# EDGAR Filing Document

**Accession Number:** 0001318220
**File Stem:** 0001104659-26-047074
**Filing Date:** 2026-4
**Character Count:** 223762
**Document Hash:** aab0e4b149f7bd3a685f50b926445bbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-047074.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001104659-26-047074

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waste Connections, Inc.
- **CENTRAL INDEX KEY:** 0001318220
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34370
- **FILM NUMBER:** 26885363

**BUSINESS ADDRESS:**
- **STREET 1:** 6220 HWY 7
- **STREET 2:** SUITE 600
- **CITY:** WOODBRIDGE
- **STATE:** A6
- **ZIP:** L4H 4G3
- **BUSINESS PHONE:** (905) 532-7510

**MAIL ADDRESS:**
- **STREET 1:** 6220 HWY 7
- **STREET 2:** SUITE 600
- **CITY:** WOODBRIDGE
- **STATE:** A6
- **ZIP:** L4H 4G3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Progressive Waste Solutions Ltd.
- **DATE OF NAME CHANGE:** 20110503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IESI-BFC Ltd
- **DATE OF NAME CHANGE:** 20090522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BFI Canada Ltd
- **DATE OF NAME CHANGE:** 20081015

?xml version='1.0' encoding='ASCII'? WASTE CONNECTIONS, INC._March 31, 2026

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

---

| | |
|:---|:---|
| ☑ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the quarterly period ended March 31, 2026** |
|  | **Or** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |

---

**Commission file number 1-34370**

![Graphic](wcn-20260331x10q001.jpg)

**WASTE CONNECTIONS, INC.**

*(Exact name of registrant as specified in its charter)*

**Ontario, Canada**

*(State or other jurisdiction of incorporation or organization)*

**98-1202763**

*(I.R.S. Employer Identification No.)*

**6220 Hwy 7, Suite 600**

**Woodbridge**

**Ontario L4H 4G3**

**Canada**

*(Address of principal executive offices)*

**(905) 532-7510**

*(Registrant's telephone number, including area code)*

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class**<br>| **Trading Symbol(s)**<br>| **Name of each exchange on which registered**<br>|
| Common Shares, no par value | WCN | New York Stock Exchange<br>NYSE Texas<br>Toronto Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.

Yes 🗹 No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes 🗹 No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | | |
|:---|:---|:---|:---|:---|
| 🗹 Large Accelerated <br>Filer | ◻ Accelerated <br>Filer | ◻ Non-accelerated <br>Filer | **☐** Smaller Reporting <br>Company | **☐** Emerging Growth <br>Company |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes **☐** No 🗹

Indicate the number of shares outstanding of each of the issuer's classes of common shares:

As of April 10, 2026: 254,080,912 common shares

------

[**Table of Contents**](#TOC)

WASTE CONNECTIONS, INC.

FORM 10-Q

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [PART I – FINANCIAL INFORMATION (unaudited)](#PARTIFINANCIALINFORMATION_736583) | [PART I – FINANCIAL INFORMATION (unaudited)](#PARTIFINANCIALINFORMATION_736583) |  |
| [Item 1.](#Item1FinancialStatements_868430) | [Financial Statements](#Item1FinancialStatements_868430) |  |
|  | &nbsp;&nbsp;[Condensed Consolidated Balance Sheets](#CONDENSEDCONSOLIDATEDBALANCESHEETS_94296) | 1 |
|  | &nbsp;&nbsp;[Condensed Consolidated Statements of Net Income](#CONDENSEDCONSOLIDATEDSTATEMENTSOFNETINCO) | 2 |
|  | &nbsp;&nbsp;[Condensed Consolidated Statements of Comprehensive Income](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCOMPREH) | 3 |
|  | &nbsp;&nbsp;[Condensed Consolidated Statements of Equity](#CONDENSEDCONSOLIDATEDSTATEMENTSOFEQUITY_) | 4 |
|  | &nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows](#CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLO) | 6 |
|  | &nbsp;&nbsp;[Notes to Condensed Consolidated Financial Statements](#a1BASISOFPRESENTATIONANDSUMMARY_835842) | 7 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 35 |
| [Item 3.](#Item3QuantitativeandQualitativeDisclosur) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 53 |
| [Item 4.](#Item4ControlsandProcedures_699924) | [Controls and Procedures](#Item4ControlsandProcedures_699924) | 55 |
| [PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_113480) | [PART II – OTHER INFORMATION](#PARTIIOTHERINFORMATION_113480) |  |
| [Item 1.](#Item1LegalProceedings_127084) | [Legal Proceedings](#Item1LegalProceedings_127084) | 56 |
| [Item 2.](#Item2UnregisteredSalesofEquitySecurities) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 56 |
| [Item 5](#Item5OtherInformation).  | [Other Information](#Item5OtherInformation) | 56 |
| [Item 6.](#Item6Exhibits_226026) | [Exhibits](#Item6Exhibits_226026) | 57 |
| [Signatures](#SIGNATURES_651597) | [Signatures](#SIGNATURES_651597) | 58 |

---

[**Table of Contents**](#TOC)

PART I – FINANCIAL INFORMATION

#### Item 1. Financial Statements
WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands of U.S. dollars, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and equivalents | $112447 | $45968 |
| &nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of $27,828 and $21,402 at March 31, 2026 and December 31, 2025, respectively | 1033086 | 1024992 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 230786 | 240603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1376319 | 1311563 |
| Restricted cash | 210199 | 183612 |
| Restricted investments | 80397 | 80757 |
| Property and equipment, net | 8714069 | 8733327 |
| Operating lease right-of-use assets | 324034 | 312508 |
| Goodwill | 8414577 | 8392249 |
| Intangible assets, net | 1959957 | 2006200 |
| Other assets, net | 106803 | 109147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $21186355 | $21129363 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $712423 | $765227 |
| &nbsp;&nbsp;Book overdraft | 8560 | 14674 |
| &nbsp;&nbsp;Deferred revenue | 424835 | 416025 |
| &nbsp;&nbsp;Accrued liabilities | 745013 | 810367 |
| &nbsp;&nbsp;Current portion of operating lease liabilities | 46335 | 44272 |
| &nbsp;&nbsp;Current portion of contingent consideration | 61945 | 65029 |
| &nbsp;&nbsp;Current portion of long-term debt and notes payable | 8355 | 8667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2007466 | 2124261 |
| Long-term portion of debt and notes payable | 9093831 | 8811104 |
| Long-term portion of operating lease liabilities | 278167 | 267000 |
| Long-term portion of contingent consideration | 19216 | 19667 |
| Deferred income taxes | 1113470 | 1085613 |
| Other long-term liabilities | 616586 | 576337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 13128736 | 12883982 |
| Commitments and contingencies (Note 17) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;Common shares: Unlimited shares authorized; 254,260,257 shares issued and 254,213,909 shares outstanding at March 31, 2026; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025 | 2502503 | 2783431 |
| &nbsp;&nbsp;Additional paid-in capital | 366546 | 373239 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (141783) | (111044) |
| &nbsp;&nbsp;Treasury shares: 46,348 and 46,348 shares at March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;Retained earnings | 5330353 | 5199755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 8057619 | 8245381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $21186355 | $21129363 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

(In thousands of U.S. dollars, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Revenues | $2370631 | $2228176 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Cost of operations | 1361099 | 1291443 |
| &nbsp;&nbsp;Selling, general and administrative | 251119 | 250134 |
| &nbsp;&nbsp;Depreciation | 267485 | 242307 |
| &nbsp;&nbsp;Amortization of intangibles | 47264 | 47642 |
| &nbsp;&nbsp;Impairments and other operating items | 79584 | 6440 |
| Operating income | 364080 | 390210 |
| Interest expense | (87719) | (80875) |
| Interest income | 3113 | 1770 |
| Other income, net | 4085 | 1872 |
| Income before income tax provision | 283559 | 312977 |
| Income tax provision | (64215) | (71467) |
| Net income | $219344 | $241510 |
| Earnings per common share: |  |  |
| &nbsp;&nbsp;Basic | $0.86 | $0.94 |
| &nbsp;&nbsp;Diluted | $0.86 | $0.93 |
| Shares used in the per share calculations: |  |  |
| &nbsp;&nbsp;Basic | 255347786 | 258193975 |
| &nbsp;&nbsp;Diluted | 255873686 | 258904806 |
| Cash dividends per common share | $0.350 | $0.315 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands of U.S. dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Net income | $219344 | $241510 |
| Other comprehensive income (loss), before tax: |  |  |
| &nbsp;&nbsp;Interest rate swap amounts reclassified into interest expense | (449) | (3324) |
| &nbsp;&nbsp;Changes in fair value of interest rate swaps | 979 | (1147) |
| &nbsp;&nbsp;Foreign currency translation adjustment | (31128) | 1740 |
| Other comprehensive loss, before tax | (30598) | (2731) |
| &nbsp;&nbsp;Income tax (expense) benefit related to items of other comprehensive loss | (141) | 1185 |
| Other comprehensive loss, net of tax | (30739) | (1546) |
| Comprehensive income | $188605 | $239964 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands of U.S. dollars, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | COMMON SHARES | COMMON SHARES | | | TREASURY SHARES | TREASURY SHARES | | |
|  | SHARES | AMOUNT | <br>ADDITIONAL<br>PAID-IN<br>CAPITAL | ACCUMULATED<br>OTHER<br>COMPREHENSIVE<br>INCOME (LOSS) | SHARES | AMOUNT | <br>RETAINED<br>EARNINGS | <br>TOTAL |
| **Balances at December 31, 2025** | 255614663 | $2783431 | $373239 | $(111044) | 46348 | $— | $5199755 | $8245381 |
| Vesting of restricted share units | 326714 |  |  |  |  |  |  |  |
| Vesting of performance-based restricted share units | 100737 |  |  |  |  |  |  |  |
| Tax withholdings related to net share settlements of equity-based compensation | (154211) |  | (24515) |  |  |  |  | (24515) |
| Equity-based compensation |  |  | 17822 |  |  |  |  | 17822 |
| Exercise of warrants | 2920 |  |  |  |  |  |  |  |
| Issuance of shares under employee share purchase plan | 18135 | 3031 |  |  |  |  |  | 3031 |
| Repurchase of common shares | (1695049) | (283959) |  |  |  |  |  | (283959) |
| Cash dividends on common shares |  |  |  |  |  |  | (88746) | (88746) |
| Amounts reclassified into earnings, net of taxes |  |  |  | (330) |  |  |  | (330) |
| Changes in fair value of cash flow hedges, net of taxes |  |  |  | 719 |  |  |  | 719 |
| Foreign currency translation adjustment |  |  |  | (31128) |  |  |  | (31128) |
| Net income |  |  |  |  |  |  | 219344 | 219344 |
| **Balances at March 31, 2026** | 254213909 | $2502503 | $366546 | $(141783) | 46348 | $— | $5330353 | $8057619 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands of U.S. dollars, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | COMMON SHARES | COMMON SHARES | | | TREASURY SHARES | TREASURY SHARES | | |
|  | SHARES | AMOUNT | <br>ADDITIONAL<br>PAID-IN<br>CAPITAL | ACCUMULATED<br>OTHER<br>COMPREHENSIVE<br>INCOME (LOSS) | SHARES | AMOUNT | <br>RETAINED<br>EARNINGS | <br>TOTAL |
| **Balances at December 31, 2024** | 258019389 | $3283161 | $325928 | $(205740) | 48098 | $— | $4457005 | $7860354 |
| Sale of common shares held in trust | 1750 | 324 |  |  | (1750) |  |  | 324 |
| Vesting of restricted share units | 343415 |  |  |  |  |  |  |  |
| Vesting of performance-based restricted share units | 87964 |  |  |  |  |  |  |  |
| Restricted share units released from deferred compensation plan | 888 |  |  |  |  |  |  |  |
| Tax withholdings related to net share settlements of equity-based compensation | (170975) |  | (28981) |  |  |  |  | (28981) |
| Equity-based compensation |  |  | 21403 |  |  |  |  | 21403 |
| Exercise of warrants | 19660 |  |  |  |  |  |  |  |
| Issuance of shares under employee share purchase plan | 15922 | 2593 |  |  |  |  |  | 2593 |
| Cash dividends on common shares |  |  |  |  |  |  | (81477) | (81477) |
| Amounts reclassified into earnings, net of taxes |  |  |  | (2443) |  |  |  | (2443) |
| Changes in fair value of cash flow hedges, net of taxes |  |  |  | (843) |  |  |  | (843) |
| Foreign currency translation adjustment |  |  |  | 1740 |  |  |  | 1740 |
| Net income |  |  |  |  |  |  | 241510 | 241510 |
| **Balances at March 31, 2025** | 258318013 | $3286078 | $318350 | $(207286) | 46348 | $— | $4617038 | $8014180 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

WASTE CONNECTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands of U.S. dollars)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $219344 | $241510 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Loss from disposal of assets, impairments and other | 2519 | 7778 |
| &nbsp;&nbsp;Adjustments to closure and post-closure liabilities | 76845 |  |
| &nbsp;&nbsp;Depreciation | 267485 | 242307 |
| &nbsp;&nbsp;Amortization of intangibles | 47264 | 47642 |
| &nbsp;&nbsp;Deferred income taxes, net of acquisitions | 28537 | 36165 |
| &nbsp;&nbsp;Current period provision for expected credit losses | 12105 | 2470 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 2163 | 2034 |
| &nbsp;&nbsp;Share-based compensation | 17587 | 23438 |
| &nbsp;&nbsp;Interest accretion | 11200 | 12737 |
| &nbsp;&nbsp;Adjustments to contingent consideration |  | (1500) |
| &nbsp;&nbsp;Other | 127 | (1013) |
| &nbsp;&nbsp;Net change in operating assets and liabilities, net of acquisitions | (139578) | (72029) |
| Net cash provided by operating activities | 545598 | 541539 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Payments for acquisitions, net of cash acquired | (63087) | (380417) |
| &nbsp;&nbsp;Capital expenditures for property and equipment | (296596) | (212455) |
| &nbsp;&nbsp;Proceeds from disposal of assets | 1779 | 969 |
| &nbsp;&nbsp;Other | 2203 | (11308) |
| Net cash used in investing activities | (355701) | (603211) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Proceeds from long-term debt | 1156176 | 782904 |
| &nbsp;&nbsp;Principal payments on notes payable and long-term debt | (843898) | (541737) |
| &nbsp;&nbsp;Payment of contingent consideration recorded at acquisition date | (4108) | (20137) |
| &nbsp;&nbsp;Change in book overdraft | (6114) | (110) |
| &nbsp;&nbsp;Payments for repurchase of common shares | (283959) |  |
| &nbsp;&nbsp;Payments for cash dividends | (88746) | (81477) |
| &nbsp;&nbsp;Tax withholdings related to net share settlements of equity-based compensation | (24515) | (28981) |
| &nbsp;&nbsp;Debt issuance costs | (4008) |  |
| &nbsp;&nbsp;Proceeds from issuance of shares under employee share purchase plan | 3031 | 2593 |
| &nbsp;&nbsp;Proceeds from sale of common shares held in trust |  | 324 |
| Net cash provided by (used in) financing activities | (96141) | 113379 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (690) | (434) |
| Net increase in cash, cash equivalents and restricted cash | 93066 | 51273 |
| Cash, cash equivalents and restricted cash at beginning of period | 229580 | 198173 |
| Cash, cash equivalents and restricted cash at end of period | $322646 | $249446 |
| Non-cash investing and financing activities: |  |  |
| Liabilities assumed and notes payable issued to sellers of businesses acquired | $13851 | $109394 |
| Accrued capital expenditures for property and equipment | $34957 | $21187 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
**1.**BASIS OF PRESENTATION AND SUMMARY

The accompanying condensed consolidated financial statements relate to Waste Connections, Inc. and its subsidiaries (the "Company") for the three-month periods ended March 31, 2026 and 2025. In the opinion of management, the accompanying balance sheets and related interim statements of net income, comprehensive income, cash flows and equity include all adjustments, consisting only of normal recurring items, necessary for their fair statement in conformity with U.S. generally accepted accounting principles ("GAAP"). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Examples include accounting for landfills, self-insurance accruals, income taxes, allocation of acquisition purchase price, contingent consideration accruals and asset impairments. An additional area that involves estimation is when the Company estimates the amount of potential exposure it may have with respect to litigation, claims and assessments in accordance with the accounting guidance on contingencies. Actual results for all estimates could differ materially from the estimates and assumptions that the Company uses in the preparation of its condensed consolidated financial statements.

Interim results are not necessarily indicative of results for a full year. These interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**2.**REPORTING CURRENCY

The functional currency of the Company, as the parent corporate entity, and its operating subsidiaries in the United States, is the U.S. dollar. The functional currency of the Company's Canadian operations is the Canadian dollar. The reporting currency of the Company is the U.S. dollar. The Company's consolidated Canadian dollar financial position is translated to U.S. dollars by applying the foreign currency exchange rate in effect at the consolidated balance sheet date. The Company's consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars by applying the average foreign currency exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss. Gains and losses from foreign currency transactions are included in earnings for the period.

