Ontario Teachers fund reports 6.5% stake in GFL Environmental (GFL)

Rhea-AI Filing Summary

GFL Environmental Inc. received an amended beneficial ownership report from Ontario Teachers’ Pension Plan Board (OTPP). OTPP reports beneficial ownership of 22,450,784 subordinate voting shares, representing 6.5% of the class.

The percentage is based on 347,310,981 subordinate voting shares outstanding as of September 30, 2025, as referenced from a prior Form 6-K. OTPP has sole power to vote and dispose of these shares. A delegated individual, Mr. Blake Sumler, is noted, but he expressly disclaims beneficial ownership of the shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

GFL Environmental Inc.

(Name of Issuer)

Subordinate Voting Shares, no par value

(Title of Class of Securities)

36168Q104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 36168Q104

1

Names of Reporting Persons

ONTARIO TEACHERS PENSION PLAN BOARD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 22,450,784.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,450,784.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,450,784.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Based on 347,310,981 subordinate voting shares (the "Subordinate Voting Shares") of GFL Environmental Inc. outstanding as of September 30, 2025, as reported on the Issuer's Form 6-K filed with the Securities and Exchange Commission on November 07, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GFL Environmental Inc.
(b)	Address of issuer's principal executive offices: 100 New Park Place, Suite 500, Vaughan, Canada L4K 0H9
Item 2.
(a)	Name of person filing: ONTARIO TEACHERS PENSION PLAN BOARD
(b)	Address or principal business office or, if none, residence: 160 Front Street West, Suite 3200 Toronto, Ontario, M5J 0G4
(c)	Citizenship: OTPP is a corporation incorporated under the laws of the Province of Ontario, Canada
(d)	Title of class of securities: Subordinate Voting Shares, no par value
(e)	CUSIP No.: 36168Q104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 22,450,784 The reported securities are owned by OTPP. Mr. Blake Sumler may be deemed to have power to dispose of the shares held by OTPP because of a delegation of authority from the President and Chief Executive Officer of OTPP to Mr. Sumler, and because of a delegation of authority to the President and Chief Executive Officer of OTPP from the Board of Directors of OTPP, and Mr. Sumler expressly disclaims beneficial ownership of such shares.
(b)	Percent of class: 6.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 22,450,784
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 22,450,784
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ONTARIO TEACHERS PENSION PLAN BOARD

Signature:	/s/ Jonathan Law
Name/Title:	Jonathan Law/Managing Director, Corporate & Investments Compliance
Date:	02/13/2026

FAQ

What ownership stake does Ontario Teachers Pension Plan Board report in GFL (GFL)?

Ontario Teachers’ Pension Plan Board reports beneficial ownership of 22,450,784 subordinate voting shares of GFL Environmental Inc., representing 6.5% of the class. This reflects OTPP’s disclosed position as of the relevant reporting date in the Schedule 13G/A amendment.

How was the 6.5% ownership percentage in GFL (GFL) calculated?

The 6.5% figure is based on 347,310,981 subordinate voting shares outstanding as of September 30, 2025, as reported by GFL Environmental Inc. in a Form 6-K. OTPP’s 22,450,784 shares are measured against that outstanding share count.

Who is the reporting person on this GFL (GFL) Schedule 13G/A filing?

The reporting person is Ontario Teachers’ Pension Plan Board (OTPP), a corporation organized under the laws of the Province of Ontario, Canada. OTPP reports its beneficial ownership and related voting and dispositive powers over GFL Environmental Inc.’s subordinate voting shares.

What voting and dispositive powers does OTPP report over GFL (GFL) shares?

OTPP reports sole voting power over 22,450,784 shares and sole dispositive power over the same number. It reports no shared voting power and no shared dispositive power with respect to GFL Environmental Inc.’s subordinate voting shares.

Does any individual claim beneficial ownership of OTPP’s GFL (GFL) shares?

The filing notes that Mr. Blake Sumler may be deemed to have power to dispose of OTPP’s shares due to delegated authority. However, Mr. Sumler expressly disclaims beneficial ownership of the 22,450,784 subordinate voting shares reported in the statement.

What type of securities in GFL (GFL) are covered by this Schedule 13G/A?

The Schedule 13G/A covers Subordinate Voting Shares, no par value, of GFL Environmental Inc. OTPP’s reported holdings and percentage relate specifically to this class of securities, identified by CUSIP number 36168Q104 in the filing.