WASTE CONNECTIONS REPORTS THIRD QUARTER 2025 RESULTS

— Better than expected results highlight superior execution on improving operating trends and cost management

— Revenue of $2.458 billion, above expectations

— Net income(a) of $286.3 million, or $1.11 per share, adjusted net income attributable to Waste Connections(b) of $372.0 million, or $1.44 per share

— Adjusted EBITDA(b) of $830.3 million, above expectations

— Adjusted EBITDA(b) margin of 33.8% of revenue, above expectations

— Increased regular quarterly dividend by 11.1% and completed share repurchases of approximately 1% of shares outstanding

— Acquisitions year to date of approximately $300 million in annualized revenue closed or under definitive agreement

— No change to full year 2025 outlook as provided in July

Waste Connections, Inc. (TSX/NYSE: WCN) (“Waste Connections” or the “Company”) today announced its results for the third quarter of 2025.

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“Superior execution drove better than expected financial results in the third quarter, bolstered by continued improvement in operating trends. Another quarterly step down in employee turnover and new record low safety incident rates, together with strong pricing retention, provided for underlying solid waste margin expansion of approximately 80 basis points in the period,” said Ronald J. Mittelstaedt, President and Chief Executive Officer. “Given our team's effectiveness in overcoming incremental commodity headwinds during the quarter, we are on track to deliver full year 2025 results in line with our outlook as provided in July.”

Mr. Mittelstaedt concluded, “As anticipated, the strength of our operating performance, free cash flow generation and balance sheet positioned us for another double-digit increase to our quarterly cash dividend, along with another year of outsized acquisition activity and share repurchases of approximately 1% of shares outstanding. We remain well-positioned to fund our differentiated growth strategy, while also increasing return of capital to shareholders.”

Q3 2025 Results

Revenue in the third quarter totaled $2.458 billion, up from $2.338 billion in the year ago period. Operating income was $439.6 million, which included$60.1 million in impairments and other operating items, primarily the write-down of contracts and a non-operating E&P waste facility permit, and an environmental liability at an operating facility. The third quarter also included $3.3 million primarily from transaction-related expenses and fair value changes to equity awards. This compares to operating income of $475.3 million in the third quarter of 2024 that included $11.1 million primarily in transaction-related expenses and impairments and other operating items. Net income in the third quarter was $286.3 million, or $1.11 per share on a diluted basis of 257.6 million shares. In the year ago period, the Company reported net income of $308.0 million, or $1.19 per share on a diluted basis of 258.8 million shares.

Adjusted net income(b) in the third quarter was $372.0 million, or $1.44 per diluted share, versus $350.0 million, or $1.35 per diluted share, in the prior year period. Adjusted EBITDA(b) in the third quarter was $830.3 million, as compared to $787.4 million in the prior year period. Adjusted net income, adjusted net income per diluted share and adjusted EBITDA, all non-GAAP measures, primarily exclude impairments and acquisition-related items, as reflected in the detailed reconciliations in the attached tables.

Nine Months Year to Date Results

For the nine months ended September 30, 2025, revenue was $7.094 billion, up from $6.659 billion in the year ago period. Operating income was $1.289 billion, which included $70.6 million from impairments and other operating items and $20.3 million primarily attributable to transaction-related expenses and fair value changes to equity awards. This compares to operating income in the prior year period of $1.267 billion, which included $38.2 million primarily attributable to transaction-related expenses, impairments and other operating items and fair value changes to equity awards.

Net income for the nine months ended September 30, 2025 was $818.1 million, or $3.16 per share on a diluted basis of 258.5 million shares. In the year ago period, the Company reported net income of $813.6 million, or $3.15 per share on a diluted basis of 258.6 million shares.

Adjusted net income(b)for the nine months ended September 30, 2025 was $998.3 million, or $3.86 per diluted share, compared to $938.7 million, or $3.63 per diluted share, inthe year ago period. Adjusted EBITDA(b)for the nine months ended September 30, 2025 was $2.329 billion, as compared to $2.170 billion in the prior year period.

