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SECURE Waste Infrastructure (TSE:SES)
TSX:SES
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.23Last Year’s EPS
0.16Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The earnings call conveyed a generally positive tone: management emphasized resilience and durable, infrastructure-backed cash flows, delivered year-over-year adjusted EBITDA growth, strong cash generation, significant shareholder returns (dividends and buybacks), successful project commissioning and a constructive 2026 adjusted EBITDA guide. Notable challenges were discussed, including metal recycling disruption from U.S. tariffs (with an estimated 10–15% EBITDA impact), modest decline in discretionary free cash flow due to higher interest and taxes, volume softness in some service lines tied to lower commodity prices, inventory/logistics constraints in metals and an unresolved patent litigation with a potential ~$100 million claim. Overall, the positive items (stable recurring cash flows, balance sheet strength, project execution, shareholder returns and upward guidance) materially outweigh the headwinds, though management acknowledged several execution and macro risks that could influence near-term outcomes.Company Guidance
Full-Year Adjusted EBITDA Growth and Quarterly Outperformance
Full-year adjusted EBITDA of $501 million, representing approximately 5% year-over-year pro forma growth. Fourth-quarter adjusted EBITDA was $135 million, up 15% year-over-year and up 24% on a per-share basis versus the prior-year quarter.
Revenue and Cash Flow Strength
Fourth-quarter revenue of $372 million, up 10% year-over-year. Q4 funds flow from operations of $118 million and discretionary free cash flow of $84 million. Full-year funds flow from operations of $378 million and discretionary free cash flow of $273 million with industry-leading conversion of over 50% of adjusted EBITDA to free cash flow.
Shareholder Returns and Capital Allocation
Returned $373 million to shareholders in 2025 through dividends and buybacks. Repurchased nearly 19 million shares at an average price below $15 (~8% of outstanding shares) and, since renewing the NCIB, repurchased an additional 1.1 million shares at a weighted average price of $17.10.
Disciplined Growth Investment and Project Progress
Deployed $138 million of organic growth capital in 2025 (above the original $75 million plan) focused on produced water infrastructure in the Montney, industrial waste processing and metal recycling optimization. Commissioned the first produced water disposal facility in the Montney in Q4 with a second facility expected online in March 2026.
2026 Financial Guidance and Dividend Increase
Provided adjusted EBITDA guidance for 2026 of $520 million to $550 million (midpoint ~$535 million, implying continued growth versus 2025) and announced a 5% dividend increase to $0.42 per share annualized beginning Q2 2026.
Balance Sheet and Liquidity Enhancements
Maintained a strong balance sheet with total debt to adjusted EBITDA of 2.1x (1.8x excluding leases). Refinanced a portion of debt by issuing $300 million of senior unsecured notes due 2032 to extend maturity profile and enhance financial flexibility.
Scale and Operating Metrics
Demonstrated platform scale and recurring volumes: disposed ~95,000 barrels per day of produced water (Q4), processed ~38,000 barrels per day of liquid waste, recovered ~1 million barrels of oil from waste streams, safely disposed of ~3.2 million tons of solid waste, and handled over 133,000 barrels per day of crude oil across 13 terminals and 3 gathering pipelines.
Accounting Presentation Change to Improve Transparency
Voluntary accounting policy change to present realized and unrealized gains/losses from physically settled commodity contracts and related derivatives on a net basis within revenue rather than gross proceeds and offsetting costs. No impact to net income, adjusted EBITDA, cash flow or the statement of financial position; prior periods restated for comparability and expected to support reclassification to a waste infrastructure industry code.
TSE:SES Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:SES Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 20, 2026 | C$19.19 | C$19.94 | +3.91% |
Oct 30, 2025 | C$18.30 | C$17.57 | -3.99% |
Jul 29, 2025 | C$16.64 | C$16.16 | -2.87% |
May 02, 2025 | C$13.01 | C$13.48 | +3.64% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does SECURE Waste Infrastructure (TSE:SES) report earnings?
SECURE Waste Infrastructure (TSE:SES) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is SECURE Waste Infrastructure (TSE:SES) earnings time?
SECURE Waste Infrastructure (TSE:SES) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:SES EPS forecast?
TSE:SES EPS forecast for the fiscal quarter 2026 (Q1) is 0.23.