SECURE Waste Infrastructure Corp. reported operational and financial results for the three and twelve months ended December 31, 2025, and provided financial guidance for 2026.

SECURE Waste Infrastructure Corp. ("SECURE" or the "Corporation") (TSX: SES), a leading waste management and energy infrastructure company, reported today its operational and financial results for the three and twelve months ended December 31, 2025, and provided financial guidance for 2026.

"2025 demonstrated the resilience and quality of SECURE's infrastructure-backed business model. From a macro perspective, it was a challenging year across our markets, but our teams executed with discipline, controlled costs, and continued to deliver reliable service to our customers," said Allen Gransch, President and Chief Executive Officer. "Despite a volatile macro backdrop, softer commodity prices, and near-term headwinds in metals recycling, we grew Adjusted EBITDA to over $500 million, generated strong free cash flow, and continued to return significant capital to shareholders. Our 5% dividend increase underscores our confidence in the strength and sustainability of the business."

"As we enter 2026, we are well positioned for growth as several long-cycle, contracted infrastructure projects come online, metals recycling performance improves, and our core waste network continues to benefit from recurring production and industrial activity. We will continue to invest in high-return, infrastructure-backed organic projects as we expand our network to meet the growing needs of our customers. Based on current visibility, we expect to generate Adjusted EBITDA of $520 to $550 million in 2026, while maintaining disciplined capital allocation, a strong balance sheet, and financial flexibility."

FOURTH QUARTER RESULTS

Generated revenue of $372 million and net income of $53 million ($0.24 per basic share)

Achieved Adjusted EBITDA(1) of $135 million ($0.62 per basic share), up 15% year over year (24% on a per share basis)

Delivered strong funds flow from operations of $118 million ($0.54 per basic share) and discretionary free cash flow(1) of $84 million ($0.39 per basic share), supporting the continued execution of SECURE's capital allocation priorities.

Advanced key organic growth projects, including:

Two fully contracted produced water disposal facilities in the Montney region, with the first facility commissioned during the fourth quarter and the second expected to be in service in Q1 2026;

The reopening of an industrial waste processing facility in Alberta's Industrial Heartland, expected to be completed by the end of Q2 2026; and

Continued optimization and expansion of metals recycling logistics.

Returned significant capital to shareholders through dividends and share buybacks, while maintaining significant financial flexibility.

Declared and paid a quarterly dividend of $0.10 per common share, representing a yield of approximately 2% on our current share price.

Repurchased 932,200 common shares at a weighted average price of $17.16 per share for $16 million under the Corporation's Normal Course Issuer Bid ("NCIB"). The NCIB was renewed in December 2025, allowing the Corporation to repurchase up to 10% of its public float over the subsequent 12-months.

Ended the year with a Total Debt to Adjusted EBITDA(2) covenant ratio of 2.1x (1.8x excluding leases), providing flexibility to fund growth, return capital, and pursue selective tuck-in acquisitions.

Closed offering of $300 million aggregate principal amount of 5.75% senior unsecured notes due November 20, 2032. The net proceeds of the offering were used to repay existing indebtedness under the Corporation's senior secured revolving credit facility.

ANNUAL RESULTS

Generated $1,472 million of revenue and net income of $123 million ($0.55 per basic share).

Generated full-year Adjusted EBITDA of $501 million ($2.24 per basic share), reflecting growth on an absolute basis despite a softer operating environment. Driven by the significant share repurchases in 2024 and 2025, Adjusted EBITDA on a per share basis increased 17%.

Generated funds flow from operations of $378 million ($1.69 per basic share), and discretionary free cash flow of $273 million ($1.22 per basic share).

Deployed $138 million of organic growth capital, exceeding the original expectation of approximately $75 million, as customer demand accelerated and project scopes expanded. Growth capital spending in 2025 was approximately 10% or $13 million above the revised guidance of $125 million provided last quarter, reflecting the advancement of two produced water disposal expansions at existing facilities in December that we will continue to incur costs on and complete in 2026.   

Repurchased 18,989,290 common shares at a weighted average price per share of $14.96 for a total cost of $284 million, reducing total shares outstanding in the year by 8%.

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