—————————————————————————————————————————————————-(a)All references to “Net income” refer to the financial statement line item “Net income attributable to Waste Connections”(b) A non-GAAP measure; see accompanying Non-GAAP Reconciliation Schedule

Q3 2025 Earnings Conference Call

Waste Connections will be hosting a conference call related to third quarter earnings on October 22nd at 8:30 A.M. Eastern Time. A live audio webcast of the conference call can be accessed by visiting investors.wasteconnections.com and selecting “News & Events” from the website menu. Alternatively, conference call participants can preregister by clicking here. Registered participants will receive dial-in instructions and a personalized code for entry to the conference call. A replay of the conference call will be available until October 29, 2025, by calling 877-344-7529 (within North America) or 412-317-0088 (international) and entering Passcode #6407087.

About Waste Connections

Waste Connections (wasteconnections.com) is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance (“ESG”) efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement.

Safe Harbor and Forward-Looking Information

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 (“PSLRA”), including “forward-looking information” within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements are often identified by the words “may,” “might,” “believes,” “thinks,” “expects,” “estimate,” “continue,” “intends” or other words of similar meaning. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about expected 2025 financial results, outlook and related assumptions, and potential acquisition activity. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

financial tables attached –

CONTACT:Mary Anne Whitney / (832) 442-2253 Joe Box / (832) 442-2153maryannew@wasteconnections.com joe.box@wasteconnections.comWASTE CONNECTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF NET INCOMETHREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2025(Unaudited)(in thousands of U.S. dollars, except share and per share amounts) Threemonthsended Ninemonthsended September30, September30, 2024 2025 2024 2025Revenues $ 2,338,488 $ 2,458,378 $ 6,659,308 $ 7,093,609Operating expenses:Cost of operations 1,344,079 1,406,854 3,866,932 4,091,153Selling, general and administrative 222,526 236,476 672,110 729,576Depreciation 248,473 263,999 712,392 763,727Amortization of intangibles 45,170 51,331 129,584 149,209Impairments and other operating items 2,897 60,127 11,441 70,598Operating income 475,343 439,591 1,266,849 1,289,346Interest expense (83,520) (84,449) (244,385) (248,074)Interest income 3,331 5,090 9,391 9,174Other income, net 4,904 14,542 12,727 26,463Income before income tax provision 400,058 374,774 1,044,582 1,076,909Income tax provision (92,012) (88,503) (232,008) (258,852)Net income 308,046 286,271 812,574 818,057Plus: Net loss attributable to noncontrolling interests – – 1,003 -Net income attributable to Waste Connections $ 308,046 $ 286,271 $ 813,577 $ 818,057Earnings per common share attributable to Waste Connections' common shareholders:Basic $ 1.19 $ 1.11 $ 3.15 $ 3.17Diluted $ 1.19 $ 1.11 $ 3.15 $ 3.16Shares used in the per share calculations:Basic 258,023,661 256,948,902 257,939,935 257,835,515Diluted 258,756,528 257,580,321 258,601,815 258,484,698Cash dividends per common share $ 0.285 $ 0.315 $ 0.855 $ 0.945WASTE CONNECTIONS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(in thousands of U.S. dollars, except share and per share amounts) December31, September 30, 2024 2025ASSETSCurrent assets:Cash and equivalents $ 62,366 $ 117,596Accounts receivable, net of allowance for credit losses of $25,730 and $22,843 at 935,027 1,069,645December31, 2024 and September 30, 2025, respectivelyPrepaid expenses and other current assets 229,519 216,399Total current assets 1,226,912 1,403,640Restricted cash 135,807 172,989Restricted investments 78,126 80,002Property and equipment, net 