Northwire Canada EditionSaturday, July 11, 2026
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GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Earnings Routine +

SECURE ANNOUNCES FIRST QUARTER 2026 RESULTS AND PROVIDES BUSINESS UPDATE

SECURE Waste Infrastructure Confirms Strong Q1 Earnings Amidst Pending GFL Acquisition Vote

By The Northwire Desk — AI Analysis Apr 30, 2026 · 07:00 SES · 23.31 SECURE WASTE INFRASTRUCTURE CORP.
Executive Summary
  • SECURE Waste Infrastructure Corp. reported First Quarter 2026 financial results with Adjusted EBITDA of $137 million, a 13% year-over-year increase.
  • Revenue for Q1 was $383 million; Net Income was $5.5 million ($0.16 per share).
  • The company raised its 2026 growth capital investment guidance to approximately $100 million from the previous $75 million target.
  • A shareholder vote on the proposed acquisition by GFL Environmental Inc. is scheduled for May 27, 2026.
  • Transaction details remain consistent with prior announcements: Enterprise Value of ~$6.4 billion; consideration options include cash ($24.75), shares (0.4195 GFL subordinate voting share), or a mix.
  • Quarterly dividend increased by 5% to $0.105 per share.
  • Repurchased 985,072 common shares at an average price of $17.26 under the Normal Course Issuer Bid (NCIB).
  • Operational updates include commissioning a new greenfield produced water disposal facility in Montney and progress on reopening an industrial waste processing facility in Alberta.
Material Impact
  • The Q1 earnings results are strong but largely expected given the prior guidance of $520-$550 million Adjusted EBITDA for 2026; this confirms management's ability to execute without materially altering valuation expectations.
  • The primary market driver remains the GFL Environmental acquisition announced in April 2026, which was already priced into the stock (trading near the $24.75 offer price).
  • The earnings update serves as validation for the deal thesis, reducing execution risk regarding SECURE's standalone cash flow generation post-acquisition.
  • There is no new material information that changes the transaction terms or valuation; thus, the impact on share price is neutral to slightly positive as it reinforces confidence in the pending vote.
  • The increase in capital investment guidance ($75M to $100M) indicates continued organic growth momentum but does not alter the immediate M&A outcome.
SES · Price
Company Overview
  • Company: SECURE Waste Infrastructure Corp. (TSX: SES).
  • Business Model: Provides waste management, industrial waste processing, produced water disposal, and metals recycling services primarily in Western Canada (Alberta) and the Montney region.
  • Flagship Projects:
    • Greenfield produced water disposal facility in Montney region (commissioned Q1 2026).
    • Reopening of industrial waste processing facility in Alberta's Industrial Heartland (expected completion end of Q2 2026).
    • Expansion of two waste processing facilities in Montney (completion expected end of 2026).
  • Strategic Focus: Infrastructure-backed organic projects, high-return capital allocation, and M&A expansion.
Read the original news release →

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