GFL Environmental Inc. (NYSE: GFL) has renewed its normal course issuer bid (NCIB), authorizing the repurchase of up to 27,396,513 subordinate voting shares from March 3, 2026 through March 2, 2027. The program represents 10% of the company’s public float as of February 18, 2026 and allows purchases at a discount to the closing price on the day the offering is first announced. Shares bought under the NCIB will be cancelled, and a special committee of independent directors will oversee all transactions to ensure they serve the best interests of shareholders.
In addition to the NCIB, GFL secured exemptive relief from the Ontario Securities Commission that permits the company to purchase up to 50% of shares offered in certain secondary offerings. The relief covers 34,657,586 shares—10% of the company’s current issued and outstanding shares—and allows purchases at a discount to the offering price. The order expires 12 months from the release date, giving GFL flexibility to capitalize on favorable market conditions while maintaining regulatory compliance.
Management has framed the renewal as a strategic use of capital. Founder and CEO Patrick Dovigi noted that the company’s 15,000‑person workforce delivered results that exceeded expectations in 2025, and that strong performance, growth investments, and recent acquisitions position GFL for continued industry‑leading financial performance in 2026. The share‑buyback program is therefore seen as an attractive vehicle to return value to shareholders while preserving flexibility for future investment opportunities.
Financially, GFL’s Q4 2025 results provide context for the renewal. Revenue fell 41.6% year‑over‑year to $1.23 billion, but the adjusted EBITDA margin rose to 30.2%, a 1.0 percentage‑point increase over the prior year. Full‑year 2025 revenue reached $6.62 billion, up 9.5% excluding divestitures, and the company guided 2026 revenue to $7.00–$7.14 billion, an 8% increase. These figures illustrate that, despite revenue declines, GFL has maintained strong profitability and is projecting growth, reinforcing the rationale for a share‑repurchase program.
The announcement was met with positive sentiment from investors and analysts, who viewed the renewal as a sign of confidence in the company’s valuation and future prospects. The program’s structure—cancellation of repurchased shares, oversight by a special committee, and the OSC relief—provides a robust framework for capital allocation while safeguarding shareholder interests.
The combined NCIB and OSC relief give GFL a flexible, well‑regulated mechanism to return capital to shareholders. By authorizing up to 20% of the company’s shares to be repurchased and cancelled over the next 12 months, GFL can support its share price, improve earnings per share, and maintain the ability to invest in growth initiatives as market conditions evolve.
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