What changed in this filing

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Item 1. Financial Statements

2026-04-23 compared with 2025-10-22 · 324 added, 398 removed, 840 unchanged (46% of the section changed)

4 unchanged sentences

dollars, except share and per share amounts)

September 30,

Current assets:

Cash and equivalents

Accounts receivable, net of allowance for credit losses of $ 22,843 and $ 25,730 at September 30, 2025 and December 31, 2024, respectively

Accounts receivable, net of allowance for credit losses of $ 27,828 and $ 21,402 at March 31, 2026 and December 31, 2025, respectively

Prepaid expenses and other current assets

6 unchanged sentences

Other assets, net

LIABILITIES AND EQUITY

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

14 unchanged sentences

Commitments and contingencies (Note 17)

Shareholders' equity:

Common shares:

Unlimited shares authorized;

256,022,442 shares issued and 255,976,094 shares outstanding at September 30, 2025;

254,260,257 shares issued and 254,213,909 shares outstanding at March 31, 2026;

255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025

2 unchanged sentences

Treasury shares:

46,348 and 48,098 shares at September 30, 2025 and December 31, 2024, respectively

46,348 and 46,348 shares at March 31, 2026 and December 31, 2025, respectively

Retained earnings

Total Waste Connections' equity

Noncontrolling interest in subsidiaries

Total liabilities and equity

Total shareholders' equity

Total liabilities and shareholders' equity

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

dollars, except share and per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Operating expenses:

9 unchanged sentences

Income tax provision

Net loss attributable to noncontrolling interests

Net income attributable to Waste Connections

Earnings per common share attributable to Waste Connections’ common shareholders:

Earnings per common share:

Shares used in the per share calculations:

4 unchanged sentences

(In thousands of U.S.

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Other comprehensive income (loss), before tax:

2 unchanged sentences

Foreign currency translation adjustment

Other comprehensive income (loss), before tax

Income tax benefit related to items of other comprehensive income (loss)

Other comprehensive income (loss), net of tax

Other comprehensive loss, before tax

Income tax (expense) benefit related to items of other comprehensive loss

Other comprehensive loss, net of tax

Comprehensive income

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to Waste Connections

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

dollars, except share amounts)

WASTE CONNECTIONS' EQUITY

COMMON SHARES

1 unchanged sentence

TREASURY SHARES

NONCONTROLLING

INCOME (LOSS)

Balances at December 31, 2025

Sale of common shares held in trust

Vesting of restricted share units

Vesting of performance-based restricted share units

Restricted share units released from deferred compensation plan

Tax withholdings related to net share settlements of equity-based compensation

2 unchanged sentences

Issuance of shares under employee share purchase plan

Cash dividends on common shares

Amounts reclassified into earnings, net of taxes

Changes in fair value of cash flow hedges, net of taxes

Foreign currency translation adjustment

Balances at March 31, 2025

Vesting of restricted share units

Tax withholdings related to net share settlements of equity-based compensation

Equity-based compensation

Exercise of warrants

Repurchase of common shares

Cash dividends on common shares

Amounts reclassified into earnings, net of taxes

Changes in fair value of cash flow hedges, net of taxes

Foreign currency translation adjustment

Balances at June 30, 2025

Vesting of restricted share units

Tax withholdings related to net share settlements of equity-based compensation

Equity-based compensation

Issuance of shares under employee share purchase plan

Repurchase of common shares

( 1,695,049 )

3 unchanged sentences

Foreign currency translation adjustment

Balances at September 30, 2025

Balances at March 31, 2026

The accompanying notes are an integral part of these condensed consolidated financial statements.

3 unchanged sentences

dollars, except share amounts)

WASTE CONNECTIONS' EQUITY

COMMON SHARES

1 unchanged sentence

TREASURY SHARES

NONCONTROLLING

INCOME (LOSS)

12 unchanged sentences

Foreign currency translation adjustment

Net income (loss)

Balances at March 31, 2025

Vesting of restricted share units

Tax withholdings related to net share settlements of equity-based compensation

Equity-based compensation

Exercise of warrants

Cash dividends on common shares

Amounts reclassified into earnings, net of taxes

Changes in fair value of cash flow hedges, net of taxes

Foreign currency translation adjustment

Purchase of noncontrolling interests

Net income (loss)

Balances at June 30, 2024

Sale of common shares held in trust

Vesting of restricted share units

Vesting of deferred share units

Tax withholdings related to net share settlements of equity-based compensation

Equity-based compensation

Exercise of warrants

Issuance of shares under employee share purchase plan

Cash dividends on common shares

Amounts reclassified into earnings, net of taxes

Changes in fair value of cash flow hedges, net of taxes

Foreign currency translation adjustment

Balances at September 30, 2024

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(In thousands of U.S.

Nine Months Ended September 30,

Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

1 unchanged sentence

Loss from disposal of assets, impairments and other

Adjustments to closure and post-closure liabilities

Amortization of intangibles

4 unchanged sentences

Interest accretion

Payment of contingent consideration recorded in earnings

Adjustments to contingent consideration

3 unchanged sentences

Payments for acquisitions, net of cash acquired

( 2,010,274 )

Capital expenditures for property and equipment

Proceeds from disposal of assets

Proceeds from sale of investment in noncontrolling interests

Net cash used in investing activities

( 1,433,913 )

( 2,645,810 )

CASH FLOWS FROM FINANCING ACTIVITIES:

1 unchanged sentence

Principal payments on notes payable and long-term debt

( 1,808,598 )

( 2,759,676 )

Payment of contingent consideration recorded at acquisition date

21 unchanged sentences

The accompanying condensed consolidated financial statements relate to Waste Connections, Inc.

and its subsidiaries (the “Company”) for the three and nine month periods ended September 30, 2025 and 2024.

and its subsidiaries (the “Company”) for the three-month periods ended March 31, 2026 and 2025.

In the opinion of management, the accompanying balance sheets and related interim statements of net income, comprehensive income, cash flows and equity include all adjustments, consisting only of normal recurring items, necessary for their fair statement in conformity with U.S.

17 unchanged sentences

NEW ACCOUNTING STANDARDS

Accounting Standards Pending Adoption

Additional Income Tax Disclosures .

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued a final standard on improvements to income tax disclosures.

The standard requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if the items meet a quantitative threshold.

The guidance also requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.

The standard applies to all entities subject to income taxes.

For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2024.

The guidance will be applied on a prospective basis with the option to apply the standard retrospectively.

Accounting Standards Adopted

Amended Guidance for Internal-Use Software .

In September 2025, the Financial Accounting Standards Board (the “FASB”) issued a final standard to modernize the accounting for costs incurred in developing internal-use software.

The standard replaces the legacy stage-based capitalization model with a principles-based approach and clarifies related disclosure requirements.

The standard is effective for all entities for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years.

The guidance may be applied prospectively, retrospectively or using a modified transition approach.

Early adoption is permitted.

The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

The Company adopted the new standard as of January 1, 2026 and has applied this standard prospectively in the financial statements.

The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Pending Adoption

Disaggregation of Income Statement Expenses .

10 unchanged sentences

The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Amended Guidance for Credit Losses on Accounts Receivable .

In July 2025, the FASB issued guidance to simplify the estimation of credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification 606, Revenue from Contracts with Customers.

The amendments allow all entities to use a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets.

The amendments are effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years.

Early adoption is permitted.

Entities that elect the practical expedient are required to apply the amendments prospectively.

Interim Disclosure Requirements .

In December 2025, the FASB issued final guidance clarifying the current interim disclosure requirements.

The guidance creates a comprehensive list of interim disclosures required under GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end.

The amendments are effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027.

The guidance may be applied prospectively or retrospectively by all entities that provide interim financial statements and notes in accordance with GAAP.

