GFL Environmental (GFL.TO) was at last look up 4% in US premarket Thursday after saying 2028 revenue could be between $9.24 billion and $9.49 billion and 2028 Adjusted EBITDA could be between $3,045 million and $3,120 million.

The company separately announced a share buyback program, funded by proceeds of its Environmental Services sale.

GFL is presenting its 2028 Financial Framework at its Investor Day today. In it the company said it sees annual organic revenue growth of approximately 5.0% to 6.0%; and 40 basis points of annual organic Adjusted EBITDA margin expansion.

It also sees revenue contribution of $285 million to $440 million from EPR, RNG and self-help levers for the 2026 to 2028 period; and Adjusted EBITDA contribution of $270 million to $380 million from EPR, RNG and self-help levers for the 2026 to 2028 period.

Also, it sees Adjusted EBITDA margins of low-to-mid 30s; and Adjusted Free Cash Flow conversion of mid 40s.

GFL flagged deployment of near $700 million to $900 million annually on acquisitions, financed from Adjusted Free Cash Flow and available liquidity and said it is committed to maintaining Net Leverage in the near low 3s.

Separately, GFL said the Toronto Stock Exchange has accepted its notice to buy back up to 28 million of its shares, equivalent to 10% of its public float. The normal course issuer bid (NCIB) will run from March 3, for one year.

"On January 7, 2025, we announced the sale of our Environmental Services businesses which we expect to close effective March 1, 2025," said Patrick Dovigi, Founder and Chief Executive of GFL. "We have allocated up to $2.25 billion of the net proceeds from the transaction to opportunistically repurchase our subordinate voting shares. We expect to use the majority of these proceeds to purchase shares held by our sponsor shareholders, with the balance to be used for open market purchases under our normal course issuer bid."

GFL did not purchase any shares under its previous NCIB, which ended on May 11, 2024.