Secure Announces 2025 Third Quarter Results

Press Release

CALGARY, AB, Oct. 30, 2025 – SECURE Waste Infrastructure Corp. (“SECURE” or the “Corporation”) (TSX: SES), a leading waste management and energy infrastructure company, reported today its operational and financial results for the three and nine months ended September 30, 2025.

“We were pleased to deliver third quarter Adjusted EBITDA of $135 million, or $0.62 per share, up 17% from the same period in the prior year,” said Allen Gransch, President & CEO. “Our revised 2025 Adjusted EBITDA guidance of approximately $500 million reflects near-term commodity softness and associated oil and gas activity levels, as well as ongoing market repositioning of our scrap metal to the U.S. due to trade-related factors. Our core waste and infrastructure network continues to perform in line with expectations, and underscores the strength and stability of SECURE’s recurring cash flow even amid lower oil prices and disciplined producer spending.

“Canadian oil and gas is essential to meeting global energy demand, and as production and infrastructure investment expand across Western Canada, the need for specialized waste and water handling continues to grow,” added Gransch. “SECURE’s extensive network is positioned at the center of this activity, enabling safe, efficient growth for our customers and driving stable, recurring EBITDA through long-cycle, contract-backed projects.

“During the quarter, we advanced several of these strategic infrastructure projects that will contribute incremental volumes in the quarters ahead. As these assets come online, together with a normalization in metals recycling and continued strength in our core waste and energy infrastructure network, we expect to deliver solid Adjusted EBITDA growth in 2026 while maintaining disciplined capital returns to shareholders.

THIRD QUARTER HIGHLIGHTS

• Generated revenue (excluding oil purchase and resale) of $365 million, down 2% compared to the third quarter of 2024. The decrease was primarily driven by lower specialty chemicals revenue due to reduced drilling and completion activity, which also contributed to lower volumes across SECURE’s waste facility network. The decrease was largely offset by higher pricing across key service lines and contributions from the Edmonton-based metals recycling business acquired on January 31, 2025.
• Recorded net income of $1 million, compared to net income of $94 million in the same period of 2024. The decrease in earnings was primarily due to a one-time non-cash provision of $55 million related to an underutilized crude storage contract recorded in the current quarter. In addition, results for the third quarter of 2024 included a one-time current and deferred tax recovery of $30 million. Excluding these non-recurring items, net income was relatively consistent year-over-year, reflecting stable underlying operating performance.
• Recorded Adjusted EBITDA¹ of $135 million ($0.62 per basic share¹), representing a 6% year-over-year increase (17% increase on a per share basis) due to investments in the metals recycling business, higher pricing across key service lines, and cost optimizations across our network.
• Generated funds flow from operations of $96 million ($0.44 per basic share), and discretionary free cash flow¹ of $68 million ($0.31 per basic share¹), supporting the continued execution of SECURE’s capital allocation priorities.
• Incurred $54 million of growth capital expenditures ($97 million year to date) directed primarily towards advancing construction of two produced water processing and disposal facilities, including pipeline infrastructure, in the Alberta Montney region to accommodate growing producer volumes.
• Repurchased approximately 1.7 million common shares at a weighted average price of $15.77 per share for $27 million under the Corporation’s Normal Course Issuer Bid (“NCIB”). Year-to-date share repurchases under the NCIB and the Corporation’s Substantial Issuer Bid totaled approximately 18.1 million common shares for $268 million. In total, the Corporation has repurchased approximately 8% of its issued and outstanding shares to date in 2025.
• Declared and paid a quarterly dividend of $0.10 per common share, consistent with our capital allocation strategy and representing a yield of approximately 2% on our current share price.
• Maintained financial flexibility, ending the quarter with a Total Debt to EBITDA covenant ratio² of 2.1x, or 1.8x excluding leases.

(1)Non-GAAP financial measure or Non-GAAP ratio. Refer to the “Non-GAAP and other specified financial measures” section herein.

(2)Calculated in accordance with the Corporation’s credit facility agreements. Refer to the Q3 2025 Management’s Discussion and Analysis (“MD&A”).

OUTLOOK

Our customers continue to approach the current environment with caution, emphasizing discipline and operational efficiency. Macroeconomic volatility continues, with the recent further decline in commodity prices, recessionary concerns, and trade-related disruptions in our metals recycling business stemming from evolving U.S. tariff dynamics with Canada where we have seen no further advancement in negotiations. As a result, we highlighted near-term volatility in the metals recycling business, particularly within the ferrous market, which remains challenged in Canada with a 50% tariff on finished steel sold into the U.S.

For the fourth quarter, SECURE expects continued stability across its waste and energy infrastructure network, supported by steady production-related and industrial volumes. While benchmark oil prices are approximately 15% lower year over year, our business continues to perform well, underscoring the strength of our infrastructure-backed, recurring cash flow model. Approximately 80% of our Adjusted EBITDA is tied to ongoing production and industrial activity, with the balance linked to drilling and completions. This mix provides resilience through market fluctuations, with production-driven waste volumes remaining steady even as customers emphasize capital discipline.

