Waste Connections: Investment and ESG Overview
TARGETING 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
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