GFL Environmental Inc. Subordinate voting shares, no par value Financial Ratios — 36E

Profitability (CAD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	-15.16	-26.77	-10.69	-6.68	-0.71	-11.35	52.99
Return on Assets (%)	- -	- -	- -	-3.86	-7.86	-3.56	-1.63	0.23	-3.52	18.93
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	0.91	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	0.88	- -	- -
Gross Margin (%)	-7.15	-27.43	- -	8.18	4.53	9.22	11.8	16.89	18.39	20.67
EBITDA Margin (%)	-27.71	-18.84	- -	19.94	17.9	28.05	23.16	31.19	21.36	26.37
Operating Margin (%)	-56.74	-44.91	- -	-0.95	-7.75	-2.01	0.59	3.47	3.63	5.23
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	23.59	8.82	29.33	2.78	25.82
Pretax Margin (%)	-33.54	-15.58	- -	-18.2	-32.31	-14.33	-5.31	2.56	-18.31	3.43
Profit Margin (%)	-25.31	-11.24	- -	-13.5	-26.27	-11.81	-4.61	0.6	-11.77	57.95
Net Income to Common Margin (%)	-25.31	-11.24	- -	-13.5	-26.6	-11.81	-5.84	-0.62	-13.08	57.19
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	83.24	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	0.05	-2.85	23.47	91.8	5.25	-11.35
Sustainable Growth Rate (%)	- -	- -	- -	-15.16	-26.75	-11	-5.12	-0.06	-10.75	59

Credit (CAD)

Credit Ratios API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	2,462	6,289	7,817	7,788	9,629	9,679	9,289	10,549	7,933
ST Debt	- -	9	54	98	114	138	94	75	1,219	60
LT Debt	- -	2,452	6,235	7,720	7,674	9,492	9,585	9,214	9,330	7,873
Total Debt/EBITDA	- -	-14.54	- -	11.71	10.37	6.68	6.18	3.96	8.04	4.55
Net Debt/EBITDA	- -	-14.54	- -	10.56	10.08	6.34	5.89	3.72	7.52	4.21
Total Debt/EBIT	- -	-6.03	- -	-59.22	-16.01	201.87	241.37	10.87	-41.16	18.51
Net Debt/EBIT	- -	-6.03	- -	-53.41	-15.56	191.42	229.88	10.19	-38.5	17.12
EBITDA to Interest Expense	-0.93	-0.8	- -	1.41	2.02	4.45	3.67	4.4	2.33	3.82
EBITDA-CapEx/Interest Expense	-1.63	-1.75	- -	0.44	0.87	2.45	1.87	2.42	0.21	1.32
EBIT to Interest Expense	-1.91	-1.9	- -	-0.07	-0.87	-0.32	0.09	0.49	0.4	0.76
Interest Expense	179	213	- -	473	372	324	427	533	564	456
Common Equity/Total Assets	- -	14.77	28.84	22.46	35.42	31.4	30.54	36.1	32.91	37.85
Long-Term Debt/Equity (%)	- -	481.8	195.29	278.9	137.73	164.33	158.58	124.74	129.2	105.18
Long-Term Debt/Capital (%)	- -	82.55	65.76	72.93	57.44	61.61	60.96	55.25	52.5	51.06
Long-Term Debt/Total Assets (%)	- -	71.14	56.32	62.64	48.79	51.59	48.49	46.35	44	40.8
Total Debt/Equity (%)	- -	483.61	196.98	282.42	139.78	166.71	160.14	125.76	146.07	105.98
Total Debt/Capital (%)	- -	82.87	66.33	73.85	58.29	62.51	61.56	55.7	59.36	51.45
Total Debt/Total Assets (%)	- -	71.41	56.8	63.43	49.51	52.34	48.96	46.73	49.74	41.11
Net Debt to Equity	- -	483.61	196.74	254.72	135.86	158.08	152.52	117.92	136.65	98.02
Net Debt/Capital (%)	- -	82.87	66.3	70.43	56.78	60.01	58.94	52.66	55.95	47.85
EBITDA	-167	-169	- -	667	751	1,441	1,566	2,344	1,312	1,745
EBITDA-CapEx	-291	-372	- -	210	323	794	800	1,289	119	603
Operating Income (Loss)	-341	-404	- -	-32	-325	-103	40	261	223	346

