GFL Environmental Concludes Review of Unsolicited Inbound Proposals; Board Unanimously Reaffirms Strategy to Remain Public

Dino Chiesa, Chair of the Special Committee at GFL Environmental

“Following a thorough review with our independent advisors, the Special Committee concluded that while the range of valuations proposed were based on a premium to where GFL currently trades, that is not reflective of the full value of our standalone strategy.”

Dino Chiesa, Chair of the Special Committee at GFL Environmental

“The Board is unanimous in its conviction that GFL's standalone growth plans offer far superior risk-adjusted returns for shareholders.”

Dino Chiesa, Chair of the Special Committee at GFL Environmental

“I want to emphasize that the Board is focused on unlocking value for all shareholders through the ongoing execution of the Company's strategic plan.”

Dino Chiesa, Chair of the Special Committee at GFL Environmental

“We remain open to considering any proposal that is in the best interests of shareholders, if it recognizes the intrinsic value of the Company.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“The Company has never had a better outlook.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“We see a clear path to achieving the targeted improvements to adjusted EBITDA margin and free cash flow conversion laid out at investor day and longer term, those targets are by no means a ceiling for us.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“Our free cash flow profile has meaningfully inflected, which should allow for a doubling of free cash flow per share over the next five years.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“Additionally, the enhanced free cash flow provides ultimate financial flexibility for capital deployment, allowing for robust levels of M&A, organic growth investment, and return of capital to shareholders, all while maintaining our net leverage target.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“For the first time in our history, we will have flexibility in our capital allocation strategy, including opportunistic share repurchases on a recurring basis.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“Over the last 20 years, we have built a resilient, market-leading environmental services platform that has consistently performed quarter after quarter across all economic cycles.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“This process has allowed us to meaningfully engage with our shareholder base and examine our business through the lens of world class investors, reinforcing our conviction in our ability to continue to execute on our growth strategy and maximize long-term equity value for all shareholders.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“While the Special Committee has concluded its process, we understand that certain parties remain interested in acquiring some or all of the stakes held by our financial sponsor shareholders and we will facilitate that process as required.”

Patrick Dovigi, Founder and Chief Executive Officer of GFL Environmental

“The continued strong interest from leading global institutional investors is a testament to the hard work of our team and demonstrates the exceptional quality of the business we have built.”