Clean Harbors: Takeaways from CLH management call

Research evidence excerpt

Clean Harbors: Takeaways from CLH management call

Equity Research

North America Environmental Services

22 June 2026

Clean Harbors

Takeaways from CLH management

call

Our call with CLH management underscored the strategic CLH EQUAL WEIGHT

POSITIVEimportance of regional infrastructure and permitting scarcity, NorthEnvironmentalAmerica Services

with Terra Nova enhancing CLH’s ability to internalize Price Target USD 304.00

volumes and capture growth in the Southeast Price (17-Jun-26) USD 287.25 Potential Upside/Downside +5.8%

Source: Bloomberg, Barclays Research

Last week we hosted a call with CLH management, including Michael Battles, Co-Chief Executive

Officer; Eric Dugas, EVP and Chief Financial Officer; and Mike Foley, SVP of Facility Operations. North America Environmental Services

On the call we discussed CLH’s recent acquisition of Terra Nova, the business opportunity, and William Grippin, CFA

the outlook for wastewater and water treatment as well as the set up for 2Q26 earnings. In our +1 617 330 5804

view, Terra Nova provides CLH with incremental organic and inorganic growth opportunities william.grippin@barclays.com

while enhancing exposure in previously under-penetrated Southeast markets. BCI, US

Alec Scheibelhoffer

Key takeaways +1 212 526 1021

•• Terra Nova enhances CLH’s Southeast footprint and internalization capabilities: Terra alec.scheibelhoffer@barclays.com

Nova is a ~$50mn revenue business (~$19mn EBITDA post-synergies) with 5 facilities primarily BCI, US

in SC, strengthening CLH’s presence in a previously underpenetrated region. Proximity

remains important given wastewater transport constraints (~250-300 mile radius), with the

platform supporting greater internalization of customer waste volumes and reduced reliance

on third parties.