Highlights

  • Secure’s Q3 2025 adjusted EBITDA rose 6.3% year over year to CAD 135.0 million
  • Net income fell to CAD 1.0 million in Q3 from CAD 94.0 million in the prior-year quarter.
  • The company completed a CAD 300 million senior unsecured note issuance, extending debt maturities to 2032.
  • Management flags 2026 as a key year for incremental EBITDA from produced water facilities and expansion projects.

Secure Waste Infrastructure Corp. (TSX:SES), headquartered in Calgary, Alberta, operates in waste management and energy infrastructure. Its asset base spans western Canada and North Dakota and comprises waste processing and transfer facilities, industrial landfills, metal recycling operations, as well as crude oil and water gathering pipelines, terminals, and storage facilities.

In the third quarter of 2025 (Q3 2025), the company’s adjusted EBITDA was CAD 135.0 million versus CAD 127.0 million in Q3 2024, a year-over-year increase of 6.3%. Net income was CAD 1.0 million compared with CAD 94.0 million a year earlier, a year-over-year decline of 98.9%. Funds flow from operations was CAD 96.0 million versus CAD 106.0 million, down 9.4% year over year. Discretionary free cash flow was CAD 68.0 million compared with CAD 90.0 million in Q3 2024, down 24.4% year over year.

Recent Business Update

On 20 November 2025, the company closed a CAD 300 million senior unsecured note issuance at a 5.75% coupon, extending its debt maturity profile to 2032. The proceeds would be used primarily to repay amounts drawn under the revolving credit facility, with remaining flexibility for general corporate purposes. Management stated that the transaction supports its capital structure approach and reflects lender confidence in Secure’s cash flow profile and infrastructure-backed business model.

Company Outlook

The company enters the second half of 2025 with stable volumes, disciplined customers and visibility on cash generation. Metals recycling remains choppy in the near term, but its contribution is small. Management highlights 2026 as the key year, when produced water facilities, Clearwater expansion and reopened industrial assets are expected to add incremental EBITDA. With buybacks continuing and leverage under control, management expects per-share growth to outpace headline EBITDA growth.

Top Shareholders

The company’s top 10 shareholders collectively account for about 34.97% of the outstanding shares. Solus Alternative Asset Management, L.P. is the largest shareholder with an estimated 10.73% stake, followed by TPG Angelo Gordon at approximately 8.94%.

Stock Information

The stock declined by approximately 0.22% over the past week and by around 2.18% over the past month. Despite the recent pullback, it is trading above its 52-week low of CAD 12.04 and below its 52-week high of CAD 21.15.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is January 02, 2026. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined: -

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Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.