Month: April 2025

HONG KONG, April 30, 2025 /PRNewswire/ — Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2024 (“Fiscal 2024”).

The Company had net income of US$734,000 in Fiscal 2024, as compared to US$1,828,000 for the fiscal year ended December 31, 2023 (“Fiscal 2023”). There was an exceptional increase in equity in income of affiliates in Fiscal 2023 arising from the disposal of 2 desulfurization treatment plants for a “Build-operate-transfer” project, which contributed approximately US$1,450,000 to the Company’s net income of Fiscal 2023.  The Company’s net income had a substantial increase if the non-recurrent profit is excluded.

The Company’s revenues for Fiscal 2024 were US$15,383,000, an approximate 14.3% decrease compared to US$17,940,000 for Fiscal 2023. The decrease in revenue was mainly a result of substantial drop in sales of high value analytical instruments to Hong Kong Government.

Gross profits increased by 15.4% to US$4,454,000 for Fiscal 2024 as compared to approximately US$3,861,000 for Fiscal 2023. The increase was principally due to decrease in sales of high value analytical instruments of lower gross profit % and increase in revenue of Ballast Water Treatment Systems (“BWTS”) of higher gross profit margin.

Selling and administrative expenses slightly decreased by 0.9% to approximately US$4,067,000 for Fiscal 2024 as compared to approximately US$4,103,000 for Fiscal 2023.

Mr. David Leung, CEO of the company commented,

“In 2024, the company’s performance has remained stable despite a challenging economic landscape. We have maintained stable growth overall for BWTS. However, our Wastewater Treatment (“WWT”) business continues to struggle due to the industrial sector being impacted by declines in foreign investment.

Looking ahead, even though economic challenges still exist, we are confident in our ability to develop the company. We see market potential for using mobile port BWT systems and related shore-based water solutions because of certain maritime cities experiencing high traffic congestion and a demand for using port BWT as emergency and rapid solutions. Additionally, more maritime countries will soon launch stricter environmental regulations to protect their coastlines, which will benefit us in promoting clean water solutions, such as ballast water, industrial wastewater and water solutions, etc. Last but not least, we will continue to capture the small and medium-sized ships market for BWTS retrofit at full speed and are planning to engage in direct marketing with shipowners by co-organizing technical seminars with distributors in high-growth shipping regions outside China.

Turning adversity into opportunity is the way forward!”

About BWTS

BWTS are an imminent requirement by The International Maritime Organization (“IMO”) to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO’s Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits started on 8 September 2019. 

The company obtained type approval certificate from China’s Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS in 2016.

The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020, and the company have been in compliance with such requirements.

Its ballast water port solution, HarborBallast, is a system installed in port to offer ballast water treatment services for ocean-going ships without their own BWTS and for those with damaged BWTS.

Forward Looking Statements

Certain statements in this news release regarding the Company’s expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company’s offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company’s own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the “Risk Factor” discussions in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2024.

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SOURCE EURO TECH HOLDINGS COMPANY LIMITED

HONG KONG, April 30, 2025 /PRNewswire/ — Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2024 (“Fiscal 2024”).

The Company had net income of US$734,000 in Fiscal 2024, as compared to US$1,828,000 for the fiscal year ended December 31, 2023 (“Fiscal 2023”). There was an exceptional increase in equity in income of affiliates in Fiscal 2023 arising from the disposal of 2 desulfurization treatment plants for a “Build-operate-transfer” project, which contributed approximately US$1,450,000 to the Company’s net income of Fiscal 2023.  The Company’s net income had a substantial increase if the non-recurrent profit is excluded.

The Company’s revenues for Fiscal 2024 were US$15,383,000, an approximate 14.3% decrease compared to US$17,940,000 for Fiscal 2023. The decrease in revenue was mainly a result of substantial drop in sales of high value analytical instruments to Hong Kong Government.

