- Achieved Full-Year 2025 Adjusted EBITDA of $501 million;
- Returned $373 million to shareholders in 2025 through dividends and the repurchase of 8% of outstanding shares
- Provides 2026 Adjusted EBITDA guidance of $520–$550 million
- Board approval of a 5% increase to the quarterly dividend rate to $0.105 per share
CALGARY, AB, Feb. 20, 2026 /CNW/ – SECURE Waste Infrastructure Corp. (“SECURE” or the “Corporation”) (TSX:SES), a leading waste management and energy infrastructure company, reported today its operational and financial results for the three and twelve months ended December 31, 2025, and provided financial guidance for 2026.
“2025 demonstrated the resilience and quality of SECURE’s infrastructure-backed business model. From a macro perspective, it was a challenging year across our markets, but our teams executed with discipline, controlled costs, and continued to deliver reliable service to our customers,” said Allen Gransch, President and Chief Executive Officer. “Despite a volatile macro backdrop, softer commodity prices, and near-term headwinds in metals recycling, we grew Adjusted EBITDA to over $500 million, generated strong free cash flow, and continued to return significant capital to shareholders. Our 5% dividend increase underscores our confidence in the strength and sustainability of the business.”
“As we enter 2026, we are well positioned for growth as several long-cycle, contracted infrastructure projects come online, metals recycling performance improves, and our core waste network continues to benefit from recurring production and industrial activity. We will continue to invest in high-return, infrastructure-backed organic projects as we expand our network to meet the growing needs of our customers. Based on current visibility, we expect to generate Adjusted EBITDA of $520 to $550 million in 2026, while maintaining disciplined capital allocation, a strong balance sheet, and financial flexibility.”
FOURTH QUARTER RESULTS
- Generated revenue of $372 million and net income of $53 million ($0.24 per basic share)
- Achieved Adjusted EBITDA(1) of $135 million ($0.62 per basic share), up 15% year over year (24% on a per share basis)
- Delivered strong funds flow from operations of $118 million ($0.54 per basic share) and discretionary free cash flow(1) of $84 million ($0.39 per basic share), supporting the continued execution of SECURE’s capital allocation priorities.
- Advanced key organic growth projects, including:
- Two fully contracted produced water disposal facilities in the Montney region, with the first facility commissioned during the fourth quarter and the second expected to be in service in Q1 2026;
- The reopening of an industrial waste processing facility in Alberta’s Industrial Heartland, expected to be completed by the end of Q2 2026; and
- Continued optimization and expansion of metals recycling logistics.
- Returned significant capital to shareholders through dividends and share buybacks, while maintaining significant financial flexibility.
- Declared and paid a quarterly dividend of $0.10 per common share, representing a yield of approximately 2% on our current share price.
- Repurchased 932,200 common shares at a weighted average price of $17.16 per share for $16 million under the Corporation’s Normal Course Issuer Bid (“NCIB”). The NCIB was renewed in December 2025, allowing the Corporation to repurchase up to 10% of its public float over the subsequent 12-months.
- Ended the year with a Total Debt to Adjusted EBITDA(2) covenant ratio of 2.1x (1.8x excluding leases), providing flexibility to fund growth, return capital, and pursue selective tuck-in acquisitions.
- Closed offering of $300 million aggregate principal amount of 5.75% senior unsecured notes due November 20, 2032. The net proceeds of the offering were used to repay existing indebtedness under the Corporation’s senior secured revolving credit facility.
ANNUAL RESULTS
- Generated $1,472 million of revenue and net income of $123 million ($0.55 per basic share).
- Generated full-year Adjusted EBITDA of $501 million ($2.24 per basic share), reflecting growth on an absolute basis despite a softer operating environment. Driven by the significant share repurchases in 2024 and 2025, Adjusted EBITDA on a per share basis increased 17%.
- Generated funds flow from operations of $378 million ($1.69 per basic share), and discretionary free cash flow of $273 million ($1.22 per basic share).
- Deployed $138 million of organic growth capital, exceeding the original expectation of approximately $75 million, as customer demand accelerated and project scopes expanded. Growth capital spending in 2025 was approximately 10% or $13 million above the revised guidance of $125 million provided last quarter, reflecting the advancement of two produced water disposal expansions at existing facilities in December that we will continue to incur costs on and complete in 2026.
- Repurchased 18,989,290 common shares at a weighted average price per share of $14.96 for a total cost of $284 million, reducing total shares outstanding in the year by 8%.
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Non-GAAP financial measure or Non-GAAP ratio. Refer to the “Non-GAAP and other specified financial measures” section herein. |
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Calculated in accordance with the Corporation’s credit facility agreements. Refer to the Q4 2025 Management’s Discussion and Analysis (“MD&A”). |
SUBSEQUENT EVENTS
- The Corporation has continued litigation with Canadian Energy Services L.P. (“CES”) regarding certain patented drilling fluid technology (the “Patent”) dating back to 2018. SECURE was confirmed as the owner of the Patent after CES’s appeals were dismissed by the Federal Court of Appeal in April of 2025 and by the Supreme Court of Canada on January 28, 2026. After the Federal Court of Appeal’s confirmation of SECURE’s ownership of the Patent, SECURE filed an infringement claim against CES on May 22, 2025, alleging damages of at least $100 million. The litigation is at an early stage and outcomes remain uncertain.
