Casella Waste Systems — Jul 31, 2025 release

Fiscal Year 2025 Outlook “We are increasing revenue guidance, reflecting our acquisition activity in the first half; raising the bottom end of the range for Adjusted Free Cash Flow, reflecting strong cash flow performance in the first half and our increased confidence in the second half; and reaffirming our guidance range for Adjusted EBITDA, as the contribution from additional acquisitions to date have not moved us outside of our original guidance range,” Casella said. The Company updated guidance for the fiscal year ending December 31, 2025 ("fiscal year 2025") by estimating results in the following range: • Revenues between $1.820 billion and $1.840 billion (raised from a range of $1.775 billion to $1.805 billion); • Net income between $8 million and $18 million (revised from a range of $10 million to $25 million); • Net cash provided by operating activities between $325 million and $335 million (revised from a range of $320 million to $335 million); and • Adjusted Free Cash Flow between $170 million and $180 million (revised from a range of $165 million to $180 million). The Company reaffirmed guidance for fiscal year 2025 by estimating results in the following range: • Adjusted EBITDA between $410 million and $425 million. The guidance ranges include acquisition activity completed to date, including the $90 million of annualized revenue acquired in the first half of 2025, but do not include the impact of any acquisitions that have not been completed, including the acquisition of Mountain State Waste. Adjusted EBITDA and Adjusted Free Cash Flow related to fiscal year 2025 are described in the Unaudited Reconciliation of Fiscal Year 2025 Outlook Non-GAAP Measures section of this press release. Net income and Net cash provided by operating activities are provided as the most directly comparable GAAP measures to Adjusted EBITDA and Adj