**3.**NEW ACCOUNTING STANDARDS

*Accounting Standards Adopted*

Amended Guidance for Internal-Use Software. In September 2025, the Financial Accounting Standards Board (the "FASB") issued a final standard to modernize the accounting for costs incurred in developing internal-use software. The standard replaces the legacy stage-based capitalization model with a principles-based approach and clarifies related disclosure requirements. The standard is effective for all entities for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The guidance may be applied prospectively, retrospectively or using a modified transition approach. Early adoption is permitted. The Company adopted the new standard as of January 1, 2026 and has applied this standard prospectively in the financial statements. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

*Accounting Standards Pending Adoption*

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued a final standard requiring additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. The standard applies to all public business entities and will be effective for annual

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Interim Disclosure Requirements. In December 2025, the FASB issued final guidance clarifying the current interim disclosure requirements. The guidance creates a comprehensive list of interim disclosures required under GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. The amendments are effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively by all entities that provide interim financial statements and notes in accordance with GAAP. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

**4.**REVENUE

The Company's operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, non-hazardous oil and natural gas exploration and production ("E&P") waste treatment, recovery and disposal services and intermodal services. The following tables disaggregate the Company's revenues by service line for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | <br>**Revenue** | **Intercompany**<br>**Elimination** | **Reported**<br>**Revenue** |
| Commercial | $761562 | $(1207) | $760355 |
| Residential | 600117 | (39) | 600078 |
| Industrial and construction roll off | 347949 | (3936) | 344013 |
| &nbsp;&nbsp;Total collection | 1709628 | (5182) | 1704446 |
| Landfill | 360448 | (147087) | 213361 |
| Transfer | 354176 | (181428) | 172748 |
| Recycling | 53649 | (2061) | 51588 |
| E&P | 187572 | (8013) | 179559 |
| Other | 49346 | (417) | 48929 |
| &nbsp;&nbsp;Total | $2714819 | $(344188) | $2370631 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | <br>**Revenue** | **Intercompany**<br>**Elimination** | **Reported**<br>**Revenue** |
| Commercial | $712460 | $(1278) | $711182 |
| Residential | 571619 | (211) | 571408 |
| Industrial and construction roll off | 336998 | (3047) | 333951 |
| &nbsp;&nbsp;Total collection | 1621077 | (4536) | 1616541 |
| Landfill | 338754 | (136591) | 202163 |
| Transfer | 319269 | (159691) | 159578 |
| Recycling | 61341 | (2084) | 59257 |
| E&P | 150899 | (6374) | 144525 |
| Other | 46549 | (437) | 46112 |
| &nbsp;&nbsp;Total | $2537889 | $(309713) | $2228176 |

---

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, the Company recognizes revenue at the time it performs a service. In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided. Substantially all of the deferred revenue recorded as of December 31, 2025 was recognized as revenue during the three months ended March 31, 2026 when the service was performed.

See Note 10 for additional information regarding revenue by reportable segment.

Contract Acquisition Costs

The incremental direct costs of obtaining a contract, which consist of sales incentives, are recognized as Other assets in the Company's Condensed Consolidated Balance Sheets, and are amortized to Selling, general and administrative expense over the estimated life of the relevant customer relationship, which ranges from one to five years. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company would have recognized is one year or less. The Company had $30,385 and $30,055 of deferred sales incentives at March 31, 2026 and December 31, 2025, respectively.

**5.** **ACCOUNTS RECEIVABLE** 

Accounts receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company's receivables, net of the allowance for credit losses, represents their estimated net realizable value.

The allowance for credit losses is based on management's assessment of the collectability of assets pooled together with similar risk characteristics. The Company monitors the collectability of its trade receivables as one overall pool due to all trade receivables having similar risk characteristics. The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company's internal collection efforts have been unsuccessful in collecting the amount due. The Company has elected to apply the practical expedient which allows the Company to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets.

The following is a rollforward of the Company's allowance for credit losses for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Beginning balance | $21402 | $25730 |
| Current period provision for expected credit losses | 12105 | 2470 |
| Write-offs charged against the allowance | (7419) | (5275) |
| Recoveries collected | 1769 | 2353 |
| Impact of changes in foreign currency | (29) | 2 |
| Ending balance | $27828 | $25280 |

---

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
Accounts receivable, net of allowance for credit losses, was $935,027 at December 31, 2024.

#### 6 . LANDFILL ACCOUNTING
At March 31, 2026, the Company's landfills consisted of 102 owned landfills, five landfills operated under life-of-site operating agreements and seven landfills operated under limited-term operating agreements. The Company's landfills had site costs with a net book value of $3,376,607 at March 31, 2026. For the Company's landfills operated under limited-term operating agreements and life-of-site operating agreements, the owner of the property (generally a municipality) usually owns the permit and the Company operates the landfill for a contracted term. Where the contracted term is not the life of the landfill, the property owner is generally responsible for final capping, closure and post-closure obligations. The Company is responsible for all final capping, closure and post-closure liabilities at the landfills it operates under life-of-site operating agreements.

The Company's internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills. Many of the Company's existing landfills have the potential for expanded disposal capacity beyond the amount currently permitted. The Company's landfill depletion rates are based on the remaining disposal capacity, considering both permitted and probable expansion airspace, at the landfills it owns and landfills it operates, but does not own, under life-of-site agreements. The Company's landfill depletion rate is based on the term of the operating agreement at its operated landfill that has capitalized expenditures. Expansion airspace consists of additional disposal capacity being pursued through means of an expansion that has not yet been permitted. Expansion airspace that meets certain criteria is included in the estimate of total landfill airspace.

Based on remaining permitted capacity as of March 31, 2026, and projected annual disposal volumes, the average remaining landfill life for the Company's owned landfills and landfills operated under life-of-site operating agreements is estimated to be approximately 31 years. As of March 31, 2026, the Company is seeking to expand permitted capacity at five of its owned landfills and considers the achievement of these expansions to be probable. Although the Company cannot be certain that all future expansions will be permitted as designed, the average remaining life, when considering remaining permitted capacity, probable expansion capacity and projected annual disposal volume, of the Company's owned landfills and landfills operated under life-of-site operating agreements is approximately 33 years. The estimated remaining lives of the Company's owned landfills and landfills operated under life-of-site operating agreements range from one to several hundred years, with approximately 90% of the projected annual disposal volume from landfills with remaining lives of less than 70 years.

During the three months ended March 31, 2026 and 2025, the Company expensed $67,243 and $59,410, respectively, related to landfill depletion at owned landfills and landfills operated under life-of-site agreements.

The Company reserves for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and landfills it operates under life-of-site operating agreements. The Company calculates the net present value of its final capping, closure and post-closure liabilities by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit-adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflecting the market conditions at the time the cash flows were originally estimated. This policy results in the Company's final capping, closure and post-closure liabilities being recorded in "layers." The Company's discount rate assumption for purposes of computing "layers" for final capping, closure and post-closure liabilities is based on its long-term credit adjusted risk-free rate. The Company's discount rate assumption for purposes of computing 2026 and 2025 "layers" for final capping, closure and post-closure obligations was 5.50% for both

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
periods. The Company's long-term inflation rate assumption is 2.75% for each of the years ending December 31, 2026 and 2025. The resulting final capping, closure and post-closure obligations are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs which is amortized to depletion expense as the remaining landfill airspace is consumed. Interest is accreted on the recorded liability using the corresponding discount rate. During the three months ended March 31, 2026 and 2025, the Company expensed $10,272 and $11,872, respectively, related to final capping, closure and post-closure accretion expense. In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical.

The following is a reconciliation of the Company's final capping, closure and post-closure liability balance from December 31, 2025 to March 31, 2026:

---

| | |
|:---|:---|
| Final capping, closure and post-closure liability at December 31, 2025 | $651586 |
| Liability adjustments | 106659 |
| Accretion expense | 10272 |
| Closure payments | (65990) |
| Foreign currency translation adjustment | (1415) |
| Final capping, closure and post-closure liability at March 31, 2026 | $701112 |

---

Liability adjustments of $106,659 for the three months ended March 31, 2026, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed. At March 31, 2026 and December 31, 2025, the current portion of final capping, closure and post-closure liabilities, included in Accrued Liabilities on the Condensed Consolidated Balance Sheets, was $155,908 and $146,772, respectively, and the long-term portion of final capping, closure and post-closure liabilities, included in Other long-term liabilities on the Condensed Consolidated Balance Sheets, was $545,204 and $504,814, respectively. The Company performs its annual review of its cost and capacity estimates in the first quarter of each year. In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical.

At March 31, 2026 and December 31, 2025, $11,980 and $10,451, respectively, of the Company's restricted cash balance and $80,295 and $80,655, respectively, of the Company's restricted investments balance was for purposes of securing its performance of future final capping, closure and post-closure obligations.

#### 7 . ACQUISITIONS
The Company acquired three immaterial non-hazardous solid waste collection, transfer and recycling businesses during the three months ended March 31, 2026. The total transaction-related expenses incurred during the three months ended March 31, 2026 for these acquisitions were $2,360. These expenses are included in Selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Net Income.

The Company acquired three immaterial non-hazardous solid waste collection and recycling businesses and one immaterial E&P waste treatment and disposal business during the three months ended March 31, 2025. The total transaction-related expenses incurred during the three months ended March 31, 2025 for these acquisitions were $11,970. These expenses are included in Selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Net Income.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
The results of operations of the acquired businesses have been included in the Company's Condensed Consolidated Financial Statements from their respective acquisition dates. The Company expects these acquired businesses to contribute towards the achievement of the Company's strategy to expand through acquisitions. Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company's acquisition of these businesses.

The following table summarizes the consideration transferred to acquire these businesses and the preliminary amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **2026**<br>**Acquisitions** | **2025**<br>**Acquisitions** |
| Fair value of consideration transferred: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $63087 | $380417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt assumed |  | 71557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration |  | 8864 |
|  | 63087 | 460838 |
| Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 303 | 16920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 120 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 30 | 9805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | 14409 | 231167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term franchise agreements and contracts |  | 28076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer lists | 3650 | 18611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permits and other intangibles | 2288 | 78256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (10358) | (9846) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | (27) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (2017) | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term portion of operating lease liabilities | (2) | (560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities  | (1447) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes |  | (18255) |
| Total identifiable net assets | 6949 | 356917 |
| Goodwill | $56138 | $103921 |

---

Goodwill acquired during the three months ended March 31, 2026 and 2025, totaling $56,138 and $55,780, respectively, is expected to be deductible for tax purposes. The fair value of acquired working capital related to seven immaterial acquisitions completed during the twelve months ended March 31, 2026, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed. Any adjustments recorded relating to finalizing the working capital for these seven acquisitions are not expected to be material to the Company's financial position. The adjustments recorded during the three months ended March 31, 2026 relating to finalizing the acquired working capital for the immaterial acquisitions completed during the twelve months ended December 31, 2025 were not material to the Company's financial position.

The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2026, was $310, of which $7 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2025, was $17,088, of which $168 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of these businesses.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

#### 8 . INTANGIBLE ASSETS, NET
Intangible assets, exclusive of goodwill, consisted of the following at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross**<br>**Carrying**<br>**Amount** | <br>**Accumulated**<br>**Amortization** | **Accumulated**<br>**Impairment**<br>**Loss** | **Net**<br>**Carrying**<br>**Amount** |
| Finite-lived intangible assets: |  |  |  |  |
| &nbsp;&nbsp;Long-term franchise agreements and contracts | $1127862 | $(473286) | $— | $654576 |
| &nbsp;&nbsp;Customer lists | 1097648 | (817926) |  | 279722 |
| &nbsp;&nbsp;Permits and other | 1114291 | (204057) | (66188) | 844046 |
|  | 3339801 | (1495269) | (66188) | 1778344 |
| Indefinite-lived intangible assets: |  |  |  |  |
| &nbsp;&nbsp;Solid waste collection and transportation permits | 181613 |  |  | 181613 |
| Intangible assets, exclusive of goodwill | $3521414 | $(1495269) | $(66188) | $1959957 |

---

The weighted-average amortization period of customer lists acquired during the three months ended March 31, 2026 was 10.0 years. The weighted-average amortization period of finite-lived permits and other acquired during the three months ended March 31, 2026 was 40.0 years.

Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross**<br>**Carrying**<br>**Amount** | <br>**Accumulated**<br>**Amortization** | **Accumulated**<br>**Impairment**<br>**Loss** | **Net**<br>**Carrying**<br>**Amount** |
| Finite-lived intangible assets: |  |  |  |  |
| &nbsp;&nbsp;Long-term franchise agreements and contracts | $1131332 | $(457664) | $— | $673668 |
| &nbsp;&nbsp;Customer lists | 1098172 | (798973) |  | 299199 |
| &nbsp;&nbsp;Permits and other | 1114690 | (196782) | (66188) | 851720 |
|  | 3344194 | (1453419) | (66188) | 1824587 |
| Indefinite-lived intangible assets: |  |  |  |  |
| &nbsp;&nbsp;Solid waste collection and transportation permits | 181613 |  |  | 181613 |
| Intangible assets, exclusive of goodwill | $3525807 | $(1453419) | $(66188) | $2006200 |

---

Estimated future amortization expense for the next five years relating to finite-lived intangible assets owned as of March 31, 2026 is as follows:

---

| | |
|:---|:---|
| For the year ending December 31, 2026 | $187952 |
| For the year ending December 31, 2027 | $142946 |
| For the year ending December 31, 2028 | $158778 |
| For the year ending December 31, 2029 | $144685 |
| For the year ending December 31, 2030 | $126563 |

---

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
**9.**LONG-TERM DEBT

The following table presents the Company's long-term debt at March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Revolving Credit Agreement, bearing interest ranging from 3.45% to 6.75% <sup>(a)</sup> | $2076276 | $2381646 |
| 4.25% Senior Notes due 2028 | 500000 | 500000 |
| 3.50% Senior Notes due 2029 | 500000 | 500000 |
| 4.50% Senior Notes due 2029 | 358700 | 364800 |
| 2.60% Senior Notes due 2030 | 600000 | 600000 |
| 2.20% Senior Notes due 2032 | 650000 | 650000 |
| 3.20% Senior Notes due 2032 | 500000 | 500000 |
| 4.20% Senior Notes due 2033 | 750000 | 750000 |
| 5.00% Senior Notes due 2034 | 750000 | 750000 |
| 5.25% Senior Notes due 2035 | 500000 | 500000 |
| 4.80% Senior Notes due 2036 | 600000 |  |
| 3.05% Senior Notes due 2050 | 500000 | 500000 |
| 2.95% Senior Notes due 2052 | 850000 | 850000 |
| Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2028 to 2044 <sup>(a)</sup> | 25302 | 26420 |
| Finance leases, bearing interest ranging from 1.89% to 5.35%, with lease expiration dates ranging from 2026 to 2035 <sup>(a)</sup> | 14693 | 15973 |
|  | 9174971 | 8888839 |
| Less – current portion | (8355) | (8667) |
| Less – unamortized debt discount and issuance costs | (72785) | (69068) |
| Long-term portion of debt and notes payable | $9093831 | $8811104 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rates represent the interest rates at March 31, 2026.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

#### Revolving Credit Agreement
The Company, as borrower, Bank of America, N.A., acting through its Canada Branch, as the global agent, the swing line lender and a letter of credit issuer, Bank of America, N.A., as the U.S. agent and a letter of credit issuer, and the other lenders and financial institutions from time to time party thereto (the "Lenders") are party to that certain Revolving Credit Agreement, dated as of February 27, 2024 (as amended pursuant to that certain Amendment No. 1 to Revolving Credit Agreement, dated as of May 23, 2025, and as further amended, restated, supplemented or otherwise modified from time to time, the "Revolving Credit Agreement"), pursuant to which the Lenders provide loans and other credit extensions to the Company under a revolving credit facility. Details of the Revolving Credit Agreement at March 31, 2026 and December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| *Revolver*  |  |  |
| Available | $886375 | $581059 |
| Letters of credit outstanding | $37349 | $37295 |
| Total amount drawn, as follows: | $2076276 | $2381646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – U.S. term SOFR loan | $500000 | $965000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable – U.S. term SOFR loan | 4.54% | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – U.S. term SOFR loan | $120000 | $150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable – U.S. term SOFR loan | 4.55% | 4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – U.S. term SOFR loan | $75000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable – U.S. term SOFR loan | 4.55% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – U.S. base rate loan | $133000 | $38000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable – U.S. base rate loan | 6.75% | 6.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – Canadian term CORRA loan | $1180123 | $1163712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable - Canadian term CORRA loan | 3.45% | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – Canadian term CORRA loan | $— | $51072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable - Canadian term CORRA loan | —% | 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount drawn – Canadian prime rate loan | $68153 | $13862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate applicable - Canadian prime rate loan | 4.45% | 4.45% |
| Commitment – rate applicable | 0.08% | 0.08% |

---

In addition to the $37,349 of letters of credit at March 31, 2026 issued and outstanding under the Revolving Credit Agreement, the Company has issued and outstanding letters of credit totaling $184,059 under facilities other than the Revolving Credit Agreement.

Senior Notes

On March 16, 2026, the Company completed an underwritten public offering of $600,000 aggregate principal amount of its 4.80% Senior Notes due 2036 (the "2036 Senior Notes"). The 2036 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the "Indenture"), by and between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (the "Trustee"), as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026.

The Company will pay interest on the 2036 Senior Notes on January 15 and July 15 of each year, beginning July 15, 2026, and the 2036 Senior Notes will mature on July 15, 2036. The 2036 Senior Notes are the Company's senior unsecured

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
obligations, ranking equally in right of payment with its other existing and future unsubordinated debt and senior to any of its future subordinated debt. The 2036 Senior Notes are not guaranteed by any of the Company's subsidiaries.

The Company may, prior to April 15, 2036 (three months before the maturity date) (the "2036 Senior Notes Par Call Date"), redeem some or all of the 2036 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount of the 2036 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2036 Senior Notes redeemed discounted to the redemption date (assuming the 2036 Senior Notes matured on the 2036 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing on April 15, 2036 (three months before the maturity date), the Company may redeem some or all of the 2036 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2036 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

Under certain circumstances, the Company may become obligated to pay additional amounts (the "Additional Amounts") with respect to the 2036 Senior Notes to ensure that the net amounts received by each holder of the 2036 Senior Notes will not be less than the amount such holder would have received if withholding taxes or deductions were not incurred on a payment under or with respect to the 2036 Senior Notes. If such payment of Additional Amounts is a result of a change in the laws or regulations, including a change in, or amendment to, any official position, the introduction of an official position or a holding by a court of competent jurisdiction, of any jurisdiction from or through which payment is made by or on behalf of the 2036 Senior Notes having power to tax, and the Company cannot avoid such payment of Additional Amounts through reasonable measures, then the Company may redeem the 2036 Senior Notes then outstanding at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date).

