Secure Energy Services Inc

Latest Results (22.05.2026):

Secure Energy Services Inc — fourth quarter 2025 results (reported as SECURE Waste Infrastructure Corp.). In Q4 2025 Secure Energy Services Inc reported revenue of $372 million (up 10% year‑over‑year), net income of $53 million (up 56% YoY) and Adjusted EBITDA of $135 million (up 15% YoY). The quarter benefited from the January 2025 acquisition of an Edmonton metals recycling business, rail capacity that increased U.S. shipments of scrap, and commissioning of a produced water disposal facility. On an annual basis (FY2025) revenue was $1.472 billion, Adjusted EBITDA was $501 million and net income was $123 million (impacted by a one‑time $55 million onerous contract provision and by the absence of a $520 million divestiture gain recorded in 2024).

Key quarterly financials

Q4 2025: Revenue $372M (+10% YoY), Adjusted EBITDA $135M (+15% YoY), Net income $53M (+56% YoY), Funds flow from operations $118M (+11% YoY), Discretionary free cash flow $84M (+5% YoY). Total Q4 capital expenditures were $69M, including $41M of growth capital.

Drivers of performance

Improved metals recycling results (Edmonton acquisition completed Jan 31, 2025) and additional rail cars to access U.S. demand drove the revenue and Adjusted EBITDA gains in the quarter. These offset weaker volumes at some waste processing and landfill operations due to lower customer activity and seasonal/operational headwinds.

One‑time items and year‑over‑year context

FY2025 net income was reduced relative to 2024 because 2024 included a $520M gain on the sale of divested facilities. FY2025 also included a non‑cash $55M provision for an underutilized crude storage contract (recorded in Q3 2025), which affected annual comparability.

Liquidity, debt and capital moves

In Q4 the company issued $300M of 5.75% senior unsecured notes due 2032 (Nov 20, 2025) and used proceeds to repay revolver borrowings; Revolving Credit Facility drawn amount was $271M at Dec 31, 2025. Total Debt to EBITDA was 2.1x at year‑end (1.8x excluding leases).

Shareholder returns and buybacks

The company repurchased 932,200 shares in Q4 under the NCIB for ~$16M and repurchased ~19.0M shares in 2025 in aggregate (~8% of shares) for ~$284M (SIB + NCIB). Q4 dividend declared was $0.10 per share (paid Jan 15, 2026); subsequent Board approval increased the quarterly dividend to $0.105 beginning Q2 2026 (subject to declaration).

Capital spending and growth projects

Q4 growth capex focused on two produced water processing/disposal facilities in the Alberta Montney and reopening an industrial waste processing facility in Alberta’s Industrial Heartland. FY2025 total capex was $225M (growth $138M; sustaining $87M). One water disposal facility commissioned in Q4; the second and the Heartland facility were expected online in early–mid 2026.

Segment performance

Waste Management: Q4 revenue up (metals recycling + acquisitions, rail logistics); volumes mixed with produced water stable but lower waste processing/landfill activity in places. Energy Infrastructure: Q4 results roughly flat YoY; FY2025 revenue down versus 2024 as fewer marketing/arbitrage opportunities existed compared with the robust 2024 period and due to divested assets.

2026 outlook

Management guidance for 2026: Adjusted EBITDA $520–$550M (≈75% from Waste Management); growth capex ≈ $75M; sustaining capex ≈ $85M. Strategy emphasizes executing contracted organic projects, disciplined M&A, maintaining dividend (~$0.105/qtr) and opportunistic buybacks while preserving a strong balance sheet.