Casella Waste Systems (CWST) Investor presentation summary

Company overview and market positioning

• Provides integrated solid waste, recycling, and resource solution services with $2.07 billion in 2026E revenue, operating in 11 states in the Eastern U.S.

• Focuses on secondary and tertiary markets, with a strong disposal footprint in the capacity-constrained Northeast.

• Solid waste is a ~$100 billion, recession-resistant industry, with integrated operations across collection, recycling, disposal, and sustainability.

• Maintains a disciplined growth strategy with organic development and significant M&A opportunities, supported by a low leverage profile and ample liquidity.

• Consistent track record of growth, margin expansion, and cash flow generation.

Financial performance and guidance

• 2026 revenue guidance is $2.060–$2.080 billion, up 12.7% year-over-year at midpoint.

• Adjusted EBITDA guidance for 2026 is $473–$483 million, up 13.1% year-over-year at midpoint.

• Adjusted Free Cash Flow guidance is $200–$210 million, up 13.9% year-over-year at midpoint.

• Net income guidance for 2026 is $4–$10 million; net cash from operating activities is $370–$380 million.

• Revenue, Adjusted EBITDA, and Adjusted Free Cash Flow have grown at CAGRs of 19%, 20%, and 21% respectively from 2021–2025.

Strategic initiatives and operational highlights

• Core strategies include collection profitability, automation, labor effectiveness, and positive price/cost spread.

• Focus on long-term disposal capacity, internalization, and operational improvements with compaction technology.

• Resource Solutions segment invests in MRF upgrades, national accounts, and sustainability solutions.

• Capital allocation is disciplined and return-driven, with a robust pipeline of synergistic acquisitions.

• Foundational pillars include team, customers, culture, technology, and modern assets.