Gross profits increased by 15.4% to US$4,454,000 for Fiscal 2024 as compared to approximately US$3,861,000 for Fiscal 2023. The increase was principally due to decrease in sales of high value analytical instruments of lower gross profit % and increase in revenue of Ballast Water Treatment Systems (“BWTS”) of higher gross profit margin.

Selling and administrative expenses slightly decreased by 0.9% to approximately US$4,067,000 for Fiscal 2024 as compared to approximately US$4,103,000 for Fiscal 2023.

Mr. David Leung, CEO of the company commented,

“In 2024, the company’s performance has remained stable despite a challenging economic landscape. We have maintained stable growth overall for BWTS. However, our Wastewater Treatment (“WWT”) business continues to struggle due to the industrial sector being impacted by declines in foreign investment.

Looking ahead, even though economic challenges still exist, we are confident in our ability to develop the company. We see market potential for using mobile port BWT systems and related shore-based water solutions because of certain maritime cities experiencing high traffic congestion and a demand for using port BWT as emergency and rapid solutions. Additionally, more maritime countries will soon launch stricter environmental regulations to protect their coastlines, which will benefit us in promoting clean water solutions, such as ballast water, industrial wastewater and water solutions, etc. Last but not least, we will continue to capture the small and medium-sized ships market for BWTS retrofit at full speed and are planning to engage in direct marketing with shipowners by co-organizing technical seminars with distributors in high-growth shipping regions outside China.

Turning adversity into opportunity is the way forward!”

About BWTS

BWTS are an imminent requirement by The International Maritime Organization (“IMO”) to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO’s Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits started on 8 September 2019. 

The company obtained type approval certificate from China’s Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS in 2016.

The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020, and the company have been in compliance with such requirements.

Its ballast water port solution, HarborBallast, is a system installed in port to offer ballast water treatment services for ocean-going ships without their own BWTS and for those with damaged BWTS.

Forward Looking Statements

Certain statements in this news release regarding the Company’s expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company’s offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company’s own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the “Risk Factor” discussions in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2024.

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SOURCE EURO TECH HOLDINGS COMPANY LIMITED

Designed to mobilize billions of dollars for forest communities and conservation, this initiative aims to drive action on global goals for climate, nature and sustainable development

NEW YORK, April 30, 2025 /PRNewswire/ — Everland is convening, with the support of BNP Paribas, a groundbreaking outcome bond partnership to finance large-scale, Indigenous and traditional community-led forest conservation projects. The initiative is also supported by world-leading international advocacy organization Global Citizen, as part of its ongoing partnership with the new forest conservation standard Equitable Earth, and was unveiled today at the Global Citizen NOW summit in New York City.

The bond initiative aims to provide $50 million in direct project financing to launch the first 20 community-led REDD+ forest conservation projects in the Amazon, certified under the Equitable Earth Standard. An early focus will be on funding projects located within priority landscapes established by Panthera that form the Jaguar Corridor— a mosaic of landscapes that connect and protect jaguar populations, ensuring the species’ gene flow and long-term survival. These corridors are not only vital for jaguars, but are also home to many Indigenous and traditional communities whose stewardship is essential to protecting these ecosystems.

The finance the bond initiative intends to deliver will be used to implement conservation activities that, if successful, will generate high-integrity carbon credits over the 40-year lifespan of the projects. The sale of these carbon credits is projected to generate over $1 billion in the first 10 years, ensuring the projects’ financial sustainability and delivering lasting impact for communities, biodiversity, and climate mitigation.

Crucially, the Equitable Earth Standard requires that each project agrees a fair and equitable revenue sharing plan with Indigenous and traditional communities – so communities can invest in their own development priorities.

Chief Uraan Anderson Suruí, Traditional Leader of the Paiter Suruí People, said:
“For generations, our communities have protected the forests because we understand that our survival — and the survival of all life — depends on them. Yet too often, decisions about climate finance have been made without us, and resources have failed to reach the ground where they are needed most. With the Equitable Earth Standard and this new initiative led by Everland and BNP Paribas, a door is opening — creating a direct path for Indigenous and traditional peoples to access the financing we need to protect our territories, strengthen our cultures, and secure our future. This is not just an investment in carbon credits; it is an investment in our way of life, in the forests that sustain humanity, and in building a more just and sustainable world for all.”

