Waste Connections — Jul 23, 2025 release

dollars, except where noted) ​ ​ Reconciliation of Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ Updated 2025 Outlook ​ ​ Estimates    Observation Net income attributable to Waste Connections $ 1,140,000 ​ ​ Plus: Income tax provision (a) ​ 367,472 ​ Approximate 24.4% effective rate Plus: Interest expense, net ​ 322,000 ​ ​ Plus: Depreciation and Depletion ​ 1,031,000 ​ Approximately 10.9% of revenue Plus: Amortization ​ 196,000 ​ ​ Plus: Closure and post-closure accretion ​ 48,000 ​ ​ Plus: Impairments and other operating items (b) ​ 10,471 ​ ​ Less: Other income, net (b) ​ (11,922) ​ ​ Adjustments: (b) ​ ​ ​ ​ Plus: Transaction-related expenses ​ 15,943 ​ ​ Plus: Fair value changes to equity awards ​ 1,036 ​ ​ Adjusted EBITDA $ 3,120,000 ​ Approximately 33.0% of revenue ​ ​ ​ ​ ​ ​ ____________________________ (a) Approximately 24.4% full year effective tax rate, including amounts reported for the six month period ended June 30, 2025. (b) Reflects amounts reported for the six month period ended June 30, 2025, as shown on page 9. ​ ​ ​ ​ ​ ​ Reconciliation of Adjusted Free Cash Flow: ​ ​ ​ ​ ​ ​ ​ ​ ​ Updated 2025 Outlook ​ ​ Low Estimate ​ ​ High Estimate Net cash provided by operating activities $ 2,482,888 ​ $ 2,532,888 Plus:  Change in book overdraft (a) ​ 397 ​ ​ 397 Plus: Proceeds from disposal of assets (a) ​ 5,417 ​ ​ 5,417 Less: Capital expenditures for property and equipment ​ (1,200,000) ​ ​ (1,250,000) Adjustments: (a) ​ ​ ​ ​ ​ Transaction-related expenses ​ 11,161 ​ ​ 11,161 Executive separation costs ​ 2,119 ​ ​ 2,119 Payment of contingent consideration recorded in earnings ​ 400 ​ ​ 400 Pre-existing Progressive Waste share-based grants ​ 16