8,035,929 8,422,847Operating lease right-of-use assets 308,198 316,106Goodwill 7,950,406 8,275,386Intangible assets, net 1,991,619 2,003,600Other assets, net 90,812 107,925Total assets $ 19,817,809 $ 20,782,495LIABILITIES AND EQUITYCurrent liabilities:Accounts payable $ 637,371 $ 759,271Book overdraft 14,628 14,292Deferred revenue 382,501 411,579Accrued liabilities 736,824 762,137Current portion of operating lease liabilities 40,490 42,681Current portion of contingent consideration 59,169 89,044Current portion of long-term debt and notes payable 7,851 8,619Total current liabilities 1,878,834 2,087,623Long-term portion of debt and notes payable 8,072,928 8,621,371Long-term portion of operating lease liabilities 272,107 270,414Long-term portion of contingent consideration 27,993 20,080Deferred income taxes 958,340 1,067,840Other long-term liabilities 747,253 621,799Total liabilities 11,957,455 12,689,127Commitments and contingenciesEquity:Common shares: Unlimited shares authorized; 258,067,487 shares issued and 3,283,161 2,846,773258,019,389 shares outstanding at December31, 2024; 256,022,442 shares issuedand 255,976,094 shares outstanding at September 30, 2025Additional paid-in capital 325,928 354,567Accumulated other comprehensive loss (205,740) (139,084)Treasury shares: 48,098 and 46,348 shares at December31, 2024 and September 30, – -2025, respectivelyRetained earnings 4,457,005 5,031,112Total Waste Connections' equity 7,860,354 8,093,368Total equity 7,860,354 8,093,368Total liabilities and equity $ 19,817,809 $ 20,782,495WASTE CONNECTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSNINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2025(Unaudited)(in thousands of U.S. dollars) Ninemonthsended September30, 2024 2025Cash flows from operating activities:Net income $ 812,574 $ 818,057Adjustments to reconcile net income to net cash provided by operating activities:Loss from disposal of assets, impairments and other 934 71,614Depreciation 712,392 763,727Amortization of intangibles 129,584 149,209Deferred income taxes, net of acquisitions 81,270 93,839Current period provision for expected credit losses 12,681 9,321Amortization of debt issuance costs 7,974 6,271Share-based compensation 61,229 60,432Interest accretion 27,733 38,411Payment of contingent consideration recorded in earnings (35,035) (400)Adjustments to contingent consideration – 30,874Other (1,505) (7,046)Net change in operating assets and liabilities, net of acquisitions (149,833) (177,119)Net cash provided by operating activities 1,659,998 1,857,190Cash flows from investing activities:Payments for acquisitions, net of cash acquired (2,010,274) (627,310)Capital expenditures for property and equipment (659,302) (794,937)Proceeds from disposal of assets 5,633 9,153Proceeds from sale of investment in noncontrolling interests 37,000 -Other (18,867) (20,819)Net cash used in investing activities (2,645,810) (1,433,913)Cash flows from financing activities:Proceeds from long-term debt 4,092,166 2,222,235Principal payments on notes payable and long-term debt (2,759,676) (1,808,598)Payment of contingent consideration recorded at acquisition date (26,625) (28,324)Change in book overdraft (287) (336)Payments for repurchase of common shares – (442,176)Payments for cash dividends (221,253) (243,950)Tax withholdings related to net share settlements of equity-based compensation (32,203) (31,306)Debt issuance costs (13,449) (4,825)Proceeds from issuance of shares under employee share purchase plan 4,486 5,464Proceeds from sale of common shares held in trust 1,198 324Other (4,000) -Net cash provided by (used in) financing activities 1,040,357 (331,492)Effect of exchange rate changes on cash, cash equivalents and restricted cash (75) 627Net increase in cash, cash equivalents and restricted cash 54,470 92,412Cash, cash equivalents and restricted cash at beginning of period 184,038 198,173Cash, cash equivalents and restricted cash at end of period $ 238,508 $ 290,585