- The Corporation’s Board of Directors approved a 5% increase to the quarterly dividend rate to $0.105 per share, further demonstrating confidence in the strength and resilience of the business. SECURE expects the revised rate to apply beginning with the Q2 2026 dividend paid in April, subject to future declaration.
VOLUNTARY CHANGE IN ACCOUNTING POLICY
In the fourth quarter, SECURE implemented a voluntary accounting policy change related to the presentation of our oil purchase and resale activities and certain commodity-related derivative instruments. As a result, we now present realized and unrealized gains and losses from physically settled commodity contracts and related derivatives on a net basis within revenue, rather than presenting gross proceeds and offsetting costs. SECURE’s management and Board of Directors believes this provides a clearer view of SECURE’s underlying, infrastructure-driven earnings and improves the transparency and comparability of our reported results for investors.
OUTLOOK
As of early 2026, SECURE is operating with strong momentum, supported by the commissioning of contracted organic growth projects, improving performance in the metals recycling business, and continued stability across our core waste management and energy infrastructure network.
Global energy and industrial markets remain influenced by geopolitical and macroeconomic uncertainty, including evolving developments in major hydrocarbon-producing regions, continued trade tensions and tariff-related disruptions. While these factors continue to impact market sentiment and certain end markets, the direct exposure to SECURE’s business remains limited. The Corporation’s infrastructure-backed model, high proportion of ongoing production and industrial-linked volumes, and long-term contracted assets continue to provide stability through market cycles and support resilient, recurring cash flows.
Customers across SECURE’s network remain disciplined in their capital and operating decisions, prioritizing efficiency and free cash flow generation amid a cautious macro environment and lower commodity prices. Canadian oil and gas production continues to demonstrate resilience, supported by structurally low break-even economics, with the median Canadian production company requiring approximately US$50/bbl WTI to fund maintenance capital and base dividends. This capital discipline supports stable production levels even in a sub-US$60/bbl environment.
Improved market access is further strengthening netbacks, with incremental export capacity on the Trans Mountain Pipeline Expansion and the commissioning of LNG Canada is supporting incremental natural gas production, particularly in the Montney. Together, these structural improvements underpin stable production levels and associated waste volumes across SECURE’s network. Ongoing regulatory-driven environmental remediation programs further underpin stable, counter-cyclical demand, supporting long-term visibility and growth.
In metals recycling, U.S.-Canada trade dynamics and tariffs on finished steel continue to dampen domestic demand for ferrous scrap. These impacts have been mitigated by SECURE’s diversified end markets, expanded rail logistics capacity, and operational flexibility as volumes have been redirected to the U.S.
Growth in 2026 is expected to be driven primarily by the commissioning of long-cycle, contracted water infrastructure projects advanced in 2025, incremental capacity expansions in constrained regions, and improving performance across the metals recycling business. Importantly, the Corporation’s capital program is designed to support existing customer activity and long-term contracted volumes, rather than relying on a recovery in drilling activity or commodity prices.
2026 FINANCIAL GUIDANCE
Given current visibility and the contracted nature of its growth projects, management remains confident in SECURE’s ability to deliver year-over-year Adjusted EBITDA growth and strong free cash flow generation in 2026. Based on the current macroeconomic environment, the Corporation expects the following for 2026:
- Adjusted EBITDA: $520 million to $550 million, with approximately 75% contributed by the Waste Management segment.
- Growth Capital Expenditures: Approximately $75 million in organic growth capital for the following projects:
- Completion of the Redwater industrial waste processing facility in Alberta’s Industrial Heartland scheduled to be opened at the end of the second quarter;
- Expansion capital for two waste processing facilities by providing additional produced water disposal wells, water pipelines and associated infrastructure in the Montney;
- A variety of waste management facility optimization projects and equipment, including the investment of pre-shredding infrastructure for the Edmonton metals recycling facility to enhance throughput and reduce downtime on the mega shredder.
- Sustaining Capital Expenditures: SECURE also expects to invest approximately $85 million in sustaining capital, including the expansion of landfill cells.
With a Total Debt to EBITDA ratio of 2.1x at December 31, 2025 (1.8x excluding leases) and substantial discretionary free cash flow generation expected, SECURE will continue to execute a disciplined capital allocation strategy to support long-term value creation, including:
- Advancing high-return organic projects and pursuing strategic, complementary acquisition opportunities in a disciplined manner, focusing on high quality assets that are strategically aligned, accretive to cash flow, and offer clear integration and synergy potential;
- Increasing the quarterly dividend by 5% to $0.105 per share ($0.42 annualized), equal to approximately $91 million based on current shares outstanding, generating a yield of approximately 2%;
- At management’s and the Board’s discretion, continuing opportunistic share repurchases under the NCIB when we believe our shares trade at a meaningful discount to intrinsic value; and
- Maintaining a strong balance sheet to provide significant financial flexibility and resilience.
With portfolio simplification and strategic repositioning largely complete, 2026 is expected to be a year focused on execution, consistency, and incremental growth. With more than 80 high barrier to entry facilities strategically located across Western Canada and North Dakota, SECURE is well positioned to manage growing waste and water volumes associated with industrial and upstream activity. A disciplined approach to capital allocation, a strong balance sheet, and a contract-backed investment strategy are expected to support sustainable growth and resilient shareholder returns through 2026 and beyond.
FOURTH QUARTER AND YEAR-END 2025 CONFERENCE CALL
SECURE will host a conference call on Friday, February 20, 2026, at 9:00 a.m. MST to discuss the fourth quarter and annual 2025 results. To participate in the conference call, …