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GFL Environmental Inc. Announces Share Repurchase Program Renewal

On February 27, 2026, GFL Environmental Inc. (NYSE: GFL, TSX: GFL) disclosed that it has received approval from the Toronto Stock Exchange (TSX) to initiate a normal course issuer bid (NCIB) for the upcoming 12-month period, starting March 3, 2026, and finishing by March 2, 2027. This initiative aims to enhance shareholder value by repurchasing a number of subordination voting shares.

This NCIB program will focus exclusively on subordinate voting shares, with GFL reporting that as of February 18, 2026, there were 346,575,862 subordinate voting shares outstanding. Under the NCIB, GFL is permitted to buy back up to 27,396,513 subordinate voting shares, which equates to 10% of the public float as determined in accordance with TSX regulations.

The shares acquired through this program will be permanently canceled, thereby reducing the total number of outstanding shares and potentially improving earnings per share for existing shareholders.

In conjunction with the NCIB announcement, GFL Environmental also stated that it received exemptive relief from the Ontario Securities Commission (OSC) that allows it to procure shares from underwriters for any secondary offerings held by shareholders who hold registration rights. This flexibility permits GFL to buy back as much as 50% of the shares offered in resale during these secondary offerings, capped at 34,657,586 shares or 10% of the total outstanding shares.

The exemptive relief is particularly aimed at maintaining market efficiency for the Company while balancing shareholder demands. The oversight of a special committee of independent directors ensures that the purchases are in the best interests of GFL.

According to GFL, all purchases made through the NCIB and under the OSC order must occur at a discount to the closing price at the time of the associated offerings. This strategic move, aligning with market conditions and the company's financial performance, represents GFL's continued commitment to returning value to its shareholders.

Future Actions and Considerations

GFL’s share repurchase approach will remain opportunistic, taking into account market dynamics and other pertinent factors influencing share prices. Previously, under the last NCIB which ran from March 3, 2025, to March 2, 2026, the company was authorized to buy back up to 28,046,256 subordinate voting shares and successfully repurchased 18,360,127 shares in that timeframe.

As GFL Environmental Inc. moves forward, it will continue to support shareholder confidence through strategic financial operations such as this repurchase program, reinforcing its stature as the fourth largest diversified environmental services provider in North America.

About GFL Environmental

GFL Environmental is dedicated to providing a broad range of environmental solutions, focusing on solid waste management across Canada and 18 states in the U.S. The company prides itself on its commitment to sustainable practices, backed by a workforce of over 15,000 employees.

As GFL operates within a challenging business climate, the firm encourages stakeholders to consider the importance of these share repurchase programs as a mechanism for ensuring long-term growth and stability within the company.

Investors looking for further information can access GFL’s filings and financial documents through the SEDAR+ platform at www.sedarplus.ca.