UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 001-39240

GFL Environmental Inc.

(Translation of registrant’s name intoEnglish)

100 New Park Place, Suite 500

Vaughan, Ontario, Canada L4K 0H9

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annualreports under cover of Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

Indicateby check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicateby check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

EXPLANATORY NOTE

Exhibits 99.1 and 99.2 to this Report of ForeignPrivate Issuer on Form 6-K are hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File No. 333-236949) and Form F-10 (File No. 333-272013).

EXHIBIT INDEX

Exhibit Number		Description

99.1		Unaudited Interim Condensed Consolidated Financial Statements for the Three and Six Months Ended June 30, 2025
99.2		Management's Discussion and Analysis of Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2025
99.3		Certification of Chief Executive Officer
99.4		Certification of Chief Financial Officer

SIGNATURES

Pursuant to the requirementsof the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereuntoduly authorized.

	GFL Environmental Inc.

	By:	/s/ Mindy Gilbert
	Name:	Mindy Gilbert
Date: August 1, 2025	Title:	Executive Vice President and Chief Legal Officer

Exhibit 99.1

GFL Environmental Inc.

Unaudited Interim Condensed

Consolidated Financial Statements

For the three and six months ended June 30,2025

F-1

GFL Environmental Inc.

Unaudited Interim Condensed Consolidated Statementsof Operations and Comprehensive (Loss) Income

(In millions of dollars except per shareamounts)

			Three months ended June 30,						Six months ended June 30,
	Notes		2025			2024⁽¹⁾			2025			2024⁽¹⁾
Revenue		10	$	1,675.2		$	1,581.6		$	3,235.3		$	3,013.4
Expenses
Cost of sales				1,303.2			1,290.8			2,575.8			2,480.2
Selling, general and administrative expenses				223.2			210.0			509.4			441.3
Interest and other finance costs		8		121.1			184.8			331.5			335.8
(Gain) loss on sale of property and equipment				(2.8	)		0.3			0.4			(2.2	)
(Gain) loss on foreign exchange				(266.4	)		5.4			(272.1	)		79.9
Loss on divestiture				—			494.1			—			494.1
Other				(24.4	)		0.9			(16.4	)		(3.6	)
				1,353.9			2,186.3			3,128.6			3,825.5
Share of net (loss) income of investments accounted for using the equity method				(19.1	)		15.7			(70.8	)		(14.9	)
Income (loss) before income taxes				302.2			(589.0	)		35.9			(827.0	)
Current income tax expense				30.9			26.5			64.1			58.8
Deferred tax recovery				(2.9	)		(83.6	)		(88.5	)		(158.1	)
Income tax expense (recovery)				28.0			(57.1	)		(24.4	)		(99.3	)
Net income (loss) from continuing operations				274.2			(531.9	)		60.3			(727.7	)
Net income from discontinued operations		17		—			59.6			3,620.8			78.9
Net income (loss)				274.2			(472.3	)		3,681.1			(648.8	)
Less: Net loss attributable to non-controlling interests				(2.1	)		(1.1	)		(4.8	)		(4.8	)
Net income (loss) attributable to GFL Environmental Inc.			$	276.3		$	(471.2	)	$	3,685.9		$	(644.0	)

Items that may be subsequently reclassified to net income (loss)
Currency translation adjustment				(442.5	)		60.6			(452.9	)		201.3
Reclassification to net income (loss) of fair value movements on cash flow hedges, net of tax				1.0			—			7.0			—
Fair value movements on cash flow hedges, net of tax				16.0			0.6			23.3			(14.7	)
Share of other comprehensive loss of investments accounted for using the equity method, net of tax				(16.2	)		(1.2	)		(16.2	)		(1.2	)
Reclassification to net income (loss) of foreign currency differences on divestitures				—			(26.5	)		—			(26.5	)
Other comprehensive (loss) income				(441.7	)		33.5			(438.8	)		158.9
Comprehensive loss from continuing operations				(167.5	)		(498.4	)		(378.5	)		(568.8	)
Comprehensive income from discontinued operations		17		—			59.6			3,444.3			78.9
Total comprehensive (loss) income				(167.5	)		(438.8	)		3,065.8			(489.9	)
Less: Total comprehensive (loss) income attributable to non-controlling interests				(14.4	)		0.9			(17.3	)		2.7
Total comprehensive (loss) income attributable to GFL Environmental Inc.			$	(153.1	)	$	(439.7	)	$	3,083.1		$	(492.6	)

Basic income (loss) per share
Continuing operations		9	$	0.72		$	(1.47	)	$	0.10		$	(2.05	)
Discontinued operations		9		—			0.16			9.57			0.21
Total operations			$	0.72		$	(1.31	)	$	9.67		$	(1.84	)
Diluted income (loss) per share
Continuing operations		9	$	0.70		$	(1.47	)	$	0.10		$	(2.05	)
Discontinued operations		9		—			0.16			9.34			0.21
Total operations			$	0.70		$	(1.31	)	$	9.44		$	(1.84	)

(1) Comparative figures have been re-presented,refer to Note 2 and 17.

The accompanying notes are an integral part ofthe unaudited interim condensed consolidated financial statements.

F-2

GFL Environmental Inc.

Unaudited Interim Condensed Consolidated Statementsof Financial Position

(In millions of dollars)

	Notes		June 30, 2025			December 31, 2024
Assets
Cash			$	139.7		$	133.8
Trade and other receivables, net				840.6			1,175.1
Income taxes recoverable				12.4			86.0
Prepaid expenses and other assets				207.4			300.7
Current assets				1,200.1			1,695.6

Property and equipment, net		4		6,834.8			7,851.7
Intangible assets, net		5		1,634.6			2,833.2
Investments accounted for using the equity method		3		1,966.4			344.4
Other long-term assets		3		302.1			207.4
Deferred income tax assets				—			209.3
Goodwill		5		6,589.1			8,065.8
Non-current assets				17,327.0			19,511.8
Total assets			$	18,527.1		$	21,207.4

Liabilities
Accounts payable and accrued liabilities				1,567.9			1,880.2
Income taxes payable				8.9			—
Long-term debt		7		60.6			1,146.5
Lease obligations				112.8			69.4
Due to related party		16		—			2.9
Landfill closure and post-closure obligations		6		51.2			51.7
Current liabilities				1,801.4			3,150.7

Long-term debt		7		6,635.1			8,853.0
Lease obligations				401.0			477.2
Other long-term liabilities				33.4			41.6
Deferred income tax liabilities				749.4			464.5
Landfill closure and post-closure obligations		6		1,019.3			998.7
Non-current liabilities				8,838.2			10,835.0
Total liabilities				10,639.6			13,985.7

Shareholders’ equity
Share capital				7,532.1			9,938.0
Contributed surplus				173.1			151.3
Retained earnings (deficit)				96.5			(3,573.5	)
Accumulated other comprehensive (loss) income				(140.2	)		462.6
Total GFL Environmental Inc.’s shareholders’ equity				7,661.5			6,978.4
Non-controlling interests				226.0			243.3
Total shareholders’ equity				7,887.5			7,221.7
Total liabilities and shareholders’ equity			$	18,527.1		$	21,207.4

The accompanying notes are an integral part ofthe unaudited interim condensed consolidated financial statements.

F-3

GFL Environmental Inc.

Unaudited Interim Condensed Consolidated Statementsof Changes in Shareholders’ Equity

(In millions of dollars except per shareamounts)

				GFL Environmental Inc.’s Shareholders’ Equity
	Notes	Share capital - # of shares		Share capital			Contributed surplus			(Deficit) Retained earnings			Cash flow hedges, net of tax			Currency translation			Total equity attributable to shareholders			Non- controlling interests			Total shareholders’ equity
Balance, December 31, 2023		407,931,017		$	9,835.1		$	149.5		$	(2,822.6	)	$	(23.6	)	$	38.7		$	7,177.1		$	209.1		$	7,386.2
Net loss and comprehensive loss		—			—			—			(644.0	)		(14.7	)		166.1			(492.6	)		2.7			(489.9	)
Dividends issued and paid		—			—			—			(13.5	)		—			—			(13.5	)		—			(13.5	)
Share capital issued on exercise of options		62,872			0.5			(0.5	)		—			—			—			—			—			—
Share capital issued on settlement of RSUs		1,499,866			65.7			(65.7	)		—			—			—			—			—			—
Share capital issued on conversion of preferred shares		209,565			—			—			—			—			—			—			—			—
Share-based payments	12	—			—			72.6			—			—			—			72.6			—			72.6
Balance, June 30, 2024		409,703,320		$	9,901.3		$	155.9		$	(3,480.1	)	$	(38.3	)	$	204.8		$	6,743.6		$	211.8		$	6,955.4

Balance, December 31, 2024		411,982,011		$	9,938.0		$	151.3		$	(3,573.5	)	$	(72.7	)	$	535.3		$	6,978.4		$	243.3		$	7,221.7
Net income and comprehensive income		—			—			—			3,685.9			30.3			(633.1	)		3,083.1			(17.3	)		3,065.8
Dividends issued and paid		—			—			—			(15.9	)		—			—			(15.9	)		—			(15.9	)
Repurchased and cancelled shares	12	(35,195,241	)		(2,460.5	)		—			—			—			—			(2,460.5	)		—			(2,460.5	)
Share capital issued on exercise of share options	12	78,760			0.3			(0.3	)		—			—			—			—			—			—
Share capital issued on settlement of RSUs	12	880,619			54.3			(54.3	)		—			—			—			—			—			—
Share capital issued on conversion of preferred shares		515,764			—			—			—			—			—			—			—			—
Share-based payments	12	—			—			76.4			—			—			—			76.4			—			76.4
Balance, June 30, 2025		378,261,913		$	7,532.1		$	173.1		$	96.5		$	(42.4	)	$	(97.8	)	$	7,661.5		$	226.0		$	7,887.5

The accompanying notes are an integral part ofthe unaudited interim condensed consolidated financial statements.

F-4

GFL Environmental Inc.

Unaudited Interim Condensed Consolidated Statementsof Cash Flows

(In millions of dollars)

			Three months ended June 30,						Six months ended June 30,
	Notes		2025			2024			2025			2024
Operating activities
Net income (loss)			$	274.2		$	(472.3	)	$	3,681.1		$	(648.8	)
Adjustments for non-cash items
Depreciation of property and equipment		4		262.1			287.3			520.0			542.3
Amortization of intangible assets		5		60.8			110.6			122.2			219.3
Share of net loss (income) of investments accounted for using the equity method				19.1			(15.7	)		70.8			14.9
Loss (gain) on divestiture		17		—			494.1			(4,466.8	)		494.1
Other				(24.4	)		3.6			(16.4	)		(0.9	)
Interest and other finance costs		8		121.1			186.9			333.1			339.9
Share-based payments		12		16.7			15.6			76.4			72.6
(Gain) loss on unrealized foreign exchange				(265.5	)		5.3			(272.1	)		80.1
(Gain) loss on sale of property and equipment				(2.8	)		0.2			1.6			(1.9	)
Current income tax expense				30.9			24.0			87.6			63.2
Deferred tax (recovery) expense				(2.9	)		(81.3	)		762.1			(174.1	)
Interest paid in cash				(64.3	)		(107.0	)		(253.0	)		(228.9	)
Income taxes paid in cash, net				(0.9	)		(4.6	)		(5.5	)		(6.5	)
Changes in non-cash working capital items		13		(112.3	)		(76.7	)		(153.8	)		(129.9	)
Landfill closure and post-closure expenditures		6		(5.7	)		(5.4	)		(7.7	)		(7.6	)
				306.1			364.6			479.6			627.8
Investing activities
Purchase of property and equipment				(289.0	)		(298.4	)		(603.6	)		(594.7	)
Proceeds on disposal of assets and other				9.4			0.3			13.1			8.0
(Payments) proceeds from divestitures		17		(109.1	)		69.5			5,820.5			69.5
Business acquisitions and investments, net of cash acquired		3		(44.9	)		(439.8	)		(285.9	)		(551.4	)
Distribution received from joint ventures				1.7			2.0			5.3			8.3
				(431.9	)		(666.4	)		4,949.4			(1,060.3	)
Financing activities
Repayment of lease obligations				(30.4	)		(24.6	)		(56.0	)		(62.3	)
Issuance of long-term debt				162.3			1,481.9			869.2			2,060.7
Repayment of long-term debt				(95.2	)		(1,047.6	)		(3,819.0	)		(1,510.8	)
Proceeds from termination of hedged arrangements				—			—			28.0			—
Payment for termination of hedged arrangements				(1.1	)		(6.4	)		(1.1	)		(6.4	)
Payment of contingent purchase consideration and holdbacks		3		(0.2	)		(18.3	)		(2.6	)		(19.5	)
Repurchase of subordinate voting shares				(277.6	)		—			(2,412.2	)		—
Dividends issued and paid				(8.0	)		(7.1	)		(15.9	)		(13.5	)
Payment of financing costs				(5.5	)		(6.3	)		(5.6	)		(8.7	)
Repayment of loan to related party		16		—			—			(2.9	)		(2.9	)
				(255.7	)		371.6			(5,418.1	)		436.6

(Decrease) increase in cash				(381.5	)		69.8			10.9			4.1
Changes due to foreign exchange revaluation of cash				(16.0	)		(5.6	)		(5.0	)		(5.6	)
Cash, beginning of period				537.2			70.0			133.8			135.7
Cash, end of period			$	139.7		$	134.2		$	139.7		$	134.2

The accompanying notes are an integral part ofthe unaudited interim condensed consolidated financial statements.

F-5

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

1.	REPORTING ENTITY

GFL Environmental Inc. (“GFL” orthe “Company”) was formed on March 5, 2020 under the laws of the Province of Ontario. GFL’s subordinate votingshares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “GFL”.

GFL is in the business of providing non-hazardoussolid waste management services. These services are provided through GFL and its subsidiaries and a network of facilities across Canadaand the United States. GFL’s registered office is Suite 500, 100 New Park Place, Vaughan, ON, L4K 0H9.

These unaudited interim condensed consolidatedfinancial statements (the “Interim Financial Statements”) include the accounts of GFL and its subsidiaries as at June 30,2025.

The Boardof Directors approved the Interim Financial Statements on July 30, 2025.

SUMMARY OF MATERIAL ACCOUNTING POLICIES

Statement of compliance

The Interim Financial Statements have been preparedin accordance with International Accounting Standard 34, Interim Financial Reporting, within the framework of International FinancialReporting Standards as issued by the International Accounting Standards Board.

The Interim Financial Statements do not includeall disclosures required in the annual consolidated financial statements and should be read in conjunction with GFL’s annual consolidatedfinancial statements for the year ended December 31, 2024 (the “Annual Financial Statements”).

Basis of measurement

The Interim Financial Statements were preparedon the historical cost basis except for certain financial instruments that are measured at fair value at the end of the reporting periodas detailed in the Annual Financial Statements.

Presentation and functional currency

The Interim Financial Statements are presentedin Canadian dollars which is GFL’s functional currency.

