SECURE ANNOUNCES SECOND QUARTER 2026 RESULTS

• Adjusted EBITDA⁽¹⁾ of $129 million, up 20% year-over-year on a per basic share⁽¹⁾ basis ($0.59)
• Revenue of $422 million, up 19% year-over-year
• Net income of $43 million, up 43% year-over-year on a per basic share⁽¹⁾ basis ($0.20)
• 2025 growth projects are now in service and contributing
• On track for $100 million of growth capital spend for 2026
• Continue to expect GFL transaction to close in the second half of 2026

CALGARY, AB, July 29, 2026 /CNW/ - SECURE Waste Infrastructure Corp. ("SECURE" or the "Corporation") (TSX: SES) today reported operational and financial results for the three and six months ended June 30, 2026, and provided an update on its 2026 outlook.

"SECURE delivered exceptional second quarter results, generating Adjusted EBITDA of $129 million, up 17% year-over-year, or 20% on a per share basis," said Allen Gransch, President and Chief Executive Officer. "Our performance reflects the strength of our infrastructure-backed business model, favourable operating conditions across Western Canada, strong customer activity and contributions from recent capital investments. During the quarter, we also generated approximately $76 million of discretionary free cash flow⁽¹⁾, contributing to a reduction in total leverage to 1.9x, providing significant financial flexibility."

The quarter benefited from the contribution of several major growth projects completed in late 2025 and the first half of 2026, including two new pipeline-connected produced water disposal facilities in the Alberta Montney and upgrades to SECURE's hazardous waste processing facility in Alberta's Industrial Heartland. These investments further strengthen the Corporation's position in some of North America's most active producing regions. Performance was also supported by strong recovered oil economics, as well as improved storage utilization and favourable crude oil optimization opportunities within the Energy Infrastructure segment.

"The solid performance we delivered in the second quarter reinforces our confidence in the business and supports our expectation of generating Adjusted EBITDA near the top of our $520 million to $550 million guidance range in 2026," said Mr. Gransch. "While commodity prices have moderated from the elevated levels experienced in prior months, producer economics remain strong and our outlook is supported by increasing production volumes, strong industrial activity, and contributions from recently commissioned infrastructure projects."

"We are seeing a highly constructive outlook for our business. Canada is increasingly recognized as one of the world's most stable and attractive jurisdictions for long-term energy investment. Growing LNG exports, expanding pipeline capacity, increasing global demand for Canadian energy, and rising investment in AI-driven data centers and the power generation needed to support them reinforce our confidence in Western Canadian production growth. Every incremental barrel produced requires waste management, water handling, environmental services, storage and logistics infrastructure. SECURE's network of critical infrastructure assets is strategically positioned in the basin's most active producing regions, allowing us to support Canadian energy development while generating long-term value for shareholders."

SECOND QUARTER RESULTS

The Corporation's operating and financial highlights for the three and six months ended June 30, 2026 and 2025 are summarized below:

2026 GUIDANCE UPDATE

Based on year-to-date performance, current market conditions and underlying assumptions for the remainder of 2026, SECURE is maintaining its 2026 Adjusted EBITDA guidance at the top end of its previously disclosed range of $520 million to $550 million. The Corporation's outlook continues to be supported by stable customer activity, increasing production volumes, contributions from recently commissioned growth projects and the recurring, infrastructure-backed nature of its business.

GFL TRANSACTION UPDATE

On May 27, 2026, SECURE shareholders approved the previously announced arrangement (the "Transaction") with GFL Environmental Inc. ("GFL"). The Competition Bureau Review commenced on May 1, 2026, and is ongoing. SECURE and GFL continue to work cooperatively with the Bureau, and the parties will provide updates if and when there are any material developments regarding the Transaction. SECURE and GFL's Western Canadian environmental services businesses are highly complementary, with very limited areas of overlap. The Bureau review process represents the remaining outstanding regulatory condition to closing, and the parties continue to expect the Transaction to close in the second half of 2026.

The Transaction is expected to create one of North America's leading environmental services companies, combining SECURE's infrastructure-backed waste management platform with GFL's broader environmental services network. The Transaction is expected to enhance scale, diversification, free cash flow generation and vertical integration while remaining leverage neutral at closing and supporting accelerated deleveraging thereafter. Following completion of the Transaction, through their ownership of GFL shares, SECURE shareholders will have the opportunity to continue to participate in the long-term growth and value creation potential of the combined company.

