Cleanaway Waste Management Ltd. · ASX:CWY
Cleanaway Waste Management — FY2026 Earnings Presentation
38 slides from Cleanaway Waste Management's earnings presentation, August 2026
Slide 1: CLEANAWAY FY26 Financial Results
CLEANAWAY FY26 Financial Results 1
Slide 2: Acknowledgement of country
Acknowledgement of country Cleanaway acknowledges the Traditional Owners of the lands on which we operate and in the communities in which we exist. We pay our respect to all Aboriginal and Torres Strait Islander peoples. Artwork by Marcus Lee, a proud Aboriginal descendant of the Karajarri people fr
Slide 3: Disclaimer
Disclaimer This presentation contains summary information about the current activities of Cleanaway Waste Management Limited (“CWY”) and its subsidiaries that should be read in conjunction with CWY's Consolidated Financial Report for the twelve-months ended 30 June 2026 and associated results announ
Slide 4: Agenda
1. Highlights and overview 2. Segment updates Agenda 3. Financial performance 4. Strategic progress and outlook Presenters: Mark Schubert, CEO & MD Nigel Simonsz, CFO CLEANAWAY FY26 Financial Results 4
Slide 5: Cleanaway - Australia's leading waste solutions provider
Cleanaway - Australia’s leading waste solutions provider Delivering sustainable growth through a strategic portfolio, execution and disciplined capital allocation Leading Waste Infrastructure Portfolio1 Expanding Profitability Margins Growing Shareholder Returns People Sites Vehicles Revenue Underly
Slide 6: Highlights and overview
Highlights and overview Pictured: Eastern Creek Organics CLEANAWAY FY26 Financial Results 6
Slide 7: Executive summary
Executive summary EXECUTION PRIORITY FY26 UNDERLYING EBIT FY27 UNDERLYING EBIT GUIDANCE Utilisation • Efficiency • Cash $470.2m $500m–$530m • Solid Waste Services & Contract Resources drove earnings growth; acquisitions contributed EBIT of $38m VALUE • Contractual pricing mechanisms captured recent
Slide 8: FY26 performance overview
FY26 performance overview NET REVENUE UNDERLYING EBIT Blueprint 2030 2.0 execution $3,736.7m $470.2m • Foundations 13.1% 14.2% – SIFR 0.3, improved 57.1% – TRIFR 3.7, improved 21.3% • Customer Value FREE CASH FLOW UNDERLYING EBIT MARGIN – Smarter Selling Cairns pilot: delivered 3 times $213.8m 1
Slide 9: Resilient earnings delivered FY26 growth; ETS below Feb expectations
Resilient earnings delivered FY26 growth; ETS below Feb expectations FY26 results supported by Solids and CRs; ETS recovery plans in place for FY27 to drive growth and restore margins FY26 PERFORMANCE VERSUS FEB 2026 EXPECTATION PERFORMANCE DRIVERS • Solids and Contract Resources performed strongly
Slide 10: Segment updates
Segment updates Pictured: Cleanaway truck in Picton, WA CLEANAWAY FY26 Financial Results 10
Slide 11: Solid Waste Services
Solid Waste Services Strong Revenue and EBIT growth driven by C&I collections and landfills Net revenue1 EBIT1 EBIT margin1 $2,506.4m 6.4% on FY25 $405.0m 9.1% on FY25 16.2% 40 bps on FY25 • Net revenue and EBIT grew across Metro and Regional Commercial & • Citywide reported $103.3m revenue3 ;
Slide 12: Oils & Technical Services and Health Services
Oils & Technical Services and Health Services Health Services recovery lagged, and second-half OTS project volumes slowed. Well-positioned for FY27 recovery Net revenue1 EBIT1 EBIT margin1 $676.0m 1.2% on FY25 $75.1m 10.7% on FY25 11.1% 120 bps on FY25 Oils & Technical • RRBO pricing and Equip
Slide 13: Contract Resources and Industrial Services
Contract Resources and Industrial Services Contract Resources outperformed with Industrial Services’ operating model realignment progressing well Net revenue1 EBIT1 EBIT margin1 $669.7m 76.9% on FY25 $55.9m 134.9% on FY25 8.3% 200 bps on FY25 Contract Resources • Contract Resources performed a
Slide 14: Financial performance