If the Company experiences certain kinds of changes of control, each holder of the 2036 Senior Notes may require the Company to purchase all or a portion of the 2036 Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such 2036 Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the purchase date.

The covenants in the Indenture include limitations on liens, sale-leaseback transactions and mergers and sales of all or substantially all of the Company's assets. The Indenture also includes customary events of default with respect to the 2036 Senior Notes.

Upon an event of default, the principal of and accrued and unpaid interest on all the 2036 Senior Notes may be declared to be due and payable by the Trustee or the holders of not less than 25% in principal amount of the outstanding 2036 Senior Notes. Upon such a declaration, such principal and accrued interest on all of the 2036 Senior Notes will be due and payable immediately. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding 2036 Senior Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any holder of the 2036 Senior Notes. Under certain circumstances, the holders of a majority in principal amount of the outstanding 2036 Senior Notes may rescind any such acceleration with respect to the 2036 Senior Notes and its consequences.

**10.**SEGMENT REPORTING

The Company's revenues are generated primarily from the collection, transfer, recycling and disposal of non-hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste. No single contract or

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
customer accounted for more than 10% of the Company's total revenues at the consolidated or reportable segment level during the periods presented.

For the three months ended March 31, 2026, the Company managed its operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth. The Company's six geographic solid waste operating segments comprise its reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis.

The Company's Chief Operating Decision Maker ("CODM") is the Company's President and Chief Executive Officer. The CODM evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. The Company defines segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items, and other income (expense). Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies. The Company's management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments.

Summarized financial information concerning the Company's reportable segments for the three months ended March 31, 2026 and 2025, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended** <br>**March 31, 2026** | <br>**Southern** | <br>**Western** | <br>**Eastern** | <br>**Central** | <br>**Canada** | <br>**MidSouth** | <br>**Corporate** <sup>(a), (f)</sup> | <br>**Consolidated** |
| Revenue | $555348 | $526632 | $490039 | $446095 | $377612 | $319093 | $— | $2714819 |
| Intercompany revenue <sup>(b)</sup> | (62309) | (64184) | (84317) | (49333) | (32784) | (51261) |  | (344188) |
| Reported revenue | 493039 | 462448 | 405722 | 396762 | 344828 | 267832 |  | 2370631 |
| Segment expenses <sup>(c)</sup> | (332530) | (339061) | (297714) | (251685) | (195881) | (194522) | (825) | (1612218) |
| Segment EBITDA <sup>(d)</sup> | 160509 | 123387 | 108008 | 145077 | 148947 | 73310 | (825) | 758413 |
| Segment EBITDA margin | 32.6% | 26.7% | 26.6% | 36.6% | 43.2% | 27.4% |  | 32.0% |
| Depreciation and amortization | (65839) | (55527) | (57322) | (45337) | (51510) | (35502) | (3712) | (314749) |
| Other segment items <sup>(e)</sup> | (2933) | (64077) | (4965) | 616 | (1200) | (101) | (87445) | (160105) |
| Income before income tax provision |  |  |  |  |  |  |  | $283559 |
| Capital expenditures | $59248 | $56677 | $47220 | $44084 | $51371 | $32589 | $5407 | $296596 |
| Total assets <sup>(g)</sup> | $4537768 | $3629318 | $3758775 | $2913215 | $3690824 | $2063877 | $592578 | $21186355 |

---

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended** <br>**March 31, 2025** | <br>**Southern** | <br>**Western** | <br>**Eastern** | <br>**Central** | <br>**Canada** | <br>**MidSouth** | <br>**Corporate** <sup>(a), (f)</sup> | <br>**Consolidated** |
| Revenue | $507668 | $499701 | $480532 | $414986 | $332532 | $302470 | $— | $2537889 |
| Intercompany revenue <sup>(b)</sup> | (54265) | (61300) | (77262) | (41603) | (29801) | (45482) |  | (309713) |
| Reported revenue | 453403 | 438401 | 403270 | 373383 | 302731 | 256988 |  | 2228176 |
| Segment expenses <sup>(c)</sup> | (304703) | (326056) | (300175) | (241674) | (167159) | (188070) | (13740) | (1541577) |
| Segment EBITDA <sup>(d)</sup> | 148700 | 112345 | 103095 | 131709 | 135572 | 68918 | (13740) | 686599 |
| Segment EBITDA margin | 32.8% | 25.6% | 25.6% | 35.3% | 44.8% | 26.8% |  | 30.8% |
| Depreciation and amortization | (55860) | (51998) | (56202) | (42427) | (45825) | (35171) | (2466) | (289949) |
| Other segment items <sup>(e)</sup> | (5252) | 191 | (1842) | (142) | 99 | (400) | (76327) | (83673) |
| Income before income tax provision |  |  |  |  |  |  |  | $312977 |
| Capital expenditures | $32453 | $34294 | $39718 | $45972 | $31750 | $20156 | $8112 | $212455 |
| Total assets <sup>(g)</sup> | $4214215 | $3485974 | $3678666 | $2835804 | $3547500 | $2009776 | $482562 | $20254497 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The majority of Corporate expenses are allocated to the six operating segments. Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA of the Company's Corporate segment for the periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intercompany revenues reflect each segment's total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Segment expenses consist of all expenses that directly impact the CODM's primary financial measure, segment EBITDA. These expenses include cost of operations and selling, general, and administrative expenses as presented in the Company's Condensed Consolidated Statements of Net Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in the Company's most recent Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For all geographic operating segments, other segment items consist of gains and losses on disposal of assets, disposal of operations and foreign currency, as well as litigation settlements, environmental remediation, real estate leases, landfill closure adjustments, contingent liability adjustments, impairments and interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Goodwill is included within total assets for each of the Company's six operating segments.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
The following tables show changes in goodwill during the three months ended March 31, 2026 and 2025, by reportable segment:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Southern** | **Western** | **Eastern** | **Central** | **Canada** | **MidSouth** | **Total** |
| Balance as of December 31, 2025 | $1833746 | $866610 | $1791163 | $1023111 | $2021930 | $855689 | $8392249 |
| &nbsp;&nbsp;Goodwill acquired |  | 36585 | 2062 | 5379 |  |  | 44026 |
| &nbsp;&nbsp;Goodwill acquisition adjustments | 10185 |  |  |  | 14 | 1913 | 12112 |
| &nbsp;&nbsp;Impact of changes in foreign currency |  |  |  |  | (33810) |  | (33810) |
| Balance as of March 31, 2026 | $1843931 | $903195 | $1793225 | $1028490 | $1988134 | $857602 | $8414577 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Southern** | **Western** | **Eastern** | **Central** | **Canada** | **MidSouth** | **Total** |
| Balance as of December 31, 2024 | $1577114 | $864602 | $1735584 | $1010574 | $1913091 | $849441 | $7950406 |
| &nbsp;&nbsp;Goodwill acquired | 76631 |  | 26849 | 1975 |  |  | 105455 |
| &nbsp;&nbsp;Goodwill acquisition adjustments |  | (1199) |  |  | (10) | (325) | (1534) |
| &nbsp;&nbsp;Impact of changes in foreign currency |  |  |  |  | 1652 |  | 1652 |
| Balance as of March 31, 2025 | $1653745 | $863403 | $1762433 | $1012549 | $1914733 | $849116 | $8055979 |

---

**11.**DERIVATIVE FINANCIAL INSTRUMENTS

The Company recognizes all derivatives on the Condensed Consolidated Balance Sheets at fair value. All of the Company's derivatives have been designated as cash flow hedges; therefore, the gain or loss on the derivatives will be recognized in accumulated other comprehensive income (loss) ("AOCIL") and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company classifies cash inflows and outflows from derivatives within operating activities on the Condensed Consolidated Statements of Cash Flows.

One of the Company's objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings under the Revolving Credit Agreement. The Company's strategy to achieve that objective involves entering into interest rate swaps. The interest rate swap outstanding at March 31, 2026 was specifically designated to the Revolving Credit Agreement and accounted for as a cash flow hedge.

At March 31, 2026, the Company's derivative instruments included one interest rate swap agreement as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Date Entered**  | <br>**Notional**<br>**Amount** | **Fixed**<br>**Interest**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Rate Paid** <sup>(a)</sup>  | **Variable**<br>**Interest Rate**<br>**Received** | <br>**Effective Date** <sup>(b)</sup> | <br>**Expiration Date** |
| December 2018 | $200000 | 2.7715% | 1-month term SOFR | November 2022 | July 2027 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Plus applicable margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In October 2022, the Company amended the reference rate in its outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rates in this interest rate swap contract, and the Company believes this amendment will not have a material impact on its Condensed Consolidated Financial Statements.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
The fair values of derivative instruments designated as cash flow hedges at March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives Designated as Cash**<br>**Flow Hedges** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value** |
| Interest rate swaps | Prepaid expenses and other current assets<sup>(a)</sup> | $1819 | Accrued liabilities | $— |
|  | Other assets, net | 429 |  |  |
| Total derivatives designated as cash flow hedges |  | $2248 |  | $— |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Represents the estimated amount of the existing unrealized gains on interest rate swaps at March 31, 2026 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates.

The fair values of derivative instruments designated as cash flow hedges at December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives Designated as Cash**<br>**Flow Hedges** | **Balance Sheet Location** | **Fair Value** | **Balance Sheet Location** | **Fair Value** |
| Interest rate swaps | Prepaid expenses and other current assets | $1272 | Accrued liabilities | $— |
|  | Other assets, net | 446 |  |  |
| Total derivatives designated as cash flow hedges |  | $1718 |  | $— |

---

The following tables summarize the impact of the Company's cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three months ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  |  | | **Amount of (Gain) or Loss Reclassified** | **Amount of (Gain) or Loss Reclassified** |
| | **Amount of Gain or (Loss) Recognized** | **Amount of Gain or (Loss) Recognized** | | **from AOCIL into Earnings,** | **from AOCIL into Earnings,** |
| **Derivatives**<br>**Designated as Cash**<br>**Flow Hedges** | **as AOCIL on Derivatives, Net of Tax** <sup>(a)</sup> | **as AOCIL on Derivatives, Net of Tax** <sup>(a)</sup> | **Statement of**<br>**Net Income**<br>**Classification** | **Net of Tax** <sup>(b)</sup> | **Net of Tax** <sup>(b)</sup> |
|  | **Three Months Ended**  | **Three Months Ended**  |  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |  | **2026** | **2025** |
| Interest rate swaps | $719 | $(843) | Interest expense | $(330) | $(2443) |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company's hedged debt.

See Note 15 for further discussion on the impact of the Company's hedge accounting to its consolidated comprehensive income (loss) and AOCIL.

**12.**FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company's financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations and interest rate swaps. As of March 31, 2026 and December 31, 2025, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company's debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of March 31, 2026 and December 31, 2025, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
within the fair value hierarchy. The carrying values and fair values of the Company's debt instruments where the carrying values do not approximate their fair values as of March 31, 2026 and December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Carrying Value at** | **Carrying Value at** | **Fair Value** <sup>(a)</sup> **at** | **Fair Value** <sup>(a)</sup> **at** |
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| 4.25% Senior Notes due 2028 | $500000 | $500000 | $499300 | $503750 |
| 3.50% Senior Notes due 2029 | $500000 | $500000 | $490450 | $491900 |
| 4.50% Senior Notes due 2029 | $358700 | $364800 | $366532 | $377001 |
| 2.60% Senior Notes due 2030 | $600000 | $600000 | $564660 | $566100 |
| 2.20% Senior Notes due 2032 | $650000 | $650000 | $570310 | $574730 |
| 3.20% Senior Notes due 2032 | $500000 | $500000 | $461950 | $465900 |
| 4.20% Senior Notes due 2033 | $750000 | $750000 | $725400 | $736350 |
| 5.00% Senior Notes due 2034 | $750000 | $750000 | $736575 | $767175 |
| 5.25% Senior Notes due 2035 | $500000 | $500000 | $503300 | $518550 |
| 4.80% Senior Notes due 2036 | $600000 | $— | $589260 | $— |
| 3.05% Senior Notes due 2050 | $500000 | $500000 | $332800 | $335550 |
| 2.95% Senior Notes due 2052 | $850000 | $850000 | $541960 | $551650 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value inputs include third-party calculations of the market interest rate of notes with similar ratings in similar industries over the remaining note terms.

For details on the fair value of the Company's interest rate swaps, restricted cash and investments and contingent consideration, refer to Note 14.

**13.**NET INCOME PER SHARE INFORMATION

The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Numerator: |  |  |
| &nbsp;&nbsp;Net income for basic and diluted earnings per share | $219344 | $241510 |
| Denominator: |  |  |
| &nbsp;&nbsp;Basic shares outstanding | 255347786 | 258193975 |
| &nbsp;&nbsp;Dilutive effect of equity-based awards | 525900 | 710831 |
| &nbsp;&nbsp;Diluted shares outstanding | 255873686 | 258904806 |

---

**14.**FAIR VALUE MEASUREMENTS

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data.

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
The Company's financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted cash and investments. At March 31, 2026 and December 31, 2025, the Company's derivative instruments included pay-fixed, receive-variable interest rate swaps. The Company's interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts. The Company verifies the reasonableness of these quotes using similar quotes from another financial institution as of each date for which financial statements are prepared. For the Company's interest rate swaps, the Company also considers the Company's creditworthiness in its determination of the fair value measurement of these instruments in a net liability position and the counterparties' creditworthiness in its determination of the fair value measurement of these instruments in a net asset position. The Company's restricted cash is valued at quoted market prices in active markets for identical assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company's restricted cash measured at fair value is invested primarily in money market accounts and bank time deposits. The Company's restricted investments are valued at quoted market prices in active markets for similar assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company's restricted investments measured at fair value are invested primarily in U.S. government securities, agency securities and Canadian bankers' acceptance notes.

The Company's assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at March 31, 2026 Using** | **Fair Value Measurement at March 31, 2026 Using** | **Fair Value Measurement at March 31, 2026 Using** | **Fair Value Measurement at March 31, 2026 Using** |
|  | <br>**Total** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |
| Interest rate swap derivative instruments – net asset position | $2248 | $— | $2248 | $— |
| Restricted cash | $210199 | $210199 | $— | $— |
| Restricted investments | $80432 | $— | $80432 | $— |
| Contingent consideration | $(81161) | $— | $— | $(81161) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** | **Fair Value Measurement at December 31, 2025 Using** |
|  | <br>**Total** | **Quoted Prices in**<br>**Active Markets**<br>**for Identical**<br>**Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |
| Interest rate swap derivative instruments – net asset position | $1718 | $— | $1718 | $— |
| Restricted cash | $183612 | $183612 | $— | $— |
| Restricted investments | $80533 | $— | $80533 | $— |
| Contingent consideration | $(84696) | $— | $— | $(84696) |

---

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2025** |
| Beginning balance | $84696 | $87162 |
| Contingent consideration recorded at acquisition date |  | 8864 |
| Payment of contingent consideration recorded at acquisition date | (4108) | (20137) |
| Adjustments to contingent consideration |  | (1500) |
| Interest accretion expense | 918 | 863 |
| Foreign currency translation adjustment | (345) | 10 |
| Ending balance | $81161 | $75262 |

---

**15.**OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) includes changes in the fair value of interest rate swaps that qualify for hedge accounting. The components of other comprehensive income (loss) and related tax effects for the three months ended March 31, 2026 and 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **Gross** | **Tax Effect** | **Net of Tax** |
| Interest rate swap amounts reclassified into interest expense | $(449) | $119 | $(330) |
| Changes in fair value of interest rate swaps | 979 | (260) | 719 |
| Foreign currency translation adjustment | (31128) |  | (31128) |
|  | $(30598) | $(141) | $(30739) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **Gross** | **Tax Effect** | **Net of Tax** |
| Interest rate swap amounts reclassified into interest expense | $(3324) | $881 | $(2443) |
| Changes in fair value of interest rate swaps | (1147) | 304 | (843) |
| Foreign currency translation adjustment | 1740 |  | 1740 |
|  | $(2731) | $1185 | $(1546) |

---

A rollforward of the amounts included in AOCIL, net of taxes, for the three months ended March 31, 2026 and 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Interest**<br>**Rate Swaps** | **Foreign**<br>**Currency**<br>**Translation**<br>**Adjustment** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** |
| Balance at December 31, 2025 | $1263 | $(112307) | $(111044) |
| Amounts reclassified into earnings | (330) |  | (330) |
| Changes in fair value | 719 |  | 719 |
| Foreign currency translation adjustment |  | (31128) | (31128) |
| Balance at March 31, 2026 | $1652 | $(143435) | $(141783) |

---

[**Table of Contents**](#TOC)

#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Interest**<br>**Rate Swaps** | **Foreign**<br>**Currency**<br>**Translation**<br>**Adjustment** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** |
| Balance at December 31, 2024 | $10237 | $(215977) | $(205740) |
| Amounts reclassified into earnings | (2443) |  | (2443) |
| Changes in fair value | (843) |  | (843) |
| Foreign currency translation adjustment |  | 1740 | 1740 |
| Balance at March 31, 2025 | $6951 | $(214237) | $(207286) |

---

See Note 11 for further discussion on the Company's derivative instruments.

