Track market-moving stories before they get noisy

Perma-Pipe International (PPIH +1.50%) stock is a little-known microcap stock (market cap under $300 million) that has huge growth potential stemming from 3 main catalysts:

The eventual rebuilding needs of the Middle East following the Iran war; Middle East economic growth and modernization in general; The surging global artificial intelligence (AI) data center build-out, which should be a multiyear phenomenon.

Image source: Perma-Pipe International.

When the Iran war ends, the Middle East will have major and long-lasting rebuilding needs The United States-Israel war against Iran, which began on Feb. 28, expanded to include much of the Middle East. Prior to the recent, temporary ceasefire, Iran had been striking U.S. military bases and other targets located in Middle Eastern countries that it considers to be complicit with the U.S. and Israel.

When the war ends, the Middle East will face major, long-lasting rebuilding needs, as its infrastructure has been severely damaged. Stocks of select companies that are involved in this rebuilding should get a significant boost.

The companies that should benefit most from the rebuilding are those that are small enough that rebuilding work will move the needle for their finances. Investors should also favor companies with growth catalysts beyond rebuilding work. Perma-Pipe International meets these criteria.

Perma-Pipe's key stock stats Company/Index

Market Cap

Trailing P/E

1-Year Stock Change

5-Year Stock Change

Perma-Pipe International $244 million

14.4

153%359%S&P 500 Index --

--

38.7%82% Data sources: Yahoo! Finance, YCharts, and finviz.com. P/E = price-to-earnings ratio. Data to April 21, 2026.

Here are some positive financial points:

Cash flow positive, not just net income positive Insiders own nearly 11% of shares Low trailing-12-month price-to-earnings (P/E) ratio of 14.4 Manageable debt-to-equity ratio

Today's Change

(

1.50

%) $

0.38

Current Price

$

25.65

Perma-Pipe: Business snapshot Perma-Pipe describes itself as a "global leader in engineered pipe services, offering a robust portfolio of capabilities in insulation solutions, containment systems, anti-corrosion coatings, engineering and technical support, material sciences, custom fabrication and leak detection technology."

The Woodlands, Texas-based company's primary traditional end markets are oil and gas, and district energy (heating and cooling). Its newest end market is the AI-enabled data center market.

District energy systems have "one or more central plants producing hot water, steam, and/or chilled water, which then flows through a network of insulated pipes to provide hot water, space heating, and/or air conditioning for nearby buildings," according to the U.S. Department of Energy.

These systems, which are highly energy-efficient, are often found in urban central business districts, college campuses, airports, industrial complexes, and -- notably for the Middle East's rebuilding and modernization needs -- military bases.

Perma-Pipe has 14 operating locations across seven countries, with a heavy concentration in the U.S., Canada, and the Middle East.

Revenue breakdown by country in the fiscal year ended Jan. 31, 2026:

U.S.: 28% Canada: 23% United Arab Emirates (UAE): 22% Saudi Arabia: 22% Other: 5% Perma-Pipe looks poised to benefit from the rebuilding of the Middle East Perma-Pipe is small enough that rebuilding contracts could send its revenue and earnings soaring. Moreover, it has a strong presence -- and, by extension, existing connections -- in the Middle East, a region that has been helping fuel its robust recent growth.

Indeed, Perma-Pipe has called growing its Saudi Arabia business a "strategic priority," and has expanded its manufacturing capabilities in the country. This makes good sense given that the country ranks as the largest economy in the Persian Gulf, driven largely by its massive oil production and exports.

A huge catalyst for its oil and gas market came in September 2025 In September, Perma-Pipe announced that its Saudi Arabian business unit had received formal technical and commercial approval from state-owned Saudi Aramco, the world's largest oil company.

"This approval significantly expands Perma-Pipe's business opportunities in the Kingdom, enabling the Company to directly serve the oil and gas sector," it said in the press release. Until this time, Perma-Pipe's access to the Saudi market was primarily limited to district heating and cooling. "With this new approval, the Company is now well-positioned to participate in Saudi Arabia's pipe coating market, the largest in the Middle East and among the largest globally."

A relatively new growth catalyst: AI data center market Perma-Pipe has entered the data center market, which is experiencing explosive growth driven by the rapid adoption and advances in AI. It has won contracts in this business since at least 2025.

Revenue from this market is likely still a small share of its overall total, but it's growing rapidly. And with Perma-Pipe's expertise in cooling systems and leak detection systems, it has strong growth potential in this market, both in the U.S. and the Middle East.

Indeed, on March 19, Perma-Pipe issued a press release updating investors on its plans to accelerate growth by investing in a manufacturing facility in the Northeast U.S. region, primarily to serve AI data center customers. It expects the facility to become operational in the second quarter of 2026.

Perma-Pipe's Middle East ties provide an opportunity -- but also increase its risk level In that same release, the company updated investors on the status of its Middle East operations. "Despite ongoing regional conflicts, our business operations have not been impacted. We have implemented comprehensive business continuity plans designed to mitigate potential risks and aim to ensure uninterrupted service to our customers and maintain operational stability and safety across all our facilities," CEO Saleh Sagr said.

Data by YCharts.

Perma-Pipe's financials On April 16, Perma-Pipe released its fourth-quarter and full-year results for fiscal 2025, which ended Jan. 31, 2026. For the year, net sales were $210.9 million, up 33% year over year. Growth was primarily driven by higher sales volumes in the Middle East and North America.

Net income was $17.0 million, up 89% from the prior year, translating into earnings per share (EPS) soaring 87% to $2.09. Growth was driven by higher sales, improved margins, and a lower effective income tax rate stemming from the mix of jurisdictions in which sales were made. Absent the latter factor, earnings growth was still strong with net income before income taxes surging 49%.

U.S. businesses usually pay significantly lower corporate income taxes in Saudi Arabia than in the U.S., which should be a long-term positive for Perma-Pipe's profits.

Backlog remains at historically high levels. It was $121.6 million at the end of fiscal 2025, down somewhat from $138.1 million at the start of the fiscal year.

The company does not provide guidance. But its backlog, combined with CEO comments in the earnings release, suggests it is poised for another great year in fiscal 2026 and beyond.

Perma-Pipe stock has huge growth potential, but also a higher risk level Perma-Pipe International has huge growth potential stemming from 3 main catalysts: (1) eventual rebuilding needs of the Middle East, (2) Middle East economic growth and modernization in general, and (3) the surging global AI data center build-out, which should be a multiyear phenomenon.

Moreover, the district cooling market in Saudi Arabia and the UAE, in particular, is projected to grow at a good clip, as these countries build large-scale mixed-use projects.

However, the company's heavy concentration in the Middle East makes it vulnerable to risks stemming from the Iran war and future conflicts in the region. Its small size relative to competitors also increases its risk level. But with its growth dynamics and low P/E ratio, it is a stock that risk-tolerant investors might find attractive.

Listen to the audio version of this article (generated by AI).

Tom Yeung here with your Sunday Digest.

Right now, Wall Street is crowding into the same handful of stocks. Everyone owns the same mega-caps and semiconductor names. Everyone is chasing the same returns. And everyone assumes interest rates are staying higher for longer.

That’s exactly why I think smaller stocks may be one of the most interesting opportunities in the market today.

Last week, I introduced three small-cap stocks from InvestorPlace Senior Analyst Louis Navellier’s “Exclusion List” — a group of 53 smaller companies his system has flagged as unusually well positioned for the next phase of the market.

The timing was important. Last Wednesday, the Senate confirmed Kevin Warsh as the 17th chairman of the Federal Reserve. Warsh has historically favored lower interest rates, and Louis believes the market may still be underestimating the odds of lower rates later this year.

Now, to be clear, there’s still plenty of uncertainty here. Gasoline and food prices are rising fast, and most investors believe that inflation could force the Fed to keep rates higher for longer – or even hike rates.

But that’s exactly the point.

When “everyone knows” the same thing, opportunities tend to emerge elsewhere — especially in smaller companies that Wall Street often ignores.

Today, I want to introduce you to three more small-cap stocks from Louis’ Exclusion List.

And if you’d like to see the full list of 53 stocks — along with Louis’ full case for why he believes we may be entering one of the most important small-cap opportunities in years — you can watch the limited-time replay of his presentation right here.

Exclusion List Small-Cap Stock to Buy No. 1: Data Centers… and Oil? It’s been an excellent several quarters for our first company. AI data center construction has caused shortages throughout the construction supply chain, and shares of this Houston-based firm have risen 130% since 2025:

Perma-Pipe International Holdings Inc. (PPIH).

Perma-Pipe is a manufacturer of specialty piping systems – the insulated, layered pipes that go into everything from heating and cooling systems to oil and gas pipelines. The company also sells leak-detection systems.

These products have caught on with data centers. Roughly 30% to 40% of an AI data center’s total energy usage goes into cooling, so better-insulated piping quickly becomes a cost advantage.

Conveniently, Perma-Pipe sells arguably the world’s widest range of these insulated pipes. Its XTRU-THERM product line, for instance, can operate as low as -320°F, while its TRACE-THERM goes up to 1,200°F. They also offer corrosion-resistant pipes, budget pipes, fire-retardant pipes, and so on.

Demand for Perma-Pipe’s products has proved insatiable. In March 2026, management announced it would add a new production facility in Ohio specifically for AI data centers. Revenues were up 33% last year.

Even better, Perma-Pipe is an oil and gas play hiding in plain sight.

In the early 2020s, the company began expanding into the Middle East. Governments in Saudi Arabia, Qatar, and beyond were seeking suppliers for their district cooling projects (centralized air conditioning at enormous scale), and Perma-Pipe turned out to be a convenient “one-stop-shop” for these megaprojects. Not only did the American firm offer a wide variety of pipes for municipal cooling, but they could also supply oil and gas pipelines crucial to the region’s economy. This vastly simplified the approvals process and led to the construction of multiple Perma-Pipe factories in the region.

In fact, Perma-Pipe’s expansion was so successful that the company eventually promoted the head of its Middle East operations, Saleh Sagr, to CEO in 2025.

The near-closure of the Strait of Hormuz has now put pipeline megaprojects back on the table. Over the past several months, the Saudi government has floated the idea of expanding its East-West pipeline to avoid the blockade of the Persian Gulf. The United Arab Emirates is exploring a second pipeline to increase current capacity to the Gulf of Oman. Syria and Israel have both suggested building pipelines through to the Mediterranean to bypass the contested region entirely.

Any of these projects could provide a windfall for Perma-Pipe, which generated roughly half of its sales from the Middle East in 2025. Oil and gas pipelines require far more piping than single data center projects, and even repairing the damage from Iranian strikes could cost billions.

And so, AI data centers and the need for new infrastructure in the Middle East give Perma-Pipe two distinct catalysts beyond interest rates. Analysts are projecting only an 8% increase in revenues this year (and zero earnings growth), which I believe understates the opportunity the firm has ahead of it.

And if investors do pivot toward smaller-cap stocks as rates get cut, then PPIH’s strong run may still have room to keep going.

Exclusion List Small-Cap Stock to Buy No. 2: Backup to the Future The second pick today is a battery maker that’s also quickly turning itself into an AI data center supplier:

Electrovaya Inc. (ELVA).

This Canadian small-cap built its business around high-end lithium-ion batteries for electric forklifts and other warehouse equipment. This core market helped drive 43% sales growth last year and helped flip the firm from negative profits to positive.

It’s important to note that Electrovaya uses a proprietary ceramic composite separator (CCS) called SEPARION in its products. This allows batteries to last three to five times longer than normal and charge up far faster – making them less likely to catch fire. (Meanwhile, normal lithium-ion batteries use a thinner plastic-like membrane that’s prone to softening and shrinking.)

These are extremely important features for forklifts for warehouses (where fires can be devastating) and have allowed ELVA to land major customers like Walmart Inc. (WMT) and Home Depot Inc. (HD).

But the more compelling story is where Electrovaya is going next: robotics, automation, defense, and (most importantly) AI data center energy storage.

In April 2025, the company began battery system assembly at its new 52-acre “gigafactory” in Jamestown, New York. The company plans to begin lithium-ion cell and module production in mid-2026, and much of this is aimed at powering the next generation of robots, drones, and AI data centers.

For AI data centers, Electrovaya is developing an 800-volt DC battery system specifically to meet a new standard set by Nvidia Corp. (NVDA). AI chips require far more energy than before (so higher voltages are ideal), and batteries are needed to supply energy during the crucial minutes it takes to start up diesel generators or switch power sources. As every high schooler with a writing project knows, even a split-second power outage can prove catastrophic for data recovery. Electrovaya’s SEPARION technology is particularly well suited for high voltages, where fire risks are high.

The firm expects commercial deliveries to start in 2027.

Meanwhile, Electrovaya’s energy-dense 48V batteries should prove essential for robots and drones, where batteries are constantly charged and discharged. Revenues are expected to rise another 35% this year before accelerating to a 50% growth rate in fiscal 2027 as its Jamestown gigafactory reaches full scale.

Exclusion List Small-Cap Stock to Buy No. 3: The Toyo Alternative Last week, I flagged Toyo Corp. (TOYO) as a stock to buy. The company recently acquired a 1-gigawatt solar manufacturing plant in Texas and plans to expand it to 2.5GW this year. Import tariffs and rising electricity prices mean that Toyo should see strong demand for its highly efficient solar panels.

However, Toyo’s fraud risk is quite high due to its complex holding structure – somewhat typical of Japanese companies – and numerous related-party transactions. Its auditor also has a long history of failing regulatory inspections. And so, I’d like to flag an alternative solar maker this week:

Tigo Energy Inc. (TYGO).

The Silicon Valley-based company has a far simpler corporate structure and a more reputable auditor, Deloitte & Touche.

It also has a similar growth profile, with revenues expected to compound 26% annually through 2028. Profits are expected to flip positive this year, a historically bullish sign.

Tigo’s “secret sauce” is its flagship product, the TS4 Module-Level Power Electronics (MLPE) optimizer.

Ordinarily, solar arrays are limited by their weakest panel. Uneven aging or passing clouds create bottlenecks, reducing the output of the whole system. TS4 MLPE optimizers solve this problem with some electrical engineering, allowing every panel to run closer to its maximum output. And unlike rivals like SolarEdge Technologies Inc. (SEDG) and Enphase Energy Inc. (ENPH), Tigo’s products do not rely on proprietary inverters.

That makes Tigo’s products popular among the “repowering” market. Homeowners can add Tigo’s TS4 optimizers to old systems without tearing existing pieces out, and revenues from this segment have jumped to 20% of total U.S. sales. The systems are also popular among utilities, wary of locking themselves into SolarEdge’s or Enphase’s proprietary systems.

The company also does quite well in foreign markets, especially Europe and Australia. Both regions are seeing higher electricity prices, and I expect solar installations to rise as utilities seek alternatives to fossil fuels.

And so, shares look highly reasonable at $4 today. Demand for solar energy is rising, and Tigo provides an essential piece of that puzzle.

Investing Away from the Crowd Earlier on, I pointed out that most investors see near-zero chance of a rate cut this year. “Everyone knows” rates are staying high.

Yet, six months ago, everyone also “knew” it was Kevin Hassett (not Kevin Warsh) who would be the next Federal Reserve Chair. Futures markets “knew” that oil would trade at $56 by the end of 2026.

That’s why investing against the crowd sometimes works so well. You’re getting into trades before anyone realizes what’s going on. And even if rates aren’t cut this year, these three picks should still perform well.

PPIH is growing revenues 33% annually and sits at the center of both the AI data center buildout and a potential Middle East pipeline boom. ELVA is ramping a gigafactory to supply batteries for robots, drones, and Nvidia-spec data centers. TYGO is riding a global solar surge with a product that works with any existing system. These three picks – and the other three from last week — are just a starting point.

Louis has identified 53 small caps positioned to benefit if the new Fed begins cutting rates, and he explains exactly why he believes those cuts are coming in his brand-new, free presentation.

This broadcast is only available for a limited time, so I urge you to watch it now before it goes offline.

Until next week,

Thomas Yeung, CFA

Market Analyst, InvestorPlace

Thomas Yeung is a market analyst and portfolio manager of the Omnia Portfolio, the highest-tier subscription at InvestorPlace. He is the former editor of Tom Yeung’s Profit & Protection, a free e-letter about investing to profit in good times and protecting gains during the bad.

Meet the TELUS SmartHome Assistant -- one intelligent interface to manage all smart home devices, designed and powered in Canada

, /CNW/ - Today, TELUS launched the world's first smart home AI assistant with Generative UI, rolling out to SmartHome+ customers over the coming weeks. The TELUS SmartHome Assistant processes voice, images, sensor feeds and videos in real time to dynamically create a personalized interface based on user needs. It addresses the smart home industry's biggest challenge -- a fragmented user experience across disparate devices and apps from various brands. Rather than toggling between different apps, the TELUS SmartHome Assistant provides one intuitive interface that truly understands and responds to the user and the entire connected home. TELUS is making it possible to unify more than 2,000 device models, including many of the biggest brands, into a single intelligent interface that makes the connected home experience even better.

