#1WASTE CONNECTIONS Connect with the Future® Investor Presentation September 2022#2SAFE HARBOR STATEMENT This document 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 presentation 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 presentation include, but are not limited to, statements about expected 2022 and 2023 financial results, outlook and related assumptions, potential growth and margin expansion, potential acquisition activity, return of capital to shareholders, the timing and amount of investments and the ability to meet or exceed long-term, aspirational sustainability targets. 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 presentation. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this presentation, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. 2#3WASTE CONNECTIONS: INVESTMENT HIGHLIGHTS Third largest solid waste company in North America loon Differentiated strategy focused on exclusive and secondary markets Well-positioned for strategic growth opportunities in active M&A environment 18-consecutive years of positive shareholder returns and eleven consecutive years of double-digit percentage per share dividend growth Industry-leading adjusted EBITDA margins, free cash. flow conversion and safety performance $500 million commitment towards achieving aspirational ESG targets driving value creation 3#4WASTE CONNECTIONS: AT A GLANCE > 20,000 employees ~$7.125 billion revenue* ~$2.190 billion adjusted EBITDA* ~$1.160 billion adjusted free cash flow* ~$15 billion assets ~$39 billion enterprise value Revenues: 86% U.S. and 14% Canada A A Site Type Legend - Hauling - Landfill - Transfer -MRF - Intermodal ✰ - Other - E&P Footprint across 43 U.S. states and 6 Canadian provinces *2022e based on August 2022 outlook; see appendix for non-GAAP reconciliation tables. 4#5OUR DIFFERENTIATED VIEW ON SOLID WASTE ◉ Solid waste is a commodity Lowest price provider wins Customer has basic level of service expectations Private companies can dictate pricing in competitive markets Returns are driven by: ■ Market selection Asset and contractual positioning Local execution Culture Matters ■ Culture is either accidental or intentional Servant Leadership: holding leaders accountable to those they serve Engagement drives Relationships / Relationships = Results Winning at Human Capital drives superior long term performance Value creation is linked to FREE CASH FLOW per share growth 5 UT#6TARGETING ATTRACTIVE MARKETS Market Selection Strategy Purposeful market selection strategy since inception Current mix: ~40% exclusive / franchise markets > ~60% competitive markets, primarily secondary or rural, with high market share Integrated operations include disposal ➤ Exclusive markets - landfill ownership not critical ➤ Competitive markets more likely integrated; may be attractive if disposal neutral Exclusive Markets Competitive Markets Integrated Operations Non-Integrated Operations #1 EBITDA Margin #1 EBIT Margin #1 FCF Margin #1 ROA #3 EBITDA Margin #2 (tie) EBIT Margin #2 FCF Margin #2 ROA #2 EBITDA Margin #2 (tie) EBIT Margin #4 EBITDA Margin #4 (tie) EBIT Margin #4 FCF Margin #4 ROA #3 FCF Margin #3 ROA Attractive if High Market Share & Disposal Neutral Rankings reflect relative attractiveness to WCN 6#710-YEAR TOTAL SHAREHOLDER RETURN (TSR) 800 700 600 500 400 300 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 WCN S&P500 S&P/TSX Composite Index Dow Jones Waste Index 663% 266% 242% 132% Differentiated Returns 663% 10-Year TSR 18 Consecutive years of positive TSR ~2.5x the returns of the DJ Waste Index ~2.7X the returns of the S&P500 >5.0x the returns of the TSX60 As of 8/31/2022 7#8COVID-19 FRONTLINE SUPPORT Top priority: protecting employee health, safety and welfare Implemented protocols and operational changes Established safety net for employee income and family health $50 million in COVID-19 costs primarily to support frontline employees Bonus payments and supplemental wages to frontline employees ■ Increased minimum hourly wage target to $15 per hour / CAD $16 Maintained pay for