ABOUT SECURE

SECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta, with an extensive network of assets across western Canada and North Dakota. Through its Waste Management segment, SECURE operates long-life, permitted processing, recovery, and disposal infrastructure that supports the safe, efficient, and environmentally responsible management of waste from energy and industrial activity, including the recycling of metals and recovered oil and the use of specialty chemical solutions to reduce waste intensity and improve operational efficiency. SECURE's Energy Infrastructure segment includes crude oil pipelines, terminals, and storage facilities that optimize, store, and transport crude oil to market, enhancing customer value through product quality optimization, improved pricing, and reduced emissions while protecting the environment.

SECURE's shares trade under the symbol SES and are listed on the Toronto Stock Exchange.

NON-GAAP AND OTHER SPECIFIED FINANCIAL MEASURES

The Corporation uses accounting principles that are generally accepted in Canada (the issuer's "GAAP"), which includes International Financial Reporting Standards ("IFRS"). Certain measures in this news release do not have any standardized meaning as prescribed under IFRS and are considered "specified financial measures" (being either "non-GAAP financial measures", "non-GAAP ratios", "capital management measures" or "supplementary financial measures", as applicable) as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosures, including: Adjusted EBITDA and discretionary free cash flow (non-GAAP financial measures); Adjusted EBITDA per basic share (non-GAAP ratio); discretionary free cash flow per basic share (non-GAAP ratio); and Total Debt (capital management measure), which do not have any standardized meaning as prescribed by IFRS. These measures are intended as a complement to results provided in accordance with IFRS. The Corporation believes these measures provide additional useful information to analysts, shareholders and other users to understand the Corporation's financial results, profitability, cost management, liquidity and ability to generate funds to finance its operations.

However, these measures should not be used as an alternative to IFRS measures because they are not standardized financial measures under IFRS and therefore might not be comparable to similar financial measures disclosed by other companies. See the "Non-GAAP and other specified financial measures" section of the Corporation's MD&A for the three and six months ended June 30, 2026 and 2025 for further details, which is incorporated by reference herein and available on SECURE's profile at www.sedarplus.ca  and on our website at www.secure.ca.

Adjusted EBITDA and Adjusted EBITDA per basic share

Adjusted EBITDA is calculated as noted in the table below and reflects items that the Corporation considers appropriate to adjust given the irregular nature and relevance to comparable operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA per basic share is defined as Adjusted EBITDA divided by basic weighted average common shares. For the three and six months ended June 30, 2026 and 2025, transaction and related costs have been adjusted as they are costs outside the normal course of business. 

The following table reconciles the Corporation's net income, being the most directly comparable financial measure disclosed in the Corporation's financial statements, to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025.

Discretionary free cash flow and Discretionary free cash flow per basic share

Discretionary free cash flow is defined as funds flow from operations adjusted for sustaining capital expenditures, and lease payments. The Corporation may deduct or include additional items in its calculation of discretionary free cash flow that are unusual, non-recurring, or non-operating in nature. Discretionary Free Cash Flow per basic share is defined as discretionary free cash flow divided by basic weighted average common shares. For the three and six months ended June 30, 2026 and 2025, transaction and related costs have been adjusted as they are costs outside the normal course of business. 

The following table reconciles the Corporation's funds flow from operations, being the most directly comparable financial measure disclosed in the Corporation's financial statements, to discretionary free cash flow.

FINANCIAL STATEMENTS AND MD&A

The Corporation's consolidated financial statements and notes thereto and MD&A for the three and six months ended June 30, 2026 and 2025 are available on SECURE's website at www.secure.ca and on SEDAR+ at www.sedarplus.ca.

Certain statements contained or incorporated by reference in this press release constitute "forward-looking statements and/or "forward-looking information" within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). When used in this press release, the words "achieve", "advance", "anticipate", "believe", "can be", "capacity", "commit", "continue", "could", "deliver", "drive", "enhance", "ensure", "estimate", "execute", "expect", "focus", "forecast", "forward", "future", "goal", "grow", "integrate", "intend", "may", "maintain", "objective", "ongoing", "opportunity", "outlook", "plan", "position", "potential", "prioritize", "realize", "remain", "result", "seek", "should", "strategy", "target", "will", "would" and similar expressions, as they relate to SECURE, its management are intended to identify forward-looking statements. Such statements reflect the current views of SECURE and speak only as of the date of this press release.

In particular, this press release contains or implies forward-looking statements pertaining but not limited to: SECURE's expectation that its investments in its major growth projects will further strengthen the Corporation's position in some of North America's most active producing regions; SECURE's expectation of generating Adjusted EBITDA near the top of its $520 million to $550 million guidance range in 2026; that the Corporation is seeing a highly constructive outlook for its business; the expectation that Canada is increasingly recognized as one of the world's most stable and attractive jurisdictions for long-term energy investment; the expectation that the Transaction will close in the second half of 2026; the expectation that the Transaction will create one of North America's leading environmental services companies; the expectation the Transaction will enhance scale, diversification, free cash flow generation and vertical integration while remaining leverage neutral at closing and supporting accelerated deleveraging thereafter; SECURE's expectations and priorities for the remainder 2026 and its ability and position to achieve such priorities; expectations with respect to growth drivers and financial performance for the remainder of 2026 continued demand for SECURE's products, services and infrastructure; SECURE's ability to manage waste and infrastructure volumes, expected capital expenditures and the development of projects associated therewith; and other similar statements.

