Casella Waste : Presentation

Casella Waste Systems, Inc.

Investor Meetings

May 2024

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 2024, 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 or drive operating efficiencies to adequately offset increased costs and inflationary pressures, including increased fuel prices and wages; it is difficult to determine the timing or future impact of a sustained economic slowdown that could negatively affect our operations and financial results; the closure of the Subtitle D landfill located in Southbridge, Massachusetts ("Southbridge Landfill") could result in material unexpected costs; the increasing focus on PFAS and other emerging contaminants, including the recent designation by the EPA of two PFAS chemicals as hazardous substances under CERCLA, will likely lead to increased compliance and remediation costs and litigation risks; 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 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, including due to the failure to satisfy all closing conditions and to receive required regulatory approvals that may prevent closing of any announced transaction; the Company may not be able to successfully integrate and recognize the expected financial benefits from 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.

2

Investment Thesis

• Solid waste is a recession-resistant, necessary service
• Integrated operations, providing collection, recycling, disposal and sustainability solutions for customers
• Well-positioneddisposal footprint in capacity-constrained Northeast
• Strong track record of consistent growth, margin expansion and cash flow generation
• Disciplined growth strategy encompassing organic development and significant M&A opportunity, with low leverage and ample liquidity

3

Company Timeline

Where we were…

• Founded in Vermont in 1975, IPO in 1997
• Sustainability in our culture from the beginning
• • Built first recycling facility in 1977
• Began establishing strategic plans and financial goals publicly, focused on core competencies and markets

Where we are…

• Strong team, culture and core values
• Successful execution against strategic plans
• Long track record of financial performance and shareholder returns
• • 5 years (1) : +113% Adjusted EBITDA and 200% TSR
• Growing into contiguous Mid-Atlantic region

Where we're going…

• Continued organic growth and margin expansion
• Disciplined capital allocation with robust M&A pipeline
• Leveraging technology

(1) Based on the 5-year period ending 12/31/23.

4

Casella at a Glance

Provides integrated solid waste, recycling and resource solution services

• $1.3 billion revenue (1) ($1.5 billion in 2024E)
• Regional company, focused on secondary and tertiary markets of Eastern U.S., with operations in 9 contiguous states

Disposal

19%

Collection 56%

Energy &

Processing 1%

Resource

Solutions

23%

Key Strategies:

1. Increasing landfill returns
2. Driving additional profitability in collection operations
3. Creating incremental value through Resource Solutions
4. Allocating capital to return driven growth
5. Strengthening foundational pillars
6. • People
   • Sustainable growth
   • Technology
   • Facilities

(1) Total revenue and mix in the chart are based on the year ending 12/31/23.

5

Overview of Operations

63	Collection Operations	North Country LF
No annual cap
28	Recycling Facilities
0.6mm tons capacity

9	Disposal Facilities (1), (2), (3)	Clinton LF	WasteUSA LF
3	Landfill Gas-to-Energy	600k tons/yr
250k tons/yr
69 Transfer Stations	13.5mm tons capacity
14.0mm tons capacity

	Ontario LF
Hyland LF	918k tons/yr
4.4mm tons capacity
465k tons/yr
30.0mm tons capacity

Chemung LF

437k tons/yr

4.2mm tons capacity

	Hakes LF
McKean LF (3)	462k tons/yr
6.0mm tons capacity
1.6mm tons/yr
22.3mm tons capacity

Juniper Ridge LF

No annual cap 10.2mm 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	6
airspace estimates at each site as of 12/31/23. (3) McKean permit allows for a maximum of 6,500 tons per day from either A) up to 6,500 tons per day via rail or B) up to

2,000 tons per day via truck with the remaining daily limit coming by rail; capped at an average of 6,000 tons per day within any calendar quarter.

1 Strategy: Increasing Landfill Returns

Key Strategies:

• Capitalize on asset positioning in capacity- constrained Northeast market to drive price
• Increase annual and total permitted capacity across footprint
• Increase vertical integration
• Improve landfill operations

Landfill Capacity (million tons) (1)

■ Permittable airspace
■ Permitted airspace	105.1
78.6
	54.6
44.4
CYE	CYE
12/31/19	12/31/23

6.2%

Landfill Price Growth

Average LF Price (2) up +9.8% for CYE 12/31/23

7.0%8.1%

	Reported
	LF Price
3.9%	5.0%

CYE	CYE	CYE	CYE	CYE
12/31/19	12/31/20	12/31/21	12/31/22	12/31/23

(1)	Includes both permitted and permittable airspace at landfills.	7
(2)	Average landfill price per ton considers all tons and all customers.

