Secure Waste Infrastructure (TSX: SES) Reports Q1 Earnings Decline, Reaffirms FY25 Financial Guidance

Fri 18 Jul 25, 12:09 AM | Team Kalkine

Highlights

SES reported a 6.1% YoY revenue decline in Q1FY25; net earnings fell to 91.4% YoY.
SES is reopening an industrial waste facility and expanding its rail car fleet to enhance capacity
SES maintains FY25 Adjusted EBITDA guidance of CAD 510–540 million and expects free cash flow of CAD 270–300 million.

Secure Waste Infrastructure Corp. (TSX: SES) provides fluids and solids solutions to the oil and gas industry through its Midstream Infrastructure segment, which manages crude oil processing, storage, shipping, and waste treatment across Canada and the U.S., and its Environmental & Fluid Management segment, offering landfill services, water disposal, and site remediation solutions.

In the first quarter of the financial year 2025 (Q1FY25), the company’s net revenue decreased by 6.1% YoY to CAD 2,699.0 million due to lower performance in the oil purchase and resale segment, resulting in a decline in gross margin by 6.9% YoY to CAD 108.0 million. The operating profit fell by 12.5% YoY to CAD 63.0 million, primarily due to the lower gross margin and transaction-related costs, partially offset by reduced general and administrative expenses. Net earnings declined by 91.4% YoY to CAD 38.0 million due to a CAD 520 million gain from an asset divestiture related to the sale transaction recorded in Q1FY24.

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