Clean Harbors : First Quarter 2026 Investor Review

Published: 2026-05-06 08:34:08 ET CLH

Published on 05/06/2026 at 08:34 am EDT

© 2026 CLEAN HARBORS

Best quarterly safety result in our history with a TRIR of 0.39

Revenue of $1.46B, driven by 4% growth in Environmental Services

Net income of $63.2 million or EPS of $1.19

Adjusted EBITDA* was $247.9M; Adjusted EBITDA* margin of 17.0%

Adjusted free cash flow* was ($75.8) million; in line with our expectations given timing of items such as working capital, year-end incentive payouts and interest payments

Environmental Services segment experienced steady demand for disposal and recycling network supported by project work, along with strong performance in Field Services and SK Environmental Services

Safety-Kleen Sustainability Solutions segment profitability was up and exceeded Q1 expectations due to execution of oil collection strategies and pricing surge late in the quarter

Corporate segment costs up YoY due to incentive compensation and insurance costs

* For a reconciliation of non-GAAP measures to its nearest GAAP equivalent, please refer to the appendix in this presentation.

+4%

$1,252.5

Revenue

(in millions)

Adjusted

EBITDA*

(in millions)

$1,209.1

Q1 2025 Q1 2026

22.7%

+6%

23.2%

$274.6 $290.4

Revenue increased YoY due to growth in project services, including PFAS opportunities, and a considerable amount of emergency response work. A large-scale ER event totaled ~$10 million in Field Services revenue in the quarter

Adjusted EBITDA outpaced revenue growth and drove ES margin up 50 bps based on pricing, volume and productivity gains

Incinerator utilization, including the new Kimball incinerator, was 80% vs. 81% in Q1'25, reflecting scheduled maintenance days and weather impacts in both periods. Landfill volumes up 34% from a year ago on strength in project work

SK Environmental Services revenue up 7%, driven by pricing and growth in vacuum services and containerized waste; performed 242K parts washer services

1

Q1 2025 Q1 2026

Adjusted EBITDA Margin

* For a reconciliation of net income to Adjusted EBITDA, please refer to the appendix in this presentation.

Clean Harbors Recommended PFAS Management Framework

Technology

Total PFAS limit

Waste examples

RCRA-permitted high-temperature incineration

(does not include waste to energy or boilers)

Lower range - 1 PPM

Upper range - no limit

AFFF concentrate and rinsate

Emergency response events

Highly contaminated soil

Military site remediation

Subtitle C landfills

Lower range - 20 PPB

Upper range - 1 PPM

Contaminated soil

Soil from emergency response events

Solids from military site remediation

Subtitle D landfills with advanced controls

(liner and leachate collection)

Lower range - 2 PPB Upper range - 20 PPB

Lightly contaminated soil

Construction debris

Deactivated biosolids

Industrial wastewater treatment

Lower range - NA Upper range - 1 PPM

Remediation water

Industrial process water

Dewatering liquids

Municipal wastewater treatment plants

Lower range - NA Upper range - 1 PPM

Stormwater

Households

Industrial discharges

Biosolids dewatering

Drinking water treatment

Treat water when

>4 PPT

Potable water

Mobile wellhead treatment

Stationary systems

$222.7

$207.0

-7%

Revenue decrease reflects lower market pricing for base and

Revenue

(in millions)

Adjusted EBITDA*

(in millions)

Q1 2025 Q1 2026

$28.3

+17%

15.9%

12.7%

$33.0

Q1 2025 Q1 2026

blended products for majority of Q1, partly offset by stronger charge-for-oil (CFO) revenue and rising base oil prices toward end of the quarter

Adjusted EBITDA increased despite the lower revenue; margin up 320 bps driven by large CFO increase, as well as efficiency gains in areas like transportation

Gathered 53M gallons of waste oil compared with 58M gallons in Q1'25; increased our CFO rate sequentially from Q4 and more than doubled it from same period a year ago reflecting soft base oil prices to start the year

Blended products sales volume accounted for 16% of total volumes sold vs. 17% in the year ago period. Direct blended sales increased slightly and represented 8% of total volumes sold. Continued to increase Group III production in Q1

* For a reconciliation of net income to Adjusted EBITDA, please refer to the appendix in this presentation.

