Waste and Recycling Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › WASTE AND RECYCLING SERVICES

Valuations Cool Across the Group as Operators Stay on Plan

This update covers the movers, company announcements and transaction record for Waste and Recycling Services over September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › WASTE AND RECYCLING SERVICES

   This is the cover page for the September 14–28, 2026 Waste and Recycling Services bi-weekly update.

   We open the September 14–28, 2026 bi-weekly update on Waste and Recycling Services, covering what changed, who moved, what transacted, and what it means for the group. The pages that follow walk through the public market moves, the period's key company events, and the standing M&A record.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › WASTE AND RECYCLING SERVICES Valuations Cool Across the Group as Operators Stay on Plan This update covers the movers, company announcements and transaction record for Waste and Recycling Services over September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Pullback in the Marks, with No New Transactions to Reprice Against

   This page summarizes the two-week bottom line: a broad pullback in valuations with no new transactions to reset pricing.

   We saw eight of the nine covered names decline over the two-week window, with the median move at -5.3% against a +0.8% gain for the S&P 500. Only Ecovyst Inc. (ECVT) held ground, finishing up +0.7%, while Clean Harbors, Inc. (CLH) moved to the debt market with a private notes offering even as its equity marks softened. The decline cut across every tier in our standing coverage, not just one part of the value chain, and no new transactions arrived to reset the pricing reference. So what: operators and advisors should treat this as a broad markdown in sentiment rather than a signal that one business model is under particular pressure.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Pullback in the Marks, with No New Transactions to Reprice Against The two-week period in one page · 9 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 8 of 9 Covered Names Fell; The Median Move Was -5.3% Only Ecovyst Inc. (ECVT) finished higher, at +0.7%. The S&P 500 rose +0.8% over the same window, so the group gave ground against the broad market rather than alongside it. 2 Clean Harbors Goes to the Debt Market While Equity Marks Soften Clean Harbors, Inc. (CLH), a Premium-tier name in our standing work, began a private senior notes offering on Sep 17, with the notes expected to mature in 2034. The NeuraCap read: funding access for the larger integrated operators looks intact regardless of the fortnight's price action. 3 The De-Rating Cuts Across Tiers, Not Across One Business Model Decliners span the standing tiering: Casella Waste Systems, Inc. (CWST) sits in Core, WaterBridge Infrastructure LLC (WBI) and Ecovyst Inc. (ECVT) in Discount. Against a sector median of 12.0x CY2027E EV / EBITDA, the window reads as a broad markdown rather than the market picking a side of the value chain. 4 The Transaction Record Sets the Marks This Period No material sector transactions were announced during the period. The trailing 40 precedent transactions still carry a median of 11.1x EV / EBITDA, and nothing in the window moved that reference. +0.7% Best mover — Ecovyst Inc. (ECVT) worst: PESI -14.4% · 1 up / 8 down of 9 covered -5.3% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Name Holds Its Ground While the Rest Give Back Price

   This page ranks the two-week price moves for the nine covered names, close-to-close.

   Across the group, the median move was -5.3% while the S&P 500 rose +0.8%, so the sector gave back ground against the broad market rather than tracking it. Ecovyst Inc. (ECVT) was the sole name to finish higher, up +0.7%, standing apart from an otherwise uniform pullback. We hold every move to a materiality bar of ±8.0% and link it only to filings and headlines recorded in the window, so what we present here is evidence-based, not speculative. So what: the divergence in Ecovyst's performance is the one data point worth probing further with clients this period.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Holds Its Ground While the Rest Give Back Price Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.3% · S&P 500 +0.8% · materiality bar ±8.0% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.3% Casella Waste Systems, Inc. (CWST) -10.3% No notable in-window news was identified that clearly explains the move. At -10.3%, the decline ran wider than the -5.3% median across covered names. Core-tier integrated operators were not insulated from the period's markdown. UNEXPLAINED WaterBridge Infrastructure LLC (WBI) -9.0% No notable in-window news was identified that clearly explains the move. At -9.0%, the decline ran wider than the -5.3% median across covered names. Energy-linked water assets trade with their own rhythm, separate from route-based collection. UNEXPLAINED Ecovyst Inc. (ECVT) +0.7% Ecovyst Inc. (ECVT) was the only covered name to finish higher, at +0.7%, with its strongest session on Sep 15 at +5.7%. A Discount-tier name can hold its price on flow alone when no operating news lands in the window. COMPANY-SPECIFIC Perma-Fix Environmental Services, Inc. (PESI) -14.4% No notable in-window news was identified that clearly explains the move. At -14.4%, the decline ran wider than the -5.3% median across covered names. Specialty treatment names can travel well beyond the group with nothing on the public record. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Earnings Dates Fixed and a Debt Raise: What Companies Actually Did

   This page lists the two-week period's highest-impact company events, each linked to its source filing or article.

