Q1 2026 GFL Environmental Inc Earnings Call Transcript
Key Points
- GFL Environmental Inc (GFL) reported a record-setting adjusted EBITDA margin of 29.1% for the first quarter, marking the highest first quarter margin in the company's history.
- The company achieved an 8.5% revenue growth before considering FX headwinds, driven by strong pricing and underlying volume.
- GFL completed 8 acquisitions year-to-date, including Frontier Waste Solutions, which is expected to drive outsized growth in the Texas Triangle region.
- The company has a robust pipeline of actionable M&A opportunities, with plans to deploy an additional $300 million to $500 million before year-end.
- GFL's operational efficiency initiatives have led to a fifth consecutive quarter of year-over-year reductions in operational and SG&A cost intensity as a percentage of overall revenue.
- The broader economic uncertainty continues to impact C&D volumes, which remain a drag compared to prior periods.
- Diesel costs increased nearly 10% year-over-year, creating a $10 million cost headwind versus guidance, with only $1 million recovered in the quarter.
- The company faces translational headwinds from FX, which negatively impacted revenue by 210 basis points.
- Fuel and commodity prices were a drag on margins in both Canadian and US segments.
- The SECURE acquisition faces opposition from at least one investor, creating uncertainty around the transaction's completion.
Hello, everyone, and thank you for joining the GFL first quarter 2026 earnings call. My name is Lucy, and I'll be coordinating your call today. (Operator Instructions)
It is now my pleasure to hand over to Patrick Dovigi, Founder and CEO of GFL to begin. Please go ahead.
Thank you, and good morning. I would like to welcome everyone to today's call, and thank you for joining us. This morning, we will be reviewing our results for the first quarter. I am joined this morning by Luke Pelosi, our CFO, who will take us through our forward-looking disclaimer before we get into details.
Thank you, Patrick. Good morning, everyone, and thank you for joining. We have filed our earnings press release, which includes important information. The press release is available on our website.
During this call, we will be
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