SECURE ANNOUNCES SECOND QUARTER 2026 RESULTS
SECURE Waste Infrastructure Corp. (TSX: SES) reported Q2 2026 revenue of $422 million, up 19% year over year, and adjusted EBITDA of $129 million, up 20% per basic share. Net income rose to $43 million, up 43% per basic share. The company said 2025 growth projects are contributing, it expects $100 million growth capital in 2026, and it remains on track for its GFL transaction to close in H2 2026.
How this was made
The 30-second read
Why it matters
The article combines a Q2 2026 financial print with a maintained 2026 Adjusted EBITDA outlook and an update that the remaining regulatory condition for the GFL transaction is still in progress, expected to close in 2H26.
Market read
Traders get a fresh quarterly datapoint plus guidance confirmation, while the deal remains a time-sensitive catalyst into the second half of 2026.
What to watch
The GFL Competition Bureau review is still ongoing, so deal-close timing or conditions could reprice the stock even if quarterly fundamentals look strong.
Background
SECURE is a waste management and energy infrastructure operator, and it is also in the process of merging with GFL Environmental subject to Competition Bureau review.
Ticker impact
SECURE reported Q2 2026 revenue $422M and Adjusted EBITDA $129M, and maintained 2026 guidance at the top end of $520M to $550M.
Likely positive bias for SES on earnings-day positioning, with additional upside if investors view leverage reduction and guidance as durable despite commodity moderation.
The release provides concrete quarterly metrics, reiterates guidance range at the top end, and adds leverage reduction to 1.9x plus a continued expectation for the GFL transaction to close in 2H26.
Market effects
Reinforces demand for Western Canada energy infrastructure and waste management services tied to producer activity and produced-water disposal needs.
Highlights continued strength in Alberta basins (Montney and industrial heartland) supporting midstream-adjacent environmental infrastructure operators.
Limited direct global linkage beyond broader energy investment themes (LNG exports and data-center power demand) cited as tailwinds.
Counterpoint
Commodity price moderation is acknowledged; if recovered oil economics weaken faster than expected, the top-end guidance could become harder to sustain.
Key entities
- companySECURE Waste Infrastructure Corp.
Reported Q2 2026 results, maintained 2026 Adjusted EBITDA guidance at the top end, and updated the status of the GFL transaction regulatory review.
- companyGFL Environmental Inc.
Counterparty to the proposed SECURE transaction; Competition Bureau review is ongoing with expected close in 2H26.
- regulatorCompetition Bureau (Canada)
Regulatory body reviewing the transaction; review commenced May 1, 2026 and remains ongoing.