Forward-looking statements are based on certain assumptions that SECURE has made in respect thereof as at the date of this press release regarding, among other things: the satisfaction of the conditions to closing the Transaction, including the outstanding regulatory conditions; the completion of the Transaction on anticipated terms and timing; that actions by third parties, including any governmental or regulatory authority, do not delay or otherwise adversely affect completion of the Transaction; the ability of the combined company to realize on the anticipated benefits of the Transaction; economic and operating conditions, including commodity prices, crude oil and natural gas storage levels, interest rates, exchange rates, and inflation; the Corporation's low direct exposure to commodity prices; estimations underlying the Corporation's 2026 outlook and guidance; that SECURE's network of critical infrastructure assets allows it to support Canadian energy development while generating long-term value for shareholders; that SECURE's business remains largely insulated from short-term commodity price movements; resilient producer economics, improving market access, increasing regulatory requirements and continued build out of liquified natural gas export capacity; ability to enter into signing agreements with customers to backstop investments and acquisition opportunities; continued demand for the Corporation's infrastructure services and activity linked to long-term and recurring projects; the changes in market activity and growth will be consistent with industry activity in Canada and the U.S. and growth levels in similar phases of previous economic cycles; infrastructure developments in Western Canada; increased capacity and stronger pricing with access to global markets through new infrastructure; the impact of any new pandemic or epidemic and other international or geopolitical events, including government responses related thereto and their impact on global energy pricing, oil and gas industry exploration and development activity levels and production volumes; anticipated sources of funding being available to SECURE on terms favourable to SECURE; the success of the Corporation's operations and growth projects; the impact of seasonal weather patterns; the Corporation's competitive position, operating, acquisition and sustaining costs remaining substantially unchanged; the Corporation's ability to attract and retain customers; that counterparties comply with contracts in a timely manner; current commodity prices, forecast taxable income, existing tax pools and planned capital expenditures; that there are no unforeseen events preventing the performance of contracts or the completion and operation of the relevant facilities; that there are no unforeseen material costs in relation to the Corporation's facilities and operations; that prevailing regulatory, tax and environmental laws and regulations apply or are introduced as expected, and the timing of such introduction; the Corporation's ability to repay debt and return capital to shareholders; credit ratings and any changes to existing ratings; the Corporation's ability to obtain and retain qualified personnel (including those with specialized skills and knowledge), technology and equipment in a timely and cost-efficient manner; the Corporation's ability to access capital and insurance; operating and borrowing costs, including costs associated with the acquisition and maintenance of equipment and property; continued access to capital; adjustments to meet the Corporation's financial obligations; the ability of the Corporation and our subsidiaries to successfully market our services in Western Canada and the U.S.; sustainability and environmental considerations in the oil and gas industry; the impacts of climate-change on the Corporation's business; the current business environment remaining substantially unchanged; present and anticipated programs and expansion plans of other organizations operating in the energy service industry resulting in an increased demand for the Corporation's and our subsidiaries' services; future acquisition and maintenance costs; the Corporation's ability to achieve its environmental, social and governance and sustainability targets and goals and the costs associated therewith; and other risks and uncertainties described in SECURE's Annual Information Form for the year ended December 31, 2025 ("AIF") and from time to time in filings made by SECURE with securities regulatory authorities.

