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Item 2. Management’s Discussion and Analysis

2026-07-23 compared with 2026-04-23 · 216 added, 148 removed, 251 unchanged (59% of the section changed)

25 unchanged sentences

We continuously monitor and evaluate new technologies and investments that can enhance our commitment to the environment, to our employees and to the communities we serve.

We have committed $500 million to the advancement of long-term, aspirational ESG targets, which we evaluate continuously and have expanded as we make progress towards their achievement.

We have committed $500 million to the advancement of long-term, aspirational sustainability targets, which we evaluate continuously and have expanded as we make progress towards their achievement.

Our targets align with our focus on value creation for our stakeholders, and we have incorporated progress towards their achievement into compensation metrics.

Our ESG targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.

Our sustainability targets include reduced absolute Scope 1 and 2 emissions and emissions intensity, expanded resource recovery processing, increased landfill gas recovery and beneficial reuse, increased on-site leachate treatment at our landfills, and improved metrics for safety and employee engagement.

We generally target markets where we can operate efficiently, including secondary and rural markets, which often allows us to establish a substantial presence and operate profitably through exclusive contracts, vertical integration or asset positioning.

22 unchanged sentences

For a description of the new accounting standards that affect us, see Note 3 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

The following table sets forth items in our Condensed Consolidated Statements of Net Income in thousands of U.S.

dollars and as a percentage of revenues for the periods indicated.

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Cost of operations

7 unchanged sentences

Income tax provision

Total revenues increased $142.5 million, or 6.4%, to $2.371 billion for the three months ended March 31, 2026, from $2.228 billion for the three months ended March 31, 2025.

Acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased revenues by $57.4 million for the three months ended March 31, 2026.

Operations that were divested during, or subsequent to, the three months ended March 31, 2025, decreased revenues by $2.2 million for the three months ended March 31, 2026.

During the three months ended March 31, 2026, the net increase in prices charged to our customers at our existing operations was $120.0 million, consisting of $121.3 million of core price increases and decreases in surcharges of $1.3 million.

During the three months ended March 31, 2026, we recognized volume losses totaling $57.9 million resulting from a decrease in roll off and post-collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

E&P waste revenues at facilities owned during the three months ended March 31, 2026 increased $18.8 million, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased drilling activity in our Canada and Southern segments and higher crude oil and natural gas prices.

Revenues from sales of recyclable commodities at facilities owned during the three months ended March 31, 2026 and 2025 decreased $9.2 million.

The decrease was primarily attributable to lower prices for old corrugated cardboard and plastics.

Total revenues increased $154.6 million, or 6.4%, to $2.562 billion for the three months ended June 30, 2026, from $2.407 billion for the three months ended June 30, 2025.

Total revenues increased $297.0 million, or 6.4%, to $4.932 billion for the six months ended June 30, 2026, from $4.635 billion for the six months ended June 30, 2025.

Acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, increased revenues by $47.1 million and $104.5 million, respectively, for the three and six months ended June 30, 2026.

Operations that were divested during, or subsequent to, the three and six months ended June 30, 2025, decreased revenues by $1.3 million and $3.5 million, respectively, for the three and six months ended June 30, 2026.

During the three months ended June 30, 2026, the net increase in prices charged to our customers at our existing operations was $146.3 million, consisting of $121.8 million of core price increases and surcharges of $24.5 million.

During the six months ended June 30, 2026, the net increase in prices charged to our customers at our existing operations was $266.4 million, consisting of $243.1 million of core price increases and surcharges of $23.3 million.

During the three and six months ended June 30, 2026, we recognized volume losses totaling $64.1 million and $122.1 million, respectively, resulting from a decrease in roll off and commercial collection volumes in our Eastern, Southern and Canada segments, partially offset by an increase in landfill volumes in our Central and Western segments.

E&P waste revenues at facilities owned during the three and six months ended June 30, 2026 increased $23.4 million and $42.2 million, respectively, due to increased disposal capacity from ongoing development, resumed operations at a facility that was suspended, increased production in our Canada and Southern segments and higher crude oil and natural gas prices.

Revenues from sales of recyclable commodities at facilities owned during the three and six months ended June 30, 2026 decreased $4.8 million and $14.0 million, respectively.

The decreases were primarily attributable to lower prices for old corrugated cardboard and plastics.

An increase in the average Canadian dollar to U.S.

dollar currency exchange rate resulted in an increase in revenues of $14.0 million for the three months ended March 31, 2026.

dollar currency exchange rate resulted in an increase in revenues of $0.1 million and $14.1 million for the three and six months ended June 30, 2026, respectively.

The average Canadian dollar to U.S.

dollar exchange rates on our Canadian revenues were 0.7291 and 0.6968 for the three months ended March 31, 2026 and 2025, respectively.

Other revenues increased $1.6 million during the three months ended March 31, 2026, due primarily to a $3.5 million increase in landfill gas revenues from a new operating facility, partially offset by a $1.9 million decrease in intermodal revenues.

dollar exchange rates on our Canadian revenues were 0.7229 and 0.7228 for the three months ended June

30, 2026 and 2025, respectively.

The average Canadian dollar to U.S.

dollar exchange rates on our Canadian revenues were 0.7258 and 0.7104 for the six months ended June 30, 2026 and 2025, respectively.

Other revenues increased $7.9 million during the three months ended June 30, 2026, due primarily to an $8.4 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.5 million increase in other non-core revenue sources, partially offset by a $1.0 million decrease in intermodal revenues.

Other revenues increased $9.4 million during the six months ended June 30, 2026, due primarily to an $11.9 million increase in landfill gas revenues on higher values of renewable energy credits and increased gas generation and a $0.4 million increase in other non-core revenue sources, partially offset by a $2.9 million decrease in intermodal revenues.

Cost of Operations .

Total cost of operations increased $69.7 million, or 5.4%, to $1.361 billion for the three months ended March 31, 2026, from $1.291 billion for the three months ended March 31, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $41.2 million, additional operating costs of $23.8 million attributable to acquisitions closed during, or subsequent to, the three months ended March 31, 2025, assuming foreign currency parity, and an increase in operating costs of $6.4 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $1.7 million from operations divested during, or subsequent to, the three months ended March 31, 2025.

The increase in operating costs at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, consisted of $22.8 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, higher labor and recurring incentive compensation expenses of $11.5 million, an increase in trucking costs of $7.4 million, higher truck, container, equipment and facility maintenance and repair expenses of $2.0 million, an increase in property taxes of $1.7 million, an increase in fuel expense of $1.4 million due to higher diesel prices, and a net increase of other expenses of $0.6 million, partially offset by a decrease in risk management expenses of $3.8 million and lower disposal costs of $2.4 million.

Cost of operations as a percentage of revenues decreased 0.6 percentage points to 57.4% for the three months ended March 31, 2026, from 58.0% for the three months ended March 31, 2025.

The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in labor and benefits costs, a 0.3 percentage point decrease due to a decrease in risk management expenses and a 0.1 percentage point decrease due to lower post-closure liability interest accretion expense, partially offset by a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

SG&A expenses increased $1.0 million, or 0.4%, to $251.1 million for the three months ended March 31, 2026, from $250.1 million for the three months ended March 31, 2025.

The increase was comprised of $7.1 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $1.4 million from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $7.5 million, assuming foreign currency parity, at our existing operations.

The decrease in SG&A expenses at our existing operations for the three months ended March 31, 2026, assuming foreign currency parity, was comprised of a decrease in direct acquisition expenses of $9.6 million, a decrease in administrative payroll and incentive compensation expenses of $3.4 million, a decrease in professional fees of $2.2 million, and $0.1 million of other net expense decreases, partially offset by an increase in expenses for uncollectible accounts receivable of $5.5 million and an increase in travel, meetings and training expenses of $2.3 million.

SG&A expenses as a percentage of revenues decreased 0.6 percentage points to 10.6% for the three months ended March 31, 2026, from 11.2% for the three months ended March 31, 2025.

The decrease as a percentage of revenues was primarily driven by a 0.4 percentage point decrease in direct acquisition expenses and a 0.4 percentage point decrease in administrative payroll and incentive compensation expenses, partially offset by a 0.1 percentage point increase in SG&A expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and 0.1 percentage point of other net increases.

