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Earnings

SECURE ANNOUNCES 2025 FOURTH QUARTER AND YEAR-END RESULTS, 2026 GUIDANCE AND 5% DIVIDEND INCREASE

By The Northwire Desk — AI Analysis Feb 20, 2026 · 07:00 SES · 19.19 SECURE WASTE INFRASTRUCTURE CORP.
SES · Price

Executive Summary

  • SECURE Waste Infrastructure Corp. reported FY 2025 Adjusted EBITDA of $501 M and Q4 Adjusted EBITDA of $135 M (up 15% YoY), with net income of $123 M for the year.
  • Provided 2026 Adjusted EBITDA guidance of $520‑$550 M and announced a 5% increase to the quarterly dividend to $0.105 per share (effective Q2 2026).
  • Closed a $300 M senior unsecured notes offering (5.75%, due 2032) and repurchased 932,200 shares for $16 M; total FY‑share repurchases amounted to 18.99 M shares ($284 M).

Key Details

  • Financial Performance – Q4 2025
  • Revenue: $372 M
  • Net income: $53 M ($0.24 per basic share)
  • Adjusted EBITDA: $135 M ($0.62 per basic share), +15% YoY

  • Funds flow from operations: $118 M; discretionary free cash flow: $84 M

  • Financial Performance – FY 2025

  • Revenue: $1,472 M
  • Net income: $123 M ($0.55 per basic share)
  • Adjusted EBITDA: $501 M ($2.24 per basic share), +17% on a per‑share basis

  • Funds flow from operations: $378 M; discretionary free cash flow: $273 M

  • Capital Allocation

  • Organic growth capital deployed: $138 M (exceeds prior $75 M target) – includes two produced‑water disposal facilities in the Montney region and reopening of an industrial waste processing facility (expected Q2 2026).

  • Share repurchases: 18,989,290 shares at $14.96 average ($284 M) in FY 2025; additional 932,200 shares at $17.16 average ($16 M) in Q4.

  • Debt Financing

  • Closed $300 M aggregate principal amount of 5.75% senior unsecured notes due 20 Nov 2032. Net proceeds used to repay existing indebtedness under the senior secured revolving credit facility.

  • Year‑end Total Debt/Adjusted EBITDA covenant: 2.1× (1.8× excluding leases).

  • Dividend

  • Quarterly dividend declared and paid for Q4 2025: $0.10 per share (≈2% yield).

  • Board approved a 5% increase to $0.105 per share, effective Q2 2026 dividend payment (≈$91 M annualized).

  • Guidance – 2026

  • Adjusted EBITDA target: $520‑$550 M (≈75% from Waste Management segment).
  • Organic growth capital budget: ~$75 M (completion of Redwater industrial waste facility, Montney water infrastructure expansions, metals recycling equipment upgrades).

  • Sustaining capital budget: ~$85 M (landfill cell expansion).

  • Subsequent Events

  • Litigation update: SECURE confirmed ownership of a patented drilling‑fluid technology after appellate rulings; infringement claim against Canadian Energy Services L.P. seeks ≥$100 M in damages (early stage).

  • Voluntary accounting policy change – presentation of commodity contracts now netted within revenue.

  • Outlook

  • Management expects continued Adjusted EBITDA growth, strong free cash flow, and disciplined capital allocation in 2026 despite macro‑economic uncertainties.

Notable Quotes

“Our 5% dividend increase underscores our confidence in the strength and sustainability of the business.” – Allen Gransch, President & CEO
“We will continue to invest in high‑return, infrastructure‑backed organic projects as we expand our network…” – Allen Gransch, President & CEO

Read the original news release →

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