SCHEDULE: Ontario Teachers Pension Plan Board Maintains GFL Stake
Beneficial Ownership Report
Ontario Teachers Pension Plan Board reports a 6.5% beneficial ownership stake in GFL Environmental Inc. as of December 31, 2025.
Summary
- Ontario Teachers Pension Plan Board (OTPP) beneficially owns 22,450,784 Subordinate Voting Shares of GFL Environmental Inc.
- This ownership represents 6.5% of GFL Environmental Inc.'s outstanding Subordinate Voting Shares.
- The percentage is calculated based on 347,310,981 shares outstanding as of September 30, 2025, as reported by GFL Environmental Inc. on November 7, 2025.
- OTPP holds sole voting power and sole dispositive power over all 22,450,784 shares.
- This is an Amendment No. 5 to the Schedule 13G filing.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this filing as neutral, as it is a routine disclosure of a significant, passive ownership stake by an institutional investor, without indicating any new operational or financial developments for the issuer.
Future Outlook
NA
Management Comments
- Mr. Blake Sumler may be deemed to have power to dispose of the shares held by OTPP due to a delegation of authority, but expressly disclaims beneficial ownership of such shares.
Industry Context
StockSavvy.ai notes that the filing of a Schedule 13G by a major institutional investor like Ontario Teachers Pension Plan Board indicates a significant, passive investment in GFL Environmental Inc., a prominent player in the environmental services industry. This type of filing primarily serves as a transparency mechanism regarding large ownership stakes rather than an indicator of operational or strategic shifts within the industry.
Stakeholder Impact
- Shareholders: The continued significant stake by a major pension fund like OTPP may be viewed as a sign of long-term institutional confidence in GFL Environmental Inc.
Key Dates
| Date | Description |
|---|---|
| 2025-09-30 | Date GFL Environmental Inc. reported 347,310,981 subordinate voting shares outstanding. |
| 2025-11-07 | Date GFL Environmental Inc. filed Form 6-K reporting outstanding shares. |
| 2025-12-31 | Date of event which requires filing of this statement. |
| 2026-02-13 | Date the Schedule 13G Amendment No. 5 was signed. |
Keywords
GFL Environmental Inc., Ontario Teachers Pension Plan Board, OTPP, Schedule 13G, Beneficial Ownership, Institutional Investor, Subordinate Voting Shares, Waste Management
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