Casella Waste Systems (CWST) 47th Annual Raymond James Institutional Investor Conference summary

Strategic Focus and Value Drivers

• Emphasis on consistent strategic planning, value creation through collection operations, pricing ahead of inflation, and operational efficiency initiatives.

• Significant value generated from recycling, organics, and national accounts within the Resource Solutions business.

• Growth strategy centers on internal development, site expansions, new recycling capacity, and an active acquisition pipeline, with nearly 80 acquisitions in six years.

• Foundational pillars include people, culture, communication, sales channels, and asset positioning.

• Technology investments and automation are key, focusing on scalable platforms and operational efficiency to support growth.

Financial Performance and Guidance

• Revenue CAGR of ~19% and Adjusted EBITDA CAGR of ~20% from 2020 to 2026 guidance, with 2026 revenue expected at $1.97–$1.98 billion.

• 2026 Adjusted EBITDA guidance of $455–$465 million, up 9.5% year-over-year at midpoint.

• Adjusted Free Cash Flow projected at $195–$205 million for 2026, up 11.2% year-over-year at midpoint.

• Net income guidance for 2026 is $16–$22 million; net cash from operations expected at $370–$380 million.

• Capital spending for 2026 planned at $260 million, including $65 million upfront for acquisitions.

Acquisition and Growth Strategy

• Robust M&A pipeline, with 77–80 acquisitions since 2018, adding $1 billion in annual revenue and expanding geographic reach.

• Acquisition strategy targets geographic overlaps, tuck-ins, and strategic adjacencies for synergy and margin expansion.

• Notable case studies include building a leading Mid-Atlantic market position and acquiring Royal, a market leader in NY and CT, for over $90 million in annualized revenue.

• Acquisitions drive automation, route and facility consolidation, and capital equipment upgrades.

• Acquisition pipeline expected to add $150–$200 million in revenue by 2026, focusing on high-quality, synergistic targets.