"The true test of any smart home platform is whether it actually makes life easier and your home more enjoyable. The TELUS SmartHome Assistant delivers that with one app, one login, and one AI assistant that can support thousands of smart devices, including those already existing in homes or ones consumers choose to buy to compliment their existing set-up," said Dwayne Benefield, Chief Product Officer at TELUS. "Nothing else like it exists in the market. We're proud to not only bring this to Canadians, but also to service providers on a global scale who can customize and deploy this innovation under their own brands. TELUS is truly transforming an entire industry, and there's so much more in store: In the coming weeks, TELUS SmartHome Assistant will launch internet management capabilities, enabling users to monitor and optimize Wi-Fi performance and manage family usage and screen time through natural conversation and automated actions across devices."

The TELUS SmartHome Assistant is evolving in real time as more connected devices are added and it continuously improves its own performance based on experience. If you ask it to disable the TV during homework time, it won't just tell you it did, it will build the automation UI visually, so you can edit and confirm the new routine with just a few taps. Take a photo of a device that isn't working and get an instant troubleshooting guide. Ask it if your dog walker showed up on schedule and it checks your cameras to tell you when they arrived and shows you a clip of them leaving the driveway. Rush out the door to get to work, and ask it to turn off the lights, make sure the iron's unplugged, set the thermostat to eco mode, and lock the front door -- then get it to create a routine, so you can set it and forget it. By understanding multiple types of input, the assistant can provide tailored solutions, with a dynamic interface, in real time.

Since launching SmartHome+ in late 2024, TELUS has rapidly expanded the platform with industry-leading innovations, including Automation, Video, SmartEnergy, and now its AI-powered assistant, the TELUS SmartHome Assistant -- all accessible through the TELUS SmartHome+ app.

TELUS SmartHome Assistant is available now to all Canadians, and new subscribers to SmartHome+ can save up to $125 on smart devices and 50 per cent off professional installation when they sign up and stay subscribed for 24 months, making it more affordable than ever to transform a residence into an intelligent, cohesive and connected home. 

For more information about SmartHome+ and to subscribe to any or all of the Automation, SmartHome+ Video and SmartEnergy subscriptions, visit telus.com/SmartHomePlus.

About TELUS
TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 21 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing more than 161 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring 'give where we live' philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service--earning TELUS the distinction of the world's most giving company.

For more information, visit telus.com or follow @Darren_Entwistle on Instagram.

For more information, please contact:
Chelsey Higdon
TELUS Public Relations
[email protected]

SOURCE TELUS Communications Inc.

CHATTANOOGA, Tenn., April 30, 2026 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the “Company”), a leading battery materials company, today announced that it has finalized and closed the previously announced sale of its NOVONIX Battery Technology Solutions Inc. (“BTS”) business in Nova Scotia, Canada, to its former Chief Executive Officer, Dr. Chris Burns (“Buyer”).

“The divestiture of the BTS division reflects our disciplined strategy of building a vertically integrated synthetic graphite supply chain in North America,” said Mike O’Kronley, CEO of NOVONIX. “By divesting non-core business segments, we are directing our management attention and capital toward advancing domestic supply of this critical mineral and supporting the growth of the North American battery industry.”

Founded in 2013 by Dr. Chris Burns and acquired by NOVONIX in 2017, BTS will now operate as two independent companies: Avrion Battery Labs Inc., which will provide advanced battery testing systems and specialized R&D services, and Dryve Battery Materials Inc., which will continue efforts to commercialize the patented pCAM-free dry synthesis platform for lithium-ion cathode materials.

Key Deal Terms: 

Share equity sale of the BTS business including all associated liabilities and assetsTransaction price of US $1.00NOVONIX to receive a 15% equity stake in the cathode business, which will operate under Dryve Battery Materials Inc.Cash balance at BTS as of Close is to be US$2M, subject to agreed adjustmentsNOVONIX will provide certain transition services and will grant Buyer a trademark license through 31 December 2026
The transaction has now been successfully completed following the execution of definitive agreements and satisfaction of all closing conditions.

This announcement has been authorized for release by NOVONIX Chairman,  
Mr. Ron Edmonds.

About NOVONIX
NOVONIX strives to reduce supply chain risk, support U.S. energy independence, and establish a resilient battery materials supply chain. The company is building a North American platform for critical battery materials—anchored by its Chattanooga, Tennessee headquarters and anode materials operations, expanding through its patented all-dry, precursor-free cathode synthesis technology, and supported by industry-leading battery cell testing and R&D services.

Together, these capabilities position NOVONIX as an integrated supplier of advanced battery materials and technologies powering the energy storage and electrification economy.

To learn more, visit us at www.novonixgroup.com or on LinkedIn and X.

NOVONIX Limited
Investors: [email protected]
Media: [email protected]

Dryve Battery Materials Inc.
[email protected]

Avrion Battery Labs
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This communication contains forward-looking statements about the Company and the industry in which it operates. Forward-looking statements can generally be identified by use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or other similar expressions. Examples of forward-looking statements in this communication include, among others, statements made regarding the anticipated benefit or impact of the BTS transaction, the advancement of the domestic supply of synthetic graphite, the growth of the North American battery industry, the future commercialization of cathode technology, and efforts to help localize the battery supply chain for critical materials and play a leading role in the transition to cleaner energy solutions.

The Company has based such statements on current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the timely deployment and scaling of its furnace technology, ability to meet the technical specifications and demand of existing and future customers, the accuracy of estimates regarding market size, expenses, future revenue, capital requirements, needs and access for additional financing, the availability and impact and compliance with the applicable terms of government funding and other support, ability to obtain patent rights effective to protect its technologies and processes and successfully defend any challenges to such rights and prevent others from commercializing such technologies and processes, and regulatory and economic developments in the United States, Australia, and other jurisdictions. These and other factors that could affect its business and results are included in its filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s most recent annual report on Form 20-F. Copies of these filings may be obtained by visiting the Company’s Investor Relations website at www.novonixgroup.com or the SEC’s website at www.sec.gov.

Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Accordingly, you should not place undue reliance on forward-looking statements. Any forward-looking statement in this communication is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Posted by Defense World Staff on Apr 8th, 2026

Shares of GFL Environmental Inc. (NYSE:GFL – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $56.6667.

Several equities analysts have recently commented on the company. Scotiabank cut their price target on GFL Environmental from $57.00 to $56.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 12th. Barclays raised their price target on GFL Environmental from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, February 12th. JPMorgan Chase & Co. raised their price target on GFL Environmental from $46.75 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Citigroup cut their price target on GFL Environmental from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Finally, Weiss Ratings lowered GFL Environmental from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 9th.

Check Out Our Latest Stock Report on GFL

Hedge Funds Weigh In On GFL Environmental Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd purchased a new position in GFL Environmental in the fourth quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new position in GFL Environmental in the third quarter valued at about $33,000. EverSource Wealth Advisors LLC grew its stake in GFL Environmental by 43.1% in the second quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock valued at $37,000 after purchasing an additional 219 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in GFL Environmental by 45.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company’s stock valued at $46,000 after purchasing an additional 304 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in GFL Environmental by 21.9% in the third quarter. Jones Financial Companies Lllp now owns 1,606 shares of the company’s stock valued at $75,000 after purchasing an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 64.70% of the company’s stock.

GFL Environmental Stock Performance Shares of GFL Environmental stock opened at $44.55 on Wednesday. The firm has a market cap of $15.95 billion, a P/E ratio of 6.55, a P/E/G ratio of 3.47 and a beta of 0.84. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.05. GFL Environmental has a 12 month low of $38.60 and a 12 month high of $52.00. The stock’s fifty day moving average price is $42.89 and its 200-day moving average price is $43.90.

GFL Environmental (NYSE:GFL – Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.14 by $0.12. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.67 billion. GFL Environmental had a return on equity of 3.66% and a net margin of 56.61%.The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.58) earnings per share. On average, equities research analysts expect that GFL Environmental will post 0.58 earnings per share for the current fiscal year.

GFL Environmental Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Monday, April 13th will be paid a dividend of $0.0169 per share. This is an increase from GFL Environmental’s previous quarterly dividend of $0.02. This represents a $0.07 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Monday, April 13th. GFL Environmental’s payout ratio is 0.88%.

About GFL Environmental (Get Free Report)

GFL Environmental Inc is a leading North American provider of diversified environmental services, offering comprehensive solutions across solid waste management, liquid waste management, soil remediation and infrastructure services. The company’s core business activities include residential, commercial and industrial waste collection, recycling, composting and landfill management. In addition to traditional waste services, GFL provides specialized liquid waste hauling, treatment and disposal services as well as environmental consulting to support industrial and municipal clients in meeting regulatory and sustainability goals.

Founded in 2007 by entrepreneur Patrick Dovigi, GFL Environmental has pursued an aggressive growth strategy driven by strategic acquisitions and organic expansion.

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Unique opportunity to acquire a leading waste management provider in Western Canada Immediately accretive, increasing Adjusted Free Cash Flow(1) per share by 12% to 15% Highly attractive financial profile, increasing Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow(1) conversion to between 40.5% and 42.5% on a pro forma basis Net Leverage(1) neutral acquisition providing GFL with enhanced scale and balance sheet flexibility Purchase price of $24.75 per SECURE common share delivers immediate value to SECURE shareholders Enhances potential for broader future equity index inclusion , /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL") and SECURE Waste Infrastructure Corp. ("SECURE") (TSX: SES) today announced that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which GFL has agreed to acquire all of the issued and outstanding common shares of SECURE for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion (the "Transaction"). The consideration for the Transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. The Transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).

The purchase price of $24.75 per SECURE common share represents a premium of 23% to the volume weighted average price of the common shares of SECURE for the 60 trading days ending April 10, 2026. Under the terms of the Transaction, SECURE common shareholders will receive, at their election, (i) $24.75 in cash, (ii) 0.4195 of a GFL subordinate voting share or (iii) a combination of $4.95 in cash and 0.3356 of a GFL subordinate voting share, for each SECURE common share held, subject to pro-ration, based on a maximum amount of GFL subordinate voting shares and maximum amount of cash as set out in the plan of arrangement, such that the aggregate consideration paid to SECURE common shareholders will consist of 80% GFL subordinate voting shares and 20% cash.

The transaction is fully financed and is not subject to any financing conditions.

SECURE operates a large scale, diversified waste management platform in Western Canada and North Dakota through its vertically integrated network of assets across over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and 5 transfer stations. SECURE's operations are supported by a proven management team and over 2,000 employees.

"The acquisition of SECURE will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services", said Patrick Dovigi, Founder and CEO of GFL.

Mr. Dovigi continued, "The transaction reinforces GFL's goal of creating long-term equity value for our shareholders and is expected to significantly accelerate the achievement of the multi-year financial targets we outlined at our Investor Day in early 2025. The high-quality portfolio of acquired assets coupled with SECURE's strong operating margins and lower maintenance capital intensity are expected to increase Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow(1) conversion to between 40.5% and 42.5%. The transaction is also expected to be immediately accretive to Adjusted Free Cash Flow(1) per share by 12% to 15%. Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year end Net Leverage(1) in the low-to-mid 3s. Additionally, the transaction increases GFL's float weighted market capitalization which provides greater liquidity and enhances potential for broader future equity index inclusion."

"With this transaction, we have delivered to SECURE shareholders an immediate premium to market value, crystalizing the intrinsic value in our shares and delivering approximately $5.5 billion of equity value to shareholders", said Mick Dilger, Chairman of the Board of Directors of SECURE (the "SECURE Board"). "We have long respected how Patrick and his team have grown GFL over the years and believe that the 16% ownership interest that SECURE common shareholders will retain in the combined company will provide shareholders with meaningful upside as GFL continues to execute on its growth strategy."

"The transaction will combine SECURE's hard to replicate infrastructure network with GFL's broader platform, strengthening GFL's ability to capture more waste streams across the value chain," said Allen Gransch, President and CEO of SECURE. "We look forward to joining the GFL team on closing and working together to further unlock value for all shareholders."

Mr. Dovigi concluded, "We are excited that Allen and SECURE's other senior management will continue to lead the business following closing as both employees and shareholders of GFL. We look forward to welcoming the over 2,000 SECURE employees to the GFL family."

The Transaction has been unanimously approved by the Board of Directors of both companies. Angelo, Gordon & Co. LP and Solus Alternative Asset Management LP, which collectively own approximately 20% of the issued and outstanding SECURE common shares, together with the directors and senior officers of SECURE who collectively own approximately 2% of the issued and outstanding SECURE common shares, have entered into customary voting and support agreements pursuant to which they have agreed to vote all of their SECURE common shares in favor of the Transaction at a special meeting of shareholders which is expected to be held in late May 2026 (the "Special Meeting").

SECURE Special Committee and Board Recommendations

In connection with the Transaction, the SECURE Board established a special committee (the "Special Committee"), comprised entirely of independent directors, to, among other matters, review the terms of the Transaction and consider potential alternatives available to SECURE. The Special Committee, after considering the terms of the proposed Transaction in detail and upon receipt of advice from external legal counsel and the advice and fairness opinion from its financial advisor, unanimously recommended to the SECURE Board, among other things, that the SECURE Board approve the proposed Transaction.

The SECURE Board, informed in part by the recommendation of the Special Committee, and after considering the terms of the proposed Transaction in detail and receiving advice from external legal counsel and advice from its financial advisors and a fairness opinion, unanimously: (i) determined that the consideration to be received by the SECURE common shareholders pursuant to the Transaction is fair, from a financial point of view, and that the Transaction is in the best interests of SECURE; (ii) resolved to unanimously recommend that the SECURE common shareholders vote in favor of the Transaction; and (iii) authorized the entering into of the Arrangement Agreement and the performance by SECURE of its obligations under the Arrangement Agreement.

RBC Capital Markets provided a verbal independent fairness opinion to the SECURE Board and ATB Cormark Capital Markets provided a verbal independent fairness opinion to the Special Committee, in each case, to the effect that, based upon and subject to the various matters, limitations and qualifications and assumptions stated in each such opinion, the consideration to be received by the SECURE common shareholders pursuant to the Transaction is fair, from a financial point of view, to the SECURE common shareholders.

_____________________

(1)

A non-IFRS measure; see "Non-IFRS Measures" below for an explanation of the composition of non-IFRS measures. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.

Financing Plan

GFL has obtained fully committed financing for the Transaction through a bridge facility which can be used, together with cash on hand and capacity under its revolving credit facility, to fund the cash component of the Transaction. GFL will evaluate other long-term strategic and opportunistic financing opportunities as they present themselves. GFL expects to maintain its current credit rating profile following the closing of the Transaction.

Transaction Details

The Transaction requires approval by at least: (i) 66 2/3% of the votes cast by SECURE common shareholders represented in person or by proxy at the Special Meeting; and (ii) a simple majority of the votes cast by SECURE common shareholders represented in person or by proxy at the Special Meeting, excluding those votes attached to SECURE common shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

Details of the Transaction and the required SECURE common shareholder approval will be included in an information circular ("Circular") that SECURE expects to mail to the SECURE common shareholders and file on SEDAR+ at www.sedarplus.ca in late April 2026. All holders of SECURE common shares are urged to read the Circular once available as it will contain additional important information concerning the Transaction, including the deadline for making elections to receive cash and/or GFL subordinate voting shares.

The Transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals and approval by SECURE shareholders, as further detailed in the Arrangement Agreement, a copy of which will be filed on GFL's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov and SECURE's profile on SEDAR+ at www.sedarplus.ca.

The Arrangement Agreement includes customary deal protection provisions, including that SECURE has agreed not to solicit or initiate any discussions regarding any other transaction, subject to customary "fiduciary out" rights to respond to a superior proposal. SECURE has also granted GFL a right-to-match any superior proposal and will pay a termination fee of $200 million to GFL if the Arrangement Agreement is terminated in certain circumstances. GFL has agreed to pay an expense reimbursement fee of up to $20 million to SECURE if the Arrangement Agreement is terminated in certain circumstances.

Following completion of the Transaction, it is expected that the SECURE common shares will be delisted from the TSX and SECURE will cease to be a reporting issuer under Canadian securities laws.

Conference Call

GFL and SECURE will hold a conference call to discuss the Transaction on April 13, 2026 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto GFL's Investors page at investors.gflenv.com or by clicking here or listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 194824) approximately 15 minutes prior to the scheduled start time.

Participants who will be dialing in are encouraged to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login/LE9zwo4AM07bxjk133DnH3hdaWqFuBeb9yC. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call.

Advisors

Barclays is acting as financial advisor to GFL and Stikeman Elliott LLP is acting as legal counsel to GFL in connection with the Transaction.

Moelis & Company LLC and RBC Capital Markets are acting as financial advisors to SECURE. McCarthy Tétrault LLP is acting as lead Canadian legal counsel to SECURE in connection with the Transaction, with Bennett Jones LLP acting as Canadian competition counsel to SECURE.

About GFL

GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.