impacted employees Covered COVID-19-related testing and medical costs Expanded access to Employee Relief Fund ■ Initiated and expanded WCN Scholarship Program Robust community support including increased charitable donations Support to food banks, families at risk and organizations addressing racial inequities Provided meals to healthcare workers and donations of PPE You are Prren Thank You Essential Workers! Lank You!!! OUR HEROES WEAR SAFETY VESTS THANK Thank you We Workers YOU HANK YOU OU ARE THE BEST! We Our TEAM 8#9■ SUSTAINABILITY: ASPIRATIONAL ESG TARGETS ESG efforts consistent with long-term value creation $500 million commitment towards achievement of long-term aspirational targets with growing pipeline of renewable natural gas and resource recovery projects 2021 Sustainability Report highlights YoY progress towards all target metrics including: ➤ Increased offsets from services, expanded recycling and biogas recovery, increased on-site leachate treatment, as well as further improvements in safety, retention and engagement Details provided on Waste Connections Sustainability 15-Year ESG Targets REDUCING ENVIRONMENTAL IMPACT 50% Increase offsets to emissions by at least 50% +50% Increase resources recovered by at least 50% 40% Increase biogas recovery by at least 40% 50% Process at least 50% of leachate on-site EMPLOYEE SAFETY AND ENGAGEMENT -25% Reduction in Incident Rate Continuous Improvement in Voluntary Turnover Continuous Improvement in Servant Leadership Scores 9#10SUSTAINABILITY-LINKED INVESTMENTS $100 million of RNG and recycling greenfield investment included in 2022 capex Investment in resource recovery and Renewable Natural Gas (RNG) facilities consistent with ESG targets and shareholder value creation objectives Two recycling facilities and two RNG plants under construction for completion in 2023 $150mm total capital cost: $100mm in 2022 and $50mm in 2023 ➤ Attractive returns at range of values for recycled commodities and RINS Expectations for RNG Plants: > Long-term => projects at ~15-20 landfills ➤ Near-term expectations (2-5 years): 10 projects in development, including 4 under construction ➤ Combination of new facilities and conversion of electrical generating facilities ➤ Equity structure => mixture of partnerships (~2/3) and WCN ownership (~1/3) 10#11TECHNOLOGY AND SUSTAINABILITY INITIATIVES Environmental-focused Technology Robotics at recycling facilities ■ Self-contained, on-site landfill leachate treatment Evaluating electric vehicles (EV) Employee-focused Technology ■ Safety > Al-driven "next-generation" truck camera systems ➤ Enhanced safety features in fleet design Employee Engagement ➤ Company-wide connectivity ➤ Learning Management System (LMS) for training & development EVAPORATORS ROBOTICS ELECTRIC VEHICLES ENVIRONMENTAL GEN CAMERA TELEMATICS EMPLOYEE DEVELOPMENT CONNECTIVITY Q SOCIAL WASTE CONNECTIONS Connect with the Future Welcome, Joe BUSINES ACUME TRAININ DIUSTY & W Legal and Co 11#12FINANCIAL DISCUSSION#13WCN: FINANCIAL HIGHLIGHTS $ Millions $2,200 $2,000 $1,800 Price 9.0% 8.5% 8.0% 7.0% 6.0% 5.1% 5.0% 4.6% 5.0% 4.1% 4.0% 3.0% 2.0% 1.0% 0.0% 2018 2019 2020 2021 2022e Adjusted EBITDA * $2,190 $1,600 $1,400 $1,200 2018 2019 2020 2021 2022e $ Millions $ Millions $7,500 $7,000 $6,500 Revenue $7,125 $6,000 $5,500 $5,000 $4,500 $4,000 2018 2019 2020 2021 2022e Adjusted Free Cash Flow * $1,200 Avg ~53% conversion $1,160 70.0% from 2018-2022e $1,000 60.0% $800 50.0% $600 40.0% $400 $200 30.0% 2018 2019 2020 2021 2022e Free Cash Flow FCF Conversion *A non-GAAP measure; see appendix for reconciliation tables; 2022e based on August 2022 outlook. 