GFL-CA: Wells Fargo Industrials & Materials Conference Takeaways

Research evidence excerpt

GFL-CA: Wells Fargo Industrials & Materials Conference Takeaways

Equity Research

Company Update — June 9, 2026

Machinery, Industrials & Environmental Services

GFL Environmental Inc.

Wells Fargo Industrials & Materials Conference Takeaways Overweight

Price Target: C$69.00

Our Call Ticker GFL-CA

Upside/(Downside) to Target 39.4%

Today we hosted GFL for a fireside chat at the Wells Fargo Industrials & Materials Conference

with CFO Luke Pelosi. Key takeaways follow. Price (06/09/2026) C$49.51

52 Week Range C$46.12 - 71.13

(i) Management noted in the next few years, it will target C$1–2bn annually on M&A and Market Cap (MM) C$17,749

still deleverage, given GFL's current free cash flow profile. The addressable M&A pipeline Average Daily Value (MM) C$32

represents C$11–12bn of annual revenue. GFL has capacity for 40–45 deals per year, the Dividend Yield 0.2%

vast majority of which are small bolt-ons, with perhaps 1–2 larger deals annually (i.e. C

$25–100MM of EBITDA). C$ (Dec) Q1 Q2 Q3 Q4 FY

EPS

(ii) On the proposed C$6.4B SECURE acquisition, GFL noted that the duopoly nature of 2026E 0.09 A 0.23 E 0.26 E 0.24 E 0.82 E

the market and challenges getting approvals to add capacity at attractive locations drive 2027E 0.06 E 0.33 E 0.36 E 0.26 E 1.02 E

attractive long-term returns opportunity. Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

(iii) GFL noted rising recycled prices is an incremental positive to guidance.

Jerry Revich, CFA

(iv) Management noted the M&A competitive landscape is largely unchanged. GFL notes Equity Analyst | Wells Fargo Securities, LLC

Jerry.Revich@wellsfargo.com | 212-214-5458

the large players often don't overlap on competitive M&A bids geographically, while