About SECURE

SECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta. SECURE's Waste Management segment is centered on a network of long-life, permitted processing, recovery, and disposal infrastructure across Western Canada and North Dakota that plays an essential role in the safe, efficient, and environmentally responsible management of waste generated by energy and industrial activity. Processing activities optimize the handling of hazardous and non-hazardous liquids, solids, emulsions, and industrial by-products, while recovery activities enable the recycling of metals and recovered oil, and disposal assets provide compliant, long-term solutions for residual waste. SECURE's Energy Infrastructure segment consists of crude oil terminals and storage facilities, and pipeline-connected infrastructure that enable the optimization, terminalling, storage and movement of crude oil and natural gas liquids to market, including value-adding marketing and optimization activities.

Forward-Looking Statements

This release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information"), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the expected financial and other benefits of the Transaction to GFL and SECURE shareholders, GFL's expected credit rating profile, growth plans and leverage, the expected timing of closing, the timing for when SECURE expects to hold a special meeting of SECURE common shareholders to approve the Transaction and the mailing of the Circular in respect thereof, and the consideration to be received by SECURE shareholders pursuant to the Transaction. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities and the markets in which we operate are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Without limiting the foregoing, there can be no assurance that the Transaction will be completed, or if so on the terms currently contemplated and as beneficial to the combined company as is anticipated by such forward looking information.

Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favorable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect the forward-looking information contained herein can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025, GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada, SECURE's Annual Information Form for the year ended December 31, 2025 and from time to time in filings made by SECURE with securities regulatory authorities. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made) and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws.

Non-IFRS Measures

This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

"EBITDA" represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.

"Adjusted EBITDA" is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) change in value on Call Option, (d) share of net (income) loss of investments accounted for using the equity method, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the year ended December 31, 2025, change in value on Call Option has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.

"Adjusted EBITDA margin" represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.

"Acquisition EBITDA" represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.

"Run-Rate EBITDA" represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.

"Net Leverage" is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.

"Adjusted Cash Flows from Operating Activities" represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) incremental cash flow adjustment related to corporate costs attributable to discontinued operations, (c) transaction costs, (d) acquisition, rebranding and other integration costs, (e) Founder/CEO remuneration, (f) cash payments related to GFL Environmental Services transition services agreement, (g) cash taxes related to divestitures, (h) cash interest paid on early termination of long-term debt and (i) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the year ended December 31, 2025, cash payments related to GFL Environmental Services transition services agreement and cash interest paid on early termination of long-term debt have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in the prior period. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

"Adjusted Free Cash Flow" represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

All references to "$" in this press release are to Canadian dollars.

For more information:

GFL:
Patrick Dovigi
+1 905-326-0101
[email protected]

SECURE:
Allen Gransch, President and Chief Executive Officer;
Chad Magus, Chief Financial Officer,
Phone: (403) 984-6100,
Email: [email protected],
Website: www.secure.ca

SOURCE GFL Environmental Inc.

📌 Top story -- scroll down for more updates

Today’s Evening News: Did We Misread the AI Threat? 5:55 pm

Oracle (ORCL 2.28%) jumped 11% on Monday, sparking a comeback across software as investors rethink whether artificial intelligence (AI) is disruption -- or just the next upgrade cycle. Stock Advisor recommendations Adobe (ADBE 1.78%), Salesforce (CRM 2.34%), and ServiceNow (NOW 0.64%) followed, with buyers putting money back into a group that’s been under pressure all year. This week, the market seems willing to bet the incumbents won’t go quietly.

Foolishly speaking: A Foolish approach may favor owning software businesses with high switching costs and embedded workflows -- where "rip and replace" is costly, and AI becomes an enhancement, not a threat. Incumbents alongside start-ups: Last week, leonardobruge shared their take that "The future winners in enterprise will probably be a mix of new start-ups, AI-native, and incumbent players" and that enterprise customers will prioritize "safety, control, easiness to deploy, and specialization (accuracy)." Closing Bell 4:05 pm

The S&P 500 climbed Monday as investors bet U.S.-Iran tensions could ease despite a fresh blockade and stalled talks. Tech helped lead the rebound, with Oracle (ORCL 2.28%) jumping 11% and Palantir Technologies (PLTR 1.19%) up 3%. Oil surged toward $100, underscoring the stakes around the Strait of Hormuz. Markets appear to be balancing near-term geopolitical risk with optimism for a diplomatic path—and steady earnings.

Oil’s Grip Tightens: Crude near $100 keeps pressure on inflation and margins, making energy exposure and cost discipline central for investors. Tech Still Leads: Software strength suggests capital is rotating toward companies with durable demand despite macro uncertainty. Apple’s AI Strategy? Wait It Out. 3:23 pm — AAPL -0.99%

While rivals pour billions into AI, Apple (AAPL +0.59%) is taking a slower path, projecting about $14 billion in capex versus far larger budgets elsewhere, including Meta Platforms (META 2.17%). The bet: AI costs may fall as models proliferate, letting Apple invest later with more clarity. Critics see lag but bulls see discipline. With its ecosystem intact, Apple may not need to win the first inning of AI to stay competitive over the long term.

Cost curve wildcard: Rapid model iteration and techniques like distillation could compress AI development costs, rewarding late movers. Apple’s installed base and services layer may cushion slower feature rollouts while it waits to deploy AI more selectively. Don't Sleep on Apple: "Apple is definitely not a unique investment idea in the AI space," Team Rule Breakers analyst Sanmeet Deo recently wrote. "But a consensus narrative shift of its business and its role in the AI wars could further propel the stock higher as it figures out its own AI strategy," he added. And now for Your Take! Member ChrisBrooklyn commented last month, "I sold two-thirds of my Apple stock the last three years. It's still one of the largest positions in my portfolio—it had grown to maybe 25%. But Siri and that feeling of stagnation concerned me a lot, as signs of a company too comfortable in its moat." Are you buying Apple’s wait-and-see approach to AI? Join the discussion below!

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Up 60% YTD, Can AI Lift Nokia Higher? 3:04 pm — NOK +8.83%

While you weren’t looking, Nokia (NOK 3.25%) has surged 58.14% year to date — and Monday added to the run after a bullish call from Bank of America (BAC +0.22%). The firm upgraded shares and pointed to rising AI-driven demand for optical networking, with upside tied to Nokia’s Infinera integration and growing hyperscaler spend. Investors are increasingly framing Nokia as an AI infrastructure play alongside partners like Nvidia (NVDA 3.39%), with further upside implied by a $12.40 price target.

Optics, not handsets: Nokia’s optical networks unit could grow revenue at a 17% CAGR through 2028, shifting mix toward higher-margin services. In this context, “optics” refers to fiber-optic hardware and systems that transmit data as light—critical infrastructure for moving massive AI workloads between data centers and cloud networks. AI deal flow builds: Partnerships and hyperscaler spend may drive both sales growth and margin expansion, reframing Nokia’s long-term narrative; Nokia is no longer being valued as a slow, cyclical telecom vendor. That’s a big shift in how the market thinks about this business.

AI Demand Sends CoreWeave 10% Higher 2:36 pm — CRWV +8.50%, META +0.24%

CoreWeave (CRWV 2.88%) surged after a wave of analyst price-target hikes followed major AI deals and fresh financing. A $21 billion expansion with Meta Platforms (META 2.17%) and a new Anthropic partnership reinforce its role in AI infrastructure. Reports of about 20% price hikes and longer contract terms suggest tightening supply and rising pricing power as inference demand accelerates.

$21B Vote Of Confidence: Meta’s long-term spend commitment locks in demand visibility through 2032, strengthening CoreWeave’s positioning with hyperscalers. Pricing Power Emerges: Higher prices and longer contracts hint at scarce compute and improving unit economics—key for funding rapid build-out.

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Conagra Shake-Up Amid Slump 2:13 pm — CAG -4.78%

Conagra Brands (CAG +1.52%) is replacing longtime CEO Sean Connolly with industry veteran John Brase, effective June 1, as the packaged-food giant navigates weak demand, inflation, and shifting eating habits tied to GLP-1 drugs. The board said Connolly’s exit is “without cause,” ending a decade-long tenure as shares have fallen more than 40% over the past year. Brase, formerly COO at J.M. Smucker (SJM +4.15%), steps in after a recent earnings miss and lowered outlook, with analysts calling the move a needed reset.

Fresh eyes, same pressures: Brase brings decades at Procter & Gamble (PG +0.47%) and Smucker, but inherits slowing grocery demand and changing consumer behavior. With profits trending toward the low end of guidance, execution—not strategy—may define whether this reset works. Database saw it coming: In the Moneyball Hidden Gems leadership database, Conagra’s Superscore of 30—with Leadership at 42 and Intangibles at 35—flagged persistent execution risk, mirroring a decade of uneven growth, volatile margins, and mounting concerns around pay-for-performance alignment. "Despite the CEO's long tenure, which generally suggests stability, the period has also been marked by strategic missteps that impacted investor confidence," the database says.

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Lululemon Slips on Texas 'Forever Chemicals' Probe 1:05pm -- LULU -0.74%

Lululemon (LULU 1.95%) shares fell as much as 4.5% today after Texas Attorney General Ken Paxton announced an investigation into whether the yogawear brand's apparel contains PFAS -- so-called "forever chemicals" linked to cancer and immune health issues. The probe will examine whether Lululemon's marketing misled health-conscious customers about the presence of these synthetic compounds in its products.

The investigation adds to a growing list of headaches for Lululemon, which is already navigating slowing sales growth, resurfacing quality concerns, founder pressure for a board overhaul, and a CEO search. Paxton has launched a series of similar probes aligned with the Make America Healthy Again agenda, previously targeting companies including WK Kellogg and toothpaste makers over health-related marketing concerns.

Today's Lunchtime News: Tesla Cracks the European Union 1:00pm -- TSLA +1.14%

Tesla (TSLA 3.58%) won approval for its full self-driving (FSD) software in the Netherlands, the first E.U. country to approve the system after more than 18 months of testing. The approval could pave the way for a broader European rollout, though all E.U. member states must vote before access is granted across the continent.

Revenue opportunity: FSD is priced at 99 euros per month in the Netherlands or 7,500 euros outright. Investors will look for updates on Tesla's autonomous-driving progress when the company reports Q1 earnings on April 22. Cost advantage in focus: Separately, Bank of America (BAC +0.22%) estimates Tesla's vision-only approach puts robotaxi build costs at roughly $40,000 per vehicle versus $150,000 for Waymo's LiDAR-equipped cars. That cost differential looms large as Tesla prepares to expand its Austin robotaxi service to seven more U.S. cities this year. Meta Set to Dethrone Google in Digital Ads 12:21pm -- META -0.45%, GOOG +0.10%

Meta Platforms (META 2.17%) is on track to surpass Alphabet (GOOG 2.23%) in global digital ad revenue for the first time ever, according to Emarketer. Meta's net ad revenues are projected to hit $243.46 billion in 2026, edging out Google's $239.54 billion. The key driver is Meta's accelerating growth rate — forecast at 24.1% this year versus Google's steady 11.9%.

Advantage+ fueling the surge: Meta's automated ad suite has won over advertisers with its ability to streamline campaign setup and boost returns, validating the company's core ad strategy. Smaller platforms at risk: As ad budgets concentrate on the biggest players, Snap (SNAP 3.76%) and Pinterest remain most exposed to any pullback in spending during periods of geopolitical uncertainty. OpenAI Leans on Amazon to Break Free From Microsoft 12:09pm

OpenAI's new revenue chief Denise Dresser sent staff a memo Sunday touting its Amazon Web Services partnership as a key growth driver. It also acknowledged that its Microsoft (MSFT 1.29%) deal has "limited our ability to meet enterprises where they are." Microsoft has invested more than $13 billion in OpenAI since 2019. Demand for Amazon's (AMZN 2.54%) Bedrock platform since the partnership announcement has been "frankly staggering," Dresser wrote.

The memo also takes aim at Anthropic, claiming its $30 billion revenue run rate is inflated by roughly $8 billion due to accounting treatment, and that it has made a "strategic misstep" by not acquiring enough compute. Anthropic disputes the characterization. Both companies are racing to dominate enterprise AI ahead of their anticipated IPOs, with Alphabet (GOOG 2.23%)'s Gemini also competing aggressively for the same customers.

Top of the Morning 11:00am

By Morning Show host Jim Gillies

It’s a “Merger Monday!” And I’m actually quite annoyed about this one.

Let me back up and explain.

SECURE Waste Infrastructure (SES +1.39%) – a leading provider of waste management energy infrastructure services in Western Canada - is being acquired by larger industry player GFL Environmental (GFL +2.33%)(GFL +2.46%) in a cash and stock deal that values SECURE at roughly CA$6.4 billion including debt. The purchase price for the equity is CA$24.75 per share, though with just 20% of the purchase price being paid in cash and the other 80% coming in the form of newly issued GFL shares, the ultimate price received by SECURE shareholders will depend on how the market receives this news and treats GFL’s share price.

In GFL’s press release announcing the deal they speak of all of the great things that acquiring SECURE is going to do for them: Immediately accretive and increasing free cash flow (FCF) by 12%-to-15%, increasing adjusted EBITDA and FCF margins, all done with no real impact on GFL’s leverage (which has trended in years past from “elevated” to “disconcerting”.)

And I agree with them (GFL) – they are getting a great company here. At Fool Canada we think so highly of SECURE that in the span of five months (late February to early July 2025) we formally recommended the name in all three of our “frontline” Canadian Foolish services: Dividend Investor Canada, Hidden Gems Canada, and Stock Advisor Canada.

10:15 am

By Morning Show host Loren Horst
Team Rule Breakers

My episodic series of trying to uncover some of the underfollowed and underappreciated winners deep in our longest-serving scorecards has graduated from Stock Advisor and moved into our second-oldest active scorecard, Rule Breakers.

The full Rule Breakers scorecard is visible to subscribers of our Epic service, and this week I wanted to highlight three companies breaking the rules and beating the market that many Fools might not have realized were ever recommended, let alone active recommendations: Broadcom (AVGO 5.12%), First Solar (FSLR 4.91%), and MasTec (MTZ 4.96%).

For our December basket of stocks, the Fool’s AI engineering and Premium Content teams and I put the spotlight on one-time recommendations from Stock Advisor, and January’s bonus set called attention to stocks that recovered into market beaters after trailing at the five-year mark.

All of these shared the characteristics of having outperformed the S&P 500 since initially recommended, while also exceeding the market over the trailing five years to meet a "What have you done for me lately?" factor.

As it turns out, the Rule Breakers mantra of adding to your winners -- exemplified by Fool co-founder David Gardner formalizing re-recommendations into a monthly Rule Breakers habit when the service previously made two monthly recommendations -- resulted in just a pair of decade-plus winners without a subsequent re-rec and as many early losers that avoided being sold before they could turn around. Interestingly, three names bubbled up instead of four, with MasTec at the middle of that Venn diagram.

Click here for my full-length intro with links to the AI-powered stock updates available to all Motley Fool members.

9:05 am — GS -4.88% in pre-market trading

By Morning Show host Sanmeet Deo
Team Rule Breakers

Goldman Sachs Group (GS 2.98%) delivered a powerhouse Q1 2026 performance that initially looked like a clean sweep, but the market’s mixed reaction proves that the "devil is in the details." While net revenue jumped 14% to $17.23 billion and EPS of $17.55 blew past expectations, a closer look at the engine room explains the caution. The star of the show was the equities desk, which pulled in a record $5.33 billion, yet this was partially offset by a sluggish Fixed Income (FICC) segment that missed analyst targets by nearly $850 million.

The post-earnings dip--compounded by a broader inflation-driven market sell-off--raises a compelling valuation question. Currently, Goldman is trading at a forward P/E ratio of approximately 16x.

Today's Change

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-2.98

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1001.29

Trump's 50% China Tariff Threat Rattles Trade 10:00 am

President Trump threatened a "staggering" 50% tariff on China during a Sunday Fox News (FOX +0.21%) interview, following intelligence reports that Beijing may be preparing to ship advanced air defense systems to Iran. While Trump labeled the underlying CNN report as potentially "fake," he insisted that any country caught supplying military hardware to Tehran would face immediate economic retaliation. The threat comes despite recent reports from the New York Times (NYT 0.80%) suggesting China actually pressured Iran toward last week's temporary ceasefire. Beijing has maintained it is actively promoting peace but has not confirmed an official mediation role in the conflict.

Trade War Escalation: A 50% levy would represent a massive expansion of current trade barriers, significantly impacting Apple (AAPL +0.59%) and other multinational manufacturers heavily reliant on Chinese supply chains. Geopolitical Volatility: The threat of renewed tariffs adds a layer of economic risk to the ongoing Middle East conflict, as investors weigh the impact of potential trade disruptions on global retail giants like Nike (NKE 1.54%).

Today's Change

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0.59

%) $

1.72

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292.27

Top of the Morning 9:05 am -- GS -4.88% in pre-market trading

By Morning Show host Sanmeet Deo
Team Rule Breakers

Goldman Sachs Group (GS 2.98%) delivered a powerhouse Q1 2026 performance that initially looked like a clean sweep, but the market's mixed reaction proves that the "devil is in the details." While net revenue jumped 14% to $17.23 billion and EPS of $17.55 blew past expectations, a closer look at the engine room explains the caution. The star of the show was the equities desk, which pulled in a record $5.33 billion, yet this was partially offset by a sluggish Fixed Income (FICC) segment that missed analyst targets by nearly $850 million.