Total cost of operations increased $86.4 million, or 6.2%, to $1.479 billion for the three months ended June 30, 2026, from $1.393 billion for the three months ended June 30, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $63.2 million, assuming foreign currency parity, additional operating costs of $23.2 million attributable to acquisitions closed during, or subsequent to, the three months ended June 30, 2025, and an increase in operating costs of $0.1 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the three months ended June 30, 2025.

The increase in operating costs at our existing operations for the three months ended June 30, 2026, assuming foreign currency parity, consisted of $20.0 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in fuel expense of $19.3 million due to higher diesel prices, an increase in trucking costs of $12.3 million, an increase in labor and recurring incentive compensation expenses of $10.6 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $4.4 million, higher costs for purchasing and processing recyclable commodities of $2.7 million and an increase in other landfill operating costs of $1.9 million, partially offset by a decrease in risk management expenses of $7.3 million and a net decrease of other expenses of $0.7 million.

Total cost of operations increased $156.0 million, or 5.8%, to $2.840 billion for the six months ended June 30, 2026, from $2.684 billion for the six months ended June 30, 2025.

The increase was primarily the result of an increase in operating costs at our existing operations of $105.3 million, assuming foreign currency parity, additional operating costs of $47.0 million attributable to acquisitions closed during, or subsequent to, the six months ended June 30, 2025, and an increase in operating costs of $6.4 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $2.7 million from operations divested during, or subsequent to, the six months ended June 30, 2025.

The increase in operating costs at our existing operations for the six months ended June 30, 2026, assuming foreign currency parity, consisted of $42.8 million related to an increase in taxes on revenues, higher operating costs associated with new operating facilities at our existing operations and additional capacity developed to accommodate increased E&P disposal volumes, an increase in labor and recurring incentive compensation expenses of $22.0 million, an increase in fuel expense of $20.7 million due to higher diesel prices, an increase in trucking costs of $19.7 million, an increase in truck, container, equipment and facility maintenance and repair expenses of $6.4 million, an increase in costs for purchasing and processing recyclable commodities of $4.0 million and a net increase of other expenses of $0.8 million, partially offset by a decrease in risk management expenses of $11.1 million.

Cost of operations as a percentage of revenues decreased 0.2 percentage points to 57.7% for the three months ended June 30, 2026, from 57.9% for the three months ended June 30, 2025.

The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.5 percentage point decrease in labor and benefits costs, a 0.4 percentage point decrease due to lower risk management expenses and a 0.1 percentage point decrease from all other net changes, partially offset by a 0.6 percentage point increase from higher fuel expense and a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

Cost of operations as a percentage of revenues decreased 0.3 percentage points to 57.6% for the six months ended June 30, 2026, from 57.9% for the six months ended June 30, 2025.

The decrease as a percentage of revenues was primarily driven by the impact of price-led revenue growth, a 0.4 percentage point decrease in labor and benefits costs, a 0.3

percentage point decrease due to a decrease in risk management expenses and a 0.1 percentage point decrease from all other net changes, partially offset by a 0.3 percentage point increase from higher fuel expense and a 0.2 percentage point increase in operating costs associated with a new facility and higher taxes on revenue.

SG&A expenses increased $17.5 million, or 7.2%, to $260.5 million for the three months ended June 30, 2026, from $243.0 million for the three months ended June 30, 2025.

The increase was comprised of $15.2 million, assuming foreign currency parity, at our existing operations and $2.3 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2025.

The increase in SG&A expenses at our existing operations for the three months ended June 30, 2026, assuming foreign currency parity, was comprised of an increase of $5.7 million in administrative payroll and incentive compensation expenses, an increase in direct acquisition expenses of $3.6 million, an increase in deferred compensation costs of $3.4 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in software license fees of $2.0 million and $0.5 million of other net expense increases.

SG&A expenses increased $18.5 million, or 3.8%, to $511.6 million for the six months ended June 30, 2026, from $493.1 million for the six months ended June 30, 2025.

The increase was comprised of $9.3 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2025, $7.8 million, assuming foreign currency parity, at our existing operations and $1.4 million from a higher average foreign currency exchange rate in effect during the current period.

The increase in SG&A expenses at our existing operations for the six months ended June 30, 2026, assuming foreign currency parity, was comprised of an increase in expenses for uncollectible accounts receivable of $5.8 million, an increase in software license fees of $3.4 million, an increase in deferred compensation costs of $3.1 million due to an increase in the market value of investments held to fund our deferred compensation liability, an increase in administrative payroll and incentive compensation expense of $2.3 million, an increase in travel, meetings and training expenses of $2.1 million and other net expense increases of $0.9 million, partially offset by a decrease in direct acquisition expenses of $6.0 million and a decrease in professional fees of $3.8 million.

SG&A expenses as a percentage of revenues increased 0.1 percentage point to 10.2% for the three months ended June 30, 2026, from 10.1% for the three months ended June 30, 2025.

The increase as a percentage of revenues was primarily driven by a 0.1 percentage point increase in direct acquisition expenses.

SG&A expenses as a percentage of revenues decreased 0.3 percentage points to 10.4% for the six months ended June 30, 2026, from 10.7% for the six months ended June 30, 2025.

The decrease as a percentage of revenues was primarily driven by a 0.2 percentage point decrease in administrative payroll and incentive compensation expenses and a 0.1 percentage point decrease in direct acquisition expenses.

Depreciation .

Depreciation expense increased $25.2 million, or 10.4%, to $267.5 million for the three months ended March 31, 2026, from $242.3 million for the three months ended March 31, 2025.

The increase was comprised of an increase in depreciation expense of $9.6 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $7.9 million from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, an increase of $6.0 million in depletion expense at our existing operations and an increase of $1.7 million resulting from a higher average foreign currency exchange rate in effect during the current period.

Depreciation expense as a percentage of revenues increased 0.4 percentage points to 11.3% for the three months ended March 31, 2026, from 10.9% for the three months ended March 31, 2025.

The increase as a percentage of revenues was primarily driven by capital expenditures to support our existing operations and acquisitions closed during, or subsequent

to, the three months ended March 31, 2025 having higher depreciation expense as a percentage of revenue than our company average.

Depreciation expense increased $20.9 million, or 8.1%, to $278.3 million for the three months ended June 30, 2026, from $257.4 million for the three months ended June 30, 2025.

The increase was comprised of an increase in depreciation expense of $10.8 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $4.6 million from acquisitions closed during, or subsequent to, the three months ended June 30, 2025 and an increase of $5.5 million in depletion expense at our existing operations.

Depreciation expense increased $46.1 million, or 9.2%, to $545.8 million for the six months ended June 30, 2026, from $499.7 million for the six months ended June 30, 2025.

The increase was comprised of an increase in depreciation expense of $20.5 million from the impact of additions to our fleet and equipment purchased to support our existing operations, an increase in depreciation and depletion expense of $12.5 million from acquisitions closed during, or subsequent to, the six months ended June 30, 2025, an increase of $11.5 million in depletion expense at our existing operations and an increase of $1.7 million resulting from a higher average foreign currency exchange rate in effect during the current period, partially offset by a decrease of $0.1 million from operations divested during, or subsequent to, the six months ended June 30, 2025.

Depreciation expense as a percentage of revenues increased 0.1 percentage point to 10.8% for the three months ended June 30, 2026, from 10.7% for the three months ended June 30, 2025.

Depreciation expense as a percentage of revenues increased 0.2 percentage points to 11.0% for the six months ended June 30, 2026, from 10.8% for the six months ended June 30, 2025.

For both comparable periods, the increase as a percentage of revenues was primarily driven by capital expenditures to support our existing operations and acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025 having higher depreciation expense as a percentage of revenue than our company average.

Amortization of Intangibles .

Amortization of intangibles expense decreased $0.3 million, or 0.8%, to $47.3 million for the three months ended March 31, 2026, from $47.6 million for the three months ended March 31, 2025.

The decrease was comprised of a decrease of $5.5 million from certain intangible assets becoming fully amortized subsequent to March 31, 2025, partially offset by an increase of $4.7 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended March 31, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.

Amortization of intangibles expense as a percentage of revenues decreased 0.1 percentage point to 2.0% for the three months ended March 31, 2026, from 2.1% for the three months ended March 31, 2025.

The decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.2 percentage point increase related to acquisitions closed during, or subsequent to, the three months ended March 31, 2025 having higher amortization expense as a percentage of revenue than our company average.

Amortization of intangibles expense decreased $2.6 million, or 5.2%, to $47.6 million for the three months ended June 30, 2026, from $50.2 million for the three months ended June 30, 2025.