**16.**SHAREHOLDERS' EQUITY

Share-Based Compensation

*Restricted Share Units*

A summary of activity related to restricted share units ("RSUs") during the three-month period ended March 31, 2026, is presented below:

---

| | |
|:---|:---|
|  | **Unvested Shares** |
| Outstanding at December 31, 2025 | 871272 |
| Granted | 433961 |
| Forfeited | (14126) |
| Vested and issued | (326714) |
| Outstanding at March 31, 2026 | 964393 |

---

The weighted average grant-date fair value per share for the common shares underlying the RSUs granted during the three-month period ended March 31, 2026 was $156.64.

Recipients of the Company's RSUs who participate in the Company's Nonqualified Deferred Compensation Plan may have elected in years prior to 2015 to defer some or all of their RSUs as they vest until a specified date or dates they choose. At the end of the deferral periods, unless a qualified participant makes certain other elections, the Company issues to recipients who deferred their RSUs common shares of the Company underlying the deferred RSUs. At March 31, 2026 and 2025, the Company had 29,092 and 29,092 vested deferred RSUs outstanding, respectively.

*Performance-Based Restricted Share Units*

A summary of activity related to performance-based restricted share units ("PSUs") during the three-month period ended March 31, 2026, is presented below:

---

| | |
|:---|:---|
|  | **Unvested Shares** |
| Outstanding at December 31, 2025 | 211283 |
| Granted | 114839 |
| Vested and issued | (100737) |
| Outstanding at March 31, 2026 | 225385 |

---

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
During the three months ended March 31, 2026, the Company's Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2028. The Compensation Committee will determine the achievement of performance results and corresponding vesting of PSUs for each performance period. The weighted average grant-date fair value per share for the common shares underlying all PSUs granted during the three-month period ended March 31, 2026 was $150.06.

*Deferred Share Units*

A summary of activity related to deferred share units ("DSUs") during the three-month period ended March 31, 2026, is presented below:

---

| | |
|:---|:---|
|  | **Vested Shares** |
| Outstanding at December 31, 2025 | 22,903 |
| Granted | 3,045 |
| Outstanding at March 31, 2026 | 25,948 |

---

The DSUs consist of a combination of DSU grants outstanding under the Progressive Waste share-based compensation plans that were continued by the Company following the Progressive Waste acquisition and DSUs granted by the Company since the Progressive Waste acquisition. The weighted average grant-date fair value per share for the common shares underlying the DSUs granted during the three-month period ended March 31, 2026 was $160.26.

*Other Restricted Share Units*

RSU grants outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition in 2016 and allow for the issuance of shares or cash settlement to employees upon vesting or other distribution events. A summary of activity related to Progressive Waste RSUs during the three-month period ended March 31, 2026, is presented below:

---

| | |
|:---|:---|
| Outstanding at December 31, 2025 | 43,716 |
| Cash settled |  |
| Outstanding at March 31, 2026 | 43,716 |

---

No RSUs under the Progressive Waste share-based compensation plans were granted subsequent to June 1, 2016.

*Employee Share Purchase Plan*

On May 15, 2020, the Company's shareholders approved the 2020 Employee Share Purchase Plan (the "ESPP"). Under the ESPP, qualified employees may elect to have payroll deductions withheld from their eligible compensation on each payroll date in amounts equal to or greater than one percent (1%) but not in excess of ten percent (10%) of eligible compensation in order to purchase the Company's common shares under certain terms and subject to certain restrictions set forth in the ESPP. The exercise price is equal to 95% of the closing price of the Company's common shares on the last day of the relevant offering period, provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company's common shares as reflected on the Toronto Stock Exchange (the "TSX") over the final five trading days of such offering period. The maximum number of shares that may be issued under the ESPP is 1,000,000. Under the ESPP, employees purchased 18,135 of the Company's common shares for $3,031 during the three months ended March 31, 2026. Under the ESPP, employees purchased 15,922 of the Company's common shares for $2,593 during the three months ended March 31, 2025.

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
Normal Course Issuer Bid

On August 8, 2025, the Company announced the annual renewal of the Company's normal course issuer bid (the "NCIB") to purchase up to 12,855,691 of the Company's common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at the option of the Company. The renewal followed the conclusion of the Company's previous NCIB that expired August 11, 2025. Under the NCIB, the Company may make share repurchases on the TSX, the New York Stock Exchange (the "NYSE"), the NYSE Texas and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction and subject to certain volume limitations in accordance with the rules of the TSX and the SEC.

In accordance with TSX rules, any daily repurchases made through the TSX and alternative Canadian trading systems are limited to a maximum of 80,213 common shares, which represents 25% of the average daily trading volume on the TSX for the period from February 1, 2025 to July 31, 2025. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. The maximum number of shares that can be purchased per day on the NYSE and NYSE Texas will be 25% of the average daily trading volume on such exchanges for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities. All common shares purchased under the NCIB will be immediately cancelled following their repurchase.

For the three months ended March 31, 2026, the Company repurchased 1,695,049 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $283,959. For the three months ended March 31, 2025, the Company did not repurchase any common shares pursuant to the NCIB in effect during that period. As of March 31, 2026, the remaining maximum number of shares available for repurchase under the current NCIB was 9,701,206.

Cash Dividend

In October 2025, the Company announced that its Board of Directors increased its regular quarterly cash dividend by $0.035, from $0.315 to $0.350 per Company common share. Cash dividends of $88,746 and $81,477 were paid during the three months ended March 31, 2026 and 2025, respectively.

**17.**COMMITMENTS AND CONTINGENCIES

In the normal course of its business and as a result of the extensive governmental regulation of the solid waste and E&P waste industries, the Company is subject to various judicial and administrative proceedings involving Canadian regulatory authorities as well as U.S. federal, state and local agencies. In these proceedings, an agency may subpoena the Company for records, or seek to impose fines on the Company or revoke or deny renewal of an authorization held or sought by the Company, including an operating permit. From time to time, the Company may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills, transfer stations, and E&P waste treatment, recovery and disposal operations, or alleging environmental damage or violations of the permits and licenses pursuant to which the Company operates. The Company uses $1,000 as a threshold for disclosing environmental matters involving a governmental authority and potential monetary sanctions.

In addition, the Company is a party to various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the normal operation of the

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
Company's business. Except as noted in the matters described below, as of March 31, 2026, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse effect on its business, financial condition, results of operations or cash flows.

Jefferson Parish, Louisiana Landfill Litigation

Between June 2016 and December 31, 2020, one of the Company's subsidiaries, Louisiana Regional Landfill Company ("LRLC"), conducted certain operations at a municipal solid waste landfill known as the Jefferson Parish Landfill (the "JP Landfill"), located in Avondale, Louisiana, near the City of New Orleans. LRLC's operations were governed by an Operating Agreement entered into in May 2012 by LRLC under its previous name, IESI LA Landfill Corporation, and the owner of the JP Landfill, Jefferson Parish (the "Parish"). The Parish also holds the State of Louisiana permit for the operation of the JP Landfill. Aptim Corporation, and later River Birch, LLC, operated the landfill gas collection system at the JP Landfill under a separate contract with the Parish.

In July and August 2018, four separate lawsuits seeking class action status were filed against LRLC and certain other Company subsidiaries, the Parish, and Aptim Corporation in Louisiana state court, and subsequently removed to the United States District Court for the Eastern District of Louisiana, before Judge Susie Morgan in New Orleans. The court later consolidated the claims of the putative class action plaintiffs (the "*Ictech-Bendeck*" action).

The *Ictech-Bendeck* class plaintiffs asserted claims for damages from odors allegedly emanating from the JP Landfill. The consolidated putative class action complaint alleged that the JP Landfill released "noxious odors" into the plaintiffs' properties and the surrounding community and asserted a range of liability theories—nuisance, negligence (since dismissed), and strict liability—against all defendants. The *Ictech-Bendeck* plaintiffs sought unspecified damages.

After a general causation trial limited the nature of the claims and limited the time period to July 2017 to December 2019, extensive discovery occurred in 2023 and 2024. On May 15, 2024, the *Ictech-Bendeck* plaintiffs filed an amended motion for class certification, which the defendants opposed. Plaintiffs described the putative class as residents of the Parish suffering an injury as a result of exposure to odors from the JP Landfill between July 1, 2017 and December 31, 2019, in five proposed geographic sub-classes encompassing residents within a delineated area of the Parish that extended roughly five miles from the JP Landfill to the north and east. Counsel for the putative class asked the court to certify a class on liability and allocation issues and that specific causation be left for individual determinations after a class trial.

On August 8, 2024, the Parish and the *Ictech-Bendeck* plaintiffs notified the court and the other parties that they had reached an agreement in principle on settlement of the plaintiffs' class claims against the Parish, including a settlement amount of $4,500 to be paid by the Parish to the *Ictech-Bendeck* plaintiffs. The settlement agreement purports to assign to the *Ictech-Bendeck* settlement class the Parish's claims against the Company defendants and Aptim Corporation. On March 27, 2025, the court approved the settlement.

On March 27, 2025, the court denied the motion for class certification. On July 16, 2025, the Company and counsel for the *Ictech-Bendeck* plaintiffs reached an agreement in principle to settle the five individual plaintiffs' claims against the Company in an amount not material to the Company's financial statements. On July 18, 2025, the court entered an order dismissing the *Ictech-Bendeck* claims against the Company without prejudice pending consummation of the settlement agreements.

On June 3, 2025, counsel for the *Ictech-Bendeck* plaintiffs filed a new mass action on behalf of approximately 1,600 plaintiffs in state court (24th Judicial District, Jefferson Parish) against LRLC, certain other Company subsidiaries, and Aptim Corporation (the "*Crossman*" action). The case is assigned to Judge Jacqueline F. Maloney. The *Crossman* petition asserts claims for damages from odors allegedly emanating from the JP Landfill from July 1, 2017 through December 31,

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
2019. The petition seeks unspecified damages, but stipulates that no individual plaintiff's damages exceed $74.999, and waives the right to recover in excess of that amount per plaintiff. On August 7, 2025, the Company's subsidiaries filed and served their Answer and Affirmative Defenses to the *Crossman* petition. On February 25, 2026, the *Crossman* plaintiffs filed a motion seeking permission to file an amended petition to add approximately 4,100 additional plaintiffs to the action, which the Court denied as premature on March 31, 2026.

At this time, the Company is not able to determine the likelihood of any outcome regarding the claims of the individual plaintiffs in the *Crossman* action, including the allocation of any potential liability among the Company defendants, the Parish, and Aptim Corporation, and is not able to reasonably estimate the possible loss or range of loss.

Los Angeles County, California Landfill Expansion Litigation

In October 2004, the Company's subsidiary, Chiquita Canyon, LLC ("CCL"), then under prior ownership, filed an application (the "Application") with the County of Los Angeles (the "County") Department of Regional Planning ("DRP") for a conditional use permit (the "CUP") to authorize the continued operation and expansion of the Chiquita Canyon Landfill (the "CC Landfill"). The CC Landfill has operated since 1972, and as a regional landfill, accepted approximately 2.3 million tons of materials for disposal and beneficial use in 2024. The CC Landfill was the second largest landfill in the County and played a vital role in the County's ability to safely and quickly gather, process, and dispose of thousands of tons of waste, six days a week. The Application requested expansion of the existing waste footprint on CCL's contiguous property, an increase in maximum elevation, creation of a new entrance and new support facilities, construction of a facility for the County or another third-party operator to host household hazardous waste collection events, designation of an area for mixed organics/composting, and other modifications.

After many years of reviews and delays, upon the recommendation of County staff, the County's Regional Planning Commission (the "Commission") approved the Application on April 19, 2017, but imposed operating conditions, fees and exactions that substantially reduced the historical landfill operations and represented a large increase in aggregate taxes and fees. CCL objected to many of the requirements imposed by the Commission. Estimates for new costs imposed on CCL under the CUP are in excess of $300,000, if the CC Landfill was still open for the acceptance of waste.

CCL appealed the Commission's decision to the County Board of Supervisors ("Board"), but the appeal was not successful. At a subsequent hearing, on July 25, 2017, the Board approved the CUP. On October 20, 2017, CCL filed in the Superior Court of California, County of Los Angeles a verified petition for writ of mandate and complaint against the County and the Board captioned *Chiquita Canyon, LLC v. County of Los Angeles* (the "Complaint"). The Complaint challenges the terms of the CUP in 13 counts generally alleging that the County violated multiple California and federal statutes and California and federal constitutional protections. CCL seeks the following relief: (a) an injunction and writ of mandate against certain of the CUP's operational restrictions, taxes and fees, (b) a declaration that the challenged conditions are unconstitutional and in violation of state and federal statutes, (c) reimbursement for any such illegal fees paid under protest, (d) damages, (e) an award of just compensation for a taking, (f) attorney fees, and (g) all other appropriate legal and equitable relief.

Following extensive litigation in 2018 and 2019 on the permissible scope of CCL's challenge, the Superior Court issued its decision on July 2, 2020, granting CCL's petition for writ of mandate in part and denying it in part. CCL prevailed with respect to 12 of the challenged conditions, many of which imposed new fees and exactions on the CC Landfill. On October 11, 2022, CCL and the County entered into a settlement agreement that required CCL to file a CUP modification application with the County embodying the terms of the settlement agreement. CCL filed the CUP modification application on November 10, 2022, an addendum to CCL's environmental impact report in accordance with the California Environmental Quality Act on January 12, 2024, and a revised addendum on September 30, 2024. The next steps contemplated by the settlement agreement included: completion of review by the County; scheduling the CUP modification

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
application for a hearing before the Commission; if appealed, a hearing before the Board; and, upon approval by the Board of the CUP modification application and satisfaction of certain other contingencies, CCL would dismiss this lawsuit.

At a meeting between the County and the Company on September 23, 2024, the County first stated that it would not be possible to complete the environmental review and present the CUP modification to the Commission in 2024. Absent approval of the modified CUP, beginning January 1, 2025, the CUP requires CCL to reduce its maximum annual solid waste tonnage capacity from approximately two million tons of solid waste per year to approximately one million tons of solid waste per year. CCL and the County were required under the settlement agreement to cooperate to take additional lawful and reasonable measures to effectuate the basic terms and goals of the settlement agreement, which included modifying this tonnage reduction to a gradual step-down in tonnage. However, because the County was unable to fully implement the settlement agreement or provide a viable alternative solution to address the severe tonnage restrictions that took effect on January 1, 2025, maintaining ongoing operations at the CC Landfill was no longer economically viable. Thus, CCL closed active waste disposal operations as of December 31, 2024.

On January 10, 2025, CCL and the County appeared before the Superior Court for a trial setting conference for claims not resolved by the July 2020 writ decision and the Court set those remaining claims for a bench trial, beginning October 13, 2025. The County filed a motion to enforce the settlement agreement (which would dismiss the unresolved claims) on July 23, 2025, and, on September 10, 2025, the Court granted the County's motion, vacated the trial date, and set a case management conference for January 9, 2026. On October 16, 2025, CCL filed a motion to enforce the settlement agreement, requesting the Court to enter judgment embodying the July 2020 writ decision and ordering a refund to Chiquita for fees paid. On November 10, 2025, the Court entered CCL's proposed judgment. Following additional motions practice, the County served notice of the judgment on December 24, 2025. The County filed a notice of appeal on January 16, 2026, and CCL filed its cross-appeal on January 23, 2026.

CCL also presented a claim to Los Angeles County for breach of the settlement agreement on December 30, 2025, alleging that the County's failure to fully implement the settlement agreement resulted in the closure of the CC Landfill. The County responded on January 28, 2026, and rejected the claim. CCL may file suit any time before July 30, 2026.

At this time, the Company is not able to determine the likelihood of any outcome in this matter.

Elevated Temperature Landfill Event

Beginning in May 2023, the Company's subsidiary, CCL, began receiving NOVs from the South Coast Air Quality Management District ("SCAQMD") for alleged violations of Section 41700 of the California Health & Safety Code and SCAQMD Rule 402 based on complaints from the public of odors, which SCAQMD inspectors stated that they verified were from the CC Landfill. Each Rule 402 NOV alleges the CC Landfill is "discharging such quantities of air contaminants to cause injury, detriment, nuisance or annoyance to a considerable number of persons." CCL's retained expert consultants in Elevated Temperature Landfill ("ETLF") events have attributed the odors and other impacts to an ETLF event that is occurring in a lined, non-active area of the CC Landfill.

Since May 2023, CCL has received approximately 435 NOVs for alleged violations of SCAQMD Rule 402. CCL has also received 27 additional NOVs from SCAQMD alleging violations of the Stipulated Order for Abatement, the California Health & Safety Code, other SCAQMD rules, and CCL's Title V permit.

On August 15, 2023, SCAQMD petitioned its Hearing Board for an Order for Abatement in Hearing Board Case No. 6177-4 to address the Rule 402 NOVs issued by SCAQMD inspectors as a result of the ETLF event. SCAQMD and CCL negotiated a Stipulated Order for Abatement (the "Stipulated Order"), which was issued by the Hearing Board on September 6, 2023. Modifications to the Stipulated Order were approved by the Hearing Board after hearings on January

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
16 and 17, March 21, April 24, August 17, 20, and 27, and November 13, 2024, April 16, 2025, June 4, 17, and 24, and December 9, 2025. The modified Stipulated Order contains 107 conditions. The next status and modification hearing is scheduled for May 28, 2026.

On November 22, 2023, CCL received an NOV from the Los Angeles Regional Water Quality Control Board ("Water Board") for alleged violations of CCL's Waste Discharge Requirements Order No. R4-2018-0172, including the Monitoring and Reporting Program. The allegations relate to increased leachate production and leachate seeps caused by the ETLF event. CCL has received three more NOVs from the Water Board regarding alleged discharges, reporting, and other compliance violations. CCL has submitted full responses to each of the November 22, 2023, and January 24, March 28, and April 9, 2024 NOVs from the Water Board.