Liquidity (CAD)

Liquidity Ratios API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	0.01	0.66	0.02	0.13	0.03	0.07	0.04	0.04
Current Ratio	- -	1.18	1	1.64	0.86	0.98	0.51	0.82	0.54	0.58
Quick Ratio	- -	0.94	0.85	1.49	0.75	0.87	0.44	0.7	0.44	0.49
CFO/Avg Current Liab	- -	- -	- -	0.32	0.49	0.66	0.52	0.44	0.62	0.51
Common Equity/Total Assets	- -	14.77	28.84	22.46	35.42	31.4	30.54	36.1	32.91	37.85
Long-Term Debt/Equity (%)	- -	481.8	195.29	278.9	137.73	164.33	158.58	124.74	129.2	105.18
Long-Term Debt/Capital (%)	- -	82.55	65.76	72.93	57.44	61.61	60.96	55.25	52.5	51.06
Long-Term Debt/Total Assets (%)	- -	71.14	56.32	62.64	48.79	51.59	48.49	46.35	44	40.8
Total Debt/Equity (%)	- -	483.61	196.98	282.42	139.78	166.71	160.14	125.76	146.07	105.98
Total Debt/Capital (%)	- -	82.87	66.33	73.85	58.29	62.51	61.56	55.7	59.36	51.45
Total Debt/Total Assets (%)	- -	71.41	56.8	63.43	49.51	52.34	48.96	46.73	49.74	41.11
CFO/Total Liabilities	- -	4.3	- -	2.63	4.94	7.11	7.99	7.85	11.01	11.14
CFO/CapEx	0.65	0.62	- -	0.55	1.17	1.39	1.43	0.93	1.29	1.15
Altman's Z-Score	- -	- -	- -	- -	0.75	0.94	0.76	1.26	1.09	1.75

Working Capital (CAD)

Working Capital Ratios API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	6.65	6.93	6.7	7.04	7.25	5.81	7.08
Days Sales Outstanding	- -	- -	- -	54.85	52.68	54.51	51.82	50.35	62.84	51.54
Inventory Turnover	- -	- -	- -	66.16	74.26	66.9	71.77	68.49	48.66	62.26
Days Inventory Outstanding	- -	- -	- -	5.52	4.92	5.46	5.09	5.33	7.5	5.86
Accounts Payable Turnover	- -	- -	- -	4.6	7.01	9.58	9.76	9.15	6.59	6.26
Accounts Payable Turnover Days	- -	- -	- -	79.26	52.08	38.11	37.39	39.87	55.38	58.35
Cash Conversion Cycle	- -	- -	- -	-18.9	5.52	21.85	19.51	15.81	14.95	-0.95
Inventory to Cash Days	- -	- -	- -	49.33	47.76	49.05	46.73	45.02	55.33	45.68
Inventories	- -	24	42	51	57	82	84	98	108	61
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	24	42	51	57	82	84	98	108	61

Enterprise Value (CAD)