The decrease was comprised of a decrease of $6.1 million from certain intangible assets becoming fully amortized subsequent to June 30, 2025, partially offset by an increase of $3.5 million from intangible assets acquired in acquisitions closed during, or subsequent to, the three months ended June 30, 2025.

Amortization of intangibles expense decreased $3.0 million, or 3.1%, to $94.9 million for the six months ended June 30, 2026, from $97.9 million for the six months ended June 30, 2025.

The decrease was comprised of a decrease of $11.6 million from certain intangible assets becoming fully amortized subsequent to June 30, 2025, partially offset by an increase of $8.1 million from intangible assets acquired in acquisitions closed during, or subsequent to, the six months ended June 30, 2025 and an increase of $0.5 million due to a higher average foreign currency exchange rate in effect during the current period.

Amortization of intangibles expense as a percentage of revenues decreased 0.2 percentage points to 1.9% for the three and six months ended June 30, 2026, from 2.1% for the three and six months ended June 30, 2025.

The decrease as a percentage of revenues was primarily driven by a 0.3 percentage point decrease from lower amortization on existing intangibles, partially offset by a 0.1 percentage point increase related to acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025 having higher amortization expense as a percentage of revenue than our company average.

Impairments and Other Operating Items .

Impairments and other operating items increased $73.2 million, to net losses totaling $79.6 million for the three months ended March 31, 2026, from net losses totaling $6.4 million for the three months ended March 31, 2025.

The net losses of $79.6 million recorded during the three months ended March 31, 2026 consisted of net losses of $76.8 million to adjust the carrying value of closure and post-closure liabilities, net losses of $2.0 million to adjust an environmental liability at an operating facility, losses o f $0.9 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $0.3 million on the disposal of property and equipment, partially offset by other net gains of $0.4 million.

The net losses of $6.4 million recorded during the three months ended March 31, 2025 consisted of $3.8 million of net losses from operations divested during such period, losses of $1.3 million on the disposal of an investment, losses of $0.7 million on the disposal of property and equipment and losses of $0.7 million from writing off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, partially offset by other net gains of $0.1 million.

Impairments and other operating items increased $54.5 million, to net losses totaling $58.5 million for the three months ended June 30, 2026, from net losses totaling $4.0 million for the three months ended June 30, 2025.

The net losses of $58.5 million recorded during the three months ended June 30, 2026 consisted of net losses of $55.8 million to adjust the carrying value of closure and post-closure liabilities and net losses of $3.6 million on the disposal of property and equipment, partially offset by other net gains of $0.9 million.

The net losses of $4.0 million recorded during the three months ended June 30, 2025 consisted of net losses of $1.7 million on the disposal of property and equipment, $1.0 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, net losses of $1.0 million from damages to an operating facility and other net losses of $0.3 million.

Impairments and other operating items increased $127.5 million, to net losses totaling $138.0 million for the six months ended June 30, 2026, from net losses totaling $10.5 million for the six months ended June 30, 2025.

The net losses of $138.0 million recorded during the six months ended June 30, 2026 consisted of net losses of $132.0 million to adjust the carrying value of closure and post-closure liabilities, net losses of $4.0 million on the disposal of property and equipment and net losses of $ 2.0 million to adjust an environmental liability at an operating facility .

The net losses of $10.5 million recorded during the six months ended June 30, 2025 consisted of $4.5 million of net losses from operations divested during the current period, net losses of $2.5 million on the disposal of property and equipment, $1.7 million of charges to write off the carrying cost of certain contracts that were not, or are not expected to be, renewed prior to the original estimated termination date, losses of $1.3 million on the disposal of an investment and other net losses of $0.5 million.

Operating Income .

Operating income decreased $26.1 million, or 6.7%, to $364.1 million for the three months ended March 31, 2026, from $390.2 million for the three months ended March 31, 2025.

The decrease in our operating income for the three months ended March 31, 2026 was due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, increased taxes on revenue, higher depreciation, increased labor and recurring incentive compensation expenses and higher trucking costs, partially offset by price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025, and a decrease in direct acquisition expenses.

Operating income as a percentage of revenues decreased 2.1 percentage points to 15.4% for the three months ended March 31, 2026, from 17.5% for the three months ended March 31, 2025.

The decrease as a percentage of revenues was comprised of a 3.0 percentage point increase in impairments and other operating items and a 0.4 percentage point increase in depreciation, partially offset by a 0.6 percentage point decrease in selling, general and administrative expenses, a 0.6 percentage point decrease in cost of operations and a 0.1 percentage point decrease in amortization.

Operating income decreased $21.9 million, or 4.8%, to $437.6 million for the three months ended June 30, 2026, from $459.5 million for the three months ended June 30, 2025.

Operating income decreased $48.2 million,

or 5.7%, to $801.6 million for the six months ended June 30, 2026, from $849.8 million for the six months ended June 30, 2025.

The decreases in our operating income for both the three and six months ended June 30, 2026 were due primarily to increased impairments and other operating items, increases in operating expenses from acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, increased taxes on revenue, higher depreciation, increased labor and recurring incentive compensation expenses and higher trucking costs, partially offset by price increases for our solid waste services, operating income generated from acquisitions closed during, or subsequent to, the three and six months ended June 30, 2025, and a decrease in direct acquisition expenses.

Operating income as a percentage of revenues decreased 2.0 percentage points to 17.1% for the three months ended June 30, 2026, from 19.1% for the three months ended June 30, 2025.

The decrease as a percentage of revenues was comprised of a 2.2 percentage point increase in impairments and other operating items, a 0.1 percentage point increase in depreciation and a 0.1 percentage point increase in selling, general and administrative expenses, partially offset by a 0.2 percentage point decrease in amortization and a 0.2 percentage point decrease in cost of operations.

Operating income as a percentage of revenues decreased 2.0 percentage points to 16.3% for the six months ended June 30, 2026, from 18.3% for the six months ended June 30, 2025.

The decrease as a percentage of revenues was comprised of a 2.6 percentage point increase in impairments and other operating items and a 0.2 percentage point increase in depreciation, partially offset by a 0.3 percentage point decrease in cost of operations, a 0.3 percentage point decrease in selling, general and administrative expenses and a 0.2 percentage point decrease in amortization.

Interest Expense .

Interest expense increased $6.8 million, or 8.5%, to $87.7 million for the three months ended March 31, 2026, from $80.9 million for the three months ended March 31, 2025.

The increase was primarily attributable to an increase of $6.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of $1.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026 , an increase of $1.2 million due to an increase in the average borrowings outstanding under our credit facilities during the three months ended March 31, 2026 and $0.2 million of other net expense increases, partially offset by a decrease of $2.4 million from lower interest rates on borrowings outstanding during the comparable periods.

Interest expense increased $8.4 million, or 10.2%, to $91.2 million for the three months ended June 30, 2026, from $82.8 million for the three months ended June 30, 2025.

The increase was primarily attributable to an increase of $7.2 million from the issuance of $600.0 million of senior unsecured notes in March 2026 and an increase of $4.6 million from the issuance of $500.0 million of senior unsecured notes in June 2025, partially offset by a decrease of $3.3 million due to a decrease in the average borrowings outstanding under our credit facilities during the three months ended June 30, 2026 and $0.1 million of other net expense decreases.

Interest expense increased $15.3 million, or 9.3%, to $178.9 million for the six months ended June 30, 2026, from $163.6 million for the six months ended June 30, 2025.

The increase was primarily attributable to an increase of $11.2 million from the issuance of $500.0 million of senior unsecured notes in June 2025, an increase of $8.4 million from the issuance of $600.0 million of senior unsecured notes in March 2026 and $0.4 million of other net expense increases, partially offset by a decrease of $2.6 million from lower interest rates on borrowings outstanding during the comparable periods and a decrease of $2.1 million due to a decrease in the average borrowings outstanding under our credit facilities during the six months ended June 30, 2026.

Interest Income .

Interest income increased $1.3 million, or 75.9%, to $3.1 million for the three months ended March 31, 2026, from $1.8 million for the three months ended March 31, 2025.

The increase was primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Interest income increased $1.8 million, or 78.3%, to $4.1 million for the three months ended June 30, 2026, from $2.3 million for the three months ended June 30, 2025.

Interest income increased $3.1 million, or 77.3%, to $7.2 million for the six months ended June 30, 2026, from $4.1 million for the six months ended June 30, 2025.

The increases were primarily attributable to higher average cash balances in the current period, partially offset by lower average investment rates.