Constance Chalchat, Global Chief Sustainability Officer, BNP Paribas Corporate & Institutional Banking said:
“Conservation is about safeguarding the natural resources that underpin countries’ long-term prosperity. From forests and water systems to working lands, we help finance efforts to responsibly manage and restore nature so that ecosystems continue delivering services to communities and economies. Indigenous Peoples have safeguarded these vital ecosystems for generations, and Indigenous knowledge, combined with sustainable financial mechanisms, is essential to driving long-term investments that deliver measurable and lasting climate, biodiversity and community outcomes. This initiative exemplifies how aligning private sector investment with Indigenous expertise can secure the long-term value of forests for people, economies, and our planet.”

Gerald Prolman, Executive Chairman, Everland said:
“Early-stage funding remains one of the biggest barriers to advancing REDD+ projects. Far too many high-impact initiatives stall before they start—not because of a lack of commitment or potential, but because communities lack access to upfront capital. This initiative is a breakthrough. It unlocks financing to launch 20 transformative, Indigenous-led forest conservation projects that can deliver measurable climate, biodiversity, and social outcomes. By combining private capital with Indigenous leadership, we’re not just enabling the market to access high-integrity carbon credits—we’re investing in the people and places that provide critical ecosystem services essential to the survival of our planet.”

Frédéric Launay, President & CEO of Panthera, said:
“In supporting and, rightly, placing the ownership of Amazon forest conservation in the hands of the world’s ultimate guardians of nature – Indigenous and traditional communities – this bond initiative brings us one step closer to realizing the vision of the Jaguar Corridor, of which my predecessor, CEO and Panthera Co-Founder, Dr. Alan Rabinowitz, dreamt. Serving up a community-centered conservation model that would benefit all to replicate, the initiative will strengthen the protection of Latin America’s biodiverse-rich forests and the interconnected human and wild life within them, while appreciating the intrinsic and superior role of Indigenous and traditional peoples in directly managing preservation of our planet. The relationships between the Indigenous and traditional communities of the Amazon and jaguars are sacred and inestimable, and if honored appropriately, will provide extraordinary momentum for the global community’s climate actions and safeguarding of critical habitats and biodiversity for generations to come.”

Michael Sheldrick, Co-Founder and Chief Policy, Impact and Government Relations Officer, Global Citizen said: “As Global Citizen continues to advocate for purposeful action to protect the Amazon—the world’s most vital carbon sink, we’re eager to support Everland and BNP Paribas’ innovative bond initiative to fund conservation projects in the region. Deforestation may begin as a local crisis but the ripple effects threaten us all. The effort to protect the Amazon, led by Indigenous communities, will protect the earth’s most critical life source for generations to come.”

Beto Borges, Director, Communities Territorial Governance Initiative, Forest Trends and Chair, Indigenous Peoples & Local Communities Guidance Council, Equitable Earth Coalition said:
“This initiative has the potential to deliver what many Indigenous communities have long called for—equitable finance that acknowledges and values their essential role in protecting some of the world’s most critical remaining forest ecosystems. Directing funding to projects aiming for certification under the Equitable Earth Standard is a significant step toward aligning private capital with Indigenous-led solutions.”

The Outcome Bond Partnership

BNP Paribas will structure the financing mechanism and is especially drawn to Everland’s commitment to community-led projects that prioritize both impacts for communities and for biodiversity. This matches the Bank’s core values of sustainability and responsible stewardship and is a key factor in their support for this initiative.