The post-earnings dip--compounded by a broader inflation-driven market sell-off--raises a compelling valuation question. Currently, Goldman is trading at a forward P/E ratio of approximately 16x.

Today's Change

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-2.98

%) $

-30.72

Current Price

$

1001.29

Intel Surges From "Life Support" to Top Performer 9:00 am -- INTC -0.19% in pre-market trading

Intel (INTC 0.54%) has transitioned from "life support" to one of the S&P 500's top performers, adding over $100 billion in market value during a historic eight-day rally. The surge was ignited by a $14.2 billion deal to reclaim its Irish plant from Apollo Global Management, followed by a high-profile partnership with Tesla (TSLA 3.58%) and SpaceX for Elon Musk's Terafab project. Despite trailing the S&P 500 since 2020, Intel's narrative is accelerating as it secures its position as a strategic domestic foundry asset. The U.S. government's stake has swelled to $27 billion, reflecting growing confidence that the semiconductor giant is successfully reclaiming its competitive edge.

High-Stakes Valuation: While shares trade at a record 90 times estimated earnings--well above dot-com bubble peaks--bullish analysts argue that Wall Street is underestimating long-term earnings potential as Intel shifts to expansion mode. Turnaround Validation: Beyond the Musk deal, Intel has secured future Xeon processor commitments from Alphabet's (GOOG 2.23%) Google, alongside previous backing from Nvidia (NVDA 3.39%), suggesting the company is becoming an indispensable partner in the global AI infrastructure race.

Super Mario Galaxy Movie Tops 2026 Box Office 8:15 am -- CMCSA +0.21% in pre-market trading

The Super Mario Galaxy Movie from Comcast (CMCSA +0.65%) has officially become Hollywood's highest-grossing film of 2026, amassing $628.8 million globally in its opening weeks. The live-action sequel, produced by Universal and Illumination, is riding massive momentum from its $300 million domestic haul and is now favored to reach the $1 billion mark. This performance reinforces the immense value of Nintendo's intellectual property following the 2023 predecessor's $1.3 billion run. While the film faces a crowded summer slate including Avengers: Doomsday, its current trajectory suggests a dominant year for Universal's theatrical division.

Content Strategy Payoff: The film's success validates the long-term partnership between Universal and Nintendo, providing a high-margin revenue stream that offsets volatility in traditional cable and broadcast segments. Theatrical Dominance: By outpacing early 2026 projections, Mario provides Comcast a significant lead in market share over rivals, establishing a formidable "moat" ahead of Disney's heavy-hitting summer releases.

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0.65

%) $

0.15

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24.00

GFL Deepens Western Canada Reach in CA$6B Deal 8:00 am -- GFL -3.67% in pre-market trading

GFL Environmental (GFL +2.46%) is reportedly nearing a CA$6 billion ($4.33 billion) acquisition of Calgary-based Secure Waste Infrastructure (SECYF +1.30%). The deal, structured primarily as an 80% stock transaction, values Secure at a 15% premium and would give its shareholders a 15% stake in the combined entity. Under CEO Patrick Dovigi, GFL has utilized aggressive M&A to triple its market value in six years; this latest move significantly deepens its footprint in Western Canada's industrial and energy waste sectors. The merger follows GFL's recent $900 million purchase of Frontier Waste Solutions, signaling a relentless drive for North American scale through consolidation.

Strategic Synergy: The acquisition allows GFL to cross-sell traditional waste services into Secure's existing energy infrastructure client base, potentially driving significant cost efficiencies across the combined Canadian operations. Vertical Integration: By absorbing Secure's pipeline and storage assets, GFL is diversifying beyond residential trash collection into higher-margin industrial waste streams, mirroring the consolidation strategies seen in major logistics and energy sectors.

Today's Change

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%) $

0.88

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36.59

This Morning's Breakfast News 7:30 am

We're entering bank reporting season, after the stock market put in another positive week. The S&P 500 gained 3.6%, while the Nasdaq climbed 4.7%, after the threat of escalation of the Iran conflict subsided. The S&P 500 is within 1% of breaking even in 2026 year to date. S&P 500 futures, however, lost 0.6% this morning – with Nasdaq futures off by 0.7% – as President Trump again raised the heat after weekend negotiations with Tehran bore little fruit.

Oil back over $100 again: The prospect of a blockade of all ships passing through the Strait of Hormuz having called at Iranian ports pushed WTI crude to $105 per barrel, with Brent Crude hitting $103. Banks unofficially lead out the new reporting season: Goldman Sachs (GS 2.98%) kicks off first-quarter bank results before the opening bell today. JPMorgan Chase (JPM 0.91%), Wells Fargo (WFC 0.01%), and Citigroup (C 1.00%) are on the calendar for Tuesday. Bank of America (BAC +0.22%) and Morgan Stanley (MS 1.59%) report Wednesday.

McDonald's Takes Aim at Starbucks With New Drinks 7:25 am -- MCD -0.21% in pre-market trading

McDonald's (MCD +0.26%) is preparing to launch a specialty beverage line this August, featuring Red Bull Dragonberry and custom sodas like "Dirty Dr Pepper." The fast-food leader aims to weaponize its massive scale to undercut the pricing of premium competitors, positioning these offerings as affordable alternatives for a wider customer base. Franchisees have already invested thousands in specialized mixing equipment to ensure these high-margin drinks don't disrupt kitchen throughput. This expansion marks a permanent shift toward the "caffeine and refreshment" territory traditionally dominated by boutique cafes and specialized soda shops.

Targeting the Competition: The strategy directly threatens the market share of Starbucks (SBUX +1.39%) and Dutch Bros (BROS +4.31%) by offering sophisticated energy and tea blends at a lower price point during critical afternoon "snack" hours. Margin Expansion: Because beverages typically carry lower cost-of-goods than labor-intensive food items, successful adoption could significantly boost profitability for operators, offsetting broader inflationary pressures across the quick-service industry.

Today's Change

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0.26

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0.74

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282.99

FTC Probes Ad Giants for Boycotting X Platform 6:30 am -- WPP +0.63% in pre-market trading

The Federal Trade Commission is in talks with a number of advertising companies over alleged coordinated boycotts of platforms including X, says the WSJ. A probe into possible federal antitrust law violations – covering WPP (WPP 1.50%), Japan's Dentsu, and others.

"The only harm X has asserted is that its customers collectively chose X's competitors over X": The latest move follows last month's dismissal by Senior U.S. Judge Jane J. Boyle of X's lawsuit against companies including CVS Health (CVS +0.99%) and Colgate-Palmolive (CL +2.45%), claiming their boycotts violated antitrust. No admission of wrongdoing: The proposal reportedly means the ad companies will agree not to avoid media outlets for political reasons. Individual advertisers can still choose to avoid platforms hosting undesirable content. Meta's Zuckerberg AI Twin Signals Bold AI Pivot 6:00 am -- META -1.39% in pre-market trading

Meta Platforms (META 2.17%) is developing a photorealistic, 3D AI version of CEO Mark Zuckerberg to interact with employees and streamline corporate feedback. Zuckerberg is reportedly spending up to 10 hours a week coding on internal AI projects and training this digital twin on his specific tone, mannerisms, and strategic thinking. This push for "personal superintelligence" coincided with the release of Muse Spark, a specialized AI model that sent shares up 7% as investors cheered the company's technical pace. Beyond executive avatars, Meta is implementing "skills baseline exercises" for staff, including "vibe coding" tests, as it pivots the entire $1.6 trillion organization toward an AI-first operating model.

Infrastructure Payoff: Meta's multibillion-dollar spending spree on compute capacity, including its recent $21 billion deal with CoreWeave (CRWV 2.88%), is now yielding proprietary models like Muse Spark that challenge leaders like Alphabet (GOOG 2.23%). Internal Efficiency and Risks: While management pushes AI automation to "streamline" product management, the internal rollout of these tools has sparked concerns over future job cuts, even as the tech proves difficult to scale due to massive processing requirements.

Today's Change

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571.88

Replimune Collapses on Second FDA Rejection 5:15 am -- REPL -56.09% in pre-market trading

Replimune Group (REPL 8.33%) shares plunged over 40% last week, and are down significantly this morning, after the FDA issued a second Complete Response Letter rejecting its RP1 melanoma therapy. The regulatory setback prompted analyst downgrades and raised serious questions about the biotech company's survival prospects.

Second rejection devastates investors: The FDA cited concerns about the single-arm trial design and manufacturing issues, echoing objections from the first rejection in July 2025 and sending shares down roughly 20% on the announcement. Survival strategy now critical: With RP1 representing the company's lead program, analysts note that Replimune's future hinges on executing a strategic pivot to preserve shareholder value and refocus on other pipeline candidates.

Before the Opening Bell 4:30 am

Stock futures recovered from overnight lows Monday as investors digested President Trump's executive order for a U.S. Navy blockade of the Strait of Hormuz. The aggressive move follows the collapse of high-stakes negotiations in Islamabad, ending hopes for a permanent de-escalation. While the Navy intends to interdict ships paying Iranian "tolls," the blockade effectively halts critical energy flows, sending Brent crude surging back above $100 per barrel. Despite the geopolitical friction, markets found some footing as attention shifted to the opening of first-quarter earnings season, where investors look for corporate resilience amid rising inflationary pressures and supply chain instability.

Big Banks Take Center Stage: Goldman Sachs (GS 2.98%) leads the charge this morning, with Wall Street bracing for commentary on how Middle East volatility is impacting deal-making and trading revenue ahead of reports from JPMorgan Chase (JPM 0.91%) and Citigroup (C 1.00%) later this week. Economic Fragility: The breakdown of the two-week ceasefire forces the Fed to contend with a renewed "war premium" on energy, complicating the outlook for Bank of America (BAC +0.22%) and Wells Fargo (WFC 0.01%) as they navigate shifting rate expectations and credit cycle risks.

Large-cap stocks faced broad selling pressure last week, with several names slipping on weak earnings and strategic shifts.

From analyst downgrades to macro concerns, multiple factors weighed on investor sentiment across sectors.

These ten large-cap stocks were worst performers last week. Are they a part of your portfolio?

Venture Global, Inc. (NYSE:VG) decreased 14.09% this week. JP Morgan analyst Jeremy Tonet maintained a Neutral rating on the stock, lowering the price target from $19 to $16.

Alcoa Corporation (NYSE:AA) fell 10.23% this week following reports suggesting the company will sell a former smelter site to NYDIG. Also, the company reported worse-than-expected Q1 financial results.

LyondellBasell Industries NV (NYSE:LYB) slumped 13.93% this week.

AST SpaceMobile, Inc. (NASDAQ:ASTS) slipped 8.22% this week. This may be in response to Amazon’s acquisition of Globalstar.

GFL Environmental Inc. (NYSE:GFL) fell 5.94% this week. The company announced that it will acquire SECURE Waste Infrastructure for $6.4 billion in cash and stock.

Equinor ASA (NYSE:EQNR) slumped 10.86% this week.

Coterra Energy Inc. (NYSE:CTRA) decreased 8.56% this week.

APA Corporation (NASDAQ:APA) fell 9.8% this week.

Photo by PJ McDonnell via Shutterstock

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Posted by Defense World Staff on Apr 24th, 2026

Strategic Environmental & Energy Resources (OTCMKTS:SENR – Get Free Report) and GFL Environmental (NYSE:GFL – Get Free Report) are both business services companies, but which is the superior investment? We will contrast the two companies based on the strength of their profitability, analyst recommendations, risk, earnings, valuation, institutional ownership and dividends.

Risk & Volatility Strategic Environmental & Energy Resources has a beta of -1.88, suggesting that its share price is 288% less volatile than the S&P 500. Comparatively, GFL Environmental has a beta of 0.84, suggesting that its share price is 16% less volatile than the S&P 500.

Valuation and Earnings This table compares Strategic Environmental & Energy Resources and GFL Environmental”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Strategic Environmental & Energy Resources $4.31 million 0.52 -$1.80 million ($0.03) -1.14 GFL Environmental $4.73 billion 3.05 $2.74 billion $6.80 5.93 GFL Environmental has higher revenue and earnings than Strategic Environmental & Energy Resources. Strategic Environmental & Energy Resources is trading at a lower price-to-earnings ratio than GFL Environmental, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a summary of current recommendations and price targets for Strategic Environmental & Energy Resources and GFL Environmental, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Strategic Environmental & Energy Resources 0 0 0 0 0.00 GFL Environmental 1 2 11 1 2.80 GFL Environmental has a consensus price target of $55.44, indicating a potential upside of 37.40%. Given GFL Environmental’s stronger consensus rating and higher possible upside, analysts clearly believe GFL Environmental is more favorable than Strategic Environmental & Energy Resources.

Insider and Institutional Ownership 64.7% of GFL Environmental shares are owned by institutional investors. 43.9% of Strategic Environmental & Energy Resources shares are owned by insiders. Comparatively, 8.7% of GFL Environmental shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock is poised for long-term growth.

Profitability This table compares Strategic Environmental & Energy Resources and GFL Environmental’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Strategic Environmental & Energy Resources -37.60% N/A -139.50% GFL Environmental 56.61% 3.66% 1.50% Summary GFL Environmental beats Strategic Environmental & Energy Resources on 14 of the 15 factors compared between the two stocks.

About Strategic Environmental & Energy Resources (Get Free Report)

Strategic Environmental & Energy Resources, Inc. provides clean-technologies, waste management, and related services in the United States and internationally. It operates through two segments, Environmental Solutions and Solid Waste. The company designs and sells H2SPlus and OdorFilter dry scrubber solutions for management of hydrogen sulfide in biogas, landfill gas, and petroleum processing operations; develops and designs proprietary technologies and systems for conditioning biogas for use as renewable natural gas for a range of applications, such as transportation fuel and natural gas pipeline injection; and develops waste destruction technology using pyrolytic heating process combined with non-thermal plasma assisted oxidation. In addition, it develops renewable natural gas projects; and advanced chemical absorbents and catalysts that enhance the capability of biogas produced from landfill, wastewater treatment, and agricultural digester operations, as well as offers soil amendment pellets. The company serves companies primarily in the oil and gas refineries, landfills, medical waste destruction operations, agricultural companies, and food and beverage companies, as well as other commercial and industrial customers. Strategic Environmental & Energy Resources, Inc. is headquartered in Broomfield, Colorado.

About GFL Environmental (Get Free Report)

GFL Environmental Inc. offers non-hazardous solid waste management and environmental services in Canada and the United States. It offers solid waste management, liquid waste management, and soil remediation services, including collection, transportation, transfer, recycling, and disposal services for municipal, residential, and commercial, and industrial customers. The company was incorporated in 2007 and is headquartered in Vaughan, Canada.

Receive News & Ratings for Strategic Environmental & Energy Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Strategic Environmental & Energy Resources and related companies with MarketBeat.com's FREE daily email newsletter.

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NEXT HEADLINE »Coeur Mining, Inc. (NYSE:CDE) Given Consensus Rating of “Moderate Buy” by Analysts

Revenue, Adjusted EBITDA1 and Adjusted Free Cash Flow1 all ahead of expectations Adjusted EBITDA margin1 of 29.1%, highest Q1 margin in Company's history and 180 basis points increase over the prior year period Price growth of 7.0%, accelerating sequentially by 60 basis points Adjusted EBITDA1 of $478.5 million, increase of 12.3%; Adjusted Net Income from continuing operations1 of $29.5 million; Net loss from continuing operations of $219.2 million Year-to-date completed acquisitions generating approximately $425.0 million to $450.0 million in annualized revenue Raised full year 2026 Adjusted EBITDA2 guidance by $90 million to approximately $2,230 million , /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL", "we", "our", or the "Company") today announced its results for the first quarter of 2026.

"I am extremely proud of the hard work and commitment of our over 15,000 employees, as we delivered another strong start to the year," said Patrick Dovigi, Founder and Chief Executive Officer of GFL. "Our exceptional execution drove industry leading top line growth of 8.5% before considering foreign exchange headwinds, including 7.0% from core pricing and 180 basis points of Adjusted EBITDA margin1 expansion. Our strong performance, achieved amid increased macroeconomic uncertainty and unusually challenging weather conditions, underscores the fundamental resiliency of our business model."

Mr. Dovigi continued, "Since the start of the year, we have completed eight acquisitions, generating between $425.0 million to $450.0 million in annualized revenue and further densifying our footprint across our North American platform. On the back of these acquisitions alone, we are raising our full-year guidance. Given the momentum in our base business, we remain well positioned to exceed this guidance and look forward to providing a more detailed update when we report our second quarter results."

Mr. Dovigi concluded, "Our increased guidance does not include any upside from our proposed acquisition of SECURE Waste, which we expect to close in the latter half of the year. We believe the acquisition of SECURE represents a unique opportunity for us to acquire a leading waste management provider in Western Canada, with a highly complementary network of hard to replicate permitted waste processing and disposal assets. The transaction reinforces our goal of creating long-term equity value for our shareholders and is expected to meaningfully accelerate the achievement of the multi-year financial targets we outlined at our 2025 Investor Day, significantly benefiting both GFL and SECURE shareholders."