Enterprise Value API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	11,885	16,205	13,741	16,933	25,158	21,310
- Cash & Cash Equivalents	- -	- -	7	575	27	190	82	136	134	86
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	7	209	243	183
+ Total Debt	- -	2,462	6,289	7,817	7,788	9,629	9,679	9,289	10,549	7,933
Enterprise Value	- -	- -	- -	- -	19,646	25,644	23,345	26,295	35,817	29,340
Total Capital	- -	2,971	9,481	10,585	13,360	15,406	15,723	16,675	17,771	15,419
Total Debt/Capital (%)	- -	82.87	66.33	73.85	58.29	62.51	61.56	55.7	59.36	51.45
Total Debt / EV	- -	- -	- -	- -	0.4	0.38	0.41	0.35	0.29	0.27
EV/Sales	- -	- -	- -	- -	4.68	4.99	3.45	3.5	5.83	4.43
EV/EBITDA	- -	- -	- -	- -	26.15	17.8	14.91	11.22	27.31	16.82
EV/EBIT	- -	- -	- -	- -	- -	537.61	582.17	30.76	- -	68.47
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	24.58	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1,802.02	- -	- -
Diluted Market Cap	- -	- -	- -	- -	12,940	17,320	14,690	16,864	24,356	22,546
Diluted Enterprise Value	- -	- -	- -	- -	20,701	26,759	24,294	26,226	35,015	30,576
EV per Share	- -	- -	- -	- -	60.2	75.8	67.97	70.84	91.05	81.97
TTM Sales	601	899	- -	3,347	4,196	5,137	6,761	7,516	6,139	6,616
TTM EBITDA	-167	-169	- -	667	751	1,441	1,566	2,344	1,312	1,745
TTM Operating Income	-341	-404	- -	-32	-325	-103	40	261	223	346
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1,070	- -	- -
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	15	- -	- -

Multiples (CAD)

Valuation Multiples API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	175.1	69.09	44.37	-225.75	70.15	129.13
EV/EBIT	- -	- -	- -	- -	- -	537.61	582.17	30.76	- -	68.47
Enterprise Value	- -	- -	- -	- -	19,646	25,644	23,345	26,295	35,817	29,340
Low Price	- -	- -	- -	- -	17.12	35.53	31.56	36.92	41.49	58.68
EV/Sales	- -	- -	- -	- -	4.68	4.99	3.45	3.5	5.83	4.43
EV/EBITDA	- -	- -	- -	- -	26.15	17.8	14.91	11.22	27.31	16.82
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.82
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.4
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.97
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.73
Price/Book Value	- -	- -	- -	- -	2.13	2.81	2.28	2.36	3.61	2.92
Price/Book Value Average	- -	- -	- -	- -	1.59	2.52	2.14	2.32	2.95	3.21
Price/Book Value High	- -	- -	- -	- -	2.16	3.11	2.73	2.69	3.74	3.5
Price/Book Value Low	- -	- -	- -	- -	1	2.08	1.8	1.91	2.34	2.88
Price/Tangible Book Value	- -	- -	- -	- -	-2.96	-3.21	-2.55	-4.49	-6.42	-15.8
Price/Tangible Book Value Average	- -	- -	- -	- -	-2.21	-2.88	-2.39	-4.41	-5.24	-17.39
Price/Tangible Book Value High	- -	- -	- -	- -	-2.99	-3.55	-3.05	-5.13	-6.66	-18.93
Price/Tangible Book Value Low	- -	- -	- -	- -	-1.39	-2.38	-2.01	-3.63	-4.16	-15.57
Price/Sales	- -	- -	- -	- -	3.08	3.37	2.17	2.24	3.97	3.33
Price/Sales Average	- -	- -	- -	- -	2.3	3.03	2.04	2.2	3.24	3.66
Price/Sales High	- -	- -	- -	- -	3.12	3.73	2.6	2.56	4.12	3.98
Price/Sales Low	- -	- -	- -	- -	1.45	2.5	1.71	1.82	2.57	3.28
Price/Cash Flow	- -	- -	- -	- -	25.77	19.29	13.4	17.2	15.81	16.72
Price/Cash Flow Average	- -	- -	- -	- -	19.24	17.31	12.59	16.88	12.92	18.41
Price/Cash Flow High	- -	- -	- -	- -	26.06	21.36	16.05	19.64	16.42	20.03
Price/Cash Flow Low	- -	- -	- -	- -	12.11	14.31	10.57	13.92	10.26	16.48
Price/Free Cash Flow Average	- -	- -	- -	- -	130.72	62.01	41.68	-221.58	57.32	142.18
Price/Free Cash Flow High	- -	- -	- -	- -	177.08	76.49	53.13	-257.81	72.85	154.72
Price/Free Cash Flow Low	- -	- -	- -	- -	82.33	51.24	35	-182.69	45.52	127.27
EV/Sales Average	- -	- -	- -	- -	3.96	4.67	3.33	3.46	5.08	4.76
EV/Sales High	- -	- -	- -	- -	4.71	5.33	3.85	3.82	5.99	5.07
EV/Sales Low	- -	- -	- -	- -	3.18	4.18	3.02	3.07	4.4	4.39
EV/EBITDA Average	- -	- -	- -	- -	22.14	16.65	14.38	11.08	23.8	18.05
EV/EBITDA High	- -	- -	- -	- -	26.33	19.01	16.65	12.24	28.05	19.24
EV/EBITDA Low	- -	- -	- -	- -	17.77	14.89	13.06	9.84	20.57	16.64
EV/EBIT Average	- -	- -	- -	- -	- -	502.83	561.42	30.4	- -	73.5
EV/EBIT High	- -	- -	- -	- -	- -	574.04	649.87	33.58	- -	78.33
EV/EBIT Low	- -	- -	- -	- -	- -	449.84	509.84	26.99	- -	67.75
Last Price	- -	- -	- -	- -	36.42	47.9	40.01	45.62	63.95	59.54
High Price	- -	- -	- -	- -	36.83	53.04	47.91	52.1	66.42	71.34
Enterprise Value Average	- -	- -	- -	- -	16,634	23,985	22,513	25,981	31,215	31,493
Enterprise Value High	- -	- -	- -	- -	19,780	27,382	26,060	28,699	36,786	33,563
Enterprise Value Low	- -	- -	- -	- -	13,349	21,457	20,444	23,064	26,982	29,033

