2024 Letter from the Chief Executive Officer

Thank you for your interest in Waste Connections and our sustainability-related objectives, which we consider integral to our business and aligned with our focus on value creation for all stakeholders. In this annual update, you will read about our vision to Connect with the Sustainable Future — how we put sustainability into practice.

We are pleased to be on track to achieve our long-term aspirational targets, including a 40% reduction in emissions intensity since 2019. We will continue to raise the bar by evaluating our annual progress and making forward-looking investments, such as our recent introduction of fully electric garbage trucks being tested in New York City. Our targeted efforts Serve Our People through employee engagement, Serve the Planet by expanding our contributions within the circular economy, and Serve Our Communities through WCN Cares, which provides ongoing philanthropy, volunteering and community support.

We recognize the dedication of our 24,000 employees in driving our 2023 results, most notably in safety incident rates and in voluntary turnover, both of which stepped down in 2023, with momentum for continued improvement in 2024. Additionally, we expanded our resource recovery in 2023 through increases in recycling and biogas recovery with beneficial use, including from our portfolio of new renewable natural gas (RNG) facilities under development at our landfills.

At Waste Connections, we are always looking ahead — Connecting with the Sustainable Future — as we implement a strategy that has served us well for over 27 years. We encourage you to learn more about our ongoing efforts towards initiatives to benefit the environment and the communities we have the privilege to serve, empower and engage our employees, while also driving growth and value creation for our shareholders.

Thank you again for your interest in sustainability at Waste Connections.

Photo of CEO - Ronald J. Mittelstaedt

Ronald J. Mittelstaedt President and Chief Executive Officer

2023 Highlights


11.2%
revenue growth
+70
Basis Points Adjusted EBITDA1 margin expansion
22%
improvement in voluntary turnover
7%
improvement in safety (incident rate)
41%
reduction in emissions intensity from 2019 baseline
13.5%
total shareholder return2
  1. Non-GAAP measure. See Non-GAAP Measures on pages 74-76 of our Annual Report on Form 10-K for the year ended December 31, 2023.
  2. Total Shareholder Return “(TSR)” defined as profit generated from all share appreciation and dividends. Source: FactSet financial data and analytics and historical dividends.

Advancing the Circular Economy


LandfillGasWasteCollectionLandfill Recycling LandfillGasBeneficialUse PlantOrganics

Our vision
of the circular
economy
emphasizes
the beneficial
reuse of your
waste

1.
2.
3.
4.
We provide the grid with enough renewable natural gas or electricity to power 24,610 garbage trucks or ~312,000 homes per year
Municipal solid waste landfills generate biogas, which we aim to collect and treat for beneficial use
Source separated food and yard waste can be beneficially converted to energy or compost material
We process and recycle millions of tons of post-consumer plastics, fibers and metals, reducing the need for virgin materials

Environmental, social and governance (ESG) objectives are integral to our strategy to drive value creation for all stakeholders.


People
22%
improvement in voluntary turnover in 2023
Total Recordable Incident Rate (TRIR) record
50%
better than industry average
25%
increase in trainings offered in 2023
>2,000
commercial driver in-house training capacity

PLANET
41%
Improvement in emissions intensity since 2019
Operational offsets exceed our emissions by
>4x
$500M
commitment to sustainability objectives, including $200 million toward RNG plants
>90M
gallons of PFAS removal capacity from leachate

COMMUNITY
>$2M
raised at 2024 WCN Golf Classic for Kids
>10,000
bikes and helmets delivered to children in 2023
~$7M
in total charitable donations in 2023
Opened the Sustainability Campus at Champ Landfill

Governance
Board of Directors provides oversight of ESG targets
ESG targets incorporated into management compensation
50%
Board diversity by gender and ethnicity
~40%
Board member refreshment in last five years

Our Journey

2024

  • Commenced operation of several RNG plants and one advanced recycling facility
  • Delivered first electric vehicles
  • Opened Sustainability Campus at Champ Landfill

2023

  • Doubled Scope 1 and 2 emissions reduction target to 30%
  • Initiated Science-Based Target initiative (SBTi) review
  • Achieved Board gender diversity target of 30%

2022

  • Added new emissions targets seeking an absolute reduction and further improvement in emissions intensity
  • Added TCFD framework
  • Disclosed EEO-1 data
  • Introduced Sustainability Data Hub

2021

  • Incorporated ESG targets into management compensation
  • Expanded disclosure of Environmental, Human Rights and Cybersecurity policies

2020

  • Introduced ESG targets with Board oversight
  • Committed $500M to achievement of targets
  • Appointed VP — Engineering & Sustainability

2019

  • Added Diversity Policy
  • Added SASB framework

2018

  • Introduced Sustainability Report
  • Disclosed GRI framework with Scope 1, 2 and 3 data