Everland will play a central role in bringing the bond initiative to life by ensuring that projects are well-prepared, high-impact, and positioned for long-term success. This includes identifying and vetting projects, conducting on-the-ground due diligence, and overseeing the development process to ensure projects meet the requirements for the project finance milestone payments. Everland will also lead the marketing of carbon credits for the portfolio of forest conservation projects, representing their interests in the international market.

The Projects

Projects financed under the bond initiative must meet high-integrity conservation and community development criteria under the Equitable Earth Standard. As a payment-for-performance model, Equitable Earth ensures that Indigenous and traditional communities receive direct investment based on the successful conservation of critical ecosystems.

A key focus of this initiative will be projects in at-risk landscapes within the Jaguar Corridor, in the core jaguar population within the Amazon, which is the world’s largest connected habitat for jaguars. Investments in the conservation of this core jaguar population will help protect millions of hectares of forest that are vital to the survival of the jaguar, and the countless other species that inhabit these ecosystems. These forests are also the ancestral homelands of Indigenous and traditional communities, who have long served as their guardians. This initiative will channel resources directly to these communities, providing investment to confront growing threats to their forests, their rights, and to sustain their way of life.

High-integrity carbon credits

The climate impact of the projects will be measured by their ability to reduce ongoing deforestation that would otherwise continue. This generates verified carbon credits, each representing one ton of CO₂ prevented from entering the atmosphere. Emissions reductions will be third-party verified and tied to measurable avoided deforestation, thereby providing companies with a tangible way to meet their climate goals while directing investment to communities on the frontlines of conservation.

The Equitable Earth Standard is supported by a coalition of the world’s leading forest carbon project developers, NGOs, and technical experts – including specialists in remote sensing, GIS, and satellite monitoring, as well as forest carbon scientists and climate data analysts. These experts play a critical role in measuring carbon storage, tracking deforestation trends, and ensuring the scientific integrity of Equitable Earth projects’ emissions reductions.

Global context

The world faces an escalating climate and biodiversity crisis driven by deforestation and ecosystem destruction. Indigenous Peoples have been the foremost protectors of the world’s forests for millennia, yet they receive only a fraction of the financial support needed to continue their essential role in conservation. The initiative announced today recognizes Indigenous ecological expertise through direct investment, helping to provide the financial resources necessary for communities to fund their own goals and to continue protecting the world’s most vital ecosystems—benefiting not just communities, but the entire planet.

The announcement took place at Global Citizen NOW on 30 April 2025, in New York City, where global leaders, financial institutions, Indigenous representatives, and conservation experts gathered to advance solutions for climate and social impact.

As the world prepares for COP30 in Belém, Brazil, this initiative fully aligns with President Lula’s ambition to raise major investment to protect the Amazon – again demonstrating the critical role of Indigenous-led conservation and private sector finance in achieving global climate goals.

About Everland
Everland is a specialized conservation marketing organization in the climate change mitigation business that exclusively represents the Voluntary Carbon Market’s largest portfolio of high-impact, community-centered, forest conservation (REDD+) projects. Through these projects, Everland brings together communities and corporations in common cause to protect some of the world’s most important and vulnerable forests.
everland.earth

About Equitable Earth
Equitable Earth is a groundbreaking standard that integrates technical innovation and conservation best practices with the priorities of Indigenous Peoples, traditional communities, and Global South governments to stop deforestation and secure the long-term protection of the world’s vital ecosystems. By meeting market demands for high integrity, radical transparency, and robust science, Equitable Earth ensures that those leading the protection of forests receive the necessary investment to sustain durable conservation for generations to come.
eq-earth.com

About Panthera
Founded in 2006, Panthera is devoted to preserving wild cats and their critical role in the world’s ecosystems. Panthera’s team of leading biologists, law enforcement experts and wild cat advocates develop innovative strategies based on the best available science to protect cheetahs, jaguars, leopards, lions, pumas, snow leopards, tigers and the 33 small cat species and their vast landscapes. In 39 countries around the world, Panthera works with a wide variety of stakeholders to reduce or eliminate the most pressing threats to wild cats—securing their future, and ours. Visit Panthera.org

About the Jaguar Corridor Initiative
Panthera’s Jaguar Corridor Initiative is an ambitious conservation strategy that aims to preserve the physical and genetic connectivity of jaguars throughout their 6 million km² range, from Mexico to Argentina. Recognizing that jaguars require vast territories to thrive, Panthera works with governments, local communities, and other stakeholders to establish a network of safe passages, or corridors, to ensure connectivity among core jaguar populations. Learn more about the Jaguar Corridor Initiative.