First Quarter Results

Revenue of $1,643.8 million in the first quarter of 2026, increase of 5.4%, including 7.0% from core pricing. Adjusted EBITDA1 increased by 12.3% to $478.5 million in the first quarter of 2026, compared to $426.1 million in the first quarter of 2025. Adjusted EBITDA margin1 was 29.1% in the first quarter of 2026, compared to 27.3% in the first quarter of 2025. Net loss from continuing operations was $219.2 million in the first quarter of 2026, compared to $213.9 million in the first quarter of 2025. Adjusted Free Cash Flow1 was $(24.3) million in the first quarter of 2026, compared to $13.7 million in the first quarter of 2025. During the quarter, no shares were repurchased by the Company however we intend to continue to be opportunistic on share repurchases going forward. Updated Full Year 2026 Guidance2

GFL updated its 2026 guidance solely to reflect the impact of acquisitions completed through April 1, 2026. All other assumptions underlying our original guidance issued on February 11, 2026 remain unchanged.

Revenue is estimated to be approximately $7,320 million to $7,340 million, up compared to original guidance by approximately $320 million to $340 million. Adjusted EBITDA2 is estimated to be approximately $2,230 million, up compared to original guidance by approximately $90 million. Adjusted Free Cash Flow2 is estimated to be approximately $850 million, up compared to original guidance by approximately $15 million. Full year net capex is expected to be approximately $825 million. Full year cash interest is expected to be approximately $445 million. Net Leverage2 is estimated to be in the mid 3s by the end of 2026. The 2026 updated guidance includes the expected contribution of acquisitions completed as of April 1, 2026 but excludes any impact from acquisitions not yet completed. Implicit in forward-looking information in respect of our expectations for 2026 are certain current assumptions, including, among others, no changes to the current economic environment, including fuel and commodities. The 2026 updated guidance assumes GFL will continue to execute on our strategy of organically growing our business, leveraging our scalable network to attract and retain customers across multiple service lines, realizing operational efficiencies and extracting procurement and cost synergies. See "Forward-Looking Information".

_____________________

(1)

A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.

(2)

Information contained in the section titled "Updated Full Year 2026 Guidance" includes non-IFRS measures and ratios, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow and Net Leverage. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures. See "Non-IFRS Measures" below. See First Quarter Results for the equivalent historical non-IFRS measure.

Q1 2026 Earnings Call

GFL will host a conference call related to our first quarter earnings on April 30, 2026 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto our Investors page at investors.gflenv.com or by clicking here. Listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 627968) approximately 15 minutes prior to the scheduled start time.

We encourage participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login/LE9zwo3jkZr3ni9X4o4KwiGrPb70n6aKQZm. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. Participants may pre-register at any time, including up to and after the call start time. For those unable to listen live, an audio replay of the call will be available until May 14, 2026 by dialing 1-226-828-7578 in Canada or 1-866-813-9403 in the United States (access code: 189804).

About GFL

GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.

For more information, visit the GFL web site at gflenv.com. To subscribe for investor email alerts please visit investors.gflenv.com or click here.

Forward-Looking Information

This release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities, the markets in which we operate or potential share repurchases are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to certain assumptions set out herein in the section titled "Updated Full Year 2026 Guidance"; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; changes to trade agreements, restrictions on trade, including sanctions, export controls, import duties, quotas, treaties, tariffs, trade wars, changes to trade and investment policies and other governmental actions; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025 and GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws. The purpose of disclosing our financial outlook set out in this release is to provide investors with more information concerning the financial impact of our business initiatives and growth strategies.

Non-IFRS Measures

This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

EBITDA represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.

Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) change in value on Call Option, (d) share of net (income) loss of investments accounted for using the equity method, (e) share-based payments, (f) transaction costs, (g) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (h) Founder/CEO remuneration and (i) other. For the three months ended March 31, 2026, change in value on Call Option has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.

Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.

Acquisition EBITDA represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.

Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) transaction costs, (c) acquisition, rebranding and other integration costs, (d) Founder/CEO remuneration, (e) cash payments related to GFL Environmental Services transition services agreement, (f) cash interest paid on early termination of long-term debt, (g) distribution received from joint ventures and (h) other. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the three months ended March 31, 2026, cash payments related to GFL Environmental Services transition services agreement and other have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in the prior period. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

Adjusted Net Income (Loss) from continuing operations represents net income (loss) from continuing operations adjusted for (a) amortization of intangible assets, (b) amortization of deferred financing costs, (c) (gain) loss on foreign exchange, (d) change in value on Call Option, (e) share of net (income) loss of investments accounted for using the equity method, (f) loss on termination of hedged arrangements, (g) transaction costs, (h) acquisition, rebranding and other integration costs, (i) Founder/CEO remuneration, (j) other and (k) the tax impact of the foregoing. Adjusted income (loss) per share from continuing operations is defined as Adjusted Net Income (Loss) from continuing operations divided by the weighted average shares in the period. For the three months ended March 31, 2026, change in value on Call Option has been added back to net income (loss) from continuing operations. We believe that Adjusted income (loss) per share from continuing operations provides a meaningful comparison of current results to prior periods' results by excluding items that GFL does not believe reflect its fundamental business performance.

Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.

Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.

All references to "$" in this press release are to Canadian dollars, unless otherwise noted.

For further information:
Patrick Dovigi, Founder and Chief Executive Officer
+1 905-326-0101
[email protected]

GFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 
(In millions of dollars except per share amounts)

Three months ended

March 31,

2026

2025

Revenue

$               1,643.8

$               1,560.1

Expenses

Cost of sales

1,344.0

1,272.6

Selling, general and administrative expenses

265.8

286.2

Interest and other finance costs

139.6

210.4

(Gain) loss on sale of property and equipment

(3.6)

3.2

Loss (gain) on foreign exchange

93.7

(5.7)

Change in value on Call Option

10.0

—

Other

11.0

8.0

1,860.5

1,774.7

Share of net loss of investments accounted for using the equity method

(55.5)

(51.7)

Loss before income taxes

(272.2)

(266.3)

Current income tax expense

36.5

33.2

Deferred tax recovery

(89.5)

(85.6)

Income tax recovery

(53.0)

(52.4)

Net loss from continuing operations

(219.2)

(213.9)

Net income from discontinued operations

—

3,620.8

Net (loss) income

(219.2)

3,406.9

Less: Net loss attributable to non-controlling interests

(3.5)

(2.7)

Net (loss) income attributable to GFL Environmental Inc.

(215.7)

3,409.6

Items that may be subsequently reclassified to net (loss) income

Currency translation adjustment

163.7

(10.4)

Reclassification to net (loss) income of fair value movements on cash flow hedges, net of tax

1.2

6.0

Fair value movements on cash flow hedges, net of tax

(2.2)

7.3

Share of other comprehensive loss of investments accounted for using the equity method

(2.9)

—

Other comprehensive income

159.8

2.9

Comprehensive loss from continuing operations

(59.4)

(211.0)

Comprehensive income from discontinued operations

—

3,444.3

Total comprehensive (loss) income

(59.4)

3,233.3

Less: Total comprehensive loss attributable to non-controlling interests

(0.5)

(2.9)

Total comprehensive (loss) income attributable to GFL Environmental Inc.

$                (58.9)

$               3,236.2

Basic and diluted (loss) income per share

Continuing operations

$                (0.63)

$                (0.58)

Discontinued operations

—

9.25

Total operations

$                (0.63)

$                 8.67

Weighted and diluted weighted average number of shares outstanding

358,492,750

391,360,731

______________________________________

(1)

Basic and diluted (loss) income per share is calculated on net (loss) income attributable to GFL Environmental Inc. adjusted for amounts attributable to preferred shareholders. Refer to Note 9 in our Unaudited Interim Financial Statements.

GFL Environmental Inc.
Unaudited Interim Condensed Unaudited Consolidated Statements of Financial Position 
(In millions of dollars)

March 31, 2026

December 31, 2025

Assets

Cash

$            1,436.2

$                85.6

Trade and other receivables, net

863.6

802.0

Income taxes recoverable

62.3

96.0

Prepaid expenses and other assets

153.5

180.6

Current assets

2,515.6

1,164.2

Property and equipment, net

7,461.0

7,324.3

Intangible assets, net

1,737.2

1,757.0

Investments accounted for using the equity method

1,865.4

1,898.0

Other long-term assets

277.3

256.8

Goodwill

7,012.5

6,894.9

Non-current assets

18,353.4

18,131.0

Total assets

$           20,869.0

$           19,295.2

Liabilities

Accounts payable and accrued liabilities

1,542.2

1,888.3

Income taxes payable

3.9

5.7

Lease obligations

73.8

59.9

Landfill closure and post-closure obligations

46.1

44.0

Current liabilities

1,666.0

1,997.9

Long-term debt

9,375.1

7,422.6

Lease obligations

444.2

450.6

Other long-term liabilities

34.5

34.5

Deferred income tax liabilities

701.3

777.7

Landfill closure and post-closure obligations

1,186.0

1,126.5

Non-current liabilities

11,741.1

9,811.9

Total liabilities

13,407.1

11,809.8

Shareholders' equity

Share capital

7,051.8

7,008.4

Contributed surplus

205.7

205.7

Retained earnings

6.3

229.5

Accumulated other comprehensive income (loss)

16.0

(140.8)

Total GFL Environmental Inc.'s shareholders' equity

7,279.8

7,302.8

Non-controlling interests

182.1

182.6

Total shareholders' equity

7,461.9

7,485.4

Total liabilities and shareholders' equity

$           20,869.0

$           19,295.2

GFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Cash Flows 
(In millions of dollars)

Three months ended March 31,

2026

2025

Operating activities

Net (loss) income

$             (219.2)

$            3,406.9

Adjustments for non-cash items

Depreciation of property and equipment

273.7

257.9

Amortization of intangible assets

72.6

61.4

Share of net loss of investments accounted for using the equity method

55.5

51.7

Gain on divestitures

—

(4,466.8)

Other

3.9

8.0

Interest and other finance costs

139.6

212.0

Share-based payments

37.6

59.7

Loss (gain) on unrealized foreign exchange

94.2

(6.6)

(Gain) loss on sale of property and equipment

(3.6)

4.4

Change in value on Call Option

10.0

—

Current income tax expense

36.5

59.7

Deferred tax (recovery) expense

(89.5)

762.0

Interest paid in cash

(118.9)

(188.7)

Income taxes paid in cash, net

(3.7)

(4.6)

Changes in non-cash working capital items

(117.2)

(41.5)

Landfill closure and post-closure expenditures

(3.7)

(2.0)

167.8

173.5

Investing activities

Purchase of property and equipment

(386.2)

(314.6)

Proceeds from disposal of assets and other

5.3

3.7

Proceeds from divestitures

—

5,929.6

Business acquisitions and investments, net of cash acquired

(144.3)

(241.0)

Distribution received from associates and joint ventures

4.5

3.6

(520.7)

5,381.3

Financing activities

Repayment of lease obligations

(25.5)

(25.6)

Issuance of long-term debt

3,016.7

706.9

Repayment of long-term debt

(1,208.5)

(3,723.8)

Proceeds from termination of hedged arrangements

—

28.0

Payment of contingent purchase consideration and holdbacks

(14.4)

(2.4)

Repurchase of subordinate voting shares, inclusive of tax

(57.0)

(2,134.6)

Dividends issued and paid

(7.5)

(7.9)

Payment of financing costs

(13.8)

(0.1)

Repayment of loan to related party

—

(2.9)

1,690.0

(5,162.4)

Increase in cash

1,337.1

392.4

Changes due to foreign exchange revaluation of cash

13.5

11.0

Cash, beginning of period

85.6

133.8

Cash, end of period

$            1,436.2

$              537.2

SUPPLEMENTAL DATA

You should read the following information in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2025, as well as our Unaudited Interim Financial Statements and notes thereto for the three months ended March 31, 2026.

Revenue Growth

The following table summarizes the revenue growth in our segments for the period indicated:

Three months ended March 31, 2026

Contribution
from
Acquisitions

Organic
Growth

Foreign
Exchange

Revenue
Growth

Canada

1.3 %

7.2 %

— %

8.5 %

USA

5.1

3.4

(4.6)

3.9

Total

3.9 %

4.6 %

(3.1) %

5.4 %

Detail of Organic Growth

The following table summarizes the components of our organic growth for the period indicated:

Three months ended

March 31, 2026

Price

7.0 %

Surcharges

(0.6)

Volume

(1.2)

Commodity price

(0.6)

Total organic growth

4.6 %

Operating Segment Results

The following table summarizes our operating segment results for the periods indicated:

Three months ended

March 31, 2026

Three months ended

March 31, 2025

($ millions)

Revenue

Adjusted
EBITDA(1)

Adjusted
EBITDA
Margin(2)

Revenue

Adjusted
EBITDA(1)

Adjusted
EBITDA
Margin(2)

Canada

$      535.9

$      167.8

31.3 %

$      494.0

$      137.7

27.9 %

USA

1,107.9

373.2

33.7

1,066.1

360.2

33.8

Solid Waste

1,643.8

541.0

32.9

1,560.1

497.9

31.9

Corporate

—

(62.5)

—

—

(71.8)

—

Total

$    1,643.8

$      478.5

29.1 %

$    1,560.1

$      426.1

27.3 %

______________________________________

(1)

A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.

(2)

See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.

Net Leverage

The following table presents the calculation of Net Leverage as at the dates indicated:

($ millions)

March 31, 2026

December 31, 2025

Total long-term debt, net of derivative asset(1)

$            9,324.9

$            7,401.6

Deferred finance costs and other adjustments

(59.3)

(25.1)

Total long-term debt excluding deferred finance costs and other adjustments

$            9,384.2

$            7,426.7

Less: cash

(1,436.2)

(85.6)

7,948.0

7,341.1

Trailing twelve months Adjusted EBITDA(2)

2,037.3

1,985.0

Run-Rate EBITDA Adjustments(3)

148.6

172.6

Run-Rate EBITDA(3)

$            2,185.9

$            2,157.6

Net Leverage(2)

3.6x

3.4x

______________________________________

(1)

Total long-term debt includes derivative asset reclassified for financial statement presentation purposes to other long-term assets, refer to Note 7 in our Unaudited Interim Financial Statements.

(2)

A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures.

(3)

See "Non-IFRS Measures" for an explanation of the composition of non-IFRS measures and ratios.

Shares Outstanding

The following table presents the total shares outstanding as at the date indicated:

March 31, 2026

Subordinate voting shares

346,876,036

Multiple voting shares

11,812,964

Basic shares outstanding

358,689,000

Effect of dilutive instruments

17,064,348

Series A Preferred Shares (as converted)

5,950,390

Series B Preferred Shares (as converted)

8,832,105

Diluted shares outstanding

390,535,843

NON-IFRS RECONCILIATION SCHEDULE

Adjusted EBITDA

The following table provides a reconciliation of our net loss from continuing operations to EBITDA and Adjusted EBITDA for the periods indicated:

($ millions)

Three months ended

March 31, 2026

Three months ended

March 31, 2025

Net loss from continuing operations

$             (219.2)

$             (213.9)

Add:

Interest and other finance costs

139.6

210.4

Depreciation of property and equipment

273.7

257.9

Amortization of intangible assets

72.6

61.4

Income tax recovery

(53.0)

(52.4)

EBITDA

213.7

263.4

Add:

Loss (gain) on foreign exchange(1)

93.7

(5.7)

(Gain) loss on sale of property and equipment

(3.6)

3.2

Change in value on Call Option

10.0

—

Share of net loss of investments accounted for using the equity method(2)

60.7

55.3

Share-based payments(3)

37.6

58.4

Transaction costs(4)

9.8

21.2

Acquisition, rebranding and other integration costs(5)

9.2

1.5

Founder/CEO remuneration(6)

36.4

20.8

Other

11.0

8.0

Adjusted EBITDA

$              478.5

$              426.1

______________________________________

(1)

Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.

(2)

Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.

(3)

This is a non-cash item and consists of the amortization of the estimated fair value of share-based payments granted to certain members of management under share-based payment plans.

(4)

Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.

(5)

Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.

(6)

Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.

Adjusted Net Income (Loss) from Continuing Operations

The following table provides a reconciliation of our net loss from continuing operations to Adjusted Net Income (Loss) from continuing operations for the periods indicated:

($ millions)

Three months ended

March 31, 2026

Three months ended

March 31, 2025

Net loss from continuing operations

$             (219.2)

$             (213.9)

Add:

Amortization of intangible assets(1)

72.6

61.4

Amortization of deferred financing costs

2.7

23.4

Loss (gain) on foreign exchange(2)

93.7

(5.7)

Change in value on Call Option

10.0

—

Share of net loss of investments accounted for using the equity method(3)

60.7

55.3

Loss on termination of hedged arrangements(4)

—

30.5

Transaction costs(5)

9.8

21.2

Acquisition, rebranding and other integration costs(6)

9.2

1.5

Founder/CEO remuneration(7)

36.4

20.8

Other

11.0

8.0

Tax effect(8)

(57.4)

(37.0)

Adjusted Net Income (Loss) from continuing operations

$                29.5

$               (34.5)

Adjusted income (loss) per share from continuing operations, basic and diluted

$                0.08

$               (0.09)

______________________________________

(1)

This is a non-cash item and consists of the amortization of intangible assets such as customer lists, municipal contracts, non-compete agreements, trade name and other licenses.

