WM — Jan 28, 2026 release

      Projected Results ($ in millions)   Projected Year-Over-Year Change at Midpoint Revenue   $26,425 - $26,625   Growth of 5.2% Adjusted operating EBITDA (a)   $8,150 - $8,250   Growth of 6.2% on a comparable basis, reflecting a change in the classification of accretion expense beginning in 2026 (i) Adjusted operating EBITDA margin (a)   30.8%-31.0%   Expansion of 30 basis points on a comparable basis, reflecting a change in the classification of accretion expense beginning in 2026, (i)  or 50 basis points when normalized for the prior year wildfire cleanup    Capital to support the business   $2,450 - $2,550   Reduction of about $100 million Sustainability growth capital (j)   About $200   Reduction of more than $400 million Free cash flow (a)   $3,750 - $3,850   Growth of 29.4%   2026 expectations   · Strong growth in the Collection and Disposal business is expected to be driven by disciplined pricing and continued cost optimization. The outlook for revenue growth is based on core price in 2026 of between 5.4% and 5.8%, yield of between 3.2% and 3.6%, and volumes between 0.2% and 0.6%, overcoming a 50-basis point headwind from wildfire volume in 2025. (f)   · Rollover from solid waste acquisitions is expected to contribute about $65 million of revenue and $25 million of adjusted operating EBITDA. (a)   · Growth in the Company’s sustainability businesses is expected to be driven by increased contributions from growth projects, partially offset by lower commodity prices. (k)(l)  Together, adjusted operating EBITDA for the Recycling Processing and Sales and Renewable Energy segments combined with the landfill gas royalties realized by the Collection and Disposal segme