WM — Jul 28, 2025 release

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 in the accompanying schedules for more information.   (b) Management defines operating EBITDA as GAAP income from operations before depreciation, depletion and amortization; this measure may not be comparable to similarly titled measures reported by other companies.   (c) For purposes of this press release, all references to “Net income” refer to the financial statement line item “Net income attributable to Waste Management, Inc.”   (d) Man