Exhibit 99.1

GFL Environmental Inc.

Unaudited Interim Condensed 

Consolidated Financial Statements 

For the three months ended March 31, 2026

GFL Environmental Inc. 

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 

(In millions of dollars except per share amounts)

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

GFL Environmental Inc. 

Unaudited Interim Condensed Consolidated Statements of Financial Position

(In millions of dollars)

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

GFL Environmental Inc.

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

(In millions of dollars except per share amounts)

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

GFL Environmental Inc. 

Unaudited Interim Condensed Consolidated Statements of Cash Flows 

(In millions of dollars)

The accompanying notes are an integral part of the unaudited interim condensed consolidated financial statements.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements

(In millions of dollars except per share amounts or otherwise stated)

GFL Environmental Inc. (“GFL” or the “Company”) was formed on March 5, 2020 under the laws of the Province of Ontario. GFL’s subordinate voting shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “GFL”.

GFL is in the business of providing non-hazardous solid waste management services. These services are provided through GFL and its subsidiaries and a network of facilities across Canada and the United States. GFL’s registered office under the Business Corporations Act (Ontario) is Suite 500, 100 New Park Place, Vaughan, ON, L4K 0H9 and its executive headquarters is located at 1759 Purdy Avenue, Suite 300, Miami Beach, Florida, 33139.

These unaudited interim condensed consolidated financial statements (the “Interim Financial Statements”) include the accounts of GFL and its subsidiaries as at March 31, 2026.

The Board of Directors approved the Interim Financial Statements on April 29, 2026.

Statement of compliance

The Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, within the framework of International Financial Reporting Standards as issued by the International Accounting Standards Board.

The Interim Financial Statements do not include all disclosures required in the annual consolidated financial statements and should be read in conjunction with GFL’s annual consolidated financial statements for the year ended December 31, 2025 (the “Annual Financial Statements”).

Basis of measurement

The Interim Financial Statements were prepared on the historical cost basis except for certain financial instruments that are measured at fair value at the end of the reporting period as detailed in the Annual Financial Statements.

Presentation and functional currency

The Interim Financial Statements are presented in Canadian dollars which is GFL’s functional currency.

Use of estimates and judgments

The preparation of the Interim Financial Statements requires management to make estimates and use judgment that affect the reported amounts of revenue, expenses, assets, liabilities and accompanying disclosures. Accordingly, actual results may differ from estimated amounts as future confirming events occur. Significant estimates and judgments used in the preparation of the Interim Financial Statements are described in the Annual Financial Statements.

Accounting policies

The accounting policies adopted in the preparation of the Interim Financial Statements are consistent with those followed in the preparation of the Annual Financial Statements.

New and amended standards adopted

A number of amended standards became applicable for the current reporting period. GFL was not required to change its accounting policies or make retrospective adjustments as a result of adopting the applicable amended standards.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

New accounting standards issued but not yet effective

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements (IFRS 18) which will replace IAS 1 Presentation of Financial Statements. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, it will impact presentation and disclosure of certain aspects of the financial statements including management-defined performance measures within the financial statements. IFRS 18 is effective for annual periods on or after January 1, 2027. GFL continues to evaluate the impact of this new standard.

Certain other new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. The standards applicable to GFL are not expected to have a material impact on these Interim Financial Statements.

For the three months ended March 31, 2026, GFL acquired 3 businesses, each of which GFL considers to be individually immaterial.

The following table presents the purchase price allocation based on the best information available to GFL to date for the period indicated:

In addition to the cash consideration noted above, during the three months ended March 31, 2026, GFL paid $14.4 million in additional consideration related to acquisitions from prior years.

GFL finalizes purchase price allocations relating to acquisitions within 12 months of the respective acquisition dates and, as a result, there may be differences between the provisional estimates reflected above and the final acquisition accounting. During the three months ended March 31, 2026, GFL finalized the purchase price allocations for certain acquisitions resulting in an increase in property and equipment of $1.9 million, a decrease in intangible assets of $2.3 million, a decrease in deferred income tax liabilities of $0.3 million and an increase in goodwill of $0.1 million.

Approximately $26.5 million of the goodwill acquired during the three months ended March 31, 2026 ($92.5 million of the goodwill acquired during the three months ended March 31, 2025) is expected to be deductible for tax purposes.