Use of estimates and judgments

The preparation of the Interim Financial Statementsrequires management to make estimates and use judgment that affect the reported amounts of revenue, expenses, assets, liabilities andaccompanying disclosures. Accordingly, actual results may differ from estimated amounts as future confirming events occur. Significantestimates and judgments used in the preparation of the Interim Financial Statements are described in the Annual Financial Statements.

Accounting policies

The accounting policies adopted in the preparationof the Interim Financial Statements are consistent with those followed in the preparation of the Annual Financial Statements, exceptas described below.

Discontinued operations

A discontinued operation is a component of GFL’sbusiness which comprises operations and cash flows that can be clearly separated from the rest of GFL, and which: represents either aseparate major line of business or a geographical area of operations; is part of a single coordinated plan to dispose of a separate majorline of business or geographical area of operations; or is a subsidiary acquired exclusively with a view to resale.

F-6

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

The classification as discontinued operationsoccurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. When operations are classifiedas discontinued operations, the comparative statements of operations and comprehensive (loss) income are re-presented as if the operationshad been discontinued from the start of the comparative period. The consolidated statements of cash flows include cash flows of the discontinuedoperations, and are not re-presented to reflect discontinued operations. The comparative consolidated statement of financial positionis not re-presented to reflect discontinued operations.

Reclassification of prior period presentation

On March 3,2025, GFL announced the completion of the divestiture of its Environmental Services line of business (“GFL Environmental Services”),effective on March 1, 2025, for an enterprise value of $8.0 billion. Funds managed by affiliates of Apollo Global Management, Inc.and BC Partners Advisors LP each acquired an approximate 28% equity interest in GFL Environmental Services. GFLretained an approximate 44% non-controlling equity interest in GFL Environmental Services, which has been initially recognized at $1.7billion. Certain revenue disaggregation and segment reporting balances in prior periods have been re-presented for consistencywith the current period presentation in relation to GFL Environmental Services which has been presented as discontinued operations. Referto Note 17.

New and amended standards adopted

A number of amended standards became applicablefor the current reporting period. GFL was not required to change its accounting policies or make retrospective adjustments as a resultof adopting the applicable amended standards.

New accounting standards issued but not yeteffective

Certain new accounting standards and interpretationshave been published that are not mandatory for the current period and have not been early adopted. The standards applicable to GFL arenot expected to have a material impact on these Interim Financial Statements.

F-7

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

BUSINESS COMBINATIONS AND INVESTMENTS

For the six months ended June 30, 2025,GFL acquired 6 businesses, each of which GFL considers to be individually immaterial.

The following table presents the purchase priceallocation based on the best information available to GFL to date:

	Three months ended June 30, 2025			Six months ended June 30, 2025
Net working capital, including cash acquired of $0.1 million and $0.2 million, respectively	$	(1.3	)	$	(9.9	)
Property and equipment		15.8			116.0
Intangible assets		13.6			94.2
Goodwill		16.3			88.0
Lease obligations		—			(3.8	)
Other long-term liabilities		(1.9	)		(1.9	)
Landfill closure and post-closure obligations		(3.1	)		(3.1	)
Deferred income tax liabilities		—			(1.7	)
Net assets acquired	$	39.4		$	277.8

Cash paid	$	39.4		$	277.8
Total consideration	$	39.4		$	277.8

In addition to the cash consideration noted above,during the three and six months ended June 30, 2025, GFL paid $0.2 million and $2.6 million in additional consideration relatedto acquisitions from prior years.

GFL finalizes purchase price allocations relatingto acquisitions within 12 months of the respective acquisition dates and, as a result, there may be differences between the provisionalestimates reflected above and the final acquisition accounting. During the six months ended June 30, 2025, GFL finalized the purchaseprice allocations for certain acquisitions resulting in a decrease in net working capital of $9.6 million, an increase in property andequipment of $2.6 million, a decrease in intangible assets of $7.8 million and an increase in goodwill of $14.8 million.

Approximately $16.3 million and $78.2 millionof the goodwill acquired during the three and six months ended June 30, 2025 (all of the goodwill acquired during the three andsix months ended June 30, 2024) is expected to be deductible for tax purposes.

Since the respective acquisition dates, revenueand income before income taxes of approximately $33.9 million and $0.6 million, respectively, attributable to the 2025 acquisitions,are included in these Interim Financial Statements.

Pro forma results of operations

If the 2025 acquisitions had occurred on January 1,2025, the unaudited consolidated pro forma revenue and income before income taxes for the six months ended June 30, 2025 would havebeen $3,256.3 million and $40.1 million, respectively. The pro forma results do not purport to be indicative of the resultsof operations which would have resulted had the acquisitions occurred at the beginning of the year, nor are they necessarily indicativeof future operating results.

F-8

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

Investments in Associates

As at June 30, 2025, GFL held investments inassociates of $1,854.7 million ($217.6 million as at December 31, 2024). GFL considers each associate, except for GFL Environmental Services,to be individually immaterial. GFL has accounted for these investments in associates using the equity method.

For the three and six months ended June 30, 2025,GFL’s share of (loss) income from associates was $(21.0) million and $(71.5) million ($11.5 million and $(22.4) million for thethree and six months ended June 30, 2024). For the three and six months ended June 30, 2025, GFL’s share of total comprehensive(loss) income from associates was $(43.1) million and $(93.6) million ($10.3 million and $(23.6) million for the three and six monthsended June 30, 2024).

As partof GFL’s divestiture of GFL Environmental Services, GFL has the option to repurchase the balance of the equity of GFL EnvironmentalServices within five years of the closing date (the “Call Option”). The Call Option is accounted for as a stand-alone derivativeasset which is measured at fair value through profit or loss.

As of March 3, 2025 and June 30, 2025,the Call Option had a fair value of $200.0 million with the initial measurement included in gain on divestiture and is classified asother long-term assets.

Refer toNote 17 for details on discontinued operations.

Investments in Joint Ventures

GFL has invested in certain renewable naturalgas (“RNG”) projects through joint ventures. During the three and six months ended June 30, 2025, GFL made contributionsof $1.4 million and $2.6 million ($9.1 million and $15.2 million for the three and six months ended June 30, 2024) to RNG jointventures. As at June 30, 2025, GFL held investments in RNG joint ventures of $111.7 million ($126.8 million as at December 31,2024). GFL considers each joint venture to be individually immaterial. GFL has accounted for these investments in joint ventures usingthe equity method.

For the three and six months ended June 30,2025, GFL’s share of income and total comprehensive income from joint ventures was $1.9 million and $0.7 million ($4.2 millionand $7.5 million for the three and six months ended June 30, 2024).

GFL has also invested in other sustainabilityprojects with strategic partners to construct anaerobic biodigesters. During the three andsix months ended June 30, 2025, GFL advanced a loan of $nil ($0.6million and $18.7 million for the three and six months ended June 30, 2024) to these sustainability projects.

F-9

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

PROPERTY AND EQUIPMENT

The following table presents the changes in costand accumulated depreciation of GFL’s property and equipment for the periods indicated:

	Land, buildings and improvements			Landfills			Vehicles			Machinery and equipment			Assets under development			Containers			Right-of- use assets			Total
Cost
Balance, December 31, 2024	$	2,095.9		$	3,835.6		$	3,095.3		$	1,601.1		$	208.2		$	940.1		$	721.1		$	12,497.3
Additions		39.9			109.4			175.2			48.4			158.4			38.0			124.8			694.1
Acquisitions via business combinations		25.1			8.9			69.5			6.5			—			2.2			3.8			116.0
Adjustments for prior year acquisitions		4.5			(6.8	)		(9.0	)		13.1			—			0.8			—			2.6
Adjustments for asset retirement obligations		—			6.1			—			—			—			—			—			6.1
Disposals		(492.6	)		—			(576.8	)		(301.1	)		(12.8	)		(64.1	)		(170.8	)		(1,618.2	)
Transfers		138.1			22.2			2.3			41.7			(198.4	)		(0.3	)		(5.6	)		—
Changes in foreign exchange		(60.8	)		(181.6	)		(92.4	)		(40.9	)		(1.6	)		(40.1	)		(11.0	)		(428.4	)
Balance, June 30, 2025		1,750.1			3,793.8			2,664.1			1,368.8			153.8			876.6			662.3			11,269.5

Accumulated depreciation
Balance, December 31, 2024		317.8			1,461.7			1,310.4			765.0			—			476.5			314.2			4,645.6
Depreciation		39.7			161.7			127.8			86.0			—			60.4			44.4			520.0
Disposals		(74.4	)		(2.5	)		(246.9	)		(152.6	)		—			(27.0	)		(64.2	)		(567.6	)
Impairment		1.3			—			—			1.4			—			—			—			2.7
Changes in foreign exchange		(9.3	)		(71.9	)		(39.0	)		(20.5	)		—			(22.2	)		(3.1	)		(166.0	)
Balance, June 30, 2025		275.1			1,549.0			1,152.3			679.3			—			487.7			291.3			4,434.7

Carrying amounts
At December 31, 2024	$	1,778.1		$	2,373.9		$	1,784.9		$	836.1		$	208.2		$	463.6		$	406.9		$	7,851.7
At June 30, 2025	$	1,475.0		$	2,244.8		$	1,511.8		$	689.5		$	153.8		$	388.9		$	371.0		$	6,834.8

For the three and six months ended June 30,2025, total depreciation of property and equipment, excluding GFL Environmental Services which has been classified as discontinued operations,was $262.1 million and $520.0 million ($252.2 million and $477.6 million for the three and six months ended June 30, 2024). Of thetotal depreciation for the three and six months ended June 30, 2025, $252.3 million and $502.1 million were included in cost ofsales ($246.5 million and $465.6 million for the three and six months ended June 30, 2024) and $9.8 million and $17.9 million wereincluded in selling, general and administrative expenses ($5.7 million and $12.0 million for the three and six months ended June 30,2024).

F-10

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

GOODWILL AND INTANGIBLE ASSETS

The following table presents the changes in costand accumulated amortization of GFL’s goodwill and intangible assets for the periods indicated:

	Goodwill			Indefinite life C of A			Customer lists and municipal contracts			Trade name, definite life C of A and other licenses			Non-compete agreements			Total
Cost
Balance, December 31, 2024	$	8,065.8		$	880.7		$	3,812.7		$	155.8		$	579.4		$	13,494.4
Acquisitions via business combinations		88.0			21.8			54.3			0.1			18.0			182.2
Adjustments for prior year acquisitions		14.8			—			(4.0	)		(0.7	)		(3.1	)		7.0
Other		—			—			6.9			—			—			6.9
Disposals		(1,329.1	)		(347.8	)		(1,274.9	)		(114.0	)		(169.8	)		(3,235.6	)
Changes in foreign exchange		(250.4	)		(6.5	)		(78.8	)		(1.9	)		(15.5	)		(353.1	)
Balance, June 30, 2025		6,589.1			548.2			2,516.2			39.3			409.0			10,101.8

Accumulated amortization
Balance, December 31, 2024		—			—			2,091.3			51.6			452.5			2,595.4
Amortization		—			—			100.1			1.8			20.3			122.2
Disposals		—			—			(603.4	)		(46.2	)		(135.2	)		(784.8	)
Changes in foreign exchange		—			—			(43.2	)		(0.2	)		(11.3	)		(54.7	)
Balance, June 30, 2025		—			—			1,544.8			7.0			326.3			1,878.1

Carrying amounts
At December 31, 2024	$	8,065.8		$	880.7		$	1,721.4		$	104.2		$	126.9		$	10,899.0
At June 30, 2025	$	6,589.1		$	548.2		$	971.4		$	32.3		$	82.7		$	8,223.7

All intangible asset amortization expense isincluded in cost of sales.

F-11

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

LANDFILL CLOSURE AND POST-CLOSURE OBLIGATIONS

The following table presents GFL’s landfillclosure and post-closure obligations for the periods indicated:

Balance, December 31, 2024	$	1,050.4
Acquisitions via business combinations		3.1
Provisions		41.8
Adjustment for discount and inflation rates		6.1
Accretion		25.7
Expenditures		(7.7	)
Changes in foreign exchange		(48.9	)
Balance, June 30, 2025		1,070.5
Less: Current portion of landfill closure and post-closure obligations		(51.2	)
Non-current portion of landfill closure and post-closure obligations	$	1,019.3

The maturation of GFL’s landfill closureand post-closure obligations has not materially changed since December 31, 2024.

Funded landfill post-closure assets

GFL is required to deposit funds into truststo settle post-closure obligations for landfills in certain jurisdictions. As at June 30, 2025, included in other long-term assetsare funded landfill post-closure obligations, representing the fair value of legally restricted assets, totaling $30.3 million ($28.7million as at December 31, 2024).

F-12

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

LONG-TERM DEBT

The following table presents GFL’s long-termdebt for the periods indicated:

	June 30, 2025			December 31, 2024
Revolving credit facility	$	65.0		$	188.0
Term Loan B Facility		—			1,040.6
Notes⁽¹⁾
3.750% USD senior secured notes (“3.750% 2025 Secured Notes”)⁽²⁾		—			1,079.2
5.125% USD senior secured notes (“5.125% 2026 Secured Notes”)⁽³⁾		—			719.4
3.500% USD senior secured notes (“3.500% 2028 Secured Notes”)⁽⁴⁾		1,023.2			1,079.2
6.750% USD senior secured notes (“6.750% 2031 Secured Notes”)⁽⁵⁾		1,364.3			1,438.9
4.000% USD senior notes (“4.000% 2028 Notes”)⁽⁶⁾		1,023.2			1,079.2
4.750% USD senior notes (“4.750% 2029 Notes”)⁽⁷⁾		1,023.2			1,079.2
4.375% USD senior notes (“4.375% 2029 Notes”)⁽⁸⁾		750.4			791.4
6.625% USD senior notes (“6.625% 2032 Notes”)⁽⁹⁾		682.2			719.4
4.375% USD Solid Waste Disposal Revenue Bonds (“4.375% Bonds”)⁽¹⁰⁾		286.5			302.2
Other		485.6			503.0
Subtotal		6,703.6			10,019.7
Discount		(5.8	)		(7.5	)
Derivative liability		58.7			70.2
Deferred finance costs		(60.8	)		(82.9	)
Total long-term debt		6,695.7			9,999.5
Less: Current portion of long-term debt		(60.6	)		(1,146.5	)
Non-current portion of long-term debt	$	6,635.1		$	8,853.0

Total long-term debt		6,695.7			9,999.5
Less: Derivative asset		(7.7	)		(114.7	)
Total long-term debt, net of derivative asset	$	6,688.0		$	9,884.8

(1)	Refer to Note 14 for additional information on the hedging arrangements related to the Notes.
(2)	Prior to their redemption on March 14, 2025, the 3.750% 2025 Secured Notes bore interest semi-annually which commenced on February 1, 2021.
(3)	Prior to their redemption on March 14, 2025, the 5.125% 2026 Secured Notes bore interest semi-annually which commenced on December 15, 2019.
(4)	The 3.500% 2028 Secured Notes bear interest semi-annually which commenced on September 1, 2021 with principal maturing on September 1, 2028.
(5)	The 6.750% 2031 Secured Notes bear interest semi-annually which commenced on January 15, 2024 with principal maturing on January 15, 2031.
(6)	The 4.000% 2028 Notes are comprised of US$500.0 million of initial notes and US$250.0 million of additional notes. The initial notes and additional notes bear interest semi-annually which commenced on February 1, 2021 and February 1, 2022, respectively. The total principal matures on August 1, 2028.
(7)	The 4.750% 2029 Notes bear interest semi-annually which commenced on December 15, 2021 with principal maturing on June 15, 2029.
(8)	The 4.375% 2029 Notes bear interest semi-annually which commenced on February 15, 2022 with principal maturing on August 15, 2029.
(9)	The 6.625% 2032 Notes bear interest semi-annually which commenced on October 1, 2024 with principal maturing on April 1, 2032.
(10)	The 4.375% Bonds bear interest semi-annually which commenced on May 15, 2025 with an initial mandatory tender date of October 1, 2031.