ADDITIONAL STATISTICS (in thousands of U.S. dollars, except where noted)

Solid Waste Internal Growth: The following table reflects a breakdown of the components of our solid waste internal growth for the three and nine month periods ended September 30, 2025:

Three months ended Nine months ended September 30, 2025 September 30, 2025Core Price 6.3% 6.6%Surcharges (0.1%) (0.2%)Volume (2.7%) (2.7%)Recycling (0.8%) (0.4%)Foreign Exchange Impact (0.1%) (0.4%)Closed Operation (0.8%) (0.9%)Total 1.8% 2.0%

Revenue Breakdown:The following table reflects a breakdown of our revenue for the three month periods ended September 30, 2024 and 2025:

Threemonths ended September 30, 2024 Revenue Inter-company Reported % Elimination RevenueSolid Waste Collection $ 1,622,308 $ (4,898) $ 1,617,410 69.2 %Solid Waste Disposal and Transfer 776,928 (317,142) 459,786 19.6 %Solid Waste Recycling 69,748 (2,611) 67,137 2.9 %E&P Waste Treatment, Recovery and Disposal 154,202 (6,923) 147,279 6.3 %Intermodal and Other 47,341 (465) 46,876 2.0 %Total $ 2,670,527 $ (332,039) $ 2,338,488 100.0 % Threemonths ended September 30, 2025 Revenue Inter-company Reported % Elimination RevenueSolid Waste Collection $ 1,730,339 $ (5,733) $ 1,724,606 70.1 %Solid Waste Disposal and Transfer 804,442 (348,040) 456,402 18.6 %Solid Waste Recycling 58,351 (2,110) 56,241 2.3 %E&P Waste Treatment, Recovery and Disposal 188,679 (9,542) 179,137 7.3 %Intermodal and Other 42,686 (694) 41,992 1.7 %Total $ 2,824,497 $ (366,119) $ 2,458,378 100.0 %

Contribution from Acquisitions: The following table reflects revenues from acquisitions, net of divestitures, for the three and nine month periods ended September 30, 2024 and 2025:

Threemonths ended Ninemonths ended September30, September 30, 2024 2025 2024 2025Acquisitions, net $ 161,024 $ 76,621 $ 359,716 $ 318,789

ADDITIONAL STATISTICS (continued) (in thousands of U.S. dollars, except where noted)

Other Cash Flow Items: The following table reflects cash interest and cash taxes for the three and nine month periods ended September 30, 2024 and 2025:

Threemonths ended Ninemonths ended September30, September 30, 2024 2025 2024 2025Cash Interest Paid $ 85,170 $ 83,792 $ 223,196 $ 239,038Cash Taxes Paid 81,235 50,394 164,615 141,535

Debt to Book Capitalization as of September 30, 2025: 52%

Internalization for the three months ended September 30, 2025: 60%

Days Sales Outstanding for the three months ended September 30, 2025: 40 (25 net of deferred revenue)

Share Information for the three months ended September 30, 2025:

Basic shares outstanding 256,948,902Dilutive effect of equity-based awards 631,419Diluted shares outstanding 257,580,321

NON-GAAP RECONCILIATION SCHEDULE (in thousands of U.S. dollars, except where noted)

Reconciliation of Adjusted EBITDA:

Adjusted EBITDA, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a performance and valuation measure in the solid waste industry. Management uses adjusted EBITDA as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections' operations. Waste Connections defines adjusted EBITDA as net income attributable to Waste Connections, plus or minus net income (loss) attributable to noncontrolling interests, plus income tax provision, plus interest expense, less interest income, plus depreciation and amortization expense, plus closure and post-closure accretion expense, plus or minus any loss or gain on impairments and other operating items, plus other expense, less other income. Waste Connections further adjusts this calculation to exclude the effects of other items management believes impact the ability to assess the operating performance of its business. This measure is not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate adjusted EBITDA differently.

Threemonths ended Ninemonths ended September 30, September 30, 2024 2025 2024 2025Net income attributable to Waste Connections $ 308,046 $ 286,271 $ 813,577 $ 818,057Less: Net loss attributable to noncontrolling interests – – (1,003) -Plus: Income tax provision 92,012 88,503 232,008 258,852Plus: Interest expense 83,520 84,449 244,385 248,074Less: Interest income (3,331) (5,090) (9,391) (9,174)Plus: Depreciation and amortization 293,643 315,330 841,976 912,936Plus: Closure and post-closure accretion 7,387 11,963 22,879 35,779Plus: Impairments and other operating items 2,897 60,127 11,441 70,598Less: Other income, net (4,904) (14,542) (12,727) (26,463)Adjustments:Plus: Transaction-related expenses(a) 8,067 3,835 25,169 19,778Plus/(Less): Fair value changes to equity awards(b) 99 (509) 1,602 527Adjusted EBITDA $ 787,436 $ 830,337 $ 2,169,916 $ 2,328,964As % of revenues 33.7% 33.8% 32.6% 32.8%____________________________(a) Reflects the addback of acquisition-related transaction costs.(b) Reflects fair value accounting changes associated with certain equity awards.