Since the respective acquisition dates, revenue and income before income taxes of approximately $4.0 million and $0.1 million, respectively, attributable to the 2026 acquisitions, are included in these Interim Financial Statements.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

Pro forma results of operations

If the 2026 acquisitions had occurred on January 1, 2026, the unaudited consolidated pro forma revenue and loss before income taxes for the three months ended March 31, 2026 would have been $1,647.5 million and $271.5 million, respectively. The pro forma results do not purport to be indicative of the results of operations which would have resulted had the acquisitions occurred at the beginning of the year, nor are they necessarily indicative of future operating results.

Investments in Associates

Effective March 1, 2025, GFL completed the divestiture of its Environmental Services line of business (“GFL Environmental Services”). GFL has the option to repurchase the balance of the equity of GFL Environmental Services (the “Call Option”). As at March 31, 2026, the Call Option had a fair value of $130.0 million ($140.0 million as at December 31, 2025).

As at March 31, 2026, GFL held investments in associates of $1,748.5 million ($1,782.9 million as at December 31, 2025). GFL has accounted for these investments in associates using the equity method.

For the three months ended March 31, 2026, GFL’s share of loss from associates was $58.6 million ($50.5 million for the three months ended March 31, 2025). For the three months ended March 31, 2026, GFL’s share of total comprehensive loss from associates was $62.0 million ($50.5 million for the three months ended March 31, 2025).

Investments in Joint Ventures

GFL has invested in certain renewable natural gas (“RNG”) projects through joint ventures. During the three months ended March 31, 2026, GFL made contributions of $1.2 million ($1.2 million for the three months ended March 31, 2025) to RNG joint ventures. As at March 31, 2026, GFL held investments in RNG joint ventures of $116.9 million ($115.1 million as at December 31, 2025). GFL considers each joint venture to be individually immaterial. GFL has accounted for these investments in joint ventures using the equity method.

For the three months ended March 31, 2026, GFL’s share of income (loss) and total comprehensive income (loss) from joint ventures was $3.1 million ($(1.2) million for the three months ended March 31, 2025).

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents the changes in cost and accumulated depreciation of GFL’s property and equipment for the periods indicated:

For the three months ended March 31, 2026, total depreciation of property and equipment was $273.7 million ($257.9 million for the three months ended March 31, 2025), $265.3 million of which was included in cost of sales ($249.8 million for the three months ended March 31, 2025) and $8.4 million of which was included in selling, general and administrative expenses ($8.1 million for the three months ended March 31, 2025).

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents the changes in cost and accumulated amortization of GFL’s goodwill and intangible assets for the periods indicated:

All intangible asset amortization expense is included in cost of sales.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents GFL’s landfill closure and post-closure obligations for the periods indicated:

The maturation of GFL’s landfill closure and post-closure obligations has not materially changed since December 31, 2025.

Funded landfill post-closure assets

GFL is required to deposit funds into trusts to settle post-closure obligations for landfills in certain jurisdictions. As at March 31, 2026, included in other long-term assets are funded landfill post-closure obligations, representing the fair value of legally restricted assets, totaling $36.7 million ($35.3 million as at December 31, 2025).

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents GFL’s long-term debt for the periods indicated:

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

Revolving credit facility and term loan facility

Under the amended and restated revolving credit agreement dated as of September 27, 2021 and as amended and restated through April 29, 2025 (the “Revolving Credit Agreement”), GFL has access to a $2,000.0 million revolving credit facility (available in Canadian and US dollars), a $25.0 million revolving credit facility (available in US dollars) and an aggregate $1,000.0 million accordion feature (collectively, the “Revolving Credit Facility”). The Revolving Credit Facility matures on April 29, 2030 and accrues interest at a rate of CORRA/SOFR plus 1.125% to 1.750% plus a credit spread adjustment or Canadian/Prime plus 0.125% to 0.750%. As of March 31, 2026, the applicable effective CORRA/SOFR borrowing rate was between 4.116% to 5.282%, depending on whether borrowings are drawn in Canadian or US dollars. The Revolving Credit Facility is secured by mortgages on certain properties, a general security agreement over all of the assets of GFL and certain material subsidiaries and a pledge of the shares of such subsidiaries.

The Revolving Credit Agreement contains a Total Net Funded Debt to Adjusted EBITDA and an Interest Coverage Ratio (each as defined in the Revolving Credit Agreement) financial maintenance covenant.

