SECURE Waste Infrastructure Boosts Dividend 5% Amid Strong 2025 Performance
Event summary
- SECURE Waste Infrastructure Corp. reported 2025 Adjusted EBITDA of $501 million, up from $490 million in 2024, despite a challenging macro environment.
- The company returned $373 million to shareholders through dividends and share buybacks, repurchasing 8% of outstanding shares.
- SECURE provided 2026 Adjusted EBITDA guidance of $520–$550 million, with approximately 75% contributed by the Waste Management segment.
- The Board approved a 5% increase in the quarterly dividend rate to $0.105 per share, beginning with the Q2 2026 dividend.
- SECURE ended 2025 with a Total Debt to Adjusted EBITDA ratio of 2.1x (1.8x excluding leases), providing flexibility for growth and acquisitions.
The big picture
SECURE's strong 2025 performance and 2026 guidance reflect the resilience of its infrastructure-backed business model in a volatile macro environment. The company's focus on high-return organic projects and disciplined capital allocation positions it to manage growing waste and water volumes in Western Canada and North Dakota. The 5% dividend increase underscores confidence in the strength and sustainability of the business, despite near-term headwinds in metals recycling and softer commodity prices.
What we're watching
- Execution Risk
- Whether SECURE can deliver on its 2026 Adjusted EBITDA guidance amid geopolitical and macroeconomic uncertainty.
- Regulatory Dynamics
- The outcome of SECURE's litigation with Canadian Energy Services L.P. and the potential recovery of damages.
- Market Positioning
- The pace at which SECURE can expand its network to meet growing waste and water volumes associated with industrial and upstream activity.
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