SEDAR Interim Financial Statements

These financial statements for Waste Connections, Inc. are also included in the Form 10-Q for the quarterly period ended March 31, 2026 filed on SEDAR+ on April 23, 2026 in its entirety. 1 PART I – FINANCIAL INFORMATION Item 1. Financial Statements WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands of U.S. dollars, except share and per share amounts) March 31, December 31, 2026 2025 ASSETS Current assets: Cash and equivalents $ 112,447 $ 45,968 Accounts receivable, net of allowance for credit losses of $27,828 and $21,402 at March 31, 2026 and December 31, 2025, respectively 1,033,086 1,024,992 Prepaid expenses and other current assets 230,786 240,603 Total current assets 1,376,319 1,311,563 Restricted cash 210,199 183,612 Restricted investments 80,397 80,757 Property and equipment, net 8,714,069 8,733,327 Operating lease right-of-use assets 324,034 312,508 Goodwill 8,414,577 8,392,249 Intangible assets, net 1,959,957 2,006,200 Other assets, net 106,803 109,147 Total assets $ 21,186,355 $ 21,129,363 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 712,423 $ 765,227 Book overdraft 8,560 14,674 Deferred revenue 424,835 416,025 Accrued liabilities 745,013 810,367 Current portion of operating lease liabilities 46,335 44,272 Current portion of contingent consideration 61,945 65,029 Current portion of long-term debt and notes payable 8,355 8,667 Total current liabilities 2,007,466 2,124,261 Long-term portion of debt and notes payable 9,093,831 8,811,104 Long-term portion of operating lease liabilities 278,167 267,000 Long-term portion of contingent consideration 19,216 19,667 Deferred income taxes 1,113,470 1,085,613 Other long-term liabilities 616,586 576,337 Total liabilities 13,128,736 12,883,982 Commitments and contingencies (Note 17) Shareholders' equity: Common shares: Unlimited shares authorized; 254,260,257 shares issued and 254,213,909 shares outstanding at March 31, 2026; 255,661,011 shares issued and 255,614,663 shares outstanding at December 31, 2025 2,502,503 2,783,431 Additional paid-in capital 366,546 373,239 Accumulated other comprehensive loss (141,783) (111,044) Treasury shares: 46,348 and 46,348 shares at March 31, 2026 and December 31, 2025, respectively — — Retained earnings 5,330,353 5,199,755 Total shareholders' equity 8,057,619 8,245,381 Total liabilities and shareholders' equity $ 21,186,355 $ 21,129,363 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) (In thousands of U.S. dollars, except share and per share amounts) Three Months Ended March 31, 2026 2025 Revenues $ 2,370,631 $ 2,228,176 Operating expenses: Cost of operations 1,361,099 1,291,443 Selling, general and administrative 251,119 250,134 Depreciation 267,485 242,307 Amortization of intangibles 47,264 47,642 Impairments and other operating items 79,584 6,440 Operating income 364,080 390,210 Interest expense (87,719) (80,875) Interest income 3,113 1,770 Other income, net 4,085 1,872 Income before income tax provision 283,559 312,977 Income tax provision (64,215) (71,467) Net income $ 219,344 $ 241,510 Earnings per common share: Basic $ 0.86 $ 0.94 Diluted $ 0.86 $ 0.93 Shares used in the per share calculations: Basic 255,347,786 258,193,975 Diluted 255,873,686 258,904,806 Cash dividends per common share $ 0.350 $ 0.315 The accompanying notes are an integral part o --- f these condensed consolidated financial statements. 3 WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In thousands of U.S. dollars) Three Months Ended March 31, 2026 2025 Net income $ 219,344 $ 241,510 Other comprehensive income (loss), before tax: Interest rate swap amounts reclassified into interest expense (449) (3,324) Changes in fair value of interest rate swaps 979 (1,147) Foreign currency translation adjustment (31,128) 1,740 Other comprehensive loss, before tax (30,598) (2,731) Income tax (expense) benefit related to items of other comprehensive loss (141) 1,185 Other comprehensive loss, net of tax (30,739) (1,546) Comprehensive income $ 188,605 $ 239,964 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (In thousands of U.S. dollars, except share amounts) ACCUMULATED ADDITIONAL OTHER COMMON SHARES PAID-IN COMPREHENSIVE TREASURY SHARES RETAINED SHARES AMOUNT CAPITAL INCOME (LOSS) SHARES AMOUNT EARNINGS TOTAL Balances at December 31, 2025 255,614,663 $ 2,783,431 $ 373,239 $ (111,044) 46,348 $ — $ 5,199,755 $ 8,245,381 Vesting of restricted share units 326,714 — — — — — — — Vesting of performance-based restricted share units 100,737 — — — — — — — Tax withholdings related to net share settlements of equity-based compensation (154,211) — (24,515) — — — — (24,515) Equity-based compensation — — 17,822 — — — — 17,822 Exercise of warrants 2,920 — — — — — — — Issuance of shares under employee share purchase plan 18,135 3,031 — — — — — 3,031 Repurchase of common shares (1,695,049) (283,959) — — — — — (283,959) Cash dividends on common shares — — — — — — (88,746) (88,746) Amounts reclassified into earnings, net of taxes — — — (330) — — — (330) Changes in fair value of cash flow hedges, net of taxes — — — 719 — — — 719 Foreign currency translation adjustment — — — (31,128) — — — (31,128) Net income — — — — — — 219,344 219,344 Balances at March 31, 2026 254,213,909 $ 2,502,503 $ 366,546 $ (141,783) 46,348 $ — $ 5,330,353 $ 8,057,619 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (In thousands of U.S. dollars, except share amounts) ACCUMULATED ADDITIONAL OTHER COMMON SHARES PAID-IN COMPREHENSIVE TREASURY SHARES RETAINED SHARES AMOUNT CAPITAL INCOME (LOSS) SHARES AMOUNT EARNINGS TOTAL Balances at December 31, 2024 258,019,389 $ 3,283,161 $ 325,928 $ (205,740) 48,098 $ — $ 4,457,005 $ 7,860,354 Sale of common shares held in trust 1,750 324 — — (1,750) — — 324 Vesting of restricted share units 343,415 — — — — — — — Vesting of performance-based restricted share units 87,964 — — — — — — — Restricted share units released from deferred compensation plan 888 — — — — — — — Tax withholdings related to net share settlements of equity-based compensation (170,975) — (28,981) — — — — (28,981) Equity-based compensation — — 21,403 — — — — 21,403 Exercise of warrants 19,660 — — — — — — — Issuance of shares under employee share purchase plan 15,922 2,593 — — — — — 2,593 Cash dividends on common shares — — — — — — (81,477) (81,477) Amounts reclassified into earnings, net of taxes — — — (2,443) — — — (2,443) Changes in fair value of cash flow hedges, net of taxes — — — (843) — — — (843) Foreign currency translation adjustment — — — 1,740 — — — 1,740 Net inc --- ome — — — — — — 241,510 241,510 Balances at March 31, 2025 258,318,013 $ 3,286,078 $ 318,350 $ (207,286) 46,348 $ — $ 4,617,038 $ 8,014,180 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 WASTE CONNECTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands of U.S. dollars) Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 219,344 $ 241,510 Adjustments to reconcile net income to net cash provided by operating activities: Loss from disposal of assets, impairments and other 2,519 7,778 Adjustments to closure and post-closure liabilities 76,845 — Depreciation 267,485 242,307 Amortization of intangibles 47,264 47,642 Deferred income taxes, net of acquisitions 28,537 36,165 Current period provision for expected credit losses 12,105 2,470 Amortization of debt issuance costs 2,163 2,034 Share-based compensation 17,587 23,438 Interest accretion 11,200 12,737 Adjustments to contingent consideration — (1,500) Other 127 (1,013) Net change in operating assets and liabilities, net of acquisitions (139,578) (72,029) Net cash provided by operating activities 545,598 541,539 CASH FLOWS FROM INVESTING ACTIVITIES: Payments for acquisitions, net of cash acquired (63,087) (380,417) Capital expenditures for property and equipment (296,596) (212,455) Proceeds from disposal of assets 1,779 969 Other 2,203 (11,308) Net cash used in investing activities (355,701) (603,211) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term debt 1,156,176 782,904 Principal payments on notes payable and long-term debt (843,898) (541,737) Payment of contingent consideration recorded at acquisition date (4,108) (20,137) Change in book overdraft (6,114) (110) Payments for repurchase of common shares (283,959) — Payments for cash dividends (88,746) (81,477) Tax withholdings related to net share settlements of equity-based compensation (24,515) (28,981) Debt issuance costs (4,008) — Proceeds from issuance of shares under employee share purchase plan 3,031 2,593 Proceeds from sale of common shares held in trust — 324 Net cash provided by (used in) financing activities (96,141) 113,379 Effect of exchange rate changes on cash, cash equivalents and restricted cash (690) (434) Net increase in cash, cash equivalents and restricted cash 93,066 51,273 Cash, cash equivalents and restricted cash at beginning of period 229,580 198,173 Cash, cash equivalents and restricted cash at end of period $ 322,646 $ 249,446 Non-cash investing and financing activities: Liabilities assumed and notes payable issued to sellers of businesses acquired $ 13,851 $ 109,394 Accrued capital expenditures for property and equipment $ 34,957 $ 21,187 The accompanying notes are an integral part of these condensed consolidated financial statements. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 7 1. BASIS OF PRESENTATION AND SUMMARY The accompanying condensed consolidated financial statements relate to Waste Connections, Inc. and its subsidiaries (the “Company”) for the three-month periods ended March 31, 2026 and 2025. In the opinion of management, the accompanying balance sheets and related interim statements of net income, comprehensive income, cash flows and equity include all adjustments, consisting only of normal recurring items, necessary for their fair --- statement in conformity with U.S. generally accepted accounting principles (“GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Examples include accounting for landfills, self-insurance accruals, income taxes, allocation of acquisition purchase price, contingent consideration accruals and asset impairments. An additional area that involves estimation is when the Company estimates the amount of potential exposure it may have with respect to litigation, claims and assessments in accordance with the accounting guidance on contingencies. Actual results for all estimates could differ materially from the estimates and assumptions that the Company uses in the preparation of its condensed consolidated financial statements. Interim results are not necessarily indicative of results for a full year. These interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 2. REPORTING CURRENCY The functional currency of the Company, as the parent corporate entity, and its operating subsidiaries in the United States, is the U.S. dollar. The functional currency of the Company’s Canadian operations is the Canadian dollar. The reporting currency of the Company is the U.S. dollar. The Company’s consolidated Canadian dollar financial position is translated to U.S. dollars by applying the foreign currency exchange rate in effect at the consolidated balance sheet date. The Company’s consolidated Canadian dollar results of operations and cash flows are translated to U.S. dollars by applying the average foreign currency exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss. Gains and losses from foreign currency transactions are included in earnings for the period. 3. NEW ACCOUNTING STANDARDS Accounting Standards Adopted Amended Guidance for Internal-Use Software. In September 2025, the Financial Accounting Standards Board (the “FASB”) issued a final standard to modernize the accounting for costs incurred in developing internal-use software. The standard replaces the legacy stage-based capitalization model with a principles-based approach and clarifies related disclosure requirements. The standard is effective for all entities for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The guidance may be applied prospectively, retrospectively or using a modified transition approach. Early adoption is permitted. The Company adopted the new standard as of January 1, 2026 and has applied this standard prospectively in the financial statements. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Pending Adoption Disaggregation of Income Statement Expenses. In November 2024, the FASB issued a final standard requiring additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. The standard applies to all public business entities and will be effective for annual WASTE CONNECTIONS, INC. --- NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 8 reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. Interim Disclosure Requirements. In December 2025, the FASB issued final guidance clarifying the current interim disclosure requirements. The guidance creates a comprehensive list of interim disclosures required under GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. The amendments are effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively by all entities that provide interim financial statements and notes in accordance with GAAP. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. 4. REVENUE The Company’s operations primarily consist of providing non-hazardous waste collection, transfer, disposal and recycling services, non-hazardous oil and natural gas exploration and production (“E&P”) waste treatment, recovery and disposal services and intermodal services. The following tables disaggregate the Company’s revenues by service line for the periods indicated: Three Months Ended March 31, 2026 Intercompany Reported Revenue Elimination Revenue Commercial $ 761,562 $ (1,207) $ 760,355 Residential 600,117 (39) 600,078 Industrial and construction roll off 347,949 (3,936) 344,013 Total collection 1,709,628 (5,182) 1,704,446 Landfill 360,448 (147,087) 213,361 Transfer 354,176 (181,428) 172,748 Recycling 53,649 (2,061) 51,588 E&P 187,572 (8,013) 179,559 Other 49,346 (417) 48,929 Total $ 2,714,819 $ (344,188) $ 2,370,631 Three Months Ended March 31, 2025 Intercompany Reported Revenue Elimination Revenue Commercial $ 712,460 $ (1,278) $ 711,182 Residential 571,619 (211) 571,408 Industrial and construction roll off 336,998 (3,047) 333,951 Total collection 1,621,077 (4,536) 1,616,541 Landfill 338,754 (136,591) 202,163 Transfer 319,269 (159,691) 159,578 Recycling 61,341 (2,084) 59,257 E&P 150,899 (6,374) 144,525 Other 46,549 (437) 46,112 Total $ 2,537,889 $ (309,713) $ 2,228,176 WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 9 The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, the Company recognizes revenue at the time it performs a service. In the event that the Company bills for services in advance of performance, it recognizes deferred revenue for the amount billed and subsequently recognizes revenue at the time the service is provided. Substantially all of the deferred revenue recorded as of December 31, 2025 was recognized as revenue during the three months ended March 31, 2026 when the servic --- e was performed. See Note 10 for additional information regarding revenue by reportable segment. Contract Acquisition Costs The incremental direct costs of obtaining a contract, which consist of sales incentives, are recognized as Other assets in the Company’s Condensed Consolidated Balance Sheets, and are amortized to Selling, general and administrative expense over the estimated life of the relevant customer relationship, which ranges from one to five years. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company would have recognized is one year or less. The Company had $30,385 and $30,055 of deferred sales incentives at March 31, 2026 and December 31, 2025, respectively. 5. ACCOUNTS RECEIVABLE Accounts receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying value of the Company’s receivables, net of the allowance for credit losses, represents their estimated net realizable value. The allowance for credit losses is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. The Company monitors the collectability of its trade receivables as one overall pool due to all trade receivables having similar risk characteristics. The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amount due. The Company has elected to apply the practical expedient which allows the Company to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. The following is a rollforward of the Company’s allowance for credit losses for the periods indicated: Three Months Ended March 31, 2026 2025 Beginning balance $ 21,402 $ 25,730 Current period provision for expected credit losses 12,105 2,470 Write-offs charged against the allowance (7,419) (5,275) Recoveries collected 1,769 2,353 Impact of changes in foreign currency (29) 2 Ending balance $ 27,828 $ 25,280 WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 10 Accounts receivable, net of allowance for credit losses, was $935,027 at December 31, 2024. 6. LANDFILL ACCOUNTING At March 31, 2026, the Company’s landfills consisted of 102 owned landfills, five landfills operated under life-of- site operating agreements and seven landfills operated under limited-term operating agreements. The Company’s landfills had site costs with a net book value of $3,376,607 at March 31, 2026. For the Company’s landfills operated under limited- term operating agreements and life-of-site operating agreements, the owner of the property (generally a municipality) usually owns the permit and the Com --- pany operates the landfill for a contracted term. Where the contracted term is not the life of the landfill, the property owner is generally responsible for final capping, closure and post-closure obligations. The Company is responsible for all final capping, closure and post-closure liabilities at the landfills it operates under life-of- site operating agreements. The Company’s internal and third-party engineers perform surveys at least annually to estimate the remaining disposal capacity at its landfills. Many of the Company’s existing landfills have the potential for expanded disposal capacity beyond the amount currently permitted. The Company’s landfill depletion rates are based on the remaining disposal capacity, considering both permitted and probable expansion airspace, at the landfills it owns and landfills it operates, but does not own, under life-of-site agreements. The Company’s landfill depletion rate is based on the term of the operating agreement at its operated landfill that has capitalized expenditures. Expansion airspace consists of additional disposal capacity being pursued through means of an expansion that has not yet been permitted. Expansion airspace that meets certain criteria is included in the estimate of total landfill airspace. Based on remaining permitted capacity as of March 31, 2026, and projected annual disposal volumes, the average remaining landfill life for the Company’s owned landfills and landfills operated under life-of-site operating agreements is estimated to be approximately 31 years. As of March 31, 2026, the Company is seeking to expand permitted capacity at five of its owned landfills and considers the achievement of these expansions to be probable. Although the Company cannot be certain that all future expansions will be permitted as designed, the average remaining life, when considering remaining permitted capacity, probable expansion capacity and projected annual disposal volume, of the Company’s owned landfills and landfills operated under life-of-site operating agreements is approximately 33 years. The estimated remaining lives of the Company’s owned landfills and landfills operated under life-of-site operating agreements range from one to several hundred years, with approximately 90% of the projected annual disposal volume from landfills with remaining lives of less than 70 years. During the three months ended March 31, 2026 and 2025, the Company expensed $67,243 and $59,410, respectively, related to landfill depletion at owned landfills and landfills operated under life-of-site agreements. The Company reserves for estimated final capping, closure and post-closure maintenance obligations at the landfills it owns and landfills it operates under life-of-site operating agreements. The Company calculates the net present value of its final capping, closure and post-closure liabilities by estimating the total obligation in current dollars, inflating the obligation based upon the expected date of the expenditure and discounting the inflated total to its present value using a credit-adjusted risk-free rate. Any changes in expectations that result in an upward revision to the estimated undiscounted cash flows are treated as a new liability and are inflated and discounted at rates reflecting market conditions. Any changes in expectations that result in a downward revision (or no revision) to the estimated undiscounted cash flows result in a liability that is inflated and discounted at rates reflect --- ing the market conditions at the time the cash flows were originally estimated. This policy results in the Company’s final capping, closure and post-closure liabilities being recorded in “layers.” The Company’s discount rate assumption for purposes of computing “layers” for final capping, closure and post- closure liabilities is based on its long-term credit adjusted risk-free rate. The Company’s discount rate assumption for purposes of computing 2026 and 2025 “layers” for final capping, closure and post-closure obligations was 5.50% for both WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 11 periods. The Company’s long-term inflation rate assumption is 2.75% for each of the years ending December 31, 2026 and 2025. The resulting final capping, closure and post-closure obligations are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs which is amortized to depletion expense as the remaining landfill airspace is consumed. Interest is accreted on the recorded liability using the corresponding discount rate. During the three months ended March 31, 2026 and 2025, the Company expensed $10,272 and $11,872, respectively, related to final capping, closure and post-closure accretion expense. In the event that changes in an estimate for a closure and post- closure liability are associated with a significant change in facts and circumstances at a landfill or a non-operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical. The following is a reconciliation of the Company’s final capping, closure and post-closure liability balance from December 31, 2025 to March 31, 2026: Final capping, closure and post-closure liability at December 31, 2025 $ 651,586 Liability adjustments 106,659 Accretion expense 10,272 Closure payments (65,990) Foreign currency translation adjustment (1,415) Final capping, closure and post-closure liability at March 31, 2026 $ 701,112 Liability adjustments of $106,659 for the three months ended March 31, 2026, represent non-cash changes to final capping, closure and post-closure liabilities and are recorded on the Condensed Consolidated Balance Sheets along with an offsetting addition to site costs, which is amortized to depletion expense as the remaining landfill airspace is consumed. At March 31, 2026 and December 31, 2025, the current portion of final capping, closure and post-closure liabilities, included in Accrued Liabilities on the Condensed Consolidated Balance Sheets, was $155,908 and $146,772, respectively, and the long-term portion of final capping, closure and post-closure liabilities, included in Other long-term liabilities on the Condensed Consolidated Balance Sheets, was $545,204 and $504,814, respectively. The Company performs its annual review of its cost and capacity estimates in the first quarter of each year. In the event that changes in an estimate for a closure and post-closure liability are associated with a significant change in facts and circumstances at a landfill or a non- operating section of a landfill, corresponding adjustments to recorded liabilities and Impairments and other operating items are made as soon as is practical. At March 31, 2026 and December 31, 2025, $11,980 and $10,451, respectively, of the Company’s res --- tricted cash balance and $80,295 and $80,655, respectively, of the Company’s restricted investments balance was for purposes of securing its performance of future final capping, closure and post-closure obligations. 