Per Share Data Items (CAD)

Per-Share Data API ChatGPT

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	302	12	12	302	326	338	343	371	393	358
Diluted Weighted Avg Shares	314	326	314	181	355	362	367	370	381	379
Basic Weighted Avg Shares	314	326	314	181	355	362	367	370	381	370
Revenue per Share	1.91	2.75	- -	18.54	11.81	14.21	18.41	20.33	16.12	17.9
EBITDA per Share	-0.53	-0.52	- -	3.7	2.11	3.98	4.26	6.34	3.44	4.72
Operating Income per Share	-1.09	-1.24	- -	-0.18	-0.92	-0.29	0.11	0.71	0.59	0.94
Basic EPS, GAAP	-0.48	-0.31	- -	-2.5	-3.14	-1.68	-1.08	-0.13	-2.11	10.24
Basic EPS from Cont Ops	-0.48	-0.31	- -	-2.5	-3.1	-1.73	-0.5	0.09	-2.36	0.65
Diluted EPS, GAAP	-0.48	-0.31	- -	-2.5	-3.14	-1.68	-1.08	-0.13	-2.11	9.99
Diluted EPS from Cont Ops	-0.48	-0.31	- -	-2.5	-3.1	-1.73	-0.5	0.09	-2.36	0.64
Dividend per Share	- -	- -	- -	- -	0.04	0.05	0.06	0.07	0.07	0.08
Cash Flow per Share	0.26	0.39	- -	1.39	1.41	2.48	2.99	2.65	4.04	3.56
Free Cash Flow per Basic Share	-0.14	-0.24	- -	-1.15	0.21	0.69	0.9	-0.2	0.91	0.47
Cash & Equivalents per Share	- -	- -	0.62	1.9	0.08	0.56	0.24	0.37	0.34	0.24
Book Value per Share	- -	42.6	267.23	9.16	17.07	17.07	17.58	19.34	17.74	20.4
Tangible Book Value per Share	- -	-126.98	-395.67	-17.39	-12.32	-14.94	-15.69	-10.16	-9.97	-3.77