F-13

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

Notes

On March 14, 2025, GFL repaid the entireUS$750.0 million and US$500.0 million outstanding aggregate principal amounts, related fees, premiums and accrued interest on the 3.750%2025 Secured Notes and 5.125% 2026 Secured Notes, respectively. GFL also terminated the cross-currency interest rate swap on the 5.125%2026 Secured Notes. A loss on termination of hedged arrangements of $30.5 million and write off of deferred finance costs of $3.0 millionwere recognized in interest and other finance costs.

Revolving credit facility and term loan facility

Under the amended and restated revolving creditagreement dated as of April 29, 2025 (the “Revolving Credit Agreement”), GFL has access to a $2,000.0 million revolvingcredit facility (available in Canadian and US dollars) and an aggregate $1,000.0 million accordion feature (collectively, the “RevolvingCredit Facility”). The Revolving Credit Facility matures on April 29, 2030 and accrues interest at a rate of between 4.3%to 5.6%, depending on whether borrowings are drawn in Canadian or US dollars. The Revolving Credit Facility is secured by mortgages oncertain properties, a general security agreement over all of the assets of GFL and certain material subsidiaries and a pledge of theshares of such subsidiaries.

The Revolving Credit Agreement contains a TotalNet Funded Debt to Adjusted EBITDA and an Interest Coverage Ratio (each as defined in the Revolving Credit Agreement) financial maintenancecovenant.

The Total Net Funded Debt to Adjusted EBITDAratio to be maintained is equal to or less than 6.00 to 1.00 for a period of four complete fiscal quarters following completion of aMaterial Acquisition and at all other times, equal to or less than 5.75 to 1.00. The Interest Coverage Ratio must be equal to or greaterthan 3.00 to 1.00. As at June 30, 2025 and December 31, 2024, GFL was in compliance with these covenants.

On March 4, 2025, GFL repaid the entireoutstanding aggregate principal amount, related fees and accrued interest on its term loan B facility (the “Term Loan B Facility”)which had a maturity date of July 3, 2031 and a borrowing rate of SOFR (with a floor rate at 0.500%) plus2.000% or US prime plus 1.000%. The Term Loan B Facility was secured by mortgages on certain properties, a general security agreementover all the assets of GFL and certain material subsidiaries and a pledge of the shares of such subsidiaries. A write off of deferredfinance costs of $15.9 million was recognized in interest and other finance costs.

Tax-exempt bonds

Industrial revenue bonds are tax-exempt municipaldebt securities issued by a government agency on our behalf and sold only to qualified institutional buyers. On October 8, 2024,GFL participated in the issuance of US$210.0 million aggregate principal amount of Solid Waste Disposal Revenue Bonds issued by FloridaDevelopment Finance Corporation. The bonds bear interest at 4.375% payable semi-annually which commenced on May 15, 2025 and havean initial mandatory tender date of October 1, 2031. The bonds are unsecured and guaranteed jointly and severally, fully and unconditionallyby GFL and certain of its subsidiaries.

Other

Included in other is the following long termdebt: (a) promissory notes with an aggregate principal amount of US$50.0 million that mature on June 14, 2027 and bear interestat a rate of 6.000% per annum, payable quarterly; (b) a term loan of US$12.5 million (of which $nil was drawn as at June 30,2025 and US$5.9 million was drawn at December 31, 2024) and a US$15.0 million revolving credit facility (of which $nil was drawnas at June 30, 2025 and December 31, 2024) that mature on September 21, 2025 and have a borrowing rate of base or BSBYrate plus 1.500% to 3.500%; (c) a term loan of US$170.0 million (of which US$166.8 million was drawn as at June 30, 2025 andUS$168.9 million was drawn as at December 31, 2024) and a US$100.0 million revolving credit facility (of which US$94.8 million wasdrawn as at June 30, 2025 and US$78.8 million was drawn as at December 31, 2024) that mature on August 31, 2028 and havea borrowing rate of base or SOFR adjusted rate plus a spread between 2.00% and 3.25%; and (d) a loan of US$44.0 million that matureson May 31, 2026 and has a borrowing rate of US Base Rate less 0.300%.

F-14

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

INTEREST AND OTHER FINANCE COSTS

The following table presents GFL’s interestand other finance costs for the periods indicated, excluding the results of GFL Environmental Services which has been classified as discontinuedoperations:

	Three months ended June 30,				Six months ended June 30,
		2025		2024⁽¹⁾		2025		2024⁽¹⁾
Interest	$	98.6	$	145.9	$	238.8	$	278.6
Termination of hedged arrangements		—		17.2		30.5		17.2
Amortization of deferred financing costs		3.5		7.1		26.9		12.0
Accretion of landfill closure and post-closure obligations		13.5		10.6		25.7		19.7
Other finance costs		5.5		4.0		9.6		8.3
Interest and other finance costs	$	121.1	$	184.8	$	331.5	$	335.8

(1) Comparativefigures have been re-presented, refer to Note 2 and 17.

F-15

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

INCOME (LOSS) PER SHARE

The following table presents GFL’s income(loss) per share for the periods indicated:

	Three months ended June 30					Six months ended June 30,
	2025		2024⁽¹⁾			2025		2024⁽¹⁾
Net income (loss) attributable to GFL Environmental Inc.	$	276.3	$	(471.2	)	$	3,685.9	$	(644.0	)

Less:
Net income from discontinued operations		—		59.6			3,620.8		78.9
Amounts attributable to preferred shareholders		11.9		22.3			26.8		45.8
Adjusted income (loss) from continuing operations		264.4		(553.1	)		38.3		(768.7	)
Effect of dilutive instruments		4.5		—			—		—
Adjusted net income (loss) from continuing operations for diluted income (loss) per share	$	268.9	$	(553.1	)	$	38.3	$	(768.7	)

Weighted average number of shares outstanding		365,815,712		376,598,000			378,517,656		374,792,781
Effect of dilutive instruments		17,395,801		—			9,081,420		—
Diluted weighted average number of shares outstanding		383,211,513		376,598,000			387,599,076		374,792,781

Basic income (loss) per share
Continuing operations	$	0.72	$	(1.47	)	$	0.10	$	(2.05	)
Discontinued operations		—		0.16			9.57		0.21
Total operations	$	0.72	$	(1.31	)	$	9.67	$	(1.84	)

Diluted income (loss) per share
Continuing operations	$	0.70	$	(1.47	)	$	0.10	$	(2.05	)
Discontinued operations		—		0.16			9.34		0.21
Total operations	$	0.70	$	(1.31	)	$	9.44	$	(1.84	)

(1)

Comparative figures have been re-presented, refer to Note 2 and 17.

Diluted loss per share excludes anti-dilutiveeffects of time-based share options, RSUs and Preferred Shares (defined below).

F-16

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

10.

REVENUE

The following table presents GFL’s revenuedisaggregated by service type for the periods indicated, excluding the results of GFL Environmental Services which has been classifiedas discontinued operations:

	Three months ended June 30,						Six months ended June 30,
	2025			2024⁽¹⁾			2025			2024⁽¹⁾
Residential	$	376.1		$	388.9		$	738.5		$	754.9
Commercial/industrial		751.0			726.2			1,473.0			1,405.9
Total collection		1,127.1			1,115.1			2,211.5			2,160.8
Landfill		306.2			271.8			569.5			509.5
Transfer		237.4			217.0			455.1			393.2
Material recovery		131.3			110.3			253.3			203.1
Other		96.8			84.3			171.1			151.8
Solid Waste		1,898.8			1,798.5			3,660.5			3,418.4
Intercompany revenue		(223.6	)		(216.9	)		(425.2	)		(405.0	)
Revenue	$	1,675.2		$	1,581.6		$	3,235.3		$	3,013.4

(1)

Comparative figures have been re-presented, refer to Note 2 and 17.

11.

OPERATING SEGMENTS

The following tables present GFL’s revenueand Adjusted EBITDA by operating segment for the periods indicated, excluding the results of GFL Environmental Services which has beenclassified as discontinued operations. Gross revenue is calculated based on revenue before intercompany revenue eliminations.

	Three months ended June 30, 2025
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA
Canada	$	620.4	$	(63.7	)	$	556.7	$	188.0
USA		1,278.4		(159.9	)		1,118.5		393.8
Solid Waste		1,898.8		(223.6	)		1,675.2		581.8
Corporate		—		—			—		(66.7	)
	$	1,898.8	$	(223.6	)	$	1,675.2	$	515.1

	Three months ended June 30, 2024⁽¹⁾
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA
Canada	$	568.9	$	(73.1	)	$	495.8	$	149.8
USA		1,229.6		(143.8	)		1,085.8		364.4
Solid Waste		1,798.5		(216.9	)		1,581.6		514.2
Corporate		—		—			—		(64.8	)
	$	1,798.5	$	(216.9	)	$	1,581.6	$	449.4

(1)

Comparative figures have been re-presented, refer to Note 2 and 17.

F-17

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

	Six months ended June 30, 2025
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA
Canada	$	1,172.2	$	(121.5	)	$	1,050.7	$	325.7
USA		2,488.3		(303.7	)		2,184.6		754.0
Solid Waste		3,660.5		(425.2	)		3,235.3		1,079.7
Corporate		—		—			—		(138.5	)
	$	3,660.5	$	(425.2	)	$	3,235.3	$	941.2

	Six months ended June 30, 2024⁽¹⁾
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA
Canada	$	1,061.4	$	(132.0	)	$	929.4	$	263.4
USA		2,357.0		(273.0	)		2,084.0		691.5
Solid Waste		3,418.4		(405.0	)		3,013.4		954.9
Corporate		—		—			—		(131.1	)
	$	3,418.4	$	(405.0	)	$	3,013.4	$	823.8

(1)

Comparative figures have been re-presented, refer to Note 2 and 17.

The following table presents GFL’s reconciliationof net income (loss) from continuing operations to Adjusted EBITDA for the periods indicated, excluding the results of GFL EnvironmentalServices which has been classified as discontinued operations:

	Three months ended June 30,						Six months ended June 30,
	2025			2024⁽¹⁾			2025			2024⁽¹⁾
Net income (loss) from continuing operations	$	274.2		$	(531.9	)	$	60.3		$	(727.7	)
Add:
Depreciation of property and equipment		262.1			252.2			520.0			477.6
Amortization of intangible assets		60.8			71.9			122.2			142.0
Interest and other finance costs		121.1			184.8			331.5			335.8
Income tax expense (recovery)		28.0			(57.1	)		(24.4	)		(99.3	)
(Gain) loss on foreign exchange		(266.4	)		5.4			(272.1	)		79.9
(Gain) loss on sale of property and equipment		(2.8	)		0.3			0.4			(2.2	)
Share of net loss (income) of investments accounted for using the equity method⁽²⁾		23.2			(11.2	)		78.5			26.0
Share-based payments		16.7			13.9			75.1			69.4
Loss on divestiture		—			494.1			—			494.1
Transaction costs		9.2			14.1			30.4			19.4
Acquisition, rebranding and other integration costs		2.4			1.8			3.9			2.2
Founder/CEO remuneration⁽³⁾		11.0			10.2			31.8			10.2
Other⁽⁴⁾		(24.4	)		0.9			(16.4	)		(3.6	)
Adjusted EBITDA	$	515.1		$	449.4		$	941.2		$	823.8

(1)

Comparative figures have been re-presented, refer to Note 2 and 17.

(2)

Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.

(3)

Consists of cash payment to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.

(4)

The three and six months ended June 30, 2025 includes a $24.4 million gain on sale of a portion of GFL’s equity investment in Green Infrastructure Partners Inc. (“GIP”).

F-18

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

Goodwill and indefinite life intangible assetsby operating segment

The carrying amount of goodwill and indefinitelife intangible assets allocated to the operating segments is as follows:

	June 30, 2025		December 31, 2024
Canada	$	1,886.6	$	2,097.9
USA		5,250.7		5,738.5
Solid Waste		7,137.3		7,836.4
Environmental Services		—		1,110.1
	$	7,137.3	$	8,946.5

12.

SHAREHOLDERS' CAPITAL

Authorized capital

GFL’s authorized share capital consistsof (i) an unlimited number of subordinate voting shares, (ii) an unlimited number of multiple voting shares (“MVS”),(iii) an unlimited number of preferred shares, issuable in series, (iv) 28,571,428 Series A perpetual convertible preferredshares (the “Series A Preferred Shares”) and (v) 8,196,721 Series B perpetual convertible preferred shares(the “Series B Preferred Shares”). The Series A Preferred Shares and Series B Preferred Shares are collectivelyreferred to as the “Preferred Shares”.

Normal course issuer bid

On February 27, 2025, the Toronto StockExchange accepted GFL’s notice of intention to commence a normal course issuer bid (“NCIB”) during the twelve-monthperiod commencing on March 3, 2025 and ending March 2, 2026. Under the NCIB, a maximum of 28,046,256 subordinate voting sharesmay be repurchased by GFL which represents approximately 10.0% of the public float as at February 18, 2025. All subordinate votingshares repurchased by GFL under the NCIB will be cancelled. During the three and six months ended June 30, 2025, GFL repurchased3,470,158 and 11,088,916 subordinate voting shares, respectively, under the NCIB (nil subordinate voting shares during the three andsix months ended June 30, 2024).

Share issuances and cancellations

The following table presents GFL’s sharecapital for the periods indicated:

	Subordinate voting shares			Multiple voting shares		Preferred shares			Total
Balance, December 31, 2024		381,570,455			11,812,964		18,598,592			411,982,011
Converted from share options		78,760			—		—			78,760
Converted from RSUs		880,619			—		—			880,619
Converted from preferred shares into subordinate voting shares		4,197,272			—		(3,681,508	)		515,764
Repurchased and cancelled		(35,195,241	)		—		—			(35,195,241	)
Balance, June 30, 2025		351,531,865			11,812,964		14,917,084			378,261,913

On March 25, 2025, GFL purchased 17,050,298subordinate voting shares from funds managed by BC Partners. On March 31, 2025, GFL purchased 7,056,027 subordinate voting sharesunder a secondary offering transaction. During the six months ended June 30, 2025, GFL has purchased for cancellation a total of35,195,241 subordinate voting shares, including the subordinate voting shares repurchased under GFL’s NCIB.

On March 31, 2025, 3,681,508 Series APreferred Shares were converted into 4,197,272 subordinate voting shares at the conversion price of US$25.17.

