WM — Jul 28, 2025 release

  · Integration of WM Healthcare Solutions continues to advance, and as announced during the June Investor Day, the Company has identified $50 million of operating EBITDA opportunities from cross-selling solid waste and medical waste solutions to existing customers, with $11 million of annualized operating EBITDA already secured. Including the cross-selling opportunities, anticipated run-rate synergies are expected to total $300 million of operating EBITDA by 2027.       2025 Outlook   With two quarters of the year complete, the Company is confident in its ability to deliver upon its full-year outlook for adjusted operating EBITDA and is positioned to deliver free cash flow in excess of its initial target.   · The Company delivered adjusted operating EBITDA in the first six months of the year in line with its expectations and initial guidance. The Company is affirming its adjusted operating EBITDA guidance midpoint of $7.550 billion and narrowing its range slightly to $7.475 and $7.625 billion. (a)   · Free cash flow is now projected to be between $2.8 and $2.9 billion, an increase of $125 million from the Company’s initial guidance. (a)  The increase in the free cash flow outlook is driven by recently enacted tax policy that restores bonus depreciation to 100%.   · Total Company revenue is now expected to be between $25.275 and $25.475 billion. The decrease from prior expectations is primarily related to the recent decline in recycled commodity prices which has an outsized impact on the Company’s low-margin recycling brokerage business, as well as the impacts of a decline in