The Total Net Funded Debt to Adjusted EBITDA ratio to be maintained is equal to or less than 5.00 to 1.00 for a period of four complete fiscal quarters following completion of a Material Acquisition and at all other times, equal to or less than 4.50 to 1.00. The Interest Coverage Ratio must be equal to or greater than 3.00 to 1.00. As at March 31, 2026 and December 31, 2025, GFL was in compliance with these covenants.

Tax-exempt bonds

Industrial revenue bonds are tax-exempt municipal debt securities issued by a government agency on our behalf and sold only to qualified institutional buyers. On October 8, 2024, GFL participated in the issuance of US$210.0 million aggregate principal amount of Solid Waste Disposal Revenue Bonds issued by Florida Development Finance Corporation. The bonds bear interest at 4.375% payable semi-annually which commenced on May 15, 2025 and have an initial mandatory tender date of October 1, 2031. The bonds are unsecured and guaranteed jointly and severally, fully and unconditionally by GFL and certain of its subsidiaries.

Other

Certain of GFL’s non-wholly owned subsidiaries have stand alone credit facilities included in other in long-term debt. The details of those facilities are as follows: (a) a term loan of US$127.0 million (of which US$125.4 million was drawn as at March 31, 2026 and US$127.0 million was drawn as at December 31, 2025) and a US$30.0 million revolving credit facility (of which $nil was drawn as at March 31, 2026 and December 31, 2025) that mature on September 21, 2030 and have a borrowing rate of base or SOFR rate plus 1.500% to 4.000%; and (b) a term loan of US$170.0 million (of which US$161.5 million was drawn as at March 31, 2026 and US$163.6 million was drawn as at December 31, 2025) and a US$100.0 million revolving credit facility (of which US$85.0 million was drawn as at March 31, 2026 and US$70.0 million was drawn as at December 31, 2025) that mature on August 31, 2028 and have a borrowing rate of base or SOFR adjusted rate plus a spread between 2.000% and 3.250%.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents GFL’s interest and other finance costs for the periods indicated:

(1) Includes reclassification of $30.5 million into Other from Termination of hedged arrangements.

The following table presents GFL’s (loss) income per share for the periods indicated:

Diluted loss per share excludes anti-dilutive effects of time-based share options, RSUs, PSUs and Preferred Shares (defined below).

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents GFL’s revenue disaggregated by service type for the periods indicated:

The following tables present GFL’s revenue and Adjusted EBITDA by operating segment for the periods indicated. Gross revenue is calculated based on revenue before intercompany revenue eliminations.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

The following table presents GFL’s reconciliation of net loss from continuing operations to Adjusted EBITDA for the periods indicated:

Goodwill and indefinite life intangible assets by operating segment

The carrying amount of goodwill and indefinite life intangible assets allocated to the operating segments is as follows:

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

Authorized capital

GFL’s authorized share capital consists of (i) an unlimited number of subordinate voting shares, (ii) an unlimited number of multiple voting shares (“MVS”), (iii) an unlimited number of preferred shares, issuable in series, (iv) 28,571,428 Series A perpetual convertible preferred shares (the “Series A Preferred Shares”) and (v) 8,196,721 Series B perpetual convertible preferred shares (the “Series B Preferred Shares”). The Series A Preferred Shares and Series B Preferred Shares are collectively referred to as the “Preferred Shares”.

Share issuances and cancellations

The following table presents GFL’s share capital for the periods indicated:

Normal course issuer bid

On February 27, 2026, the Toronto Stock Exchange accepted GFL’s notice of intention to commence a normal course issuer bid (“NCIB”) during the twelve-month period commencing on March 3, 2026 and ending March 2, 2027. Under the NCIB, a maximum of 27,396,513 subordinate voting shares may be repurchased by GFL. During the three months ended March 31, 2026, GFL repurchased nil subordinate voting shares under the NCIB (7,618,758 subordinate voting shares during the three months ended March 31, 2025).

All subordinate voting shares repurchased by GFL under the NCIB will be cancelled.

Share options, restricted share units (“RSUs”), deferred share units (“DSUs”) and performance share units (“PSUs”)

Share options

The number of share options held by certain executives with their average exercise price per option are summarized below:

For the three months ended March 31, 2026, there were no share options cancelled, expired or forfeited.