F-19

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

Share options, restricted share units (“RSUs”),deferred share units (“DSUs”) and performance share units (“PSUs”)

Share options

The number of share options held by certain executiveswith their average exercise price per option are summarized below:

	Options			Weighted average exercise price (US$)
Share options outstanding, December 31, 2024		22,533,042		$	32.98
Exercised		(145,540	)		22.80
Share options outstanding, June 30, 2025		22,387,502		$	33.05
Vested share options, June 30, 2025		12,061,502		$	32.66

For the three and six months ended June 30,2025, there were no share options cancelled, expired or forfeited.

For the three and six months ended June 30,2025, the total compensation expense related to share options amounted to $0.7 million and $2.8 million ($4.3 million and $8.6 millionfor the three and six months ended June 30, 2024).

RSUs, DSUs and PSUs

The following table presents GFL’s summaryof the RSUs and DSUs for the periods indicated:

	RSUs			Grant date fair value (US$)		DSUs		Grant date fair value (US$)
Outstanding, December 31, 2024		1,900,639		$	34.75		121,346	$	31.79
Granted		934,755			43.50		12,366		46.09
Settled		(880,408	)		41.10		—		—
Forfeited		(68,865	)		35.68		—		—
Outstanding, June 30, 2025		1,886,121		$	36.09		133,712	$	33.11
Expected to vest, June 30, 2025		1,655,897		$	36.49		133,712	$	33.11

For the three and six months ended June 30,2025, there were no RSUs or DSUs cancelled.

For the three and six months ended June 30,2025, the total compensation expense related to RSUs amounted to $15.6 million and $71.5 million ($9.2 million and $60.0 million forthe three and six months ended June 30, 2024).

For the three and six months ended June 30,2025, the total compensation expense related to DSUs amounted to $0.4 million and $0.8 million ($0.4 million and $0.8 million for thethree and six months ended June 30, 2024).

As at June 30, 2025, no PSUs have been issued.

F-20

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

13.

SUPPLEMENTAL CASH FLOW INFORMATION

The following table presents net change in non-cashworking capital of GFL for the periods indicated:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Effects of changes in
Accounts payable and accrued liabilities	$	(88.1	)	$	111.4		$	(167.8	)	$	53.9
Trade and other receivables, net		(41.1	)		(135.8	)		(1.2	)		(121.1	)
Prepaid expenses and other assets		16.9			(52.3	)		15.2			(62.7	)
Changes in non-cash working capital items		(112.3	)		(76.7	)		(153.8	)		(129.9	)
Changes in non-cash working capital items for discontinued operations		—			(30.2	)		37.4			(39.3	)
Changes in non-cash working capital items for continuing operations	$	(112.3	)	$	(46.5	)	$	(191.2	)	$	(90.6	)

14.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

GFL’s financial instruments consist ofcash, trade accounts receivable, trade accounts payable and long-term debt, including related hedging instruments.

Fair value measurement

The carrying value of GFL’s financial assetsapproximate their fair values. The carrying value of GFL’s financial liabilities approximate their fair values with the exceptionof GFL’s outstanding U.S. dollar secured and unsecured notes (the “Notes”) and 4.375% Bonds. The fair value hierarchyfor these instruments are as follows for the periods indicated:

	June 30, 2025
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Notes	$	5,864.4	$	5,860.1	$	—	$	5,860.1	$	—
4.375% Bonds		286.5		285.3		—		285.3		—

	December 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Notes	$	7,983.4	$	7,828.2	$	—	$	7,828.2	$	—
4.375% Bonds		302.2		301.9		—		301.9		—

GFL uses a discounted cash flow model incorporatingobservable market data, such as foreign currency forward rates, to estimate the fair value of its Notes. Certain leases, other loansand amounts due to related parties do not bear interest or bear interest at an amount that is not stated at fair value.

Net derivative instruments are recorded at fairvalue and classified within Level 2. The Call Option is measured using an option pricing model which includes inputs such as equity volatility,risk-free rates, and implied credit yields. The Call Option is recorded at fair value and classified within Level 3.

Financial risk management objectives

There were no changes to the financial risk managementpolicies disclosed in the Annual Financial Statements.

On January 23, 2025, GFL terminated thecross-currency interest rate swap instruments on the 5.125% 2026 Secured Notes.

F-21

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

15.

COMMITMENTS

Letters of credit

As at June 30, 2025, GFL had letters ofcredit totaling approximately $396.0 million outstanding ($276.7 million as at December 31, 2024), which are not recognized in theInterim Financial Statements. Interest expense in connection with these letters of creditwas $1.5 million and $3.6 million for the three and six months ended June 30, 2025($1.3 million and $2.4 million for the three and six months ended June 30, 2024).

Performance bonds

As at June 30, 2025, GFL had issued performancebonds totaling $1,757.6 million ($1,951.9 million as at December 31, 2024).

16.

RELATED PARTY TRANSACTIONS

After the final payment of the semi-annual instalmentof $2.9 million, the remaining principal outstanding on the note payable to Omega Jo Inc. (an entity controlled by Patrick Dovigi) was$nil as at June 30, 2025 ($2.9 million as at December 31, 2024).

In connection with Patrick Dovigi’s relocationto the United States, GFL agreed to satisfy any tax obligations arising from the relocation. In 2025, GFL paid $33.5 million in satisfactionof this obligation. This amount is expected to be refunded and has been recognized within other receivables.

For thethree and six months ended June 30, 2025, GFL paid $4.1 million and $6.9 million ($2.0million and $3.9 million for the three and six months ended June 30, 2024) in aggregatelease payments to related parties.

For the threeand six months ended June 30, 2025, GFL entered into transactions with GIP whichresulted in revenue of $0.9 million and $4.3million ($7.9 million and $15.0 million for the threeand six months ended June 30, 2024) and net receivables of $0.6 million as atJune 30, 2025 ($8.6 million as at December 31, 2024).

On March 26, 2024, GFL entered into a limitedguarantee of GIP’s obligation to satisfy certain covenants under its revolving credit facility up to a maximum liability of $25.0million.

For the threeand six months ended June 30, 2025, GFL entered into transactions with GFL EnvironmentalServices which resulted in revenue of $9.8 million and $12.7 million ($nil for the threeand six months ended June 30, 2024), deferred revenue of $70.0 million as atJune 30, 2025 ($nil as at December 31, 2024) and net payables of $14.9 million as at June 30, 2025 ($nil as at December 31,2024).

F-22

GFL Environmental Inc. - Notes to the ConsolidatedFinancial Statements

(In millions of dollars except per share amountsor otherwise stated)

17.

DISCONTINUED OPERATIONS

The resultsof GFL Environmental Services are presented as a single amount on the statement of operations and comprehensive (loss) income.The post-tax results of the discontinued operations for the periods indicated are as follows:

	Three months ended June 30,					Six months ended June 30,
	2025		2024			2025			2024
Revenue	$	—	$	478.4		$	237.0		$	848.0
Expenses		—		419.1			209.1			780.7
Income before income taxes		—		59.3			27.9			67.3
Income tax (recovery) expense		—		(0.3	)		0.6			(11.6	)
Net income		—		59.6			27.3			78.9
Gain on disposal		—		—			4,466.8			—
Income tax on gain on disposal		—		—			873.3			—
Net income from discontinued operations		—		59.6			3,620.8			78.9
Reclassification to net income of foreign currency translation adjustment on divestiture		—		—			(176.5	)		—
Total comprehensive income from discontinued operations	$	—	$	59.6		$	3,444.3		$	78.9

Cash flow information for GFL Environmental Servicesis as follows:

	Three months ended June 30,					Six months ended June 30,
	2025		2024			2025			2024
Operating cash flows from discontinued operations	$	—	$	109.1		$	69.6		$	180.1
Investing cash flows from discontinued operations		—		(36.5	)		(18.0	)		(77.8	)
Financing cash flows from discontinued operations		—		(73.8	)		(40.2	)		(102.3	)
Changes due to foreign exchange revaluation of cash		—		(0.1	)		0.2			(0.2	)
(Decrease) increase in cash from discontinued operations	$	—	$	(1.3	)	$	11.6		$	(0.2	)

GFL received proceeds of $5,929.6 million, netof transaction costs, upon the completion of the divestiture of GFL Environmental Services. GFLsubsequently paid $109.1 million in transaction costs during the three months ended June 30, 2025.

18.

SUBSEQUENT EVENTS

On July 4, 2025, H.R. 1, the One Big, BeautifulBill Act (“OBBB Act”), was signed into law, introducing several changes to U.S. tax policy, including the permanent extensionof bonus depreciation and modifications to the interest expense limitation rules. The Company is currently assessing the implicationsof these tax law changes. Since the OBBB Act was enacted subsequent to the Company’s balance sheet date, the Company’s taxprovision for the three and six months ended June 30, 2025, does not incorporate the effects of these tax law changes.

F-23

Exhibit 99.2

GFL ENVIRONMENTAL INC.

MANAGEMENT’S DISCUSSION AND ANALYSISOF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

For the three and six months ended June 30,2025

The following Management’sDiscussion and Analysis (“MD&A”) for GFL Environmental Inc. (“us,” “we,” “our,” “GFL” or the “Company”) is dated August 1, 2025 and provides informationconcerning our results of operations and financial condition for the three and six months ended June 30, 2025. You should read thisMD&A together with our unaudited interim condensed consolidated financial statements and the related notes for the three and sixmonths ended June 30, 2025 (the “Interim Financial Statements”), our annual audited consolidated financial statementsfor the year ended December 31, 2024 (the “Annual Financial Statements”), and our MD&A for the year endedDecember 31, 2024 (the “Annual MD&A”).

Company Overview

GFL is the fourth largestdiversified environmental services company in North America, with operations throughout Canada and in 18 U.S. states. GFL had approximately15,000 employees as of June 30, 2025.

GFL was formed on March 5,2020 under the laws of the Province of Ontario. Our subordinate voting shares trade on the New York Stock Exchange (the “NYSE”)and the Toronto Stock Exchange (the “TSX”) under the symbol “GFL”.

On March 3, 2025, weannounced the completion of the divestiture of our Environmental Services line of business (“GFL Environmental Services”),effective March 1, 2025, for an enterprise value of $8.0 billion. Funds managed byaffiliates of Apollo Global Management, Inc. and BC Partners Advisors LP each acquired an approximate 28% equity interest in GFLEnvironmental Services. We retained an approximate 44% non-controlling equity interest in GFL EnvironmentalServices, which has been initially recognized at $1.7 billion. GFL Environmental Services has been presented as discontinued operationsin the comparative results of our Interim Financial Statements.

Unless otherwise indicated,all financial information in our MD&A represents the results from our continuing operations.

Forward-Looking Information

This MD&A, including,in particular, the sections below entitled “Summary of Factors Affecting Performance” and “Liquidity and Capital Resources”,contains forward-looking statements and forward-looking information (collectively, “forward-looking information”)within the meaning of applicable U.S. and Canadian securities laws, respectively. Forward-looking information includes all statementsthat do not relate solely to historical or current facts, may relate to anticipated events or results and may include statements regardingour objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities.In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”,or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”,although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations,intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statementscontaining forward-looking information are not historical facts nor assurances of future performance but instead represent management’sexpectations, estimates and projections regarding future events or circumstances.

Forward-looking informationcontained in this MD&A is based on our opinions, estimates and assumptions in light of our experience and perception of historicaltrends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonablein the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance thatthe underlying opinions, estimates and assumptions will prove to be correct.

Factors that could causeactual results to differ from those projected include, but are not limited to, those listed below and in the section entitled “RiskFactors” included in the Company’s annual information form for the year ended December 31, 2024 (the “AIF”).There may be additional risks of which we are not currently aware or that we currently believe are immaterial which could have an adverseimpact on our business. We make no commitment to revise or update any forward-looking information in order to reflect events or circumstancesthat may change, except where we are expressly required to do so by law.

Forward-looking informationis subject to a number of known and unknown risks, uncertainties, assumptions and other important factors that may cause our actual results,performance or achievements to be materially different from any future results, performance or achievements expressed or implied by theforward-looking information. Factors that could cause actual results to differ from those projected include, but are not limited to,the following, and the risk factors described in greater detail under the section entitled “Risk Factors” in the AIF: ourability to build our market share; our ability to continue to grow our revenue and improve operating margins; our ability to retain keypersonnel; our ability to maintain and expand geographic scope; our ability to maintain good relationships with our customers; our abilityto execute on our expansion plans; our ability to execute on additional acquisition opportunities and successfully integrate acquiredbusinesses; adverse effects of acquisitions on our operations; potential liabilities from past and future acquisitions; dependence onthe integration and success of acquired businesses; our ability to continue investing in infrastructure to support our growth; our abilityto obtain and maintain existing financing on acceptable terms; our ability to implement price increases or offset increasing costs; currencyexchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; the changes inlaws, rules, regulations, and global standards; our ability to respond to changing customer and legal requirements with respect to sustainablesolutions or other matters; our potential liability, if any, in connection with environmental matters; governmental regulation, changesthereto and risks associated with failure to comply; loss of municipal and other contracts; potential inability to acquire, lease orexpand facilities; our dependence on third party facilities; our access to equity or debt capital markets is not assured; increases inlabour, disposal, and related transportation costs; fuel supply and fuel price fluctuations; we require sufficient cash flow to reinvestin our business; our potential inability to obtain performance or surety bonds, letters of credit, other financial assurances or insurance;operational, health, safety and environmental risks; natural disasters, weather conditions and seasonality; economic downturn may adverselyimpact our operating results and cause exposure to credit risk; increasing dependence on technology and risk of technology failure; cybersecurityincidents or issues; damage to our reputation or our brand; increases in insurance costs; climate change regulations that could increaseour costs to operate; risks associated with failing to comply with U.S., Canadian or foreign anti-bribery or anti-corruption laws orregulations; landfill site closure and post-closure costs and contamination-related costs; increasing efforts by provinces, states andmunicipalities to reduce landfill disposal; litigation or regulatory or activist action; and public health outbreaks, epidemics or pandemics.

Basis of Presentation

Our Interim Financial Statementshave been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, within the framework ofInternational Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. Unlessthe context indicates otherwise, references in this MD&A to “GFL”, the “Company”, “we”, “us”and “our” mean GFL and its consolidated subsidiaries.

This MD&A is presentedin millions of Canadian dollars unless otherwise indicated.

Reclassification of prior year presentation

Certain revenue disaggregationand segment reporting balances in prior periods have been re-presented for consistency with the current period presentation in relationto GFL Environmental Services which has been presented as discontinued operations. Refer to Note 17 in our Interim Financial Statements.

Summary of Factors Affecting Performance

We believe that our performanceand future success depend on a number of factors that present significant opportunities for us. These factors are also subject to a numberof inherent risks and challenges discussed elsewhere in this MD&A and in the AIF.

Our results for the threeand six months ended June 30, 2025 were impacted by acquisitions, divestitures, as well as organic growth during the period as aresult, in part, from the pricing strategies that we implemented and changes in volume, partially offset by the impact of inflationarypressures and certain labour wage rate pressures. Our ability to leverage our scalable network to drive operational cost efficienciesalso impacted our performance for the period. Our results are influenced by seasonality and tend to be lower in the first quarter ofthe year, primarily due to winter weather conditions which are pronounced in Canada, and higher in the second and third quarters of theyear, due to the higher volume of waste generated during the summer months in many of our markets.

