Casella Waste Systems — Feb 19, 2026 release

AND SUBSIDIARIES UNAUDITED RECONCILIATION OF FISCAL YEAR 2026 OUTLOOK NON-GAAP MEASURES (In thousands) Following is a reconciliation of the Company's estimated Adjusted EBITDA (i) from estimated Net income for fiscal year 2026:   (Estimated) Twelve Months Ending December 31, 2026 Net income $16,000 - $22,000 Provision for income taxes 9,000 - 13,000 Other income (2,000) Interest expense, net 55,000 Expense from acquisition activities 15,000 Depreciation and landfill amortization 255,000 Amortization of intangibles 75,000 Depletion of landfill operating lease obligations 14,000 Interest accretion on landfill and environmental remediation liabilities 15,000 Organics facility closure charge 3,000 Adjusted EBITDA $455,000 - $465,000 Following is a reconciliation of the Company's estimated Adjusted Free Cash Flow (i) from estimated Net cash provided by operating activities for fiscal year 2026:   (Estimated) Twelve Months Ending December 31, 2026 Net cash provided by operating activities $370,000 - $380,000 Capital expenditures (260,000) Acquisition capital expenditures 65,000 Cash outlays for acquisition expenses 15,000 McKean Landfill rail capital expenditures 2,000 Cash outlays for organics facility closure 3,000 Adjusted Free Cash Flow $195,000 - $205,000 (i) See footnotes for Non-GAAP Performance Measures and Non-GAAP Liquidity Measures included in the Unaudited Reconciliation of Certain Non-GAAP Measures for further disclosure over the nature of the various adjustments to estimated Adjusted EBITDA and estimated Adjusted Free Cash Flow. 12 CASELLA WASTE SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL DATA TABLES (In thousands) Amounts of total revenues attributable to services provided for the three months ended December 31, 2025 and 2024 are as follows:   Three Months Ended December 31,   2025 2024 Gross Revenues Intercompan