Casella Waste : View Presentation

Casella Waste Systems, Inc.

Investor Meetings

May & June 2022

Safe Harbor Statement

Certain matters discussed in this presentation, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; growth; strategies; anticipated impacts from future or completed acquisitions; and guidance for fiscal year 2022, are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by the context of the statements, including words such as "believe," "expect," "anticipate," "plan," "may," "would," "intend," "estimate," "will," "guidance" and other similar expressions, whether in the negative or affirmative. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates and management's beliefs and assumptions. The Company cannot guarantee that it actually will achieve the financial results, plans, intentions, expectations or guidance disclosed in the forward-looking statements made. Such forward-looking statements, and all phases of the Company's operations, involve a number of risks and uncertainties, any one or more of which could cause actual results to differ materially from those described in its forward-looking statements.

Such risks and uncertainties include or relate to, among other things, the following: the Company may be unable to adequately increase prices to offset increased costs and inflationary pressures, including increased fuel prices; it is challenging to predict the duration and scope of the COVID-19 pandemic and its negative effect on the economy, our operations and financial results; the capping and closure of the Subtitle D landfill located in Southbridge, Massachusetts ("Southbridge Landfill") could result in material unexpected costs; adverse weather conditions may negatively impact the Company's revenues and its operating margin; the Company may be unable to increase volumes at its landfills or improve its route profitability; the Company may be unable to reduce costs or increase pricing or volumes sufficiently to achieve estimated Adjusted EBITDA and other targets; landfill operations and permit status may be affected by factors outside the Company's control; the Company may be required to incur capital expenditures in excess of

its estimates; the Company's insurance coverage and self-insurance reserves may be inadequate to cover all of its significant risk exposures; fluctuations in energy pricing or the commodity pricing of its recyclables may make it more difficult for the Company to predict its results of operations or meet its estimates; the Company may be unable to achieve its acquisition or development targets on favorable pricing or at all; the Company may not be able to successfully integrate acquired businesses; and the Company may incur environmental charges or asset impairments in the future.

There are a number of other important risks and uncertainties that could cause the Company's actual results to differ materially from those indicated by such forward- looking statements. These additional risks and uncertainties include, without limitation, those detailed in Item 1A, "Risk Factors" in the Company's most recently filed Form 10-K and in other filings that the Company may make with the Securities and Exchange Commission in the future.

The Company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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Casella Waste Systems - Overview

Casella provides integrated solid waste, recycling and resource services.

• $933.7mm of revenues for the 12-months ended 3/31/22.
• Integrated operations located in seven northeast states.
• Emphasis on integrated solid waste and recycling operations including collection, disposal, and Resource Solutions.

Focused on providing customers with waste and resource solutions.

• Waste and resource assets are well positioned in the northeast.
• Robust transfer network allows us to effectively move waste and recyclables to our disposal & processing facilities.
• Provide customers with value-added Resource Solutions services.

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Casella Operations

Casella Service Area		North Country LF
	No annual cap
49	Collection Operations		0.9mm tons capacity
25	Recycling Facilities
Clinton LF	WasteUSA LF
9	Disposal Facilities (1), (2), (3)
250k tons/yr	600k tons/yr
3	Landfill Gas-to-Energy	14.5mm tons capacity	13.8mm tons capacity
63	Transfer Stations

Hyland LF	Ontario LF
465k tons/yr	918k tons/yr	Juniper Ridge LF (4)
29.2mm tons capacity	6.1mm tons capacity

No annual cap 13.9mm tons capacity

McKean LF (3)	Hakes LF	Chemung LF
1.6mm tons/yr	462k tons/yr	437k tons/yr
20.8mm tons capacity	1.9mm tons capacity	5.1mm tons capacity

1. Includes 8 Subtitle D landfills and 1 landfill permitted to accept construction and demolition materials. (2) Total disposal capacity includes permitted and permittable airspace estimates at each site as of 12/31/21. (3) McKean permit of a maximum of 6,500 tons per day, with up to 6,500 tons per day via rail or up to 2,000 tons per day via

truck and up to 4,500 tons per day via rail; capped at an average of 6,000 tons per day within any calendar quarter.

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Results up significantly on strategic execution

Revenue ($mm)

$1,020

$934 to

$889 $1,005

$743 $775

$661

$599

CYE	CYE	CYE	CYE	CYE	LTM	2022
12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	3/31/22	Guidance (1)
	Adj. EBITDA ($mm) & Margin (2)
21.5%			22.1%	22.9%	22.5%	23.1%

20.9%	21.1%
$236

$204 $210 to $232

$171

$157

$129 $138

CYE	CYE	CYE	CYE	CYE	LTM	2022
12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	3/31/22	Guidance (1)

Solid results for Q1 2022 year-over-year:

• Consolidated revenues up +23.5% YOY in Q1.
• Revenue growth driven by +5.6% Solid Waste price, +14.0% acquisition growth, +0.5% Solid Waste volumes, and +12.0% Resource Solutions growth excluding acquisitions.
• • Collection price up +6.5% YOY with sequential improvement each month through March.
  • Pricing programs recalibrated to better combat inflation.
• Net Income down (-$0.1mm) in Q1 2022.
• Adj. EBITDA up +$6.7mm (or +17.3%) driven by solid waste pricing & volumes, acquisition activity, resource solutions, and strategic execution.

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1. CY 2022 Guidance as announced on 2/17/22 and updated on 4/28/22.
2. Please refer to the appendix for further information and a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, which is Net Income (Loss). Net loss was ($21.8mm) for the fiscal year ended 12/31/17. Net income was $6.4mm for the fiscal year ended 12/31/18, $31.7 for the fiscal year ended 12/31/19, $91.1mm for the fiscal year ended 12/31/20, $41.1mm for the fiscal year ended 12/31/21, and $41.0mm for the 12-months ended 3/31/22

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