Cleanaway Waste Management Ltd. · ASX:CWY
Cleanaway Waste Management — 1H FY26 Earnings Presentation
32 slides from Cleanaway Waste Management's earnings presentation, Feb 26, 2026
Slide 1: 1H FY26 Financial Results
1H FY26 Financial Results 26 February 2026 CLEANAWAY 1H 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 2025 and associated results announ
Slide 4: 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 Processing People Sites Vehicles Reve
Slide 5: Agenda
1. Highlights and overview 2. Segment updates AGENDA 3. Financial performance 4. Strategic progress and outlook Presenters: Mark Schubert, CEO & MD Paul Binfield, CFO CLEANAWAY 1H FY26 Financial Results 5
Slide 6: Highlights and Overview
HIGHLIGHTS AND OVERVIEW Pictured: Rear lift truck in NSW depot CLEANAWAY CLEANAWAY 1H 1H FY26 FY26 Financial Financial Results Results 6 6
Slide 7: Health, Safety and Environment
Health, Safety and Environment Commenced rollout of advanced fleet safety technology and completed external safety review Health and Safety • Two fatal incidents reported in the 1H FY26 • Continued improvements in safety performance 1.0 • External Safety Review findings Serious injury frequency rate
Slide 8: 1H FY26 results overview
1H FY26 results overview Track-record of delivering revenue growth with margin expansion demonstrates network strength • Robust financial results driven by Solids and Contract Resources NET REVENUE UNDERLYING EBIT $1,875.3m $228.2m − − Delivered higher revenue through price and acquisitions Expa
Slide 9: Segment Updates
SEGMENT UPDATES Pictured: Yellow Gear at Lucas Heights NSW CLEANAWAY CLEANAWAY 1H 1H FY26 FY26 Financial Financial Results Results 9 9
Slide 10: Solid Waste Services
Solid Waste Services Diversified national network of integrated assets delivering strong financial performance Net revenue1 EBIT1 EBIT margin1 $1,256.7m $196.7m 15.7% 7.5% on 1H FY25 11.0% on 1H FY25 50 bps on 1H FY25 Commercial & Industrial (C&I1) • Delivered net revenue growth through price,
Slide 11: Oils & Technical Services and Health Services
Oils & Technical Services and Health Services OTS performing well offset by temporary weakness in Health Services Net revenue1 EBIT1 EBIT margin1 $342.0m $36.0m 10.5% 5.1% on 1H FY25 12.6% on 1H FY25 90 bps on 1H FY25 Oils & Technical Services • EBIT growth achieved despite lower revenue due t
Slide 12: Industrial Services
Industrial Services Strong contribution from Contract Resources Net revenue1 EBIT1 EBIT margin1 $339.1m $28.8m 8.5% 74.3% on 1H FY25 164.2% on 1H FY25 290 bps on 1H FY25 • Contract Resources (first 5 months) delivering ahead of expectations Contract Resources (~50% of IS segment net revenue) –
Slide 13: Financial Performance
FINANCIAL PERFORMANCE Pictured: Industrial Services site at Karratha CLEANAWAY CLEANAWAY 1H 1H FY26 FY26 Financial Financial Results Results 13
Slide 14: Financial performance summary
Financial performance summary Strong financial result delivering six consecutive halves of underlying EPS growth UNDERLYING STATUTORY 1H FY26 ($m) 1H FY25 ($m) Variance (%) 1H FY26 ($m) 1H FY25 ($m) Variance (%) Net revenue 1,875.3 1,659.4 13.0% 1,875.3 1,659.4 13.0% EBITDA 439.3 383.2 14.6% 3
Slide 15: Underlying EBIT Adjustments
Underlying EBIT Adjustments 1H FY26 1H FY26 Commentary (cash impact) Legacy waste provision $12.1m $3.7m Higher treatment costs for legacy waste Enterprise Agreement review $8.4m $3.3m Enterprise Agreement compliance matters (previously identified as a contingent liability) Christie St $3.3m $3.1m C
Slide 16: Free Cash Flow
Free Cash Flow Significantly stronger second half Free Cash Flow projection 1H FY26 ($m) 1H FY25 ($m) Variance ($m) Underlying EBITDA 439.3 383.2 56.1 56.1 2.1 Remediation (15.5) (17.6) 2.1 (20.8) Working capital (55.0) (42.8) (12.2) (12.2) 94.5 (9.2) Net Interest paid (53.9) (44.7) (9.2) (17.4) 74.