On June 27, 2024, CCL received a fifth NOV from the Water Board for alleged non-compliance with a March 20, 2024 Investigative Order issued by the Water Board pursuant to California Water Code §§ 13267 and 13383. CCL has provided a full response to the alleged violations.

On January 6, 2026 (revised January 7), CCL received a sixth NOV from the Water Board for alleged violations of the National Pollutant Discharge Elimination General Permit for Stormwater Discharges Associated with Industrial Activities (Order No. 2014-0057-DWQ, as amended by Order No. 2018-0028-DWQ). The allegations relate to an allegedly unauthorized discharge of stormwater commingled with characteristically hazardous leachate. CCL has provided a full response to the alleged violations.

On February 15 and March 29, 2024, CCL received two Summaries of Violations ("SOV") from the Department of Toxic Substances Control ("DTSC"). The SOVs allege violations of California's hazardous waste control laws and their implementing regulations related to three incidents in which offsite shipments of leachate, which tested above a regulatory threshold, were shipped to non-hazardous waste treatment and disposal facilities. CCL has submitted full responses to both SOVs from DTSC.

On April 1, 2025, CCL received a third SOV from DTSC. The SOV alleges violations of California's hazardous waste control laws and their implementing regulations related to three loads of leachate which allegedly failed to comply with landfill disposal restriction requirements and for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents. CCL has submitted a full response to this SOV.

On November 18, 2025, CCL received a fourth SOV from DTSC. The SOV alleges violations of California's hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents, failing to properly complete hazardous waste manifests for hazardous waste condensate, and failing to properly label tanks containing hazardous waste leachate. CCL has submitted full responses to this SOV.

On February 25, 2026, CCL received a fifth SOV from DTSC. The SOV alleges violations of California's hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents and transporting custody of hazardous waste or condensate to transporters who did not hold a valid registration issued by DTSC. CCL has submitted full responses to this SOV.

On April 2, 2025, CCL, Chiquita Canyon, Inc., and Waste Connections US, Inc. ("Respondents") received from DTSC an Imminent and Substantial Endangerment Determination and Order ("ISE Order") for alleged violations of the California Health & Safety Code. The ISE Order alleges that "there may be an imminent and/or substantial endangerment to the public health or welfare or to the environment because of the release and/or the threatened release of the hazardous substances at the Site." The order requires Respondents to implement three removal actions: (1) extension of the

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
geomembrane cover, (2) interim relocation of a tank farm, and (3) protection of Cell 8A. CCL filed a notice of intent to comply and sufficient cause defenses on April 9, 2025, which included its objection to DTSC's inclusion of improper parties, Chiquita Canyon, Inc. and Waste Connections US, Inc. CCL has been working closely with DTSC to implement the three removal actions. On December 26, 2025, DTSC issued a Notice of Proposed Determination of Noncompliance with the ISE Order, alleging that Respondents have failed to submit adequate workplans for each of the removal actions. CCL disagrees with these allegations and submitted its response on January 12, 2026. On January 26, 2026, DTSC issued Respondents a Final Determination of Noncompliance with, and Violation of, the ISE Order. CCL has submitted a response to this Final Determination.

On June 4, 2024, CCL received a Finding of Violation ("FOV") from the U.S. Environmental Protection Agency, alleging violations of the New Source Performance Standards ("NSPS") and National Emission Standards for Hazardous Air Pollutants ("NESHAP") for municipal solid waste landfills, the NSPS and NESHAP General Provisions, and certain conditions of CCL's Title V permit. CCL has submitted a full response to the alleged violations.

At this time, CCL is not able to determine the likely penalties that the regulatory agencies will seek for these alleged violations, but they could be substantial. CCL is also incurring substantial costs in conjunction with efforts to address the ETLF event and any related impacts, including attendant air emissions, and to manage the increased production and changing composition of the leachate. At this time, the Company is not able to determine the likelihood of any outcome of the resolution of these alleged violations, and not able to reasonably estimate the possible loss or range of loss.

Chiquita Canyon Landfill Civil Litigation

Given the facts related to the ETLF event and the alleged violations described above, numerous civil lawsuits have been filed against CCL and other Company subsidiaries, including Chiquita Canyon, Inc., Waste Connections of California, Inc., Waste Connections Management Services Inc. and Waste Connections US, Inc. These began with *Howse et al. v. Chiquita Canyon, LLC, et al.* (Los Angeles Co. Superior Court; filed September 5, 2023, removed to U.S.D.C. C.D. Cal. October 4, 2023). That case included class action claims, but in May 2024, those claims were dropped and the case continues as a mass tort case in federal district court. In November 2024, Judge Frimpong in the Central District of California consolidated *Howse* and all other then filed, related cases into *In re Chiquita Landfill Litigation*. Master File No. 2:23-CV-08380-MEMF-MAR. (C.D. Cal.). As additional, related cases have been filed, the Company has sought to consolidate them with *In re Chiquita Landfill Litigation.* The Court consolidated the County Action (described below) with *In re Chiquita Landfill Litigation* for discovery purposes only.

There are approximately 12,400 total plaintiffs in these civil lawsuits as of April 14, 2026, which includes some from cases filed but not yet served, and the Company expects additional complaints and plaintiffs in the future.

The claims in the ongoing cases allege, among other things, nuisance odors, chemical exposures and other torts, including private nuisance (continuing and permanent), public nuisance (continuing and permanent), negligence, negligence per se, premises liability, trespass, strict liability for ultrahazardous activities, and a violation of Health and Safety Code § 41700. Plaintiffs seek damages for physical injury, fear of future physical injury, increased risk of future injury, including the need for medical monitoring, emotional distress, harm to real and personal property, medical expenses, relocation expenses, and punitive damages. Plaintiffs seek all costs of suits and attorneys' fees. Some of the cases allege that officers and directors and/or agents of the Company's subsidiaries had advance knowledge that failure to properly maintain and operate the CC Landfill would result in the sorts of harms that the plaintiffs allegedly suffered. Some of the cases seek injunctive relief to prevent further harm to the plaintiffs or to close the CC Landfill.

The additional cases include: *Suggs et al. v. Chiquita Canyon, LLC, et al.* (Los Angeles Superior Court; filed February 2, 2024, removed to U.S.D.C. C.D. Cal. March 25, 2024)‎; *Siryani et al. v. Chiquita Canyon, LLC, et al.* (Los Angeles

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#### WASTE CONNECTIONS, INC.

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(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
Superior Court; filed March 27, 2024, removed to U.S.D.C. C.D. Cal. on April 29, 2024)‎; *Adams Evans et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed April 15, 2014, removed to U.S.D.C. C.D. Cal. on July 5, 2024)‎; *Aleksanyan et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal.; filed May 20, 2024); *Jolene Acosta et al., v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 12, 2024); *Quaiden Fenstermaker et. al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 13, 2024)‎; *Briana Mejia et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 15, 2024); *Araiza et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal.; filed June 3, 2024); *Melineh Gasparians et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed June 10, 2024; removed to U.S.D.C. C.D. Cal. on September 4, 2024); *Claudia Rivera et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed June 14, 2024, removed to U.S.D.C. C.D. Cal. on July 22, 2024)‎; *Alejandra Suarez et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed June 20, 2024; removed to U.S.D.C. C.D. Cal. on July 29, 2024) ; ‎ *Geon Hwang, et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal.; filed July 8, 2024); *Anabel Austin, et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed July 9, 2024; removed to U.S.D.C. C.D. Cal. on August 16, 2024); *Isabell ‎Dolores Palomino et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal.; filed July 12, 2024); *Stephanie Audish et al. v. Chiquita Canyon, LLC* (Los Angeles Superior Court; filed July 16, 2024); *Scott Benjamin Siegal et. al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court; filed July 16, 2024); *Alina Hakopyan et al. v. Chiquita Canyon, LLC* (Los Angeles Superior Court; filed August 6, 2024); *Kaiden Alim et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, filed September 27, 2024); *Nicholas Difatta et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, filed October 5, 2024); *Jane Chun-Won Yang et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal. filed on November 19, 2024); *K.E. et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal. filed on November 22, 2024); *Maria Magdalena Alanis, et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal. filed January 6, 2025); *Grace Lara et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal. filed February 10, 2025); *Babken Egoian et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal., filed March 31, 2025); *Kiwi Chang et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, filed February 24, 2025); *Molina et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. No. 2:25-cv-05352, filed June 10, 2025); *Mietzner et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. No. 2:25-cv-06061, filed July 2, 2025 but plaintiffs objected to consolidation and those objections have not yet been ruled on); *Fernando Perez et al. v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal. filed December 30, 2024); *Nancy Mariel Aguilar et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, filed January 27, 2025); *Leticia Ojeda et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, filed March 6, 2025); *Bertha Bacon et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. No. 2:25-cv-09403, filed October 2, 2025);*Reyna Aguilar et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. 2:25-cv-10271, filed October 24, 2025); *Rhea Estacio et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. 2:25-cv-10408, *filed October 29, 2025 but not yet consolidated) ; Sterling Gateway, L.P. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-06328, filed July 10, 2025); Joseph Ryan Stanley et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-*cv-12304, filed December 29, 2025); *Mariya Savchenko et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. No. 2:25-cv-10615, filed November 4, 2025); *William John Blatter et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. No. 2:25-cv-12056, filed December 19, 2025); *Geoffre Tisdale et al. v. Chiquita Canyon LLC et al*. (C.D. Cal. No. 2:26-cv-01288, filed February 6, 2026); and *Balbina Oliveros Elizondo et al. v. Chiquita Canyon, LLC et al.* (C.D. Cal. No. 2:26-cv-02991, filed March 19, 2026). One law firm filed 359 individual cases in Los Angeles Superior Court, which the Company related and consolidated to that firm's first filed case, *Serieddine et al. v. Chiquita Canyon, LLC, et al.* (Los Angeles Superior Court; filed January 8, 2024), and removed the cases en masse as *In re Serieddine. In re Serieddine* was consolidated with *In re Chiquita Landfill Litigation*.

Three cases have been filed, but not yet served: *Gary Wells et al. v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, Case No. 25STCV29317, filed October 3, 2025); *Anahit Pogosyan, by and through her Successor in Interest, Armen Pogosian, v. Chiquita Canyon LLC et al.* (C.D. Cal. No. 2:25-cv-11732, filed December 10, 2025); and *Alvaro Luis Gutierrez v. Chiquita Canyon, LLC et al.* (Los Angeles Superior Court, filed February 4, 2026).

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
*WH Castaic 497 LLC, v. Chiquita Canyon, LLC, et al.* (Los Angeles Superior Court, filed February 24, 2026) will proceed in Los Angeles Superior Court. This case is brought on behalf of a property developer building a large residential community near the Landfill.

The Company is continuing to vigorously defend itself in these lawsuits; however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and not able to reasonably estimate the possible loss or range of loss.

County of Los Angeles Litigation

Based upon the same facts alleged in the above-referenced "Chiquita Canyon Landfill Civil Litigation," on December 17 2024, Los Angeles County filed a complaint in the U.S. District Court, Central District of California, No. 2:24-cv-10819-RGK-PD, against Chiquita Canyon, LLC, Chiquita Canyon, Inc. and Waste Connections US, Inc. titled *The People of the State of California and The County of Los Angeles v. Chiquita Canyon, LLC et al.* (U.S.D.C. C.D. Cal, filed December 17, 2024). This case has been assigned to Judge Frimpong, the same judge overseeing *In Re Chiquita Landfill Litigation* and is now consolidated with the mass tort for discovery purposes. The Company filed a motion to dismiss on February 19, 2025 and that motion was heard on May 29, 2025. The Court denied the motion to dismiss on May 30, 2025.

The County's lawsuit alleges public nuisance under California statutes and Los Angeles County ordinances, public nuisance per se, and unfair business practices related to the alleged violation of ordinances referenced in the public nuisance claims. The County seeks an injunction to bring the CC Landfill into compliance with all local, state, and federal laws and regulations, including all necessary measures to "contain and extinguish" the ETLF event, prevent odors and gases from reaching any residential zone, and eliminate leachate seeps; subsidize the relocation of affected citizens living near the CC Landfill; and subsidize mitigation measures undertaken by affected citizens living, working, or studying near the CC Landfill, such as the purchase of air purification systems, double paned windows, home hardening, and assistance with utility bills. Alternatively, the County requests the appointment of a receiver to take possession and control of the CC Landfill. The County also seeks to recover civil penalties and attorney's fees. The Company is not able to determine the potential penalty amount that the County will seek in this lawsuit.

On May 29, 2025, the County filed a motion for a preliminary injunction, seeking the creation of at least a $20,000 abatement fund to relocate 938 residents from Val Verde and Castaic and/or for home hardening expenses. The County bases that request on numerous declarations from residents and regulators, SCAQMD complaint data, SCAQMD NOVs, and a voluntary online odor survey hosted by the Los Angeles Department of Public Health. An evidentiary hearing on the preliminary injunction was held on July 14 and 15, and the hearing on the motion was held on July 17, 2025. On August 29, 2025, the Court granted Plaintiffs' motion for a preliminary injunction, but failed to define the scope of the relief ordered. At this time, the Company has not been ordered to pay any money to create a relocation or home hardening fund. The Company filed in the district court an *ex parte* application to stay the preliminary injunction. That motion has not been decided. The Company also filed a Notice of Appeal to the Ninth Circuit on September 10, 2025, and the appeal is now fully briefed. Oral argument is scheduled in the Ninth Circuit on May 22, 2026.

The Company is continuing to vigorously defend itself in this matter; however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and is not able to reasonably estimate the possible loss or range of loss.

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#### WASTE CONNECTIONS, INC.

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

#### (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)
**18.** **SUBSEQUENT EVENTS**

On April 22, 2026, the Company announced that its Board of Directors approved a regular quarterly cash dividend of $0.350 per Company common share. The dividend will be paid on May 21, 2026, to shareholders of record on the close of business on May 6, 2026.

Subsequent to March 31, 2026 and through the date the accompanying condensed financial statements were issued, the Company repurchased 478,294 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $78,720.

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#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS

The following discussion should be read in conjunction with our Condensed Consolidated Financial Statements and the related notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

We make statements in this Quarterly Report on Form 10-Q that are forward-looking in nature. These include:

● Statements regarding our landfills, including capacity, duration, demand for and pricing of recyclables, estimated closure and post-closure liabilities, landfill alternatives and related capital expenditures, operating expenses, leachate and the Elevated Temperature Landfill, or ETLF, event at the Chiquita Canyon Landfill;

● Discussion of competition, loss of contracts, price increases and additional exclusive and/or long-term collection service arrangements;

● Forecasts of cash flows necessary for operations and free cash flow to reduce leverage as well as our ability to draw on our credit facility and access the capital markets to refinance or expand;

● Statements regarding our ability to access capital resources or credit markets;

● Plans for, and the amount and sources of, certain capital expenditures for our existing and newly acquired properties and equipment and the funding thereof;

● Statements regarding fuel, oil and natural gas demand, prices, and price volatility;

● Assessments of regulatory developments and potential changes in environmental, health, safety and tax laws and regulations; and

● Other statements on a variety of topics such as inflation, impacts of trade policies or tariffs, general economic conditions, credit risk of customers, seasonality, labor/pension costs and labor union activity, employee retention costs, operational and safety risks, acquisitions and their contribution to the Company's strategy, dividends, share repurchases, litigation developments and results, goodwill impairments, insurance costs and cybersecurity threats.

These statements can be ‎identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "might," "will," ‎‎"could," "should" or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy.

Our ‎business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ ‎materially from those projected by any forward-looking statements. Factors that could cause actual results to differ ‎from those projected include, but are not limited to, risk factors detailed from time to time in our filings with the Securities and Exchange Commission, or SEC, and the securities commissions or similar regulatory authorities in Canada.

There may be additional risks of which we are not presently aware or that we currently believe are immaterial that ‎could have an adverse impact on our business. We make no commitment to revise or update any forward-looking ‎statements to reflect events or circumstances that may change, unless required under applicable securities laws.

OVERVIEW OF OUR BUSINESS

We are an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. We also provide non-hazardous oil and natural gas exploration and production ("E&P") waste treatment, recovery and disposal services in

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several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest.

Environmental, organizational and financial sustainability initiatives have been key components of our success since we were founded in 1997. We continuously monitor and evaluate new technologies and investments that can enhance our commitment to the environment, to our employees and to the communities we serve. We have committed $500 million to the advancement of long-term, aspirational ESG targets, which we evaluate continuously and have expanded as we make progress towards their achievement. Our targets align with our focus on value creation for our stakeholders, and we have incorporated progress towards their achievement into compensation metrics. Our ESG targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.

We generally target markets where we can operate efficiently, including secondary and rural markets, which often allows us to establish a substantial presence and operate profitably through exclusive contracts, vertical integration or asset positioning. In markets where waste collection services are provided under exclusive arrangements, or where waste disposal is municipally owned or funded or available at multiple municipal sources, we seek to achieve efficiencies through our collection services that aid our growth and profitability. We also target niche markets, like non-hazardous E&P waste treatment, recovery and disposal services.

The solid waste industry is local and highly competitive in nature, requiring substantial labor and capital resources. We compete for collection accounts primarily on the basis of price and, to a lesser extent, the quality of service, and compete for landfill business on the basis of tipping fees, geographic location and quality of operations. The solid waste industry has been consolidating and continues to consolidate as a result of a number of factors, including the increasing costs and complexity associated with waste management operations and regulatory compliance. Some small independent operators and municipalities lack the capital resources, management, operating skills and technical expertise necessary to operate effectively in such an environment. The consolidation trend has caused solid waste companies to operate larger landfills that have complementary collection routes that can use company-owned disposal capacity. Owning a point of transfer to landfills has become increasingly important as landfills continue to close and some disposal capacity is farther from collection areas.