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SOURCE Everland

• Revenue, Adjusted EBITDA¹ and Adjusted Free Cash Flow¹ all ahead of expectations
• Net Leverage¹ of 3.1x, lowest in Company’s history
• Revenue of $1,560.1 million, increase of 12.5% excluding the impact of divestitures² (9.0% including the impact of divestitures)
• Adjusted EBITDA¹ of $426.1 million, increase of 13.8%; Adjusted Net Loss from continuing operations¹ of $34.5 million; Net loss from continuing operations of $213.9 million
• Adjusted EBITDA margin¹ of 27.3%, 120 basis points increase over the prior year period; highest Q1 Adjusted EBITDA margin¹ in Company’s history
• Year-to-date completed acquisitions generating approximately $85.0 million in annualized revenue

VAUGHAN, ON, April 30, 2025 /PRNewswire/ – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL”, “we” or “our”) today announced its results for the first quarter of 2025.

“I am extremely proud of the hard work and commitment of our over 15,000 employees, as we delivered another strong start to the year,” said Patrick Dovigi, Founder and Chief Executive Officer of GFL. “Our exceptional execution drove industry leading top line growth of 12.5% and 120 basis points of Adjusted EBITDA margin¹ expansion over the prior year period. Our strong performance, achieved amid increased macroeconomic volatility and unusually challenging weather conditions, underscores the resiliency of our business model.”

Mr. Dovigi continued, “During the quarter, we used the proceeds from the sale of our Environmental Services business to materially de-lever our balance sheet to Net Leverage¹ of 3.1x, the lowest in the Company’s history. This not only accelerates our path to an investment grade credit rating, but also allows us to re-ignite our solid waste M&A engine. In addition, we repurchased 31,725,083 subordinate voting shares through a combination of our normal course issuer bid, participation in the recent secondary offering and directly from BC Partners. We intend to continue to be opportunistic on further share repurchases going forward.”

Mr. Dovigi concluded, “The strength of our first quarter results reinforces our confidence in achieving our full year guidance, and we look forward to updating investors on our outlook when we report our second quarter results.”

First Quarter Results³

• Revenue of $1,560.1 million in the first quarter of 2025, increase of 12.5% excluding the impact of divestitures² (9.0% including the impact of divestitures), including 5.7% from core pricing² and 0.9% from positive volume.²
• Adjusted EBITDA¹ increased by 13.8% to $426.1 million in the first quarter of 2025, compared to $374.4 million in the first quarter of 2024. Adjusted EBITDA margin¹ was 27.3% in the first quarter of 2025, compared to 26.1% in the first quarter of 2024.
• Net loss from continuing operations was $213.9 million in the first quarter of 2025, compared to $195.8 million in the first quarter of 2024.
• Adjusted Free Cash Flow¹ was $13.7 million in the first quarter of 2025, compared to $16.4 million in the first quarter of 2024. The decrease of 2.7 million was predominantly due to an increase in Adjusted EBITDA¹ partially offset by an increase in cash capex net of incremental growth investments and investment in working capital.

Q1 2025 Earnings Call

GFL will host a conference call related to our first quarter earnings on May 1, 2025 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto our Investors page at investors.gflenv.com or by clicking here. Listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 388082) approximately 15 minutes prior to the scheduled start time.

