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2025 OUTLOOK

Ongoing macroeconomic volatility, including uncertainty surrounding tariffs, recessionary concerns, and the recent decline in commodity prices, has contributed to a weakening economic outlook and increased uncertainty for our customers as they assess the potential impacts on their businesses. In response, our customers are approaching the current environment with caution, emphasizing discipline, operational efficiency, and prudent capital allocation.

Amid these conditions, we remain committed to delivering value to our customers while strengthening our position as a leader in waste management and energy infrastructure. Our infrastructure is designed to support recurring waste streams generated by both oil and gas production and industrial activities. However, lower commodity prices and a recessionary backdrop may reduce activity levels, which will have some impact to our business operations.

Based on the current economic environment and underlying economic trends, the Corporation is providing the following guidance for the remainder of 2025:

• We are maintaining our Adjusted EBITDA guidance of $510 million to $540 million. While our outlook reflects a more cautious stance in light of the potential slowdown in activity levels outlined above and the decision not to proceed with a previously announced $18 million acquisition in the metals recycling business, our core infrastructure supports recurring waste and energy streams and is built to perform across all cycles.

• We expect discretionary free cash flow of $270 million to $300 million.

• We are increasing our organic growth capital program by $40 million to $125 million for 2025. The increase relates to an executed contract with an anchor tenant to provide produced water infrastructure for a 10-year term in the Montney region of Alberta. This new produced water processing facility is expected to be in service in the first quarter of 2026. Total growth projects planned for 2025 include:

  • Completion of the phase 3 expansion of the Clearwater heavy oil terminal and gathering infrastructure for incremental clean heavy oil delivery, including adding treating capabilities for trucked-in emulsion volumes backed by anchor tenants. This project was completed and operational in the first quarter, with the terminal now having total capacity of 75,000 barrels per day.

  • Two produced water processing and disposal facilities that include pipeline infrastructure in the Alberta Montney region to accommodate growing producer volumes. The new facilities are both backed by 10-year produced water contracts with large reputable counterparties. One facility is expected to be operational in the fourth quarter of 2025, with the second scheduled to be in service in the first quarter of 2026.

  • Reopening a suspended industrial waste processing facility located in Alberta's Industrial Heartland to meet local demand. Capital expenditures are underway and include replacing and upgrading critical infrastructure to increase capacity and allow for broader waste acceptance and treatment, which is expected to occur in the third quarter of 2025.

  • Purchasing incremental rail cars, bringing SECURE's fleet to approximately 200 rail cars, and increasing the efficiency of our metals recycling logistics and distribution operations.

  • Optimizing our waste infrastructure network to debottleneck, increase throughput, achieve cost saving, and drive higher Adjusted EBITDA from same store sales.

• We are maintaining our $85 million sustaining capital and $15 million asset retirement obligation spend.

• We expect to complete up to $200 million of common share repurchases under the Substantial Issuer Bid in the second quarter of 2025. Further buybacks under the NCIB will remain at the discretion of management and the Board of Directors.

• We are maintaining our quarterly dividend of $0.10 per share ($0.40 annualized), equal to approximately $92 million annualized based on current shares outstanding.

We are confident in our ability to adapt to evolving economic conditions and remain committed to delivering long-term value through resilient operations, disciplined growth, and a sharp focus on sustainability and safety.

SECURE's strong balance sheet and robust projected cash flows provide meaningful flexibility to execute on our capital allocation priorities. In 2025, this includes funding growth through our organic capital program and the acquisition of a metals recycling business completed on January 31, 2025, while also enhancing shareholder returns through share repurchases and a stable quarterly dividend.

FIRST QUARTER 2025 CONFERENCE CALL

SECURE will host a conference call on Friday, May 2, 2025, at 9:00 a.m. MST to discuss the first quarter results. To participate in the conference call, dial 437-900-0527 or toll free 1-888-510-2154. To access the simultaneous webcast, please visit www.secure.ca. For those unable to listen to the live call, a taped broadcast will be available at www.secure.ca and, until midnight MST on Friday, May 9, 2025, by dialing 1-888-660-6345 and using the pass code 80355#.