We intend to continue togrow our business and generate improvements in our financial performance by expanding our service offerings into new geographic marketsand extending our geographic footprint to increase regional density across our business lines, thereby increasing margins. Our successin achieving these goals is dependent on our ability to execute on our three-pronged strategy of (i) continuing to generate strong,stable organic revenue growth, (ii) successfully executing strategic, accretive acquisitions, and (iii) continuing to driveoperating cost efficiencies across our platform.

Strong, Stable Organic Revenue Growth

Our ability to generatestrong, stable organic revenue growth across macroeconomic cycles depends on our ability to increase the breadth and depth of servicesthat we provide to our existing customers, realize on cross-selling opportunities between our complementary service capabilities, obtainprice and surcharge increases, win new contracts, realize renewals or extensions of existing contracts and expand into new or adjacentmarkets. We believe that executing on this strategy will continue to drive our organic revenue growth and free cash flow generation.

Our business is well-diversifiedacross business lines, geographies and customers. We believe that our continued success depends on our ability to further enhance andleverage this diversification, a key component of which is our ability to offer our customers a comprehensive service offering acrossour business lines backed by an extensive geography across Canada and the U.S. The majority of the revenue we generate is derived fromsecondary markets, with revenue derived from major metropolitan centres representing the majority of our residential revenue.

We also believe we are wellpositioned to respond to changing customer needs and regulatory demands in order to maintain our success. This includes being able torespond to legal requirements and customer demands to divert waste away from landfill disposal by continuing to expand our ability tocollect and process multiple streams of material.

Our diversified businessmodel also complements our acquisition strategy. Multiple business lines allow us to source acquisitions from a broader pool of potentialtargets. Maintaining a diversified model is therefore critical to capitalizing on accretive acquisition opportunities and helping toreduce execution and business risk inherent in single-market and single-service offering strategies.

Executing Strategic, Accretive Acquisitions

Our ability to identify,execute and integrate accretive acquisitions is a key driver of our growth. Given the significant fragmentation that exists in the NorthAmerican environmental services industry, our growth and success depend on our ability to realize on consolidation opportunities in ourbusiness lines.

Since 2007, we have completedover 270 acquisitions across our lines of business. We focus on selectively acquiringpremier independent regional operators to create platforms in new markets, followed by tuck-in acquisitions to help increase densityand scale. Integration of these acquisitions with our existing platform is a key factor to our success, along with continuing to identifyand act upon these attractive consolidation opportunities.

In addition, successfulexecution of acquisitions opens new markets to us, provides us with new opportunities to realize cross-selling opportunities and drivesprocurement and cost synergies across our operations.

Driving Operating Cost Efficiencies

We provide our servicesthrough a strategically-located network of facilities in Canada and in the U.S. In each of our geographic markets, our strong competitiveposition is supported by and depends on the significant capital investment required to replicate our network infrastructure and assetbase, as well as by stringent permitting and regulatory compliance requirements. Our continued success also depends on our ability toleverage our scalable network to attract and retain customers across service lines, realize operational efficiencies and extract procurementand cost synergies.

It is also key that we continueto leverage our scalable capabilities to drive operating margin expansion and realize cost synergies. This includes using the capacityof our existing facilities, technology processes and people to support future growth and provide economies of scale, as well as increasingroute density and servicing new contract wins with our existing network of assets and fleet to enhance the profitability of each of ourbusiness lines.

Our success also dependson our ability to continue to make strategic investments in our business, including substantial capital investments in our facilities,technology processes and administrative capabilities to support our future growth. Our ability to improve our operating margins and ourselling, general and administrative expense margins by maintaining strong discipline in our cost structure and regularly reviewing ourpractices to manage expenses and increase efficiency will also impact our operating results.

2. Operating Results

Analysis of results for the three and six months ended June 30,2025 compared to the three and six months ended June 30, 2024

The following tables summarizecertain operating results and other financial data for the periods indicated, which have been derived from our Interim Financial Statementsand related notes:

		Three months ended			Three months ended			Change
($ millions except per share amounts)	June 30, 2025			June 30, 2024⁽¹⁾			$			%
Revenue	$	1,675.2		$	1,581.6		$	93.6			5.9	%
Expenses
Cost of sales		1,303.2			1,290.8			12.4			1.0
Selling, general and administrative expenses		223.2			210.0			13.2			6.3
Interest and other finance costs		121.1			184.8			(63.7	)		(34.5	)
Loss on divestiture		—			494.1			(494.1	)		(100.0	)
Other (income) expenses		(293.6	)		6.6			(300.2	)		(4548.5	)
Share of net loss (income) of investments accounted for using the equity method		19.1			(15.7	)		34.8			221.7
Income (loss) before income taxes		302.2			(589.0	)		891.2			151.3
Income tax expense (recovery)		28.0			(57.1	)		85.1			149.0
Net income (loss) from continuing operations		274.2			(531.9	)		806.1			151.6
Net income from discontinued operations		—			59.6			(59.6	)		(100.0	)
Net income (loss)		274.2			(472.3	)		746.5			158.1
Less: Net loss attributable to non-controlling interests		(2.1	)		(1.1	)		(1.0	)		(90.9	)
Net income (loss) attributable to GFL Environmental Inc.		276.3			(471.2	)		747.5			158.6
Income (loss) per share, basic		0.72			(1.31	)		2.03			155.0
Income (loss) per share, diluted		0.70			(1.31	)		2.01			153.4
Adjusted EBITDA⁽²⁾	$	515.1		$	449.4		$	65.7			14.6	%

		Six months ended			Six months ended			Change
($ millions except per share amounts)	June 30, 2025			June 30, 2024⁽¹⁾			$			%
Revenue	$	3,235.3		$	3,013.4		$	221.9			7.4	%
Expenses
Cost of sales		2,575.8			2,480.2			95.6			3.9
Selling, general and administrative expenses		509.4			441.3			68.1			15.4
Interest and other finance costs		331.5			335.8			(4.3	)		(1.3	)
Loss on divestiture		—			494.1			(494.1	)		(100.0	)
Other (income) expenses		(288.1	)		74.1			(362.2	)		(488.8	)
Share of net loss of investments accounted for using the equity method		70.8			14.9			55.9			375.2
Income (loss) before income taxes		35.9			(827.0	)		862.9			104.3
Income tax recovery		(24.4	)		(99.3	)		74.9			75.4
Net income (loss) from continuing operations		60.3			(727.7	)		788.0			108.3
Net income from discontinued operations		3,620.8			78.9			3,541.9			4489.1
Net income (loss)		3,681.1			(648.8	)		4,329.9			667.4
Less: Net loss attributable to non-controlling interests		(4.8	)		(4.8	)		—			—
Net income (loss) attributable to GFL Environmental Inc.		3,685.9			(644.0	)		4,329.9			672.3
Income (loss) per share, basic		9.67			(1.84	)		11.51			625.5
Income (loss) per share, diluted		9.44			(1.84	)		11.28			613.0
Adjusted EBITDA⁽²⁾	$	941.2		$	823.8		$	117.4			14.3	%

		June 30, 2025		December 31, 2024	Change
Total assets	$	18,527.1	$	21,207.4	$	(2,680.3	)
Total cash		139.7		133.8		5.9
Total long-term debt		6,695.7		9,999.5		(3,303.8	)
Total liabilities		10,639.6		13,985.7		(3,346.1	)
Total shareholders’ equity	$	7,887.5	$	7,221.7	$	665.8

	(1)	Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.
	(2)	Adjusted EBITDA is a non-IFRS measure. Refer to the section entitled “Non-IFRS Financial Measures and Key Performance Indicators”.

Revenue

The following tables summarizerevenue by service type for the periods indicated, excluding the results of GFL Environmental Services which has been classified as discontinuedoperations:

	Three months ended June 30, 2025						Three months ended June 30, 2024⁽¹⁾						Change
($ millions)	Revenue			%			Revenue			%			$			%
Residential	$	376.1			22.5	%	$	388.9			24.6	%	$	(12.8	)		(3.3	)%
Commercial/industrial		751.0			44.8			726.2			45.9			24.8			3.4
Total collection		1,127.1			67.3			1,115.1			70.5			12.0			1.1
Landfill		306.2			18.3			271.8			17.2			34.4			12.7
Transfer		237.4			14.2			217.0			13.7			20.4			9.4
Material recovery		131.3			7.8			110.3			7.0			21.0			19.0
Other		96.8			5.7			84.3			5.3			12.5			14.8
Solid Waste		1,898.8			113.3			1,798.5			113.7			100.3			5.6
Intercompany revenue		(223.6	)		(13.3	)		(216.9	)		(13.7	)		(6.7	)		3.1
Revenue	$	1,675.2			100.0	%	$	1,581.6			100.0	%	$	93.6			5.9	%

	Six months ended June 30, 2025						Six months ended June 30, 2024⁽¹⁾						Change
($ millions)	Revenue			%			Revenue			%			$			%
Residential	$	738.5			22.8	%	$	754.9			25.1	%	$	(16.4	)		(2.2	)%
Commercial/industrial		1,473.0			45.5			1,405.9			46.7			67.1			4.8
Total collection		2,211.5			68.3			2,160.8			71.8			50.7			2.3
Landfill		569.5			17.6			509.5			16.9			60.0			11.8
Transfer		455.1			14.1			393.2			13.0			61.9			15.7
Material recovery		253.3			7.8			203.1			6.7			50.2			24.7
Other		171.1			5.3			151.8			5.0			19.3			12.7
Solid Waste		3,660.5			113.1			3,418.4			113.4			242.1			7.1
Intercompany revenue		(425.2	)		(13.1	)		(405.0	)		(13.4	)		(20.2	)		5.0
Revenue	$	3,235.3			100.0	%	$	3,013.4			100.0	%	$	221.9			7.4	%

(1)

Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.

Revenue for the three monthsended June 30, 2025 increased by $93.6 million to $1,675.2 million, compared to the three months ended June 30, 2024. Excludingthe impact of divestitures, revenue increased by $144.8 million or 9.5%, including 5.8% from core pricing, 1.9% from acquisitions completedsince April 1, 2024 and 2.5% from positive volume. Partially offsetting these increases were lower commodity prices of 0.4% andnegative surcharges of 1.1%. Changes in foreign exchange rates increased revenue by 0.8%.

Revenue for the six monthsended June 30, 2025 increased by $221.9 million to $3,235.3 million, compared to the six months ended June 30, 2024. Excluding the impactof divestitures, revenue increased by $317.3 million or 10.9%, including 5.8% fromcore pricing, 2.1% from acquisitions completed since January 1, 2024 and 1.8% frompositive volume. Partially offsetting these increases were lower commodity prices of 0.2%and negative surcharges of 1.1%. Changes in foreignexchange rates increased revenue by 2.5%.

Cost of Sales

The following tables summarizecost of sales for the periods indicated, excluding the results of GFL Environmental Services which has been classified as discontinuedoperations:

	Three months ended June 30, 2025					Three months ended June 30, 2024⁽¹⁾					Change
($ millions)	Cost		% of Revenue			Cost		% of Revenue			$			%
Transfer and disposal costs	$	277.2		16.5	%	$	261.5		16.5	%	$	15.7			6.0	%
Labour and benefits		348.0		20.8			347.5		22.0			0.5			0.1
Maintenance and repairs		176.8		10.6			169.2		10.7			7.6			4.5
Fuel		63.4		3.8			72.4		4.6			(9.0	)		(12.4	)
Other cost of sales		122.3		7.3			120.0		7.6			2.3			1.9
Subtotal		987.7		59.0			970.6		61.4			17.1			1.8
Depreciation expense		252.3		15.1			246.5		15.6			5.8			2.4
Amortization of intangible assets		60.8		3.6			71.9		4.5			(11.1	)		(15.4	)
Acquisition, rebranding and other integration costs		2.4		0.1			1.8		0.1			0.6			33.3
Cost of sales	$	1,303.2		77.8	%	$	1,290.8		81.6	%	$	12.4			1.0	%

	Six months ended June 30, 2025					Six months ended June 30, 2024⁽¹⁾					Change
($ millions)	Cost		% of Revenue			Cost		% of Revenue			$			%
Transfer and disposal costs	$	528.6		16.3	%	$	485.2		16.1	%	$	43.4			8.9	%
Labour and benefits		682.9		21.1			677.0		22.5			5.9			0.9
Maintenance and repairs		346.2		10.7			327.1		10.8			19.1			5.8
Fuel		132.2		4.1			143.7		4.8			(11.5	)		(8.0	)
Other cost of sales		257.7		8.0			237.4		7.9			20.3			8.6
Subtotal		1,947.6		60.2			1,870.4		62.1			77.2			4.1
Depreciation expense		502.1		15.5			465.6		15.4			36.5			7.8
Amortization of intangible assets		122.2		3.8			142.0		4.7			(19.8	)		(13.9	)
Acquisition, rebranding and other integration costs		3.9		0.1			2.2		0.1			1.7			77.3
Cost of sales	$	2,575.8		79.6	%	$	2,480.2		82.3	%	$	95.6			3.9	%

(1)

Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.

Cost of sales increasedby $12.4 million to $1,303.2 million for the three months ended June 30, 2025, compared to the three months ended June 30,2024, predominantly attributable to the net impact of acquisitions and divestitures. For the three months ended June 30, 2025, transferand disposal costs increased primarily as a result of higher transfer station and material recycling facility (“MRF”)processing volumes. Labour and benefit costs increased as a result of higher wage rates. Maintenance and repair costs increased as aresult of additional fleet maintenance and the growth in the business, partially offset by the impact of divestitures and the easingof inflationary cost pressures. Fuel costs decreased primarily as a result of a reductionin the price of fuel. An increase in property taxes and utilities associated with new facilities contributed to the increase in othercost of sales.

Cost of sales increasedby $95.6 million to $2,575.8 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024,predominantly attributable to the net impact of acquisitions and divestitures. For the six months ended June 30, 2025, transferand disposal costs increased primarily as a result of higher transfer station and MRF processing volumes. Labour and benefit costs increasedas a result of higher wage rates. Maintenance and repair costs increased as a result of additional fleet maintenance and the growth inthe business, partially offset by the impact of divestitures and the easing of inflationary cost pressures. Fuel costs decreased primarilyas a result of a reduction in the price of fuel. An increase in risk management costs, particularly accident claim costs and insurancepremiums, contributed to the increase in other cost of sales.

Cost of sales as a percentageof revenue for the three and six months ended June 30, 2025 decreased by 380 basis points to 77.8% and 270 basis points to 79.6%,respectively, compared to the three and six months ended June 30, 2024. Changes in the individual cost categories were the resultof the impact of changes in business mix, our pricing strategies, the realization of ongoing operating cost efficiencies and the reductionin the price of fuel, partially offset by inflationary cost pressures. Excluding depreciation expense, amortization of intangible assetsand acquisition, rebranding and other integration costs, cost of sales as a percentage of total revenue for thethree and six months ended June 30, 2025 decreased by 240 basis points to 59.0%and 190 basis points to 60.2%, compared to the three and six months ended June 30,2024.