13#14CAPITAL ALLOCATION Robust Free Cash Flow and low leverage provide flexibility for continued M&A and increased return of capital Return of Capital: ☐ ➤ Dividend => ~15% CAGR since initiation in 2010; visibility on continued growth Opportunistic approach to stock repurchases => could become greater portion of capital deployment depending on pace of M&A Leverage of 2.5 times net debt to EBITDA* ~ M&A: market-driven strategy with cash returns focus Normalized Capital Deployment ** Return of Capital 37% ➤ Recent period of outsized activity driving outsized acquisitions outlays Capex 38% 2006-2010: $2.1B Deployed 2011 - 2015: $3.9B Deployed 2016-2021: $13.7B Deployed Capex 28% Capex 25% Capex 24% Return of M&A 25% ➤ Acquisitions of ~$125-$150mm annualized revenue expected in average year ➤ Expected higher value creation per capital dollar deployed in more normalized environment M&A Return of Capital M&A Capital M&A Return of Capital 51% 21% 63% 12% 65% 11% *Compliance debt, net of cash, divided by compliance EBITDA. **Potential normalized capital deployment based on typical expected level of acquisition activity. 14#15FULL YEAR 2021 HIGHLIGHTS Financial Metrics * Revenue: $6.151 billion, up $705mm or 13.0% YoY ➤ Solid waste price + volume growth of 6.6% • Price: +5.0%, +100bps above initial outlook Adjusted EBITDA: $1.919 billion ➤ Up $257mm, or 15.5% YoY ➤ Margins of 31.2%, up 70bps YoY Adjusted Free Cash Flow: $1.010 billion, or 16.4% of revenue ➤ Up $68mm or ~20% YoY despite purposeful increase in capex of 25% Conversion of ~53% of adj. EBITDA to adj. FCF ☐ Other Observations Completed 30 solid waste acquisitions with ~ $400mm of annualized acquired revenue Deployed over $1.8 billion for acquisitions and capital expenditures Doubled return of capital to shareholders to $560mm ➤ Opportunistic share buybacks => Over 1% of shares outstanding Increased divided by 12.2% in October Balance sheet strength and flexibility for continued growth Maintained leverage ratio** of ~2.4x net debt to EBITDA *see appendix for non-GAAP reconciliation tables. **Compliance debt, net of cash, divided by compliance EBITDA. 15#161H 2022 HIGHLIGHTS Financial Metrics * Revenue: $3.463 billion, up $533mm or 18.2% YoY Solid waste price + volume growth of 7.9% on accelerating price Adjusted EBITDA: $1.069 billion, up 16.5% YoY Adjusted EBITDA margin of 30.9% Flat year over year, excluding margin dilutive impact of acquisitions, despite record levels of inflation Adjusted Free Cash Flow (FCF): $638mm 18.4% of revenue Reflects ~60% conversion of adjusted EBITDA to adjusted FCF Other Observations Completed acquisitions of over $245mm of annualized revenues YTD, with another $225mm under definitive agreements and anticipated to close in Q3 Step-up of over 40% in quarterly E&P waste revenue run rate since year-end 2021 YTD Share Repurchases of $425mm (over 1% of outstanding shares) Leverage ratio** of ~2.5x net debt to EBITDA Increased full year 2022 outlook for revenue, adjusted EBITDA and adjusted FCF outlook on higher price-led organic solid waste growth and contribution from acquisitions closed since February *see appendix for non-GAAP reconciliation tables. **Compliance debt, net of cash, divided by compliance EBITDA. 16#17☐ FULL YEAR 2022 OUTLOOK * Financial Metrics** Revenue: $7.125 billion =>Reflects $250mm increase from original outlook on higher core price-led solid waste organic growth and acquisitions completed since February Up $974 million YoY or ~16% Adjusted EBITDA: ~$2.190 billion => Increased by $45 million from original outlook ➤Up $271mm YoY or ~14% ➤ Adjusted EBITDA Margin: 30.7% => reflects impact of incremental price increases to overcome inflation Other Observations Upside potential to 2022 outlook from: ➤ Improvement in commodity-driven revenues Increased E&P waste activity ➤ Easing of inflationary pressures Robust acquisition pipeline Looking Ahead to 2023: well-positioned for double-digit revenue growth with visibility from: ➤ Pricing => Continued acceleration of solid waste pricing in 2H '22 and lagging benefit from CPI-linked markets ➤ Acquisitions => ~3% rollover contribution from 2022 acquisitions signed or closed YTD Adjusted Free Cash Flow: $1.160 billion, up $10mm from original outlook => up ~15% year over year *2022e reflects August 2022 Outlook. ** *see appendix for non-GAAP reconciliation tables. 