ABOUT SECURE

SECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta. The Corporation's extensive infrastructure network located throughout western Canada and North Dakota includes waste processing and transfer facilities, industrial landfills, metal recycling facilities, crude oil and water gathering pipelines, crude oil terminals and storage facilities. Through this infrastructure network, the Corporation carries out its principal business operations, including the collection, processing, recovery, recycling and disposal of waste streams generated by our energy and industrial customers and gathering, optimization, terminalling and storage of crude oil and natural gas liquids. The solutions the Corporation provides are designed not only to help reduce costs, but also lower emissions, increase safety, manage water, recycle by-products and protect the environment.

SECURE's shares trade under the symbol SES and are listed on the Toronto Stock Exchange.

NON-GAAP AND OTHER SPECIFIED FINANCIAL MEASURES

The Corporation uses accounting principles that are generally accepted in Canada (the issuer's "GAAP"), which includes International Financial Reporting Standards ("IFRS"). This news release contains certain measures that are considered "specified financial measures" (being either "non-GAAP financial measures", "non-GAAP ratios", "capital management measures" or "supplementary financial measures", as applicable) as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosures, including: Adjusted EBITDA and Discretionary Free Cash Flow (non-GAAP financial measures); Adjusted EBITDA per basic and diluted share, and discretionary free cash flow per basic and diluted share (non-GAAP ratios); Total Debt (capital management measure); and funds flow from operations per basic and diluted share (supplementary financial measures) which do not have any standardized meaning as prescribed by IFRS. These measures are intended as a complement to results provided in accordance with IFRS. The Corporation believes these measures provide additional useful information to analysts, shareholders and other users to understand the Corporation's financial results, profitability, cost management, liquidity and ability to generate funds to finance its operations.

However, these measures should not be used as an alternative to IFRS measures because they are not standardized financial measures under IFRS and therefore might not be comparable to similar financial measures disclosed by other companies. See the "Non-GAAP and other specified financial measures" section of the Corporation's MD&A for the three months ended March 31, 2025 and 2024 for further details, which is incorporated by reference herein and available on SECURE's profile at www.sedarplus.ca  and on our website at www.secure.ca.

Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA per basic and diluted share

Adjusted EBITDA is calculated as noted in the table below and reflects items that the Corporation considers appropriate to adjust given the irregular nature and relevance to comparable operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue (excluding oil purchase and resale). Adjusted EBITDA per basic and diluted share is defined as Adjusted EBITDA divided by basic and diluted weighted average common shares. For the three and twelve months ended December 31, 2024 and 2023, transaction and related costs have been adjusted as they are costs outside the normal course of business.

The following table reconciles the Corporation's net income, being the most directly comparable financial measure disclosed in the Corporation's financial statements, to Adjusted EBITDA for the three months ended March 31, 2025 and 2024.

Discretionary free cash flow and discretionary free cash flow per basic and diluted share

Discretionary free cash flow is defined as funds flow from operations adjusted for sustaining capital expenditures, and lease payments. The Corporation may deduct or include additional items in its calculation of discretionary free cash flow that are unusual, non-recurring, or non-operating in nature. Discretionary free cash flow per basic and diluted share is defined as discretionary free cash flow divided by basic and diluted weighted average common shares. For the three months ended March 31, 2025 and 2024, transaction and related costs have been adjusted as they are costs outside the normal course of business.

The following table reconciles the Corporation's funds flow from operations, being the most directly comparable financial measure disclosed in the Corporation's financial statements, to discretionary free cash flow.

FINANCIAL STATEMENTS AND MD&A

The Corporation's consolidated financial statements and notes thereto and MD&A for the three months ended March 31, 2025 and 2024 are available on SECURE's website at www.secure.ca and on SEDAR+ at www.sedarplus.ca.

FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this press release constitute "forward-looking statements and/or "forward-looking information" within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). When used in this press release, the words "achieve", "advance", "anticipate", "believe", "can be", "capacity", "commit", "continue", "could", "deliver", "drive", "enhance", "ensure", "estimate", "execute", "expect", "focus", "forecast", "forward", "future", "goal", "grow", "integrate", "intend", "may", "maintain", "objective", "ongoing", "opportunity", "outlook", "plan", "position", "potential", "prioritize", "realize", "remain", "result", "seek", "should", "strategy", "target" "will", "would" and similar expressions, as they relate to SECURE, its management are intended to identify forward-looking statements. Such statements reflect the current views of SECURE and speak only as of the date of this press release.

