Clean Harbors — Apr 30, 2025 release

EXHIBIT 99.1 Press Release                                             Clean Harbors Announces First-Quarter 2025 Financial Results • Delivers Revenue Increase of 4% to $1.43 Billion with Growth in Both Operating Segments • Reports Successful Q1 Performance of Kimball Incinerator • Generates Q1 Net Income of $58.7 Million, or EPS of $1.09 • Achieves Q1 Adjusted EBITDA of $234.9 Million • Confirms Full-Year 2025 Adjusted EBITDA and Adjusted Free Cash Flow Guidance NORWELL, Mass. – April 30, 2025 – Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the first quarter ended March 31, 2025. “We began 2025 with a solid, first-quarter performance as our Environmental Services (ES) segment closed Q1 with a strong March helping to overcome unfavorable weather impacts early in the quarter and results in our Safety-Kleen Sustainability Solutions (SKSS) segment exceeded our expectations,” said Mike Battles, Co-Chief Executive Officer. “Demand trends for our disposal and recycling assets were very strong in the quarter. In addition, we posted the best quarterly safety results in our history, registering a Total Recordable Incident Rate (TRIR) of 0.46. Our employees have done a great job continuing to embrace our safety culture and our ‘Safety Starts with Me’ philosophy.” First-Quarter 2025 Results Revenues grew 4% to $1.43 billion, compared with $1.38 billion in the same period of 2024. Income from operations was $111.6 million, compared with $125.5 million in the first quarter of 2024 due to higher depreciation and amortization resulting from acquisitions and the new Kimball incinerator. Net income was $58.7 million, or $1.09 per diluted share, compared with $69.8 million, or $1.29 per diluted share, for the same period in 2024. Adjusted EBITDA (see description and reconciliation below) was $234.9 million, compared with $230.1 million in the same period of 2024. Q1 2025 Segment Review “Despite unfavorable weather early in the quarter that disrupted multiple businesses, our ES segment achieved 4% growth in Adjusted EBITDA and 3% growth in revenue,” said Eric Gerstenberg, Co-Chief Executive Officer. “Top-line growth in the segment was led by our Field Services operations, which increased 32% from the prior-year period, reflecting the HEPACO acquisition. Technical Services revenue grew 5% on strength of Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com volumes and pricing in our network. Incineration utilization, excluding the new Kimball incinerator, was an impressive 88% vs. 79% in the year-ago period. Average incineration price rose more than 5% on a mix-adjusted basis. Safety-Kleen Environmental Services continued its growth trajectory with a 5% revenue increase in the ES segment. The growth in those businesses more than offset a downturn in our Industrial Services business, which declined 10% as some refinery customers continued to delay spending and maintenance compared to the prior-year period.” “Results in our SKSS segment reflected our efforts to combat the ongoing weak demand and pricing environment in the U.S. base oil and lubricants market by reducing our used oil collection costs. We increased customer charges for collection services, while continuing to gather the volumes needed for our production goals,” said Battles. “Segment revenues increased 9% on greater volumes sold, reflecting our 2024 acquisition of Noble Oil and the shift to higher charge-for-oil (CFO) pricing. These factors, combined with cost-cutting efforts, helped offset a softer commodity price environment year over year, resulting in higher-than-anticipated profitability in SKSS.” Business Outlook and Financial Guidance “As we look ahead, we remain optimistic about our overall prospects for 2025,” Gerstenberg said. “While we achieved Q1 results ahead of our initial guidance, we recognize that we are operating in a period of uncertainty regarding U.S. policies on trade and tariffs, and the larger implications for the overall economy. We have taken steps around pricing to offset the additional costs we anticipate from tariffs and have not seen a reduction in demand for our core services. As a result, we are maintaining our Adjusted EBITDA and adjusted free cash flow guidance.” Battles concluded, “Our confidence in hitting our targets stems from the array of tailwinds we see that should drive our business this year and beyond, including demand for disposal and other services, the ramp-up of our new Kimball incinerator, the expansion of our Field Services business through HEPACO, the emerging PFAS market opportunity and our current pipeline of remediation and waste projects. For SKSS, our focus will remain on actively managing our collection costs and overall expenses, while advancing initiatives like our Castrol partnership and Group III production.” In the second quarter of 2025, Clean Harbors expects Adjusted EBITDA to grow 1-3% compared with the prior year, with 3-5% growth in the ES segment and lower expense in the Corporate segment more than offsetting an expected year-over-year decline in SKSS. For full-year 2025, Clean Harbors is reiterating its prior guidance and continues to expect: • Adjusted EBITDA in the range of $1.15 billion to $1.21 billion, or a midpoint of $1.18 billion, which represents 6% growth year over year. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $377 million to $428 million. • Adjusted free cash flow in the range of $430 million to $490 million, or a midpoint of $460 million, which represents a nearly 30% increase from prior year. This range is based on anticipated net cash from operating activities in the range of $775 million to $865 million. Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com Non-GAAP Results Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors because the Company’s management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA as described in the following reconciliation showing the differences between reported GAAP net income and Adjusted EBITDA (in thousands, except percentages): Three Months Ended March 31, 2025 March 31, 2024 Net income $ 58,680  $ 69,832  Accretion of environmental liabilities 3,620  3,217  Stock-based compensation 7,635  6,338  Depreciation and amortization 111,980  95,065  Other expense, net 932  1,141  Interest expense, net of interest income 36,077  28,539  Provision for income taxes 15,930  25,963  Adjusted EBITDA $ 234,854  $ 230,095  Adjusted EBITDA Margin 16.4  % 16.7  % Adjusted Free Cash Flow Reconciliation Clean Harbors reports adjusted free cash flow, a non-GAAP measure, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. When necessary, the Company adjusts for the cash impact of items derived from non-operating activities. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies. Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com An itemized reconciliation between reported GAAP net cash from operating activities and adjusted free cash flow is as follows (in thousands): Three Months Ended March 31, 2025 March 31, 2024 Net cash from operating activities $ 1,605  $ 18,549  Additions to property, plant and equipment (118,695) (137,913) Proceeds from sale and disposal of fixed assets 1,343  1,008  Adjusted free cash flow $ (115,747) $ (118,356) Adjusted EBITDA Guidance Reconciliation An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions): For the Year Ending December 31, 2025 Projected GAAP net income $377 to $428 Adjustments: Accretion of environmental liabilities 15 to 14 Stock-based compensation 28 to 31 Depreciation and amortization 450 to 440 Interest expense, net 146 to 141 Provision for income taxes 134 to 156 Projected Adjusted EBITDA $1,150 to $1,210 Adjusted Free Cash Flow Guidance Reconciliation An itemized reconciliation between projected GAAP net cash from operating activities and projected adjusted free cash flow is as follows (in millions). The Company excludes significant one-time growth investments, which the Company expects to realize future long-term benefits from, as they are not indicative of free cash flow generation for the current period. For the Year Ending December 31, 2025 Projected net cash from operating activities $775 to $865 Additions to property, plant and equipment (370) to (400) Cash investment in Phoenix Hub 15 to 15 Proceeds from sale and disposal of fixed assets 10 to 10 Projected adjusted free cash flow $430 to $490 Conference Call Information Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com . The live Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com call also can be accessed by dialing 877.709.8155 or 201.689.8881 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website. About Clean Harbors Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is a leading provider of parts washers and environmental services to commercial, industrial and automotive customers, as well as North America’s largest re-refiner and recycler of used oil. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com . Safe Harbor Statement Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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 limited to, statements about the Company’s future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, pricing and productivity initiatives, contingent liabilities, liquidity, business and market conditions, trends, customer demand, acquisitions, growth opportunities, expectations, challenges and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of the date of this press release only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed reports on Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com. Contacts: Eric J. Dugas Jim Buckley EVP and Chief Financial Officer SVP Investor Relations Clean Harbors, Inc. Clean Harbors, Inc. 781.792.5100 781.792.5100 InvestorRelations@cleanharbors.com Buckley.James@cleanharbors.com      Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)   Three Months Ended March 31, 2025 2024 Revenues $ 1,431,950  $ 1,376,695  Cost of revenues (exclusive of items shown separately below) 1,021,884  971,070  Selling, general and administrative expenses 182,847  181,868  Accretion of environmental liabilities 3,620  3,217  Depreciation and amortization 111,980  95,065  Income from operations 111,619  125,475  Other expense, net (932) (1,141) Interest expense, net (36,077) (28,539) Income before provision for income taxes 74,610  95,795  Provision for income taxes 15,930  25,963  Net income $ 58,680  $ 69,832  Earnings per share:     Basic $ 1.09  $ 1.29  Diluted $ 1.09  $ 1.29  Shares used to compute earnings per share - Basic 53,759 53,930 Shares used to compute earnings per share - Diluted 53,993 54,213 Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com CLEAN HARBORS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, 2025 December 31, 2024 Current assets: (unaudited)   Cash and cash equivalents $ 489,417  $ 687,192  Short-term marketable securities 105,895  102,634  Accounts receivable, net 1,077,510  1,015,357  Unbilled accounts receivable 171,089  162,215  Inventories and supplies 376,024  384,657  Prepaid expenses and other current assets 90,747  81,741  Total current assets 2,310,682  2,433,796  Property, plant and equipment, net 2,463,620  2,447,941  Other assets: Operating lease right-of-use assets 247,414  250,853  Goodwill 1,477,307  1,477,199  Permits and other intangibles, net 688,957  701,987  Other long-term assets 58,407  65,502  Total other assets 2,472,085  2,495,541  Total assets $ 7,246,387  $ 7,377,278  Current liabilities: Current portion of long-term debt $ 15,102  $ 15,102  Accounts payable 443,654  487,286  Deferred revenue 96,171  88,545  Accrued expenses and other current liabilities 325,759  419,445  Current portion of closure, post-closure and remedial liabilities 23,792  20,625  Current portion of operating lease liabilities 71,865  71,663  Total current liabilities 976,343  1,102,666  Other liabilities:   Closure and post-closure liabilities, less current portion 121,221  119,484  Remedial liabilities, less current portion 89,031  101,424  Long-term debt, less current portion 2,768,815  2,771,117  Operating lease liabilities, less current portion 179,454  182,883  Deferred tax liabilities 360,404  363,623  Other long-term liabilities 179,895  162,552  Total other liabilities 3,698,820  3,701,083         Total stockholders’ equity, net 2,571,224  2,573,529         Total liabilities and stockholders’ equity $ 7,246,387  $ 7,377,278  Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com CLEAN HARBORS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended March 31, 2025 March 31, 2024 Cash flows from operating activities: Net income $ 58,680  $ 69,832  Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 111,980  95,065  Allowance for doubtful accounts 2,825  1,728  Amortization of deferred financing costs and debt discount 1,666  1,329  Accretion of environmental liabilities 3,620  3,217  Changes in environmental liability estimates (9,863) 917  Deferred income taxes —  (88) Other expense, net 932  1,141  Stock-based compensation 7,635  6,338  Environmental expenditures (2,591) (4,729) Changes in assets and liabilities, net of acquisitions: Accounts receivable and unbilled accounts receivable (74,576) (44,383) Inventories and supplies 8,670  (13,572) Other current and long-term assets (6,983) (25,918) Accounts payable (10,989) (17,358) Other current and long-term liabilities (89,401) (54,970) Net cash from operating activities 1,605  18,549  Cash flows used in investing activities: Additions to property, plant and equipment (118,695) (137,913) Proceeds from sale and disposal of fixed assets 1,343  1,008  Acquisitions, net of cash acquired —  (475,306) Proceeds from sale of business —  750  Additions to intangible assets including costs to obtain or renew permits (248) (534) Purchases of available-for-sale securities (24,186) (31,228) Proceeds from sale of available-for-sale securities 21,456  33,350  Net cash used in investing activities (120,330) (609,873) Cash flows (used in) from financing activities: Change in uncashed checks (1,714) 7,778  Tax payments related to withholdings on vested restricted stock (8,688) (3,052) Repurchases of common stock (55,000) (5,000) Deferred financing costs paid —  (4,641) Payments on finance leases (10,081) (4,665) Principal payments on debt (3,776) (3,776) Proceeds from issuance of debt, net of discount —  499,375  Net cash (used in) from financing activities (79,259) 486,019  Effect of exchange rate change on cash 209  (1,568) Decrease in cash and cash equivalents (197,775) (106,873) Cash and cash equivalents, beginning of period 687,192  444,698  Cash and cash equivalents, end of period $ 489,417  $ 337,825  Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com Supplemental information: Cash payments for interest and income taxes: Interest paid $ 56,671  $ 51,243  Income taxes paid, net of refunds 9,280  8,020  Non-cash investing activities: Property, plant and equipment accrued 12,462  28,266  ROU assets obtained in exchange for operating lease liabilities 15,638  23,101  ROU assets obtained in exchange for finance lease liabilities 27,181  14,519  Supplemental Segment Data (in thousands) Three Months Ended Revenue March 31, 2025 March 31, 2024 Third-Party Revenues Intersegment Revenues (Expenses), net Direct Revenues Third-Party Revenues Intersegment Revenues (Expenses), net Direct Revenues Environmental Services $ 1,207,038  $ 2,075  $ 1,209,113  $ 1,161,279  $ 11,231  $ 1,172,510  Safety-Kleen Sustainability Solutions 224,815  (2,075) 222,740  215,314  (11,231) 204,083  Corporate 97  —  97  102  —  102  Total $ 1,431,950  $ —  $ 1,431,950  $ 1,376,695  $ —  $ 1,376,695  Three Months Ended Adjusted EBITDA March 31, 2025 March 31, 2024 Environmental Services $ 274,591  $ 264,475  Safety-Kleen Sustainability Solutions 28,252  29,700  Corporate (67,989) (64,080) Total $ 234,854  $ 230,095  Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com