(2)

Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.

(3)

Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.

(4)

Consists of gains and losses on the termination of hedged arrangements associated with the 3.750% 2025 Secured Notes, the 5.125% 2026 Secured Notes, the 4.250% 2025 Secured Notes and the 4.750% 2029 Notes.

(5)

Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.

(6)

Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.

(7)

Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.

(8)

Consists of the tax effect of the adjustments to net loss from continuing operations.

Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow

The following table provides a reconciliation of our cash flows from operating activities to Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow for the periods indicated:

($ millions)

Three months ended

March 31, 2026

Three months ended

March 31, 2025

Cash flows from operating activities

$              167.8

$              173.5

Less:

Operating cash flows from discontinued operations(1)

—

69.6

Cash flows from operating activities (excluding discontinued operations)

167.8

103.9

Add:

Transaction costs(2)

9.8

21.2

Acquisition, rebranding and other integration costs(3)

9.2

1.5

Founder/CEO remuneration(4)

36.4

20.8

Cash payments related to GFL Environmental Services transition services agreement(5)

3.8

—

Cash interest paid on early termination of long-term debt(6)

—

68.9

Distribution received from joint ventures

4.5

3.6

Other

7.1

—

Adjusted Cash Flows from Operating Activities

238.6

219.9

Proceeds on disposal of assets and other

5.3

3.7

Purchase of property and equipment

(386.2)

(296.5)

Adjusted Free Cash Flow (including incremental growth investments)

(142.3)

(72.9)

Incremental growth investments(7)

118.0

86.6

Adjusted Free Cash Flow

$               (24.3)

$                13.7

______________________________________

(1)

Consists of operating cash flows from discontinued operations. GFL Environmental Services was presented as discontinued operations. Refer to Note 17 in our Unaudited Interim Financial Statements.

(2)

Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future, and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.

(3)

Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.

(4)

Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.

(5)

Consists of cash payments to GFL for services provided to GFL Environmental Services based on the transition services agreement, which was satisfied in full on March 3, 2025 in connection with our divestiture of GFL Environmental Services.

(6)

Consists of interest and related fees on early repayment of revolving credit facility, Term Loan B Facility, 3.75% 2025 Secured Notes and 5.125% 2026 Secured Notes.

(7)

Consists of incremental sustainability related capital projects, primarily related to recycling and RNG.

SOURCE GFL Environmental Inc.

GFL Environmental Inc. (GFL:CA) Q1 2026 Earnings Call Transcript

, /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") announced the voting results from its annual and special meeting of shareholders held today virtually via live audio webcast.

Shareholders of the Company voted in favour of all items of business, including the election of each of the director nominees as follows:

Name of Nominee

Votes FOR

%

Votes WITHHELD

%

(a)  Patrick Dovigi

386,962,772

94.37 %

23,082,651

5.63 %

(b)  Dino Chiesa

290,459,529

70.84 %

119,585,894

29.16 %

(c)  Violet Konkle

399,051,297

97.32 %

10,994,126

2.68 %

(d)  Sandra Levy

292,568,479

71.35 %

117,476,944

28.65 %

(e)  Jessica McDonald

292,565,354

71.35 %

117,480,069

28.65 %

(f)  Arun Nayar

292,562,945

71.35 %

117,482,478

28.65 %

(g)  Paolo Notarnicola

274,887,295

67.04 %

135,158,128

32.96 %

(h)  Ven Poole

399,025,381

97.31 %

11,020,041

2.69 %

Final voting results on all matters voted on at the meeting will be filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

About GFL

GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.

For more information:
Patrick Dovigi
+1 905 326-0101
[email protected]

SOURCE GFL Environmental Inc.

The deal reflects Western Canada's busiest energy M&A cycle in nearly a decade.

CALGARY, Alberta--(BUSINESS WIRE)--RWT Capital Corp., one of Canada's leading boutique M&A firms with deep expertise in energy and industrial transactions, today announced the successful closing of the sale of H2Oil Energy Inc. to GFL Environmental Services Inc. RWT Capital acted as the exclusive sell-side advisor to H2Oil Energy throughout the transaction.

“Canada is being taken seriously as an energy superpower again, and the M&A market reflects that." —Reece Tomlinson, Founder and CEO of RWT Capital Corp

Share As one of Alberta's largest providers of fluid hauling, vacuum truck, H2S scrubbing, and turnaround services, H2Oil operates a fleet of more than 115 power units across northwestern Alberta and has built a reputation as a trusted partner to upstream oil and gas producers.

GFL Environmental Services Inc. is a diversified environmental services company headquartered in Vaughan, Ontario. The acquisition strengthens GFL’s footprint in Western Canada while giving H2Oil’s team and customers access to the scale and platform of one of North America’s largest environmental and waste management companies.

Reece Tomlinson, Founder and CEO of RWT Capital Corp., said the transaction reflects renewed confidence in Western Canada’s energy economy and continued momentum across the energy services sector. Canadian energy M&A recorded its busiest year in eight years in 2025, with total deal value reaching C$48 billion, more than four times the volume of the prior year, according to S&P Capital IQ data.

That momentum has carried into 2026, with the energy sector ranking first nationally in Q1 deal value at US$14.8 billion across 31 transactions, according to data from Bennett Jones and S&P Global Market Intelligence.

“Canada is being taken seriously as an energy superpower again, and the M&A market reflects that,” said Tomlinson. “Energy companies with real assets and trusted customer relationships, like H2Oil, are exactly what strategic acquirers are after right now.”

Tomlinson said growing interest from both domestic and international buyers is expected to continue driving consolidation across the mid-market energy services sector. RWT Capital continues to see strong momentum in the sector, supported by its track record of delivering above-market outcomes for clients across complex energy and industrial transactions.

“The megadeals have gotten the attention, but the mid-market is where the real activity is happening right now,” she said. “We’re seeing 36 percent of private and PE-backed companies in Canada actively planning acquisitions, and in energy services, the buyer pool for well-positioned regional operators has never been deeper.”

About RWT Capital Corp.

RWT Capital is a Canadian boutique M&A advisory firm with offices in Kelowna, Calgary, and Vancouver. The firm advises mid-market companies on sell-side, buy-side, and strategic transactions across a range of sectors, with particular depth in energy, industrials, infrastructure, and business services. With more than 130 completed mandates across 16+ countries, the firm brings deep regional knowledge and established relationships with strategic and financial buyers across North America.

GFL Environmental Inc. Logo (CNW Group/GFL Environmental Inc.)

OPAL Fuels Inc. logo (CNW Group/GFL Environmental Inc.) New Projects Expected to Add Approximately 15 Million GGEs of RNG Supply Capacity

, /PRNewswire/ - OPAL Fuels (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas and compressed natural gas (RNG/CNG) and GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL") announced today the advancement of construction for two new RNG facilities at the Stones Throw Landfill in Tallapoosa County, Alabama and the Grady Road Landfill in Polk County, Georgia.  The projects together represent nearly 2 million MMBTU of plant design capacity and are owned jointly, 50 percent each, by GFL and OPAL Fuels. 

OPAL Fuels has agreed to market and distribute the full output from the new RNG facilities through its expanding CNG/RNG dispensing network further advancing OPAL Fuels' strategy to drive profitable growth across both upstream production and downstream distribution. 

The new RNG facilities are designed to supply fuel for approximately 800 Class 8 heavy-duty tractors, with such fuel providing better economics than diesel and the added benefits of zero Scope 1 and Scope 2 emissions. The projects are well positioned to supply accelerating fleet conversion activity in the heavy-duty trucking sector which is being driven by higher and volatile diesel pricing, increased regulatory clarity regarding combustion engines, and the availability of next-generation natural gas engine platforms.

"The construction of these two facilities underscore OPAL Fuels' momentum in advancing our growth objectives with value accretive projects," said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. "Bringing new RNG production online amid accelerating fleet demand reinforces the strength of our vertically integrated model, connecting landfill partners to high-value end markets through our growing fuel station network. This work supports our focus on sustainable revenue growth, margin expansion, and creating long-term shareholder value."

"We are excited to continue building on our investments in RNG facilities at our landfills," said Patrick Dovigi, GFL's Founder and CEO.  "These projects support the achievement of GFL's GHG reduction goals including fueling our own CNG fleet from landfill gas produced at our landfills, in addition to generating strong, stable, risk-adjusted returns for many years into the future."

Using proven technology, the projects will capture methane generated from the natural decomposition of organic material at the Grady Road Landfill and the Stones Throw Landfill and convert it into RNG, a low-carbon, cost-effective transportation fuel.

About OPAL Fuels

OPAL Fuels (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to decarbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America's harmful methane emissions and decarbonize the economy, please visit www.opalfuels.com.

About GFL

GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.

Forward-Looking Statements

This release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements"), within the meaning of applicable U.S. and Canadian securities laws, respectively.  Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels' or GFL's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by OPAL Fuels and GFL and their respective management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in the OPAL Fuels' annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission and in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025, GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commission or similar regulatory authorities in Canada. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, OPAL Fuels and GFL expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in OPAL Fuels or GFL's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contact information for OPAL Fuels

Investors
Todd Firestone
Vice President, Investor Relations and Corporate Development
(914) 705-4001
[email protected]

Media
Harrison Feuer
Senior Director, Communications and Public Policy
(914) 721-3723  
[email protected]

Contact information for GFL
Patrick Dovigi
+1 905-326-0101
[email protected] 

SOURCE GFL Environmental Inc.

U.S. Global Investors CEO Frank Holmes joined Steve Darling from Proactive to discuss the resilience of the global travel industry and why recent volatility in airline and tourism stocks may present a compelling investment opportunity.

Holmes noted that while airline shares have faced pressure from geopolitical tensions and rising fuel costs, underlying travel demand remains robust. He pointed to strong passenger traffic and full flights as evidence that consumer appetite for travel continues to outweigh broader market concerns.

“The numbers are coming out, Steve, and they're quite dramatically more positive than the negative sentiment,” Holmes said, adding that airlines have largely been able to pass higher fuel costs on to travelers without significantly impacting demand.

The discussion focused on the company’s TripETF and broader trends across airlines, hotels, cruises, and tourism-related businesses. Holmes highlighted continued strength in international travel demand, particularly between North America, Europe, and Asia, despite ongoing geopolitical disruptions in parts of the world.

He also pointed to surging demand for tourism experiences globally, noting that destinations such as Machu Picchu and several major European museums have introduced visitor limits due to overwhelming tourism volumes. According to Holmes, luxury hotels continue to demonstrate strong pricing power, reflecting sustained consumer willingness to spend on premium travel experiences.

Holmes added that the upcoming 2026 FIFA World Cup is expected to provide a major tourism and hospitality boost across Canada, United States, and Mexico.

The interview also touched on challenges facing Spirit Airlines, including operational issues tied to aging aircraft fleets, rising energy prices, and customer service concerns. However, Holmes maintained that the broader travel sector continues to appear attractive from a valuation standpoint, suggesting that TripETF may represent one of the more undervalued opportunities in the market based on earnings and cash flow metrics.

#proactiveinvestors #usglobalinvestorsinc #nasdaq #TravelETFs #TRIPETF #FrankHolmes #USGlobalInvestors #AirlineStocks #CruiseStocks TravelIndustry #Airlines #Tourism #TripETF #Investing #Hospitality #TravelStocks #MarketOutlook

4:15pm: Micron tops $1 trillion valuation Stocks finished mixed on Tuesday, though the broader market continued its march higher as optimism around technology earnings and easing inflation worries kept investors in buying mode.

The Nasdaq jumped 312 points, or 1.2%, to close at a fresh record high of 26,656, while the S&P 500 added 46 points, or 0.6%, to end at another all-time high of 7,519. The Dow Jones Industrial Average lagged behind, slipping 118 points, or 0.2%, to 50,462.

Chipmaker Micron helped fuel the rally after its market capitalization topped the $1 trillion mark, adding to momentum in the AI-driven tech trade that has powered much of this year’s gains. Investors also found relief in the bond market, with Treasury yields pulling back as concerns about inflation temporarily cooled.

Corporate earnings continued to come in stronger than expected across several sectors, reinforcing confidence that businesses are still managing to grow despite higher interest rates and lingering economic uncertainty.

Meanwhile, energy markets remained on edge amid tensions surrounding the Strait of Hormuz, though investor sentiment improved after President Donald Trump said negotiations with Iran were “moving along well,” raising hopes that diplomacy could prevent a broader escalation in the region.

Overall, the tone on Wall Street remained cautiously upbeat, with investors balancing geopolitical risks against strong earnings, resilient economic data, and continued enthusiasm for artificial intelligence-related stocks.

3:40pm: Proactive news headlines Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) completed an initial drill program at its Elvira gold project in Chile targeting a large hydrothermal system with both epithermal gold and deeper copper-gold potential. Clinch Resources (TSX:CLCH) acquired its first Caterpillar highwall miner for use at its West Virginia operations to recover metallurgical coal resources that are uneconomic through conventional mining methods. Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) reported high-grade copper intercepts and positive metallurgical results from its Lion Zone deposit at the Nisk project in Quebec, supporting the inclusion of lower-grade material in its upcoming resource estimate. American Resources Corp (NASDAQ:AREC) said affiliate ReElement Technologies successfully purified tungsten concentrate to 99.9% purity using its proprietary processing platform, marking a rare domestic capability in the US. First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) released an updated mineral resource estimate for its Bégin-Lamarche project in Quebec showing a 378% increase in indicated resources following recent drilling. BioVie Inc (NASDAQ:BIVI, NASDAQ:BIVIW) completed enrollment in its Phase 2 ADDRESS-LC trial evaluating bezisterim for neurological symptoms linked to Long COVID, with topline results expected later this summer. Miivo Holdings Corp (TSX-V:MIVO) announced its shares have begun trading on the Frankfurt Stock Exchange, expanding the company’s access to European investors. Meren Energy Inc (TSX:MER, STO:MER, OTCQX:MRNFF) said investee company Impact Oil & Gas is restructuring its South African assets to sharpen focus on the Venus light oil discovery offshore Namibia ahead of a potential final investment decision this year. 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) reported gold grades of up to 46.1 grams per tonne at its Ogama-Rockland deposit in Manitoba, supporting expansion potential around its True North mining hub. 2:30pm: Market movers Micron Technology Inc (NASDAQ:MU) shares surged after a major bullish UBS call that more than tripled its price target, briefly pushing the memory chip maker’s market value above $1 trillion intraday. Oklo jumped after being selected by the US Department of Energy for advanced negotiations under a program to convert surplus plutonium into fuel for next-generation reactors. Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) completed an initial drill program at its Elvira project in Chile targeting a large hydrothermal system with both epithermal gold and deeper copper-gold potential. Ferrari (NYSE:RACE) fell after unveiling its first fully electric vehicle, the Luce, which drew criticism over its design and concerns about brand identity. Autozone Inc (NYSE:AZO) declined after reporting mixed quarterly results, with earnings beating expectations but revenue coming in slightly below forecasts. Clinch Resources (TSX:CLCH) gained after acquiring its first Caterpillar highwall miner for deployment in West Virginia to extract metallurgical coal that would otherwise be uneconomic to recover. 12:05pm: Strong gains The Nasdaq 100 and S&P 500 kicked off the week on a strong note, boosted by optimism over a potential U.S.-Iran agreement, according to Axel Rudolph, chief technical analyst at trading platform IG.

“Falling yields and retreating oil prices on hopes of a US-Iran ceasefire extension and possible agreement helped US stock indices kick off the week on a strong footing as traders returned from a long weekend," Rudolph noted. 

"The Nasdaq 100 and S&P 500 traded in record highs with the latter on track for its eight consecutive week of gains with tech stocks leading the way."

10:55am: Consumer confidence heads higher US consumer confidence edged higher in the latest Conference Board reading, rising to 93.1 and topping economists’ expectations of 92.

Despite lingering concerns about inflation and household budgets, some economists say the modest improvement in sentiment suggests consumers remain cautiously optimistic about the outlook for jobs and spending.

“Given the current pricing pressures, we would have expected a more dramatic decline in confidence. However, consumers feel the employment situation will improve by the end of the year,” said LPL Financial’s Jeffrey Roach.

“Hence, discretionary spending on items such as travel should increase after the temporary hold on spending. Many who said they are currently delaying purchases of discretionary items, plan to buy them in the next six months. GDP growth will likely dip as consumers are temporarily cautious, but we could expect a rebound in growth later this year if the geopolitical situation improves.”

10am: Tech stocks drive opening gains Opening Tuesday trades on Wall Street sent tech stocks and airlines higher.

The tech-powered Nasdaq Composite led the gains among the major indexes, jumping 270 points or 1% in initial trading to 26,615, less than a hundred points from its record high.  

The S&P 500 climbed 0.6% and the Dow Jones 0.1%.

Top risers on the Nasdaq 100 were chip and AI-linked stocks, with Micron Technology top of the early leaderboard, up 12.7%, followed by Marvell Technology and AppLovin, both up around 8%, then Western Digital, Analog Devices, Microchip Technology and Texas Instruments.