7. ACQUISITIONS The Company acquired three immaterial non-hazardous solid waste collection, transfer and recycling businesses during the three months ended March 31, 2026. The total transaction-related expenses incurred during the three months ended March 31, 2026 for these acquisitions were $2,360. These expenses are included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Net Income. The Company acquired three immaterial non-hazardous solid waste collection and recycling businesses and one immaterial E&P waste treatment and disposal business during the three months ended March 31, 2025. The total transaction-related expenses incurred during the three months ended March 31, 2025 for these acquisitions were $11,970. These expenses are included in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Net Income. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 12 The results of operations of the acquired businesses have been included in the Company’s Condensed Consolidated Financial Statements from their respective acquisition dates. The Company expects these acquired businesses to contribute towards the achievement of the Company’s strategy to expand through acquisitions. Goodwill acquired is attributable to the synergies and ancillary growth opportunities expected to arise after the Company’s acquisition of these businesses. The following table summarizes the consideration transferred to acquire these businesses and the preliminary amounts of identifiable assets acquired and liabilities assumed at the acquisition dates for the acquisitions consummated in the three months ended March 31, 2026 and 2025: 2026 2025 Acquisitions Acquisitions Fair value of consideration transferred: Cash $ 63,087 $ 380,417 Debt assumed — 71,557 Contingent consideration — 8,864 63,087 460,838 Recognized amounts of identifiable assets acquired and liabilities assumed associated with businesses acquired: Accounts receivable 303 16,920 Prepaid expenses and other current assets 120 3,055 Operating lease right-of-use assets 30 9,805 Property and equipment 14,409 231,167 Long-term franchise agreements and contracts — 28,076 Customer lists 3,650 18,611 Permits and other intangibles 2,288 78,256 Accounts payable and accrued liabilities (10,358) (9,846) Current portion of operating lease liabilities (27) (105) Deferred revenue (2,017) (207) Long-term portion of operating lease liabilities (2) (560) Other long-term liabilities (1,447) — Deferred income taxes — (18,255) Total identifiable net assets 6,949 356,917 Goodwill $ 56,138 $ 103,921 Goodwill acquired during the three months ended March 31, 2026 and 2025, totaling $56,138 and $55,780, respectively, is expected to be deductible for tax purposes. The fair value of acquired working capital related to seven immaterial acquisitions completed during the twelve months ended March 31, 2026, is provisional pending receipt of information from the acquirees to support the fair value of the assets acquired and liabilities assumed. Any adjustments recorded relating to finalizing the wo --- rking capital for these seven acquisitions are not expected to be material to the Company’s financial position. The adjustments recorded during the three months ended March 31, 2026 relating to finalizing the acquired working capital for the immaterial acquisitions completed during the twelve months ended December 31, 2025 were not material to the Company’s financial position. The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2026, was $310, of which $7 was expected to be uncollectible. The gross amount of trade receivables due under contracts acquired during the three months ended March 31, 2025, was $17,088, of which $168 was expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of these businesses. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 13 8. INTANGIBLE ASSETS, NET Intangible assets, exclusive of goodwill, consisted of the following at March 31, 2026: Gross Accumulated Net Carrying Accumulated Impairment Carrying Amount Amortization Loss Amount Finite-lived intangible assets: Long-term franchise agreements and contracts $ 1,127,862 $ (473,286) $ — $ 654,576 Customer lists 1,097,648 (817,926) — 279,722 Permits and other 1,114,291 (204,057) (66,188) 844,046 3,339,801 (1,495,269) (66,188) 1,778,344 Indefinite-lived intangible assets: Solid waste collection and transportation permits 181,613 — — 181,613 Intangible assets, exclusive of goodwill $ 3,521,414 $ (1,495,269) $ (66,188) $ 1,959,957 The weighted-average amortization period of customer lists acquired during the three months ended March 31, 2026 was 10.0 years. The weighted-average amortization period of finite-lived permits and other acquired during the three months ended March 31, 2026 was 40.0 years. Intangible assets, exclusive of goodwill, consisted of the following at December 31, 2025: Gross Accumulated Net Carrying Accumulated Impairment Carrying Amount Amortization Loss Amount Finite-lived intangible assets: Long-term franchise agreements and contracts $ 1,131,332 $ (457,664) $ — $ 673,668 Customer lists 1,098,172 (798,973) — 299,199 Permits and other 1,114,690 (196,782) (66,188) 851,720 3,344,194 (1,453,419) (66,188) 1,824,587 Indefinite-lived intangible assets: Solid waste collection and transportation permits 181,613 — — 181,613 Intangible assets, exclusive of goodwill $ 3,525,807 $ (1,453,419) $ (66,188) $ 2,006,200 Estimated future amortization expense for the next five years relating to finite-lived intangible assets owned as of March 31, 2026 is as follows: For the year ending December 31, 2026 $ 187,952 For the year ending December 31, 2027 $ 142,946 For the year ending December 31, 2028 $ 158,778 For the year ending December 31, 2029 $ 144,685 For the year ending December 31, 2030 $ 126,563 WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 14 9. LONG-TERM DEBT The following table presents the Company’s long-term debt at March 31, 2026 and December 31, 2025: March 31, December 31, 2026 2025 Revolving Credit Agreement, bearing interest ranging from 3.45% to 6.75% (a) $ 2,076,276 $ 2,381,646 4.25% Senior Notes due 2028 500,000 500,000 3.50% Senior Notes due 2029 500,000 500, --- 000 4.50% Senior Notes due 2029 358,700 364,800 2.60% Senior Notes due 2030 600,000 600,000 2.20% Senior Notes due 2032 650,000 650,000 3.20% Senior Notes due 2032 500,000 500,000 4.20% Senior Notes due 2033 750,000 750,000 5.00% Senior Notes due 2034 750,000 750,000 5.25% Senior Notes due 2035 500,000 500,000 4.80% Senior Notes due 2036 600,000 — 3.05% Senior Notes due 2050 500,000 500,000 2.95% Senior Notes due 2052 850,000 850,000 Notes payable to sellers and other third parties, bearing interest ranging from 2.42% to 10.35%, principal and interest payments due periodically with due dates ranging from 2028 to 2044 (a) 25,302 26,420 Finance leases, bearing interest ranging from 1.89% to 5.35%, with lease expiration dates ranging from 2026 to 2035 (a) 14,693 15,973 9,174,971 8,888,839 Less – current portion (8,355) (8,667) Less – unamortized debt discount and issuance costs (72,785) (69,068) Long-term portion of debt and notes payable $ 9,093,831 $ 8,811,104 ____________________ (a) Interest rates represent the interest rates at March 31, 2026. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 15 Revolving Credit Agreement The Company, as borrower, Bank of America, N.A., acting through its Canada Branch, as the global agent, the swing line lender and a letter of credit issuer, Bank of America, N.A., as the U.S. agent and a letter of credit issuer, and the other lenders and financial institutions from time to time party thereto (the “Lenders”) are party to that certain Revolving Credit Agreement, dated as of February 27, 2024 (as amended pursuant to that certain Amendment No. 1 to Revolving Credit Agreement, dated as of May 23, 2025, and as further amended, restated, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”), pursuant to which the Lenders provide loans and other credit extensions to the Company under a revolving credit facility. Details of the Revolving Credit Agreement at March 31, 2026 and December 31, 2025 are as follows: March 31, December 31, 2026 2025 Revolver Available $ 886,375 $ 581,059 Letters of credit outstanding $ 37,349 $ 37,295 Total amount drawn, as follows: $ 2,076,276 $ 2,381,646 Amount drawn – U.S. term SOFR loan $ 500,000 $ 965,000 Interest rate applicable – U.S. term SOFR loan 4.54 % 4.75 % Amount drawn – U.S. term SOFR loan $ 120,000 $ 150,000 Interest rate applicable – U.S. term SOFR loan 4.55 % 4.59 % Amount drawn – U.S. term SOFR loan $ 75,000 $ — Interest rate applicable – U.S. term SOFR loan 4.55 % — % Amount drawn – U.S. base rate loan $ 133,000 $ 38,000 Interest rate applicable – U.S. base rate loan 6.75 % 6.75 % Amount drawn – Canadian term CORRA loan $ 1,180,123 $ 1,163,712 Interest rate applicable - Canadian term CORRA loan 3.45 % 3.41 % Amount drawn – Canadian term CORRA loan $ — $ 51,072 Interest rate applicable - Canadian term CORRA loan — % 3.44 % Amount drawn – Canadian prime rate loan $ 68,153 $ 13,862 Interest rate applicable - Canadian prime rate loan 4.45 % 4.45 % Commitment – rate applicable 0.08 % 0.08 % In addition to the $37,349 of letters of credit at March 31, 2026 issued and outstanding under the Revolving Credit Agreement, the Company has issued and outstanding letters of credit totaling $184,059 under facilities other than the Revolving Credit Agreement. Senior Notes On March 16, 2026, the Company completed an u --- nderwritten public offering of $600,000 aggregate principal amount of its 4.80% Senior Notes due 2036 (the “2036 Senior Notes”). The 2036 Senior Notes were issued under an indenture, dated as of November 16, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), by and between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by an eleventh supplemental indenture, dated as of March 16, 2026. The Company will pay interest on the 2036 Senior Notes on January 15 and July 15 of each year, beginning July 15, 2026, and the 2036 Senior Notes will mature on July 15, 2036. The 2036 Senior Notes are the Company’s senior unsecured WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 16 obligations, ranking equally in right of payment with its other existing and future unsubordinated debt and senior to any of its future subordinated debt. The 2036 Senior Notes are not guaranteed by any of the Company’s subsidiaries. The Company may, prior to April 15, 2036 (three months before the maturity date) (the “2036 Senior Notes Par Call Date”), redeem some or all of the 2036 Senior Notes, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount of the 2036 Senior Notes redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the 2036 Senior Notes redeemed discounted to the redemption date (assuming the 2036 Senior Notes matured on the 2036 Senior Notes Par Call Date), plus, in either case, accrued and unpaid interest thereon to the redemption date. Commencing on April 15, 2036 (three months before the maturity date), the Company may redeem some or all of the 2036 Senior Notes, at any time and from time to time, at a redemption price equal to the principal amount of the 2036 Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. Under certain circumstances, the Company may become obligated to pay additional amounts (the “Additional Amounts”) with respect to the 2036 Senior Notes to ensure that the net amounts received by each holder of the 2036 Senior Notes will not be less than the amount such holder would have received if withholding taxes or deductions were not incurred on a payment under or with respect to the 2036 Senior Notes. If such payment of Additional Amounts is a result of a change in the laws or regulations, including a change in, or amendment to, any official position, the introduction of an official position or a holding by a court of competent jurisdiction, of any jurisdiction from or through which payment is made by or on behalf of the 2036 Senior Notes having power to tax, and the Company cannot avoid such payment of Additional Amounts through reasonable measures, then the Company may redeem the 2036 Senior Notes then outstanding at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date). If the Company experiences certain kinds of changes of control, each holde --- r of the 2036 Senior Notes may require the Company to purchase all or a portion of the 2036 Senior Notes for cash at a price equal to 101% of the aggregate principal amount of such 2036 Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the purchase date. The covenants in the Indenture include limitations on liens, sale-leaseback transactions and mergers and sales of all or substantially all of the Company’s assets. The Indenture also includes customary events of default with respect to the 2036 Senior Notes. Upon an event of default, the principal of and accrued and unpaid interest on all the 2036 Senior Notes may be declared to be due and payable by the Trustee or the holders of not less than 25% in principal amount of the outstanding 2036 Senior Notes. Upon such a declaration, such principal and accrued interest on all of the 2036 Senior Notes will be due and payable immediately. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding 2036 Senior Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any holder of the 2036 Senior Notes. Under certain circumstances, the holders of a majority in principal amount of the outstanding 2036 Senior Notes may rescind any such acceleration with respect to the 2036 Senior Notes and its consequences. 10. SEGMENT REPORTING The Company’s revenues are generated primarily from the collection, transfer, recycling and disposal of non- hazardous solid waste and the treatment, recovery and disposal of non-hazardous E&P waste. No single contract or WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 17 customer accounted for more than 10% of the Company’s total revenues at the consolidated or reportable segment level during the periods presented. For the three months ended March 31, 2026, the Company managed its operations through the following six geographic solid waste operating segments: Southern, Western, Eastern, Central, Canada and MidSouth. The Company’s six geographic solid waste operating segments comprise its reportable segments. Each operating segment is responsible for managing several vertically integrated operations, which are comprised of districts. Certain corporate or regional overhead expense allocations may affect comparability of the segment information presented herein on a period-over- period basis. The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s President and Chief Executive Officer. The CODM evaluates operating segment profitability and determines resource allocations based on several factors, of which the primary financial measure is segment EBITDA. The Company defines segment EBITDA as earnings before interest, taxes, depreciation, amortization, impairments and other operating items, and other income (expense). Segment EBITDA is not a measure of operating income, operating performance or liquidity under GAAP and may not be comparable to similarly titled measures reported by other companies. The Company’s management uses segment EBITDA in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments. Summarized f --- inancial information concerning the Company’s reportable segments for the three months ended March 31, 2026 and 2025, including a reconciliation of segment EBITDA to Income before income tax provision, is shown in the following tables: Three Months Ended March 31, 2026 Southern Western Eastern Central Canada MidSouth Corporate (a), (f) Consolidated Revenue $ 555,348 $ 526,632 $ 490,039 $ 446,095 $ 377,612 $ 319,093 $ — $ 2,714,819 Intercompany revenue (b) (62,309) (64,184) (84,317) (49,333) (32,784) (51,261) — (344,188) Reported revenue 493,039 462,448 405,722 396,762 344,828 267,832 — 2,370,631 Segment expenses (c) (332,530) (339,061) (297,714) (251,685) (195,881) (194,522) (825) (1,612,218) Segment EBITDA (d) 160,509 123,387 108,008 145,077 148,947 73,310 (825) 758,413 Segment EBITDA margin 32.6 % 26.7 % 26.6 % 36.6 % 43.2 % 27.4 % 32.0 % Depreciation and amortization (65,839) (55,527) (57,322) (45,337) (51,510) (35,502) (3,712) (314,749) Other segment items (e) (2,933) (64,077) (4,965) 616 (1,200) (101) (87,445) (160,105) Income before income tax provision $ 283,559 Capital expenditures $ 59,248 $ 56,677 $ 47,220 $ 44,084 $ 51,371 $ 32,589 $ 5,407 $ 296,596 Total assets (g) $ 4,537,768 $ 3,629,318 $ 3,758,775 $ 2,913,215 $ 3,690,824 $ 2,063,877 $ 592,578 $ 21,186,355 WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 18 Three Months Ended March 31, 2025 Southern Western Eastern Central Canada MidSouth Corporate (a), (f) Consolidated Revenue $ 507,668 $ 499,701 $ 480,532 $ 414,986 $ 332,532 $ 302,470 $ — $ 2,537,889 Intercompany revenue (b) (54,265) (61,300) (77,262) (41,603) (29,801) (45,482) — (309,713) Reported revenue 453,403 438,401 403,270 373,383 302,731 256,988 — 2,228,176 Segment expenses (c) (304,703) (326,056) (300,175) (241,674) (167,159) (188,070) (13,740) (1,541,577) Segment EBITDA (d) 148,700 112,345 103,095 131,709 135,572 68,918 (13,740) 686,599 Segment EBITDA margin 32.8 % 25.6 % 25.6 % 35.3 % 44.8 % 26.8 % 30.8 % Depreciation and amortization (55,860) (51,998) (56,202) (42,427) (45,825) (35,171) (2,466) (289,949) Other segment items (e) (5,252) 191 (1,842) (142) 99 (400) (76,327) (83,673) Income before income tax provision $ 312,977 Capital expenditures $ 32,453 $ 34,294 $ 39,718 $ 45,972 $ 31,750 $ 20,156 $ 8,112 $ 212,455 Total assets (g) $ 4,214,215 $ 3,485,974 $ 3,678,666 $ 2,835,804 $ 3,547,500 $ 2,009,776 $ 482,562 $ 20,254,497 ____________________ (a) The majority of Corporate expenses are allocated to the six operating segments. Direct acquisition expenses, expenses associated with common shares held in the deferred compensation plan exchanged for other investment options and share- based compensation expenses associated with Progressive Waste share-based grants outstanding at June 1, 2016 that were continued by the Company are not allocated to the six operating segments and comprise the net EBITDA of the Company’s Corporate segment for the periods presented. (b) Intercompany revenues reflect each segment’s total intercompany sales, including intercompany sales within a segment and between segments. Transactions within and between segments are generally made on a basis intended to reflect the market value of the service. (c) Segment expenses consist of all expenses that directly impact the CODM's primary financial measure, segment EBITDA. These expenses include cost of operation --- s and selling, general, and administrative expenses as presented in the Company’s Condensed Consolidated Statements of Net Income. (d) For those items included in the determination of segment EBITDA, the accounting policies of the segments are the same as those described in the Company’s most recent Annual Report on Form 10-K. (e) For all geographic operating segments, other segment items consist of gains and losses on disposal of assets, disposal of operations and foreign currency, as well as litigation settlements, environmental remediation, real estate leases, landfill closure adjustments, contingent liability adjustments, impairments and interest income. (f) Corporate assets include cash, debt issuance costs, equity investments, operating lease right-of-use assets and corporate facility leasehold improvements and equipment. (g) Goodwill is included within total assets for each of the Company’s six operating segments. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 19 The following tables show changes in goodwill during the three months ended March 31, 2026 and 2025, by reportable segment: Southern Western Eastern Central Canada MidSouth Total Balance as of December 31, 2025 $ 1,833,746 $ 866,610 $ 1,791,163 $ 1,023,111 $ 2,021,930 $ 855,689 $ 8,392,249 Goodwill acquired — 36,585 2,062 5,379 — — 44,026 Goodwill acquisition adjustments 10,185 — — — 14 1,913 12,112 Impact of changes in foreign currency — — — — (33,810) — (33,810) Balance as of March 31, 2026 $ 1,843,931 $ 903,195 $ 1,793,225 $ 1,028,490 $ 1,988,134 $ 857,602 $ 8,414,577 Southern Western Eastern Central Canada MidSouth Total Balance as of December 31, 2024 $ 1,577,114 $ 864,602 $ 1,735,584 $ 1,010,574 $ 1,913,091 $ 849,441 $ 7,950,406 Goodwill acquired 76,631 — 26,849 1,975 — — 105,455 Goodwill acquisition adjustments — (1,199) — — (10) (325) (1,534) Impact of changes in foreign currency — — — — 1,652 — 1,652 Balance as of March 31, 2025 $ 1,653,745 $ 863,403 $ 1,762,433 $ 1,012,549 $ 1,914,733 $ 849,116 $ 8,055,979 11. DERIVATIVE FINANCIAL INSTRUMENTS The Company recognizes all derivatives on the Condensed Consolidated Balance Sheets at fair value. All of the Company’s derivatives have been designated as cash flow hedges; therefore, the gain or loss on the derivatives will be recognized in accumulated other comprehensive income (loss) (“AOCIL”) and reclassified into earnings in the same period during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. The Company classifies cash inflows and outflows from derivatives within operating activities on the Condensed Consolidated Statements of Cash Flows. One of the Company’s objectives for utilizing derivative instruments is to reduce its exposure to fluctuations in cash flows due to changes in the variable interest rates of certain borrowings under the Revolving Credit Agreement. The Company’s strategy to achieve that objective involves entering into interest rate swaps. The interest rate swap outstanding at March 31, 2026 was specifically designated to the Revolving Credit Agreement and accounted for as a cash flow hedge. At March 31, 2026, the Company’s derivative instruments included one interest rate swap agreement as follows: Fixed Variable Notional Interest Interest Rate Date Entered Amount Rat --- e Paid (a) Received Effective Date (b) Expiration Date December 2018 $ 200,000 2.7715 % 1-month term SOFR November 2022 July 2027 ____________________ (a) Plus applicable margin. (b) In October 2022, the Company amended the reference rate in its outstanding interest rate swap contract to replace One-Month LIBOR with One-Month term SOFR and certain credit spread adjustments. The Company did not record any gains or losses upon the conversion of the reference rates in this interest rate swap contract, and the Company believes this amendment will not have a material impact on its Condensed Consolidated Financial Statements. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 20 The fair values of derivative instruments designated as cash flow hedges at March 31, 2026, were as follows: Derivatives Designated as Cash Asset Derivatives Liability Derivatives Flow Hedges Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets(a) $ 1,819 Accrued liabilities $ — Other assets, net 429 Total derivatives designated as cash flow hedges $ 2,248 $ — ____________________ (a) Represents the estimated amount of the existing unrealized gains on interest rate swaps at March 31, 2026 (based on the interest rate yield curve at that date), included in AOCIL expected to be reclassified into pre-tax earnings within the next 12 months. The actual amounts reclassified into earnings are dependent on future movements in interest rates. The fair values of derivative instruments designated as cash flow hedges at December 31, 2025, were as follows: Derivatives Designated as Cash Asset Derivatives Liability Derivatives Flow Hedges Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Prepaid expenses and other current assets $ 1,272 Accrued liabilities $ — Other assets, net 446 Total derivatives designated as cash flow hedges $ 1,718 $ — The following tables summarize the impact of the Company’s cash flow hedges on the results of operations, comprehensive income (loss) and AOCIL for the three months ended March 31, 2026 and 2025: Derivatives Statement of Amount of (Gain) or Loss Reclassified Designated as Cash Amount of Gain or (Loss) Recognized Net Income from AOCIL into Earnings, Flow Hedges as AOCIL on Derivatives, Net of Tax (a) Classification Net of Tax (b) Three Months Ended Three Months Ended March 31, March 31, 2026 2025 2026 2025 Interest rate swaps $ 719 $ (843) Interest expense $ (330) $ (2,443) ____________________ (a) In accordance with the derivatives and hedging guidance, the changes in fair values of interest rate swaps have been recorded in equity as a component of AOCIL. As the critical terms of the interest rate swaps match the underlying debt being hedged, all unrealized changes in fair value are recorded in AOCIL. (b) Amounts reclassified from AOCIL into earnings related to realized gains and losses on interest rate swaps are recognized when interest payments or receipts occur related to the swap contracts, which correspond to when interest payments are made on the Company’s hedged debt. See Note 15 for further discussion on the impact of the Company’s hedge accounting to its consolidated comprehensive income (loss) and AOCIL. 12. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist primar --- ily of cash and equivalents, trade receivables, restricted cash and investments, trade payables, debt instruments, contingent consideration obligations and interest rate swaps. As of March 31, 2026 and December 31, 2025, the carrying values of cash and equivalents, trade receivables, restricted cash and investments, trade payables and contingent consideration are considered to be representative of their respective fair values. The carrying values of the Company’s debt instruments, excluding certain notes as listed in the table below, approximate their fair values as of March 31, 2026 and December 31, 2025, based on current borrowing rates, current remaining average life to maturity and borrower credit quality for similar types of borrowing arrangements, and are classified as Level 2 WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 21 within the fair value hierarchy. The carrying values and fair values of the Company’s debt instruments where the carrying values do not approximate their fair values as of March 31, 2026 and December 31, 2025, are as follows: Carrying Value at Fair Value (a) at March 31, December 31, March 31, December 31, 2026 2025 2026 2025 4.25% Senior Notes due 2028 $ 500,000 $ 500,000 $ 499,300 $ 503,750 3.50% Senior Notes due 2029 $ 500,000 $ 500,000 $ 490,450 $ 491,900 4.50% Senior Notes due 2029 $ 358,700 $ 364,800 $ 366,532 $ 377,001 2.60% Senior Notes due 2030 $ 600,000 $ 600,000 $ 564,660 $ 566,100 2.20% Senior Notes due 2032 $ 650,000 $ 650,000 $ 570,310 $ 574,730 3.20% Senior Notes due 2032 $ 500,000 $ 500,000 $ 461,950 $ 465,900 4.20% Senior Notes due 2033 $ 750,000 $ 750,000 $ 725,400 $ 736,350 5.00% Senior Notes due 2034 $ 750,000 $ 750,000 $ 736,575 $ 767,175 5.25% Senior Notes due 2035 $ 500,000 $ 500,000 $ 503,300 $ 518,550 4.80% Senior Notes due 2036 $ 600,000 $ — $ 589,260 $ — 3.05% Senior Notes due 2050 $ 500,000 $ 500,000 $ 332,800 $ 335,550 2.95% Senior Notes due 2052 $ 850,000 $ 850,000 $ 541,960 $ 551,650 ____________________ (a) Senior Notes are classified as Level 2 within the fair value hierarchy. Fair value inputs include third-party calculations of the market interest rate of notes with similar ratings in similar industries over the remaining note terms. For details on the fair value of the Company’s interest rate swaps, restricted cash and investments and contingent consideration, refer to Note 14. 13. NET INCOME PER SHARE INFORMATION The following table sets forth the calculation of the numerator and denominator used in the computation of basic and diluted net income per common share for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 Numerator: Net income for basic and diluted earnings per share $ 219,344 $ 241,510 Denominator: Basic shares outstanding 255,347,786 258,193,975 Dilutive effect of equity-based awards 525,900 710,831 Diluted shares outstanding 255,873,686 258,904,806 14. FAIR VALUE MEASUREMENTS The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis in periods subsequent to their initial measurement. These tiers include: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as --- quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 22 The Company’s financial assets and liabilities recorded at fair value on a recurring basis include derivative instruments and restricted cash and investments. At March 31, 2026 and December 31, 2025, the Company’s derivative instruments included pay-fixed, receive-variable interest rate swaps. The Company’s interest rate swaps are recorded at their estimated fair values based on quotes received from financial institutions that trade these contracts. The Company verifies the reasonableness of these quotes using similar quotes from another financial institution as of each date for which financial statements are prepared. For the Company’s interest rate swaps, the Company also considers the Company’s creditworthiness in its determination of the fair value measurement of these instruments in a net liability position and the counterparties’ creditworthiness in its determination of the fair value measurement of these instruments in a net asset position. The Company’s restricted cash is valued at quoted market prices in active markets for identical assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted cash measured at fair value is invested primarily in money market accounts and bank time deposits. The Company’s restricted investments are valued at quoted market prices in active markets for similar assets, which the Company receives from the financial institutions that hold such investments on its behalf. The Company’s restricted investments measured at fair value are invested primarily in U.S. government securities, agency securities and Canadian bankers’ acceptance notes. The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, were as follows: Fair Value Measurement at March 31, 2026 Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Interest rate swap derivative instruments – net asset position $ 2,248 $ — $ 2,248 $ — Restricted cash $ 210,199 $ 210,199 $ — $ — Restricted investments $ 80,432 $ — $ 80,432 $ — Contingent consideration $ (81,161) $ — $ — $ (81,161) Fair Value Measurement at December 31, 2025 Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Interest rate swap derivative instruments – net asset position $ 1,718 $ — $ 1,718 $ — Restricted cash $ 183,612 $ 183,612 $ — $ — Restricted investments $ 80,533 $ — $ 80,533 $ — Contingent consideration $ (84,696) $ — $ — $ (84,696) WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 23 The --- following table summarizes the changes in the fair value for Level 3 liabilities related to contingent consideration for the three months ended March 31, 2026 and 2025: Three Months Ended March 31, 2026 2025 Beginning balance $ 84,696 $ 87,162 Contingent consideration recorded at acquisition date — 8,864 Payment of contingent consideration recorded at acquisition date (4,108) (20,137) Adjustments to contingent consideration — (1,500) Interest accretion expense 918 863 Foreign currency translation adjustment (345) 10 Ending balance $ 81,161 $ 75,262 15. OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) includes changes in the fair value of interest rate swaps that qualify for hedge accounting. The components of other comprehensive income (loss) and related tax effects for the three months ended March 31, 2026 and 2025 are as follows: Three Months Ended March 31, 2026 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ (449) $ 119 $ (330) Changes in fair value of interest rate swaps 979 (260) 719 Foreign currency translation adjustment (31,128) — (31,128) $ (30,598) $ (141) $ (30,739) Three Months Ended March 31, 2025 Gross Tax Effect Net of Tax Interest rate swap amounts reclassified into interest expense $ (3,324) $ 881 $ (2,443) Changes in fair value of interest rate swaps (1,147) 304 (843) Foreign currency translation adjustment 1,740 — 1,740 $ (2,731) $ 1,185 $ (1,546) A rollforward of the amounts included in AOCIL, net of taxes, for the three months ended March 31, 2026 and 2025, is as follows: Foreign Accumulated Currency Other Interest Translation Comprehensive Rate Swaps Adjustment Income (Loss) Balance at December 31, 2025 $ 1,263 $ (112,307) $ (111,044) Amounts reclassified into earnings (330) — (330) Changes in fair value 719 — 719 Foreign currency translation adjustment — (31,128) (31,128) Balance at March 31, 2026 $ 1,652 $ (143,435) $ (141,783) WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 24 Foreign Accumulated Currency Other Interest Translation Comprehensive Rate Swaps Adjustment Income (Loss) Balance at December 31, 2024 $ 10,237 $ (215,977) $ (205,740) Amounts reclassified into earnings (2,443) — (2,443) Changes in fair value (843) — (843) Foreign currency translation adjustment — 1,740 1,740 Balance at March 31, 2025 $ 6,951 $ (214,237) $ (207,286) See Note 11 for further discussion on the Company’s derivative instruments. 16. SHAREHOLDERS’ EQUITY Share-Based Compensation Restricted Share Units A summary of activity related to restricted share units (“RSUs”) during the three-month period ended March 31, 2026, is presented below: Unvested Shares Outstanding at December 31, 2025 871,272 Granted 433,961 Forfeited (14,126) Vested and issued (326,714) Outstanding at March 31, 2026 964,393 The weighted average grant-date fair value per share for the common shares underlying the RSUs granted during the three-month period ended March 31, 2026 was $156.64. Recipients of the Company’s RSUs who participate in the Company’s Nonqualified Deferred Compensation Plan may have elected in years prior to 2015 to defer some or all of their RSUs as they vest until a specified date or dates they choose. At the end of the deferral periods, unless a qualified participant makes certain other elections, the Company issues to recipients who deferred the --- ir RSUs common shares of the Company underlying the deferred RSUs. At March 31, 2026 and 2025, the Company had 29,092 and 29,092 vested deferred RSUs outstanding, respectively. Performance-Based Restricted Share Units A summary of activity related to performance-based restricted share units (“PSUs”) during the three-month period ended March 31, 2026, is presented below: Unvested Shares Outstanding at December 31, 2025 211,283 Granted 114,839 Vested and issued (100,737) Outstanding at March 31, 2026 225,385 WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 25 During the three months ended March 31, 2026, the Company’s Compensation Committee granted PSUs with three- year performance-based metrics that the Company must meet before those awards may be earned, and the performance period for those grants ends on December 31, 2028. The Compensation Committee will determine the achievement of performance results and corresponding vesting of PSUs for each performance period. The weighted average grant-date fair value per share for the common shares underlying all PSUs granted during the three-month period ended March 31, 2026 was $150.06. Deferred Share Units A summary of activity related to deferred share units (“DSUs”) during the three-month period ended March 31, 2026, is presented below: Vested Shares Outstanding at December 31, 2025 22,903 Granted 3,045 Outstanding at March 31, 2026 25,948 The DSUs consist of a combination of DSU grants outstanding under the Progressive Waste share-based compensation plans that were continued by the Company following the Progressive Waste acquisition and DSUs granted by the Company since the Progressive Waste acquisition. The weighted average grant-date fair value per share for the common shares underlying the DSUs granted during the three-month period ended March 31, 2026 was $160.26. Other Restricted Share Units RSU grants outstanding under the Progressive Waste share-based compensation plans were continued by the Company following the Progressive Waste acquisition in 2016 and allow for the issuance of shares or cash settlement to employees upon vesting or other distribution events. A summary of activity related to Progressive Waste RSUs during the three- month period ended March 31, 2026, is presented below: Outstanding at December 31, 2025 43,716 Cash settled — Outstanding at March 31, 2026 43,716 No RSUs under the Progressive Waste share-based compensation plans were granted subsequent to June 1, 2016. Employee Share Purchase Plan On May 15, 2020, the Company’s shareholders approved the 2020 Employee Share Purchase Plan (the “ESPP”). Under the ESPP, qualified employees may elect to have payroll deductions withheld from their eligible compensation on each payroll date in amounts equal to or greater than one percent (1%) but not in excess of ten percent (10%) of eligible compensation in order to purchase the Company’s common shares under certain terms and subject to certain restrictions set forth in the ESPP. The exercise price is equal to 95% of the closing price of the Company’s common shares on the last day of the relevant offering period, provided, however, that such exercise price will not be less than 85% of the volume weighted average price of the Company’s common shares as reflected on the Toronto Stock Exchange (the “TSX”) over the final five trading days of such o --- ffering period. The maximum number of shares that may be issued under the ESPP is 1,000,000. Under the ESPP, employees purchased 18,135 of the Company’s common shares for $3,031 during the three months ended March 31, 2026. Under the ESPP, employees purchased 15,922 of the Company’s common shares for $2,593 during the three months ended March 31, 2025. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 26 Normal Course Issuer Bid On August 8, 2025, the Company announced the annual renewal of the Company’s normal course issuer bid (the “NCIB”) to purchase up to 12,855,691 of the Company’s common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at the option of the Company. The renewal followed the conclusion of the Company’s previous NCIB that expired August 11, 2025. Under the NCIB, the Company may make share repurchases on the TSX, the New York Stock Exchange (the “NYSE”), the NYSE Texas and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction and subject to certain volume limitations in accordance with the rules of the TSX and the SEC. In accordance with TSX rules, any daily repurchases made through the TSX and alternative Canadian trading systems are limited to a maximum of 80,213 common shares, which represents 25% of the average daily trading volume on the TSX for the period from February 1, 2025 to July 31, 2025. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. The maximum number of shares that can be purchased per day on the NYSE and NYSE Texas will be 25% of the average daily trading volume on such exchanges for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases. The timing and amounts of any repurchases pursuant to the NCIB will depend on market conditions, share price and other factors, including potential acquisition growth opportunities. All common shares purchased under the NCIB will be immediately cancelled following their repurchase. For the three months ended March 31, 2026, the Company repurchased 1,695,049 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $283,959. For the three months ended March 31, 2025, the Company did not repurchase any common shares pursuant to the NCIB in effect during that period. As of March 31, 2026, the remaining maximum number of shares available for repurchase under the current NCIB was 9,701,206. Cash Dividend In October 2025, the Company announced that its Board of Directors increased its regular quarterly cash dividend by $0.035, from $0.315 to $0.350 per Company common share. Cash dividends of $88,746 and $81,477 were paid during the three months ended March 31, 2026 and 2025, respectively. 17. COMMITMENTS AND CONTINGENCIES In the normal course of its business and as a result of the extensive governmental regulation of the solid waste and E&P waste industries, the Company is subject to various judicial and administrative proceedings involving Canadian regulatory authorities as well as U.S. federal, state and local agencies. In these proceedings, an agency may subpoena the Company for records, or seek to impose fines on the Company or revo --- ke or deny renewal of an authorization held or sought by the Company, including an operating permit. From time to time, the Company may also be subject to actions brought by special interest or other groups, adjacent landowners or residents in connection with the permitting and licensing of landfills, transfer stations, and E&P waste treatment, recovery and disposal operations, or alleging environmental damage or violations of the permits and licenses pursuant to which the Company operates. The Company uses $1,000 as a threshold for disclosing environmental matters involving a governmental authority and potential monetary sanctions. In addition, the Company is a party to various claims and suits pending for alleged damages to persons and property, alleged violations of certain laws and alleged liabilities arising out of matters occurring during the normal operation of the WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 27 Company’s business. Except as noted in the matters described below, as of March 31, 2026, there is no current proceeding or litigation involving the Company or its property that the Company believes could have a material adverse effect on its business, financial condition, results of operations or cash flows. Jefferson Parish, Louisiana Landfill Litigation Between June 2016 and December 31, 2020, one of the Company’s subsidiaries, Louisiana Regional Landfill Company (“LRLC”), conducted certain operations at a municipal solid waste landfill known as the Jefferson Parish Landfill (the “JP Landfill”), located in Avondale, Louisiana, near the City of New Orleans. LRLC’s operations were governed by an Operating Agreement entered into in May 2012 by LRLC under its previous name, IESI LA Landfill Corporation, and the owner of the JP Landfill, Jefferson Parish (the “Parish”). The Parish also holds the State of Louisiana permit for the operation of the JP Landfill. Aptim Corporation, and later River Birch, LLC, operated the landfill gas collection system at the JP Landfill under a separate contract with the Parish. In July and August 2018, four separate lawsuits seeking class action status were filed against LRLC and certain other Company subsidiaries, the Parish, and Aptim Corporation in Louisiana state court, and subsequently removed to the United States District Court for the Eastern District of Louisiana, before Judge Susie Morgan in New Orleans. The court later consolidated the claims of the putative class action plaintiffs (the “Ictech-Bendeck” action). The Ictech-Bendeck class plaintiffs asserted claims for damages from odors allegedly emanating from the JP Landfill. The consolidated putative class action complaint alleged that the JP Landfill released “noxious odors” into the plaintiffs’ properties and the surrounding community and asserted a range of liability theories—nuisance, negligence (since dismissed), and strict liability—against all defendants. The Ictech-Bendeck plaintiffs sought unspecified damages. After a general causation trial limited the nature of the claims and limited the time period to July 2017 to December 2019, extensive discovery occurred in 2023 and 2024. On May 15, 2024, the Ictech-Bendeck plaintiffs filed an amended motion for class certification, which the defendants opposed. Plaintiffs described the putative class as residents of the Parish suffering an injury --- as a result of exposure to odors from the JP Landfill between July 1, 2017 and December 31, 2019, in five proposed geographic sub-classes encompassing residents within a delineated area of the Parish that extended roughly five miles from the JP Landfill to the north and east. Counsel for the putative class asked the court to certify a class on liability and allocation issues and that specific causation be left for individual determinations after a class trial. On August 8, 2024, the Parish and the Ictech-Bendeck plaintiffs notified the court and the other parties that they had reached an agreement in principle on settlement of the plaintiffs’ class claims against the Parish, including a settlement amount of $4,500 to be paid by the Parish to the Ictech-Bendeck plaintiffs. The settlement agreement purports to assign to the Ictech-Bendeck settlement class the Parish’s claims against the Company defendants and Aptim Corporation. On March 27, 2025, the court approved the settlement. On March 27, 2025, the court denied the motion for class certification. On July 16, 2025, the Company and counsel for the Ictech-Bendeck plaintiffs reached an agreement in principle to settle the five individual plaintiffs’ claims against the Company in an amount not material to the Company’s financial statements. On July 18, 2025, the court entered an order dismissing the Ictech-Bendeck claims against the Company without prejudice pending consummation of the settlement agreements. On June 3, 2025, counsel for the Ictech-Bendeck plaintiffs filed a new mass action on behalf of approximately 1,600 plaintiffs in state court (24th Judicial District, Jefferson Parish) against LRLC, certain other Company subsidiaries, and Aptim Corporation (the “Crossman” action). The case is assigned to Judge Jacqueline F. Maloney. The Crossman petition asserts claims for damages from odors allegedly emanating from the JP Landfill from July 1, 2017 through December 31, WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 28 2019. The petition seeks unspecified damages, but stipulates that no individual plaintiff’s damages exceed $74.999, and waives the right to recover in excess of that amount per plaintiff. On August 7, 2025, the Company’s subsidiaries filed and served their Answer and Affirmative Defenses to the Crossman petition. On February 25, 2026, the Crossman plaintiffs filed a motion seeking permission to file an amended petition to add approximately 4,100 additional plaintiffs to the action, which the Court denied as premature on March 31, 2026. At this time, the Company is not able to determine the likelihood of any outcome regarding the claims of the individual plaintiffs in the Crossman action, including the allocation of any potential liability among the Company defendants, the Parish, and Aptim Corporation, and is not able to reasonably estimate the possible loss or range of loss. Los Angeles County, California Landfill Expansion Litigation In October 2004, the Company’s subsidiary, Chiquita Canyon, LLC (“CCL”), then under prior ownership, filed an application (the “Application”) with the County of Los Angeles (the “County”) Department of Regional Planning (“DRP”) for a conditional use permit (the “CUP”) to authorize the continued operation and expansion of the Chiquita Canyon Landfill (the “CC Landfill”). The CC Landfill has operated since --- 1972, and as a regional landfill, accepted approximately 2.3 million tons of materials for disposal and beneficial use in 2024. The CC Landfill was the second largest landfill in the County and played a vital role in the County’s ability to safely and quickly gather, process, and dispose of thousands of tons of waste, six days a week. The Application requested expansion of the existing waste footprint on CCL’s contiguous property, an increase in maximum elevation, creation of a new entrance and new support facilities, construction of a facility for the County or another third-party operator to host household hazardous waste collection events, designation of an area for mixed organics/composting, and other modifications. After many years of reviews and delays, upon the recommendation of County staff, the County’s Regional Planning Commission (the “Commission”) approved the Application on April 19, 2017, but imposed operating conditions, fees and exactions that substantially reduced the historical landfill operations and represented a large increase in aggregate taxes and fees. CCL objected to many of the requirements imposed by the Commission. Estimates for new costs imposed on CCL under the CUP are in excess of $300,000, if the CC Landfill was still open for the acceptance of waste. CCL appealed the Commission’s decision to the County Board of Supervisors (“Board”), but the appeal was not successful. At a subsequent hearing, on July 25, 2017, the Board approved the CUP. On October 20, 2017, CCL filed in