Fuel Price Risk Fuel costs represent a significant operating expense. When economically practical, we may enter into new fuel hedges, renew contracts, or engage in other strategies to mitigate market risk. As of June 30, 2026, we had no fuel hedges in place. While we charge fuel recovery fees to a majority of our customers, we are unable to charge such fees to all customers. At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our combined fuel expense and transportation surcharges by approximately $31 million per year. We expect fuel recovery fees charged to our customers to offset these changes in expense. At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fees by approximately $37 million per year. Our operations also require the use of certain petrochemical-based products (such as liners at our landfills), the cost of which may vary with the price of petrochemicals. An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs. We are susceptible to increases in fuel surcharges from our vendors. Our fuel costs were $295 million during the six months ended June 30, 2026, or 3.5% of revenue, compared to $230 million, or 2.8% of revenue, during the comparable period in 2025. Commodities Price Risk We market recovered materials such as old corrugated containers and old newsprint from our recycling centers. Changes in market supply and demand for recycled commodities causes volatility in commodity prices. In prior periods, we have entered into derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities. As of June 30, 2026, we had no recycling commodity hedges in place. At current volumes and mix of materials, we believe a $10 change in the price of recycled commodities would change both annual revenue and operating income by approximately $13 million. Revenue from recycling processing and commodity sales during the six months ended June 30, 2026 and 2025 was $234 million and $222 million, respectively. 44 Table of Contents Interest Rate Risk We are subject to interest rate risk on our variable rate long-term debt. Additionally, we enter into various interest rate swap agreements with the goal of reducing overall borrowing costs, as well as interest rate locks to manage exposure to fluctuations in anticipation of future debt issuances. Our interest rate swap and lock contracts have been authorized pursuant to our policies and procedures. We do not use financial instruments for trading purposes and are not a party to any leveraged derivatives. As of June 30, 2026, we had $1.8 billion of principal floating rate debt. If interest rates increased or decreased by 100 basis points on our floating rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $18 million. This analysis does not reflect the effect that interest rates would have on other items, such as new borrowings and the impact on the economy. See Note 7, Debt, of the notes to our unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information regarding how we manage interest rate risk.