Other Income, Net .

Other income, net increased $2.2 million, or 118.2%, to $4.1 million for the three months ended March 31, 2026, from $1.9 million for the three months ended March 31, 2025.

Other income of $4.1 million recorded during the three months ended March 31, 2026 consisted of $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists and $0.2 million of income from other sources, partially offset by losses of $1.0 million from an increase in the average foreign currency exchange rate in effect during the comparable reporting period and losses of $0.8 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations.

Other income of $1.9 million recorded during the three months ended March 31, 2025 consisted of $2.5 million from proceeds on insurance claims and $1.3 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, partially offset by $1.5 million from a decrease in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of other investment losses.

Other income, net increased $23.2 million to an income total of $33.3 million for the three months ended June 30, 2026, from an income total of $10.1 million for the three months ended June 30, 2025.

Other income of $33.3 million recorded during the three months ended June 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $6.3 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $3.2 million from a vendor rebate and the reimbursement of expenditures and $1.2 million of income from other sources.

Other income of $10.1 million recorded during the three months ended June 30, 2025 consisted of $3.7 million from a vendor rebate and the reimbursement of expenditures, $2.9 million from an increase in the value of investments purchased

to fund our employee deferred compensation obligations, $2.1 million from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period and $1.4 million of income from other sources.

Other income, net increased $25.4 million to an income total of $37.3 million for the six months ended June 30, 2026, from an income total of $11.9 million for the six months ended June 30, 2025.

Other income of $37.3 million recorded during the six months ended June 30, 2026 consisted of $22.6 million from a refund on fees paid in prior periods, $5.7 million from the write-off of a liability associated with a closed facility for which no future obligation exists, $5.5 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations, $3.2 million from a vendor rebate and the reimbursement of expenditures and $0.3 million of income from other sources.

Other income of $11.9 million recorded during the six months ended June 30, 2025 consisted of $3.9 million of gains from a decrease in the average foreign currency exchange rate in effect during the comparable reporting period, $3.7 million from a vendor rebate and the reimbursement of expenditures, $2.5 million from proceeds on insurance claims, $1.4 million from an increase in the value of investments purchased to fund our employee deferred compensation obligations and $0.4 million of income from other sources.

Income Tax Provision .

Income taxes decreased $7.3 million, to $64.2 million for the three months ended March 31, 2026, from $71.5 million for the three months ended March 31, 2025.

Our effective tax rate for the three months ended March 31, 2026 was 22.6%.

Our effective tax rate for the three months ended March 31, 2025 was 22.8%.

The income tax provision for the three months ended March 31, 2026 included a benefit of $0.2 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.

Income taxes decreased $11.6 million, to $87.3 million for the three months ended June 30, 2026, from $98.9 million for the three months ended June 30, 2025.

Our effective tax rate for the three months ended June 30, 2026 was 22.8%.

Our effective tax rate for the three months ended June 30, 2025 was 25.4%.

Income taxes decreased $18.8 million, to $151.5 million for the six months ended June 30, 2026, from $170.3 million for the six months ended June 30, 2025.

Our effective tax rate for the six months ended June 30, 2026 was 22.7%.

Our effective tax rate for the six months ended June 30, 2025 was 24.3%.

The income tax provision for the three and six months ended June 30, 2026 included a benefit of $0.1 million and $0.3 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.

federal statutory rate.

The income tax provision for the three months ended March 31, 2025 included a benefit of $4.6 million from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.

The income tax provision for the three and six months ended June 30, 2025 included a benefit of $0.2 million and $4.8 million, respectively, from share-based payment awards being recognized in the income statement when settled, as well as a portion of our internal financing being taxed at effective rates substantially lower than the U.S.

federal statutory rate.

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

The following tables disaggregate our revenue by service line for the periods indicated (in thousands of U.S.

Three Months Ended March 31, 2026

Industrial and construction roll off

Total collection

Three Months Ended March 31, 2025

Industrial and construction roll off

Total collection

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

For details on revenue by service line, see Note 4 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

For the six months ended June 30, 2026, we managed our operations through the following six geographic solid waste operating segments:

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

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Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies.

Our 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.

Our 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.

Summarized financial information for our reportable segments are shown in the following tables in thousands of U.S.

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Three Months Ended

March 31, 2026

June 30, 2026

Corporate (a)

Three Months Ended

March 31, 2025

June 30, 2025

Corporate (a)

____________________

Six Months Ended

June 30, 2026

Corporate (a)

Six Months Ended

June 30, 2025

Corporate (a)

(a) The majority of Corporate expenses are allocated to the six operating segments.

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A reconciliation of segment EBITDA to Income before income tax provision is included in Note 10 to our Condensed Consolidated Financial Statements included in Part 1, Item 1 of this report.

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, are discussed below.

Revenue increased $39.6 million to $493.0 million for the three months ended March 31, 2026, from $453.4 million for the three months ended March 31, 2025, due to contributions from acquisitions, price increases and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by a decrease in commercial and residential collection volumes, lower roll off volumes and a decrease in recyclable commodity revenues as compared to the prior period.

Segment expenses increased $27.8 million to $332.5 million for the three months ended March 31, 2026, from $304.7 million for the three months ended March 31, 2025, due to an increase in expenses from acquisitions closed during the comparable periods, higher third-party brokerage, an increase in uncollectible accounts receivable, higher labor costs, an increase in truck, container, equipment and facility maintenance and repair expenses and higher landfill monitoring and maintenance costs, partially offset by a decrease in risk management costs, lower disposal costs and a decrease in expenses from operations divested during the current period.

EBITDA increased $11.8 million to $160.5 million, or a 32.6% EBITDA margin for the three months ended March 31, 2026, from $148.7 million, or a 32.8% EBITDA margin for the three months ended March 31, 2025.

The decrease in our EBITDA margin was due to the impact of acquisitions having lower EBITDA margins than our segment average, an increase in uncollectible accounts receivable and higher professional fees, partially offset by lower risk management costs, price-led increases in revenue, lower allocated corporate overhead and a decrease in labor costs as a percentage of revenue.

Revenue increased $24.0 million to $462.4 million for the three months ended March 31, 2026, from $438.4 million for the three months ended March 31, 2025, due to price increases, higher post-collection volumes, an increase in residential and commercial collection volumes and contributions from acquisitions, partially offset by a decrease in recyclable commodity revenues as compared to the prior period, a decrease in intermodal activity and lower E&P waste revenues.

Segment expenses increased $13.0 million to $339.1 million for the three months ended March 31, 2026, from $326.1 million for the three months ended March 31, 2025, due to increased labor and benefits costs, an increase in operating costs associated with higher collection volumes, an increase in expenses from acquisitions closed during the comparable periods and higher fuel costs due to diesel prices, partially offset by lower allocated corporate overhead and a decrease in risk management costs.

EBITDA increased $11.1 million to $123.4 million, or a 26.7% EBITDA margin for the three months ended March 31, 2026, from $112.3 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025.

The increase in our EBITDA margin was due primarily to lower allocated corporate overhead, a decrease in post-closure liability interest accretion expense and lower risk management costs, partially offset by higher fuel costs, the impact of acquisitions having lower EBITDA margins than our segment average and an increase in professional fees.

Revenue increased $2.4 million to $405.7 million for the three months ended March 31, 2026, from $403.3 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by lower commercial collection volumes, decreases in roll off and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior period.

Segment expenses decreased $2.5 million to $297.7 million for the three months ended March 31, 2026, from $300.2 million for the three months ended March 31, 2025, due to a decrease in truck, container, equipment and facility maintenance and repair expenses, lower labor costs, a decrease in disposal expense, lower allocated corporate overhead and lower fuel costs attributable to fixed-price fuel contracts, partially offset by an increase in expenses from acquisitions closed during the comparable periods, an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.

EBITDA increased $4.9 million to $108.0 million, or a 26.6% EBITDA margin for the three months ended March 31, 2026, from $103.1 million, or a 25.6% EBITDA margin for the three months ended March 31, 2025.

The increase in our EBITDA margin was due primarily to a decrease in truck, container, equipment and facility maintenance and repair expenses, price-led revenue growth and a decrease in allocated corporate overhead, partially offset by an increase in uncollectible accounts receivable and higher landfill monitoring and maintenance costs.