NON-GAAP RECONCILIATION SCHEDULE (continued) (in thousands of U.S. dollars, except where noted)

Reconciliation of Adjusted Free Cash Flow:

Adjusted free cash flow, a non-GAAP financial measure, is provided supplementally because it is widely used by investors as a liquidity measure in the solid waste industry. Waste Connections calculates adjusted free cash flow as net cash provided by operating activities, plus or minus change in book overdraft, plus proceeds from disposal of assets, less capital expenditures for property and equipment. Waste Connections further adjusts this calculation to exclude the effects of items management believes impact the ability to evaluate the liquidity of its business operations. This measure is not a substitute for, and should be used in conjunction with, GAAP liquidity or financial measures. This measure is not meant to represent residual cash available for strategic acquisitions, stock repurchases, dividends or other discretionary expenditures since it does not adjust for mandatory debt service requirements and other non-discretionary expenditures. Other companies may calculate adjusted free cash flow differently.

Threemonths ended Ninemonths ended September30, September30, 2024 2025 2024 2025Net cash provided by operating activities $ 558,310 $ 677,449 $ 1,659,998 $ 1,857,190Less: Change in book overdraft (1,637) (733) (287) (336)Plus: Proceeds from disposal of assets 2,636 3,736 5,633 9,153Less: Capital expenditures for property and equipment (272,132) (297,172) (659,302) (794,937)Adjustments:Transaction-related expenses(a) 3,668 1,734 12,348 12,895Executive separation costs(b) – – 1,670 2,119Payment of contingent consideration recorded in earnings(c) 35,035 – 35,035 400Pre-existing Progressive Waste share-based grants(d) 39 – 1,170 16Tax effect(e) (9,643) (434) (12,556) (2,832)Adjusted free cash flow $ 316,276 $ 384,580 $ 1,043,709 $ 1,083,668As % of revenues 13.5% 15.6% 15.7% 15.3%___________________________(a) Reflects the addback of acquisition-related transaction costs.(b) Reflects the cash component of severance expense associated with an executive departure from 2021.(c) Reflects the addback of acquisition-related payments for contingent consideration that were recorded as expenses in earnings and as a component of cash flows from operating activities as the amounts paid exceeded the fair value of the contingent consideration recorded at the acquisition date.(d) Reflects the cash settlement of pre-existing Progressive Waste share-based awards during the period.(e) The aggregate tax effect of footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.

NON-GAAP RECONCILIATION SCHEDULE (continued) (in thousands of U.S. dollars, except per share amounts)

Reconciliation of Adjusted Net Income attributable to Waste Connections and Adjusted Net Income per Diluted Share attributable to Waste Connections:

Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections, both non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation measures in the solid waste industry. Management uses adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections as one of the principal measures to evaluate and monitor the ongoing financial performance of Waste Connections' operations. Waste Connections provides adjusted net income attributable to Waste Connections to exclude the effects of items management believes impact the comparability of operating results between periods. Adjusted net income attributable to Waste Connections has limitations due to the fact that it excludes items that have an impact on the Company's financial condition and results of operations. Adjusted net income attributable to Waste Connections and adjusted net income per diluted share attributable to Waste Connections are not a substitute for, and should be used in conjunction with, GAAP financial measures. Other companies may calculate these non-GAAP financial measures differently.

Threemonths ended Ninemonths ended September30, September30, 2024 2025 2024 2025Reported net income attributable to Waste Connections $ 308,046 $ 286,271 $ 813,577 $ 818,057Adjustments:Amortization of intangibles(a) 45,170 51,331 129,584 149,209Impairments and other operating items(b) 2,897 60,127 11,441 70,598Transaction-related expenses(c) 8,067 3,835 25,169 19,778Fair value changes to equity awards(d) 99 (509) 1,602 527Tax effect(e) (14,275) (29,005) (42,655) (59,903)Adjusted net income attributable to Waste Connections $ 350,004 $ 372,050 $ 938,718 $ 998,266Diluted earnings per common share attributable to Waste Connections' common shareholders:Reported net income $ 1.19 $ 1.11 $ 3.15 $ 3.16Adjusted net income $ 1.35 $ 1.44 $ 3.63 $ 3.86____________________________(a) Reflects the elimination of the non-cash amortization of acquisition-related intangible assets.(b) Reflects the addback of impairments and other operating items.(c) Reflects the addback of acquisition-related transaction costs.(d) Reflects fair value accounting changes associated with certain equity awards.(e) The aggregate tax effect of the adjustments in footnotes (a) through (d) is calculated based on the applied tax rates for the respective periods.

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