The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

The Company’s operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal services and intermodal services.

The following table disaggregates the Company’s revenues by service line for the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

The following tables disaggregate the Company’s revenues by service line for the periods indicated:

Three Months Ended March 31, 2026

Industrial and construction roll off

Total collection

Intermodal and other

( 1,034,791 )

The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed.

Generally, the Company recognizes revenue at the time it performs a service.

In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided.

Substantially all of the deferred revenue recorded as of June 30, 2025 was recognized as revenue during the three months ended September 30, 2025 when the service was performed.

See Note 10 for additional information regarding revenue by reportable segment.

Three Months Ended March 31, 2025

Industrial and construction roll off

Total collection

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed.

Generally, the Company recognizes revenue at the time it performs a service.

Substantially all of the deferred revenue recorded as of December 31, 2025 was recognized as revenue during the three months ended March 31, 2026 when the service was performed.

See Note 10 for additional information regarding revenue by reportable segment.

Contract Acquisition Costs

1 unchanged sentence

The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company would have recognized is one year or less.

The Company had $ 28,911 and $ 28,161 of deferred sales incentives at September 30, 2025 and December 31, 2024, respectively.

The Company had $ 30,385 and $ 30,055 of deferred sales incentives at March 31, 2026 and December 31, 2025, respectively.

ACCOUNTS RECEIVABLE

6 unchanged sentences

Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due.

The Company has elected to apply the practical expedient which allows the Company to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets.

The following is a rollforward of the Company’s allowance for credit losses for the periods indicated:

Nine Months Ended September 30,

Three Months Ended March 31,

Beginning balance

4 unchanged sentences

Ending balance

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Accounts receivable, net of allowance for credit losses, was $ 935,027 at December 31, 2024.

LANDFILL ACCOUNTING

At September 30, 2025, the Company’s landfills consisted of 101 owned landfills, five landfills operated under life-of-site operating agreements and seven landfills operated under limited-term operating agreements.

The Company’s landfills had site costs with a net book value of $ 3,333,798 at September 30, 2025.

At March 31, 2026, the Company’s landfills consisted of 102 owned landfills, five landfills operated under life-of-site operating agreements and seven landfills operated under limited-term operating agreements.

The Company’s landfills had site costs with a net book value of $ 3,376,607 at March 31, 2026.

For the Company’s landfills operated under limited-term operating agreements and life-of-site operating agreements, the owner of the property (generally a municipality) usually owns the permit and the Company operates the landfill for a contracted term.

1 unchanged sentence

The Company is responsible for all final capping, closure and post-closure liabilities at the landfills it operates under life-of-site operating agreements.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The Company’s internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills.

4 unchanged sentences

Expansion airspace that meets certain criteria is included in the estimate of total landfill airspace.

Based on remaining permitted capacity as of September 30, 2025, and projected annual disposal volumes, the average remaining landfill life for the Company’s owned landfills and landfills operated under life-of-site operating agreements is estimated to be approximately 31 years .

As of September 30, 2025, the Company is seeking to expand permitted capacity at six of its owned landfills and considers the achievement of these expansions to be probable.

Based on remaining permitted capacity as of March 31, 2026, and projected annual disposal volumes, the average remaining landfill life for the Company’s owned landfills and landfills operated under life-of-site operating agreements is estimated to be approximately 31 years .

As of March 31, 2026, the Company is seeking to expand permitted capacity at five of its owned landfills and considers the achievement of these expansions to be probable.

Although the Company cannot be certain that all future expansions will be permitted as designed, the average remaining life, when considering remaining permitted capacity, probable expansion capacity and projected annual disposal volume, of the Company’s owned landfills and landfills operated under life-of-site operating agreements is approximately 33 years .

The estimated remaining lives of the Company’s owned landfills and landfills operated under life-of-site operating agreements range from one to several hundred years, with approximately 90 % of the projected annual disposal volume from landfills with remaining lives of less than 70 years .

During the nine months ended September 30, 2025 and 2024, the Company expensed $ 197,920 and $ 207,887 , respectively, related to landfill depletion at owned landfills and landfills operated under life-of-site agreements.

During the three months ended March 31, 2026 and 2025, the Company expensed $ 67,243 and $ 59,410 , respectively, related to landfill depletion at owned landfills and landfills operated under life-of-site agreements.

The Company reserves for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and landfills it operates under life-of-site operating agreements.

3 unchanged sentences

This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.” The Company’s discount rate assumption for purposes of computing “layers” for final capping, closure and post-closure liabilities is based on its long-term credit adjusted risk-free rate.

The Company’s discount rate assumption for purposes of computing 2025 and 2024 “layers” for final capping, closure and post-closure obligations was 5.50 % for both periods.

The Company’s long-term inflation rate assumption is 2.75 % for each of the years ending December 31, 2025 and 2024.

The resulting final capping, closure and post-closure obligations are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs which is amortized to depletion expense as the remaining landfill airspace is consumed.

Interest is accreted on the recorded liability using the corresponding discount rate.

During the nine months ended September 30, 2025 and 2024, the Company expensed $ 35,793 and $ 22,768 , respectively, related to final capping, closure and post-closure accretion expense.

In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical.

The Company’s discount rate assumption for purposes of computing 2026 and 2025 “layers” for final capping, closure and post-closure obligations was 5.50 % for both

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2024 to September 30, 2025:

The Company’s long-term inflation rate assumption is 2.75 % for each of the years ending December 31, 2026 and 2025.

Interest is accreted on the recorded liability using the corresponding discount rate.

During the three months ended March 31, 2026 and 2025, the Company expensed $ 10,272 and $ 11,872 , respectively, related to final capping, closure and post-closure accretion expense.

The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2025 to March 31, 2026:

Final capping, closure and post-closure liability at December 31, 2025

3 unchanged sentences

Foreign currency translation adjustment

Final capping, closure and post-closure liability at September 30, 2025

Liability adjustments of $ 37,482 for the nine months ended September 30, 2025, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed.

At September 30, 2025 and December 31, 2024, the current portion of final capping, closure and post-closure liabilities, included in Accrued Liabilities on the Condensed Consolidated Balance Sheets, was $ 161,230 and $ 199,735 , respectively, and the long-term portion of final capping, closure and post-closure liabilities, included in Other long-term liabilities on the Condensed Consolidated Balance Sheets, was $ 551,706 and $ 660,388 , respectively.

Final capping, closure and post-closure liability at March 31, 2026

Liability adjustments of $ 106,659 for the three months ended March 31, 2026, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed.

At March 31, 2026 and December 31, 2025, the current portion of final capping, closure and post-closure liabilities, included in Accrued Liabilities on the Condensed Consolidated Balance Sheets, was $ 155,908 and $ 146,772 , respectively, and the long-term portion of final capping, closure and post-closure liabilities, included in Other long-term liabilities on the Condensed Consolidated Balance Sheets, was $ 545,204 and $ 504,814 , respectively.

The Company performs its annual review of its cost and capacity estimates in the first quarter of each year.

At September 30, 2025 and December 31, 2024, $ 9,771 and $ 8,852 , respectively, of the Company’s restricted cash balance and $ 79,900 and $ 77,855 , respectively, of the Company’s restricted investments balance was for purposes of securing its performance of future final capping, closure and post-closure obligations.

The Company acquired 12 immaterial non-hazardous solid waste collection and recycling businesses and two immaterial E&P waste treatment and disposal businesses during the nine months ended September 30, 2025.

The total transaction-related expenses incurred during the nine months ended September 30, 2025 for these acquisitions were $ 19,778 .