Artificial Intelligence - Extending Our Technology Advantage

Technology has been a competitive differentiator for decades, part of our corporate DNA

Have been applying AI in many areas, such as waste profiling, for years

Seeing opportunities to expand and embed AI across the CLH universe, focusing on many areas including safety, compliance, revenue growth, profitability and cost savings

Have launched a number of AI programs to

date with more in various stages of development

Will continue to deliver meaningful financial returns in the years ahead

Disciplined Capital Allocation Strategy - Driven by ROIC

Organic Growth Investments

Share Repurchases

Invest in capex to drive organic growth

Evaluate acquisition and divestiture opportunities

Execute authorized buyback plan

Acquisitions & Divestitures

Debt Repayment

Assess current debt structure and leverage

FINANCIAL OVERVIEW

PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 9

Q1 2026

$1,459.5

Q1 2025

$1,432.0

$1,014.1

$1,021.9

$445.4

$410.1

30.5%

28.6%

$207.1

$182.8

14.2%

12.8%

$115.8

$112.0

$118.9

$111.6

$247.9

$234.9

17.0%

16.4%

$63.2

$58.7

$1.19

$1.09

(in millions, except per share data)

Revenues

Cost of revenues Gross profit Gross margin %

Selling, general and administrative expenses

SG&A %

Depreciation and amortization Income from operations Adjusted EBITDA*

Adjusted EBITDA* margin %

Net income

Diluted earnings per share

* Please refer to the appendix in this presentation for a reconciliation to the nearest GAAP equivalent.

12/31/25

3/31/26

3/31/25

(in millions)

$669.0

$953.7

$595.3

$1,305.4

$1,205.0

$1,248.6

$464.2

$506.6

$443.7

$2,774.0

$2,776.2

$2,783.9

$229.5

$230.7

$234.0

Cash and short-term marketable securities Billed and unbilled receivables

Accounts payable

Current and long-term debt Environmental liabilities

Q1 2025

$1.6

Q1 2026

$6.3

(in millions)

Cash from operations

($96.9)

($117.4)

($75.8)

($115.7)

$25.0

$55.0

Capital expenditures, net of disposals Adjusted free cash flow*

Share repurchases

* Please refer to the appendix in this presentation for a reconciliation to the nearest GAAP equivalent.

Full-Year 2026

(in millions)

Net Income

$421

to

$472

Adjusted EBITDA*

$1,240

to

$1,300

Net Cash from Operating Activities

$840

to

$960

Adjusted Free Cash Flow*

$490

to

$550

* Please refer to the appendix in this presentation for reconciliations of Adjusted EBITDA and Adjusted free cash flow to the nearest GAAP equivalent.

APPENDIX

PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 14

(in thousands, except percentages) Three Months Ended

Net income

March 31, 2026

$ 63,201

March 31, 2025

$ 58,680

Accretion of environmental liabilities

3,542

3,620

Stock-based compensation

9,578

7,635

Depreciation and amortization

115,799

111,980

Other expense, net

731

932

Interest expense, net of interest income

33,854

36,077

Provision for income taxes

21,149

15,930

Adjusted EBITDA

$ 247,854

$ 234,854

Adjusted EBITDA Margin

17.0 %

16.4 %

(in thousands) Three Months Ended

March 31, 2026 March 31, 2025

Net cash from operating activities

$ 6,297

$ 1,605

Additions to property, plant and equipment

(98,443)

(118,695)

Cash investments in strategic growth projects

14,787

-

Proceeds from sale and disposal of fixed assets

1,522

1,343

Adjusted free cash flow

$ (75,837)

$ (115,747)

For the Year Ending

(in millions)

December 31, 2026

Projected net income

$421

to

$472

Adjustments:

Accretion of environmental liabilities

16

to

15

Stock-based compensation

41

to

44

Depreciation and amortization

470

to

460

Interest expense, net

144

to

139

Provision for income taxes 148 to 170

Projected Adjusted EBITDA $1,240 to $1,300

(in millions)

For the Year Ending

December 31, 2026

Projected net cash from operating activities

$840

to

$960

Additions to property, plant and equipment

(475)

to

(535)

Cash investments in strategic growth projects

110

to

110

Proceeds from sale and disposal of fixed assets 15 to 15

Projected adjusted free cash flow $490 to $550

Questions

PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 18

(NYSE: CLH)

42 Longwater Drive

Norwell, MA 02061

Jim Buckley

SVP, Investor Relations 781-792-5100

Email: [email protected]

https://www.cleanharbors.com

PEOPLE AND TECHNOLOGY CREATING A CLEANER, SAFER ENVIRONMENT 19

Disclaimer

Clean Harbors Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 12:33 UTC.