WM — Jul 28, 2025 release

(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 certain Collection and Disposal volumes in the first quarter of 2025 due to the particularly harsh winter weather. (g)         · Adjusted operating EBITDA margin is now expected to be between 29.6% and 29.9%, an increase from the prior guidance of between 29.2% and 29.7%. (a)   Fish concluded, “We set a high bar in 2025, and through the first half of the year we have met those high expectations. Our team is focused on serving our customers, optimizing our costs, and innovating to support differentiation and growth. Executing on these priorities is expected to drive strong results in the back half of 2025 and position us to deliver on our guidance, achieve attractive returns on investments and grow shareholder value.”   (a) The information labeled as adjusted in this press release, as well as free cash flow, are non-GAAP measures. Please see “Non-GAAP Financial Measures” below and the reconciliations i