Revenue increased $23.4 million to $396.8 million for the three months ended March 31, 2026, from $373.4 million for the three months ended March 31, 2025, due to price increases, contributions from acquisitions and an increase in landfill gas sales, partially offset by lower roll off volumes, a decrease in commercial and residential collection volumes, lower E&P waste revenues and a decrease in recyclable commodity revenues.

Segment expenses increased $10.0 million to $251.7 million for the three months ended March 31, 2026, from $241.7 million for the three months ended March 31, 2025, due to an increase in labor and benefits expenses, higher third-party brokerage, an increase in operating costs associated with higher post-collection volumes, an increase in fees paid for the processing of recyclable materials and an increase in truck, container, equipment and facility maintenance and repair expenses, partially offset by a decrease in allocated corporate overhead.

EBITDA increased $13.4 million to $145.1 million, or a 36.6% EBITDA margin for the three months ended March 31, 2026, from $131.7 million, or a 35.3% EBITDA margin for the three months ended March 31, 2025.

The increase in our EBITDA margin was due to price-led revenue growth, lower labor and benefits costs as a percentage of revenue, a decrease in allocated corporate overhead, a decrease in risk management costs and lower fuel costs, partially offset by an increase in fees paid for the processing of recyclable materials.

Revenue increased $42.1 million to $344.8 million for the three months ended March 31, 2026, from $302.7 million for the three months ended March 31, 2025, due to price increases, higher E&P waste revenues attributable to an increase in volumes, an increase in the average foreign currency exchange rate in effect during the comparable reporting periods, an increase in landfill gas sales and contributions from acquisitions, partially offset by a decrease in commercial and residential collection volumes and a decrease in recyclable commodity revenues.

Segment expenses increased $28.7 million to $195.9 million for the three months ended March 31, 2026, from $167.2 million for the three months ended March 31, 2025, due to an increase in operating costs associated with higher E&P and landfill volumes, higher labor and benefits costs, an increase in expenses associated with a new operating facility, higher allocated corporate overhead and an increase in expenses from acquisitions closed during the comparable periods .

EBITDA increased $13.3 million to $148.9 million, or a 43.2% EBITDA margin for the three months ended March 31, 2026, from $135.6 million, or a 44.8% EBITDA margin for the three months ended March 31, 2025.

The decrease in our EBITDA margin was due to an increase in costs associated with incremental volumes and a new operating facility developed subsequent to the prior period, partially offset by lower labor and benefits costs as a percentage of revenue, an increase in renewable energy credits generated, lower fuel costs and a decrease in equipment rental fees.

Revenue increased $10.8 million to $267.8 million for the three months ended March 31, 2026, from $257.0 million for the three months ended March 31, 2025, due to price increases and contributions from acquisitions, partially offset by a decrease in residential and roll off collection volumes, lower recyclable commodity revenues and a decrease in landfill gas sales.

Segment expenses increased $6.4 million to $194.5 million for the three months ended March 31, 2026, from $188.1 million for the three months ended March 31, 2025, due to higher labor and benefits expenses, an increase in third-party brokerage, higher truck, container, equipment and facility maintenance and repair expenses and an increase in expenses from acquisitions closed during, or subsequent to, the prior period, partially offset by a decrease in allocated corporate overhead.

EBITDA increased $4.4 million to $73.3 million, or a 27.4% EBITDA margin for the three months ended March 31, 2026, from $68.9 million, or a 26.8% EBITDA margin for the three months ended March 31, 2025.

The increase in our EBITDA margin was due primarily to price-led revenue growth, a decrease in allocated corporate overhead, lower landfill monitoring and maintenance expenses and a decrease in risk management costs, partially offset by an increase in third-party brokerage rates attributable to an increase in fuel costs.

Segment expenses decreased $12.9 million to $0.8 million for the three months ended March 31, 2026, from $13.7 million for the three months ended March 31, 2025, due to a decrease in deal costs associated with acquisitions closed

during, or subsequent to, the prior period, lower professional fees, a decrease in labor and benefits costs and lower incentive compensation costs, partially offset by decreased allocation of costs to our operating segments.

EBITDA increased $12.9 million for the three months ended March 31, 2026, as compared to the prior-year period, due to the decrease in segment expenses.

Significant changes in revenue, segment expenses and EBITDA for our reportable segments for the three and six month periods ended June 30, 2026, compared to the three and six month periods ended June 30, 2025, are discussed below.

Revenue increased $41.7 million to $518.6 million for the three months ended June 30, 2026, from $476.9 million for the three months ended June 30, 2025.

Revenue increased $81.3 million to $1.012 billion for the six months ended June 30, 2026, from $930.3 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, contributions from acquisitions and higher E&P waste revenues attributable to increases in drilling and production activity, partially offset by lower commercial collection volumes, a decrease in post-collection volumes, lower recyclable commodity revenues and a decrease from operations divested during the comparable periods.

Segment expenses increased $25.2 million to $347.8 million for the three months ended June 30, 2026, from $322.6 million for the three months ended June 30, 2025.

Segment expenses increased $53.0 million to $680.3 million for the six months ended June 30, 2026, from $627.3 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to an increase in expenses from acquisitions closed during the comparable periods, higher fuel costs due to diesel prices, an increase in third-party brokerage, higher labor costs and an increase in truck, container, equipment and facility maintenance and repair expenses, partially offset by lower risk management costs and a decrease from operations divested during the comparable periods.

EBITDA increased $16.5 million to $170.8 million, or a 32.9% EBITDA margin for the three months ended June 30, 2026, from $154.3 million, or a 32.4% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $28.4 million to $331.4 million, or a 32.8% EBITDA margin for the six months ended June 30, 2026, from $303.0 million, or a 32.6% EBITDA margin for the six months ended June 30, 2025.

The increases in our EBITDA margin for the three and six months ended June 30, 2026 were due to lower risk management costs, a decrease in landfill monitoring and maintenance costs, lower labor costs as a percentage of revenue and a decrease in uncollectible accounts receivable, partially offset by higher fuel costs due to diesel prices and the impact of acquisitions having lower EBITDA margins than our segment average.

Revenue increased $31.0 million to $492.7 million for the three months ended June 30, 2026, from $461.7 million for the three months ended June 30, 2025.

Revenue increased $55.1 million to $955.2 million for the six months ended June 30, 2026, from $900.1 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, contributions from acquisitions, an increase in residential and commercial collection volumes, higher recyclable commodity revenues and an increase in post-collection volumes, partially offset by a decrease in intermodal activity and lower E&P waste revenues.

Segment expenses increased $25.3 million to $359.0 million for the three months ended June 30, 2026, from $333.7 million for the three months ended June 30, 2025.

Segment expenses increased $38.3 million to $698.1 million for the six months ended June 30, 2026, from $659.8 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to higher labor and benefits costs, an increase in expenses from acquisitions closed during the comparable periods, higher operating costs associated with higher collection volumes, an increase in fuel costs due to diesel prices and higher truck, container, equipment and facility maintenance and repair expenses, partially offset by a decrease in risk management costs.

EBITDA increased $5.7 million to $133.7 million, or a 27.1% EBITDA margin for the three months ended June 30, 2026, from $128.0 million, or a 27.7% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $16.8 million to $257.1 million, or a 26.9% EBITDA margin for the six months ended June 30, 2026, from $240.3 million, or a 26.7% EBITDA margin for the six months ended June 30, 2025.

The decrease in our EBITDA margin for the three months ended June 30, 2026 was due primarily to higher fuel costs due to diesel prices and the impact of acquisitions having lower EBITDA margins than our segment average, partially offset by lower risk management costs.

The increase in our EBITDA margin for the six months ended June 30, 2026 was primarily due to lower risk management costs and a decrease in post-closure liability interest accretion expense, partially offset by higher fuel costs and the impact of acquisitions having lower EBITDA margins than our segment average.

Revenue increased $1.8 million to $444.0 million for the three months ended June 30, 2026, from $442.2 million for the three months ended June 30, 2025.

Revenue increased $4.2 million to $849.7 million for the six months ended June 30, 2026, from $845.5 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases and contributions from acquisitions, partially offset by lower commercial collection volumes, decreases in roll off and post-collection volumes and a decrease in recyclable commodity revenues as compared to the prior periods.

Segment expenses decreased $5.6 million to $322.3 million for the three months ended June 30, 2026, from $327.9 million for the three months ended June 30, 2025.

Segment expenses decreased $8.0 million to $620.0 million for the six months ended June 30, 2026, from $628.0 million for the six months ended June 30, 2025.