At March 31, 2026 and December 31, 2025, $ 11,980 and $ 10,451 , respectively, of the Company’s restricted cash balance and $ 80,295 and $ 80,655 , respectively, of the Company’s restricted investments balance was for purposes of securing its performance of future final capping, closure and post-closure obligations.

The Company acquired three immaterial non-hazardous solid waste collection, transfer and recycling businesses during the three months ended March 31, 2026.

The total transaction-related expenses incurred during the three months ended March 31, 2026 for these acquisitions were $ 2,360 .

These expenses are included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Net Income.

The Company acquired 17 immaterial non-hazardous solid waste collection, transfer, recycling and disposal businesses and four immaterial E&P waste treatment and disposal businesses during the nine months ended September 30, 2024.

The total transaction-related expenses incurred during the nine months ended September 30, 2024 for these acquisitions were $ 25,169 .

The Company acquired three immaterial non-hazardous solid waste collection and recycling businesses and one immaterial E&P waste treatment and disposal business during the three months ended March 31, 2025.

The total transaction-related expenses incurred during the three months ended March 31, 2025 for these acquisitions were $ 11,970 .

These expenses are included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Net Income.

The results of operations of the acquired businesses have been included in the Company’s Condensed Consolidated Financial Statements from their respective acquisition dates.

The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions.

Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses.

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The following table summarizes the consideration transferred to acquire these businesses and the preliminary amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the nine months ended September 30, 2025 and 2024:

The results of operations of the acquired businesses have been included in the Company’s Condensed Consolidated Financial Statements from their respective acquisition dates.

The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions.

Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses.

Fair value of consideration transferred:

Contingent consideration

Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired:

9 unchanged sentences

Deferred revenue

Contingent consideration

Long-term portion of operating lease liabilities

2 unchanged sentences

Total identifiable net assets

Goodwill acquired during the nine months ended September 30, 2025 and 2024, totaling $ 214,059 and $ 552,762 , respectively, is expected to be deductible for tax purposes.

The fair value of acquired working capital related to five immaterial acquisitions completed during the twelve months ended September 30, 2025, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed.

Any adjustments recorded relating to finalizing the working capital for these five acquisitions are not expected to be material to the Company’s financial position.

The adjustments recorded during the nine months ended September 30, 2025 relating to finalizing the acquired working capital for the immaterial acquisitions completed during the twelve months ended December 31, 2024 were not material to the Company’s financial position.

The gross amount of trade receivables due under contracts acquired during the nine months ended September 30, 2025, was $ 22,292 , of which $ 847 was expected to be uncollectible.

The gross amount of trade receivables due under contracts acquired during the nine months ended September 30, 2024, was $ 96,391 , of which $ 5,499 was expected to be uncollectible.

Goodwill acquired during the three months ended March 31, 2026 and 2025, totaling $ 56,138 and $ 55,780 , respectively, is expected to be deductible for tax purposes.

The fair value of acquired working capital related to seven immaterial acquisitions completed during the twelve months ended March 31, 2026, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed.

Any adjustments recorded relating to finalizing the working capital for these seven acquisitions are not expected to be material to the Company’s financial position.

The adjustments recorded during the three months ended March 31, 2026 relating to finalizing the acquired working capital for the immaterial acquisitions completed during the twelve months ended December 31, 2025 were not material to the Company’s financial position.

The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2026, was $ 310 , of which $ 7 was expected to be uncollectible.

The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2025, was $ 17,088 , of which $ 168 was expected to be uncollectible.

The Company did not acquire any other class of receivable as a result of the acquisition of these businesses.

4 unchanged sentences

INTANGIBLE ASSETS, NET

Intangible assets, exclusive of goodwill, consisted of the following at September 30, 2025:

Intangible assets, exclusive of goodwill, consisted of the following at March 31, 2026:

Finite-lived intangible assets:

7 unchanged sentences

( 1,495,269 )

The weighted-average amortization period of long-term franchise agreements and contracts acquired during the nine months ended September 30, 2025 was 9.5 years.

The weighted-average amortization period of customer lists acquired during the nine months ended September 30, 2025 was 10.3 years.

The weighted-average amortization period of finite-lived permits and other acquired during the nine months ended September 30, 2025 was 37.0 years.

The weighted-average amortization period of customer lists acquired during the three months ended March 31, 2026 was 10.0 years.

The weighted-average amortization period of finite-lived permits and other acquired during the three months ended March 31, 2026 was 40.0 years.

Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2025:

8 unchanged sentences

( 1,453,419 )

Estimated future amortization expense for the next five years relating to finite-lived intangible assets owned as of September 30, 2025 is as follows:

Estimated future amortization expense for the next five years relating to finite-lived intangible assets owned as of March 31, 2026 is as follows:

For the year ending December 31, 2026

8 unchanged sentences

LONG-TERM DEBT

The following table presents the Company’s long-term debt at September 30, 2025 and December 31, 2024:

September 30,

The following table presents the Company’s long-term debt at March 31, 2026 and December 31, 2025:

Revolving Credit Agreement, bearing interest ranging from 3.45 % to 6.75 % (a)

10 unchanged sentences

3.05 % Senior Notes due 2050

2.95 % Senior Notes due 2052

Notes payable to sellers and other third parties, bearing interest ranging from 2.42 % to 10.35 %, principal and interest payments due periodically with due dates ranging from 2028 to 2044 (a)

4 unchanged sentences

____________________

(a) Interest rates represent the interest rates at September 30, 2025.

(a) Interest rates represent the interest rates at March 31, 2026.

WASTE CONNECTIONS, INC.

4 unchanged sentences

The Company, as borrower, Bank of America, N.A., acting through its Canada Branch, as the global agent, the swing line lender and a letter of credit issuer, Bank of America, N.A., as the U.S.

agent and a letter of credit issuer, and the other lenders and financial institutions from time to time party thereto (the “Lenders”) are party to that certain Revolving Credit Agreement, dated as of February 27, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”), pursuant to which the Lenders provide loans and other credit extensions to the Company under a revolving credit facility.

Details of the Revolving Credit Agreement at September 30, 2025 and December 31, 2024 are as follows:

September 30,

1 to Revolving Credit Agreement, dated as of May 23, 2025, and as further amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”), pursuant to which the Lenders provide loans and other credit extensions to the Company under a revolving credit facility.

Details of the Revolving Credit Agreement at March 31, 2026 and December 31, 2025 are as follows:

Letters of credit outstanding

1 unchanged sentence

Amount drawn – U.S.

Term SOFR rate loan

term SOFR loan

Interest rate applicable – U.S.

Term SOFR rate loan

term SOFR loan

Amount drawn – U.S.

Term SOFR rate loan

term SOFR loan

Interest rate applicable – U.S.

Term SOFR rate loan

term SOFR loan

Amount drawn – U.S.

Term SOFR rate loan

term SOFR loan

Interest rate applicable – U.S.

Term SOFR rate loan

term SOFR loan

Amount drawn – U.S.

6 unchanged sentences

Interest rate applicable - Canadian term CORRA loan

Amount drawn – Canadian Term CORRA loan

Interest rate applicable - Canadian term CORRA loan

Amount drawn – Canadian prime rate loan

1 unchanged sentence

Commitment – rate applicable

In addition to the $ 37,582 of letters of credit at September 30, 2025 issued and outstanding under the Revolving Credit Agreement, the Company has issued and outstanding letters of credit totaling $ 184,041 under facilities other than the Revolving Credit Agreement.

In addition to the $ 37,349 of letters of credit at March 31, 2026 issued and outstanding under the Revolving Credit Agreement, the Company has issued and outstanding letters of credit totaling $ 184,059 under facilities other than the Revolving Credit Agreement.

On March 16, 2026, the Company completed an underwritten public offering of $ 600,000 aggregate principal amount of its 4.80 % Senior Notes due 2036 (the “2036 Senior Notes”).

