SCHEDULE 13G/A: FMR LLC and Abigail Johnson Disclose 9.9% Stake in GFL Environmental Inc.

FMR LLC and its affiliates, along with Abigail P. Johnson, have filed an amended Schedule 13G disclosing a 9.9% beneficial ownership stake in GFL Environmental Inc.'s Subordinate Voting Shares as of March 31, 2025.

Summary

• FMR LLC and Abigail P. Johnson, through their affiliated entities, collectively beneficially own 35,015,307.15 Subordinate Voting Shares of GFL Environmental Inc.
• This ownership represents 9.9% of the total outstanding Subordinate Voting Shares of GFL Environmental Inc.
• FMR LLC holds sole voting power over 31,166,401.19 shares and sole dispositive power over 35,015,307.15 shares.
• Abigail P. Johnson holds sole dispositive power over 35,015,307.15 shares, with no sole or shared voting power directly attributed to her in this filing.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of GFL Environmental Inc.
• FMR LLC is identified as a parent holding company or control person, and Abigail P. Johnson is identified as an individual.
• Key entities within FMR LLC that beneficially own shares include FIAM LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, Fidelity Management Trust Company, and Strategic Advisers LLC, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.

Sentiment

Score: 5

Explanation: This is a routine beneficial ownership filing (Schedule 13G) and does not contain performance or forward-looking statements that would typically influence sentiment. It is a factual disclosure of ownership.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding GFL Environmental Inc.'s future performance or operations.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

GFL Environmental Inc. operates in the environmental services industry, primarily waste management. This filing indicates a significant institutional investment by FMR LLC, a major asset management firm, in a company within this sector, reflecting ongoing investor interest in environmental services.

Stakeholder Impact

• Indicates significant institutional ownership by FMR LLC and its affiliates, potentially signaling confidence to other shareholders.

Key Dates

Keywords

GFL Environmental Inc., FMR LLC, Abigail P. Johnson, Schedule 13G, beneficial ownership, subordinate voting shares, institutional ownership, waste management