The decreases to segment expenses for the three and six months ended June 30, 2026 were due to a decrease in disposal expense, lower labor costs, a decrease in truck, container, equipment and facility maintenance and repair expenses, and lower risk management costs, partially offset by an increase in expenses from acquisitions closed during the comparable periods.

EBITDA increased $7.3 million to $121.6 million, or a 27.4% EBITDA margin for the three months ended June 30, 2026, from $114.3 million, or a 25.9% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $12.3 million to $229.7 million, or a 27.0% EBITDA margin for the six months ended June 30, 2026, from $217.4 million, or a 25.7% EBITDA margin for the six months ended June 30, 2025.

The increases in our EBITDA margin for the three and six months ended June 30, 2026 were due primarily to price-led revenue growth, lower risk management costs, and the impact of acquisitions having higher EBITDA margins than our segment average, partially offset by higher fuel costs due to diesel prices.

Revenue increased $21.7 million to $423.8 million for the three months ended June 30, 2026, from $402.1 million for the three months ended June 30, 2025.

Revenue increased $45.0 million to $820.5 million for the six months ended June 30, 2026, from $775.5 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, contributions from acquisitions and an increase in landfill gas sales, partially offset by lower roll off volumes, a decrease in commercial and residential collection volumes and lower E&P waste revenues.

Segment expenses increased $10.1 million to $268.8 million for the three months ended June 30, 2026, from $258.7 million for the three months ended June 30, 2025.

Segment expenses increased $20.2 million to $520.5 million for the six months ended June 30, 2026, from $500.3 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to higher fuel costs due to diesel prices, an increase in labor and benefits expenses, higher third-party brokerage, an increase in truck, container, equipment and facility maintenance and repair expenses, higher operating costs associated with higher post-collection volumes, and an increase in fees paid for the processing of recyclable materials, partially offset by a decrease in risk management costs.

EBITDA increased $11.5 million to $154.9 million, or a 36.6% EBITDA margin for the three months ended June 30, 2026, from $143.4 million, or a 35.7% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $24.9 million to $300.0 million, or a 36.6% EBITDA margin for the six months ended June 30, 2026, from $275.1 million, or a 35.5% EBITDA margin for the six months ended June 30, 2025.

The increases in our EBITDA margin for the three and six months ended June 30, 2026 were due primarily to lower labor and benefits costs as a percentage of revenue, a decrease in risk management costs, and price-led revenue growth, partially offset by higher fuel costs due to diesel prices and an increase in uncollectible accounts receivable.

Revenue increased $42.4 million to $385.8 million for the three months ended June 30, 2026, from $343.4 million for the three months ended June 30, 2025.

Revenue increased $84.5 million to $730.6 million for the six months ended June 30, 2026, from $646.1 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases, higher E&P waste revenues attributable to an increase in volumes, an increase in landfill gas sales, contributions from acquisitions and a higher average foreign currency exchange rate in effect during the comparable reporting periods, partially offset by a decrease in commercial and residential collection volumes.

Segment expenses increased $30.4 million to $217.9 million for the three months ended June 30, 2026, from $187.5 million for the three months ended June 30, 2025.

Segment expenses increased $59.1 million to $413.7 million for the six months ended June 30, 2026, from $354.6 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to an increase in operating costs associated with an increase in E&P and landfill volumes, higher third-party brokerage, an increase in fuel costs due to diesel prices, higher expenses associated with a new operating facility, an increase in labor and benefits expenses, higher allocated corporate overhead and an increase in expenses from acquisitions closed during the comparable periods .

EBITDA increased $12.0 million to $167.9 million, or a 43.5% EBITDA margin for the three months ended June 30, 2026, from $155.9 million, or a 45.4% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $25.4 million to $316.9 million, or a 43.4% EBITDA margin for the six months ended June 30, 2026, from $291.5 million, or a 45.1% EBITDA margin for the six months ended June 30, 2025.

The decreases in our EBITDA margin for the three and six months ended June 30, 2026 were due to increases in costs associated with incremental volumes, a new operating facility developed subsequent to the prior periods and higher fuel costs due to diesel prices, partially offset by lower labor and benefits costs as a percentage of revenue and an increase in renewable energy credits generated.

Revenue increased $16.0 million to $296.7 million for the three months ended June 30, 2026, from $280.7 million for the three months ended June 30, 2025.

Revenue increased $26.9 million to $564.6 million for the six months ended June 30, 2026, from $537.7 million for the six months ended June 30, 2025.

The increases for the three and six months ended June 30, 2026 were due to price increases and contributions from acquisitions, partially offset by a decrease in residential and commercial collection volumes, lower recyclable commodity revenues, a decrease in post-collection volumes and lower landfill gas sales.

Segment expenses increased $13.9 million to $216.1 million for the three months ended June 30, 2026, from $202.2 million for the three months ended June 30, 2025.

Segment expenses increased $20.3 million to $410.6 million for the six months ended June 30, 2026, from $390.3 million for the six months ended June 30, 2025.

The increases to segment expenses for the three and six months ended June 30, 2026 were due to an increase in third-party brokerage, higher labor and benefits expenses, an increase in fuel costs due to diesel prices, higher risk management costs, an increase in truck, container, equipment and facility maintenance and repair expenses and an increase in expenses from acquisitions closed during the comparable periods .

EBITDA increased $2.2 million to $80.7 million, or a 27.2% EBITDA margin for the three months ended June 30, 2026, from $78.5 million, or a 28.0% EBITDA margin for the three months ended June 30, 2025.

EBITDA increased $6.6 million to $154.0 million, or a 27.3% EBITDA margin for the six months ended June 30, 2026, from $147.4 million, or a 27.4% EBITDA margin for the six months ended June 30, 2025.

The decreases in our EBITDA margin for the three and six months ended June 30, 2026 were due primarily to an increase in fuel costs and higher risk management costs, partially offset by lower labor and benefits costs as a percentage of revenue.

Segment expenses increased $4.7 million to $7.9 million for the three months ended June 30, 2026, from $3.2 million for the three months ended June 30, 2025.

Segment expenses decreased $8.3 million to $8.7 million for the six months ended June 30, 2026, from $17.0 million for the six months ended June 30, 2025.

The increase to segment expenses for the three months ended June 30, 2026 was due to an increase in labor and benefits costs and higher deal costs associated with acquisitions closed during, or subsequent to, the prior periods, partially offset by lower professional fees, an increase in allocation of costs to our operating segments, and lower travel and meetings expenses.

The decrease to segment expenses for the six months ended June 30, 2026 was due to a decrease in professional fees and lower deal costs associated with acquisitions closed during, or subsequent to, the prior periods, partially offset by an increase in labor and benefits costs and a decrease in allocation of costs to our operating segments.

EBITDA decreased $4.7 million and increased $8.3 million for the three and six months ended June 30, 2026, respectively, as compared to the prior periods, due to the changes in segment expenses.

LIQUIDITY AND CAPITAL RESOURCES

The following table sets forth cash flow information for the three months ended March 31, 2026 and 2025 (in thousands of U.S.

Three Months Ended

The following table sets forth cash flow information for the six months ended June 30, 2026 and 2025 (in thousands of U.S.

Six Months Ended

Net cash provided by operating activities

Net cash used in investing activities

Net cash provided by (used in) financing activities

Net cash used in financing activities

Effect of exchange rate changes on cash, cash equivalents and restricted cash

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Operating Activities Cash Flows

Net cash provided by operating activities increased $4.1 million to $545.6 million for the three months ended March 31, 2026, from net cash provided by operating activities of $541.5 million for the three months ended March 31, 2025.

Net cash provided by operating activities increased $99.1 million to $1.279 billion for the six months ended June 30, 2026, from net cash provided by operating activities of $1.180 billion for the six months ended June 30, 2025.

The significant components of the increase included the following:

1) Increase in earnings — Our increase in net cash provided by operating activities was favorably impacted by $78.0 million from an increase in net income, excluding depreciation, amortization of intangibles, share-based compensation, adjustments to closure and post-closure liabilities, adjustments to contingent consideration, provision for expected credit losses, interest accretion and loss on disposal of assets and impairments, due primarily to price increases and operating income generated from acquisitions closed during, or subsequent to, the three months ended March 31, 2025.

2) Accounts payable and accrued liabilities — Our increase in net cash provided by operating activities was unfavorably impacted by $39.0 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in a decrease to operating cash flows of $70.1 million for the three months ended March 31, 2026, compared to a decrease to operating cash flows of $31.1 million for the three months ended March 31, 2025.