The 2036 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), by and between the Company and U.S.

Bank Trust Company, National Association, as successor in interest to U.S.

Bank National Association, as trustee (the “Trustee”), as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026.

The Company will pay interest on the 2036 Senior Notes on January 15 and July 15 of each year, beginning July 15, 2026, and the 2036 Senior Notes will mature on July 15, 2036 .

The 2036 Senior Notes are the Company’s senior unsecured

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

On June 4, 2025, the Company completed an underwritten public offering of $ 500,000 aggregate principal amount of its 5.25 % Senior Notes due 2035 (the “2035 Senior Notes”).

The 2035 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), by and between the Company and U.S.

Bank Trust Company, National Association, as successor in interest to U.S.

Bank National Association, as trustee (the “Trustee”), as supplemented by a tenth supplemental indenture, dated as of June 4, 2025.

The Company will pay interest on the 2035 Senior Notes on March 1 and September 1 of each year, beginning March 1, 2026, and the 2035 Senior Notes will mature on September 1, 2035 .

The 2035 Senior Notes are the Company’s senior unsecured obligations, ranking equally in right of payment with its other existing and future unsubordinated debt and senior to any of its future subordinated debt.

obligations, ranking equally in right of payment with its other existing and future unsubordinated debt and senior to any of its future subordinated debt.

The 2036 Senior Notes are not guaranteed by any of the Company’s subsidiaries.

The Company may, prior to June 1, 2035 (three months before the maturity date) (the “2035 Senior Notes Par Call Date”), redeem some or all of the 2035 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of 100 % of the principal amount of the 2035 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2035 Senior Notes redeemed discounted to the redemption date (assuming the 2035 Senior Notes matured on the 2035 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date.

Commencing on June 1, 2035 (three months before the maturity date), the Company may redeem some or all of the 2035 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2035 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The Company may, prior to April 15, 2036 (three months before the maturity date) (the “2036 Senior Notes Par Call Date”), redeem some or all of the 2036 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of 100 % of the principal amount of the 2036 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2036 Senior Notes redeemed discounted to the redemption date (assuming the 2036 Senior Notes matured on the 2036 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date.

Commencing on April 15, 2036 (three months before the maturity date), the Company may redeem some or all of the 2036 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2036 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

Under certain circumstances, the Company may become obligated to pay additional amounts (the “Additional Amounts”) with respect to the 2036 Senior Notes to ensure that the net amounts received by each holder of the 2036 Senior Notes will not be less than the amount such holder would have received if withholding taxes or deductions were not incurred on a payment under or with respect to the 2036 Senior Notes.

If such payment of Additional Amounts is a result of a change in, or amendment to, any official position or the introduction of an official position regarding the application, administration or interpretation thereof (including a holding, judgment or order by a court of competent jurisdiction or a change in published administrative practice), of any jurisdiction from or through which payment is made by or on behalf of the Notes having power to tax, and the Company cannot avoid such payments of Additional Amounts through reasonable measures, then the Company may redeem the 2035 Senior Notes then outstanding at a redemption price equal to 100 % of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date).

If such payment of Additional Amounts is a result of a change in the laws or regulations, including a change in, or amendment to, any official position, the introduction of an official position or a holding by a court of competent jurisdiction, of any jurisdiction from or through which payment is made by or on behalf of the 2036 Senior Notes having power to tax, and the Company cannot avoid such payment of Additional Amounts through reasonable measures, then the Company may redeem the 2036 Senior Notes then outstanding at a redemption price equal to 100 % of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date).

If the Company experiences certain kinds of changes of control, each holder of the 2036 Senior Notes may require the Company to purchase all or a portion of the 2036 Senior Notes for cash at a price equal to 101 % of the aggregate principal amount of such 2036 Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the purchase date.

1 unchanged sentence

The Indenture also includes customary events of default with respect to the 2036 Senior Notes.

Upon an event of default, the principal of and accrued and unpaid interest on all the 2035 Senior Notes may be declared to be due and payable by the Trustee or the holders of not less than 25 % in principal amount of the outstanding 2035

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Senior Notes.

Upon an event of default, the principal of and accrued and unpaid interest on all the 2036 Senior Notes may be declared to be due and payable by the Trustee or the holders of not less than 25 % in principal amount of the outstanding 2036 Senior Notes.

Upon such a declaration, such principal and accrued interest on all of the 2036 Senior Notes will be due and payable immediately.

3 unchanged sentences

The Company’s revenues are generated primarily from the collection, transfer, recycling and disposal of non-hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste.

No single contract or customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented.

For the nine months ended September 30, 2025, the Company managed its operations through the following six geographic solid waste operating segments:

Western, Southern, Eastern, Central, Canada and MidSouth.

No single contract or

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented.

For the three months ended March 31, 2026, the Company managed its operations through the following six geographic solid waste operating segments:

Southern, Western, Eastern, Central, Canada and MidSouth.

The Company’s six geographic solid waste operating segments comprise its reportable segments.

6 unchanged sentences

The Company’s management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables:

Summarized financial information concerning the Company’s reportable segments for the three months ended March 31, 2026 and 2025, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables:

Three Months Ended

September 30, 2025

March 31, 2026

Corporate (a), (f)

15 unchanged sentences

Three Months Ended

September 30, 2024

Corporate (a), (f)

Intercompany revenue (b)

Reported revenue

Segment expenses (c)

( 1,566,605 )

Segment EBITDA (d)

Segment EBITDA margin

Depreciation and amortization

Other segment items (e)

Income before income tax provision

Capital expenditures

Total assets (g)

Nine Months Ended

September 30, 2025

Corporate (a), (f)

Intercompany revenue (b)

( 1,034,791 )

Reported revenue

Segment expenses (c)

( 1,002,225 )

( 4,820,729 )

Segment EBITDA (d)

Segment EBITDA margin

Depreciation and amortization

Other segment items (e)

Income before income tax provision

Capital expenditures

Total assets (g)

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Nine Months Ended

September 30, 2024

March 31, 2025

Corporate (a), (f)

21 unchanged sentences

(g) Goodwill is included within total assets for each of the Company’s six operating segments.

The following tables show changes in goodwill during the nine months ended September 30, 2025 and 2024, by reportable segment:

Balance as of December 31, 2024

Goodwill acquired

Goodwill acquisition adjustments

Impact of changes in foreign currency

Balance as of September 30, 2025

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The following tables show changes in goodwill during the three months ended March 31, 2026 and 2025, by reportable segment:

Balance as of December 31, 2025

Goodwill acquired

Goodwill acquisition adjustments

Impact of changes in foreign currency

Balance as of September 30, 2024

Balance as of March 31, 2026

Balance as of December 31, 2024

Goodwill acquired

Goodwill acquisition adjustments

Impact of changes in foreign currency

Balance as of March 31, 2025

DERIVATIVE FINANCIAL INSTRUMENTS

5 unchanged sentences

The Company’s strategy to achieve that objective involves entering into interest rate swaps.

The interest rate swaps outstanding at September 30, 2025 were specifically designated to the Revolving Credit Agreement and accounted for as cash flow hedges.

At September 30, 2025, the Company’s derivative instruments included four interest rate swap agreements as follows:

The interest rate swap outstanding at March 31, 2026 was specifically designated to the Revolving Credit Agreement and accounted for as a cash flow hedge.

At March 31, 2026, the Company’s derivative instruments included one interest rate swap agreement as follows:

Interest Rate

2 unchanged sentences

Expiration Date

1-month Term SOFR

November 2022

1-month Term SOFR

November 2022

1-month Term SOFR

November 2022

December 2018

3 unchanged sentences

(a) Plus applicable margin.