For the three months ended March 31, 2026, the total compensation expense related to share options amounted to $0.7 million ($2.1 million for the three months ended March 31, 2025).

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

RSUs, DSUs and PSUs

The following table presents GFL’s summary of the RSUs, DSUs and PSUs for the periods indicated:

For the three months ended March 31, 2026, there were no RSUs, DSUs or PSUs cancelled.

For the three months ended March 31, 2026, the total compensation expense related to RSUs amounted to $28.3 million ($55.9 million for the three months ended March 31, 2025).

For the three months ended March 31, 2026, the total compensation expense related to DSUs amounted to $0.4 million ($0.4 million for the three months ended March 31, 2025).

For the three months ended March 31, 2026, the total compensation expense related to PSUs amounted to $8.2 million ($nil for the three months ended March 31, 2025).

The following table presents net change in non-cash working capital of GFL for the periods indicated:

GFL Environmental Inc. - Notes to the Consolidated Financial Statements 

(In millions of dollars except per share amounts or otherwise stated)

GFL’s financial instruments consist of cash, trade accounts receivable, trade accounts payable and long-term debt, including related hedging instruments.

Fair value measurement

The carrying value of GFL’s financial assets approximate their fair values. The carrying value of GFL’s financial liabilities approximate their fair values with the exception of GFL’s outstanding U.S. dollar secured and unsecured notes (the “Notes”) and 4.375% Bonds. The fair value hierarchy for these instruments are as follows for the periods indicated:

GFL uses a discounted cash flow model incorporating observable market data, such as foreign currency forward rates, to estimate the fair value of its Notes. Certain leases do not bear interest or bear interest at an amount that is not stated at fair value.

Net derivative instruments are recorded at fair value and classified within Level 2. The Call Option is measured using an option pricing model which includes inputs such as equity volatility, risk-free rates, and implied credit yields. The Call Option is recorded at fair value and classified within Level 3.

Financial risk management objectives

There were no changes to the financial risk management policies disclosed in the Annual Financial Statements.

GFL Environmental Inc. - Notes to the Consolidated Financial Statements

(In millions of dollars except per share amounts or otherwise stated)

Letters of credit

As at March 31, 2026, GFL had letters of credit totaling approximately $417.6 million outstanding ($415.4 million as at December 31, 2025), which are not recognized in the Interim Financial Statements. This is inclusive of letters of credit under both the Revolving Credit Facility and EDC Guaranteed LC Facility (defined below). Interest expense in connection with these letters of credit was $1.7 million for the three months ended March 31, 2026 ($2.1 million for the three months ended March 31, 2025).

Under the unsecured demand letter of credit and demand guarantee facility agreement dated as of September 5, 2025 (the “EDC Guaranteed LC Facility”), GFL has access to $200.0 million of letters of credit that are 100% guaranteed by Export Development Canada. As of March 31, 2026, the Company had $142.6 million in outstanding letters of credit under the EDC Guaranteed LC Facility ($140.2 million as at December 31, 2025).

Performance bonds

As at March 31, 2026, GFL had issued performance bonds totaling $2,008.7 million ($1,936.4 million as at December 31, 2025).

In connection with Patrick Dovigi’s relocation to the United States, GFL agreed to satisfy any tax obligations arising from the relocation. In 2025, GFL paid $33.5 million in satisfaction of this obligation. This amount is expected to be refunded and has been recognized within other receivables.

For the three months ended March 31, 2026, GFL paid $3.8 million ($2.8 million for the three months ended March 31, 2025) in aggregate lease payments to related parties.

For the three months ended March 31, 2026, GFL entered into transactions with Green Infrastructure Partners Inc. which resulted in revenue of $0.6 million ($3.4 million for the three months ended March 31, 2025) and net receivables of $0.4 million as at March 31, 2026 (net payables of $0.5 million as at December 31, 2025).

For the three months ended March 31, 2026, GFL entered into transactions with GFL Environmental Services which resulted in revenue of $7.7 million ($2.9 million for the three months ended March 31, 2025), deferred revenue of $58.7 million as at March 31, 2026 ($62.6 million as at December 31, 2025) and net payables of $11.1 million as at March 31, 2026 ($43.7 million as at December 31, 2025).