Amongst the Mag 7 giants, Nvidia, Alphabet, Apple and Amazon all edged sliightly higher, while Broadcom jumped almost 3% and AMD more than 4%. 

On the Dow, Honeywell, Caterpillar and Goldman Sachs were top risers, while UnitedHealth, Cisco, IBM, J&J and Chevron were a drag, with almost half of the 30-name index in the red. 

8am: Wall Street to play catch-up after long weekend US stocks are set to open higher after Monday’s Memorial Day holiday, catching up with strong gains elsewhere as investors tentatively welcome signs of progress towards a ceasefire deal between the US, Israel and Iran.

Nasdaq futures were the strongest, up 1%, while gains for the Dow Jones and S&P 500 were seen around 0.5-0.6%.

Markets rallied after Donald Trump said on Monday that a “memorandum of understanding” aimed at ending the US-Israel conflict with Iran had been “largely negotiated”, helping lift European indices by as much as 2% on Monday while Wall Street remained closed.

WTI crude futures have dropped below $91 a barrel, back to levels last seen in mid-April, but have climbed back to $92.60 in the early hours of Tuesday 

This was due to optimism being tempered after the US launched fresh strikes on southern Iran targeting missile launch sites and boats allegedly laying mines, in what Washington described as “defensive” action during the seven-week ceasefire.

The renewed tensions came despite senior Iranian negotiators travelling to Qatar for talks over frozen financial assets and a possible broader agreement with Washington.

Iran’s Revolutionary Guard, meanwhile, said it had downed a drone entering its airspace, while military officials warned any further US action would trigger a “far more severe” response extending beyond the region.

As for negotiations, Iran’s Foreign Ministry said that progress had been made, but no breakthrough had been reached.

US Secretary of State Marco Rubio said that negotiations were likely to take a few more days. 

"Meanwhile, persistent inflation concerns continue to strengthen the case for a more hawkish Federal Reserve stance," said market analyst David Morrison at Trade Nation, saying this and safe-haven demand are supporting the dollar currently.

He added that the Trump administration "was unhappy with the speed of progress, and this is what led to today’s limited attacks".

Despite this setback, futures remain green, indicating some investor optimism that peace is about to break out in the Gulf.

"Hopefully so, because there’s very little going on which has the potential to move markets this week," Morrison added.

US earnings season has seen reports from 94% of S&P 500 constituents as of Friday’s close, with a year-on-year earnings growth rate at 28.4%, according to FactSet, which would mark the highest earnings growth rate for the index since the end of Covid-rebound-fuelled 2021. 

Corporations updating this week include Marvell, Salesforce, Snowflake, Costco and Dell. The key economic data release is core PCE inflation on Thursday.

Calgary, Alberta--(Newsfile Corp. - May 27, 2026) - Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) ("Arrow" or the "Company"), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to announce the filing of its Interim Condensed (unaudited) Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2026, which are available on SEDAR (www.sedarplus.ca) and will also be available shortly on Arrow's website at www.arrowexploration.ca.

Q1 2026 Highlights:

Average corporate production of 4,715 boe/d (Q1 2025: 4,085 boe/d).

Recorded $23.5 million of total oil and natural gas revenue, net of royalties, representing a 21% increase when compared to the same period in 2025 (Q1 2025: $19.5 million).

Adjusted EBITDA(1) of $14.1 million, a 22% increase when compared to the same period in 2025 (Q1 2025: $11.5 million).

Realized corporate oil operating netbacks(1) of $41.05/bbl.

Cash position of $14.2 million at the end of Q1 2026.

Q1 2026 operating cashflows of $13.6 million.

Drilled three additional development wells in the Mateguafa Attic (M) field in the Tapir block

Net income of $5.2 million.
(1)Non-IFRS measures - see "Non-IFRS Measures" sectionbelow

Post Period End Highlights:

Drilled the Icaco-1 (IC-1) exploration well, which has resulted in a discovery of three oil bearing sands

Spud the Icaco-2 (IC-2) appraisal well which will help delineate the pool and determine initial volumes and areal extent of each individual oil producing zone

Drilled one additional Mateguafa Attic well (M-HZ12)

Cash Balance:

On May 1, 2026, the Company's cash balance was US$24 million. Arrow increased its cash balance while continuing capital expenditures and drilling activity demonstrating strong operating leverage and self-funded growth capability. This balance reflects a significant improvement in netbacks, due to higher crude oil prices and increases in the Company's production, even with continued capital expenditures.

Tapir Extension

The Company continues constructive engagement with authorities regarding the Tapir block extension and believes it is well positioned to secure the extension based on satisfaction all of the relevant requirements. Arrowwill keep the market updated on progress with its license extension discussions in future releases.

Upcoming Drilling

The Company has spud the IC-2 well, which is expected to be put on production over the coming weeks. Thereafter, the Company expects to continue drilling additional development wells at its Icaco field and recompletions in several Mateguafa Attic wells during Q2 2026.

Marshall Abbott, CEO of Arrow Exploration Corp., commented:

"The first quarter of 2026 has been very busy for Arrow. We completed additional development wells in the Mateguafa Attic and planned for the drilling the Icaco-1 exploration well, which proved very successful post period end. We are excited by the Icaco discovery and believe it could become a major production platform with a material impact on the Company."

"The focus for the remainder of 2026 will be to drill additional wells at the Icaco pad, drilling development wells on the Alberta Llanos and Carrizales Norte pads and numerous well recompletions to improve productivity in our currently most prolific fields."

FINANCIAL AND OPERATING HIGHLIGHTS

(in United States dollars, except as otherwise noted) Three months ended March 31, 2026Three months ended March 31, 2025Total natural gas and crude oil revenues, net of royalties  23,498,31619,506,125
   Funds flow from operations (1) 11,557,2239,745,553Funds flow from operations (1) per share -    Basic($) 0.040.03 Diluted ($) 0.040.03Net income 5,221,4702,663,764Net income per share -     Basic ($) 0.020.01 Diluted ($) 0.020.01Adjusted EBITDA (1) 14,060,45611,531,548Weighted average shares outstanding -     Basic ($) 285,864,348285,864,348 Diluted ($) 288,231,960294,094,348Common shares end of period 285,864,348285,864,348Capital expenditures 7,882,33511,379,180Cash and cash equivalents 14,215,68724,946,934Current Assets 37,870,07530,288,808Current liabilities  32,608,04419,252,474Adjusted working capital (1) 5,262,03111,036,334Long-term portion of restricted cash and deposits (2) 249,840129,849Total assets 111,547,34490,532,063
   Operating   
   Natural gas and crude oil production, before royalties   Natural gas (Mcf/d) 1,0781,851Natural gas liquids (bbl/d) 56Crude oil (bbl/d) 4,5303,770Total (boe/d) 4,7154,085
   Operating netbacks ($/boe) (1)   Natural gas ($/Mcf) ($0.73)($1.00)Crude oil ($/bbl) $42.82$42.29Total ($/boe) $41.05$38.66(1)Non-IFRS measures DISCUSSION OF OPERATING RESULTS

During Q1 2026, the Company's production increased due to additional volumes of oil crude production from the Mateguafa Attic field in the Tapir block, offset by decreased production in other fields due to natural declines. This has allowed the Company to continue its healthy level of operating results and EBITDA.

Average Production by Property

Average Production Boe/dQ1 2026FY 2025Q4 2025Q3 2025Q2 2025Q1 2025Oso Pardo9811495103131126Rio Cravo Este (Tapir)8811,0439961,0659961,118Carrizales Norte (Tapir)1,4241,9911,7021,8792,0702,321Alberta Llanos (Tapir)294474446943296205Mateguafa (Tapir)1,833127500---Total Colombia4,5303,7493,7393,9903,4933,770Fir, Alberta6710010785100105Pepper, Alberta118162129139170210KEHO, Alberta-1--5-TOTAL (Boe/d)4,7154,0123,9754,2143,7684,085The Company's average production for the three months ended March 31, 2026 was 4,715 boe/d which consisted of crude oil production in Colombia of 4,530 bbl/d, natural gas production of 1,078 Mcf/d, and minor amounts of natural gas liquids. The Company's Q1 2026 production was 15% higher than its Q1 2025 production and 19% higher than Q4 2025 due to the Mateguafa Attic additional volumes.

DISCUSSION OF FINANCIAL RESULTS

During Q1 2026, the Company realized prices of $63.77 per boe (2025: $60.48), due to overall increases in oil and natural gas prices during 2026 and increased production of lighter oil which is sold at a higher realized price than heavy oil.

Three months ended March 3120262025ChangeBenchmark Prices

AECO (C$/Mcf)$1.90 $2.19 (13%)Brent ($/bbl)$80.95 $71.47 13%West Texas Intermediate ($/bbl)$72.15 $71.40 1%Realized Prices

Natural gas, net of transportation ($/Mcf)$1.74 $1.51 15%Natural gas liquids ($/bbl)$111.74 $62.02 80%Crude oil, net of transportation ($/bbl)$65.89 $64.70 2%Corporate average, net of transport ($/boe)$63.77 $60.48 5%(1)Non-IFRS measureOPERATING NETBACKS

The Company also continued to realize good oil operating netbacks, as summarized below:

Three months ended
March 31
20262025Natural Gas ($/Mcf)

Revenue, net of transportation expense$1.74 $1.51 Royalties($0.10)($0.06)Operating expenses($2.36)($2.45)Natural gas operating netback(1)($0.73)($1.00)Crude oil ($/bbl)

Revenue, net of transportation expense$65.89 $64.70 Royalties($8.20)($7.76)Operating expenses($14.87)($14.65)Crude oil operating netback(1)$42.82 $42.29 Corporate ($/boe)

Revenue, net of transportation expense$63.77 $60.48 Royalties($7.90)($7.19)Operating expenses($14.83)($14.63)Corporate operating netback(1)$41.05 $38.66 (1)Non-IFRS measure  The operating netbacks of the Company for the three months ended March 31, 2026 have improved due to the overall improvement in crude oil. The Company continues to develop alternatives to trucking water for disposal in order to improve operating costs. During Q1 2026, the Company incurred $7.8 million of capital expenditure, primarily in connection with the drilling of additional development wells in the Tapir block. This tempo is expected to continue during the remainder of 2026, funded by cash on hand and cashflow.

For further Information, contact:  Arrow Exploration
Marshall Abbott, CEO+1 403 651 5995Joe McFarlane, CFO+1 403 818 1033

Canaccord Genuity (Nominated Advisor and Joint Broker)Henry Fitzgerald-O'Connor+44 (0)20 7523 8000James Asensio George Grainger  
Auctus Advisors (Joint Broker)Jonathan Wright +44 (0)7711 627449Rupert Holdsworth Hunt

Hannam & Partners (Joint Broker)Leif Powis+44 20 7907 8500Samuel Merlin
  Camarco (Financial PR) Owen Roberts +44 (0)20 3781 8331Rebecca Waterworth
About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branches of its 100% owned subsidiary Arrow Exploration Switzerland GmbH) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company's business plan is to expand oil production from some of Colombia's most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. Pursuant to certain private agreements entered between Arrow and its partner, Arrow is entitled to receive 50% of the production from the Tapir block and has the right to request approval to Ecopetrol S.A. for the assignment of 50% of all rights, interests and obligations under the Tapir Association Contract. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol "AXL".

Forward-looking Statements

This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continue", "expect", "opportunity", "plan", "potential" and "will" and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow's evaluation of the impacts of global pandemics, the potential of Arrow's Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow's business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Glossary

Bbl/d or bop/d: Barrels per day

$/Bbl: Dollars per barrel

Mcf/d: Thousand cubic feet of gas per day

Mmcf/d: Million cubic feet of gas per day

$/Mcf: Dollars per thousand cubic feet of gas

Mboe: Thousands of barrels of oil equivalent

Boe/d: Barrels of oil equivalent per day

$/Boe: Dollars per barrel of oil equivalent

MMbbls: Million of barrels

BOE's may be misleading particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bblis based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Non‐IFRS Measures

The Company uses non-IFRS measures to evaluate its performance which are measures not defined in IFRS. Working capital, funds flow from operations, realized prices, operating netback, adjusted EBITDA, and net debt as presented do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. The Company considers these measures as key measures to demonstrate its ability to generate the cash flow necessary to fund future growth through capital investment, and to repay its debt, as the case may be. These measures should not be considered as an alternative to, or more meaningful than net income (loss) or cash provided by operating activities or net loss and comprehensive loss as determined in accordance with IFRS as an indicator of the Company's performance. The Company's determination of these measures may not be comparable to that reported by other companies.

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298984

Source: Arrow Exploration Corp.

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American Resources Corp (NASDAQ:AREC) earlier this week announced that its subsidiary Electrified Materials Corporation has procured its first battery shredding line as part of an expansion into lithium-ion battery recycling focused on lithium iron phosphate (LFP) chemistry.

Speaking with Proactive, CEO Mark Jensen said Electrified Materials is designed to complement the company’s ReElement refining platform by preprocessing recycled materials and supplying feedstock for downstream recovery operations.

Proactive: News came out from the company dealing with your Electrified Materials Corporation, which is another subsidiary that you have. Before we go to the news, maybe just explain to everyone about that subsidiary.

Mark Jensen: Electrified Materials Corporation is 100% owned by American Resources. Since the divestitures of all the other businesses, American Resources is laser focused on investing and taking minority stakes in mining assets throughout the world, while Electrified Materials is on the other spectrum, where the recycling division is preprocessing recycled components to feed into the ReElement platform. Both are designed to feed ReElement with feedstock — one from recycling and one from mined ore. Electrified Materials is focused not only on magnet materials, but also germanium and other feedstocks, as well as batteries.

The news is that you've procured your initial battery shredding line as part of a big expansion. Tell us what you have right now and what this will lead to.

We've been aggregating lithium-ion batteries, mostly focused on LFP. There’s a strategic reason for that. The NMC market is a little crowded, and we believe we're the only ones that can economically monetize the entire value stream of LFP. We spent about five years looking at technology. People say the battery recycling space is crowded right now with a lot of DOE-funded projects, but the difference between us and them is that we can go all the way through the lifecycle. We also cared about using best-in-class technology and processes while doing it safely. There have been a lot of disasters in the battery recycling space, including explosions and facilities burning down. We wanted to wait until the technology matured before buying our first shredding application.

Explain why you focus on lithium iron phosphate battery chemistry specifically.

We recycle and produce black mass at Electrified Materials. We sell the copper, aluminum, ferrous and other materials in the battery itself. LFP doesn’t contain cobalt or nickel, so many battery recyclers can’t refine those materials and instead sell them as an intermediate product. For us, we can go all the way through to high-purity lithium carbonate. We know a number of commercial partners that need it for technical and commercial reasons. Given our partnership with ReElement and the sister relationship between the companies, we can monetize the black mass and produce lithium carbonate. We can make money not only by offering lower tolling or tipping fees to battery customers, but also by sharing in the economics of the lithium carbonate produced by ReElement.

How big is this sector, and is it growing rapidly?

Over the last few years you've seen a massive transformation in the battery space. A lot of people were looking at NMC batteries, but now everybody's moving to LFP. It’s a safer battery, much lower cost and doesn’t contain conflict minerals. Every data center has battery storage, EVs are switching to LFP, and energy storage systems are using LFP as well. With grid disruptions and alternative energy growth, batteries are needed to smooth out the grid. You're seeing a huge influx in the use of LFP batteries globally.

As part of this expansion, what timing are we looking at?

It’ll definitely start happening this year. We bought the equipment and it should be delivered in the next few months. It will be relatively small scale in 2026 and then continually ramp into 2027. We’re already collecting multiple tons of batteries weekly. We didn’t want to buy the shredding equipment until we had at least a year’s worth of supply on the ground, and we have that now. We continue taking batteries every day while waiting for the equipment and are expanding our collection footprint through partners and potential JV relationships.

Quotes have been lightly edited for style and clarity

Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF, FRA:8MH) earlier this week provided investors with an update on its Wyoming infrastructure strategy as the company advances plans to position itself within the rapidly expanding AI data center sector.

Speaking with Proactive, chairman Domenic Carosa said the company has secured land located directly opposite a Wyoming substation with access to as much as 200MW of potential power capacity. Carosa explained that while the site was initially intended for Bitcoin mining operations, Blockmate now sees a stronger long-term opportunity tied to artificial intelligence infrastructure.

Carosa said the growing demand for AI applications is driving a corresponding increase in demand for AI-focused data centers and power infrastructure. He noted that land positioned close to substations has become increasingly valuable because large-scale AI operations require substantial and reliable energy access.

According to Carosa, Blockmate has already begun discussions with several major hyperscalers and infrastructure groups regarding the Wyoming opportunity. Although specific counterparties were not identified, he indicated the company is engaging with globally recognized operators and strategic partners.

The chairman added that Blockmate is close to appointing an engineering firm to assist with expanding the zoning footprint and addressable area of the site. He suggested that successful rezoning and permitting efforts could materially improve the overall value of the property and increase development flexibility.

Carosa also revealed that the company plans to attend meetings in France with investors and potential development partners that have prior experience delivering AI infrastructure projects. He said those relationships could help accelerate Blockmate’s development timeline and broader strategic ambitions.