Generally, the most profitable operators within the solid waste industry are those companies that are vertically integrated or enter into long-term collection contracts. A vertically integrated operator will benefit from: (1) the internalization of waste, which is bringing waste to a company-owned landfill; (2) the ability to charge third-party haulers tipping fees either at landfills or at transfer stations; and (3) the efficiencies gained by being able to aggregate and process waste at a transfer station prior to landfilling.

All references to "dollars" or "$" used herein refer to U.S. dollars, and all references to "CAD $" used herein refer to Canadian dollars, unless otherwise stated.

CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements. As described by the SEC, critical accounting estimates and assumptions are those that may be material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and that have a material impact on the financial condition or operating performance of a company. Such critical accounting estimates and assumptions are applicable to our reportable segments. Refer to our most recent Annual Report on Form 10-K for a complete description of our critical accounting estimates and assumptions.

NEW ACCOUNTING PRONOUNCEMENTS

For a description of the new accounting standards that affect us, see Note 3 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

The following table sets forth items in our Condensed Consolidated Statements of Net Income in thousands of U.S. dollars and as a percentage of revenues for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2026** | **2025** | **2025** |
| Revenues | $2370631 | 100.0% | $2228176 | 100.0% |
| Cost of operations | 1361099 | 57.4 | 1291443 | 58.0 |
| Selling, general and administrative | 251119 | 10.6 | 250134 | 11.2 |
| Depreciation | 267485 | 11.3 | 242307 | 10.9 |
| Amortization of intangibles | 47264 | 2.0 | 47642 | 2.1 |
| Impairments and other operating items | 79584 | 3.3  | 6440 | 0.3  |
| Operating income | 364080 | 15.4 | 390210 | 17.5 |
| Interest expense | (87719) | (3.7) | (80875) | (3.6) |
| Interest income | 3113 | 0.1  | 1770 | 0.1  |
| Other income, net | 4085 | 0.2  | 1872 | 0.1  |
| Income tax provision | (64215) | (2.7) | (71467) | (3.2) |
| Net income | $219344 | 9.3% | $241510 | 10.9% |

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Revenues. Total revenues increased $142.5 million, or 6.4%, to $2.371 billion for the three months ended March 31, 2026, from $2.228 billion for the three months ended March 31, 2025.

Acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased revenues by $57.4 million for the three months ended March 31, 2026.

Operations that were divested during, or subsequent to, the three months ended March 31, 2025, decreased revenues by $2.2 million for the three months ended March 31, 2026.

During the three months ended March 31, 2026, the net increase in prices charged to our customers at our existing operations was $120.0 million, consisting of $121.3 million of core price increases and decreases in surcharges of $1.3 million.

During the three months ended March 31, 2026, we recognized volume losses totaling $57.9 million resulting from a decrease in roll off and post-collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

E&P waste revenues at facilities owned during the three months ended March 31, 2026 increased $18.8 million, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased drilling activity in our Canada and Southern segments and higher crude oil and natural gas prices.

Revenues from sales of recyclable commodities at facilities owned during the three months ended March 31, 2026 and 2025 decreased $9.2 million. The decrease was primarily attributable to lower prices for old corrugated cardboard and plastics.

An increase in the average Canadian dollar to U.S. dollar currency exchange rate resulted in an increase in revenues of $14.0 million for the three months ended March 31, 2026. The average Canadian dollar to U.S. dollar exchange rates on our Canadian revenues were 0.7291 and 0.6968 for the three months ended March 31, 2026 and 2025, respectively.

Other revenues increased $1.6 million during the three months ended March 31, 2026, due primarily to a $3.5 million increase in landfill gas revenues from a new operating facility, partially offset by a $1.9 million decrease in intermodal revenues.

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Cost of Operations. Total cost of operations increased $69.7 million, or 5.4%, to $1.361 billion for the three months ended March 31, 2026, from $1.291 billion for the three months ended March 31, 2025. The increase was primarily the result of an increase in operating costs at our existing operations of $41.2 million, additional operating costs of $23.8 million attributable to acquisitions closed during, or subsequent to, the three months ended March 31, 2025, assuming foreign currency parity, and an increase in operating costs of $6.4 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $1.7 million from operations divested during, or subsequent to, the three months ended March 31, 2025.

The increase in operating costs at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, consisted of $22.8 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, higher labor and recurring incentive compensation expenses of $11.5 million, an increase in trucking costs of $7.4 million, higher truck, container, equipment and facility maintenance and repair expenses of $2.0 million, an increase in property taxes of $1.7 million, an increase in fuel expense of $1.4 million due to higher diesel prices, and a net increase of other expenses of $0.6 million, partially offset by a decrease in risk management expenses of $3.8 million and lower disposal costs of $2.4 million.

Cost of operations as a percentage of revenues decreased 0.6 percentage points to 57.4% for the three months ended March 31, 2026, from 58.0% for the three months ended March 31, 2025. The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in labor and benefits costs, a 0.3 percentage point decrease due to a decrease in risk management expenses and a 0.1 percentage point decrease due to lower post-closure liability interest accretion expense, partially offset by a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

SG&A. SG&A expenses increased $1.0 million, or 0.4%, to $251.1 million for the three months ended March 31, 2026, from $250.1 million for the three months ended March 31, 2025. The increase was comprised of $7.1 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $1.4 million from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $7.5 million, assuming foreign currency parity, at our existing operations.

The decrease in SG&A expenses at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, was comprised of a decrease in direct acquisition expenses of $9.6 million, a decrease in administrative payroll and incentive compensation expenses of $3.4 million, a decrease in professional fees of $2.2 million, and $0.1 million of other net expense decreases, partially offset by an increase in expenses for uncollectible accounts receivable of $5.5 million and an increase in travel, meetings and training expenses of $2.3 million.

SG&A expenses as a percentage of revenues decreased 0.6 percentage points to 10.6% for the three months ended March 31, 2026, from 11.2% for the three months ended March 31, 2025. The decrease as a percentage of revenues was primarily driven by a 0.4 percentage point decrease in direct acquisition expenses and a 0.4 percentage point decrease in administrative payroll and incentive compensation expenses, partially offset by a 0.1 percentage point increase in SG&A expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and 0.1 percentage point of other net increases.

Depreciation. Depreciation expense increased $25.2 million, or 10.4%, to $267.5 million for the three months ended March 31, 2026, from $242.3 million for the three months ended March 31, 2025. The increase was comprised of an increase in depreciation expense of $9.6 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $7.9 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, an increase of $6.0 million in depletion expense at our existing operations and an increase of $1.7 million resulting from a higher average foreign currency exchange rate in effect during the current period.

Depreciation expense as a percentage of revenues increased 0.4 percentage points to 11.3% for the three months ended March 31, 2026, from 10.9% for the three months ended March 31, 2025. The increase as a percentage of revenues was primarily driven by capital expenditures to support our existing operations and acquisitions closed during, or subsequent

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to, the three months ended March 31, 2025 having higher depreciation expense as a percentage of revenue than our company average.

Amortization of Intangibles. Amortization of intangibles expense decreased $0.3 million, or 0.8%, to $47.3 million for the three months ended March 31, 2026, from $47.6 million for the three months ended March 31, 2025. The decrease was comprised of a decrease of $5.5 million from certain intangible assets becoming fully amortized subsequent to March 31, 2025, partially offset by an increase of $4.7 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.

Amortization of intangibles expense as a percentage of revenues decreased 0.1 percentage point to 2.0% for the three months ended March 31, 2026, from 2.1% for the three months ended March 31, 2025. The decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.2 percentage point increase related to acquisitions closed during, or subsequent to, the three months ended March 31, 2025 having higher amortization expense as a percentage of revenue than our company average.

Impairments and Other Operating Items. Impairments and other operating items increased $73.2 million, to net losses totaling $79.6 million for the three months ended March 31, 2026, from net losses totaling $6.4 million for the three months ended March 31, 2025.

The net losses of $79.6 million recorded during the three months ended March 31, 2026 consisted of net losses of $76.8 million to adjust the carrying value of closure and post-closure liabilities, net losses of $2.0 million to adjust an environmental liability at an operating facility, losses of $0.9 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $0.3 million on the disposal of property and equipment, partially offset by other net gains of $0.4 million.

The net losses of $6.4 million recorded during the three months ended March 31, 2025 consisted of $3.8 million of net losses from operations divested during such period, losses of $1.3 million on the disposal of an investment, losses of $0.7 million on the disposal of property and equipment and losses of $0.7 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by other net gains of $0.1 million.

Operating Income. Operating income decreased $26.1 million, or 6.7%, to $364.1 million for the three months ended March 31, 2026, from $390.2 million for the three months ended March 31, 2025.

The decrease in our operating income for the three months ended March 31, 2026 was due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased taxes on revenue, higher depreciation, increased labor and recurring incentive compensation expenses and higher trucking costs, partially offset by price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, and a decrease in direct acquisition expenses.

Operating income as a percentage of revenues decreased 2.1 percentage points to 15.4% for the three months ended March 31, 2026, from 17.5% for the three months ended March 31, 2025. The decrease as a percentage of revenues was comprised of a 3.0 percentage point increase in impairments and other operating items and a 0.4 percentage point increase in depreciation, partially offset by a 0.6 percentage point decrease in selling, general and administrative expenses, a 0.6 percentage point decrease in cost of operations and a 0.1 percentage point decrease in amortization.

Interest Expense. Interest expense increased $6.8 million, or 8.5%, to $87.7 million for the three months ended March 31, 2026, from $80.9 million for the three months ended March 31, 2025. The increase was primarily attributable to an increase of $6.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of $1.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026, an increase of $1.2 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended March 31, 2026 and $0.2 million of other net expense increases, partially offset by a decrease of $2.4 million from lower interest rates on borrowings outstanding during the comparable periods.

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Interest Income. Interest income increased $1.3 million, or 75.9%, to $3.1 million for the three months ended March 31, 2026, from $1.8 million for the three months ended March 31, 2025. The increase was primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Other Income, Net. Other income, net increased $2.2 million, or 118.2%, to $4.1 million for the three months ended March 31, 2026, from $1.9 million for the three months ended March 31, 2025.

Other income of $4.1 million recorded during the three months ended March 31, 2026 consisted of $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists and $0.2 million of income from other sources, partially offset by losses of $1.0 million from an increase in the average foreign currency exchange rate in effect during the comparable reporting period and losses of $0.8 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations.

Other income of $1.9 million recorded during the three months ended March 31, 2025 consisted of $2.5 million from proceeds on insurance claims and $1.3 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, partially offset by $1.5 million from a decrease in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of other investment losses.

Income Tax Provision. Income taxes decreased $7.3 million, to $64.2 million for the three months ended March 31, 2026, from $71.5 million for the three months ended March 31, 2025. Our effective tax rate for the three months ended March 31, 2026 was 22.6%. Our effective tax rate for the three months ended March 31, 2025 was 22.8%.

The income tax provision for the three months ended March 31, 2026 included a benefit of $0.2 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.

The income tax provision for the three months ended March 31, 2025 included a benefit of $4.6 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S. federal statutory rate.

SEGMENT RESULTS

General

No single contract or customer accounted for more than 10% of our total revenues at the consolidated or reportable segment level during the periods presented. The following tables disaggregate our revenue by service line for the periods indicated (in thousands of U.S. dollars).

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | <br>**Revenue** | **Intercompany**<br>**Elimination** | **Reported**<br>**Revenue** |
| Commercial | $761562 | $(1207) | $760355 |
| Residential | 600117 | (39) | 600078 |
| Industrial and construction roll off | 347949 | (3936) | 344013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total collection | 1709628 | (5182) | 1704446 |
| Landfill | 360448 | (147087) | 213361 |
| Transfer | 354176 | (181428) | 172748 |
| Recycling | 53649 | (2061) | 51588 |
| E&P | 187572 | (8013) | 179559 |
| Other | 49346 | (417) | 48929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2714819 | $(344188) | $2370631 |

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | <br>**Revenue** | **Intercompany**<br>**Elimination** | **Reported**<br>**Revenue** |
| Commercial | $712460 | $(1278) | $711182 |
| Residential | 571619 | (211) | 571408 |
| Industrial and construction roll off | 336998 | (3047) | 333951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total collection | 1621077 | (4536) | 1616541 |
| Landfill | 338754 | (136591) | 202163 |
| Transfer | 319269 | (159691) | 159578 |
| Recycling | 61341 | (2084) | 59257 |
| E&P | 150899 | (6374) | 144525 |
| Other | 46549 | (437) | 46112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2537889 | $(309713) | $2228176 |

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For the three months ended March 31, 2026, we managed our operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth. Our six geographic solid waste operating segments comprise our reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over-period basis.

Our Chief Operating Decision Maker evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. We define segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items and other income (expense). Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies. Our management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments.

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Summarized financial information for our reportable segments are shown in the following tables in thousands of U.S. dollars and as a percentage of total segment revenue for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended** <br>**March 31, 2026** | <br>**Revenue** | **Segment**<br>**Expenses** | <br>**EBITDA** <sup>(b)</sup> | **EBITDA**<br>**Margin** |
| Southern | $493039 | $332530 | $160509 | 32.6% |
| Western | 462448 | 339061 | 123387 | 26.7% |
| Eastern | 405722 | 297714 | 108008 | 26.6% |
| Central | 396762 | 251685 | 145077 | 36.6% |
| Canada | 344828 | 195881 | 148947 | 43.2% |
| MidSouth | 267832 | 194522 | 73310 | 27.4% |
| Corporate<sup>(a)</sup> |  | 825 | (825) |  |
|  | $2370631 | $1612218 | $758413 | 32.0% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended** <br>**March 31, 2025** | <br>**Revenue** | **Segment**<br>**Expenses** | <br>**EBITDA** <sup>(b)</sup> | **EBITDA**<br>**Margin** |
| Southern | $453403 | $304703 | $148700 | 32.8% |
| Western | 438401 | 326056 | 112345 | 25.6% |
| Eastern | 403270 | 300175 | 103095 | 25.6% |
| Central | 373383 | 241674 | 131709 | 35.3% |
| Canada | 302731 | 167159 | 135572 | 44.8% |
| MidSouth | 256988 | 188070 | 68918 | 26.8% |
| Corporate<sup>(a)</sup> |  | 13740 | (13740) |  |
|  | $2228176 | $1541577 | $686599 | 30.8% |

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____________________

&nbsp;&nbsp;&nbsp;&nbsp;(a) The majority of Corporate expenses are allocated to the six operating segments. Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share-based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA for our Corporate segment for the periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in our most recent Annual Report on Form 10-K.

A reconciliation of segment EBITDA to Income before income tax provision is included in Note 10 to our Condensed Consolidated Financial Statements included in Part 1, Item 1 of this report.

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, are discussed below.

**Southern**

Revenue increased $39.6 million to $493.0 million for the three months ended March 31, 2026, from $453.4 million for the three months ended March 31, 2025, due to contributions from acquisitions, price increases and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by a decrease in commercial and residential collection volumes, lower roll off volumes and a decrease in recyclable commodity revenues as compared to the prior period.

Segment expenses increased $27.8 million to $332.5 million for the three months ended March 31, 2026, from $304.7 million for the three months ended March 31, 2025, due to an increase in expenses from acquisitions closed during the comparable periods, higher third-party brokerage, an increase in uncollectible accounts receivable, higher labor costs, an increase in truck, container, equipment and facility maintenance and repair expenses and higher landfill monitoring and maintenance costs, partially offset by a decrease in risk management costs, lower disposal costs and a decrease in expenses from operations divested during the current period.

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EBITDA increased $11.8 million to $160.5 million, or a 32.6% EBITDA margin for the three months ended March 31, 2026, from $148.7 million, or a 32.8% EBITDA margin for the three months ended March 31, 2025. The decrease in our EBITDA margin was due to the impact of acquisitions having lower EBITDA margins than our segment average, an increase in uncollectible accounts receivable and higher professional fees, partially offset by lower risk management costs, price-led increases in revenue, lower allocated corporate overhead and a decrease in labor costs as a percentage of revenue.

**Western**

Revenue increased $24.0 million to $462.4 million for the three months ended March 31, 2026, from $438.4 million for the three months ended March 31, 2025, due to price increases, higher post-collection volumes, an increase in residential and commercial collection volumes and contributions from acquisitions, partially offset by a decrease in recyclable commodity revenues as compared to the prior period, a decrease in intermodal activity and lower E&P waste revenues.

Segment expenses increased $13.0 million to $339.1 million for the three months ended March 31, 2026, from $326.1 million for the three months ended March 31, 2025, due to increased labor and benefits costs, an increase in operating costs associated with higher collection volumes, an increase in expenses from acquisitions closed during the comparable periods and higher fuel costs due to diesel prices, partially offset by lower allocated corporate overhead and a decrease in risk management costs.

EBITDA increased $11.1 million to $123.4 million, or a 26.7% EBITDA margin for the three months ended March 31, 2026, from $112.3 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due primarily to lower allocated corporate overhead, a decrease in post-closure liability interest accretion expense and lower risk management costs, partially offset by higher fuel costs, the impact of acquisitions having lower EBITDA margins than our segment average and an increase in professional fees.

**Eastern**

Revenue increased $2.4 million to $405.7 million for the three months ended March 31, 2026, from $403.3 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by lower commercial collection volumes, decreases in roll off and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior period.

Segment expenses decreased $2.5 million to $297.7 million for the three months ended March 31, 2026, from $300.2 million for the three months ended March 31, 2025, due to a decrease in truck, container, equipment and facility maintenance and repair expenses, lower labor costs, a decrease in disposal expense, lower allocated corporate overhead and lower fuel costs attributable to fixed-price fuel contracts, partially offset by an increase in expenses from acquisitions closed during the comparable periods, an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.

