Convention Name Members
Sabahat Khan – RBC Capital Markets, Analysis Division
Tami Zakaria – JPMorgan Chase & Co, Analysis Division
Noah Kaye – Oppenheimer & Co. Inc., Analysis Division
Jerry Revich – Wells Fargo Securities, LLC, Analysis Division
James Schumm – TD Cowen, Analysis Division
Adam Bubes – Goldman Sachs Group, Inc., Analysis Division
Chris Murray – ATB Cormark Capital Markets Inc., Analysis Division
Trevor Romeo – William Blair & Firm L.L.C., Analysis Division
Seth Weber – BNP Paribas, Analysis Division
Shlomo Rosenbaum – Stifel, Nicolaus & Firm, Integrated, Analysis Division
William Grippin – Barclays Financial institution PLC, Analysis Division
Konark Gupta – Scotiabank World Banking and Markets, Analysis Division
Yehuda Silverman – Morgan Stanley, Analysis Division
Kevin Chiang – CIBC Capital Markets, Analysis Division
George Bancroft – Gabelli Funds, LLC
Henry Roberts – Truist Securities, Inc., Analysis Division
Presentation
Operator
Whats up, everybody. Thanks for becoming a member of us, and welcome to the Waste Connections This fall 2025 Earnings Name. (Operator Directions).
I’ll now hand the decision over to Ron Mittelstaedt, President and CEO. Please go forward, Ron.
Ronald Mittelstaedt
Founder, CEO, President & Director
Okay. Thanks, operator, and good morning. I wish to welcome everybody to this convention name to debate our fourth quarter 2025 outcomes and our outlook for 2026. I am joined this morning by Mary Anne Whitney, our CFO; and several other different members of our senior administration.
As famous in our earnings launch, adjusted EBITDA margin expanded by 110 foundation factors in This fall, capping a powerful yr for Waste Connections, pushed by price-led natural progress, strong waste and continued working enhancements. For full yr 2025, we delivered an industry-leading adjusted EBITDA margin of 33%, up 100 foundation factors year-over-year, excluding decrease commodities. We additionally accomplished roughly $330 million of acquired