“Our view is that the better result for shareholders is to move that site into the AI space,” Carosa told Proactive.

Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) has presented new Phase 1b data for its azer-cel cell therapy at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, with responses recorded across six different blood cancer subtypes in patients who had not previously received CAR-T treatment.

The data was delivered during an oral presentation by University of Minnesota investigator Dr Supriya Gupta, a distinction reserved for a small proportion of submissions at the world's largest oncology conference. ASCO attracted more than 8,500 abstract submissions this year, with only a limited number selected for oral presentation.

Imugene said the presentation highlighted results from the CAR-T naïve cohort of its ongoing Phase 1b study evaluating azer-cel, an off-the-shelf allogeneic CAR-T therapy designed to treat relapsed or refractory CD19-positive B-cell malignancies.

Responses across multiple blood cancers A total of 25 patients received azer-cel in combination with low-dose interleukin-2 (IL-2), with 24 evaluable for response after their first disease assessment at Day 28.

Responses were observed across all six cancer subtypes included in the analysis:

Diffuse large B-cell lymphoma (DLBCL): 67% response rate Marginal zone lymphoma (MZL): 83% response rate Chronic lymphocytic leukaemia (CLL): 100% response rate Primary central nervous system lymphoma (PCNSL): 50% response rate Follicular lymphoma (FL): 100% response rate Waldenström macroglobulinaemia (WM): 100% response rate Managing director and CEO Leslie Chong said interest from clinicians and researchers following the presentation had been encouraging.

"These are some of the most rigorous scientific minds in oncology, and the engagement we saw reflects growing recognition of azer-cel and its potential to offer patients further treatment options,” she said. “We look forward to providing further updates as the data matures.”

Study expands into next cohort The ASCO presentation comes as Imugene advances the next stage of the study, which is evaluating azer-cel in combination with Bruton tyrosine kinase inhibitors (BTKi).

Last week, the company announced it had dosed the first patient in Cohort 3 of the Phase 1b trial, marking the start of testing for the combination approach in patients with relapsed or refractory B-cell malignancies.

The broader trial includes both CAR-T naïve patients and those whose disease has relapsed or become refractory following previous CAR-T treatment. According to Imugene, the study is currently active across 10 sites in the United States and five sites in Australia.

Azer-cel is the company's lead cell therapy candidate and is being developed as an allogeneic, or donor-derived, CAR-T treatment that can be manufactured in advance and supplied off the shelf, potentially overcoming some of the logistical challenges associated with personalised autologous CAR-T therapies.

The company has previously reported strong early responses from the trial ahead of ASCO, with the latest presentation providing a more detailed look at outcomes across individual blood cancer subtypes as the program progresses through dose-expansion cohorts.

NewPeak Metals Ltd (ASX:NPM, OTC:NPMFF, FRA:NPM) earlier this week provided an update on exploration activities across its Australian and Argentinian gold projects, with managing director Mark Purcell outlining encouraging drilling results at the Tansey gold project in Queensland and ongoing exploration at Las Opeñas in Argentina.

Speaking with Proactive, Purcell said the company recently completed an approximately 1,200 metre drilling program across four holes at Tansey, targeting extensions beneath historical underground workings abandoned in the 1940s.

According to Purcell, the initial objective was straightforward — determine whether gold mineralisation continued beneath the historic mine. He reported that drilling confirmed the mineralisation does extend at depth, providing encouragement for the company’s exploration model.

Purcell noted that historical exploration in the district had been relatively limited, with only shallow drilling completed since the mine ceased operations decades ago. He said NewPeak Metals’ work represented some of the first meaningful drilling beneath the historical workings.

Importantly, the company also intersected a previously unidentified parallel structure during the campaign. Purcell suggested this may indicate the presence of a broader mineralised system extending across the district rather than isolated pockets of mineralisation.

The company is now preparing follow-up drilling programs aimed at both resource definition and broader regional exploration. Purcell said NewPeak Metals intends to integrate geological and structural data gathered from the recent campaign to identify larger-scale targets within the wider project area.

At the Las Opeñas gold project in Argentina’s San Juan Province, New Peak Metals has commenced a 2,500 metre drill campaign targeting a large mineralised system. Purcell described the target area as approximately eight kilometres long and 600 metres wide at surface scale.

Historic drilling completed prior to NewPeak Metals acquiring the project returned broad gold intercepts including more than 100 metres grading 0.58 grams per tonne gold. Purcell said the combination of historic drilling, surface mineralogy and geological indicators supports the potential for a significant gold discovery.

“We have several historic hits showing those sort of long intercepts,” Purcell said, adding that geological observations suggest “there’s a lot of smoke”.

Potential catalysts for the company include further assay results from both Tansey and Las Opeñas, expanded drilling campaigns and possible future resource definition work at Tansey.

Purcell also highlighted the company’s relatively low market capitalisation, arguing this could provide leverage to exploration success across its dual-jurisdiction gold portfolio.

Interview highlights NewPeak Metals completed a four-hole, 1,200 metre drill campaign at the Tansey gold project in southeast Queensland. Drilling confirmed gold mineralisation extends beneath historical underground workings from the 1940s. Historical exploration at Tansey has been limited, with little deep drilling completed before NewPeak Metals’ campaign. The company identified a previously unknown parallel mineralised structure during drilling. Management believes Tansey could represent part of a much larger gold system across the district. Follow-up drilling is being planned to support potential resource definition work. NewPeak Metals also commenced a 2,500 metre drill campaign at the Las Opeñas gold project in San Juan, Argentina. Historic drilling at Las Opeñas returned broad gold intercepts including more than 100 metres at 0.58g/t gold. The company believes geological indicators support the potential for a large-scale gold system in Argentina. Managing Director Mark Purcell highlighted the company’s low market capitalisation and existing exploration success as potential upside drivers for investors. Proactive: Welcome back to Proactive Investors. Ladies and gentlemen, I'm your host, Kerry Stevenson. I've asked Mark Purcell, managing director of NewPeak Metals, ASX code NPM, to join us. The company has a gold project in Argentina and another in southeast Queensland called the Tansey gold project. The company has received results back from Tansey and is conducting drilling in Argentina. Great to have you back on the program, Mark.

Mark Purcell: Good to see you.

Proactive: Latest news is this four-hole drill campaign at Tansey. Talk to us about Tansey and why investors should be taking notice.

Mark Purcell: We’ve just finished approximately 1,200 metres across four boreholes at Tansey. We acquired the asset fairly cheaply and our objective was simple. There’s an underground mine abandoned in the 1940s and we wanted to test whether the mineralisation extended beneath it. It certainly does, so we’re thrilled with those results.

Proactive: Has much work been done there since the 1940s?

Mark Purcell: The mine reached over 80 metres deep, which was significant for that era. The Queensland Government completed some drilling around 1969 and there have been a few shallow RC holes near surface, but no meaningful drilling beneath the mine to test the depth extensions.

Proactive: How large is your landholding there? Are you only focused on the South Burnett mine area?

Mark Purcell: The mine was the obvious place to start, but we have a much larger holding across the district. Around 1,000 metres north there’s another set of workings called Star of Dawn. During this drill program we clipped a parallel structure we didn’t know existed, which gives us hope that this could be one large mineralised system rather than isolated workings.

Proactive: What are the next steps?

Mark Purcell: We want to design a program targeting a potential resource while incorporating the geological data we’ve gathered. We’ll also review historical surface work to identify larger structures across the area.

Proactive: Is it a complex geological system?

Mark Purcell: It’s a little different because it’s a shear zone system. Many deposits form where the earth pulls apart and fluids fill the gaps, but this one is compressional where everything has been crushed together. The grain size is very fine and the geological forces involved were significant.

Proactive: So a larger drill campaign is likely?

Mark Purcell: Yes. We want to assess the broader district opportunity while also undertaking a second drill program specifically targeting a potential resource.

Proactive: Let’s talk about Las Opeñas in Argentina. What’s happening there?

Mark Purcell: We’re underway with a 2,500 metre drill program. The bracketed target area measures around eight kilometres by 600 metres at surface scale, so it’s enormous. Historic drilling before we acquired the project returned more than 100 metres at 0.58 grams per ton gold. We’re trying to determine whether there’s a very large-scale gold deposit there.

Proactive: Why do you believe there could be a major gold deposit?

Mark Purcell: We have several historic long intercepts grading around one gram per tonne gold, combined with encouraging geology and mineralogy at surface. There’s a lot of smoke and we want to find the fire.

Proactive: You’ve been Managing director for about a year now. What attracted you to New Peak Metals and why should investors be paying attention?

Mark Purcell: We have two gold projects in strong jurisdictions — San Juan in Argentina and Queensland in Australia. Both projects already have either drill intercepts or historical workings, so we’re not starting from scratch. Our market capitalisation is currently at a very low base, which we believe provides significant upside potential.

Proactive: There you have it. This is NewPeak Metals, ASX code NPM. Drill programs are underway and results will continue to come through. Thanks for joining me, Mark.

Mark Purcell: Thanks, Kerry. Appreciate it.

Fortifai Ltd (ASX:FTI, OTC:FTILF, FRA:9UQ0) has appointed seasoned Silicon Valley executive Kelly Herrell as chief executive officer of the company and its AI infrastructure subsidiary Nol8, effective June 1, 2026.

Herrell brings 30 years of operating experience in technology infrastructure, with a track record of scaling disruptive software and silicon-based businesses from early-stage growth through to IPO and acquisition exits. He has held senior roles across companies that have collectively generated more than US$12 billion in M&A and IPO exit value.

He was an early executive at CacheFlow, which listed on NASDAQ at a US$6 billion valuation and later became Blue Coat Systems, before being acquired by Symantec for US$4.65 billion.

At Cobalt Networks, he helped scale revenue from US$20 million to US$70 million in 18 months and supported preparations for its US$6 billion NASDAQ IPO before the company was acquired by Sun Microsystems for US$2 billion.

Herrell also served as CEO of Vyatta, where he helped build the company’s software-defined networking strategy before its acquisition by Brocade Communications in 2012.

"We set out to find a CEO who has done this before — taken a deeply technical, infrastructure-layer technology and built it into a company that competes with and displaces incumbents at scale. Kelly has done exactly that, multiple times, across three decades. His track record of category creation, his ability to translate complex technology into enterprise value, and his network across the Fortune 500 make him the right leader to take Nol8 to market globally," Co-Founder and CTO, Nol8 Alon Rashelbach said.

Focus on taking Nol8 global The new CEO will lead the commercialisation and global go-to-market strategy for Nol8’s AI Data Plane technology.

Most recently, he was CEO of Hazelcast from 2018 to 2024, a real-time data processing platform used by major banks and financial institutions.

Herrell said Nol8 fitted the same model that had underpinned his previous roles: identifying a fast-growing infrastructure challenge, developing a new product category and scaling it through disciplined go-to-market execution.

"Every company I have built or scaled has centred on the same methodology, identify a rapidly-growing pain point in technology infrastructure, deliver an innovative new category of product that eliminates the pain, and dominate that category through go-to-market execution. Nol8’s AI Data Plane precisely fits that formula, addressing a massive need to fuel AI Agents with the immense amounts of data they require. The technology is extraordinary, the founding team is world-class, and the market timing is right. I am here to build the go-to-market engine that turns this technology into a category-defining company."

What FortifAI and Nol8 do Nol8 is developing an FPGA-accelerated AI Data Plane designed to process, inspect, classify and act on data in real time at scale.

The technology uses proprietary neural-network architecture implemented in silicon and has potential applications across cybersecurity, financial services, telecommunications and other data-intensive sectors.

FortifAI is focused on artificial intelligence and advanced computing. Alongside Nol8, the company also has a portfolio of video games and is seeking to use AI to target technology efficiencies and growth opportunities.

What’s next Herrell’s appointment comes as FortifAI looks to advance Nol8’s technology and build commercial partnerships.

His long-term incentive package includes milestones linked to demonstrating more than three times data-per-dollar performance against industry-standard CPU pattern matching, delivering a streaming data validation MVP and securing at least two binding design partnership agreements.

ReNerve Ltd (ASX:RNV, OTC:RNVEF) has executed a distribution agreement with Swedish Trading Company Limited (STC) to commercialise its NervAlign products across Hong Kong, Macau and the Greater Bay Area.

The agreement follows ReNerve’s recently announced expanded product approval across the jurisdictions and covers a combined addressable population of about 88 million people.

Agreement targets key regional markets Under the terms of the agreement, STC will manage importation, warehousing, marketing, sales and distribution of ReNerve products across Hong Kong, Macau and the Greater Bay Area.

ReNerve will provide clinical and technical support, training and regulatory liaison.

The agreement is exclusive for an initial three-year term and includes performance milestones and renewal options.

ReNerve and STC are currently shipping the first stocking orders to the Hong Kong region.

Established medical device network STC is a Hong Kong-based medical device distributor with an established commercial presence across the region.

The company represents complementary international healthcare brands and maintains direct relationships with major hospital and clinical networks.

"Securing a distribution partner of STC's calibre is a significant milestone for ReNerve and a direct result of the expanded regulatory approval we recently received across the region. STC has deep relationships with key clinical networks and hospital systems across the region, and we believe they are the ideal partner to drive rapid and effective market penetration for ReNerve," said Dr Julian Chick, ReNerve CEO.

"The Greater Bay Area of Hong Kong represents one of the most dynamic and well-resourced healthcare markets in Asia, and this agreement positions us to capture meaningful commercial traction in a region where the unmet need in nerve repair is important for ReNerve.. We look forward to working closely with the STC team to bring ReNerve to patients across this region."

Greater Bay Area opportunity The Guangdong–Hong Kong–Macau Greater Bay Area comprises 11 cities with a combined GDP of about US$2 trillion and a population of more than 88 million people.

ReNerve said the region had seen significant investment in healthcare infrastructure and was recognised as a priority market for innovative medical technologies under China’s national health strategy.

The company is developing products for peripheral nerve injury repair, including its NervAlign nerve repair technologies.

What’s next

With the distribution agreement now executed, ReNerve and STC are moving to supply initial stocking orders into Hong Kong.

The companies will work together on market entry activities, including clinical engagement, surgeon training and commercial rollout across Hong Kong, Macau and the Greater Bay Area.

MIAMI, March 31, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (NASDAQ: ASLE) (the “Company”), a leading global provider of aviation aftermarket products and services, announced the lease of a Boeing 757-200 Precision Converted Freighter (PCF) aircraft to Stratos Freight, an emerging all-cargo airline based in Tashkent, Uzbekistan.

Stratos Freight is strategically positioned at the intersection of Asia and Europe, operating along key trade routes connecting China, the Middle East, and Europe. The addition of the Boeing 757-200PCF enhances the airline’s medium-widebody freighter fleet and supports its growing scheduled and charter cargo operations throughout Central Asia and beyond.

“The Boeing 757 freighter continues to be a highly versatile and efficient platform for regional cargo operations,” said Craig Wright, AerSale’s Senior Vice President and Head of Asset Management. “We are pleased to partner with Stratos Freight as they expand their network and strengthen their position in a rapidly growing logistics market. This lease reflects AerSale’s ability to deliver tailored asset solutions that meet the evolving needs of cargo operators worldwide.”

The Boeing 757-200PCF offers a unique combination of payload capability, range, and operating economics, making it well-suited for express and regional cargo missions. Its deployment with Stratos Freight is expected to enhance connectivity across high-demand trade lanes where efficiency and reliability are critical.

“We are excited to welcome the Boeing 757-200PCF into our fleet,” said Captain Mukhtar T. Khaitov, CEO of Stratos Freight. “This aircraft will play a key role in expanding our operational capabilities and supporting our mission to deliver efficient, reliable cargo solutions across Central Asia and key international markets.”

This transaction underscores AerSale’s integrated business model, leveraging its expertise in aircraft leasing, freighter conversions, and asset management to deliver value-driven solutions to airline partners globally.

About AerSale

AerSale serves airlines operating large jets manufactured by Boeing, Airbus and McDonnell Douglas and is dedicated to providing integrated aftermarket services and products designed to help aircraft owners and operators to realize significant savings in the operation, maintenance and monetization of their aircraft, engines, and components. AerSale’s offerings include Aircraft & Component MRO, Aircraft and Engine Sales and Leasing, Used Serviceable Material sales, and internally developed ‘Engineered Solutions’ to enhance aircraft performance and operating economics (e.g. AerSafe®, AerTrak®, and AerAware™ Enhanced Flight Vision System).

About Stratos Freight
Stratos Freight is all-cargo airline based in Tashkent, Uzbekistan, strategically positioned at the crossroads of Asia and Europe. They specialize in high-efficiency airfreight services, offering scheduled and charter operations across major logistics routes connecting China, the Middle East, and Europe.

Media:
For more information about AerSale, please visit our website:www.AerSale.com.
Follow us on: LinkedIn | Twitter | Facebook | Instagram

AerSale: Jackie Carlon
Telephone: (305) 764-3200

Email: [email protected]

Investor:
AerSale: [email protected]
Source: AerSale Corporation

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/556dbcd5-abb3-4f31-a639-4b7b8fd98208

AerSale Boeing 757-200 PCF Boeing 757-200 Precision Converted Freighter