EBITDA increased $4.9 million to $108.0 million, or a 26.6% EBITDA margin for the three months ended March 31, 2026, from $103.1 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due primarily to a decrease in truck, container, equipment and facility maintenance and repair expenses, price-led revenue growth and a decrease in allocated corporate overhead, partially offset by an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.

**Central**

Revenue increased $23.4 million to $396.8 million for the three months ended March 31, 2026, from $373.4 million for the three months ended March 31, 2025, due to price increases, contributions from acquisitions and an increase in landfill gas sales, partially offset by lower roll off volumes, a decrease in commercial and residential collection volumes, lower E&P waste revenues and a decrease in recyclable commodity revenues.

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Segment expenses increased $10.0 million to $251.7 million for the three months ended March 31, 2026, from $241.7 million for the three months ended March 31, 2025, due to an increase in labor and benefits expenses, higher third-party brokerage, an increase in operating costs associated with higher post-collection volumes, an increase in fees paid for the processing of recyclable materials and an increase in truck, container, equipment and facility maintenance and repair expenses, partially offset by a decrease in allocated corporate overhead.

EBITDA increased $13.4 million to $145.1 million, or a 36.6% EBITDA margin for the three months ended March 31, 2026, from $131.7 million, or a 35.3% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due to price-led revenue growth, lower labor and benefits costs as a percentage of revenue, a decrease in allocated corporate overhead, a decrease in risk management costs and lower fuel costs, partially offset by an increase in fees paid for the processing of recyclable materials.

**Canada**

Revenue increased $42.1 million to $344.8 million for the three months ended March 31, 2026, from $302.7 million for the three months ended March 31, 2025, due to price increases, higher E&P waste revenues attributable to an increase in volumes, an increase in the average foreign currency exchange rate in effect during the comparable reporting periods, an increase in landfill gas sales and contributions from acquisitions, partially offset by a decrease in commercial and residential collection volumes and a decrease in recyclable commodity revenues.

Segment expenses increased $28.7 million to $195.9 million for the three months ended March 31, 2026, from $167.2 million for the three months ended March 31, 2025, due to an increase in operating costs associated with higher E&P and landfill volumes, higher labor and benefits costs, an increase in expenses associated with a new operating facility, higher allocated corporate overhead and an increase in expenses from acquisitions closed during the comparable periods.

EBITDA increased $13.3 million to $148.9 million, or a 43.2% EBITDA margin for the three months ended March 31, 2026, from $135.6 million, or a 44.8% EBITDA margin for the three months ended March 31, 2025. The decrease in our EBITDA margin was due to an increase in costs associated with incremental volumes and a new operating facility developed subsequent to the prior period, partially offset by lower labor and benefits costs as a percentage of revenue, an increase in renewable energy credits generated, lower fuel costs and a decrease in equipment rental fees.

**MidSouth**

Revenue increased $10.8 million to $267.8 million for the three months ended March 31, 2026, from $257.0 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by a decrease in residential and roll off collection volumes, lower recyclable commodity revenues and a decrease in landfill gas sales.

Segment expenses increased $6.4 million to $194.5 million for the three months ended March 31, 2026, from $188.1 million for the three months ended March 31, 2025, due to higher labor and benefits expenses, an increase in third-party brokerage, higher truck, container, equipment and facility maintenance and repair expenses and an increase in expenses from acquisitions closed during, or subsequent to, the prior period, partially offset by a decrease in allocated corporate overhead.

EBITDA increased $4.4 million to $73.3 million, or a 27.4% EBITDA margin for the three months ended March 31, 2026, from $68.9 million, or a 26.8% EBITDA margin for the three months ended March 31, 2025. The increase in our EBITDA margin was due primarily to price-led revenue growth, a decrease in allocated corporate overhead, lower landfill monitoring and maintenance expenses and a decrease in risk management costs, partially offset by an increase in third-party brokerage rates attributable to an increase in fuel costs.

**Corporate**

Segment expenses decreased $12.9 million to $0.8 million for the three months ended March 31, 2026, from $13.7 million for the three months ended March 31, 2025, due to a decrease in deal costs associated with acquisitions closed

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during, or subsequent to, the prior period, lower professional fees, a decrease in labor and benefits costs and lower incentive compensation costs, partially offset by decreased allocation of costs to our operating segments. EBITDA increased $12.9 million for the three months ended March 31, 2026, as compared to the prior-year period, due to the decrease in segment expenses.

LIQUIDITY AND CAPITAL RESOURCES

The following table sets forth cash flow information for the three months ended March 31, 2026 and 2025 (in thousands of U.S. dollars):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Net cash provided by operating activities | $545598 | $541539 |
| Net cash used in investing activities | (355701) | (603211) |
| Net cash provided by (used in) financing activities | (96141) | 113379 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (690) | (434) |
| Net increase in cash, cash equivalents and restricted cash | 93066 | 51273 |
| Cash, cash equivalents and restricted cash at beginning of period | 229580 | 198173 |
| Cash, cash equivalents and restricted cash at end of period | $322646 | $249446 |

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Operating Activities Cash Flows

Net cash provided by operating activities increased $4.1 million to $545.6 million for the three months ended March 31, 2026, from net cash provided by operating activities of $541.5 million for the three months ended March 31, 2025. The significant components of the increase included the following:

1) *Increase in earnings —* Our increase in net cash provided by operating activities was favorably impacted by $78.0 million from an increase in net income, excluding depreciation, amortization of intangibles, share-based compensation, adjustments to closure and post-closure liabilities, adjustments to contingent consideration, provision for expected credit losses, interest accretion and loss on disposal of assets and impairments, due primarily to price increases and operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025.

2) *Accounts payable and accrued liabilities —* Our increase in net cash provided by operating activities was unfavorably impacted by $39.0 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in a decrease to operating cash flows of $70.1 million for the three months ended March 31, 2026, compared to a decrease to operating cash flows of $31.1 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 was due primarily to outstanding obligations to vendors and accrued annual management bonus compensation as of December 31, 2025 that was paid in the current year period and a decrease in accrued interest due to the timing of interest payments, partially offset by an increase in accrued insurance costs and an increase in accrued payroll. The decrease for the three months ended March 31, 2025 was due primarily to outstanding obligations to vendors and accrued annual management bonus compensation as of December 31, 2024 that was paid in 2025, partially offset by an increase in accrued insurance costs and an increase in accrued payroll.

*3)* *Accounts receivable —* Our increase in net cash provided by operating activities was unfavorably impacted by $21.5 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $23.4 million for the three months ended March 31, 2026, compared to a decrease to operating cash flows of $1.9 million for the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 was driven by higher revenues, which remained as outstanding receivables at the end of the period. The decrease for the three months ended March 31, 2025 was due to increases in revenue, which remained as outstanding receivables at the end of the period and one fewer collection day in the period.

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4) *Deferred revenue —* Our increase in net cash provided by operating activities was unfavorably impacted by $14.4 million from an increase to operating cash flows of $7.4 million for the three months ended March 31, 2026, compared to an increase to operating cash flows of $21.8 million for the three months ended March 31, 2025. For both comparable periods, deferred revenue increased due to price increases on our advanced billed residential and commercial collection services.

At March 31, 2026, we had a working capital deficit of $631.1 million, including cash and equivalents of $112.4 million. Our working capital deficit decreased $181.6 million from a working capital deficit of $812.7 million at December 31, 2025, including cash and equivalents of $46.0 million, due primarily to an increase in cash and equivalents, decreases in accounts payable and accrued liabilities driven by accrued annual management bonus compensation that was paid in the current year period, and an increase in accounts receivable as a result of increases in revenue. To date, we have experienced no loss or lack of access to our cash and equivalents; however, we can provide no assurances that access to our cash and equivalents will not be impacted by adverse conditions in the financial markets. Our strategy in managing our working capital is generally to apply the cash generated from our operations that remains after satisfying our working capital and capital expenditure requirements, along with share repurchase and dividend programs, to reduce the unhedged portion of our indebtedness under our Revolving Credit Agreement and to minimize our cash balances.

*Investing Activities Cash Flows*

Net cash used in investing activities decreased $247.5 million to $355.7 million for the three months ended March 31, 2026, compared to $603.2 million for the three months ended March 31, 2025. The significant components of the decrease included the following:

1) A decrease in cash paid for acquisitions of $317.3 million; less

2) An increase in capital expenditures at operations owned in the comparable period of $71.4 million due to ongoing projects, expenditures for trucks and equipment and land, partially offset by a decrease in expenditures for facility improvements; and

3) An increase in capital expenditures at operations acquired during the comparable period of $12.7 million due to expenditures for facility improvements, trucks and equipment.

*Financing Activities Cash Flows*

Net cash used in financing activities was $96.1 million for the three months ended March 31, 2026, compared to net cash provided by financing activities of $113.4 million for the three months ended March 31, 2025, representing a decrease of $209.5 million. The significant components of the decrease included the following:

1) A decrease from higher payments to repurchase our common shares of $284.0 million during the three months ended March 31, 2026;

2) A decrease from higher cash dividends paid of $7.3 million due primarily to an increase in our quarterly dividend rate for the three months ended March 31, 2026 to $0.350 per share, from $0.315 per share for the three months ended March 31, 2025; less

3) An increase from the net change in long-term borrowings of $71.5 million in which long-term borrowings increased $313.6 million during the three months ended March 31, 2026 and increased $242.1 million during the three months ended March 31, 2025; and

4) An increase from lower payments related to contingent consideration of $16.0 million in which contingent consideration costs increased $4.1 million during the three months ended March 31, 2026 and increased $20.1 million during the three months ended March 31, 2025.

On August 8, 2025, we announced the annual renewal of our normal course issuer bid, or the NCIB, to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option. The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities. All common shares purchased under the NCIB will be immediately cancelled following their repurchase. Information regarding the NCIB can be found under the section "Normal Course Issuer Bid" in Note 16 to the Condensed Consolidated

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Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Our Board of Directors authorized the initiation of a quarterly cash dividend in October 2010 and has increased it on an annual basis. In October 2025, we announced that our Board of Directors increased our regular quarterly cash dividend by $0.035, from $0.315 to $0.350 per share. Cash dividends of $88.7 million and $81.5 million were paid during the three months ended March 31, 2026 and 2025, respectively. We cannot assure as to the amounts or timing of future dividends.

Our business is capital intensive. Our capital requirements include acquisitions and capital expenditures, including for landfill cell construction, landfill development, landfill closure activities and intermodal facility construction in the future. We made $296.6 million in capital expenditures for property and equipment during the three months ended March 31, 2026, and we expect to make total capital expenditures for property and equipment in 2026 of approximately $1.250 billion. We have funded and intend to fund the balance of our planned 2026 capital expenditures principally through cash on hand, internally generated funds and borrowings under our Revolving Credit Agreement. In addition, we may make substantial additional capital expenditures in acquiring land and solid waste businesses. If we acquire additional landfill disposal facilities, we may also have to make significant expenditures to bring them into compliance with applicable regulatory requirements, obtain permits or expand our available disposal capacity. We cannot currently determine the amount of these expenditures because they will depend on the number, nature, condition and permitted status of any acquired landfill disposal facilities. We believe that our cash and equivalents, Revolving Credit Agreement and the funds we expect to generate from operations will provide adequate cash to fund our working capital and other cash needs for the foreseeable future. However, disruptions in the capital and credit markets could adversely affect our ability to draw on our Revolving Credit Agreement or raise other capital. Our access to funds under the Revolving Credit Agreement is dependent on the ability of the banks that are parties to the agreement to meet their funding commitments. Those banks may not be able to meet their funding commitments if they experience shortages of capital and liquidity or if they experience excessive volumes of borrowing requests within a short period of time.

On March 16, 2026, we completed an underwritten public offering of $600.0 million aggregate principal amount of our 4.80% Senior Notes due 2036 (the "2036 Senior Notes"). The 2036 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time), by and between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee, as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026. See Note 9 to our Condensed Consolidated Financial Statements for further details on the 2036 Senior Notes.

At March 31, 2026, $2.076 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $37.3 million. We also had $184.1 million of letters of credit issued and outstanding at March 31, 2026 under a facility other than the Revolving Credit Agreement. Our Revolving Credit Agreement matures on February 27, 2029.

We are a well-known seasoned issuer with an effective shelf registration statement on Form S-3 filed in October 2024, which registers an unspecified amount of debt securities, including debentures, notes or other types of debt. In the future, we may issue debt securities under our shelf registration statement or in private placements from time to time on an opportunistic basis, based on market conditions and available pricing. Unless otherwise indicated in the relevant offering documents, we expect to use the proceeds from any such offerings for general corporate purposes, including repaying, redeeming or repurchasing debt, acquiring additional assets or businesses, capital expenditures and increasing our working capital.

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At March 31, 2026, we had the following contractual obligations:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) |
| |  | **Less Than** | **1 to 3** |  | **Over 5** |
| <br>**Recorded Obligations** | **Total** | **1 Year** | **Years** | **3 to 5 Years** | **Years** |
| Long-term debt | $9174971 | $8355 | $513621 | $3544428 | $5108567 |
| Cash interest payments | $2781576 | $343981 | $696591 | $422838 | $1318166 |
| Contingent consideration | $95631 | $61945 | $3224 | $3224 | $27238 |
| Operating leases | $412002 | $45621 | $104832 | $78779 | $182770 |
| Final capping, closure and post-closure | $2440920 | $155908 | $176407 | $50661 | $2057944 |

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Long-term debt payments include:

1) $2.076 billion in principal payments due February 27, 2029 related to our revolving credit facility under our Revolving Credit Agreement. We may elect to draw amounts on our Revolving Credit Agreement in U.S. dollar term SOFR rate loans, U.S. dollar base rate loans, Canadian dollar term CORRA rate loans, and Canadian dollar prime rate loans. At March 31, 2026, $695.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S. term SOFR rate loans, which bear interest at the term SOFR rate plus the applicable margin (for a total rate ranging from 4.54% to 4.55% on such date). At March 31, 2026, $133.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S. base rate loans, which bear interest at the base rate plus the applicable margin (for a total rate of 6.75% on such date). At March 31, 2026, $1.180 billion of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based CORRA rate loans, which bear interest at the term CORRA rate plus the applicable margin (for a total rate of 3.45% on such date). At March 31, 2026, $68.2 million of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based prime rate loans, which bear interest at the Canadian prime rate plus the applicable prime rate margin (for a total rate of 4.45% on such date).

2) $500.0 million in principal payments due 2028 related to our 2028 Senior Notes. The 2028 Senior Notes bear interest at a rate of 4.25%.

3) $500.0 million in principal payments due 2029 related to our 2029 Senior Notes. The 2029 Senior Notes bear interest at a rate of 3.50%.

4) $358.7 million in principal payments due 2029 related to our New 2029 Senior Notes. The New 2029 Senior Notes bear interest at a rate of 4.50%.

5) $600.0 million in principal payments due 2030 related to our 2030 Senior Notes. The 2030 Senior Notes bear interest at a rate of 2.60%.

6) $650.0 million in principal payments due 2032 related to our 2032 Senior Notes. The 2032 Senior Notes bear interest at a rate of 2.20%.

7) $500.0 million in principal payments due 2032 related to our New 2032 Senior Notes. The New 2032 Senior Notes bear interest at a rate of 3.20%.

8) $750.0 million in principal payments due 2033 related to our 2033 Senior Notes. The 2033 Senior Notes bear interest at a rate of 4.20%.

9) $750.0 million in principal payments due 2034 related to our 2034 Senior Notes. The 2034 Senior Notes bear interest at a rate of 5.00%.

10) $500.0 million in principal payments due 2035 related to our 2035 Senior Notes. The 2035 Senior Notes bear interest at a rate of 5.25%.

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11) $600.0 million in principal payments due 2036 related to our 2036 Senior Notes. The 2036 Senior Notes bear interest at a rate of 4.80%.

12) $500.0 million in principal payments due 2050 related to our 2050 Senior Notes. The 2050 Senior Notes bear interest at a rate of 3.05%.

13) $850.0 million in principal payments due 2052 related to our 2052 Senior Notes. The 2052 Senior Notes bear interest at a rate of 2.95%.

14) $25.3 million in principal payments related to our notes payable to sellers and other third parties. Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at March 31, 2026, and have maturity dates ranging from 2028 to 2044.

15) $14.7 million in principal payments related to our financing leases. Our financing leases bear interest at rates between 1.89% and 5.35% at March 31, 2026, and have expiration dates ranging from 2026 to 2035.

The following assumptions were made in calculating cash interest payments:

1) We calculated cash interest payments on the Revolving Credit Agreement using the term SOFR rate plus the applicable term SOFR margin, the base rate plus the applicable base rate margin, the term CORRA rate plus the applicable margin and the Canadian prime rate plus the applicable prime rate margin at March 31, 2026. We assumed the Revolving Credit Agreement is paid off when it matures in February 2029.

2) We calculated cash interest payments on our interest rate swaps using the stated interest rate in the swap agreement less the term SOFR rate through the earlier expiration of the term of the swaps or the term of the credit facility.

Contingent consideration payments include $81.2 million recorded as liabilities in our Condensed Consolidated Financial Statements at March 31, 2026, and $14.4 million of future interest accretion on the recorded obligations.

We are party to operating lease agreements and finance leases. These lease agreements are established in the ordinary course of our business and are designed to provide us with access to facilities and equipment at competitive, market-driven prices.

