SCHEDULE: FMR LLC and Abigail Johnson Report 7.8% Stake in GFL Environmental

FMR LLC and Abigail P. Johnson have filed an amendment to their Schedule 13G, reporting a beneficial ownership of 7.8% in GFL Environmental Inc.'s Subordinate Voting Shares as of September 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 27,111,683.74 Subordinate Voting Shares of GFL Environmental Inc.
• This aggregate amount represents 7.8% of the class of securities.
• FMR LLC holds sole voting power over 25,509,646.31 shares and sole dispositive power over 27,111,683.74 shares.
• Abigail P. Johnson, as an individual, holds sole dispositive power over 27,111,683.74 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 control of the issuer.
• FMR LLC is classified as a parent holding company, and Abigail P. Johnson is classified as an individual reporting person.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, are identified as entities beneficially owning shares, with Fidelity Management & Research Company LLC owning 5% or greater of the outstanding shares.

Sentiment

Score: 5

Explanation: The filing is a neutral, routine disclosure of beneficial ownership by a large institutional investor. It does not contain information that would inherently suggest a positive or negative sentiment towards the issuer, GFL Environmental Inc.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding GFL Environmental Inc.'s future performance or FMR LLC's investment strategy beyond the certification that shares are held in the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, 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

This filing reflects a routine disclosure of institutional ownership by a major asset manager, FMR LLC, in GFL Environmental Inc., a company operating in the environmental services industry. Such disclosures are common and provide transparency regarding significant shareholder positions, which can be of interest to other investors tracking institutional sentiment or potential influence.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, which can influence market perception and liquidity.
• Management: Awareness of a large, passive institutional investor's position, which typically implies a long-term, non-interfering investment.

Key Dates

Keywords

GFL Environmental Inc., FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Subordinate Voting Shares, Institutional Ownership, Investment Management