Q3 2025 SECURE Waste Infrastructure Corp Earnings Call Transcript
Key Points
- Secure Waste Infrastructure Corp (SECYF) reported a 6% year-over-year increase in adjusted EBITDA for Q3 2025, demonstrating resilience despite lower oil prices.
- Approximately 80% of the company's adjusted EBITDA is derived from recurring production and industrial activity, ensuring stable cash flows.
- The company has redirected 95% of its metals recycling shipments to stronger US markets, which are exempt from tariffs, potentially improving financial performance in 2026.
- Secure Waste Infrastructure Corp (SECYF) has maintained a strong balance sheet with a total debt to EBITDA ratio of 2.1 times, providing flexibility for capital priorities.
- The company returned $335 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 8%.
- The metals recycling business faced continued weakness, particularly in the ferrous market, due to soft Canadian demand and tariffs on finished steel sold into the US.
- Secure Waste Infrastructure Corp (SECYF) revised its 2025 adjusted EBITDA guidance to approximately $500 million, reflecting a 2% reduction from the low end of the prior range.
- Net income for Q3 2025 was significantly lower at $1 million compared to $94 million in the same period last year, due to a non-cash $55 million provision.
- The company experienced lower volumes in its waste management segment due to a 15% drop in rig count and reduced drilling and completions activity.
- The metals recycling business is facing logistical challenges with longer railcar turnaround times, impacting inventory management and financial performance.
Good morning, ladies and gentlemen and welcome to the SECURE Waste Infrastructure Corp. Q3 2025 results conference call. (Operator Instructions) This call is being recorded on Thursday, October 30, 2025, and I would now like to turn the conference over to Ms. Alison Prokop. Thank you. Please go ahead.
Thank you and good morning to everyone who is listening to the call. Welcome to SECUREâs conference call for the third quarter of 2025. Joining me on the call today is Allen Gransch, our President and Chief Executive Officer; Chad Magus, our Chief Financial Officer; and Corey Higham, our Chief Operating Officer.
We will be making forward-looking statements during this call. These statements reflect current expectations and are subject to a number of risks and uncertainties. Actual results could differ materially. We will also refer to certain non-GAAP financial measures which may not be directly comparable to similar measures disclosed by other companies. Please refer to our continuous
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