The estimated final capping, closure and post-closure expenditures presented above are in current dollars.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount of Commitment Expiration Per Period** | **Amount of Commitment Expiration Per Period** | **Amount of Commitment Expiration Per Period** | **Amount of Commitment Expiration Per Period** | **Amount of Commitment Expiration Per Period** |
| | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) | (amounts in thousands of U.S. dollars) |
| |  | **Less Than** | **1 to 3** | **3 to 5** | **Over 5** |
| <br>**Unrecorded Obligations**<sup>(1)</sup> | **Total** | **1 Year** | **Years** | **Years** | **Years** |
| Unconditional purchase obligations | $145282 | $112493 | $31159 | $1630 | $— |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We are party to unconditional purchase obligations. These purchase obligations are established in the ordinary course of our business and are designed to provide us with access to products at competitive, market-driven prices. At March 31, 2026, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 50.6 million gallons remaining to be purchased for a total of $145.3 million. The current fuel purchase contracts expire on or before December 31, 2029. These arrangements have not materially affected our financial position, results of operations or liquidity during the three months ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.

We have obtained financial surety bonds, primarily to support our financial assurance needs and landfill and E&P waste operations. We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.218 billion and $2.157 billion at March 31, 2026 and December 31, 2025, respectively. These arrangements have not materially affected our financial position, results of operations or liquidity during the three months

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ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.

From time to time, we evaluate our existing operations and their strategic importance to us. If we determine that a given operating unit does not have future strategic importance, we may sell or otherwise dispose of those operations. Although we believe our reporting units would not be impaired by such dispositions, we could incur losses on them.

The disposal tonnage that we received in the three-month periods ended March 31, 2026 and 2025, at all of our landfills during the respective period, is shown below (tons in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **Number**<br>**of Sites** | **Total**<br>**Tons** | **Number**<br>**of Sites** | **Total**<br>**Tons** |
| Owned operational landfills and landfills operated under life-of-site agreements | 107 | 12086 | 106 | 11551 |
| Operated landfills | 7 | 165 | 7 | 155 |
|  | 114 | 12251 | 113 | 11706 |

---

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NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

We present adjusted EBITDA, a non-GAAP financial measure, supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of our operations. We define adjusted EBITDA as net income, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. We further adjust this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of our business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently. Our adjusted EBITDA for the three-month periods ended March 31, 2026 and 2025, is calculated as follows (amounts in thousands of U.S. dollars):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Net income | $219344 | $241510 |
| Plus: Income tax provision | 64215 | 71467 |
| Plus: Interest expense | 87719 | 80875 |
| Less: Interest income | (3113) | (1770) |
| Plus: Depreciation and amortization | 314749 | 289949 |
| Plus: Closure and post-closure accretion | 10291 | 11874 |
| Plus: Impairments and other operating items | 79584 | 6440 |
| Less: Other income, net | (4085) | (1872) |
| Adjustments: |  |  |
| &nbsp;&nbsp;Plus: Transaction-related expenses <sup>(a)</sup> | 2360 | 11970 |
| &nbsp;&nbsp;Plus (less): Fair value changes to equity awards <sup>(b)</sup> | (1536) | 1770 |
| Adjusted EBITDA | $769528 | $712213 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects the addback of acquisition-related transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects fair value accounting changes associated with certain equity awards .

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Adjusted Net Income and Adjusted Net Income per Diluted Share

We present adjusted net income and adjusted net income per diluted share, both non-GAAP financial measures, supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income and adjusted net income per diluted share as one of the principal measures to evaluate and monitor the ongoing financial performance of our operations. We provide adjusted net income to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income has limitations due to the fact that it excludes items that have an impact on our financial condition and results of operations. Adjusted net income and adjusted net income per diluted share are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently. Our adjusted net income and adjusted net income per diluted share for the three-month periods ended March 31, 2026 and 2025, are calculated as follows (amounts in thousands of U.S. dollars, except per share amounts):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **March 31,**  | **March 31,**  |
|  | **2026** | **2025** |
| Reported net income | $219344 | $241510 |
| Adjustments: |  |  |
| &nbsp;&nbsp;Amortization of intangibles <sup>(a)</sup> | 47264 | 47642 |
| &nbsp;&nbsp;Impairments and other operating items <sup>(b)</sup> | 79584 | 6440 |
| &nbsp;&nbsp;Transaction-related expenses <sup>(c)</sup> | 2360 | 11970 |
| &nbsp;&nbsp;Fair value changes to equity awards <sup>(d)</sup> | (1536) | 1770 |
| &nbsp;&nbsp;Tax effect <sup>(e)</sup> | (32136) | (16212) |
| Adjusted net income | $314880 | $293120 |
| Diluted earnings per common share: |  |  |
| &nbsp;&nbsp;Reported net income | $0.86 | $0.93 |
| &nbsp;&nbsp;Adjusted net income | $1.23 | $1.13 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects the elimination of the non-cash amortization of acquisition-related intangible assets .

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects the addback of impairments and other operating items.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects the addback of acquisition-related transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects fair value accounting changes associated with certain equity awards.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.

INFLATION

In the current environment, we have seen inflationary pressures resulting from higher materials or labor costs in certain markets and higher resulting third-party costs in areas such as brokerage, repairs and construction, and we have seen impacts from geopolitical events, including the Iran war, that are resulting in increased costs related to fuel. Additionally, significant changes in trade policies, including tariffs in the U.S. or retaliatory policies in other countries, including Canada, may increase the cost of certain equipment we purchase in the U.S. and Canada. Consistent with industry practice, many of our contracts allow us to pass through certain costs to our customers, including increases in landfill tipping fees and, in some cases, fuel costs. To the extent that there are decreases in fuel costs, in some cases, a portion of these reductions are passed through to customers in the form of lower fuel and material surcharges. We believe that, over time, we should be able to increase prices to offset many cost increases that result from inflation and any potential impact from changes in trade policies or tariffs within the ordinary course of business. However, competitive pressures or delays in the timing of rate increases under certain of our contracts may require us to absorb at least part of these cost increases, especially if cost increases exceed the average rate of inflation. Management's estimates associated with inflation have an impact on our accounting for landfill liabilities.

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SEASONALITY

Based on historic trends, excluding any impact from an economic recession, we would expect our operating results to vary seasonally, with revenues typically lowest in the first quarter, higher in the second and third quarters and lower in the fourth quarter than in the second and third quarters. This seasonality reflects (a) the lower volume of solid waste generated during the late fall, winter and early spring because of decreased construction and demolition activities during winter months in Canada and the U.S. and (b) reduced E&P activity during harsh weather conditions, with expected fluctuation due to such seasonality between our highest and lowest quarters of approximately 10%. In addition, some of our operating costs may be higher in the winter months. Adverse winter weather conditions slow waste collection activities, resulting in higher labor and operational costs. Greater precipitation in the winter increases the weight of collected municipal solid waste, resulting in higher disposal costs, which are calculated primarily on a per ton basis.

#### Item 3. Quantitative and Qualitative Disclosures About Market Risk
In the normal course of business, we are exposed to market risk, including changes in interest rates, prices of certain commodities and foreign currency exchange rate risks. We use hedge agreements to manage a portion of our risks related to interest rates. While we are exposed to credit risk in the event of non-performance by counterparties to our hedge agreements, in all cases such counterparties are highly rated financial institutions and we do not anticipate non-performance under current market conditions. We do not hold or issue derivative financial instruments for trading purposes. We monitor our hedge positions by regularly evaluating the positions at market and by performing sensitivity analyses over the unhedged variable rate debt positions.

At March 31, 2026, our derivative instruments included one interest rate swap agreement that effectively fixes the interest rate on the applicable notional amounts of our variable rate debt as follows (dollars in thousands of U.S. dollars):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Date Entered**  | <br>**Notional**<br>**Amount** | **Fixed**<br>**Interest**<br>**Rate Paid** <sup>(a)</sup> | **Variable**<br>**Interest Rate**<br>**Received** | <br>**Effective Date** <sup>(b)</sup> | <br>**Expiration**<br>**Date** |
| December 2018 | $200000 | 2.7715% | 1-month term SOFR | November 2022 | July 2027 |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;(a) Plus applicable margin.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In October 2022, we amended the reference rate in our outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments. We did not record any gains or losses upon the conversion of the reference rates in this interest rate swap contract, and we believe this amendment will not have a material impact on our Condensed Consolidated Financial Statements.

Under derivatives and hedging guidance, the interest rate swap agreements are considered cash flow hedges for a portion of our variable rate debt, and we apply hedge accounting to account for these instruments. The notional amounts and all other significant terms of the swap agreements are matched to the provisions and terms of the variable rate debt being hedged.

We have performed sensitivity analyses to determine how market rate changes will affect the fair value of our unhedged floating rate debt. Such an analysis is inherently limited in that it reflects a singular, hypothetical set of assumptions. Actual market movements may vary significantly from our assumptions. Fair value sensitivity is not necessarily indicative of the ultimate cash flow or earnings effect we would recognize from the assumed market rate movements. We are exposed to cash flow risk due to changes in interest rates with respect to the unhedged floating rate balances owed at March 31, 2026 and December 31, 2025, of $1.876 billion and $2.182 billion, respectively, including floating rate debt under our Revolving Credit Agreement. A one percentage point increase in interest rates on our variable-rate debt at March 31, 2026 and December 31, 2025, would decrease our annual pre-tax income by approximately $18.8 million and $21.8 million, respectively. All of our remaining debt instruments are at fixed rates, or effectively fixed under the interest rate swap agreement described above; therefore, changes in market interest rates under these instruments would not significantly impact our cash flows or results of operations, subject to counterparty default risk.

The market price of diesel fuel is unpredictable and can fluctuate significantly. Because of the volume of fuel we purchase each year, a significant increase in the price of fuel could adversely affect our business and reduce our operating margins. To manage a portion of this risk, we periodically enter into fuel hedge agreements related to forecasted diesel

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fuel purchases, and we also enter into fixed price fuel purchase contracts. At March 31, 2026, we had no fuel hedge agreements in place; however, we have entered into fixed price diesel fuel purchase contracts for the three months ended March 31, 2026 as described below.

For the year ending December 31, 2026, we expect to purchase approximately 92.0 million gallons of diesel fuel, of which 50.2 million gallons will be purchased at market prices and 41.8 million gallons will be purchased under our fixed price diesel fuel purchase contracts. We have performed sensitivity analyses to determine how market rate changes will affect the fair value of our unhedged, market rate diesel fuel purchases. Such an analysis is inherently limited in that it reflects a singular, hypothetical set of assumptions. Actual market movements may vary significantly from our assumptions. Fair value sensitivity is not necessarily indicative of the ultimate cash flow or earnings effect we would recognize from the assumed market rate movements. During the nine month period of April 1, 2026 to December 31, 2026, we expect to purchase approximately 37.6 million gallons of diesel fuel at market prices; therefore, a $0.10 per gallon increase in the price of diesel fuel over the remaining nine months in 2026 would decrease our pre-tax income during this period by approximately $3.8 million.

We market a variety of recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles and ferrous and aluminum metals. We own and operate recycling operations and market collected recyclable materials to third parties for processing before resale. Where possible, to reduce our exposure to commodity price risk with respect to recycled materials, we have adopted a pricing strategy of charging collection and processing fees for recycling volume collected from third parties. In the event of a decline in recycled commodity prices, a 10% decrease in average recycled commodity prices from the average prices that were in effect during the three months ended March 31, 2026 and 2025, would have had a $5.2 million and $5.9 million impact on revenues, respectively.

We have operations in Canada and, where significant, we have quantified and described the impact of foreign currency translation on components of income, including operating revenue and operating costs. However, the impact of foreign currency has not materially affected our results of operations in 2026 or 2025. A $0.01 change in the Canadian dollar to U.S. dollar exchange rate would impact our annual revenue and EBITDA by approximately $20.0 million and $9.0 million, respectively.

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#### Item 4. Controls and Procedures
As required by Rule 13a-15(b) under the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our President and Chief Executive Officer and our Executive Vice President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) as of the end of the fiscal quarter covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based on this evaluation, our President and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded as of March 31, 2026, that our disclosure controls and procedures were effective at the reasonable assurance level such that information required to be disclosed in our Exchange Act reports: (1) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms; and (2) is accumulated and communicated to our management, including our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

During the quarter ended March 31, 2026, there was no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

#### Item 1. Legal Proceedings
Information regarding our legal proceedings can be found in Note 17 of our Condensed Consolidated Financial Statements included in Part I, Item 1 of this report and is incorporated herein by reference.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 8, 2025, we announced the annual renewal of our NCIB to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option. The renewal followed the conclusion of our previous NCIB that expired August 11, 2025. Under the NCIB, we may make share repurchases on the TSX, the NYSE, the NYSE Texas, and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction and subject to certain volume limitations in accordance with the rules of the TSX and the SEC. The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities. All common shares purchased under the NCIB will be immediately cancelled following their repurchase. During the three months ended March 31, 2026, we have repurchased 1.7 million of our common shares pursuant to the NCIB in effect during that period at an aggregate cost of $284.0 million, or an average price of $167.52 per share. The table below reflects repurchases we made during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Period** | <br>**Total Number**<br>**of Shares**<br>**Purchased** | <br>**Average**<br>**Price Paid**<br>**Per Share** <sup>(1)</sup> | **Total Number of**<br>**Shares Purchased**<br>**as Part of Publicly**<br>**Announced**<br>**Program** <sup>(2)</sup> | **Maximum Number**<br>**of Shares that**<br>**May Yet Be**<br>**Purchased Under**<br>**the Program** <sup>(2)</sup> |
| 1/1/26 - 1/31/26 |  | $— |  | 11396255 |
| 2/1/26 - 2/28/26 | 730278 | $166.31 | 730278 | 10665977 |
| 3/1/26 - 3/31/26 | 964771 | $168.44 | 964771 | 9701206 |
|  | 1695049 | $167.52 | 1695049 |  |

---

____________________

&nbsp;&nbsp;&nbsp;&nbsp;(a) This amount represents the weighted average price paid per common share. This price includes a per share commission and buyback taxes paid for all repurchases.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The annual renewal of our NCIB was announced on August 8, 2025, and unless terminated at our option, it will expire on August 11, 2026 or, if earlier, upon the purchase of the full 12,855,691 common shares authorized for purchase under the NCIB.

#### Item 5. Other Information
*Rule 10b5-1 Trading Plans.*

During the quarter ended March 31, 2026, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

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#### Item 6. Exhibits

---

| | |
|:---|:---|
| **ExhibitNumber** | **Description of Exhibits** |
| 3.1  | [Articles of Amendment (incorporated by reference to Exhibit 3.1 of the Registrant's Form 8-K filed on May 26, 2017)](http://www.sec.gov/Archives/edgar/data/1318220/000114420417029843/v467847_ex3-1.htm) |
| 3.2 | [Articles of Amalgamation (incorporated by reference to Exhibit 3.2 of the Registrant's Form 8-K filed on June 7, 2016)](http://www.sec.gov/Archives/edgar/data/1318220/000114420416107288/v441579_ex3-2.htm) |
| 3.3 | [Articles of Amendment (incorporated by reference to Exhibit 3.1 of the Registrant's Form 8-K filed on June 7, 2016)](http://www.sec.gov/Archives/edgar/data/1318220/000114420416107288/v441579_ex3-1.htm) |
| 3.4 | [By-law No. 1 of the Registrant (incorporated by reference to Exhibit 3.3 of the Registrant's Form 8-K filed on June 7, 2016)](http://www.sec.gov/Archives/edgar/data/1318220/000114420416107288/v441579_ex3-3.htm) |
| 4.1 | [Eleventh Supplemental Indenture, dated as of March 16, 2026, by and between Waste Connections, Inc. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 of the Registrant's Form 8-K filed on March 16, 2026)](https://www.sec.gov/Archives/edgar/data/0001318220/000110465926028475/tm268779d2_ex4-2.htm) |
| 31.1 | [Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a)](wcn-20260331xex31d1.htm) |
| 31.2 | [Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a)/15d-14(a)](wcn-20260331xex31d2.htm) |
| 32.1 | [Certification of Principal Executive Officer pursuant to 18 U.S.C. §1350](wcn-20260331xex32d1.htm) |
| 32.2 | [Certification of Principal Financial Officer pursuant to 18 U.S.C. §1350](wcn-20260331xex32d2.htm) |
| 101.INS | The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **WASTE CONNECTIONS, INC.** | **WASTE CONNECTIONS, INC.** |
| Date: April 23, 2026 | BY: | /s/ Ronald J. Mittelstaedt |
|  |  | Ronald J. Mittelstaedt |
|  |  | President and Chief Executive Officer |
| Date: April 23, 2026 | BY:  | /s/ Mary Anne Whitney |
|  |  | Mary Anne Whitney |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a) OR RULE 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Ronald J. Mittelstaedt, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Waste Connections, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 23, 2026 |  |
|  | /s/ Ronald J. Mittelstaedt |
|  | Ronald J. Mittelstaedt |
|  | President and Chief Executive Officer<br>(Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a) OR RULE 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Mary Anne Whitney, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Waste Connections, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: April 23, 2026 |  |
|  | /s/ Mary Anne Whitney |
|  | Mary Anne Whitney |
|  | Executive Vice President and Chief Financial Officer<br>(Principal Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)**

I, Ronald J. Mittelstaedt, being the duly elected and acting President and Chief Executive Officer of Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2026 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| 9<br>|  |  |
| Date: April 23, 2026 | By: | /s/ Ronald J. Mittelstaedt |
|  |  | Ronald J. Mittelstaedt |
|  |  | President and Chief Executive Officer |

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The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except to the extent that the Company specifically incorporates it by reference.

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)**

I, Mary Anne Whitney, being the duly elected and acting Executive Vice President and Chief Financial Officer of Waste Connections, Inc., a corporation organized under the laws of Ontario, Canada (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2026 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: April 23, 2026 | By: | /s/ Mary Anne Whitney |
|  |  | Mary Anne Whitney |
|  |  | Executive Vice President and |
|  |  | Chief Financial Officer |

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The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. Section 1350, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except to the extent that the Company specifically incorporates it by reference.

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