17#18WASTE CONNECTIONS: IN SUMMARY Performance: Differentiated market model driving industry-leading EBITDA and FCF margins Capital deployment: Track record of value creation Dividends: Double-digit dividend growth since inception ESG: Integral to our business and consistent with objective to drive value creation Culture: Culture matters and differentiates TSR: 18-consecutive years of positive shareholder returns BEAST CORN CHIN AMP ROBOTES 18#19NON-GAAP RECONCILIATION TABLES 00#20NON-GAAP ADJUSTED EBITDA RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) Six months ended June 30 Adjusted EBITDA* 2018 2019 2020 2021 2022e ** Net income attributable to Waste Connections 546,871 566,841 204,677 618,047 837,500 Plus/(less): Net Inc. (exp.) attributable to noncontrolling interest 283 (160) (685) Plus/(less): Income tax provision (benefit) 159,986 139,210 49,922 442 152,253 2021 337,356 52 2022 404,398 177 232,973 88,159 107,146 Plus: Interest Expense 132,104 147,368 162,375 162,796 180,000 83,753 86,404 Less: Interest Income (7,170) (9,777) (5,253) (2,916) (1,848) (790) Plus: Depreciation and Amortization Plus: Closure and post-closure accretion 680,487 743,918 752,404 813,009 904,000 391,523 443,985 12,997 14,471 15,095 14,497 16,000 7,375 8,087 Plus: Loss on early extinguishment of debt 115,288 Plus: Impairments and other operating items (Less)/plus: Other expense (income), net Adjustments: 20,118 61,948 466,718 32,316 6,028 6,715 6,028 170 (5,704) 1,392 (6,285) 6,114 (2,312) 6,114 Plus: Transaction-related expenses Plus: Fair value changes to equity awards Plus: Integration-related and other expenses Adjusted EBITDA* 8,607 12,335 9,803 11,318 8,232 583 8,232 9,205 3,104 5,536 8,393 (847) 6,723 (847) 2,760 1,566,418 1,673,554 1,661,984 1,919,158 2,190,000 918,079 1,068,934 Revenues Adjusted EBITDA* as % of Revenues *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. Other companies may calculate differently. 4,922,941 5,388,679 5,445,990 6,151,361 7,125,000 2,929,874 3,462,690 31.8% 31.1% 30.5% 31.2% 30.7% 31.3% 30.9% **2022e based on August 2022 outlook. 20 20#21NON-GAAP ADJUSTED FREE CASH FLOW RECONCILIATION SCHEDULE (in thousands, except share and per share amounts) Six months ended June 30 Adjusted Free Cash Flow* Net cash provided by operating activities Plus/(less): Change in book overdraft 2018 1,411,235 2019 1,540,547 1,408,521 2020 2021 2022e** 2021 2022 (839) Plus: Proceeds from disposal of assets 5,385 (Less): Capital Expenditures for Property & Equipment (546,145) (2,564) 3,566 (634,406) 1,698,229 1,096 (367) 19,084 42,768 (597,053) (744,315) 1,973,888 (54) 848,478 973,678 (190) (54) 16,894 (850,000) 7,906 (271,392) 16,894 (371,428) (Less): Distributions to noncontrolling interests (103) (570) Adjustments: Payment of contingent consideration recorded in earnings 11 10,371 520 520 Cash received for divestitures (2,030) (2,376) (10,673) Transaction-related expenses 8,607 12,335 9,803 (17,118) 30,771 (5,671) 27,096 583 (5,671) 27,096 Integration-related and other expenses 2,760 Pre-existing Progressive Waste share-based grants 5,772 4,810 5,770 397 12 144 Tax Effect Adjusted Free Cash Flow* (4,752) (4,565) (5,021) (1,287) (2,165) 879,901 916,777 841,898 1,009,598 1,160,000 (214) 585,835 12 (2,165) 638,362 Revenues 4,922,941 5,388,679 5,445,990 6,151,361 7,125,000 2,929,874 3,462,690 Adjusted EBITDA * 1,566,418 1,673,554 1,661,984 1,919,158 2,190,000 918,079 1,068,934 Adjusted Free Cash Flow* as % of Adjusted EBITDA* 56.2% 54.8% 50.7% 52.6% 53.0% 63.8% 59.7% *Adjusted free cash flow, free cash flow as % of revenue and adjusted EBITDA, non-GAAP financial measures, are provided supplementally because they are widely used by investors as valuation and liquidity measures. Other companies may calculate these metrics differently. **2022e is based on August 2022 outlook. 21#22N WASTE CONNECTIONS Connect with the Future® PRINCIPAL ADMINISTRATIVE OFFices 3 Waterway Square Place, Suite 110 The Woodlands, TX 77380 (832) 442-2200 INVESTOR RELATIONS Mary Anne Whitney, EVP and CFO Phone: (832) 442-2253 [email protected] Joe Box, Director of Finance Phone: (832) 442-2153 [email protected] https://investors.wasteconnections.com/