We encourage participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login?show=be74913c&confId=79830. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. Participants may pre-register at any time, including up to and after the call start time. For those unable to listen live, an audio replay of the call will be available until May 15, 2025 by dialing 1-226-828-7578 in Canada or 1-866-813-9403 in the United States (access code: 613839).

About GFL

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management services through its platform of facilities throughout Canada and in 18 U.S. states. Across its organization, GFL has a workforce of approximately 15,000 employees.

For more information, visit the GFL web site at gflenv.com. To subscribe for investor email alerts please visit investors.gflenv.com or click here.

Forward-Looking Information

This release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities, the markets in which we operate, or potential share repurchases are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or “potential” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”, although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the “Risk Factors” section of GFL’s annual information form for the year ended December 31, 2024 and GFL’s other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws.

Non-IFRS Measures

This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

EBITDA represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.

Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) share of net (income) loss of investments accounted for using the equity method, (d) share-based payments, (e) transaction costs, (f) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (g) Founder/CEO remuneration and (h) other. For the three months ended March 31, 2025, Founder/CEO remuneration has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.

Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.

Acquisition EBITDA represents, for the applicable period, management’s estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, “Acquisition EBITDA Adjustments”). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.

Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) transaction costs, (c) acquisition, rebranding and other integration costs, (d) Founder/CEO remuneration, (e) cash interest paid on early termination of long-term debt and (f) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the three months ended March 31, 2025, Founder/CEO remuneration and cash interest paid on early termination of long-term debt have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in prior periods. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL. 

Adjusted Net Income (Loss) from continuing operations represents net income (loss) from continuing operations adjusted for (a) amortization of intangible assets, (b) amortization of deferred financing costs, (c) (gain) loss on foreign exchange, (d) share of net (income) loss of investments accounted for using the equity method, (e) loss on termination of hedged arrangements, (f) transaction costs, (g) acquisition, rebranding and other integration costs, (h) Founder/CEO remuneration, (i) other and (j) the tax impact of the foregoing. For the three months ended March 31, 2025, we added back the loss on termination of hedged arrangements and Founder/CEO remuneration. Adjusted income (loss) per share from continuing operations is defined as Adjusted Net Income (Loss) from continuing operations divided by the weighted average shares in the period. For the three months ended March 31, 2025, Founder/CEO remuneration and loss on termination of hedged arrangements have been added back to net income (loss) from continuing operations. We believe that Adjusted income (loss) per share from continuing operations provides a meaningful comparison of current results to prior periods’ results by excluding items that GFL does not believe reflect its fundamental business performance.

Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.

Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management’s estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, “Run-Rate EBITDA Adjustments”). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.

All references to “$” in this press release are to Canadian dollars, unless otherwise noted.

For further information:
Patrick Dovigi, Founder and Chief Executive Officer
+1 905-326-0101
pdovigi@gflenv.com

GFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 
(In millions of dollars except per share amounts)

GFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Financial Position 
(In millions of dollars)

GFL Environmental Inc.
Unaudited Interim Condensed Consolidated Statements of Cash Flows 
(In millions of dollars)

SUPPLEMENTAL DATA

You should read the following information in conjunction with our audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024, as well as our Unaudited Interim Financial Statements and notes thereto for the three months ended March 31, 2025.

Revenue Growth

The following table summarizes the revenue growth in our segments for the period indicated:

Detail of Organic Growth

The following table summarizes the components of our organic growth for the period indicated:

Operating Segment Results

The following table summarizes our operating segment results for the periods indicated, excluding the results of GFL Environmental Services which has been presented as discontinued operations:

Net Leverage

The following table presents the calculation of Net Leverage as at the dates indicated:

Shares Outstanding

The following table presents the total shares outstanding as at the date indicated:

NON-IFRS RECONCILIATION SCHEDULE

Adjusted EBITDA 

The following table provides a reconciliation of our net loss from continuing operations to EBITDA and Adjusted EBITDA for the periods indicated, excluding the results of GFL Environmental Services which has been presented as discontinued operations:

Adjusted Net Loss from Continuing Operations

The following table provides a reconciliation of our net loss from continuing operations to Adjusted Net Loss from continuing operations for the periods indicated, excluding the results of GFL Environmental Services which has been presented as discontinued operations:

Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow

The following table provides a reconciliation of our cash flows from operating activities to Adjusted Cash Flows from Operating Activities and Adjusted Free Cash Flow for the periods indicated:

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SOURCE GFL Environmental Inc.