Selling, General and Administrative Expenses (“SG&A”)

The following tables summarizeSG&A for the periods indicated, excluding the results of GFL Environmental Services which has been classified as discontinued operations:

	Three months ended June 30, 2025					Three months ended June 30, 2024⁽¹⁾					Change
($ millions)	Cost		% of Revenue			Cost		% of Revenue			$			%
Salaries and benefits	$	106.5		6.3	%	$	100.7		6.4	%	$	5.8			5.8	%
Share-based payments		16.7		1.0			13.9		0.9			2.8			20.1
Other		70.0		4.2			65.4		4.1			4.6			7.0
Subtotal		193.2		11.5			180.0		11.4			13.2			7.3
Depreciation expense		9.8		0.6			5.7		0.4			4.1			71.9
Transaction costs		9.2		0.5			14.1		0.9			(4.9	)		(34.8	)
Founder/CEO remuneration		11.0		0.7			10.2		0.6			0.8			7.8
Selling, general and administrative expenses	$	223.2		13.3	%	$	210.0		13.3	%	$	13.2			6.3	%

	Six months ended June 30, 2025					Six months ended June 30, 2024⁽¹⁾					Change
($ millions)	Cost		% of Revenue			Cost		% of Revenue			$		%
Salaries and benefits	$	214.9		6.6	%	$	200.2		6.6	%	$	14.7		7.3	%
Share-based payments		75.1		2.3			69.4		2.3			5.7		8.2
Other		139.3		4.4			130.1		4.4			9.2		7.1
Subtotal		429.3		13.3			399.7		13.3			29.6		7.4
Depreciation expense		17.9		0.5			12.0		0.4			5.9		49.2
Transaction costs		30.4		0.9			19.4		0.6			11.0		56.7
Founder/CEO remuneration		31.8		1.0			10.2		0.3			21.6		211.8
Selling, general and administrative expenses	$	509.4		15.7	%	$	441.3		14.6	%	$	68.1		15.4	%

(1)

Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.

SG&A increased by $13.2million to $223.2 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase wasattributable to incremental salaries, benefits and other third party costs associated with information technology infrastructure investmentsand other costs related to the number and size of businesses acquired since April 1, 2024. For the three months ended June 30, 2025,there was also an increase in discretionary costs such as travel expenses and share based payments. The increase was partially offsetby a decrease in transaction costs related to lower acquisition and divestiture activity for the three months ended June 30, 2025. SG&Aas a percentage of revenue for the three months ended June 30, 2025 and June 30, 2024 was 13.3%. Excluding depreciation expense, transactioncosts and Founder/Chief Executive Officer (“CEO”) remuneration, SG&A as a percentage of revenue for the threemonths ended June 30, 2025 increased by 10 basis points to 11.5% compared to the three months ended June 30, 2024.

SG&A increased by $68.1million to $509.4 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was attributableto incremental salaries, benefits and other third party costs associated with information technology infrastructure investments and othercosts related to the number and size of businesses acquired since January 1, 2024. The increase was also attributable to cash remunerationpaid to our Founder and CEO. For the six months ended June 30, 2025, there was also an increase in discretionary costs such as travelexpenses and share based payments. The increase in transaction costs was associated with higher acquisition and divestiture activityfor the six months ended June 30, 2025. SG&A as a percentage of revenue for the six monthsended June 30, 2025 increased by 110 basis points to 15.7% compared to the six months ended June 30, 2024. Excluding depreciationexpense, transaction costs and Founder/CEO remuneration, SG&A as a percentage of revenue for the six months ended June 30, 2025 andJune 30, 2024 was 13.3%.

Interest and Other Finance Costs

The following tables summarizeinterest and other finance costs for the periods indicated, excluding the results of GFL Environmental Services which has been classifiedas discontinued operations:

		Three months ended		Three months ended		Change
($ millions)	June 30, 2025		June 30, 2024⁽¹⁾		$			%
Interest	$	98.6	$	145.9	$	(47.3	)		(32.4	)%
Termination of hedged arrangements		—		17.2		(17.2	)		100.0
Amortization of deferred financing costs		3.5		7.1		(3.6	)		(50.7	)
Accretion of landfill closure and post-closure obligations		13.5		10.6		2.9			27.4
Other finance costs		5.5		4.0		1.5			37.5
Interest and other finance costs	$	121.1	$	184.8	$	(63.7	)		(34.5	)%

		Six months ended		Six months ended		Change
($ millions)	June 30, 2025		June 30, 2024⁽¹⁾		$			%
Interest	$	238.8	$	278.6	$	(39.8	)		(14.3	)%
Termination of hedged arrangements		30.5		17.2		13.3			77.3
Amortization of deferred financing costs		26.9		12.0		14.9			124.2
Accretion of landfill closure and post-closure obligations		25.7		19.7		6.0			30.5
Other finance costs		9.6		8.3		1.3			15.7
Interest and other finance costs	$	331.5	$	335.8	$	(4.3	)		(1.3	)%

(1)

Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.

Interest and other financecosts decreased by $63.7 million to $121.1 million for the three months ended June 30, 2025, compared to the three months endedJune 30, 2024. The decrease was predominantly due to a $47.3 million decrease in interest expense as a result of repayments of long-termdebt. The decrease was also due to a $17.2 million loss on termination of hedged arrangements in the three months ended June 30,2024.

Interest and other financecosts decreased by $4.3 million to $331.5 million for the six months ended June 30, 2025, compared to the six months endedJune 30, 2024. The decrease was predominantly due to a $39.8 million decrease in interest expense as a result of repayments of long-termdebt. The decrease was partially offset by a $13.3 million increase in loss on termination of hedged arrangements and an $14.9 millionincrease in the amortization of deferred financing costs.

Other (Income) Expenses

The following tables summarizeother expenses for the periods indicated, excluding the results of GFL Environmental Services which has been classified as discontinuedoperations:

		Three months ended			Three months ended			Change
($ millions)	June 30, 2025			June 30, 2024⁽¹⁾			$			%
(Gain) loss on foreign exchange	$	(266.4	)	$	5.4		$	(271.8	)		(5033.3	)%
(Gain) loss on sale of property and equipment		(2.8	)		0.3			(3.1	)		(1033.3	)
Other		(24.4	)		0.9			(25.3	)		(2811.1	)
Other (income) expenses	$	(293.6	)	$	6.6		$	(300.2	)		(4548.5	)%

		Six months ended			Six months ended			Change
($ millions)	June 30, 2025			June 30, 2024⁽¹⁾			$			%
(Gain) loss on foreign exchange	$	(272.1	)	$	79.9		$	(352.0	)		(440.6	)%
Loss (gain) on sale of property and equipment		0.4			(2.2	)		2.6			118.2
Other		(16.4	)		(3.6	)		(12.8	)		(355.6	)
Other (income) expenses	$	(288.1	)	$	74.1		$	(362.2	)		(488.8	)%

(1)

Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.

Other income was $293.6million for the three months ended June 30, 2025, compared to other expenses of $6.6 million for the three months ended June 30,2024. This change was primarily due to a $271.8 million increase in non-cash foreign exchange gainarising from the revaluation of the unhedged portion of our U.S. dollar denominated debt to Canadian dollars based on the foreignexchange rate as at June 30, 2025. The change was also due to a $25.3 million increasein Other primarily from a gain on sale of our equity investment in Green Infrastructure Partners Inc. (“GIP”) anda $3.1 million change in the gain on sale of property and equipment.

Otherincome was $288.1 million for the six months ended June 30, 2025, compared to other expenses of $74.1 million for the six months endedJune 30, 2024. The change was primarily due to a $352.0 million change in non-cash foreign exchange gain arising from the revaluationof the unhedged portion of our U.S. dollar denominated debt to Canadian dollars based on the foreign exchange rate as at June 30,2025. The change was also due to a $12.8 million increase in Other from a gain on sale of our equity investment in GIP which was partiallyoffset from insurance proceeds received in the prior period. The change was partially offset by a $2.6 million change in the loss onsale of property and equipment.

Divestitures

For the sixmonths ended June 30, 2025, we completed the divestiture of GFL Environmental Servicesat an enterprise value of $8.0 billion. We retained an approximate 44% non-controlling equity interest in GFL Environmental Services,which has been initially recognized at $1.7 billion. This resulted in a gain on divestiture, before income taxes, included within discontinuedoperations, of $4,466.8 million.

Share of (Loss) Income of Investments

For the three and six monthsended June 30, 2025, GFL’s share of (loss) income from associates was $(21.0) million and $(71.5) million ($11.5 million and $(22.4)million for the three and six months ended June 30, 2024). For the three and six months ended June 30, 2025, GFL’s share of totalcomprehensive (loss) income from associates was $(43.1) million and $(93.6) million ($10.3 million and $(23.6) million for the threeand six months ended June 30, 2024).

For the three and six monthsended June 30, 2025, GFL’s share of income and total comprehensive income from joint ventures was $1.9 million and $0.7 million($4.2 million and $7.5 million for the three and six months ended June 30, 2024).

Income Tax Expense (Recovery)

Income tax expense increasedby $85.1 million to $28.0 million for the three months ended June 30, 2025, compared to income tax recovery of $57.1 million for thethree months ended June 30, 2024. The increase in income tax expense was primarily due changes in income before taxes.

Income tax recovery decreasedby $74.9 million to $24.4 million for the six months ended June 30, 2025, compared the six months ended June 30, 2024. The decrease inincome tax recovery was primarily due to changes in income before taxes.

Ourbasis for recording deferred income tax assets is the availability of deferred income tax liabilities and the probability of sufficienttaxable income in the future that will allow for realization of these deferred income tax assets.

3. Operating Segment Results

Our main lines of businessare the transporting, managing and recycling of solid waste. Our operating segments are based on geography between Canada and the U.S.,each of which includes hauling, landfill, transfer and MRFs.

The results for our operatingsegments are presented in accordance with the same criteria used for the internal report prepared for the chief operating decision-maker(“CODM”) who is responsible for allocating the resources and assessing the performance of the operating segments.The CODM assesses the performance of the segments based on several factors, including gross revenue, intercompany revenue, revenue andAdjusted EBITDA.

Analysis of results for the three and six months ended June 30,2025 compared to the three and six months ended June 30, 2024

The following tables presentrevenue and Adjusted EBITDA by operating segment for the periods indicated, excluding the results of GFL Environmental Services whichhas been classified as discontinued operations. Gross revenue is calculated based on revenue before intercompany eliminations.

	Three months ended June 30, 2025
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA⁽¹⁾
Canada	$	620.4	$	(63.7	)	$	556.7	$	188.0
USA		1,278.4		(159.9	)		1,118.5		393.8
Solid Waste		1,898.8		(223.6	)		1,675.2		581.8
Corporate		—		—			—		(66.7	)
	$	1,898.8	$	(223.6	)	$	1,675.2	$	515.1

	Three months ended June 30, 2024⁽²⁾
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA⁽¹⁾
Canada	$	568.9	$	(73.1	)	$	495.8	$	149.8
USA		1,229.6		(143.8	)		1,085.8		364.4
Solid Waste		1,798.5		(216.9	)		1,581.6		514.2
Corporate		—		—			—		(64.8	)
	$	1,798.5	$	(216.9	)	$	1,581.6	$	449.4

	Six months ended June 30, 2025
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA⁽¹⁾
Canada	$	1,172.2	$	(121.5	)	$	1,050.7	$	325.7
USA		2,488.3		(303.7	)		2,184.6		754.0
Solid Waste		3,660.5		(425.2	)		3,235.3		1,079.7
Corporate		—		—			—		(138.5	)
	$	3,660.5	$	(425.2	)	$	3,235.3	$	941.2

	Six months ended June 30, 2024⁽²⁾
	Gross Revenue		Intercompany Revenue			Revenue		Adjusted EBITDA⁽¹⁾
Canada	$	1,061.4	$	(132.0	)	$	929.4	$	263.4
USA		2,357.0		(273.0	)		2,084.0		691.5
Solid Waste		3,418.4		(405.0	)		3,013.4		954.9
Corporate		—		—			—		(131.1	)
	$	3,418.4	$	(405.0	)	$	3,013.4	$	823.8

(1) AdjustedEBITDA is a non-IFRS measure. Refer to the section entitled “Non-IFRS Financial Measures and Key Performance Indicators”.

(2) Comparativefigures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.

Solid Waste — Canada Operating Segment

Revenue increased by $60.9million to $556.7 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increasewas due to acquisitions completed since April 1, 2024 which contributed approximately $2.4 million of revenue, $36.6 million fromprice increases and $31.3 million from higher volume. The increase was partially offset by $3.2million from lower selling prices for the saleable commodities generated from our MRF operations and $6.2 million from lower surcharges.

Revenue increased by $121.3million to $1,050.7 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increasewas due to acquisitions completed since January 1, 2024 which contributed approximately $4.0 million of revenue, $66.2 million fromprice increases and $61.2 million from higher volume. The increase was partially offset by $0.9million from lower selling prices for the saleable commodities generated from our MRF operations and $9.2 million from lower surcharges.

Adjusted EBITDA increasedby $38.2 million to $188.0 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, predominantlyattributable to the previously described change in revenue. Adjusted EBITDA margin was 33.8% for the three months ended June 30, 2025,an increase of 360 basis points compared to the three months ended June 30, 2024. The increase was attributable to organic margin expansionresulting from pricing strategies and realization of ongoing operating cost efficiencies, the reduction in the price of fuel, renewedrecycling processing contracts and the purposeful exiting of non-core service offerings. Partially offsetting this increase was the impactof lower commodity prices. The incremental revenue from acquisitions contributed Adjusted EBITDA margin lower than the existing basebusiness, negatively impacting the overall Adjusted EBITDA margin.

AdjustedEBITDA increased by $62.3 million to $325.7 million for the six months ended June 30, 2025, compared to the six months ended June 30,2024, predominantly attributable to the previously described change in revenue. Adjusted EBITDA margin for the six months ended June30, 2025 was 31.0%, an increase of 270 basis points compared to the six months ended June30, 2024. The increase was predominantly attributable to organic marginexpansion resulting from pricing strategies and realization of ongoing operating cost efficiencies, the reduction in the price of fuel,renewed recycling processing contracts, non-regrettable volume losses in our collection business and purposeful exiting of non-core serviceofferings. Partially offsetting this increase was the impact of lower commodity prices, increased transportation costs driven by highertransfer station and MRF processing volumes. Increased cost of risk management also negatively impacted Adjusted EBITDA margin. The incrementalrevenue from acquisitions contributed Adjusted EBITDA margin lower than the existing base business, negatively impacting the overallAdjusted EBITDA margin.

Solid Waste — USA Operating Segment

Revenue increased by $32.7million to $1,118.5 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Excludingthe impact of divestitures, revenue increased by $83.9 million, attributable to acquisitions completed since April 1, 2024, whichcontributed approximately $26.8 million, $52.9 million from price increases and $5.7 million fromhigher volume. The increase was partially offset by $3.5 million from lower selling prices for the saleable commodities generatedfrom our MRF operations and $10.3 million from lower surcharges. Revenue increased by $12.3million for the three months ended June 30, 2025, compared to the three months endedJune 30, 2024, as a result of changes in the foreign exchange rate.