(b) In October 2022, the Company amended the reference rate in all of its outstanding interest rate swap contracts to replace One-Month LIBOR with One-Month Term SOFR and certain credit spread adjustments.

The Company did not record any gains or losses upon the conversion of the reference rates in these interest rate swap contracts, and the Company believes these amendments will not have a material impact on its Condensed Consolidated Financial Statements.

The fair values of derivative instruments designated as cash flow hedges at September 30, 2025, were as follows:

(b) In October 2022, the Company amended the reference rate in its outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments.

The Company did not record any gains or losses upon the conversion of the reference rates in this interest rate swap contract, and the Company believes this amendment will not have a material impact on its Condensed Consolidated Financial Statements.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The fair values of derivative instruments designated as cash flow hedges at March 31, 2026, were as follows:

Derivatives Designated as Cash

9 unchanged sentences

____________________

(a) Represents the estimated amount of the existing unrealized gains on interest rate swaps at September 30, 2025 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months.

(a) Represents the estimated amount of the existing unrealized gains on interest rate swaps at March 31, 2026 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months.

The actual amounts reclassified into earnings are dependent on future movements in interest rates.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The fair values of derivative instruments designated as cash flow hedges at December 31, 2025, were as follows:

9 unchanged sentences

Total derivatives designated as cash flow hedges

The following tables summarize the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three and nine months ended September 30, 2025 and 2024:

The following tables summarize the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three months ended March 31, 2026 and 2025:

Amount of (Gain) or Loss Reclassified

7 unchanged sentences

Three Months Ended

September 30,

Interest rate swaps

Interest expense

Amount of (Gain) or Loss Reclassified

Designated as Cash

Amount of Gain or (Loss) Recognized

from AOCIL into Earnings,

as AOCIL on Derivatives, Net of Tax (a)

Classification

Net of Tax (b)

Nine Months Ended

September 30,

Interest rate swaps

Interest expense

____________________

5 unchanged sentences

The Company’s financial instruments consist primarily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations and interest rate swaps.

As of September 30, 2025 and December 31, 2024, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values.

The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of September 30, 2025 and December 31, 2024, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 within the fair value hierarchy.

The carrying values and fair values of the Company’s debt instruments

As of March 31, 2026 and December 31, 2025, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values.

The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of March 31, 2026 and December 31, 2025, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

where the carrying values do not approximate their fair values as of September 30, 2025 and December 31, 2024, are as follows:

within the fair value hierarchy.

The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of March 31, 2026 and December 31, 2025, are as follows:

Carrying Value at

Fair Value (a) at

September 30,

4.25 % Senior Notes due 2028

9 unchanged sentences

3.05 % Senior Notes due 2050

2.95 % Senior Notes due 2052

____________________

3 unchanged sentences

NET INCOME PER SHARE INFORMATION

The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share attributable to the Company’s shareholders for the three and nine months ended September 30, 2025 and 2024:

The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share for the three months ended March 31, 2026 and 2025:

Three Months Ended

Nine Months Ended

September 30,

Net income attributable to Waste Connections for basic and diluted earnings per share

Net income for basic and diluted earnings per share

Basic shares outstanding

5 unchanged sentences

Level 1, defined as quoted market prices in active markets for identical assets or liabilities;

Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;

and Level 3, defined as unobservable inputs that are not corroborated by market data.

WASTE CONNECTIONS, INC.

2 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;

and Level 3, defined as unobservable inputs that are not corroborated by market data.

The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted cash and investments.

At September 30, 2025 and December 31, 2024, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps.

At March 31, 2026 and December 31, 2025, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps.

The Company’s interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts.

6 unchanged sentences

government securities, agency securities and Canadian bankers’ acceptance notes.

The Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024, were as follows:

Fair Value Measurement at September 30, 2025 Using

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, were as follows:

Fair Value Measurement at March 31, 2026 Using

Quoted Prices in

17 unchanged sentences

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,

The following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Beginning balance

1 unchanged sentence

Payment of contingent consideration recorded at acquisition date

Payment of contingent consideration recorded in earnings

Adjustments to contingent consideration

4 unchanged sentences

Other comprehensive income (loss) includes changes in the fair value of interest rate swaps that qualify for hedge accounting.

The components of other comprehensive income (loss) and related tax effects for the three and nine months ended September 30, 2025 and 2024 are as follows:

Three Months Ended September 30, 2025

Interest rate swap amounts reclassified into interest expense

Changes in fair value of interest rate swaps

Foreign currency translation adjustment

Three Months Ended September 30, 2024

Interest rate swap amounts reclassified into interest expense

Changes in fair value of interest rate swaps

Foreign currency translation adjustment

Nine Months Ended September 30, 2025

The components of other comprehensive income (loss) and related tax effects for the three months ended March 31, 2026 and 2025 are as follows:

Three Months Ended March 31, 2026

Interest rate swap amounts reclassified into interest expense

1 unchanged sentence

Foreign currency translation adjustment

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Interest rate swap amounts reclassified into interest expense

1 unchanged sentence

Foreign currency translation adjustment

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

A rollforward of the amounts included in AOCIL, net of taxes, for the nine months ended September 30, 2025 and 2024, is as follows:

A rollforward of the amounts included in AOCIL, net of taxes, for the three months ended March 31, 2026 and 2025, is as follows:

Comprehensive

4 unchanged sentences

Foreign currency translation adjustment

Balance at September 30, 2025

Balance at March 31, 2026

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Comprehensive

4 unchanged sentences

Foreign currency translation adjustment

Balance at September 30, 2024

Balance at March 31, 2025

See Note 11 for further discussion on the Company’s derivative instruments.

2 unchanged sentences

Restricted Share Units

A summary of activity related to restricted share units (“RSUs”) during the nine-month period ended September 30, 2025, is presented below:

A summary of activity related to restricted share units (“RSUs”) during the three-month period ended March 31, 2026, is presented below:

Unvested Shares

1 unchanged sentence

Vested and issued

Outstanding at September 30, 2025

The weighted average grant-date fair value per share for the common shares underlying the RSUs granted during the nine-month period ended September 30, 2025 was $ 185.64 .

Outstanding at March 31, 2026

The weighted average grant-date fair value per share for the common shares underlying the RSUs granted during the three-month period ended March 31, 2026 was $ 156.64 .

Recipients of the Company’s RSUs who participate in the Company’s Nonqualified Deferred Compensation Plan may have elected in years prior to 2015 to defer some or all of their RSUs as they vest until a specified date or dates they choose.

At the end of the deferral periods, unless a qualified participant makes certain other elections, the Company issues to recipients who deferred their RSUs common shares of the Company underlying the deferred RSUs.

At September 30, 2025 and 2024, the Company had 29,092 and 29,980 vested deferred RSUs outstanding, respectively.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

At March 31, 2026 and 2025, the Company had 29,092 and 29,092 vested deferred RSUs outstanding, respectively.

Performance-Based Restricted Share Units

A summary of activity related to performance-based restricted share units (“PSUs”) during the nine-month period ended September 30, 2025, is presented below:

A summary of activity related to performance-based restricted share units (“PSUs”) during the three-month period ended March 31, 2026, is presented below:

Unvested Shares

1 unchanged sentence

Vested and issued

Outstanding at September 30, 2025

During the nine months ended September 30, 2025, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2027 .

Outstanding at March 31, 2026

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

During the three months ended March 31, 2026, the Company’s Compensation Committee granted PSUs with three-year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2028 .

The Compensation Committee will determine the achievement of performance results and corresponding vesting of PSUs for each performance period.

The weighted average grant-date fair value per share for the common shares underlying all PSUs granted during the nine-month period ended September 30, 2025 was $ 176.19 .

The weighted average grant-date fair value per share for the common shares underlying all PSUs granted during the three-month period ended March 31, 2026 was $ 150.06 .