The decrease for the three months ended March 31, 2026 was due primarily to outstanding obligations to vendors and accrued annual management bonus compensation as of December 31, 2025 that was paid in the current year period and a decrease in accrued interest due to the timing of interest payments, partially offset by an increase in accrued insurance costs and an increase in accrued payroll.

The decrease for the three months ended March 31, 2025 was due primarily to outstanding obligations to vendors and accrued annual management bonus compensation as of December 31, 2024 that was paid in 2025, partially offset by an increase in accrued insurance costs and an increase in accrued payroll.

3) Accounts receivable — Our increase in net cash provided by operating activities was unfavorably impacted by $21.5 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $23.4 million for the three months ended March 31, 2026, compared to a decrease to operating cash flows of $1.9 million for the three months ended March 31, 2025.

The decrease for the three months ended March 31, 2026 was driven by higher revenues, which remained as outstanding receivables at the end of the period.

The decrease for the three months ended March 31, 2025 was due to increases in revenue, which remained as outstanding receivables at the end of the period and one fewer collection day in the period.

4) Deferred revenue — Our increase in net cash provided by operating activities was unfavorably impacted by $14.4 million from an increase to operating cash flows of $7.4 million for the three months ended March 31, 2026, compared to an increase to operating cash flows of $21.8 million for the three months ended March 31, 2025.

For both comparable periods, deferred revenue increased due to price increases on our advanced billed residential and commercial collection services.

At March 31, 2026, we had a working capital deficit of $631.1 million, including cash and equivalents of $112.4 million.

Our working capital deficit decreased $181.6 million from a working capital deficit of $812.7 million at December 31, 2025, including cash and equivalents of $46.0 million, due primarily to an increase in cash and equivalents, decreases in accounts payable and accrued liabilities driven by accrued annual management bonus compensation that was paid in the current year period, and an increase in accounts receivable as a result of increases in revenue.

1) Increase in earnings — Our increase in net cash provided by operating activities was favorably impacted by $126.7 million from an increase in net income, excluding depreciation, amortization of intangibles, share-based compensation, adjustments to closure and post-closure liabilities, adjustments to and payments of contingent consideration, provision for expected credit losses, interest accretion and gain on disposal of assets, operations, and impairments, due primarily to price increases and operating income generated from acquisitions closed during, or subsequent to, the six months ended June 30, 2025.

2) Accounts receivable — Our increase in net cash provided by operating activities was favorably impacted by $18.9 million from accounts receivable as changes in accounts receivable resulted in a decrease to operating cash flows of $55.4 million for the six months ended June 30, 2026, compared to a decrease to operating cash flows of $74.3 million for the six months ended June 30, 2025.

The decrease for the six months ended June 30, 2026 was driven by higher revenues, which remained as outstanding receivables at the end of the period, partially offset by improved receivables turnover from collection efforts.

The decrease for the six months ended June 30, 2025 was due to increases in revenue, which remained as outstanding receivables at the end of the period.

3) Closure and post-closure expenditures — Our increase in net cash provided by operating activities was favorably impacted by $14.7 million from a decrease in payments for closure and post-closure activities as changes in expenditures for these items resulted in a decrease to operating cash flows of $137.2 million for the six months ended June 30, 2026 as compared to a decrease to operating cash flows of $151.9 million for the six months ended June 30, 2025.

4) Accounts payable and accrued liabilities — Our increase in net cash provided by operating activities was unfavorably impacted by $34.8 million from accounts payable and accrued liabilities as changes in accounts payable and accrued liabilities resulted in an increase to operating cash flows of $41.1 million for the six months ended June 30, 2026, compared to an increase to operating cash flows of $75.9 million for the six months ended June 30, 2025.

The increase for the six months ended June 30, 2026 was due primarily to outstanding obligations to vendors and an increase in accrued insurance costs.

The increase for the six months ended June 30, 2025 was due primarily to outstanding obligations to vendors and an increase in accrued payroll.

5) Deferred income taxes — Our increase in net cash provided by operating activities was unfavorably impacted by $21.1 million from deferred income taxes as changes in deferred income taxes resulted in an increase to operating cash flows of $37.2 million for the six months ended June 30, 2026, compared to an increase to operating cash flows of $58.3 million for the six months ended June 30, 2025.

The increases for the six months ended June 30, 2026 and 2025 were attributable to capital expenditures providing tax benefits resulting from accelerated depreciation and tax benefits resulting from payments for closure and post-closure activities in the periods.

At June 30, 2026, we had a working capital deficit of $729.0 million, including cash and equivalents of $98.2 million.

Our working capital deficit decreased $83.7 million from a working capital deficit of $812.7 million at December 31, 2025 including cash and equivalents of $46.0 million, due primarily to an increase in cash and equivalents and an increase in accounts receivable as a result of increases in revenue and improved receivables turnover.

To date, we have experienced no loss or lack of access to our cash and equivalents;

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Investing Activities Cash Flows

Net cash used in investing activities decreased $247.5 million to $355.7 million for the three months ended March 31, 2026, compared to $603.2 million for the three months ended March 31, 2025.

Net cash used in investing activities decreased $58.0 million to $962.0 million for the six months ended June 30, 2026, from $1.020 billion for the six months ended June 30, 2025.

The significant components of the decrease included the following:

1) A decrease in cash paid for acquisitions of $201.1 million;

2) An increase in capital expenditures at operations owned in the comparable period of $71.4 million due to ongoing projects, expenditures for trucks and equipment and land, partially offset by a decrease in expenditures for facility improvements;

2) An increase in capital expenditures at operations owned in the comparable period of $81.0 million due to ongoing projects and expenditures for trucks and equipment, partially offset by a decrease in expenditures for facility improvements;

3) An increase in capital expenditures for undeveloped land at certain existing facilities of $51.0 million;

4) An increase in capital expenditures at operations acquired during the comparable period of $20.2 million due to expenditures for facility improvements, trucks and equipment.

Financing Activities Cash Flows

Net cash used in financing activities was $96.1 million for the three months ended March 31, 2026, compared to net cash provided by financing activities of $113.4 million for the three months ended March 31, 2025, representing a decrease of $209.5 million.

The significant components of the decrease included the following:

1) A decrease from higher payments to repurchase our common shares of $284.0 million during the three months ended March 31, 2026;

2) A decrease from higher cash dividends paid of $7.3 million due primarily to an increase in our quarterly dividend rate for the three months ended March 31, 2026 to $0.350 per share, from $0.315 per share for the three months ended March 31, 2025;

3) An increase from the net change in long-term borrowings of $71.5 million in which long-term borrowings increased $313.6 million during the three months ended March 31, 2026 and increased $242.1 million during the three months ended March 31, 2025;

4) An increase from lower payments related to contingent consideration of $16.0 million in which contingent consideration costs increased $4.1 million during the three months ended March 31, 2026 and increased $20.1 million during the three months ended March 31, 2025.

Net cash used in financing activities increased $190.0 million to $282.5 million for the six months ended June 30, 2026, from $92.5 million for the six months ended June 30, 2025.

The significant components of the increase included the following:

1) An increase from higher payments to repurchase our common shares of $614.1 million during the six months ended June 30, 2026;

2) An increase from higher cash dividends paid of $14.2 million due primarily to an increase in our quarterly dividend rate for the six months ended June 30, 2026 to $0.350 per share, from $0.315 per share for the six months ended June 30, 2025;

3) A decrease from the net change in long-term borrowings of $403.2 million in which long-term borrowings increased $529.8 million during the six months ended June 30, 2026 and increased $126.6 million during the six months ended June 30, 2025;

4) A decrease from lower payments related to contingent consideration of $18.2 million in which contingent consideration costs decreased $4.7 million during the six months ended June 30, 2026 and decreased $22.9 million during the six months ended June 30, 2025.

On August 8, 2025, we announced the annual renewal of our normal course issuer bid, or the NCIB, to purchase up to 12,855,691 of our 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 our option.

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

Information regarding the NCIB can be found under the section “Normal Course Issuer Bid” in Note 16 to the Condensed Consolidated

Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Information regarding the NCIB can be found under the section “Normal Course Issuer Bid” in Note 16 to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Our Board of Directors authorized the initiation of a quarterly cash dividend in October 2010 and has increased it on an annual basis.

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

Cash dividends of $88.7 million and $81.5 million were paid during the three months ended March 31, 2026 and 2025, respectively.