1 Strategy: Increasing Landfill Returns

9 Casella disposal facilities (1)

Other disposal sites (closed)		North Country LF
18 Recycling Facilities		No annual cap
Other disposal sites (potential to close)	Clinton LF
10 Disposal Facilities	0.6mm tons
	250k tons/yr	WasteUSA LF
	14.0mm tons capacity	600k tons/yr
		13.5mm tons capacity

Juniper Ridge LF

No annual cap 10.2mm tons capacity

Rockland

45k tons/yr, Closed 2023

Hyland LF	Ontario LF
465k tons/yr	918k tons/yr
30.0mm tons capacity	4.4mm tons capacity

Allied Niagara LF

550k tons/yr,

Closing 2025

Allegany LF 55k tons/yr Closed 2016

Auburn LF 96k tons/yr Closed 2020

	Moretown LF
	286k tons/yr,
	Closed 2013
			Claremont WTE
			73k tons/yr,
			Closed 2013
Albany LF	Pittsfield WTE
330k tons/yr
Closing 2026	80k tons/yr
	Closed 2022		3	Taunton LF
		2
	4	5 1	120k tons/yr
		6 Closed 2020
	MIRA WTE		Fall River LF
	700k tons/yr
	Closed 2022		376k tons/yr,
			Closed 2014

1	Granby LF - 235k tons/yr, Closed 2014
2	S. Hadley LF - 156k tons/yr, Closed 2014
3	Barre LF - 94k tons/yr, Closed 2015
4 Northampton LF - 50k tons/yr, Closed 2013

McKean LF (2)	Hakes LF	Chemung LF
1.6mm tons/yr	462k tons/yr	437.5k tons/yr
22.3mm tons capacity	6.0mm tons capacity	4.2mm tons capacity

Big Run LF 775k tons/yr, Rail ceased 2016

Wallingford WTE 130k tons/yr Closed 2015

Brookhaven LF (3) 750k tons/yr Closing 2024

5	Chicopee LF - 365k tons/yr, Closed 2019
6	Southbridge LF - 405k tons/yr, Closed 2018

(1) Total disposal capacity includes permitted and permittable airspace estimates at each site as of 12/31/23; (2) McKean permit allows for a maximum of 6,500 tons per
day from either A) up to 6,500 tons per day via rail or B) up to 2,000 tons per day via truck with the remaining daily limit coming by rail; capped at an average of 6,000 tons	8
per day within any calendar quarter. (3) Brookhaven expected to cease acceptance of C&D waste (~750k capacity) but continue acceptance of WTE ash through 2027.

2 Strategy: Profitability in Collection Operations

Key Strategies:

• Price to maintain positive spread over inflation and proper returns on each customer
• Operating programs
• • Automation
  • Route density
  • Technology
• Acquisition integration and synergies
• Risk mitigation through cost recovery fees and recycling commodity volatility sharing

Collection Price

7.9% 7.0%

Collection

Price

5.3%	4.3%
	4.2%

CYE	CYE	CYE	CYE	CYE
12/31/19	12/31/20	12/31/21	12/31/22	12/31/23

Collection Adjusted EBITDA Margins (1)

30.4%

29.6%

27.7% 28.2%

25.3%

CYE	CYE	CYE	CYE	CYE
12/31/19	12/31/20	12/31/21	12/31/22	12/31/23

(1) Excludes corporate overhead cost allocation.	9

3 Strategy: Value through Resource Solutions

Key Strategies:

• Structure contracts to mitigate risk and ensure sufficient margins and returns through the commodity cycle
• • Processing fees at MRFs
  • SRA fee for collection customers
  • Focus on transitioning recently acquired contracts to Casella structure
• Invest in recycling processing infrastructure
• • Boston MRF (2023)
  • Willimantic MRF (2024)
• Develop partnerships with industrial consumers of recycled materials to meet their needs
• Grow National Accounts business - professional services to help large companies meet their sustainability goals

ACR Indexed (1) vs. Recycling Adjusted EBITDA Margins

231	Recycling Adj. EBITDA
Margins net of Boston
	MRF temporary
	shutdown
	198

29.7%

	23.0%			24.5%	23.9%
15.5%
						136
							18.3%
100	100
CYE	CYE	CYE	CYE			CYE
12/31/19	12/31/20	12/31/21		12/31/22	12/31/23

(1) Company consolidated Average Commodity Revenue (ACR) per ton value indexed from the CY2019 price.	10