GFL Environmental Inc. ($GFL)

Earnings Call Transcript · May 13, 2026

TSX CA Industrials Commercial Services and Supplies Shareholder/Analyst Calls 8 min

Earnings Call Speaker Segments

Patrick Dovigi

Executives
#1

Good morning, and welcome to the Annual and Special Meeting of Shareholders of GFL Environmental, Inc. My name is Patrick Dovigi; and as Founder, CEO and the Chairman of the Board of Directors of GFL, I will chair today's meeting. On behalf of our management and directors, I would like to welcome you to the meeting. In terms of our agenda, I will call this meeting to order shortly, and we will address some preliminary matters. After that, the formal items of business will be moved and voted on and the results will be announced at the end of the meeting. I now call to order the Annual and Special Meeting of GFL shareholders. With the consent of the meeting, I appoint Mindy Gilbert to act as secretary and moderator of the meeting. Before the formal portion of the meeting begins, Mindy will provide some information on how the meeting will operate.

Mindy Gilbert

Executives
#2

Thank you, Patrick. Voting on all matters at the meeting will be conducted by a single electronic ballot. Registered shareholders and duly appointed proxy holders can vote on each item using the electronic ballot feature available on your screen. The electronic ballot will be open for all resolutions at the same time. If you have already voted by proxy, you do not need to vote again during the meeting as your vote has been recorded and will be counted by the scrutineer. Registered shareholders and duly appointed proxy holders who have already submitted a valid proxy and want to vote again by electronic ballot at the meeting will be revoking any previously submitted proxies, and only the electronic ballots submitted today at the meeting will be counted. At the end of the formal part of the meeting, we will have a Q&A session. Questions can be submitted using Lumi's instant messaging service. Questions regarding procedural matters or directly related to the motions before the meeting may be addressed during the meeting. During the Q&A period, we will answer questions that are relevant to the meeting matters. Questions should be succinct and cover a single topic. We will do our best to answer all relevant questions. If we encounter any technical difficulties, please remain logged on, and we will resume as soon as possible. Finally, I would like to remind everyone that today's meeting may include forward-looking statements. These statements are given as of today's date and involve certain risks and uncertainties discussed in our public filings that are available on SEDAR+ and EDGAR. A number of factors and assumptions were applied in the formulation of these statements and actual results could differ materially. For additional information with respect to forward-looking statements, factors and assumptions, we direct you to our public filings, including our most recently filed annual report on Form 40-F. I will now turn it over to Patrick to proceed with the formal portion of today's meeting.

Patrick Dovigi

Executives
#3

Thank you, Mindy. With the consent of the meeting, I appoint Computershare Investor Services through its representative to act as scrutineer. The scrutineer report on the number of shares represented at this meeting and tabulate the votes and report the results at the end of the meeting. The purpose of today's meeting is set out in the proxy dated March 31, 2026. The meeting materials were mailed to shareholders and have been filed on SEDAR+ and EDGAR and posted on our website. Unless there is any objection, I will dispense with the reading of the notice of the meeting. I ask that copies of the media materials be kept by the secretary with the records of the meeting. The scrutineers' report indicates that the quorum required by our bylaws has been met and we can proceed with the meeting. A copy of the final report on the attendance will be filed with the records of the meeting. If you are a registered shareholder or duly appointed proxy holder, the online ballot will now be available on your screen. To expedite the meeting, I will propose and second all motions, but this is not meant to limit any questions with respect to the motions. The first item of business is the presentation of our audited financial statements for the fiscal year ended December 31, 2025, as well as the auditor's report. These remain available on February 18, 2026 and on SEDAR+ and on EDGAR as well as on our website. On last there is an objection, I will dispense with the reading of the auditor's report. We will now move to the next item on today's agenda, which is the election of directors. As I led in the circular, the following directors have been nominated to hold office until the close of the next Annual Meeting of Shareholders until his or her successor is duly elected or appointed. All of the nominees are currently serving as directors of GFL. They are myself, Dino Chiesa, Vi Konkle, Sandra Levy, Jessica McDonald, Arun Nayar, Paolo Notarnicola and Ven Poole. The circular contains information on each of the eight nominees, all of whom other than myself are considered independent under Canadian and U.S. securities laws and the rules of lead New York Stock Exchange. I declare the nomination for directors to be closed. I move and second the motion to nominate the directors as set forth in the circular. The next item of business is the appointment of our auditor. I move and second that KPMG LLP be reappointed as auditor of GFL for the ensuing year or until a successor is appointed and that the Board is authorized to fix KPMG's remuneration for the ensuing year. The next item of business are the approval of our resolutions to renew GFL's omnibus long-term incentive plan and nonexecutive director deferred share unit plan. I move and second a motion to renew the LTIP and the DSU plan as set out in the resolutions in the circular. We will now move on to the final item of business, which is the consideration of the advisory nonbinding resolution on the company's approach to executive compensation. I move and second that the say-on-pay advisory resolution as set out in the circular be approved. I will now respond to any procedural questions raised by any shareholder about the motions we have just presented. Please type into the instant messaging window any procedural questions you may have.

Mindy Gilbert

Executives
#4

There are no procedural questions that have been raised by any shareholder. For those of you who have not voted on the resolutions, please do so now. We will start the timer now, and the ballots will close on all resolutions in 1 minute. [Voting]

Mindy Gilbert

Executives
#5

Voting is now closed. I have received the scrutineers' report and can confirm the following: Each of the eight nominees named in the management information circular have been elected as directors of the company to serve until the next Annual Meeting of Shareholders or until his or her successor is elected or appointed. KPMG LLP has been appointed as auditor of the company to serve until the next Annual Meeting of Shareholders or until a successor auditor is appointed and the Board of Directors is authorized to fix their remuneration. The resolution to renew the omnibus long-term incentive plan as set out in the circular has been approved. The resolution to renew the director deferred share unit plan as set in the circular has been approved. The say-on-pay advisory resolution has been approved.

Patrick Dovigi

Executives
#6

As there is no further formal business to be brought before the meeting, I move and second that the formal portion of today's meeting be concluded. We will now begin the Q&A session of the meeting. All meeting participants can submit questions using the messaging platform on your screen. Please type in your questions now. Mindy will read any questions to be addressed.

Mindy Gilbert

Executives
#7

Mr. Chairman, there are no questions to be addressed. That concludes our meeting today. Thank you all for joining the webcast will now end.

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