Financial performance Pictured: Kemps Creek Landfill CLEANAWAY CLEANAWAY FY26 FY26 Financial Financial Results Results 14
Slide 15: Financial performance summary
Financial performance summary Solid growth driven by Solid Waste Services and Contract Resources Underlying NPAT 3,736.7 Net Revenue 2,965.8 3,194.5 3,302.7 $223.1m $3,736.7m 13.6% on FY25 Statutory NPAT 13.1% on FY25 FY23 FY24 FY25 FY26 $98.5m 37.2% on FY25 500 470.2 450 411.8 Underlying EBIT
Slide 16: Underlying EBIT Adjustments and Cash Flow
Underlying EBIT Adjustments and Cash Flow FY26 FY26 $m Commentary (P&L) (Cash) Legacy Waste (12.1) (8.6) Majority of legacy waste processed in FY26 provision Enterprise Enterprise Agreement compliance matters Legacy (14.7) (6.1) Agreement Review (previously identified as a contingent liability) Cost
Slide 17: Free cash flow
Free cash flow Free Cash Flow up 63.7% from higher earnings and working capital management. Fleet payment terms and delivery timing improved FCF by ~$40m. FY26 ($m) FY25 ($m) Variance ($m) 49.1 Underlying EBITDA 892.6 791.3 101.3 101.3 4.3 8.3 213.8 (1.0) Remediation (39.8) (38.8) (1.0) (23.7) (40.6
Slide 18: Capital expenditure
Capital expenditure FY27 total capex expected to be $400m - $410m plus ~$40m related to fleet delivery timing and improved payment terms1 Total capital expenditure ($m) $445.8m $403.2m $382.0m $374.3m $335.1m $326.8m 140.3 117.5 78.4 40.1 44.8 36.8 75.6 Maintenance 79.0 74.0 cash capex 147.2 $42.6m
Slide 19: Net finance costs and dividends
Net finance costs and dividends Strong progressive dividend reflects confidence in cash flow generation $156.2m $121.5m $115.7m 38.9 Net finance costs1 • Increased vs pcp due to debt funding of the 31.3 33.4 31.1 acquisitions 26.2 29.8 • FY27 annualised interest rate sensitivity ~$2.6m cash net fina
Slide 20: Strategic progress & outlook
Strategic progress & outlook Pictured: Western Sydney Material Recovery Facility CLEANAWAY CLEANAWAY FY26 FY26 Financial Financial Results Results 20 20
Slide 21: Guidance
Guidance Focus on margin expansion and free cash flow generation FY27 underlying EBIT expected to be between $500m and $530m • Solid Waste Services - Collections-led growth benefiting from centralised sales and fleet • Environmental & Technical Solutions - OTS and Health recovery; Contract Resources
Slide 22: Blueprint 2030 2.0 - recap
Blueprint 2030 2.0 - recap Modernising systems to deliver a stable, customer-led, digitally-enabled total waste management business 1 Underlying growth of continuing business linked to GDP and favourable secular trends and underpinned by our scale, unique infrastructure network, capabilities and cus
Slide 23: Pillars to deliver the strategy and create shareholder value
Pillars to deliver the strategy and create shareholder value Strategic Pillars Cleanaway Value Creation Framework High-value revenue growth >260bps margin growth1,2 Customer Value 1 Win rate ↑ 2 Retention ↑ 10 – 15% Value for money through competitive price EPS growth and seamless customer experienc
Slide 24: Consistent track record of financial performance
Consistent track record of financial performance 1,875 1,862 300 14.0% 113.4 5.1 5.5 120.0 1900.0 242.0 109.7 4.9 1,659 1,644 250 216.6 228.2 13.0% 110.0 103.3 5.0 4.6 1700.0 1,587 1,608 1,471 1,495 185.3 195.2 93.1 4.2 12.0% 100.0 4.5 163.9 173.9 87.4 200 1500.0 90.0 80.9 81.6 3.9 3.7 11.0% 1300.0
Slide 25: Non-binding proposal from EQT Infrastructure
Non-binding proposal from EQT Infrastructure On 13 August 2026, Cleanaway announced that it had received a conditional, non-binding indicative proposal (the Proposal) from EQT Infrastructure to acquire 100% of the shares in Cleanaway by way of a scheme of arrangement. The indicative cash price offer
Slide 26: Q&A
Q&A CLEANAWAY FY26 Financial Results 26
Slide 27: Appendices
Appendices CLEANAWAY FY26 Financial Results 27