The revision to our 2025 Adjusted EBITDA guidance from $510–$540 million to approximately $500 million reflects the near-term weakness in the metals recycling business and reduced industry drilling and completion activity due to further weakening in benchmark oil prices. The metals recycling business remains challenged in the near term by soft Canadian demand and foreign steel oversupply, compounded by tariffs on finished steel sold into the U.S. and broader macroeconomic caution limiting new steel production. These conditions have reduced domestic sales and led to a build-up of our ferrous inventory. We have redirected our shipments to stronger U.S. markets, where scrap metal from Canada remains exempt from tariffs, though the full financial benefit may be realized into 2026 as we continue to manage logistics, our average turns per month and expand our rail capacity – a key competitive advantage that provides greater flexibility and cost efficiency in serving multiple markets. We continue to manage this business proactively by:

• Expanding our rail fleet with 50 new cars in 2025 and adding 50 cars on short-term lease to improve efficiency and access to U.S. markets;
• Prioritizing non-ferrous materials with stronger fundamentals; and
• Maintaining disciplined purchasing and feedstock pricing to protect margins.

We expect performance to improve as three key factors normalize:

• Rail throughput increases and logistics efficiencies take effect;
• North American steel demand recovers, supported by infrastructure and manufacturing investment; and
• Import pressure eases as global steel production moderates.

Based on current visibility, we expect the fourth quarter of 2025 Adjusted EBITDA to be broadly consistent with third quarter levels, supported by continued execution in our core network and contributions from new infrastructure projects. We are providing the following updated full year guidance:

• Adjusted EBITDA: Approximately $500 million;
• Discretionary Free Cash Flow: Approximately $260 million, reflecting the corresponding reduction in Adjusted EBITDA; and
• Capital Expenditures: No change to expected capital spending, which includes $125 million of growth spending, and $85 million related to sustaining capital.

Growth Drivers and 2026 Outlook

SECURE expects to enter into 2026 with strong operational momentum and the benefit of several long-cycle projects nearing completion. The Corporation expects to deliver solid Adjusted EBITDA growth year-over-year, driven by organic project start-ups, metals recovery, and stable underlying demand across our waste and energy infrastructure network.

Despite lower commodity prices, Canadian oil and gas production remains resilient, with new infrastructure projects supporting long-term stability in volumes.  The start-up of the Trans Mountain Expansion and commissioning of LNG Canada are driving lasting improvements in egress, narrowing price differentials, and supporting incremental production and associated waste volumes. Additional LNG export capacity and data center developments, and ongoing government programs aimed at liability reduction are expected to reinforce these structural tailwinds in the years ahead. These trends continue to provide a solid foundation for SECURE’s long-term growth.

The Corporation anticipates that growth in 2026 will be driven by:

• Commissioning of new infrastructure assets. In 2025, SECURE is investing approximately $125 million organic growth capital, over 70% of which is directed toward long-cycle, contracted infrastructure projects that generate stable, recurring cash flows across all commodity cycles. These investments are expected to contribute significant incremental Adjusted EBITDA in 2026, primarily from two greenfield produced water disposal facilities in the Montney and the reopening of an industrial waste processing facility in Alberta’s Industrial Heartland.
• Metals recycling recovery. Performance is expected to improve as U.S. rail shipments accelerate, inventory levels built-up in 2025 are drawn down, and incremental sales are realized through 2026. The normalization of logistics and U.S. demand, along with moderating global steel supply, is expected to support a gradual return to pre-tariff performance levels.
• Steady waste and infrastructure volumes. Ongoing development, stable production volumes and mandated environmental remediation programs continue to drive consistent base business activity across SECURE’s network. The Corporation also expects to implement modest pricing increases to offset inflationary cost increases.

The Corporation expects to provide 2026 Adjusted EBITDA and capital investment guidance in February 2026 along with the release of our fourth quarter and full year 2025 financial results. This timing aligns more closely with industry practice among our waste peers.

SECURE is pleased to have the continued support of TPG Angelo Gordon as a significant shareholder of the Corporation and through the ongoing engagement of their board nominee.  Our relationship with TPG Angelo Gordon remains strong, with their existing significant ownership position reinforcing the strategic direction of the Corporation.

Capital Allocation

With leverage of 2.1x (1.8x excluding leases) at September 30, 2025, and substantial discretionary free cash flow generation expected, SECURE will continue to balance capital returns with disciplined investment in high-return growth projects.

SECURE’s strong balance sheet and cash flow profile provide flexibility to execute on its capital priorities, including:

• Advancing high-return organic projects and complementary M&A opportunities that deliver stable, recurring cash flows and strong returns;
• Maintaining the quarterly dividend of $0.10 per share ($0.40 annualized), equal to approximately $88 million based on current shares outstanding, generating a yield of approximately 2%;
• At management’s and the Board’s discretion, continuing opportunistic share repurchases under the NCIB as a core component of our capital allocation strategy, supported by management’s confidence in SECURE’s intrinsic value; and
• Maintaining a strong balance sheet with financial capacity to support growth and capital returns.