Cash dividends of $177.1 million and $163.0 million were paid during the six months ended June 30, 2026 and 2025, respectively.

We cannot assure as to the amounts or timing of future dividends.

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Our capital requirements include acquisitions and capital expenditures, including for landfill cell construction, landfill development, landfill closure activities and intermodal facility construction in the future.

We made $296.6 million in capital expenditures for property and equipment during the three months ended March 31, 2026, and we expect to make total capital expenditures for property and equipment in 2026 of approximately $1.250 billion.

We made $598.9 million in capital expenditures for property and equipment during the six months ended June 30, 2026, and we expect to make total capital expenditures for property and equipment in 2026 of approximately $1.250 billion.

In addition, we made $51.0 million in capital expenditures for undeveloped land during the six months ended June 30, 2026 and may opportunistically make other capital expenditures related to future development.

We have funded and intend to fund the balance of our planned 2026 capital expenditures principally through cash on hand, internally generated funds and borrowings under our Revolving Credit Agreement.

In addition, we may make substantial additional capital expenditures in acquiring land and solid waste businesses.

In addition, we may make substantial additional capital expenditures in acquiring land and municipal solid waste and E&P waste businesses.

If we acquire additional landfill disposal facilities, we may also have to make significant expenditures to bring them into compliance with applicable regulatory requirements, obtain permits or expand our available disposal capacity.

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On March 16, 2026, we completed an underwritten public offering of $600.0 million aggregate principal amount of our 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), by and between the Company and U.S.

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), 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, as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026.

See Note 9 to our Condensed Consolidated Financial Statements for further details on the 2036 Senior Notes.

At March 31, 2026, $2.076 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $37.3 million.

We also had $184.1 million of letters of credit issued and outstanding at March 31, 2026 under a facility other than the Revolving Credit Agreement.

At June 30, 2026, $2.275 billion under the revolving credit facility was outstanding under the Revolving Credit Agreement, exclusive of outstanding standby letters of credit of $37.7 million.

We also had $199.0 million of letters of credit issued and outstanding at June 30, 2026 under facilities other than the Revolving Credit Agreement.

Our Revolving Credit Agreement matures on February 27, 2029.

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Unless otherwise indicated in the relevant offering documents, we expect to use the proceeds from any such offerings for general corporate purposes, including repaying, redeeming or repurchasing debt, acquiring additional assets or businesses, capital expenditures and increasing our working capital.

At March 31, 2026, we had the following contractual obligations:

At June 30, 2026, we had the following contractual obligations:

Payments Due by Period

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Final capping, closure and post-closure

____________________

Long-term debt payments include:

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dollar base rate loans, Canadian dollar term CORRA rate loans, and Canadian dollar prime rate loans.

At March 31, 2026, $695.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.

At June 30, 2026, $1.135 billion of the outstanding borrowings drawn under the revolving credit facility were in U.S.

term SOFR rate loans, which bear interest at the term SOFR rate plus the applicable margin (for a total rate ranging from 4.50% to 4.52% on such date).

At March 31, 2026, $133.0 million of the outstanding borrowings drawn under the revolving credit facility were in U.S.

base rate loans, which bear interest at the base rate plus the applicable margin (for a total rate of 6.75% on such date).

At March 31, 2026, $1.180 billion of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based CORRA rate loans, which bear interest at the term CORRA rate plus the applicable margin (for a total rate of 3.45% on such date).

At March 31, 2026, $68.2 million of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based prime rate loans, which bear interest at the Canadian prime rate plus the applicable prime rate margin (for a total rate of 4.45% on such date).

At June 30, 2026, $1.140 billion of the outstanding borrowings drawn under the revolving credit facility were in Canadian-based CORRA rate loans, which bear interest at the term CORRA rate plus the applicable margin (for a total rate ranging from 3.44% to 3.45% on such date).

2) $500.0 million in principal payments due 2028 related to our 2028 Senior Notes.

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14) $22.6 million in principal payments related to our notes payable to sellers and other third parties.

Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at March 31, 2026, and have maturity dates ranging from 2028 to 2044.

Our notes payable to sellers and other third parties bear interest at rates between 2.42% and 10.35% at June 30, 2026, and have maturity dates ranging from 2028 to 2044.

15) $14.9 million in principal payments related to our financing leases.

Our financing leases bear interest at rates between 1.89% and 5.35% at March 31, 2026, and have expiration dates ranging from 2026 to 2035.

Our financing leases bear interest at rates between 1.89% and 5.35% at June 30, 2026, and have expiration dates ranging from 2026 to 2035.

The following assumptions were made in calculating cash interest payments:

1) We calculated cash interest payments on the Revolving Credit Agreement using the term SOFR rate plus the applicable term SOFR margin, the base rate plus the applicable base rate margin, the term CORRA rate plus the applicable margin and the Canadian prime rate plus the applicable prime rate margin at March 31, 2026.

We assumed the Revolving Credit Agreement is paid off when it matures in February 2029.

2) We calculated cash interest payments on our interest rate swaps using the stated interest rate in the swap agreement less the term SOFR rate through the earlier expiration of the term of the swaps or the term of the credit facility.

Contingent consideration payments include $81.2 million recorded as liabilities in our Condensed Consolidated Financial Statements at March 31, 2026, and $14.4 million of future interest accretion on the recorded obligations.

Contingent consideration payments include $81.1 million recorded as liabilities in our Condensed Consolidated Financial Statements at June 30, 2026, and $13.6 million of future interest accretion on the recorded obligations.

We are party to operating lease agreements and finance leases.

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Unconditional purchase obligations

____________________

(1) We are party to unconditional purchase obligations.

These purchase obligations are established in the ordinary course of our business and are designed to provide us with access to products at competitive, market-driven prices.

At March 31, 2026, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 50.6 million gallons remaining to be purchased for a total of $145.3 million.

At June 30, 2026, our unconditional purchase obligations consisted of multiple fixed-price fuel purchase contracts under which we have 42.1 million gallons remaining to be purchased for a total of $121.2 million.

The current fuel purchase contracts expire on or before December 31, 2029.

These arrangements have not materially affected our financial position, results of operations or liquidity during the three months ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.

These arrangements have not materially affected our financial position, results of operations or liquidity during the six months ended June 30, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.

We have obtained financial surety bonds, primarily to support our financial assurance needs and landfill and E&P waste operations.

We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.218 billion and $2.157 billion at March 31, 2026 and December 31, 2025, respectively.

These arrangements have not materially affected our financial position, results of operations or liquidity during the three months

ended March 31, 2026, nor are they expected to have a material impact on our future financial position, results of operations or liquidity.

We provided customers and various regulatory authorities with surety bonds in the aggregate amounts of approximately $2.290 billion and $2.157 billion at June 30, 2026 and December 31, 2025, respectively.

From time to time, we evaluate our existing operations and their strategic importance to us.

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Although we believe our reporting units would not be impaired by such dispositions, we could incur losses on them.

The disposal tonnage that we received in the three-month periods ended March 31, 2026 and 2025, at all of our landfills during the respective period, is shown below (tons in thousands):

Three Months Ended March 31,

The disposal tonnage that we received in the six-month periods ended June 30, 2026 and 2025, at all of our landfills during the respective period, is shown below (tons in thousands):

Six Months Ended June 30,

Owned operational landfills and landfills operated under life-of-site agreements

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Other companies may calculate adjusted EBITDA differently.

Our adjusted EBITDA for the three-month periods ended March 31, 2026 and 2025, is calculated as follows (amounts in thousands of U.S.

Our adjusted EBITDA for the three and six-month periods ended June 30, 2026 and 2025, is calculated as follows (amounts in thousands of U.S.

Three Months Ended

Six Months Ended

Income tax provision

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Adjusted EBITDA

____________________

(a) Reflects the addback of acquisition-related transaction costs.

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Other companies may calculate these non-GAAP financial measures differently.

Our adjusted net income and adjusted net income per diluted share for the three-month periods ended March 31, 2026 and 2025, are calculated as follows (amounts in thousands of U.S.

Our adjusted net income and adjusted net income per diluted share for the three and six-month periods ended June 30, 2026 and 2025, are calculated as follows (amounts in thousands of U.S.

dollars, except per share amounts):

Three Months Ended

Six Months Ended

Reported net income

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Adjusted net income

____________________

(a) Reflects the elimination of the non-cash amortization of acquisition-related intangible assets .

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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 2. Management’s Discussion and Analysis