Deferred Share Units

A summary of activity related to deferred share units (“DSUs”) during the nine-month period ended September 30, 2025, is presented below:

A summary of activity related to deferred share units (“DSUs”) during the three-month period ended March 31, 2026, is presented below:

Vested Shares

Outstanding at December 31, 2025

Outstanding at September 30, 2025

Outstanding at March 31, 2026

The DSUs consist of a combination of DSU grants outstanding under the Progressive Waste share-based compensation plans that were continued by the Company following the Progressive Waste acquisition and DSUs granted by the Company since the Progressive Waste acquisition.

The weighted average grant-date fair value per share for the common shares underlying the DSUs granted during the nine-month period ended September 30, 2025 was $ 189.04 .

The weighted average grant-date fair value per share for the common shares underlying the DSUs granted during the three-month period ended March 31, 2026 was $ 160.26 .

Other Restricted Share Units

RSU grants outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition and allow for the issuance of shares or cash settlement to employees upon vesting or other distribution events.

A summary of activity related to Progressive Waste RSUs during the nine-month period ended September 30, 2025, is presented below:

RSU grants outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition in 2016 and allow for the issuance of shares or cash settlement to employees upon vesting or other distribution events.

A summary of activity related to Progressive Waste RSUs during the three-month period ended March 31, 2026, is presented below:

Outstanding at December 31, 2025

Outstanding at September 30, 2025

Outstanding at March 31, 2026

No RSUs under the Progressive Waste share-based compensation plans were granted subsequent to June 1, 2016.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Employee Share Purchase Plan

3 unchanged sentences

The maximum number of shares that may be issued under the ESPP is 1,000,000 .

Under the ESPP, employees purchased 32,150 of the Company’s common shares for $ 5,464 during the nine months ended September 30, 2025.

Under the ESPP, employees purchased 29,256 of the Company’s common shares for $ 4,486 during the nine months ended September 30, 2024.

Under the ESPP, employees purchased 18,135 of the Company’s common shares for $ 3,031 during the three months ended March 31, 2026.

Under the ESPP, employees purchased 15,922 of the Company’s common shares for $ 2,593 during the three months ended March 31, 2025.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Normal Course Issuer Bid

On July 22, 2025, the Board of Directors of the Company approved, subject to receipt of regulatory approvals, the annual renewal of the Company’s normal course issuer bid (the “NCIB”) to purchase up to 12,855,691 of the Company’s common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at the option of the Company.

The renewal followed the conclusion of the Company’s NCIB that expired August 11, 2025.

The Company received TSX approval for its annual renewal of the NCIB on August 8, 2025.

Under the NCIB, the Company may make share repurchases only in the open market, including on the TSX, the New York Stock Exchange (the “NYSE”), the NYSE Texas and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction.

In accordance with TSX rules, any daily repurchases made through the TSX and alternative Canadian trading systems is limited to a maximum of 80,213 common shares, which represents 25% of the average daily trading volume on the TSX for the period from February 1, 2025 to July 31, 2025.

On August 8, 2025, the Company announced the annual renewal of the Company’s normal course issuer bid (the “NCIB”) to purchase up to 12,855,691 of the Company’s common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at the option of the Company.

The renewal followed the conclusion of the Company’s previous NCIB that expired August 11, 2025.

Under the NCIB, the Company may make share repurchases on the TSX, the New York Stock Exchange (the “NYSE”), the NYSE Texas and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction and subject to certain volume limitations in accordance with the rules of the TSX and the SEC.

In accordance with TSX rules, any daily repurchases made through the TSX and alternative Canadian trading systems are limited to a maximum of 80,213 common shares, which represents 25% of the average daily trading volume on the TSX for the period from February 1, 2025 to July 31, 2025.

The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit.

The maximum number of shares that can be purchased per day on the NYSE and NYSE Texas will be 25 % of the average daily trading volume on such exchanges for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

The timing and amounts of any repurchases pursuant to the NCIB will depend on many factors, including the Company’s capital structure, the market price of the common shares, any share buyback taxes applicable and overall market conditions.

All common shares purchased under the NCIB shall be immediately cancelled following their repurchase.

For the nine months ended September 30, 2025, the Company repurchased 2,393,351 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $ 442,176 .

For the nine months ended September 30, 2024, the Company did not repurchase any common shares pursuant to the NCIB in effect during that period.

As of September 30, 2025, the remaining maximum number of shares available for repurchase under the current NCIB was 11,761,679 .

The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities.

All common shares purchased under the NCIB will be immediately cancelled following their repurchase.

For the three months ended March 31, 2026, the Company repurchased 1,695,049 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $ 283,959 .

For the three months ended March 31, 2025, the Company did not repurchase any common shares pursuant to the NCIB in effect during that period.

As of March 31, 2026, the remaining maximum number of shares available for repurchase under the current NCIB was 9,701,206 .

Cash Dividend

In October 2025, the Company announced that its Board of Directors increased its regular quarterly cash dividend by $ 0.035 , from $ 0.315 to $ 0.350 per Company common share.

Cash dividends of $ 243,950 and $ 221,253 were paid during the nine months ended September 30, 2025 and 2024, respectively.

WASTE CONNECTIONS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(DOLLAR AMOUNTS IN THOUSANDS OF U.S.

DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED)

Cash dividends of $ 88,746 and $ 81,477 were paid during the three months ended March 31, 2026 and 2025, respectively.

COMMITMENTS AND CONTINGENCIES

4 unchanged sentences

The Company uses $ 1,000 as a threshold for disclosing environmental matters involving a governmental authority and potential monetary sanctions.

In addition, the Company is a party to various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the normal operation of the Company’s business.

Except as noted in the matters described below, as of September 30, 2025, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse effect on its business, financial condition, results of operations or cash flows.

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Company’s business.

Except as noted in the matters described below, as of March 31, 2026, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse effect on its business, financial condition, results of operations or cash flows.

Jefferson Parish, Louisiana Landfill Litigation

8 unchanged sentences

The Ictech-Bendeck plaintiffs sought unspecified damages.

The federal court held an eight-day trial on general causation during early 2022.

In November 2022, the court concluded that all putative class plaintiffs had established general causation.

The court limited the time period for damages, to between July 2017 and December 2019, and the types of alleged injuries for which the plaintiffs were able to seek damages.

After the general causation decision, extensive discovery occurred in 2023 and 2024.

After a general causation trial limited the nature of the claims and limited the time period to July 2017 to December 2019, extensive discovery occurred in 2023 and 2024.

On May 15, 2024, the Ictech-Bendeck plaintiffs filed an amended motion for class certification, which the defendants opposed.

Plaintiffs described the putative class as residents of the Parish suffering an injury as a result of exposure to odors from the JP Landfill between July 1, 2017 and December 31, 2019, in five proposed geographic sub-classes encompassing residents within a delineated

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area of the Parish that extended roughly five miles from the JP Landfill to the north and east.

Counsel for the putative class asked the court to certify a class on liability and allocation issues and that specific causation be left for individual determinations after a class trial.

The court held a settlement conference on August 9, 2024, memorializing the terms of the plaintiffs’ settlement with the Parish, including a settlement amount of $ 4,500 to be paid by the Parish to the Ictech-Bendeck plaintiffs.

On August 8, 2024, the Parish and the Ictech-Bendeck plaintiffs notified the court and the other parties that they had reached an agreement in principle on settlement of the plaintiffs’ class claims against the Parish, including a settlement amount of $ 4,500 to be paid by the Parish to the Ictech-Bendeck plaintiffs.

The settlement agreement purports to assign to the Ictech-Bendeck settlement class the Parish’s claims against the Company defendants and Aptim Corporation.