With over 80 high-barrier to entry facilities strategically located across Western Canada and North Dakota, SECURE is well positioned to manage the growing volumes of waste and water associated with industrial and upstream development. A disciplined approach to capital allocation, a strong balance sheet, and a contract-backed investment strategy are expected to enable sustainable growth and resilient shareholder returns through 2026 and beyond.

THIRD QUARTER 2025 CONFERENCE CALL

SECURE will host a conference call on Thursday, October 30, 2025, at 9:00 a.m. MST to discuss the third quarter results. To participate in the conference call, dial 437-900-0527 or toll free 1-888-510-2154. To access the simultaneous webcast, please visit www.secure.ca/financial-statements-and-events. For those unable to listen to the live call, a taped broadcast will be available at www.secure.ca and, until midnight MST on Thursday, November 6, 2025, by dialing 1-888-660-6345 and using the pass code 96326#.

ABOUT SECURE

SECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta. The Corporation’s extensive infrastructure network located throughout western Canada and North Dakota includes waste processing and transfer facilities, industrial landfills, metal recycling facilities, crude oil and water gathering pipelines, crude oil terminals and storage facilities. Through this infrastructure network, the Corporation carries out its principal business operations, including the collection, processing, recovery, recycling and disposal of waste streams generated by our energy and industrial customers and gathering, optimization, terminalling and storage of crude oil and natural gas liquids. The solutions the Corporation provides are designed not only to help reduce costs, but also lower emissions, increase safety, manage water, recycle by-products and protect the environment.

SECURE’s shares trade under the symbol SES and are listed on the Toronto Stock Exchange.

NON-GAAP AND OTHER SPECIFIED FINANCIAL MEASURES

The Corporation uses accounting principles that are generally accepted in Canada (the issuer’s “GAAP”), which includes International Financial Reporting Standards (“IFRS”). This news release contains certain measures that are considered “specified financial measures” (being either “non-GAAP financial measures”, “non-GAAP ratios”, “capital management measures” or “supplementary financial measures”, as applicable) as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosures, including: Adjusted EBITDA and Discretionary Free Cash Flow (non-GAAP financial measures); Adjusted EBITDA per basic share (non-GAAP ratio); Discretionary Free Cash Flow per basic share (non-GAAP ratio);and Total Debt (capital management measure), which do not have any standardized meaning as prescribed by IFRS. These measures are intended as a complement to results provided in accordance with IFRS. The Corporation believes these measures provide additional useful information to analysts, shareholders and other users to understand the Corporation’s financial results, profitability, cost management, liquidity and ability to generate funds to finance its operations.

However, these measures should not be used as an alternative to IFRS measures because they are not standardized financial measures under IFRS and therefore might not be comparable to similar financial measures disclosed by other companies. See the “Non-GAAP and other specified financial measures” section of the Corporation’s MD&A for the three and nine months ended September 30, 2025 and 2024 for further details, which is incorporated by reference herein and available on SECURE’s profile at www.sedarplus.ca  and on our website at www.secure.ca.

Adjusted EBITDA and Adjusted EBITDA per basic share

Adjusted EBITDA is calculated as noted in the table below and reflects items that the Corporation considers appropriate to adjust given the irregular nature and relevance to comparable operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue (excluding oil purchase and resale). Adjusted EBITDA per basic share is defined as Adjusted EBITDA divided by basic weighted average common shares. For the three and nine months ended September 30, 2025 and 2024, transaction and related costs have been adjusted as they are costs outside the normal course of business.

The following table reconciles the Corporation’s net income, being the most directly comparable financial measure disclosed in the Corporation’s financial statements, to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024.

Discretionary free cash flow  and Discretionary free cash flow per basic share

Discretionary free cash flow is defined as funds flow from operations adjusted for sustaining capital expenditures, and lease payments. The Corporation may deduct or include additional items in its calculation of discretionary free cash flow that are unusual, non-recurring, or non-operating in nature. Discretionary Free Cash Flow per basic share is defined as discretionary free cash flow divided by basic weighted average common shares.For the three and nine months ended September 30, 2025 and 2024, transaction and related costs have been adjusted as they are costs outside the normal course of business.

The following table reconciles the Corporation’s funds flow from operations, being the most directly comparable financial measure disclosed in the Corporation’s financial statements, to discretionary free cash flow.

FINANCIAL STATEMENTS AND MD&A

The Corporation’s consolidated financial statements and notes thereto and MD&A for the three and nine months ended September 30, 2025 and 2024 are available on SECURE’s website at www.secure.ca and on SEDAR+ at www.sedarplus.ca.

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