SEDAR Interim Financial Statements

[ { "companyName": "GFL Environmental Inc.", "reportingPeriodEnd": "2026-03-31", "reportStatus": "Unaudited", "auditorName": null, "auditorKeyMatters": [], "balanceSheet": { "cash": 1436.2, "tradeAndOtherReceivablesNet": 863.6, "incomeTaxesRecoverable": 62.3, "prepaidExpensesAndOtherAssets": 153.5, "currentAssets": 2515.6, "propertyAndEquipmentNet": 7461.0, "intangibleAssetsNet": 1737.2, "investmentsAccountedForUsingEquityMethod": 1865.4, "otherLongTermAssets": 277.3, "goodwill": 7012.5, "nonCurrentAssets": 18353.4, "totalAssets": 20869.0, "accountsPayableAndAccruedLiabilities": 1542.2, "incomeTaxesPayable": 3.9, "leaseObligationsCurrent": 73.8, "landfillClosureAndPostClosureObligationsCurrent": 46.1, "currentLiabilities": 1666.0, "longTermDebt": 9375.1, "leaseObligationsNonCurrent": 444.2, "otherLongTermLiabilities": 34.5, "deferredIncomeTaxLiabilities": 701.3, "landfillClosureAndPostClosureObligationsNonCurrent": 1186.0, "nonCurrentLiabilities": 11741.1, "totalLiabilities": 13407.1, "shareCapital": 7051.8, "contributedSurplus": 205.7, "retainedEarnings": 6.3, "accumulatedOtherComprehensiveIncome": 16.0, "totalGFLShareholdersEquity": 7279.8, "nonControllingInterests": 182.1, "totalShareholdersEquity": 7461.9, "totalLiabilitiesAndShareholdersEquity": 20869.0, "cashPerShare": 4.0056, "workingCapitalPerShare": 2.3696 }, "incomeStatement": { "revenue": 1643.8, "costOfSales": 1344.0, "sellingGeneralAndAdministrative": 265.8, "interestAndOtherFinanceCosts": 139.6, "gainLossOnSaleOfPropertyAndEquipment": -3.6, "lossGainOnForeignExchange": 93.7, "changeInValueOnCallOption": 10.0, "otherExpenses": 11.0, "totalExpenses": 1860.5, "shareOfNetLossOfInvestmentsEquityMethod": 55.5, "lossBeforeIncomeTaxes": -272.2, "currentIncomeTaxExpense": 36.5, "deferredTaxRecovery": -89.5, "incomeTaxRecovery": -53.0, "netLossFromContinuingOperations": -219.2, "netIncomeFromDiscontinuedOperations": 0, "netLossIncome": -219.2, "netLossAttributableToNonControllingInterests": -3.5, "netLossIncomeAttributableToGFL": -215.7, "currencyTranslationAdjustment": 163.7, "reclassificationToNetLossOfFairValueMovements": 1.2, "fairValueMovementsOnCashFlowHedgesNetOfTax": -2.2, "shareOfOtherComprehensiveLossOfInvestments": -2.9, "otherComprehensiveIncome": 159.8, "comprehensiveLossFromContinuingOperations": -59.4, "comprehensiveIncomeFromDiscontinuedOperations": 0, "totalComprehensiveLoss": -59.4, "totalComprehensiveLossAttributableToNonControllingInterests": -0.5, "totalComprehensiveLossAttributableToGFL": -58.9, "basicAndDilutedLossPerShareContinuing": -0.63, "basicAndDilutedLossPerShareDiscontinued": 0, "basicAndDilutedLossPerShareTotal": -0.63, "weightedAverageSharesBasic": 358492750 }, "cashFlowStatement": { "netLoss": -219.2, "depreciationOfPropertyEquipment": 273.7, "amortizationOfIntangibleAssets": 72.6, "shareOfNetLossOfInvestmentsEquityMethod": 55.5, "gainOnDivestitures": 0, "other": 3.9, "interestAndOtherFinanceCosts": 139.6, "shareBasedPayments": 37.6, "lossGainOnUnrealizedForeignExchange": 94.2, "gainLossOnSaleOfPropertyEquipment": -3.6, "changeInValueOnCallOption": 10.0, "currentIncomeTaxExpense": 36.5, "deferredTaxRecoveryExpense": -89.5, "interestPaidInCash": -118.9, "incomeTaxesPaidInCashNet": -3.7, "changesInNonCashWorkingCapital": -117.2, "landfillClosureAndPostClosureExpenditures": -3.7, "netCashProvidedByOperatingActivities": 167.8, "purchaseOfPropertyAndEquipment": -386.2, "proceedsFromDisposalOfAssetsAndOther": 