Revenue increased by $100.6million to $2,184.6 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Excludingthe impact of divestitures, revenue increased by $196.1 million, attributable to acquisitions completed since January 1, 2024, whichcontributed approximately $58.2 million of revenue and $101.8 million from price increases. The increase was partially offset by $23.5million from lower surcharges and $3.6 million from lower selling prices for the saleable commodities generated from our MRF operations.Volume decreased revenue by $11.1 million for the six months ended June 30, 2025, comparedto the six months ended June 30, 2024, predominantly due to non-regrettable volume losses in our collection businesses.Revenue increased by $74.3 million for the six months ended June 30, 2025, compared to the six months ended June 30,2024, as a result of changes in the foreign exchange rate.

Adjusted EBITDA increasedby $29.4 million to $393.8 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, predominantlyattributable to the previously described change in revenue. Adjusted EBITDA margin was 35.2% for the three months ended June 30, 2025,an increase of 160 basis points compared to the three months ended June 30, 2024. The increase is predominantly attributable to organicmargin expansion resulting from pricing strategies and realization of ongoing operating cost efficiencies, the contribution from ourrenewable natural gas joint ventures, the reduction in the price of fuel and non-regrettable volume losses in our collection business.Partially offsetting this increase was the impact of lower commodity prices and a decrease in roll-off collection and construction orientedlandfill volume. The net impact on revenue from acquisitions and divestitures contributed Adjusted EBITDA margin lower than the existingbase business, negatively impacting the overall Adjusted EBITDA margin.

Adjusted EBITDA increasedby $62.5 million to $754.0 million for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, predominantlyattributable to the previously described change in revenue. Adjusted EBITDA margin was 34.5% for the six months ended June 30, 2025,an increase of 130 basis points compared to the six months ended June 30, 2024. The increase was predominantly attributable to organicmargin expansion resulting from pricing strategies and realization of ongoing operating cost efficiencies, the reduction in the priceof fuel, non-regrettable volume losses in our collection business and weather related impacts. Partially offsetting this increase wasthe impact of lower commodity prices, increased maintenance and repairs costs, the cost of risk management which negatively impactedAdjusted EBITDA margin and a decrease in roll-off collection and construction oriented landfill volume. The net impact of revenue fromacquisitions and divestitures contributed Adjusted EBITDA margin higher than the existing base business, positively impacting the overallAdjusted EBITDA margin.

Corporate

Corporate costs increasedby $1.9 million to $66.7 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024.The increase was primarily attributable to information technology infrastructure investments, including additional salaries, benefitsand third party costs, additional headcount and overhead costs to support the growth in the business. Corporate costs as a percentageof total revenue were 4.0% for the three months ended June 30, 2025, a decrease of 10 basis points compared to the three monthsended June 30, 2024.

Corporatecosts increased by $7.4 million to $138.5 million for the six months ended June 30, 2025, compared to the six months endedJune 30, 2024. The increase was primarily attributable to information technology infrastructure investments, including salaries,benefits and third party costs, and additional headcount and overhead costs to support the growth in the business. Corporate costs asa percentage of total revenue were 4.3% for the six months ended June 30, 2025, a decrease of 10 basis points compared to the sixmonths ended June 30, 2024.

4. Liquidity and Capital Resources

We intend to meet our currentlyanticipated capital requirements through cash flows from operations and borrowing capacity under our Revolving Credit Facility (definedbelow). We expect that these sources will be sufficient to meet our current operating capital needs, pay our dividends and fund certaintuck-in acquisitions consistent with our strategy.

Cash Flows

Cash flows for the three and six months ended June 30,2025 compared to the three and six months ended June 30, 2024

		Three months ended			Three months ended		Change
($ millions)	June 30, 2025			June 30, 2024			$			%
Cash flows from operating activities	$	306.1		$	364.6		$	(58.5	)		(16.0	)%
Cash flows used in investing activities		(431.9	)		(666.4	)		234.5			35.2
Cash flows (used in) from financing activities		(255.7	)		371.6			(627.3	)		(168.8	)
(Decrease) increase in cash		(381.5	)		69.8
Changes due to foreign exchange revaluation of cash		(16.0	)		(5.6	)
Cash, beginning of period		537.2			70.0
Cash, end of period	$	139.7		$	134.2

		Six months ended			Six months ended		Change
($ millions)	June 30, 2025			June 30, 2024			$			%
Cash flows from operating activities	$	479.6		$	627.8		$	(148.2	)		(23.6	)%
Cash flows from (used in) investing activities		4,949.4			(1,060.3	)		6,009.7			566.8
Cash flows (used in) from financing activities		(5,418.1	)		436.6			(5,854.7	)		(1341.0	)
Increase in cash		10.9			4.1
Changes due to foreign exchange revaluation of cash		(5.0	)		(5.6	)
Cash, beginning of period		133.8			135.7
Cash, end of period	$	139.7		$	134.2

Operating Activities

Cash flows from operatingactivities decreased by $58.5 million to $306.1 million for the three months ended June 30, 2025, compared to $364.6 million for thethree months ended June 30, 2024. This decrease was predominantly attributable due to the inclusion of $109.1 million of cash flows fromoperating activities from GFL Environmental Services in the prior year period. Excluding the prior year contribution from GFL EnvironmentalServices, cash flows from operating activities increased by $50.6 million. The increase was predominantly due to an increase in AdjustedEBITDA for the three months ended June 30, 2025, a decrease of $42.7 million of cash interest paid on outstanding long-term debt dueto the cadence of cash interest payments and a decrease of $3.7 million of cash taxes paid.

Additionally, changes innon-cash working capital items resulted in a use of cash of $112.3 million for the three months ended June 30, 2025, compared to$76.7 million for the three months ended June 30, 2024. Refer to Note 13 in our Interim Financial Statements for details.

Cash flows from operatingactivities decreased by $148.2 million to $479.6 million for the six months ended June 30, 2025, compared to the six months ended June30, 2024. This decrease was predominantly due to the inclusion of $69.6 million and $180.1 million of cash flows from operating activitiesfrom GFL Environmental Services in the current and prior year period, respectively. Excluding the contribution from GFL EnvironmentalServices, cash flows from operating activities decreased by $37.7 million. The decrease was partially due to $24.1 million of incrementalcash interest paid on outstanding long-term debt due to the cadence of cash interest payments. The decrease was partially offset by anincrease in Adjusted EBITDA for the six months ended June 30, 2025 and a decrease of $1.0 million of cash taxes paid.

Additionally, changes innon-cash working capital items resulted in a use of cash of $153.8 million for the six months ended June 30, 2025, compared to $129.9million for the six months ended June 30, 2024. Refer to Note 13 in our Interim Financial Statements for details.

Investing Activities

Cash flows used in investingactivities decreased by $234.5 million to $431.9 million for the three months ended June 30, 2025, compared to $666.4 million inthe three months ended June 30, 2024. The decrease was predominantly attributable to a decrease in acquisition and investment expendituresof $394.9 million and an increase of $9.1 million in proceeds from disposal of assets and other. The decrease was partially offset bya decrease of $178.6 million in proceeds of divestitures and an increase in capital expenditures of $9.4 million, primarily driven bygrowth in the business.

Cash flows from investingactivities increased by $6,009.7 million to $4,949.4 million for the six months ended June 30, 2025, compared to cash flows usedin investing activities of $1,060.3 million in the six months ended June 30, 2024. The increase was predominantly attributable toan increase of $5,751.0 million in proceeds of divestitures, a decrease in acquisition and investment expenditures of $265.5 millionand an increase of $5.1 million in proceeds from disposal of assets. The increase was partially offset by an increase in capital expendituresof $8.9 million, primarily driven by growth in the business and a decrease of $3.0 million in distributions received from joint ventures.

Financing Activities

Cash flows used in financingactivities increased by $627.3 million to $255.7 million for the three months ended June 30, 2025, compared to cash flows from financingactivities of $371.6 million for the three months ended June 30, 2024. The increase was primarily the result of a $367.2 milliondecrease in the net change in long-term debt, the repurchase of $277.6 million of subordinate voting shares and an increase in leaseobligations of $5.8 million. The increase was partially offset by a decrease in contingent purchase consideration and holdbacks of $18.1million and a decrease of $5.3 million in payment for termination of hedged instruments.

Cash flows used in financingactivities increased by $5,854.7 million to $5,418.1 million for the six months ended June 30, 2025, compared to cash flows fromfinancing activities of $436.6 million for the six months ended June 30, 2024. The increase was predominantly the result of a $3,499.7million increase in the net change in long-term debt and the repurchase of $2,412.2 million of subordinate voting shares. The proceedsof divestitures were in part used to repay a portion of long-term debt and repurchase subordinate voting shares. The increase was partiallyoffset by a decrease of $16.9 million in payment of contingent purchase consideration and holdbacks, a decrease of $5.3 million in paymentfor termination of hedged instruments, proceeds of $28.0 million from the termination of hedged arrangements and a decrease in leasepayments of $6.3 million.

Available Sources of Liquidity

The following table summarizesour cash and amounts available under our Revolving Credit Facility as of the dates indicated:

($ millions)	As at June 30, 2025		As at December 31, 2024
Cash on hand	$	139.7	$	133.8
Amounts available under our Revolving Credit Facility⁽¹⁾		1,573.1		848.2
	$	1,712.8	$	982.0

(1)

Amounts available under our Revolving Credit Facility are comprised of the aggregate total capacity available under the Revolving Credit Facility, less amounts drawn and letters of credit.

Under our amended and restatedrevolving credit agreement dated as of April 29, 2025 (the “Revolving Credit Agreement”), we have access to a$2,000.0 million revolving credit facility (available in Canadian and US dollars) and an aggregate $1,000 million accordionfeature (collectively, the “Revolving Credit Facility”). The Revolving Credit Facility matures on April 29, 2030and accrues interest at a rate of between 4.3% to 5.6%, depending on whether borrowings are drawn in Canadian or US dollars.

As at June 30, 2025,we had $65.0 million drawn under the Revolving Credit Facility ($188.0 million as at December 31, 2024).

Our Revolving Credit Agreementcontains a Total Net Funded Debt to Adjusted EBITDA and an Interest Coverage Ratio (each as defined in the Revolving Credit Agreement)financial maintenance covenant.

The Total Net Funded Debtto Adjusted EBITDA ratio to be maintained is equal to or less than 6.00 to 1.00 for a period of four complete fiscal quarters followingcompletion of a Material Acquisition and at all other times, equal to or less than 5.75 to 1.00. The Interest Coverage Ratio must beequal to or greater than 3.00 to 1.00. As at June 30, 2025 and December 31, 2024, we were in compliance with these covenants.

Contractual Obligations

Our contractual obligationsconsist of principal repayments and interest on long-term debt, lease obligations and other. Our contractual obligations and commitmentsas at June 30, 2025 are shown in the table below:

($ millions)	Total		Less than 1 year		1-3 year		4-5 year		Thereafter
Long-term debt	$	6,218.0	$	—	$	—	$	3,885.0	$	2,333.0
Interest on long-term debt		1,747.0		309.6		619.2		391.0		427.2
Lease obligations		734.6		149.0		173.3		124.6		287.7
Other		485.6		60.6		68.2		356.8		—
	$	9,185.2	$	519.2	$	860.7	$	4,757.4	$	3,047.9

Other Commitments

We had letters of credittotaling approximately $396.0 million outstanding as at June 30, 2025 ($276.7 million as at December 31, 2024), which are notrecognized in our Interim Financial Statements. These letters of credit primarily relate to performance-based requirements under ourmunicipal contracts and financial assurances issued to government agencies for our operating permits.

As at June 30, 2025,we had issued performance bonds totaling $1,757.6 million ($1,951.9 million as at December 31, 2024).

5. Summary of Quarterly Results

The following table summarizesthe results of our operations for the eight most recently completed quarters:

	30-Jun		31-Mar			31-Dec			30-Sep		30-Jun			31-Mar			31-Dec			30-Sep
($ millions except per share amounts)		2025		2025			2024⁽¹⁾			2024⁽¹⁾		2024⁽¹⁾			2024⁽¹⁾			2023⁽²⁾			2023⁽²⁾
Financial Summary
Revenue	$	1,675.2	$	1,560.1		$	1,571.2		$	1,554.3	$	1,581.6		$	1,431.8		$	1,882.8		$	1,890.0
Adjusted EBITDA⁽³⁾		515.1		426.1			458.0			477.7		449.4			374.4			492.2			530.3
Net income (loss) from continuing operations		274.2		(213.9	)		(237.6	)		40.8		(531.9	)		(195.8	)		(62.1	)		18.3
Income (loss) per share, basic		0.72		(0.58	)		(0.61	)		0.06		(1.47	)		(0.58	)		(0.21	)		—
Income (loss) per share, diluted		0.70		(0.58	)		(0.61	)		0.05		(1.47	)		(0.58	)		(0.21	)		—

	(1)	Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.
	(2)	The December 31, 2023 and September 30, 2023 quarters have not been re-presented in relation to the discontinued operations of GFL Environmental Services, as referred to in Note 2 and 17 in our Interim Financial Statements.
	(3)	Adjusted EBITDA is a non-IFRS measure. Refer to section entitled “Non-IFRS Financial Measures and Key Performance Indicators”

Over the last eight quartersour results were primarily impacted by our pricing initiatives, cost controls, overall operating leverage, inflationary cost pressures,acquisitions, divestitures and associated financing activities. Additionally, our results are influenced by seasonality and tend to belower in the first quarter of the year, primarily due to winter weather conditions, which are pronounced in Canada, and higher in thesecond and third quarters of the year, due to the higher volume of waste generated during the summer months in many of our solid wastemarkets.

6. Key Risk Factors

We are exposed to a numberof risks through the pursuit of our strategic objectives and the nature of our operations which are outlined in the “Risk Factors”section of our AIF. We are also subject to the following financial risks.

Financial Instruments and Financial Risk

Our financial instrumentsconsist of cash, trade accounts receivable, derivative assets, trade accounts payable and long-term debt, including related hedging instruments.The carrying value of our financial assets are equal to their fair values.

The carrying value of ourfinancial liabilities approximate their fair values with the exception of our outstanding Notes and the 4.375% USD Solid Waste DisposalRevenue Bonds (“4.375% Bonds”). The following table summarizes the fair value hierarchy for these instruments forthe periods indicated:

	Fair Value as at June 30, 2025						Fair Value as at December 31, 2024
($ millions)	Quoted prices in active market (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Quoted prices in active market (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Notes	$	—	$	5,860.1	$	—	$	—	$	7,828.2	$	—
4.375% Bonds		—		285.3		—		—		301.9		—

Net derivative instrumentsare recorded at fair value and classified within Level 2. In connection with the divestiture ofGFL Environmental Services, GFL has the option to repurchase the balance of the equity of GFL Environmental Services within five yearsof the closing date (the “Call Option”). The Call Option is accounted for as a stand-alone derivative asset whichis measured at fair value through profit or loss. The Call Option is measured using an option pricing model which includes inputssuch as equity volatility, risk-free rates, and implied credit yields. The Call Option is recorded at fair value and classified withinLevel 3.