GFL Environmental Inc. - Notes to the Consolidated Financial Statements

(In millions of dollars except per share amounts or otherwise stated)

The results of GFL Environmental Services are presented as a single amount on the statement of operations and comprehensive (loss) income. The post-tax results of the discontinued operations for the periods indicated are as follows:

Cash flow information for GFL Environmental Services is as follows:

Subsequent to March 31, 2026, GFL completed 5 acquisitions, each of which GFL considers to be individually immaterial, for a combined purchase price of approximately $1,437.6 million, part of which was satisfied through the issuance of subordinate voting shares. GFL has not yet finalized its determination of the fair value of the acquired assets and liabilities.

On April 12, 2026, GFL entered into a definitive agreement pursuant to which it has agreed to acquire all of the issued and outstanding common shares of SECURE Waste Infrastructure Corp. The purchase price will be satisfied with a combination of GFL subordinate voting shares and cash.

Exhibit 99.2

GFL ENVIRONMENTAL INC. 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 

AND RESULTS OF OPERATIONS

For the three months ended March 31, 2026

The following Management’s Discussion and Analysis (“MD&A”) for GFL Environmental Inc. (“us,” “we,” “our,” “GFL” or the “Company”) is dated May 1, 2026 and provides information concerning our results of operations and financial condition for the three months ended March 31, 2026. You should read this MD&A together with our unaudited interim condensed consolidated financial statements and the related notes for the three months ended March 31, 2026 (the “Interim Financial Statements”), our annual audited consolidated financial statements for the year ended December 31, 2025 (the “Annual Financial Statements”), and our MD&A for the year ended December 31, 2025 (the “Annual MD&A”).

GFL is the fourth largest diversified environmental services company in North America, with operations throughout Canada and in 18 U.S. states. GFL had approximately 15,000 employees as of March 31, 2026.

GFL was formed on March 5, 2020 under the laws of the Province of Ontario. Our subordinate voting shares trade on the New York Stock Exchange (the “NYSE”) and the Toronto Stock Exchange (the “TSX”) under the symbol “GFL”.

Effective March 1, 2025, we completed the divestiture of our Environmental Services line of business (“GFL Environmental Services”). We have the option to repurchase the balance of the equity of GFL Environmental Services within five years of the closing date of the divestiture (the “Call Option”).

Unless otherwise indicated, all financial information in our MD&A represents the results from our continuing operations.

Forward-Looking Information

This MD&A, including, in particular, the sections below entitled “Summary of Factors Affecting Performance” and “Liquidity and Capital Resources”, contains forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking information includes all statements that do not relate solely to historical or current facts, may relate to anticipated events or results and may include statements regarding our objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”, although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information contained in this MD&A is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct.

Factors that could cause actual results to differ from those projected include, but are not limited to, those listed below and in the section entitled “Risk Factors” included in the Company’s annual information form for the year ended December 31, 2025 (the “AIF”). There may be additional risks of which we are not currently aware or that we currently believe are immaterial which could have an adverse impact on our business. We make no commitment to revise or update any forward-looking information in order to reflect events or circumstances that may change, except where we are expressly required to do so by law.

Forward-looking information is subject to a number of known and unknown risks, uncertainties, assumptions and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Factors that could cause actual results to differ from those projected include, but are not limited to, the following, and the risk factors described in greater detail under the section entitled “Risk Factors” in the AIF: our ability to build our market share; our ability to continue to grow our revenue and improve operating margins; our ability to retain key personnel; our ability to maintain and expand geographic scope; our ability to maintain good relationships with our customers; our ability to execute on our expansion plans; our ability to execute on additional acquisition opportunities and successfully integrate acquired businesses; adverse effects of acquisitions on our operations; potential liabilities from past and future acquisitions; dependence on the integration and success of acquired businesses; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; our ability to implement price increases or offset increasing costs; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; the changes in laws, rules, regulations, and global standards; our ability to respond to changing customer and legal requirements with respect to sustainable solutions or other matters; our potential liability, if any, in connection with environmental matters; governmental regulation, changes thereto and risks associated with failure to comply; loss of contracts; potential inability to acquire, lease or expand facilities; our dependence on third party facilities; our access to equity or debt capital markets is not assured; increases in labour, disposal, and related transportation costs; fuel supply and fuel price fluctuations; we require sufficient cash flow to reinvest in our business; our potential inability to obtain performance or surety bonds, letters of credit, other financial assurances or insurance; operational, health, safety and environmental risks; natural disasters, weather conditions and seasonality; economic downturn may adversely impact our operating results and cause exposure to credit risk; increasing dependence on technology and risk of technology failure; cybersecurity incidents or issues; damage to our reputation or our brand; increases in insurance costs; climate change regulations that could increase our costs to operate; risks associated with failing to comply with U.S., Canadian or foreign anti-bribery or anti-corruption laws or regulations; landfill site closure and post-closure costs and contamination-related costs; increasing efforts by provinces, states and municipalities to reduce landfill disposal; litigation or regulatory or activist action; and public health outbreaks, epidemics or pandemics.