5.3, "proceedsFromDivestitures": 0, "businessAcquisitionsAndInvestmentsNet": -144.3, "distributionReceivedFromAssociatesAndJointVentures": 4.5, "netCashUsedInInvestingActivities": -520.7, "repaymentOfLeaseObligations": -25.5, "issuanceOfLongTermDebt": 3016.7, "repaymentOfLongTermDebt": -1208.5, "proceedsFromTerminationOfHedgedArrangements": 0, "paymentOfContingentPurchaseConsiderationAndHoldbacks": -14.4, "repurchaseOfSubordinateVotingShares": -57.0, "dividendsIssuedAndPaid": -7.5, "paymentOfFinancingCosts": -13.8, "repaymentOfLoanToRelatedParty": 0, "netCashProvidedByFinancingActivities": 1690.0, "increaseInCash": 1337.1, "changesDueToForeignExchangeRevaluation": 13.5, "cashBeginning": 85.6, "cashEnd": 1436.2 }, "investmentsAndOtherAssets": [ { "type": "Equity Method Investment - Associates", "description": "Investment in GFL Environmental Services and other associates", "ownershipPercentage": null, "value": 1748.5, "notes": "Share of loss for period 58.6 million" }, { "type": "Equity Method Investment - Joint Ventures", "description": "Investment in renewable natural gas projects through joint ventures", "ownershipPercentage": null, "value": 116.9, "notes": "Share of income for period 3.1 million" } ], "shareStructure": { "authorizedShares": "Unlimited subordinate voting, unlimited multiple voting, unlimited preferred shares; 28,571,428 Series A convertible preferred; 8,196,721 Series B convertible preferred", "issuedShares": 371752727, "classesOfShares": [ "Subordinate voting shares", "Multiple voting shares", "Preferred shares (Series A and Series B)" ], "warrants": [], "options": [ { "number": 22287502, "exercisePrice": 33.09, "expiryDate": null } ], "rightsConvertibleInstruments": "Series A and Series B perpetual convertible preferred shares; RSUs, PSUs, DSUs" }, "managementCompensation": { "currency": "CAD", "periods": { "2026-Q1": { "salaries": null, "shareBased": 37.6, "bonus": null, "total": 74.0, "notes": "Includes $36.4 million Founder/CEO cash payment and $37.6 million share-based payments" }, "2025-Q1": { "salaries": null, "shareBased": 59.7, "bonus": null, "total": 80.5, "notes": "Includes $20.8 million Founder/CEO cash payment and $59.7 million share-based payments" } }, "namedIndividuals": [ { "name": "Patrick Dovigi", "title": "Founder and CEO", "period": "2026-Q1", "components": { "salary": null, "bonus": null, "total": 36.4 } }, { "name": "Patrick Dovigi", "title": "Founder and CEO", "period": "2025-Q1", "components": { "salary": null, "bonus": null, "total": 20.8 } } ], "otherRelatedPartyTransactions": [ { "counterparty": "Green Infrastructure Partners Inc.", "description": "Revenue from services", "amount": 0.6, "period": "2026-Q1" }, { "counterparty": "GFL Environmental Services", "description": "Revenue from services", "amount": 7.7, "period": "2026-Q1" }, { "counterparty": "Related parties (lease)", "description": "Aggregate lease payments", "amount": 3.8, "period": "2026-Q1" } ] }, "subsequentEvents": [ { "eventDate": null, "description": "Completed 5 acquisitions for combined purchase price of approximately $1,437.6 million, partially satisfied with issuance of subordinate voting shares.", "impactValue": 1437.6 }, { "eventDate": "2026-04-12", "description": "Entered into definitive agreement to acquire all issued and outstanding common shares of SECURE Waste Infrastructure Corp., consideration in shares and cash.", "impactValue": null } ] } ]