On March 27, 2025, the court approved the settlement.

After the completion of briefing and an evidentiary hearing on the Ictech-Bendeck class certification motion against the Company defendants and Aptim Corporation, on March 27, 2025, the court denied the motion for class certification.

On March 27, 2025, the court denied the motion for class certification.

On July 16, 2025, the Company and counsel for the Ictech-Bendeck plaintiffs reached an agreement in principle to settle the five individual plaintiffs’ claims against the Company in an amount not material to the Company’s financial statements.

3 unchanged sentences

The Crossman petition asserts claims for damages from odors allegedly emanating from the JP Landfill from July 1, 2017 through December 31,

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The petition seeks unspecified damages, but stipulates that no individual plaintiff’s damages exceed $ 74.999 , and waives the right to recover in excess of that amount per plaintiff.

On August 7, 2025, the Company’s subsidiaries filed and served their Answer and Affirmative Defenses to the Crossman petition.

On February 25, 2026, the Crossman plaintiffs filed a motion seeking permission to file an amended petition to add approximately 4,100 additional plaintiffs to the action, which the Court denied as premature on March 31, 2026.

At this time, the Company is not able to determine the likelihood of any outcome regarding the claims of the individual plaintiffs in the Crossman action, including the allocation of any potential liability among the Company defendants, the Parish, and Aptim Corporation, and is not able to reasonably estimate the possible loss or range of loss.

7 unchanged sentences

Estimates for new costs imposed on CCL under the CUP are in excess of $ 300,000 , if the CC Landfill was still open for the acceptance of waste.

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CCL appealed the Commission’s decision to the County Board of Supervisors (“Board”), but the appeal was not successful.

11 unchanged sentences

completion of review by the County;

scheduling the CUP modification application for a hearing before the Commission;

scheduling the CUP modification

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application for a hearing before the Commission;

if appealed, a hearing before the Board;

5 unchanged sentences

Thus, CCL closed active waste disposal operations as of December 31, 2024.

On January 10, 2025, CCL and the County appeared before the Superior Court for a trial setting conference and the Court set the remaining claims for a bench trial, beginning October 13, 2025.

The County filed a motion to enforce the settlement agreement on July 23, 2025, and, on September 10, 2025, the Court granted the County’s motion, vacated the trial date, and set a case management conference for January 9, 2026.

On January 10, 2025, CCL and the County appeared before the Superior Court for a trial setting conference for claims not resolved by the July 2020 writ decision and the Court set those remaining claims for a bench trial, beginning October 13, 2025.

The County filed a motion to enforce the settlement agreement (which would dismiss the unresolved claims) on July 23, 2025, and, on September 10, 2025, the Court granted the County’s motion, vacated the trial date, and set a case management conference for January 9, 2026.

On October 16, 2025, CCL filed a motion to enforce the settlement agreement, requesting the Court to enter judgment embodying the July 2020 writ decision and ordering a refund to Chiquita for fees paid.

On November 10, 2025, the Court entered CCL’s proposed judgment.

Following additional motions practice, the County served notice of the judgment on December 24, 2025.

The County filed a notice of appeal on January 16, 2026, and CCL filed its cross-appeal on January 23, 2026.

CCL also presented a claim to Los Angeles County for breach of the settlement agreement on December 30, 2025, alleging that the County’s failure to fully implement the settlement agreement resulted in the closure of the CC Landfill.

The County responded on January 28, 2026, and rejected the claim.

CCL may file suit any time before July 30, 2026.

At this time, the Company is not able to determine the likelihood of any outcome in this matter.

2 unchanged sentences

Each Rule 402 NOV alleges the CC Landfill is “discharging such quantities of air contaminants to cause injury, detriment, nuisance or annoyance to a considerable number of persons.” CCL’s retained expert consultants in Elevated Temperature Landfill (“ETLF”) events have attributed the odors and other impacts to an ETLF event that is occurring in a lined, non-active area of the CC Landfill.

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Since May 2023, CCL has received approximately 435 NOVs for alleged violations of SCAQMD Rule 402.

3 unchanged sentences

SCAQMD and CCL negotiated a Stipulated Order for Abatement (the “Stipulated Order”), which was issued by the Hearing Board on September 6, 2023.

Modifications to the Stipulated Order were approved by the Hearing Board after hearings on January 16 and 17, March 21, April 24, August 17, 20, and 27, and November 13, 2024, April 16, 2025, and June 4, 17, and 24, 2025.

Modifications to the Stipulated Order were approved by the Hearing Board after hearings on January

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16 and 17, March 21, April 24, August 17, 20, and 27, and November 13, 2024, April 16, 2025, June 4, 17, and 24, and December 9, 2025.

The modified Stipulated Order contains 107 conditions.

The next status and modification hearing is scheduled for October 29 and November 12, 2025.

The next status and modification hearing is scheduled for May 28, 2026.

On November 22, 2023, CCL received an NOV from the Los Angeles Regional Water Quality Control Board (“Water Board”) for alleged violations of CCL’s Waste Discharge Requirements Order No.

5 unchanged sentences

CCL has provided a full response to the alleged violations.

On January 6, 2026 (revised January 7), CCL received a sixth NOV from the Water Board for alleged violations of the National Pollutant Discharge Elimination General Permit for Stormwater Discharges Associated with Industrial Activities (Order No.

2014-0057-DWQ, as amended by Order No.

2018-0028-DWQ).

The allegations relate to an allegedly unauthorized discharge of stormwater commingled with characteristically hazardous leachate.

CCL has provided a full response to the alleged violations.

On February 15 and March 29, 2024, CCL received two Summaries of Violations (“SOV”) from the Department of Toxic Substances Control (“DTSC”).

4 unchanged sentences

CCL has submitted a full response to this SOV.

On November 18, 2025, CCL received a fourth SOV from DTSC.

The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents, failing to properly complete hazardous waste manifests for hazardous waste condensate, and failing to properly label tanks containing hazardous waste leachate.

CCL has submitted full responses to this SOV.

On February 25, 2026, CCL received a fifth SOV from DTSC.

The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents and transporting custody of hazardous waste or condensate to transporters who did not hold a valid registration issued by DTSC.

CCL has submitted full responses to this SOV.

On April 2, 2025, CCL, Chiquita Canyon, Inc., and Waste Connections US, Inc.

(“Respondents”) received from DTSC an Imminent and Substantial Endangerment Determination and Order (“ISE Order”) for alleged violations of the California Health & Safety Code.

The ISE Order alleges that “there may be an imminent and/or substantial endangerment to the public health or welfare or to the environment because of the release and/or the threatened release of the hazardous substances at the Site.” The order requires Respondents to implement three removal actions:

(1) extension of the

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geomembrane cover, (2) interim relocation of a tank farm, and (3) protection of Cell 8A.

CCL filed a notice of intent to comply and sufficient cause defenses on April 9, 2025, which included its objection to DTSC’s inclusion of improper parties, Chiquita Canyon, Inc.

and Waste Connections US, Inc.

CCL has been working closely with DTSC to implement the three removal actions.

On December 26, 2025, DTSC issued a Notice of Proposed Determination of Noncompliance with the ISE Order, alleging that Respondents have failed to submit adequate workplans for each of the removal actions.

CCL disagrees with these allegations and submitted its response on January 12, 2026.

On January 26, 2026, DTSC issued Respondents a Final Determination of Noncompliance with, and Violation of, the ISE Order.

CCL has submitted a response to this Final Determination.

On June 4, 2024, CCL received a Finding of Violation (“FOV”) from the U.S.

4 unchanged sentences

At this time, the Company is not able to determine the likelihood of any outcome of the resolution of these alleged violations, and not able to reasonably estimate the possible loss or range of loss.