the Superior Court of California, County of Los Angeles a verified petition for writ of mandate and complaint against the County and the Board captioned Chiquita Canyon, LLC v. County of Los Angeles (the “Complaint”). The Complaint challenges the terms of the CUP in 13 counts generally alleging that the County violated multiple California and federal statutes and California and federal constitutional protections. CCL seeks the following relief: (a) an injunction and writ of mandate against certain of the CUP’s operational restrictions, taxes and fees, (b) a declaration that the challenged conditions are unconstitutional and in violation of state and federal statutes, (c) reimbursement for any such illegal fees paid under protest, (d) damages, (e) an award of just compensation for a taking, (f) attorney fees, and (g) all other appropriate legal and equitable relief. Following extensive litigation in 2018 and 2019 on the permissible scope of CCL’s challenge, the Superior Court issued its decision on July 2, 2020, granting CCL’s petition for writ of mandate in part and denying it in part. CCL prevailed with respect to 12 of the challenged conditions, many of which imposed new fees and exactions on the CC Landfill. On October 11, 2022, CCL and the County entered into a settlement agreement that required CCL to file a CUP modification application with the County embodying the terms of the settlement agreement. CCL filed the CUP modification application on November 10, 2022, an addendum to CCL’s environmental impact report in accordance with the California Environmental Quality Act on January 12, 2024, and a revised addendum on September 30, 2024. The next steps contemplated by the settlement agreement included: completion of review by the County; scheduling the CUP modification WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS O --- THERWISE NOTED) 29 application for a hearing before the Commission; if appealed, a hearing before the Board; and, upon approval by the Board of the CUP modification application and satisfaction of certain other contingencies, CCL would dismiss this lawsuit. At a meeting between the County and the Company on September 23, 2024, the County first stated that it would not be possible to complete the environmental review and present the CUP modification to the Commission in 2024. Absent approval of the modified CUP, beginning January 1, 2025, the CUP requires CCL to reduce its maximum annual solid waste tonnage capacity from approximately two million tons of solid waste per year to approximately one million tons of solid waste per year. CCL and the County were required under the settlement agreement to cooperate to take additional lawful and reasonable measures to effectuate the basic terms and goals of the settlement agreement, which included modifying this tonnage reduction to a gradual step-down in tonnage. However, because the County was unable to fully implement the settlement agreement or provide a viable alternative solution to address the severe tonnage restrictions that took effect on January 1, 2025, maintaining ongoing operations at the CC Landfill was no longer economically viable. Thus, CCL closed active waste disposal operations as of December 31, 2024. On January 10, 2025, CCL and the County appeared before the Superior Court for a trial setting conference for claims not resolved by the July 2020 writ decision and the Court set those remaining claims for a bench trial, beginning October 13, 2025. The County filed a motion to enforce the settlement agreement (which would dismiss the unresolved claims) on July 23, 2025, and, on September 10, 2025, the Court granted the County’s motion, vacated the trial date, and set a case management conference for January 9, 2026. On October 16, 2025, CCL filed a motion to enforce the settlement agreement, requesting the Court to enter judgment embodying the July 2020 writ decision and ordering a refund to Chiquita for fees paid. On November 10, 2025, the Court entered CCL’s proposed judgment. Following additional motions practice, the County served notice of the judgment on December 24, 2025. The County filed a notice of appeal on January 16, 2026, and CCL filed its cross-appeal on January 23, 2026. CCL also presented a claim to Los Angeles County for breach of the settlement agreement on December 30, 2025, alleging that the County’s failure to fully implement the settlement agreement resulted in the closure of the CC Landfill. The County responded on January 28, 2026, and rejected the claim. CCL may file suit any time before July 30, 2026. At this time, the Company is not able to determine the likelihood of any outcome in this matter. Elevated Temperature Landfill Event Beginning in May 2023, the Company’s subsidiary, CCL, began receiving NOVs from the South Coast Air Quality Management District (“SCAQMD”) for alleged violations of Section 41700 of the California Health & Safety Code and SCAQMD Rule 402 based on complaints from the public of odors, which SCAQMD inspectors stated that they verified were from the CC Landfill. Each Rule 402 NOV alleges the CC Landfill is “discharging such quantities of air contaminants to cause injury, detriment, nuisance or annoyance to a considerable number of persons.” CCL’s retained expert consultants in Elevated Temperature Landfill (“ETLF”) events have at --- tributed the odors and other impacts to an ETLF event that is occurring in a lined, non-active area of the CC Landfill. Since May 2023, CCL has received approximately 435 NOVs for alleged violations of SCAQMD Rule 402. CCL has also received 27 additional NOVs from SCAQMD alleging violations of the Stipulated Order for Abatement, the California Health & Safety Code, other SCAQMD rules, and CCL’s Title V permit. On August 15, 2023, SCAQMD petitioned its Hearing Board for an Order for Abatement in Hearing Board Case No. 6177-4 to address the Rule 402 NOVs issued by SCAQMD inspectors as a result of the ETLF event. SCAQMD and CCL negotiated a Stipulated Order for Abatement (the “Stipulated Order”), which was issued by the Hearing Board on September 6, 2023. Modifications to the Stipulated Order were approved by the Hearing Board after hearings on January WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 30 16 and 17, March 21, April 24, August 17, 20, and 27, and November 13, 2024, April 16, 2025, June 4, 17, and 24, and December 9, 2025. The modified Stipulated Order contains 107 conditions. The next status and modification hearing is scheduled for May 28, 2026. On November 22, 2023, CCL received an NOV from the Los Angeles Regional Water Quality Control Board (“Water Board”) for alleged violations of CCL’s Waste Discharge Requirements Order No. R4-2018-0172, including the Monitoring and Reporting Program. The allegations relate to increased leachate production and leachate seeps caused by the ETLF event. CCL has received three more NOVs from the Water Board regarding alleged discharges, reporting, and other compliance violations. CCL has submitted full responses to each of the November 22, 2023, and January 24, March 28, and April 9, 2024 NOVs from the Water Board. On June 27, 2024, CCL received a fifth NOV from the Water Board for alleged non-compliance with a March 20, 2024 Investigative Order issued by the Water Board pursuant to California Water Code §§ 13267 and 13383. CCL has provided a full response to the alleged violations. On January 6, 2026 (revised January 7), CCL received a sixth NOV from the Water Board for alleged violations of the National Pollutant Discharge Elimination General Permit for Stormwater Discharges Associated with Industrial Activities (Order No. 2014-0057-DWQ, as amended by Order No. 2018-0028-DWQ). The allegations relate to an allegedly unauthorized discharge of stormwater commingled with characteristically hazardous leachate. CCL has provided a full response to the alleged violations. On February 15 and March 29, 2024, CCL received two Summaries of Violations (“SOV”) from the Department of Toxic Substances Control (“DTSC”). The SOVs allege violations of California’s hazardous waste control laws and their implementing regulations related to three incidents in which offsite shipments of leachate, which tested above a regulatory threshold, were shipped to non-hazardous waste treatment and disposal facilities. CCL has submitted full responses to both SOVs from DTSC. On April 1, 2025, CCL received a third SOV from DTSC. The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations related to three loads of leachate which allegedly failed to comply with landfill disposal restriction requirements and for allegedly failing to minimize the po --- ssibility of a release of hazardous waste or hazardous waste constituents. CCL has submitted a full response to this SOV. On November 18, 2025, CCL received a fourth SOV from DTSC. The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents, failing to properly complete hazardous waste manifests for hazardous waste condensate, and failing to properly label tanks containing hazardous waste leachate. CCL has submitted full responses to this SOV. On February 25, 2026, CCL received a fifth SOV from DTSC. The SOV alleges violations of California’s hazardous waste control laws and their implementing regulations for allegedly failing to minimize the possibility of a release of hazardous waste or hazardous waste constituents and transporting custody of hazardous waste or condensate to transporters who did not hold a valid registration issued by DTSC. CCL has submitted full responses to this SOV. On April 2, 2025, CCL, Chiquita Canyon, Inc., and Waste Connections US, Inc. (“Respondents”) received from DTSC an Imminent and Substantial Endangerment Determination and Order (“ISE Order”) for alleged violations of the California Health & Safety Code. The ISE Order alleges that “there may be an imminent and/or substantial endangerment to the public health or welfare or to the environment because of the release and/or the threatened release of the hazardous substances at the Site.” The order requires Respondents to implement three removal actions: (1) extension of the WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 31 geomembrane cover, (2) interim relocation of a tank farm, and (3) protection of Cell 8A. CCL filed a notice of intent to comply and sufficient cause defenses on April 9, 2025, which included its objection to DTSC’s inclusion of improper parties, Chiquita Canyon, Inc. and Waste Connections US, Inc. CCL has been working closely with DTSC to implement the three removal actions. On December 26, 2025, DTSC issued a Notice of Proposed Determination of Noncompliance with the ISE Order, alleging that Respondents have failed to submit adequate workplans for each of the removal actions. CCL disagrees with these allegations and submitted its response on January 12, 2026. On January 26, 2026, DTSC issued Respondents a Final Determination of Noncompliance with, and Violation of, the ISE Order. CCL has submitted a response to this Final Determination. On June 4, 2024, CCL received a Finding of Violation (“FOV”) from the U.S. Environmental Protection Agency, alleging violations of the New Source Performance Standards (“NSPS”) and National Emission Standards for Hazardous Air Pollutants (“NESHAP”) for municipal solid waste landfills, the NSPS and NESHAP General Provisions, and certain conditions of CCL’s Title V permit. CCL has submitted a full response to the alleged violations. At this time, CCL is not able to determine the likely penalties that the regulatory agencies will seek for these alleged violations, but they could be substantial. CCL is also incurring substantial costs in conjunction with efforts to address the ETLF event and any related impacts, including attendant air emissions, and to manage the increased production and changing composition of the le --- achate. At this time, the Company is not able to determine the likelihood of any outcome of the resolution of these alleged violations, and not able to reasonably estimate the possible loss or range of loss. Chiquita Canyon Landfill Civil Litigation Given the facts related to the ETLF event and the alleged violations