Basis of Presentation

Our Interim Financial Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, within the framework of International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. Unless the context indicates otherwise, references in this MD&A to “GFL”, the “Company”, “we”, “us” and “our” mean GFL and its consolidated subsidiaries.

This MD&A is presented in millions of Canadian dollars unless otherwise indicated.

Summary of Factors Affecting Performance

We believe that our performance and future success depend on a number of factors that present significant opportunities for us. These factors are also subject to a number of inherent risks and challenges discussed elsewhere in this Interim MD&A and in the AIF.

Our results for the three months ended March 31, 2026 were impacted by acquisitions, divestitures, as well as organic growth during the period as a result, in part, from the pricing strategies that we implemented and changes in volume, partially offset by the impact of inflationary pressures and certain labour wage rate pressures. Our ability to leverage our scalable network to drive operational cost efficiencies also impacted our performance for the period. Our results are influenced by seasonality and tend to be lower in the first quarter of the year, primarily due to winter weather conditions which are pronounced in Canada, and higher in the second and third quarters of the year, due to the higher volume of waste generated during the summer months in many of our markets.

We intend to continue to grow our business and generate improvements in our financial performance by expanding our service offerings into new geographic markets and extending our geographic footprint to increase regional density across our business lines, thereby increasing margins. Our success in achieving these goals is dependent on our ability to execute on our three-pronged strategy of (i) continuing to generate strong, stable organic revenue growth, (ii) successfully executing strategic, accretive acquisitions, and (iii) continuing to drive operating cost efficiencies across our platform.

Strong, Stable Organic Revenue Growth

Our ability to generate strong, stable organic revenue growth across macroeconomic cycles depends on our ability to increase the breadth and depth of services that we provide to our existing customers, realize on cross-selling opportunities between our complementary service capabilities, obtain price and surcharge increases, win new contracts, realize renewals or extensions of existing contracts and expand into new or adjacent markets. We believe that executing on this strategy will continue to drive our organic revenue growth and free cash flow generation.

Our business is well-diversified across business lines, geographies and customers. We believe that our continued success depends on our ability to further enhance and leverage this diversification, a key component of which is our ability to offer our customers a comprehensive service offering across our business lines backed by an extensive geography across Canada and the U.S. The majority of the revenue we generate is derived from secondary markets, with revenue derived from major metropolitan centres representing the majority of our residential revenue.

We also believe we are well positioned to respond to changing customer needs and regulatory demands in order to maintain our success. This includes being able to respond to legal requirements and customer demands to divert waste away from landfill disposal by continuing to expand our ability to collect and process multiple streams of material.

Our diversified business model also complements our acquisition strategy. Multiple business lines allow us to source acquisitions from a broader pool of potential targets. Maintaining a diversified model is therefore critical to capitalizing on accretive acquisition opportunities and helping to reduce execution and business risk inherent in single-market and single-service offering strategies.

Executing Strategic, Accretive Acquisitions

Our ability to identify, execute and integrate accretive acquisitions is a key driver of our growth. Given the significant fragmentation that exists in the North American environmental services industry, our growth and success depend on our ability to realize on consolidation opportunities in our business lines.

Since 2007, we have completed over 290 acquisitions across our lines of business. We focus on selectively acquiring premier independent regional operators to create platforms in new markets, followed by tuck-in acquisitions to help increase density and scale. Integration of these acquisitions with our existing platform is a key factor to our success, along with continuing to identify and act upon these attractive consolidation opportunities.

In addition, successful execution of acquisitions opens new markets to us, provides us with new opportunities to realize cross-selling opportunities and drives procurement and cost synergies across our operations.