In particular, this press release contains or implies forward-looking statements pertaining but not limited to: SECURE's 2025 guidance, including with respect to Adjusted EBITDA, planned capital expenditures and growth projects (including for organic growth capital, sustaining capital and ARO expenditures), and projected discretionary free cash flow; anticipated timing with respect to SECURE's new produced water processing facility; SECURE's expectations and priorities for 2025 and beyond and its ability and position to achieve such priorities; SECURE's business plans, objectives, goals, targets, priorities and strategies; expectations with respect to the substantial issuer bid, including with respect to the aggregate dollar amount of common shares expected to be repurchased and timing thereof; SECURE's expectations related to economic drivers and the corresponding demand for our services; expectations and uncertainty with respect to the economy, evolving economic conditions and the industrial landscape in North America; the Corporation's expectation that low leverage and strong projected cash flows provides SECURE with meaningful capital allocation flexibility; expectations with respect to the benefits to be achieved and realized from the acquisition of the metals recycling business; SECURE's expectation to continue to deliver industry leading margins, and a stable cash flow profile underpinned by recurring volumes driven by industrial waste, metals, and energy markets; SECURE's dividend policy, and the declaration, timing and amount of dividends thereunder; statements concerning shareholder returns and the NCIB, including the duration of the NCIB, the number of common shares which may be purchased under the NCIB, the timing, amount and price of purchases of common shares under the NCIB; and other statements.

Forward-looking statements are based on certain assumptions that SECURE has made in respect thereof as at the date of this press release regarding, among other things: SECURE's 2025 expectations; economic and operating conditions, including commodity prices, crude oil and natural gas storage levels, interest rates, exchange rates, and inflation; ability to enter into signing agreements with customers to backstop the investments and acquisition opportunities present; continued demand for the Corporation's infrastructure services and activity linked to long-term and recurring projects; the expectation with respect to the commercial agreements entered into by SECURE for water disposal services in the Montney resource play and the benefits derived therefrom; the changes in market activity and growth will be consistent with industry activity in Canada and the U.S. and growth levels in similar phases of previous economic cycles; expectations and responses of SECURE's customers in response to economic concerns and instability; infrastructure developments in western Canada; increased capacity and stronger pricing with access to global markets through new infrastructure; the impact of any new pandemic or epidemic and other international or geopolitical events, including government responses related thereto and their impact on global energy pricing, oil and gas industry exploration and development activity levels and production volumes; anticipated sources of funding being available to SECURE on terms favourable to SECURE; the success of the Corporation's operations and growth projects; the impact of seasonal weather patterns; the Corporation's competitive position, operating, acquisition and sustaining costs remaining substantially unchanged; the Corporation's ability to attract and retain customers; that counterparties comply with contracts in a timely manner; current commodity prices, forecast taxable income, existing tax pools and planned capital expenditures; that counterparties comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion and operation of the relevant facilities; that there are no unforeseen material costs in relation to the Corporation's facilities and operations; that prevailing regulatory, tax and environmental laws and regulations apply or are introduced as expected, and the timing of such introduction; increases to the Corporation's share price and market capitalization over the long term; disparity between the Corporation's share price and the fundamental value of the business; the Corporation's ability to repay debt and return capital to shareholders; credit ratings; the Corporation's ability to obtain and retain qualified personnel (including those with specialized skills and knowledge), technology and equipment in a timely and cost-efficient manner; the Corporation's ability to access capital and insurance; operating and borrowing costs, including costs associated with the acquisition and maintenance of equipment and property; the ability of the Corporation and our subsidiaries to successfully market our services in western Canada and the U.S.; an increased focus on environmental, social and governance ("ESG"), sustainability and environmental considerations in the oil and gas industry; the impacts of climate-change on the Corporation's business; the current business environment remaining substantially unchanged; present and anticipated programs and expansion plans of other organizations operating in the energy service industry resulting in an increased demand for the Corporation's and our subsidiaries' services; future acquisition and maintenance costs; the Corporation's ability to achieve its ESG and sustainability targets and goals and the costs associated therewith; and other risks and uncertainties described in SECURE's Annual Information Form for the year ended December 31, 2024 ("AIF") and from time to time in filings made by SECURE with securities regulatory authorities.