Slide 28: Health, Safety and Environment
Health, Safety and Environment Health and Safety • Workplace fatality at Coolaroo in September 2025 0.7 0.5 • Third-party incident at MRL in December 2025 between two employees Serious injury frequency rate 0.3 from the same company resulted in a fatality (SIFR1,2) • Continued improvements in safety
Slide 29: Network advantage: unlocking value across the waste value chain
Network advantage: unlocking value across the waste value chain Collections Aggregation Recovery Treatment Dispose/Sale Hard assets • Commodities (Aluminium, • Material Recovery OCC, Paper, Plastics etc) Hard assets Hard assets Facility • Fleet • Transfer stations • Fibre Recovery Facility • Depots
Slide 30: Key financial performance at a glance
Key financial performance at a glance UNDERLYING STATUTORY FY26 ($m) FY25 ($m) Variance (%) FY26 ($m) FY25 ($m) Variance (%) Net Revenue 3,736.7 3,302.7 13.1% 3,736.7 3,302.7 13.1% EBITDA 892.6 791.3 12.8% 780.6 744.2 4.9% EBITDA Margin 23.9% 24.0% 10 bps 20.9% 22.5% 160 bps EBIT 470.2 4
Slide 31: Group income statement – statutory and underlying results
Group income statement – statutory and underlying results Statutory Result Adjustments Underlying Result ($m) FY26 FY25 FY26 FY25 FY26 FY25 Sales revenue external and other revenue 4,371.3 3,850.7 4,371.3 3,850.7 (Gross Revenue) Share of profit/(losses) from equity accounted 4.1 (9.1) 4.1 (9.1) inve
Slide 32: Net finance costs
Net finance costs ($m) FY26 FY25 Cash interest expense Lease interest 31.1 29.8 Bank interest 41.9 36.2 Commitment and bank guarantee fees 2.9 3.3 USPP Notes 44.8 23.3 Interest received (3.4) (4.5) Net cash interest expense 117.3 88.1 Non-cash finance costs Amortisation of capitalised borrowing cost
Slide 33: Underlying segment disclosure
Underlying segment disclosure ETS – Oils & Technical ETS - Equity Solid Waste Eliminations – Group ($m) Services Industrial Accounted Corporate Services Group Results and Health Services Investments Services Revenue Revenue from customers 3,042.9 599.2 657.8 4,299.9 Other revenue 49.1 22.3 – 71.4 In
Slide 34: Balance sheet
Balance sheet ($m) 30-Jun-26 30-Jun-25 30-Jun-24 ASSETS Cash and cash equivalents 116.2 86.5 120.6 Trade and other receivables 665.6 559.1 557.3 Inventories 92.8 65.1 58.2 Property, plant and equipment 2,002.3 1,939.3 1,777.1 Right-of-use assets 642.4 614.6 611.1 Intangible assets 3,469.5 3,080.6 3,
Slide 35: Cash flow
Cash flow ($m) FY26 FY25 Underlying EBITDA 892.6 791.3 Cash flow of underlying adjustments (90.7) (50.1) Other non-cash items (5.4) (0.8) Payments for rectification and remediation of landfills (39.8) (38.8) Other changes in working capital 17.2 (36.5) Net interest paid (116.2) (92.5) Tax paid (129.
Slide 36: Return on Invested Capital and Return on Capital Employed
Return on Invested Capital and Return on Capital Employed FY26 FY25 Underlying NPAT (attributed to ordinary equity holders) 223.1 196.4 Net finance costs (+) 156.2 121.5 Tax effect net finance costs (-) (46.9) (36.5) NOPAT – A 332.4 281.4 Underlying EBITA – B 491.4 427.5 Average Net assets – CY, PY
Slide 37: Balance sheet, liquidity and covenants
Balance sheet, liquidity and covenants Overview Key finance facilities maturity profile ($m) • At 30 June 2026, the Group had $275m1 of headroom under its committed debt facilities • Leverage ratio3 of 2.27x • The Group remains comfortably within its leverage ratio and interest cover ratio covenant
Slide 38: CONTACTS
CONTACTS Investor contact: Richie Farrell Bruce BruceSong Song General Manager, Investor Relations Senior SeniorManager, Manager,Investor InvestorRelations Relations Relations & Sustainability & Sustainability &&Sustainability Sustainability + 61 409 829 014 ++6161426 426386 386006 006 richie.farrel
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