Waste Connections (WCN) 11th Annual Waste and Environmental Symposium summary

Business model and market strategy

• Operates in 46 U.S. states and six Canadian provinces, focusing on franchise/exclusive and secondary/rural markets for high profitability and contract stability.

• Holds leading industry pricing, margins, and free cash flow conversion, outperforming peers by significant basis points.

Cost inflation and tariffs

• Cost inflation is moderating, projected at 4.5% for the year, down from high single digits in 2022.

• Tariff exposure is minimal, with limited cross-border transactions and a small portion of fleet components affected, representing $10–$15 million of risk on $1 billion CapEx.

M&A pipeline and growth

• Active M&A pipeline with $75 million in deals closed or expected to close in Q2, aiming for $200–$500 million in annualized acquired revenue this year.

• Focus remains on solid waste businesses, with $4.5–$5 billion in targetable private companies and broad geographic deal activity.

• E&P business also presents acquisition opportunities, continuing last year’s momentum.