WASTE CONNECTIONS RENEWS NORMAL COURSE ISSUER BID FOR SHARE REPURCHASES

Rhea-AI Summary

Waste Connections (TSX/NYSE: WCN) has received TSX approval to renew its Normal Course Issuer Bid (NCIB) for share repurchases. The new program allows the company to purchase up to 12,855,691 common shares, representing 5% of its outstanding shares, from August 12, 2025, to August 11, 2026.

Daily repurchases will be limited to 80,213 shares on TSX and 25% of average daily trading volume on NYSE and NYSE Texas. Under the previous 2024 NCIB, the company has already purchased 1,299,339 shares through NYSE. The company believes the share repurchase program aligns with its objective of returning capital to shareholders over time.

Positive

• None.

Negative

• Share repurchases subject to market conditions and may not be fully executed
• Capital allocated to buybacks reduces funds available for potential acquisitions

Insights

Corporate Finance Specialist

Waste Connections' renewed share repurchase program signals financial strength and commitment to shareholder returns through capital reallocation.

Waste Connections has received approval to renew its Normal Course Issuer Bid (NCIB), authorizing the repurchase of up to 12,855,691 shares (5% of outstanding shares) over the next 12 months. This continuation of their capital return strategy follows their current program under which they've repurchased 1,299,339 shares to date.

The renewal demonstrates management's confidence in the company's financial position and long-term prospects. Share repurchases create shareholder value in multiple ways: they reduce the number of outstanding shares (increasing earnings per share), signal management's belief that shares are undervalued, and provide an alternative to dividends for returning capital.

The company has established prudent daily purchase limits - 80,213 shares on TSX (25% of average daily volume) and 25% of average daily volume on NYSE/NYSE Texas - ensuring they won't disrupt normal market trading. These parameters protect shareholders by preventing artificial price manipulation while executing the buyback.

What's particularly notable is management's statement that repurchase decisions will balance market conditions, share price, and acquisition opportunities. This indicates a disciplined approach to capital allocation where buybacks won't come at the expense of strategic growth investments. For a waste management company where scale and geographic coverage drive operational efficiency, maintaining this balance is crucial.

The consistent implementation of share repurchases (evidenced by the 1.3 million shares already bought under the current program) reflects Waste Connections' steady cash flow generation capabilities from its integrated waste services across exclusive markets in 46 U.S. states and 6 Canadian provinces.

TORONTO, Aug. 8, 2025 /PRNewswire/ -- Waste Connections, Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today announced that it has received approval from the Toronto Stock Exchange (the "TSX") for the annual renewal of its normal course issuer bid (the "NCIB"). The renewal will follow on the conclusion of the Company's current NCIB expiring August 11, 2025 (the "2024 NCIB").

Pursuant to the renewed NCIB, Waste Connections proposes to purchase through the facilities of the TSX, the New York Stock Exchange (the "NYSE"), NYSE Texas and/or alternative Canadian trading systems, from time to time over the next 12 months, if considered advisable, up to 12,855,691 common shares, being 5% of its 257,113,830 issued and outstanding common shares as of July 31, 2025.

In accordance with TSX rules, any daily repurchases would be limited to a maximum of 80,213 common shares, which represents 25% of the average daily trading volume on the TSX of 320,852 common shares for the period from February 1, 2025, to July 31, 2025. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. The maximum number of shares which can be purchased per day on the NYSE and NYSE Texas will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases.

Waste Connections is authorized to make purchases during the period of August 12, 2025, to August 11, 2026, or until such earlier time as the NCIB is completed or terminated at the option of the Company. Any common shares Waste Connections purchases under the NCIB will be purchased on the open market through the facilities of the TSX, the NYSE, NYSE Texas and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction.

Management's decisions regarding any share repurchases will be based on market conditions, share price and other factors, including potential acquisition growth opportunities. The NCIB has been renewed because Waste Connections believes that the repurchase of common shares is consistent with its objective to return capital to shareholders over time. All common shares purchased through the NCIB will be cancelled.

Under the 2024 NCIB, the Company sought and obtained approval from the TSX to purchase up to 12,901,981 common shares for cancellation. Since the commencement of the current NCIB, the Company has purchased 1,299,339 common shares through the facilities of the NYSE.

About Waste Connections 
Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation. The Company serves approximately nine million residential, commercial and industrial customers in mostly exclusive and secondary markets across 46 states in the U.S. and six provinces in Canada. Waste Connections also provides non-hazardous oilfield waste treatment, recovery and disposal services in several basins across the U.S. and Canada, as well as intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections views its Environmental, Social and Governance ("ESG") efforts as integral to its business, with initiatives consistent with its objective of long-term value creation and focused on reducing emissions, increasing resource recovery of both recyclable commodities and clean energy fuels, reducing reliance on off-site disposal for landfill leachate, further improving safety and enhancing employee engagement. Visit wasteconnections.com/sustainability for more information and updates on our progress towards targeted achievement. For more information, visit Waste Connections' website at www.wasteconnections.com. 

Safe Harbor and Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 ("PSLRA"), including "forward-looking information" within the meaning of applicable Canadian securities laws. These forward-looking statements are neither historical facts nor assurances of future performance and reflect Waste Connections' current beliefs and expectations regarding future events and operating performance. These forward-looking statements can be identified by use of forward-looking terminology, such as "believes," "expects," "intends," "may," "might," "will," "could," "should," or "anticipates," or the negative thereof or comparable terminology, or by the discussions of strategy. All of the forward-looking statements included in this press release are made pursuant to the safe harbor provisions of the PSLRA and applicable securities laws in Canada. Forward-looking statements involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements about the return of capital to shareholders, including repurchases of common shares of the Company and management's decisions related thereto. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, risk factors detailed from time to time in the Company's filings with the SEC and the securities commissions or similar regulatory authorities in Canada. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Waste Connections undertakes no obligation to update the forward-looking statements set forth in this press release, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

CONTACT:

Mary Anne Whitney / (832) 442-2253 maryannew@wasteconnections.com

Joe Box / (832) 442-2153 joe.box@wasteconnections.com

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SOURCE Waste Connections, Inc.

FAQ

How many shares can Waste Connections (WCN) repurchase under the new NCIB program?

Waste Connections can repurchase up to 12,855,691 common shares, representing 5% of its 257,113,830 issued and outstanding shares as of July 31, 2025.

What is the duration of WCN's new share repurchase program?

The new NCIB program runs from August 12, 2025, to August 11, 2026, unless completed or terminated earlier at the company's option.

What are the daily trading limits for WCN's share repurchases?

Daily repurchases are limited to 80,213 shares on TSX (25% of average daily volume) and 25% of average daily trading volume on NYSE and NYSE Texas, with exceptions for block purchases.

How many shares did Waste Connections purchase under its previous NCIB?

Under the 2024 NCIB, Waste Connections has purchased 1,299,339 common shares through the facilities of the NYSE.

What factors will determine WCN's share repurchase decisions?

Management's decisions will be based on market conditions, share price, and other factors, including potential acquisition growth opportunities.