   The two-week period's clearest company action was Clean Harbors, Inc. (CLH) opening a private senior notes offering on Sep 17, with the notes expected to mature in 2034. Each event on this page links back to the underlying filing or article, and every 'why it matters' line is a NeuraCap read rather than a stated fact. So what: Clean Harbors' notes offering is the clearest signal this period that debt-market access remains open to larger integrated operators.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Earnings Dates Fixed and a Debt Raise: What Companies Actually Did The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · PRNewsWire GFL Environmental sets October 28 for its third-quarter results release The reporting calendar is now fixed for the group's next public read on core price versus volume. For a Core-tier name, that is where pricing against cost inflation gets tested. Third-quarter prints, not transaction news, are the sector's next scheduled catalyst. Sep 24 · NEWS · Business Wire WM sets its third-quarter results date and investor call for late October Two of the largest integrated operators report in the same week, which concentrates the sector's next evidence on price/volume and internalization into a single stretch of days. The group will likely be marked against one common set of late-October numbers. Sep 17 · NEWS · Business Wire Clean Harbors launches a private senior notes offering, with notes expected to mature in 2034 A Premium-tier operator raising term debt during a soft equity window says capital for permitted treatment and disposal capacity is still available. It also keeps room for tuck-ins on the table. Balance-sheet access, not equity sentiment, decides who can keep buying routes and permits. Sep 16 · NEWS · Accesswire Rocky Shore Strengthens Newfoundland Presence in a Proven VMS Belt TORONTO, ON / ACCESS Newswire / September 16, 2026 / Rocky Shore Gold Ltd. ("Rocky Shore" or the "Company") (CSE:RSG)(OTCQB:RSGLF) is pleased to announce that it has entered into an option agreement for the Handcamp Property, a purchase agreement for the Sprin Sep 24 · NEWS · 24/7 Wall Street Waste Management Returned 290% in a Decade. These 4 Stocks Share Its Boring Advantage Waste Management spent a decade delivering nearly 300% returns while nobody called it exciting. Four other companies share the same quiet structural advantage, and their customers cannot leave without breaking something. Sep 23 · NEWS · GlobeNewsWire NBPE Announces August Monthly NAV Update THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

5. 05
   M&A & STRATEGIC ACTIVITY

   With No New Transactions, the Standing Record Sets the Marks

   This page shows the precedent transaction record that sets the market's pricing reference in the absence of new deals this period.

   No material sector transactions were announced during the two-week window, so the standing record of 40 recorded precedent deals continues to set the pricing reference, at a median of 11.1x EV/EBITDA. We do not re-present older transactions as new news, so this page reflects the record as it already stood. So what: buyers and advisors should keep using 11.1x as the working reference until a new transaction actually clears the market.

   Everything on this page

   M&A & STRATEGIC ACTIVITY With No New Transactions, the Standing Record Sets the Marks September 14–28, 2026 · precedent transactions: 40 recorded deals · median 11.1x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set remains the trailing 40 precedent transactions, at a median of 11.1x EV / EBITDA. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 11.1x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   This page translates the two-week period into implications for operators, buyers and advisors.

   For owners and operators, the operating levers behind the next print are unchanged, since companies traded lower as a group with little company-specific news behind most moves. For acquirers, the reference set did not move this period: with no new transactions recorded, the trailing 40 deals and their 11.1x median EV/EBITDA remain the pricing anchor. For advisors, the theme to carry into conversations is a broad pullback with thin company news: 8 of 9 covered names fell at a -5.3% median move against the S&P 500's +0.8%. So what: the evidence that travels this period is Clean Harbors' debt-market access, not the group's price action.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 12.0x 9 companies in the study 3 valuation tiers Standing thesis: Waste and Recycling Services splits between integrated platforms and adjacent models FOR OWNERS & OPERATORS The Operating Levers Behind the Next Print Are Unchanged Companies in the space traded lower as a group, with little company news behind most of the moves. FOR ACQUIRERS The Reference Set Did Not Move This Period With no new transactions recorded, the trailing 40 precedent transactions and their 11.1x median EV / EBITDA remain the pricing reference. FOR ADVISORS Lead with the Operating Record, Not the Marks The theme to carry into conversations is a broad pullback with thin company news: 8 of 9 covered names fell; the median move was -5.3%, while the S&P 500 rose +0.8%. The evidence that travels is Clean Harbors, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure and statement in the update.

   Every figure in this update links to the filing, press release or established outlet it was taken from, and driver attributions use calibrated language reflecting our read of the recorded evidence rather than asserted causation. So what: clients can trace any number on this page back to its source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Waste and Recycling Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T070806Z_391_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com · accessnewswire.com · 247wallst.com · globenewswire.com

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