described above, numerous civil lawsuits have been filed against CCL and other Company subsidiaries, including Chiquita Canyon, Inc., Waste Connections of California, Inc., Waste Connections Management Services Inc. and Waste Connections US, Inc. These began with Howse et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Co. Superior Court; filed September 5, 2023, removed to U.S.D.C. C.D. Cal. October 4, 2023). That case included class action claims, but in May 2024, those claims were dropped and the case continues as a mass tort case in federal district court. In November 2024, Judge Frimpong in the Central District of California consolidated Howse and all other then filed, related cases into In re Chiquita Landfill Litigation. Master File No. 2:23-CV-08380-MEMF-MAR. (C.D. Cal.). As additional, related cases have been filed, the Company has sought to consolidate them with In re Chiquita Landfill Litigation. The Court consolidated the County Action (described below) with In re Chiquita Landfill Litigation for discovery purposes only. There are approximately 12,400 total plaintiffs in these civil lawsuits as of April 14, 2026, which includes some from cases filed but not yet served, and the Company expects additional complaints and plaintiffs in the future. The claims in the ongoing cases allege, among other things, nuisance odors, chemical exposures and other torts, including private nuisance (continuing and permanent), public nuisance (continuing and permanent), negligence, negligence per se, premises liability, trespass, strict liability for ultrahazardous activities, and a violation of Health and Safety Code § 41700. Plaintiffs seek damages for physical injury, fear of future physical injury, increased risk of future injury, including the need for medical monitoring, emotional distress, harm to real and personal property, medical expenses, relocation expenses, and punitive damages. Plaintiffs seek all costs of suits and attorneys’ fees. Some of the cases allege that officers and directors and/or agents of the Company’s subsidiaries had advance knowledge that failure to properly maintain and operate the CC Landfill would result in the sorts of harms that the plaintiffs allegedly suffered. Some of the cases seek injunctive relief to prevent further harm to the plaintiffs or to close the CC Landfill. The additional cases include: Suggs et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Superior Court; filed February 2, 2024, removed to U.S.D.C. C.D. Cal. March 25, 2024); Siryani et al. v. Chiquita Canyon, LLC, et al. (Los Angeles WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 32 Superior Court; filed March 27, 2024, removed to U.S.D.C. C.D. Cal. on April 29, 2024); Adams Evans et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed April 15, 2014, removed to U.S.D.C. C.D. Cal. on July 5, 2024); Aleksanyan et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed May 20, 2024); Jolene Acosta et al., v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed Ma --- y 29, 2024, removed to U.S.D.C. C.D. Cal. on July 12, 2024); Quaiden Fenstermaker et. al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 13, 2024); Briana Mejia et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed May 29, 2024, removed to U.S.D.C. C.D. Cal. on July 15, 2024); Araiza et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed June 3, 2024); Melineh Gasparians et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed June 10, 2024; removed to U.S.D.C. C.D. Cal. on September 4, 2024); Claudia Rivera et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed June 14, 2024, removed to U.S.D.C. C.D. Cal. on July 22, 2024); Alejandra Suarez et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed June 20, 2024; removed to U.S.D.C. C.D. Cal. on July 29, 2024) ; Geon Hwang, et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed July 8, 2024); Anabel Austin, et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed July 9, 2024; removed to U.S.D.C. C.D. Cal. on August 16, 2024); Isabell Dolores Palomino et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal.; filed July 12, 2024); Stephanie Audish et al. v. Chiquita Canyon, LLC (Los Angeles Superior Court; filed July 16, 2024); Scott Benjamin Siegal et. al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court; filed July 16, 2024); Alina Hakopyan et al. v. Chiquita Canyon, LLC (Los Angeles Superior Court; filed August 6, 2024); Kaiden Alim et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed September 27, 2024); Nicholas Difatta et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed October 5, 2024); Jane Chun-Won Yang et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed on November 19, 2024); K.E. et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed on November 22, 2024); Maria Magdalena Alanis, et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed January 6, 2025); Grace Lara et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed February 10, 2025); Babken Egoian et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal., filed March 31, 2025); Kiwi Chang et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed February 24, 2025); Molina et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-05352, filed June 10, 2025); Mietzner et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-06061, filed July 2, 2025 but plaintiffs objected to consolidation and those objections have not yet been ruled on); Fernando Perez et al. v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal. filed December 30, 2024); Nancy Mariel Aguilar et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed January 27, 2025); Leticia Ojeda et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed March 6, 2025); Bertha Bacon et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-09403, filed October 2, 2025);Reyna Aguilar et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. 2:25-cv-10271, filed October 24, 2025); Rhea Estacio et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. 2:25-cv-10408, filed October 29, 2025 but not yet consolidated) ; Sterling Gateway, L.P. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-06328, filed July 10, 2025); Joseph Ryan Stanley et al. v. Chiquita Canyon, LLC et al. (C.D. C --- al. No. 2:25-cv-12304, filed December 29, 2025); Mariya Savchenko et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-10615, filed November 4, 2025); William John Blatter et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:25-cv-12056, filed December 19, 2025); Geoffre Tisdale et al. v. Chiquita Canyon LLC et al. (C.D. Cal. No. 2:26-cv-01288, filed February 6, 2026); and Balbina Oliveros Elizondo et al. v. Chiquita Canyon, LLC et al. (C.D. Cal. No. 2:26-cv-02991, filed March 19, 2026). One law firm filed 359 individual cases in Los Angeles Superior Court, which the Company related and consolidated to that firm’s first filed case, Serieddine et al. v. Chiquita Canyon, LLC, et al. (Los Angeles Superior Court; filed January 8, 2024), and removed the cases en masse as In re Serieddine. In re Serieddine was consolidated with In re Chiquita Landfill Litigation. Three cases have been filed, but not yet served: Gary Wells et al. v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, Case No. 25STCV29317, filed October 3, 2025); Anahit Pogosyan, by and through her Successor in Interest, Armen Pogosian, v. Chiquita Canyon LLC et al. (C.D. Cal. No. 2:25-cv-11732, filed December 10, 2025); and Alvaro Luis Gutierrez v. Chiquita Canyon, LLC et al. (Los Angeles Superior Court, filed February 4, 2026). WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 33 WH Castaic 497 LLC, v. Chiquita Canyon, LLC, et al. (Los Angeles Superior Court, filed February 24, 2026) will proceed in Los Angeles Superior Court. This case is brought on behalf of a property developer building a large residential community near the Landfill. The Company is continuing to vigorously defend itself in these lawsuits; however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and not able to reasonably estimate the possible loss or range of loss. County of Los Angeles Litigation Based upon the same facts alleged in the above-referenced “Chiquita Canyon Landfill Civil Litigation,” on December 17 2024, Los Angeles County filed a complaint in the U.S. District Court, Central District of California, No. 2:24-cv- 10819-RGK-PD, against Chiquita Canyon, LLC, Chiquita Canyon, Inc. and Waste Connections US, Inc. titled The People of the State of California and The County of Los Angeles v. Chiquita Canyon, LLC et al. (U.S.D.C. C.D. Cal, filed December 17, 2024). This case has been assigned to Judge Frimpong, the same judge overseeing In Re Chiquita Landfill Litigation and is now consolidated with the mass tort for discovery purposes. The Company filed a motion to dismiss on February 19, 2025 and that motion was heard on May 29, 2025. The Court denied the motion to dismiss on May 30, 2025. The County’s lawsuit alleges public nuisance under California statutes and Los Angeles County ordinances, public nuisance per se, and unfair business practices related to the alleged violation of ordinances referenced in the public nuisance claims. The County seeks an injunction to bring the CC Landfill into compliance with all local, state, and federal laws and regulations, including all necessary measures to “contain and extinguish” the ETLF event, prevent odors and gases from reaching any residential zone, and eliminate leachate seeps; subsidize the relocation of affected citizens living near the CC --- Landfill; and subsidize mitigation measures undertaken by affected citizens living, working, or studying near the CC Landfill, such as the purchase of air purification systems, double paned windows, home hardening, and assistance with utility bills. Alternatively, the County requests the appointment of a receiver to take possession and control of the CC Landfill. The County also seeks to recover civil penalties and attorney’s fees. The Company is not able to determine the potential penalty amount that the County will seek in this lawsuit. On May 29, 2025, the County filed a motion for a preliminary injunction, seeking the creation of at least a $20,000 abatement fund to relocate 938 residents from Val Verde and Castaic and/or for home hardening expenses. The County bases that request on numerous declarations from residents and regulators, SCAQMD complaint data, SCAQMD NOVs, and a voluntary online odor survey hosted by the Los Angeles Department of Public Health. An evidentiary hearing on the preliminary injunction was held on July 14 and 15, and the hearing on the motion was held on July 17, 2025. On August 29, 2025, the Court granted Plaintiffs’ motion for a preliminary injunction, but failed to define the scope of the relief ordered. At this time, the Company has not been ordered to pay any money to create a relocation or home hardening fund. The Company filed in the district court an ex parte application to stay the preliminary injunction. That motion has not been decided. The Company also filed a Notice of Appeal to the Ninth Circuit on September 10, 2025, and the appeal is now fully briefed. Oral argument is scheduled in the Ninth Circuit on May 22, 2026. The Company is continuing to vigorously defend itself in this matter; however, at this time, the Company is not able to determine the likelihood of any outcome regarding the underlying claims, and is not able to reasonably estimate the possible loss or range of loss. WASTE CONNECTIONS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (DOLLAR AMOUNTS IN THOUSANDS OF U.S. DOLLARS, EXCEPT PER SHARE AMOUNTS OR AS OTHERWISE NOTED) 34 18. SUBSEQUENT EVENTS On April 22, 2026, the Company announced that its Board of Directors approved a regular quarterly cash dividend of $0.350 per Company common share. The dividend will be paid on May 21, 2026, to shareholders of record on the close of business on May 6, 2026. Subsequent to March 31, 2026 and through the date the accompanying condensed financial statements were issued, the Company repurchased 478,294 common shares pursuant to the NCIB in effect during that period at an aggregate cost of $78,720.