Compliance Leader Verification^™ recognizes organizations with an
outstanding commitment to achieving a superior ethics and compliance program

Company’s Vice President and Chief Ethics and Compliance Officer Antonio Fernández honored with Business Ethics Leadership Alliance’s Beacon Award

AKRON, Ohio, April 30, 2025 /PRNewswire/ — Reflecting its core values and commitment to ethics and integrity, FirstEnergy Corp. (NYSE: FE) has earned Compliance Leader Verification for 2025-2026 from Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This designation reflects that FirstEnergy’s corporate ethics and compliance program and initiatives and corporate culture meet or exceed stringent criteria reflective of best practices.

Ethisphere also has recognized FirstEnergy Vice President and Chief Ethics and Compliance Officer Antonio Fernández with its 2025 Business Ethics Leadership Alliance (BELA) Beacon Award, which honors individual leaders who have fostered the growth of the BELA community through their personal efforts and generosity in sharing their time and expertise.

Brian X. Tierney, Board Chair, President and Chief Executive Officer for FirstEnergy: “Under Antonio’s leadership, FirstEnergy has rebuilt our ethics and compliance program to focus on doing what’s right for our customers, communities, employees and other stakeholders. The integrity and accountability that grounds these programs are not just principles on paper, but the foundation for how we work, lead and grow. I’m proud that we’ve established a culture where integrity fuels innovation, drives performance excellence and enhances the experience for our customers – traits reflecting our transformation to becoming a premier electric company.”

Watch Tierney and Fernández discuss FirstEnergy’s ethics and compliance journey with Ethisphere’s Bill Coffin on a recent episode of the Ethicast Podcast.

Jodie Fredericksen, Vice President, Data and Services at Ethisphere: “FirstEnergy has put in an incredible amount of work to establish and strengthen their program. They mean business, and we continue to be impressed with their dedication to ethics and compliance. Antonio has been a standout leader in this space, both at FirstEnergy and in the compliance community. At a time when integrity and trust are more important than ever, he sets an example for those around him by leading with courage, clarity and conviction.”

The Compliance Leader Verification process involves a rigorous review of an ethics and compliance program and corporate culture. It includes completing the Ethics Quotient^® (EQ), a questionnaire covering the elements of an effective program; benchmarking program practices against the World’s Most Ethical Companies^®; and extensive document review and interviews with executives and stakeholders. 

FirstEnergy’s performance was evaluated on six key areas: program resources and structure; perceptions of ethical culture; written standards; training and communication; risk assessment, monitoring and auditing; and enforcement, discipline and incentives.

More information about Compliance Leader Verification is available at https://ethisphere.com/what-we-do/leader-verification/

About Ethisphere 

Ethisphere is the global leader in defining and advancing the standards of ethical business practices that strengthen corporate brands, build trust in the marketplace and deliver business success.

Companies turn ethics, compliance, and culture into a business advantage by leveraging Ethisphere’s data-driven program and culture assessments featuring the latest guidance and the practices of hundreds of global organizations across the 8 pillars of an ethical culture, and 240+ ethics, compliance, social and governance data points delivered through a proprietary software platform.

Ethisphere also honors superior integrity programs through World’s Most Ethical Companies^® recognition, brings together a community of industry experts with the Business Ethics Leadership Alliance (BELA), and advances ethical business practices through the Global Ethics Summit, Ethisphere Magazine and the Ethicast podcast. For more information, visit https://ethisphere.com.

About FirstEnergy

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company’s transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on X @FirstEnergyCorp or online at firstenergycorp.com. 

