Waste Connections — Jul 22, 2026 release

dollars, except where noted) ​ ​ Reconciliation of Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ Updated 2026 Outlook ​ ​ Low Estimate ​ ​ High Estimate Net income $ 1,169,000 ​ $ 1,173,000 Plus: Income tax provision (a) ​ 351,000 ​ ​ 353,000 Plus: Interest expense, net ​ 358,000 ​ ​ 358,000 Plus: Depreciation and Depletion ​ 1,110,000 ​ ​ 1,114,000 Plus: Amortization ​ 192,000 ​ ​ 192,000 Plus: Closure and post-closure accretion ​ 40,608 ​ ​ 40,608 Plus: Impairments and other operating items (b) ​ 138,050 ​ ​ 138,050 Less: Other income, net (b) ​ (37,337) ​ ​ (37,337) Adjustments (b) ​ ​ ​ ​ ​ Plus: Transaction-related expenses ​ 9,948 ​ ​ 9,948 Plus: Fair value changes to equity awards ​ (1,269) ​ ​ (1,269) Adjusted EBITDA $ 3,330,000 ​ $ 3,340,000 ​ ​ ____________________________ (a) Approximately 23.1% full year effective tax rate, including amounts reported for the six month period ended June 30, 2026. (b) Reflects amounts reported for the six month period ended June 30, 2026, as shown on page 9. ​ ​ ​ ​ ​ ​ Reconciliation of Adjusted Free Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ ​ Updated 2026 Outlook ​ ​ Low Estimate ​ ​ High Estimate Net cash provided by operating activities $ 2,626,571 ​ $ 2,676,571 Plus:  Change in book overdraft (a) ​ 14,244 ​ ​ 14,244 Plus: Proceeds from disposal of assets (a) ​ 2,922 ​ ​ 2,922 Less: Capital expenditures for property and equipment ​ (1,250,000) ​ ​ (1,250,000) Adjustments: (a) ​ ​ ​ ​ ​ Transaction-related expenses ​ 7,372 ​ ​ 7,372 Executive separation costs ​ 978 ​ ​ 978 Payment of contingent consideration recorded in earnings ​ 1 ​ ​ 1 Tax effect ​ (2,088) ​ ​ (2,088) Adjusted Free Cash Flow $ 1,400,000 ​ $ 1,450,000 ​ ​ ____________________________ (a) Reflects amounts reported for the six month period ended June 30, 2026, as shown on page 10. -12-