Driving Operating Cost Efficiencies

We provide our services through a strategically-located network of facilities in Canada and in the U.S. In each of our geographic markets, our strong competitive position is supported by and depends on the significant capital investment required to replicate our network infrastructure and asset base, as well as by stringent permitting and regulatory compliance requirements. Our continued success also depends on our ability to leverage our scalable network to attract and retain customers across service lines, realize operational efficiencies and extract procurement and cost synergies.

It is also key that we continue to leverage our scalable capabilities to drive operating margin expansion and realize cost synergies. This includes using the capacity of our existing facilities, technology processes and people to support future growth and provide economies of scale, as well as increasing route density and servicing new contract wins with our existing network of assets and fleet to enhance the profitability of each of our business lines.

Our success also depends on our ability to continue to make strategic investments in our business, including substantial capital investments in our facilities, technology processes and administrative capabilities to support our future growth. Our ability to improve our operating margins and our selling, general and administrative expense margins by maintaining strong discipline in our cost structure and regularly reviewing our practices to manage expenses and increase efficiency will also impact our operating results.

2. Operating Results

Analysis of results for the three months ended March 31, 2026 compared to the three months ended March 31, 2025

The following table summarizes certain operating results and other financial data for the periods indicated, which have been derived from our Interim Financial Statements and related notes:

Revenue

The following table summarizes revenue by service type for the periods indicated:

Revenue for the three months ended March 31, 2026 increased by $83.7 million to $1,643.8 million, compared to the three months ended March 31, 2025. Revenue increased by 5.4%, including 7.0% from core pricing and 3.9% from acquisitions completed since January 1, 2025. Partially offsetting these increases were lower commodity prices of 0.6%, negative surcharges of 0.6% and negative volume of 1.2%. Changes in foreign exchange rates decreased revenue by 3.1%.

Cost of Sales

The following table summarizes cost of sales for the periods indicated:

Cost of sales increased by $71.4 million to $1,344.0 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, predominantly attributable to the impact of acquisitions and organic growth of the business. Transfer and disposal costs increased primarily as a result of increased royalty fees relating to higher special waste volumes and higher subcontract costs, partially offset by the reduction in transportation costs driven by higher event driven transfer station volumes in the prior year. Labour and benefit costs increased as a result of higher wage rates. Fuel costs increased primarily due to an increase in the price of fuel. Changes in foreign exchange rates decreased cost of sales by $30.1 million.

Cost of sales as a percentage of revenue for the three months ended March 31, 2026 increased by 20 basis points to 81.8% compared to the three months ended March 31, 2025. Changes in the individual cost categories were the result of the impact of changes in business mix, our pricing strategies and the realization of ongoing operating cost efficiencies, partially offset by the increase in the price of fuel and inflationary cost pressures. Excluding depreciation expense, amortization of intangible assets and acquisition, rebranding and other integration costs, cost of sales as a percentage of revenue for the three months ended March 31, 2026 decreased by 90 basis points to 60.7% compared to the three months ended March 31, 2025.

Selling, General and Administrative Expenses (“SG&A”)

The following table summarizes SG&A for the periods indicated:

SG&A decreased by $20.4 million to $265.8 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was predominantly attributable to lower share based payments and transaction costs. Salaries and benefits decreased primarily as a result of lower headcount associated with administrative and support functions. Partially offsetting the decrease was an increase in cash remuneration paid to our Founder and CEO. Changes in foreign exchange rates decreased SG&A by $4.9 million. SG&A as a percentage of revenue for the three months ended March 31, 2026 decreased by 210 basis points to 16.2% compared to the three months ended March 31, 2025. Excluding depreciation expense, transaction costs and Founder/CEO remuneration, SG&A as a percentage of revenue for the three months ended March 31, 2026 decreased by 230 basis points to 12.8% compared to the three months ended March 31, 2025.

Interest and Other Finance Costs

The following table summarizes interest and other finance costs for the periods indicated:

Interest and other finance costs decreased by $70.8 million to $139.6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease was due to a $24.4 million decrease in interest expense as a result of the repayment of long-term debt in the prior year period. The decrease was also due to a $27.7 million decrease in other, which is primarily due to a decrease in loss on termination of hedged arrangements, and a $20.7 million decrease in the amortization of deferred financing costs, which is primarily due to the write off of deferred financing costs associated with long-term debt repaid in the prior year period.

Other Expenses

The following table summarizes other expenses for the periods indicated: