GFL Environmental Inc.

GFL Environmental has significantly expanded its Southern US footprint through the strategic acquisition of Frontier Waste Solutions, a vertically integrated solid waste network operating across 24 sites in Texas with over 650 vehicles and nearly 1,000 employees. The acquisition strengthens GFL's presence in the Texas Triangle, identified as one of the fastest growing regions in the United States. A notable aspect of the transaction is the US$100 million rollover of proceeds into GFL shares by Frontier shareholders, including CEO John Gustafson, who will continue to lead the business under GFL's ownership. This equity commitment signals strong alignment and confidence in the combined entity's future value creation. In addition to the Frontier transaction, GFL has completed seven other tuck-in acquisitions year-to-date, collectively expected to contribute $425.0 to $450.0 million in aggregate annualized revenue. Management indicated these transactions position the company to meaningfully increase its 2026 guidance when first quarter results are reported later in April. Despite the acquisition activity, GFL maintains its 2026 Net Leverage target in the low to mid 3s, supported by balance sheet strength and organic growth. The acquisitions were financed through a combination of the credit facility, cash on hand, and the issuance of 2,582,463 subordinate voting shares.