects [6] Future Outlook - Management does not expect a significant recovery in Industrial Services until the spring 2026 turnaround season, and insider selling of shares raises concerns about confidence in the near-term outlook [7] - The company is investing $210-220 million in a new SDA unit, targeting $30-40 million in annual EBITDA by 2028, indicating a commitment to vertical integration [8] - The high P/E ratio of 35.6 suggests that the market is pricing in near-perfection, with the valuation dependent on the realization of PFAS regulatory tailwinds and recovery in Industrial Services [9]

Core Viewpoint - GFL Environmental Inc. has relocated its executive headquarters from Vaughan, Ontario to Miami Beach, Florida, while maintaining its jurisdiction of incorporation in Ontario, Canada [1][6]. Group 1: Relocation Details - The relocation aims to broaden GFL's eligibility for participation in U.S. equity indices, enhancing visibility with investors and potentially increasing the shareholder base [2][6]. - The United States now accounts for over two-thirds of GFL's revenue, with more than half generated in the rapidly growing Southeastern region [3]. Group 2: Strategic Implications - The move is expected to improve GFL's ability to attract skilled talent from the U.S. labor market, aligning with its expanding presence in the U.S. [3]. - GFL will continue to maintain shared services hubs in Vaughan, Ontario, and Raleigh, North Carolina, ensuring operational continuity [3]. Group 3: Company Overview - GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services across Canada and 18 U.S. states [3]. - The company employs over 15,000 individuals, reflecting its significant operational scale [3].

Core Insights - The VanEck Vectors Environmental Services ETF (EVX US) provides exposure to U.S.-listed companies primarily engaged in environmental services [1] - The underlying index includes companies involved in solid-waste collection, recycling, soil remediation, and wastewater management [1] Index Construction Methodology - The NYSE Arca Environmental Services Index employs a rules-based approach to select eligible companies, requiring a market capitalization above 100 million USD and a three-month average daily traded value exceeding 1 million USD [1] - Constituents are reviewed quarterly, with companies falling below a market cap of 75 million USD or a traded value of 750,000 USD being removed to maintain at least 90% of index weight in qualifying securities [1] - The index utilizes a modified equal-weighting scheme, where the four largest companies collectively account for 40% of the index weight, while the smallest five contribute 10%, and the remaining constituents share the residual 50% equally [1] - Quarterly reviews reset both memberships and weights within the index [1]