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SOURCE FirstEnergy Corp.

HOPE Homes – A 27-Unit Modular Casita Community Made Possible Under New SB4

FONTANA, Calif., April 30, 2025 /PRNewswire/ — BOXABL, a Las Vegas–based startup revolutionizing the housing industry, has announced an exciting new partnership with Bethel AME Church of Fontana to provide 27 Casita modular homes for the local community. This milestone project is among the first in California to be implemented under the state’s groundbreaking Affordable Housing on Faith Lands Act (SB4) — a transformative law designed to expedite the development of affordable housing on land owned by faith-based and nonprofit educational institutions.

SB4 removes long-standing zoning barriers, allowing churches and religious organizations to develop housing solutions more efficiently on their properties. This new legal pathway opened the door for Rev. Terrence D. Sims, pastor of Bethel AME Church of Fontana, to collaborate with BOXABL, utilizing the company’s innovative Casita units as a strategic solution for senior affordable housing needs.

About the Project

The 27 Casita homes—each a compact 361-square-foot unit—will be located at Bethel AME Church, providing convenient access for residents to church services, programs, and community resources. This initiative, HOPE Homes, directly aligns with Bethel’s mission of “Helping Other People Everywhere,” bringing tangible support to seniors in need of safe, accessible, and dignified housing.

This collaboration also reflects BOXABL’s belief in the power of mission-driven partnerships. Religious institutions like Bethel Fontana are uniquely positioned to address pressing social challenges, such as housing insecurity. This project serves as a compelling model for faith-based engagement in community development.

Partnership and Investment Opportunities

As BOXABL continues to scale its modular housing technology, the company is actively seeking additional partnerships with developers, municipalities, and organizations looking to make a real impact. For individuals interested in supporting this mission, BOXABL shares are currently available starting at $0.80 per share.

READ THE OFFERING CIRCULAR HERE

About BOXABL

BOXABL is committed to reimagining the housing landscape through cutting-edge design and modular technology. Focused on affordability, durability, and efficiency, BOXABL is building homes for the future that meet today’s community needs.

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SOURCE Boxabl

HOUSTON, April 30, 2025 /PRNewswire/ — JERA Americas was proud to host its second annual Spring Volunteer Day Event on Wednesday, partnering with six area nonprofits. About 100 employees divided into smaller teams and spent the day assisting with special projects designed by each organization.

Nonprofit partners included:

• Children’s Museum Houston
• Dress for Success Houston
• Houston Public Library
• Kids’ Meals Houston
• Project Sunshine
• United Services Organization (USO)

Volunteer opportunities are offered to employees annually and are one of the ways JERA Americas ensures it keeps its values front of mind. The Company values are Sustainability, Happy, Adaptable, Passionate, Entrepreneurial (SHAPE). Sustainability is the primary company value, and it encompasses safety, and environmental, social, and financial sustainability.

“We have several volunteer efforts initiated at our various offices and generating facilities throughout the year. Our Spring Volunteer Day is an opportunity for our employees to engage in teamwork across our organization,” said Cindy Garcia, JERA Americas Senior Vice President and Head of Human Resources and General Affairs. “Such collaboration with a broader purpose of supporting our communities enables us to connect in a way that brings great happiness and satisfaction.”

JERA Americas also offers two days of paid time off for team members to volunteer at the charities of their choice throughout the year. And as part of its best-in-class benefits, the company provides family-sustaining jobs, premium-paid healthcare and welfare benefits, and a flexible and positive work environment. 

ABOUT JERA AMERICAS
JERA Americas is supporting an energy transition in an environmentally and socially responsible manner. The company is a subsidiary of Tokyo-based JERA, which stands for Japan’s Energy for a New Era. JERA produces about 30% of all electricity in Japan. https://www.jeraamericas.com. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/jera-americas-holds-second-annual-spring-volunteer-day-event-302443072.html

SOURCE JERA Americas, Inc