For more information onour financial instruments, including hedging arrangements, and related financial risk factors, see our Interim Financial Statements.

On July 4, 2025, H.R.1, the One Big, Beautiful Bill Act (“OBBB Act”) was signed into law, introducing several changes to U.S. tax policy,including the permanent extension of bonus depreciation and modifications to the interest expense limitation rules. We are currentlyassessing the implications of these tax law changes. Since the OBBB Act was enacted subsequent to the balance sheet date, our tax provisionfor the three and six months ended June 30, 2025, does not incorporate the effects of these tax law changes.

7. Internal Control over Financial Reporting

All control systems, nomatter how well designed, have inherent limitations. Accordingly, even disclosure controls and procedures and internal controls overfinancial reporting determined to be effective can only provide reasonable assurance of achieving their control objectives with respectto financial statement preparation and presentation. Management, under the supervision of the CEO and Chief Financial Officer, is responsiblefor establishing and maintaining adequate internal control over GFL’s financial reporting, to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements in accordance with IFRS. During the three and sixmonths ended June 30, 2025, there were no changes in GFL’s internal control over financial reporting that have materiallyaffected, or are reasonably likely to materially affect, our internal control over financial reporting.

8. Other

Related Party Transactions

After the final paymentof the semi-annual instalment of $2.9 million, the remaining principal outstanding on the note payable to Omega Jo Inc. (an entity controlledby Patrick Dovigi) was $nil as at June 30, 2025 ($2.9 million as at December 31, 2024).

In connection with PatrickDovigi’s relocation to the United States, GFL agreed to satisfy any tax obligations arising from the relocation. In 2025, we paid$33.5 million in satisfaction of this obligation. This amount is expected to be refunded and has been recognized within other receivables.

Forthe three and six months ended June 30, 2025, we paid $4.1 million and $6.9 million ($2.0million and $3.9 million for the three and six monthsended June 30, 2024) in aggregate lease payments to related parties.

For the threeand six months ended June 30, 2025, we entered into transactions with GIP whichresulted in revenue of $0.9 million and $4.3 million ($7.9million and $15.0 million for the three and six months ended June 30, 2024)and net payables of $0.6 million as at June 30, 2025 ($8.6 million as at December 31, 2024). On March 26, 2024, we enteredinto a limited guarantee of GIP’s obligation to satisfy certain covenants under its revolving credit facility up to a maximum liabilityof $25.0 million.

For the threeand six months ended June 30, 2025, we entered into transactions with GFL EnvironmentalServices which resulted in revenue of $9.8 million and $12.7 million ($nil for the threeand six months ended June 30, 2024), deferred revenue of $70.0 million as atJune 30, 2025 ($nil as at December 31, 2024) and net payables of $14.9 million as at June 30, 2025 ($nil as at December 31,2024).

Current Share Information

Our current authorized sharecapital consists of (i) an unlimited number of subordinate voting shares, (ii) an unlimited number of multiple voting shares,and (iii) an unlimited number of preferred shares.

As at June 30, 2025,we had 351,531,865 subordinate voting shares, 11,812,964 multiple voting shares, 6,720,363 Series A perpetual convertible preferredshares (“Series A Preferred Shares”), and 8,196,721 Series B perpetual convertible preferred shares (“Series BPreferred Shares”) issued and outstanding. The Series A Preferred Shares and Series B Preferred Shares are collectivelyreferred to as the “Preferred Shares”. All of the issued and outstanding multiple voting shares are, directly or indirectly,held or controlled by entities controlled by Patrick Dovigi.

As at June 30, 2025,(a) the Series A Preferred Shares are convertible into 7,796,842 subordinate voting shares, at a conversion price of US$25.17,representing 2.1% of the issued and outstanding subordinate voting shares and 1.6% of the aggregate outstanding voting rights, and (b) theSeries B Preferred Shares are convertible into 8,443,292 subordinate voting shares, at a conversion price of US$43.87, representing2.3% of the issued and outstanding subordinate voting shares and 1.7% of the aggregate outstanding voting rights. The holders of thePreferred Shares are entitled to vote on an as-converted basis on all matters on which holders of subordinate voting shares and multiplevoting shares vote, and to the greatest extent possible, will vote with the holders of subordinate voting shares and multiple votingshares as a single class. Each holder of Preferred Shares shall be deemed to hold, for the sole purpose of voting at any meeting of shareholdersof GFL at which such holder is entitled to vote, the number of Preferred Shares equal to the number of subordinate voting shares intowhich such holder’s registered Preferred Shares are convertible as of the record date for the determination of shareholders entitledto vote at such shareholders meeting. The liquidation preference of the Series A Preferred Shares and Series B Preferred Sharesaccrete at a rate of 7.000% and 6.000% per annum, respectively, compounded quarterly. From and after December 31, 2024 (in the caseof the Series A Preferred Shares) or December 31, 2025 (in the case of the Series B Preferred Shares), GFL will have theoption each quarter to redeem a number of Preferred Shares in an amount equal to the increase in the liquidation preference for the quarter.This optional redemption amount can be satisfied in either cash or subordinate voting shares at the election of GFL. If GFL elects topay the optional redemption amount for a particular quarter in cash, the accretion rate for that quarter for the Series A PreferredShares and Series B Preferred Shares will be 6.000% and 5.000% per annum, respectively. The Preferred Shares are subject to transferrestrictions, but can be converted into subordinate voting shares by the holder at any time. GFL may also require the conversion or redemptionof the Preferred Shares at an earlier date in certain circumstances.

Normal Course Issuer Bid

On February 27, 2025,the TSX accepted our notice of intention to commence a normal course issuer bid (“NCIB”) during the twelve-month periodcommencing on March 3, 2025 and ending March 2, 2026. A copy of GFL’s notice of intention to commence a normal courseissuer bid through the facilities of the TSX may be obtained, without charge, by contacting GFL. Under the NCIB, a maximum of 28,046,256subordinate voting shares may be repurchased by GFL which represents approximately 10.0% of the public float as at February 18,2025. For the three and six months ended June 30, 2025, we repurchased 3,470,158 and 11,088,916 subordinate voting shares, respectively,under the NCIB (nil subordinate voting shares during the three and six months ended June 30, 2024).

Additional Information

Additional information relatingto GFL, including our most recent annual and quarterly reports, are available on SEDAR+ at http://www.sedarplus.ca and onEDGAR at www.sec.gov/edgar.

9. Accounting Policies, Critical Accounting Estimates and Judgments

We prepare our consolidatedfinancial statements in accordance with IFRS. Our significant accounting policies and significant accounting estimates, assumptions andjudgments are contained in the Annual Financial Statements.

Significant Accounting Estimates, Assumptions and Judgments

The preparation of our InterimFinancial Statements requires management to make estimates and use judgment that affect the reported amounts of revenue, expenses, assets,liabilities and accompanying disclosures. Accordingly, actual results may differ from estimated amounts as future confirming events occur.Significant estimates and judgments used in the preparation of our Interim Financial Statements are described in our Annual FinancialStatements.

Since the date of our AnnualMD&A, there were no material changes to the significant accounting estimates, assumptions and judgments. See the section entitled “Significant Accounting Estimates, Assumptions and Judgments” in our Annual MD&A.

Landfill Asset

The following table summarizeslandfill amortization expense for the periods indicated:

	Three months ended June 30, 2025		Six months ended June 30, 2025		Year ended December 31, 2024
Amortization of landfill airspace ($ millions)	$	81.0	$	161.7	$	321.1
Tonnes received (millions of tonnes)		6.1		11.2		22.7
Average landfill amortization per tonne	$	13.3	$	14.4	$	14.1

Landfill Capacity and Depletion

As of June 30, 2025,we had 416.9 million tonnes (427.9 million tonnes as of December 31, 2024) of remaining permitted capacity at the landfills we ownand at the landfill in Quebec where we have designated access to a fixed level of capacity. As of June 30, 2025, nine of our landfillssatisfied the criteria for inclusion of probable expansion capacity, resulting in additional expansion capacity of 132.9 million tonnes(149.6 million tonnes as of December 31, 2024), and together with remaining permitted capacity, our total remaining capacity is549.8 million tonnes (577.5 million tonnes as of December 31, 2024). Based on total capacity as of June 30, 2025 and projectedannual disposal volumes, the weighted average remaining life of the landfills we own and at the landfill in Quebec where we have designatedaccess to a fixed level of capacity is approximately 26.2 years (27.5 years as of December 31, 2024). We have other expansion opportunitiesthat could extend the weighted average remaining life of our landfills.

10. Non-IFRS Financial Measuresand Key Performance Indicators

This Annual MD&A makesreference to certain non-IFRS measures, including EBITDA, Adjusted EBITDA and Adjusted EBITDA margin. These measures are not recognizedmeasures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similarmeasures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysisof our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measuresof our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely onIFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in theevaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from periodto period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

EBITDA

EBITDA represents, for theapplicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciationand amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery)for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDAto assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performancemetric.

Adjusted EBITDA

Adjusted EBITDA is a supplementalmeasure used by management and other users of our financial statements including, our lenders and investors, to assess the financialperformance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric thatmanagement uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDAas a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilizedby financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA,certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlyingbusiness performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreignexchange, (b) (gain) loss on sale of property and equipment, (c) share of net (income) loss of investments accounted for usingthe equity method, (d) share-based payments, (e) (gain) loss on divestiture, (f) transaction costs, (g) acquisition,rebranding and other integration costs (included in cost of sales related to acquisition activity), (h) Founder/CEO remunerationand (i) other. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factorsand trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that arenot indicative of our underlying business performance or that impact the ability to assess our operating performance.

Adjusted EBITDA Margin

Adjusted EBITDA margin representsAdjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use AdjustedEBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflectingfactors and trends affecting our business.

Net Income (Loss) from continuing operationsto Adjusted EBITDA Reconciliation

The tables below providethe reconciliation of our net income (loss) from continuing operations to EBITDA and Adjusted EBITDA for the periods indicated, excludingthe results of GFL Environmental Services which has been presented as discontinued operations:

($ millions)	Three months ended June 30, 2025			Three months ended June 30, 2024⁽¹⁾
Net income (loss) from continuing operations	$	274.2		$	(531.9	)
Add:
Interest and other finance costs		121.1			184.8
Depreciation of property and equipment		262.1			252.2
Amortization of intangible assets		60.8			71.9
Income tax expense (recovery)		28.0			(57.1	)
EBITDA		746.2			(80.1	)
Add:
(Gain) loss on foreign exchange⁽²⁾		(266.4	)		5.4
(Gain) loss on sale of property and equipment		(2.8	)		0.3
Share of net loss (income) of investments accounted for using the equity method⁽³⁾		23.2			(11.2	)
Share-based payments⁽⁴⁾		16.7			13.9
Loss on divestiture⁽⁵⁾		—			494.1
Transaction costs⁽⁶⁾		9.2			14.1
Acquisition, rebranding and other integration costs⁽⁷⁾		2.4			1.8
Founder/CEO remuneration⁽⁸⁾		11.0			10.2
Other⁽⁹⁾		(24.4	)		0.9
Adjusted EBITDA	$	515.1		$	449.4

($ millions)	Six months ended June 30, 2025			Six months ended June 30, 2024⁽¹⁾
Net income (loss) from continuing operations	$	60.3		$	(727.7	)
Add:
Interest and other finance costs		331.5			335.8
Depreciation of property and equipment		520.0			477.6
Amortization of intangible assets		122.2			142.0
Income tax recovery		(24.4	)		(99.3	)
EBITDA		1,009.6			128.4
Add:
(Gain) loss on foreign exchange⁽²⁾		(272.1	)		79.9
Loss (gain) on sale of property and equipment		0.4			(2.2	)
Share of net loss of investments accounted for using the equity method⁽³⁾		78.5			26.0
Share-based payments⁽⁴⁾		75.1			69.4
Loss on divestiture⁽⁵⁾		—			494.1
Transaction costs⁽⁶⁾		30.4			19.4
Acquisition, rebranding and other integration costs⁽⁷⁾		3.9			2.2
Founder/CEO remuneration⁽⁸⁾		31.8			10.2
Other⁽⁹⁾		(16.4	)		(3.6	)
Adjusted EBITDA	$	941.2		$	823.8

	(1)	Comparative figures have been re-presented, refer to Note 2 and 17 in our Interim Financial Statements.
	(2)	Consists of (i) non-cash gains and losses on foreign exchange and interest rate swaps entered into in connection with our debt instruments and (ii) gains and losses attributable to foreign exchange rate fluctuations.
	(3)	Excludes share of Adjusted EBITDA of investments accounted for using the equity method for RNG projects.
	(4)	This is a non-cash item and consists of the amortization of the estimated fair value of share-based payments granted to certain members of management under share-based payment plans.
	(5)	Consists of losses resulting from the divestiture of non-core businesses.
	(6)	Consists of acquisition, integration and other costs such as legal, consulting and other fees and expenses incurred in respect of acquisitions and financing activities completed during the applicable period. We expect to incur similar costs in connection with other acquisitions in the future and, under IFRS, such costs relating to acquisitions are expensed as incurred and not capitalized. This is part of SG&A.
	(7)	Consists of costs related to the rebranding of equipment acquired through business acquisitions. We expect to incur similar costs in connection with other acquisitions in the future. This is part of cost of sales.
	(8)	Consists of cash payments to the Founder and CEO, which payment had been previously satisfied through the issuance of restricted share units.
	(9)	The three and six months ended June 30, 2025 includes a $24.4 million gain on sale of a portion of GFL’s equity investment in GIP.

Exhibit 99.3

Form 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Patrick Dovigi, certify the following:

Review: I have reviewed the interim financial statements and interim MD&A (together,the “interim filings”) of GFL Environmental Inc. (the “issuer”) for the interim period ended June 30, 2025.

No misrepresentations: Based on my knowledge, having exercised reasonable diligence, theinterim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or thatis necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period coveredby the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interimfinancial statements together with the other financial information included in the interim filings fairly present in all material respectsthe financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in the interim filings.

Responsibility: The issuer's other certifying officer and I are responsible for establishingand maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms aredefined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer'sother certifying officer and I have, as at the end of the period covered by the interim filings

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurancethat

material information relating to the issuer is made known to us by others, particularly during the periodin which the interim filings are being prepared; and

ii.

information required to be disclosed by the issuer in its annual filings, interim filings or other reportsfiled or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specifiedin securities legislation; and

designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regardingthe reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer'sGAAP.

5.1 Control Framework: The controlframework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control - Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 N/A

5.3 N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change inthe issuer’s ICFR that occurred during the period beginning on January 1, 2025 and ended on June 30, 2025 that has materiallyaffected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: August 1, 2025

By:	/s/ Patrick Dovigi
	Patrick Dovigi
	Chief Executive Officer

Exhibit 99.4

Form 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Luke Pelosi, certify the following:

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer'sother certifying officer and I have, as at the end of the period covered by the interim filings

designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurancethat

material information relating to the issuer is made known to us by others, particularly during the periodin which the interim filings are being prepared; and

ii.

5.2 N/A

5.3 N/A

Date: August 1, 2025

By:	/s/ Luke Pelosi
	Luke Pelosi
	Chief Financial Officer