Forward-looking statements involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to: the risk that the Transaction may be varied or terminated in certain circumstances; risks relating to the outcome of the Transaction, including the receipt of approvals required under the arrangement agreement entered into in connection with the Transaction; the risk that other conditions to closing of the Transaction may not be satisfied, or to the extent permitted, waived; the risk that actions by third parties, including any governmental or regulatory authority, could delay or otherwise adversely affect completion of the Transaction; the risk the anticipated benefits of the Transaction may not be realized and that the results of the combined company could differ from what is currently anticipated; general global financial conditions, including general economic conditions in Canada and the U.S.; the effect of any tariffs currently imposed, including the delay or escalation of any such tariffs, or the implementation of any new or additional tariffs, surtaxes, export bans, or other restrictive trade measures or countermeasures affecting international trade, including between the U.S. and Canada; the effect of any pandemic or epidemic, inflation and international or geopolitical events and governmental responses thereto on economic conditions, commodity prices and the Corporation's business and operations; changes in the level of capital expenditures made by oil and natural gas producers and the resultant effect on demand for oilfield services during drilling and completion of oil and natural gas wells; volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally; a transition to alternative energy sources; the Corporation's inability to retain customers; risks inherent in the energy industry, including physical climate-related impacts; the Corporation's ability to generate sufficient cash flow from operations to meet our current and future obligations; the seasonal nature of the oil and gas industry; increases in debt service charges including changes in the interest rates charged under the Corporation's current and future debt agreements; inflation and supply chain disruptions; the Corporation's ability to access external sources of debt and equity capital and insurance; disruptions to our operations resulting from events out of our control; exposure to, and the resolution of, significant litigation, the process, resources, cost, results, timing and impact of such litigation, including in respect of any appeals, on the Corporation's future plans and results, the Corporation's ability to successfully appeal adverse outcomes of such litigation and the timing, determination and recovery of amounts related to such litigation as well as the Corporation's ability to collect any judgment awarded and the timing thereof; the timing and amount of stimulus packages and government grants relating to site rehabilitation programs; the cost of compliance with and changes in legislation and the regulatory and taxation environment, including uncertainties with respect to implementing binding targets for reductions of emissions and the regulation of hydraulic fracturing services and services relating to the transportation of dangerous goods; uncertainties in weather and temperature affecting the duration of the oilfield service periods and the activities that can be completed; ability to maintain and renew the Corporation's permits and licenses which are required for its operations; competition; impairment losses on physical assets; sourcing, pricing and availability of raw materials, consumables, component parts, equipment, suppliers, facilities, and skilled management, technical and field personnel; supply chain disruption; the Corporation's ability to effectively complete acquisition and divestiture transactions on acceptable terms or at all; failure to realize the benefits of acquisitions or dispositions and risks related to the associated business integration; risks related to a new business mix and significant shareholder; liabilities and risks, including environmental liabilities and risks inherent in SECURE's operations; the Corporation's ability to invest in and integrate technological advances and match advances of our competition; the viability, economic or otherwise, of such technology; credit, commodity price and foreign currency risk to which the Corporation is exposed in the conduct of our business; compliance with the restrictive covenants in the Corporation's current and future debt agreements; the Corporation's or our customers' ability to perform their obligations under long-term contracts; misalignment with our partners and the operation of jointly owned assets; the Corporation's ability to source products and services on acceptable terms or at all; the Corporation's ability to retain key or qualified personnel, including those with specialized skills or knowledge; uncertainty relating to trade relations and associated supply disruptions; the effect of changes in government and actions taken by governments in jurisdictions in which the Corporation operates, including in the U.S.; the effect of climate change and related activism on our operations and ability to access capital and insurance; the effects of the introduction of greenwashing regulations in the jurisdictions in which we operate; cyber security and other related risks; the Corporation's ability to bid on new contracts and renew existing contracts; potential closure and post-closure costs associated with landfills operated by the Corporation; the Corporation's ability to protect our proprietary technology and our intellectual property rights and the outcome of such proceedings and actions; third parties infringing on the intellectual property rights of the Corporation and the Corporation's ability to protect such rights, including the cost and outcome of such protection measures; legal proceedings and regulatory actions to which the Corporation may become subject, including in connection with any claims for infringement of a third parties' intellectual property rights; the Corporation's ability to meet its environmental, social and governance and sustainability targets or goals and the costs associated therewith; claims by, and consultation with, Indigenous Peoples in connection with project approval; disclosure controls and internal controls over financial reporting; and other risk factors identified in the AIF and from time to time in filings made by the Corporation with securities regulatory authorities.

The guidance in respect of the Corporation's expectations of Adjusted EBITDA in this press release may be considered to be a financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and which may become available in the future. These projections constitute forward-looking statements and are based on several material factors and assumptions set out above. Actual results may differ significantly from such projections. See above for a discussion of certain risks that could cause actual results to vary. The financial outlook contained in this press release has been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. SECURE and its management believe that the financial outlook contained in this press release has been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgments, and represents, to the best of management's knowledge and opinion, expected and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Although forward-looking statements contained in this press release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this press release are made as of the date hereof and are expressly qualified by this cautionary statement. Unless otherwise required by applicable securities laws, SECURE does not intend, or assume any obligation, to update these forward-looking statements.

SOURCE SECURE Waste Infrastructure Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/29/c9216.html

Contact:

Allen Gransch, President and Chief Executive Officer; Chad Magus, Chief Financial Officer, Phone: (403) 984-6100, Email: ir@secure.ca, Website: www.secure.ca

© 2026 Canjex Publishing Ltd. All rights reserved.