Secure Waste Infrastructure Corp (TSX:SES)

Q4 2025 SECURE Waste Infrastructure Corp Earnings Call Transcript

Feb 20, 2026 / 04:00 PM GMT

Release Date Price: C$19.94 (+3.91%)

Transcript

Key Points

Positve

Secure Waste Infrastructure Corp (SECYF) returned $373 million to shareholders through dividends and share buybacks, repurchasing nearly 19 million shares.
The company deployed $138 million in organic growth capital, exceeding their original plan due to increased customer demand.
Commissioned two fully contracted produced water disposal facilities, contributing to long-term earnings.
Strong financial performance with a 10% year-over-year revenue increase in Q4 and a robust adjusted EBITDA of $501 million for the full year.
The balance sheet remains strong with a total debt to adjusted EBITDA ratio of 2.1 times, and the company refinanced a portion of its debt to extend maturity and enhance financial flexibility.

Negative

The metal recycling segment faced challenges due to a 50% tariff on finished steel by the US, reducing domestic demand in Canada.
Discretionary free cash flow declined modestly year over year due to higher interest expenses and cash taxes.
Waste processing, oil recovery, and landfill volumes saw year-over-year declines due to reduced exploration activities and lower discretionary spending by customers.
Approximately 20% of the business is tied to energy exploration, which is sensitive to fluctuations in WTI oil prices.
The company faced logistical challenges in repositioning scrap volumes to the US market, impacting near-term performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SES.TO - SECURE Waste Infrastructure Corp
Q4 2025 SECURE Waste Infrastructure Corp Earnings Call
Feb 20, 2026 / 04:00PM GMT

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Presentation
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Purchases for the full year we returned $373 million to shareholders through dividends and share buybacks. In total, we repurchad nearly 19 million shares at an average price below $15 representing approximately 8% of our outstanding shares.

From a growth and investment standpoint, 2025 was an important year.

We deployed 138 million of organic growth capital above our original plan of 75 million as customer demand accelerated and project scope expanded. These investments were primarily directed toward produced water infrastructure in the Montani, as well as an industrial waste processing and continued optimization of our metal recycling business.

A key milestone during the year was

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