Clean Harbors (CLH): First Take: 2Q EBITDA beat driven by Safety-Kleen; FY26 EBITDA guidance raised 9%

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Equity Research

29 July 2026 | 7:45AM CDT

Clean Harbors (CLH): First Take: 2Q EBITDA beat driven by Safety-Kleen;

FY26 EBITDA guidance raised 9%

2Q26 EBITDA (management definition) of $409 mn was +11% above FactSet

consensus and +8% above our estimate with the beat vs GSe driven by the

Safety-Kleen segment amid a sharp increase in base oil pricing and re-refining

spreads. EBITDA guidance was raised 9% at the mid-point and is 4% above GSe and

7% above consensus. Details follow.

n

Adam Bubes, CFA

+1(212)357-9824 |

Goldman Sachs & Co. LLC

Anuj Khandelwal

+1(332)245-7710 |

Goldman Sachs India SPL

2Q26 EBITDA (management definition) of $409 mn was +11% above FactSet

consensus and +8% above our estimate. EBITDA margins of 23.6% were above

GSe of 23.0% and consensus of 22.5%. Sales were +12% yoy (5% above GSe and

+6% vs consensus).

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2Q Variance vs GSe

o

2Q Environmental Services EBITDA of $406 mn was +$4 mn above GSe.

Environmental Services sales were +4% above GSe, and margins were 90

bps below our estimates. Technical Services sales were +18% yoy.

Safety-Kleen Environmental Services sales were +11% yoy. Field Services

sales were +3% yoy.

o

2Q Safety-Kleen Sustainability Solutions EBITDA of $93 mn was $40 mn

above GSe.

o

2Q Corporate expense was $13 mn higher than our estimate.

Other takeaways:

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CLH has entered into an agreement to acquire ES&H for ~$305 mn in cash. ES&H

is a Field Services business located in the Gulf region. Management commented

that base revenues for ES&H are ~$90 mn and base adj. EBITDA is ~$30 mn. CLH

expects ~$5 mn of cost synergies post one full year of operations (~8.7x

post-synergy multiple). The deal is expected to close in 2H26.

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CLH has entered into a 10-year disposal agreement with a customer that is

expanding its U.S. manufacturing operations. The contract covers both

incineration waste and wastewater volumes and has a total value of ~$600 mn

over its life. The contract is expected to begin in 4Q26 and ramp to full capacity

by 2030.

Guidance

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

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