Forward-looking statements involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to: general global financial conditions, including general economic conditions in Canada and the U.S.; the effect of any tariffs currently imposed, including the delay or escalation of any such tariffs, or the implementation of any new or additional tariffs, surtaxes, export bans, or other restrictive trade measures or countermeasures affecting international trade, including between the U.S. and Canada; the effect of any pandemic or epidemic, inflation and international or geopolitical events and governmental responses thereto on economic conditions, commodity prices and the Corporation's business and operations; changes in the level of capital expenditures made by oil and natural gas producers and the resultant effect on demand for oilfield services during drilling and completion of oil and natural gas wells; volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally; a transition to alternative energy sources; the Corporation's inability to retain customers; risks inherent in the energy industry, including physical climate-related impacts; the Corporation's ability to generate sufficient cash flow from operations to meet our current and future obligations; the seasonal nature of the oil and gas industry; increases in debt service charges including changes in the interest rates charged under the Corporation's current and future debt agreements; inflation and supply chain disruptions; the Corporation's ability to access external sources of debt and equity capital and insurance; disruptions to our operations resulting from events out of our control; the timing and amount of stimulus packages and government grants relating to site rehabilitation programs; the cost of compliance with and changes in legislation and the regulatory and taxation environment, including uncertainties with respect to implementing binding targets for reductions of emissions and the regulation of hydraulic fracturing services and services relating to the transportation of dangerous goods; uncertainties in weather and temperature affecting the duration of the oilfield service periods and the activities that can be completed; ability to maintain and renew the Corporation's permits and licenses which are required for its operations; competition; impairment losses on physical assets; sourcing, pricing and availability of raw materials, consumables, component parts, equipment, suppliers, facilities, and skilled management, technical and field personnel; supply chain disruption; the Corporation's ability to effectively complete acquisition and divestiture transactions on acceptable terms or at all; failure to realize the benefits of acquisitions or dispositions and risks related to the associated business integration (including specifically with respect to the two strategic acquisitions in the metals recycling business); risks related to a new business mix and significant shareholder; liabilities and risks, including environmental liabilities and risks inherent in SECURE's operations; the Corporation's ability to invest in and integrate technological advances and match advances of our competition; the viability, economic or otherwise, of such technology; credit, commodity price and foreign currency risk to which the Corporation is exposed in the conduct of our business; compliance with the restrictive covenants in the Corporation's current and future debt agreements; the Corporation's or our customers' ability to perform their obligations under long-term contracts; misalignment with our partners and the operation of jointly owned assets; the Corporation's ability to source products and services on acceptable terms or at all; the Corporation's ability to retain key or qualified personnel, including those with specialized skills or knowledge; uncertainty relating to trade relations and associated supply disruptions; the effect of changes in government and actions taken by governments in jurisdictions in which the Corporation operates, including in the U.S.; the effect of climate change and related activism on our operations and ability to access capital and insurance; the effects of the introduction of greenwashing regulations in the jurisdictions in which we operate; cyber security and other related risks; the Corporation's ability to bid on new contracts and renew existing contracts; potential closure and post-closure costs associated with landfills operated by the Corporation; the Corporation's ability to protect our proprietary technology and our intellectual property rights; legal proceedings and regulatory actions to which the Corporation may become subject, including in connection with any claims for infringement of a third parties' intellectual property rights; the Corporation's ability to meet its ESG targets or goals and the costs associated therewith; claims by, and consultation with, Indigenous Peoples in connection with project approval; disclosure controls and internal controls over financial reporting; and other risk factors identified in the AIF and from time to time in filings made by the Corporation with securities regulatory authorities.

The guidance in respect of the Corporation's expectations of Adjusted EBITDA, capital expenditures (including organic growth capital, sustaining capital and ARO expenditures), and discretionary free cash flow in 2025 in this press release may be considered to be a financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and which may become available in the future. These projections constitute forward-looking statements and are based on several material factors and assumptions set out above. Actual results may differ significantly from such projections. See above for a discussion of certain risks that could cause actual results to vary. The financial outlook contained in this press release has been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. SECURE and its management believe that the financial outlook contained in this press release has been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgments, and represents, to the best of management's knowledge and opinion, expected and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Although forward-looking statements contained in this press release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this press release are made as of the date hereof and are expressly qualified by this cautionary statement. Unless otherwise required by applicable securities laws, SECURE does not intend, or assume any obligation, to update these forward-looking statements.

SOURCE SECURE Waste Infrastructure Corp.

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