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Chiquita Canyon Landfill Civil Litigation

13 unchanged sentences

The Court consolidated the County Action (described below) with In re Chiquita Landfill Litigation for discovery purposes only.

There are approximately 11,400 total plaintiffs in these civil lawsuits as of October 20, 2025, which includes some from cases filed but not yet served, and the Company expects additional complaints and plaintiffs in the future.

The claims in the ongoing cases allege, among other things, nuisance odors, chemical exposures and other torts, including private nuisance (continuing and permanent), public nuisance (continuing and permanent), negligence, negligence per se, strict liability for ultrahazardous activities, and a violation of Health and Safety Code § 41700.

There are approximately 12,400 total plaintiffs in these civil lawsuits as of April 14, 2026, which includes some from cases filed but not yet served, and the Company expects additional complaints and plaintiffs in the future.

The claims in the ongoing cases allege, among other things, nuisance odors, chemical exposures and other torts, including private nuisance (continuing and permanent), public nuisance (continuing and permanent), negligence, negligence per se, premises liability, trespass, strict liability for ultrahazardous activities, and a violation of Health and Safety Code § 41700.

Plaintiffs seek damages for physical injury, fear of future physical injury, increased risk of future injury, including the need for medical monitoring, emotional distress, harm to real and personal property, medical expenses, relocation expenses, and punitive damages.

9 unchanged sentences

Chiquita Canyon, LLC, et al.

(Los Angeles Superior Court;

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Superior Court;

filed March 27, 2024, removed to U.S.D.C.

75 unchanged sentences

Chiquita Canyon, LLC et al.

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filed on November 22, 2024);

19 unchanged sentences

Chiquita Canyon, LLC et al.

filed December 30, 2024, but not yet consolidated);

filed December 30, 2024);

Nancy Mariel Aguilar et al.

Chiquita Canyon, LLC et al.

(Los Angeles Superior Court, filed January 27, 2025, removed to federal court but not yet consolidated);

Lara Ojeda et al.

(Los Angeles Superior Court, filed January 27, 2025);

Leticia Ojeda et al.

Chiquita Canyon, LLC et al.

(Los Angeles Superior Court, filed March 6, 2025, removed to federal court but not yet consolidated).

(Los Angeles Superior Court, filed March 6, 2025);

Bertha Bacon et al.

Chiquita Canyon, LLC et al.

2:25-cv-09403, filed October 2, 2025);

Reyna Aguilar et al.

Chiquita Canyon, LLC et al.

2:25-cv-10271, filed October 24, 2025);

Rhea Estacio et al.

Chiquita Canyon, LLC et al.

2:25-cv-10408, filed October 29, 2025 but not yet consolidated) ;

Sterling Gateway, L.P.

Chiquita Canyon, LLC et al.

2:25-cv-06328, filed July 10, 2025);

Joseph Ryan Stanley et al.

Chiquita Canyon, LLC et al.

2:25- cv-12304, filed December 29, 2025);

Mariya Savchenko et al.

Chiquita Canyon, LLC et al.

2:25-cv-10615, filed November 4, 2025);

William John Blatter et al.

Chiquita Canyon, LLC et al.

2:25-cv-12056, filed December 19, 2025);

Geoffre Tisdale et al.

Chiquita Canyon LLC et al .

2:26-cv-01288, filed February 6, 2026);

and Balbina Oliveros Elizondo et al.

Chiquita Canyon, LLC et al.

2:26-cv-02991, filed March 19, 2026).

One law firm filed 359 individual cases in Los Angeles Superior Court, which the Company related and consolidated to that firm’s first filed case, Serieddine et al.

4 unchanged sentences

Three cases have been filed, but not yet served:

Sterling Gateway, L.P.

Chiquita Canyon, LLC et al.

2:25-cv-06328, filed July 10, 2025);

Bertha Bacon et al.

Chiquita Canyon, LLC et al.

2:25-cv-09403, filed October 2, 2025);

Gary Wells et al.

2 unchanged sentences

25STCV29317, filed October 3, 2025);

Anahit Pogosyan, by and through her Successor in Interest, Armen Pogosian, v.

Chiquita Canyon LLC et al.

2:25-cv-11732, filed December 10, 2025);

and Alvaro Luis Gutierrez v.

Chiquita Canyon, LLC et al.

(Los Angeles Superior Court, filed February 4, 2026).

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WH Castaic 497 LLC, v.

Chiquita Canyon, LLC, et al.

(Los Angeles Superior Court, filed February 24, 2026) will proceed in Los Angeles Superior Court.

This case is brought on behalf of a property developer building a large residential community near the Landfill.

The Company is continuing to vigorously defend itself in these lawsuits;

12 unchanged sentences

The County’s lawsuit alleges public nuisance under California statutes and Los Angeles County ordinances, public nuisance per se, and unfair business practices related to the alleged violation of ordinances referenced in the public nuisance claims.

The County seeks an injunction to bring the CC Landfill into compliance with all local, state, and federal laws and regulations, including all necessary measures to “contain and extinguish” the ETLF, prevent odors and gases from reaching any residential zone, and eliminate leachate seeps;

The County seeks an injunction to bring the CC Landfill into compliance with all local, state, and federal laws and regulations, including all necessary measures to “contain and extinguish” the ETLF event, prevent odors and gases from reaching any residential zone, and eliminate leachate seeps;

subsidize the relocation of affected citizens living near the CC Landfill;

4 unchanged sentences

On May 29, 2025, the County filed a motion for a preliminary injunction, seeking the creation of at least a $ 20,000 abatement fund to relocate 938 residents from Val Verde and Castaic and/or for home hardening expenses.

The County bases that request on numerous declarations, SCAQMD complaint data, SCAQMD NOVs, and a voluntary online odor survey hosted by the Los Angeles Department of Public Health.

An evidentiary hearing on the preliminary injunction was

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held on July 14 and 15, and the hearing on the motion was held on July 17, 2025.

The County bases that request on numerous declarations from residents and regulators, SCAQMD complaint data, SCAQMD NOVs, and a voluntary online odor survey hosted by the Los Angeles Department of Public Health.

An evidentiary hearing on the preliminary injunction was held on July 14 and 15, and the hearing on the motion was held on July 17, 2025.

On August 29, 2025, the Court granted Plaintiffs’ motion for a preliminary injunction, but failed to define the scope of the relief ordered.

2 unchanged sentences

That motion has not been decided.

The Company also filed a Notice of Appeal to the Ninth Circuit on September 10, 2025, and filed its opening brief October 9, 2025.

No oral argument is yet set in the Ninth Circuit.

The Company also filed a Notice of Appeal to the Ninth Circuit on September 10, 2025, and the appeal is now fully briefed.

Oral argument is scheduled in the Ninth Circuit on May 22, 2026.

The Company is continuing to vigorously defend itself in this matter;

however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and is not able to reasonably estimate the possible loss or range of loss.

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SUBSEQUENT EVENTS

On October 21, 2025 , the Company announced that its Board of Directors increased its regular quarterly cash dividend by $ 0.035 , from $ 0.315 to $ 0.350 per Company common share, and then declared a regular quarterly cash dividend of $ 0.350 per Company common share.

The dividend will be paid on November 20, 2025 , to shareholders of record on the close of business on November 5, 2025 .

Subsequent to September 30, 2025 and through the date the accompanying condensed financial statements were issued, the Company repurchased 20,894 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $ 3,622 .

On April 22, 2026 , the Company announced that its Board of Directors approved a regular quarterly cash dividend of $ 0.350 per Company common share.

The dividend will be paid on May 21, 2026 , to shareholders of record on the close of business on May 6, 2026 .

Subsequent to March 31, 2026 and through the date the accompanying condensed financial statements were issued, the Company repurchased 478,294 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $ 78,720 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements