WM — Jan 29, 2025 release

      Projected Results (in millions)   Projected Year-Over-Year Change at Midpoint   Revenue $25,550 - $25,800   Growth of 16.4%, including 5.7% organic growth and 10.7% acquisition growth   Adjusted operating EBITDA (a) $7,450 - $7,650   Growth of 15.0%   Adjusted operating EBITDA margin (a) 29.2%-29.7%   WM Legacy Business expected to achieve 30.7% and WM Healthcare Solutions expected to achieve 17.6%   Capital to support the business $2,575 – $2,625   Includes a $140 million increase from WM Legacy Business and a $180 million increase from WM Healthcare Solutions (f)   Sustainability growth capital $600 – $650   Reduction of $325 million   Free cash flow (a) $2,675 - $2,775   Growth of 17.6%           2024 Adjusted Operating EBITDA (a) $6,563       Growth at Midpoint               Collection and Disposal 500             Recycling Processing and Sales 90             WM Renewable Energy 60             WM Healthcare Solutions 400             Corporate and Other (63)                 2025 Adjusted Operating EBITDA Midpoint (a) $7,550         Collection and Disposal   · Strong growth in the Collection and Disposal business is expected to be driven by disciplined pricing and continued cost optimization. Revenue growth outlook is based upon core price in 2025 of between 5.8% and 6.2%, yield of between 4.0% and 4.2%, and volumes between 0.25% and 0.75%. · Rollover from solid waste acquisitions is expected to contribute $150 million of revenue and $35 million of adjusted operating EBITDA. (a)   Sustainability Businesses   · Growth in the Company’s sustainability businesses is expected to be driven by increased contributions from growth projects, partially offset by lower commodity prices. · The outlook includes a blended average single-stream recycled commodity price of approximately $85 per ton. The Company estimates that a $10 per ton change in the blended average single-stream commodity price impacts total Company operating EBITDA by approximately $25 million. (g) · About 50% of the Company’s renewable natural gas expected to be sold in 2025 has already been contracted at a blended average price of $28.80 per MMBtu. The Company’s current sensitivity to a $0.25 change in the value of Renewable Fuel Standard credits is approximately $15 million of operating EBITDA. (h)     WM Healthcare Solutions   · The WM Healthcare Solutions business is expected to grow about 9% before synergies in 2025 driven by organic revenue growth and operations initiatives,