Northwire Canada EditionThursday, October 15, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4170.90 +1.5% SILVER 57.17 +2.3% COPPER 6.55 −1.6% OIL 98.06 +3.1% PALLADIUM 1132.25 +3.3% NTR 98.60 −0.9% SGZ 0.035 +0.0% MKA 0.670 +0.0% LXM 0.190 −11.6% CLCH 1.08 −1.8% NSU 0.170 +9.7% WM 0.085 +0.0% YGT 0.175 +2.9% EVI 0.500 +0.0% ADZ 0.120 −4.0% MINK 0.075 +0.0% DNO 0.300 +0.0% RRRL 0.150 +0.0% MTT 0.240 −2.0% BAU 0.180 −5.3% TECT 1.68 +1.2% GOLD 4170.90 +1.5% SILVER 57.17 +2.3% COPPER 6.55 −1.6% OIL 98.06 +3.1% PALLADIUM 1132.25 +3.3% NTR 98.60 −0.9% SGZ 0.035 +0.0% MKA 0.670 +0.0% LXM 0.190 −11.6% CLCH 1.08 −1.8% NSU 0.170 +9.7% WM 0.085 +0.0% YGT 0.175 +2.9% EVI 0.500 +0.0% ADZ 0.120 −4.0% MINK 0.075 +0.0% DNO 0.300 +0.0% RRRL 0.150 +0.0% MTT 0.240 −2.0% BAU 0.180 −5.3% TECT 1.68 +1.2%
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 →

More from SECURE WASTE INFRASTRUCTURE CORP.

May 28, 2026 · 19:19

Court greenlights GFL deal, but shares languish 17% below offer price as timing and integration risks linger.

M&A / Property May 27, 2026 · 13:02

SECURE Investors Bless GFL Tie‑Up, Paving Way for $6.4 Billion Waste Giant

M&A / Property May 15, 2026 · 07:00

ISS and Glass Lewis back GFL takeover, but key 10% holder says no – vote now hinges on undecided shareholders.

M&A / Property Apr 27, 2026 · 07:00

SECURE Waste Infrastructure Corp.

M&A / Property Apr 20, 2026 · 08:30

Activist Abrams Capital Blocks GFL Deal for SECURE Waste, Casting Doubt on $6.4B Exit

M&A / Property Apr 13, 2026 · 06:45

GFL Environmental Launches C$6.4 Billion Takeover Bid for Secure Waste at 23% Premium

M&A / Property