Slide 17: Capital expenditure
Capital expenditure Maintaining capital discipline – FY26 outlook unchanged at ~$415m 1H FY26 expenditure projects Total capital expenditure ($m) • CustomerConnect • Lucas Heights operations insourcing $231.6m • MRL southern expansion • CDS & Collections Fleet $206.7m • QLD Garden Organics $157.8m $
Slide 18: Net finance costs and dividends
Net finance costs and dividends Net finance costs outlook at ~$155m; dividend growth reflects confidence in free cash flow growth Net finance costs1 Dividend • Increased vs pcp due to debt funding of the acquisitions • Directors declared a fully-franked final dividend of 3.35 cps, up 19.6% (pcp: 2.8
Slide 19: Strategic Progress & Outlook
STRATEGIC PROGRESS & OUTLOOK Pictured: Aerial view of Moreton Bay depot CLEANAWAY CLEANAWAY 1H 1H FY26 FY26 Financial Financial Results Results 19 19
Slide 20: Strategy refresh and restructure delivering sustained momentum
Strategy refresh and restructure delivering sustained momentum Underpinning another year of strong EBIT growth in FY27 and sustainable value creation to 2030 Refreshed strategy built on foundations of Blueprint 2030 Improved Customer Value Proposition to drive top-line growth – Combines value for
Slide 21: FY26 EBIT guidance upgraded to between $480m and $500m
FY26 EBIT guidance upgraded to between $480m and $500m 2H underlying EBIT driven by organic growth, acquisition synergies and benefit of indirect cost review 2H underlying EBIT drivers • Solid Waste Services – Positive organic volume and price growth outlook FY26 guidance – Prior investments and 2H
Slide 22: Consistent track record of financial performance
Consistent track record of financial performance Sustainable value creation through resilient earnings and enduring financial discipline 1,875 250 228 14.0% 5.5 10.0% 9.4% 1900.0 230 217 4.9 9.5% 9.1% 195 5.0 4.6 8.6% 1,608 1,659 1,644 13.0% 185 9.0% 210 1700.0 1,587 174 8.2% 190 164 4.2 8.5% 7.9% 1
Slide 23: Q&A
Q&A CLEANAWAY CLEANAWAY 1H 1H FY26 FY26 Financial Financial Results Results 23 23
Slide 24: Appendices
APPENDICES CLEANAWAY CLEANAWAY 1H 1H FY26 FY26 Financial Financial Results Results 24 24
Slide 25: Net finance costs
Net finance costs ($m) 1H FY26 1H FY25 Cash interest expense Leases interest 15.3 13.5 Bank interest 21.0 18.3 Commitment and bank guarantee fees 1.3 1.6 USPP Notes 19.2 12.0 Interest received (1.6) (2.1) Net cash interest expense 55.2 43.3 Non-cash finance costs Amortisation of capitalised borrowin
Slide 26: Underlying segment disclosure
Underlying segment disclosure ETS – Oils & Technical ETS - Equity Solid Waste Eliminations – Group ($m) Services Industrial Accounted Corporate Services Group Results and Health Services Investments Services Revenue Revenue from customers 1,538.9 301.5 332.2 – – – 2,172.6 Other revenue 21.6 11.1 0.5
Slide 27: Group income statement – statutory and underlying results
Group income statement – statutory and underlying results Statutory Result Adjustments Underlying Result ($m) 1H FY26 1H FY25 1H FY26 1H FY25 1H FY26 1H FY25 Sales revenue external and other revenue (Gross 2,205.8 1,940.2 - - 2,205.8 1,940.2 Revenue Share of profit/(losses) from equity accounted 5.9
Slide 28: Balance sheet
Balance sheet ($m) 31-Dec-25 30-Jun-25 31-Dec-24 ASSETS Cash and cash equivalents 102.3 86.5 116.4 Trade and other receivables 681.8 559.1 566.7 Inventories 83.8 65.1 63.6 Property, plant and equipment 1,965.0 1,939.3 1,775.2 Right-of-use assets 621.4 614.6 601.1 Intangible assets 3,466.1 3,080.6 3,
Slide 29: Cash flow
Cash flow ($m) 1H FY26 1H FY25 Underlying EBITDA 439.3 383.2 Cash flow of underlying adjustments (40.2) (19.4) Other non-cash items (7.2) 3.9 Payments for rectification and remediation of landfills (15.5) (17.6) Other changes in working capital (47.8) (46.7) Net interest paid (53.9) (44.7) Tax paid
Slide 30: Return on Invested Capital and Return on Capital Employed
Return on Invested Capital and Return on Capital Employed 1H FY26 1H FY25 Underlying NPAT (attributed to ordinary equity holders) 109.7 93.1 Net finance costs (+) 73.4 58.9 Tax effect net finance costs (-) (22.0) (17.7) NOPAT – A 161.1 134.3 Underlying EBITA – B 239.1 203.6 Average Net assets – CY,
Slide 31: Balance sheet, liquidity and covenants
Balance sheet, liquidity and covenants Overview Key finance facilities maturity profile ($m) • At 31 December 2025, the Group had $260m1 of headroom under its committed debt facilities • Leverage ratio2 of 2.32x • The Group remains comfortably within its leverage ratio and interest cover ratio coven
Slide 32: 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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