Cleanaway Waste Management Ltd. · ASX:CWY
Cleanaway Waste Management — FY2025 Earnings Presentation
40 slides from Cleanaway Waste Management's earnings presentation, Aug 20, 2025
Slide 1: FY25 Financial Results
FY25 Financial Results 20 August 2025
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: Agenda
1. Highlights and overview 2. Financial performance 3. Segment updates AGENDA 4. Strategic progress and outlook Presenters: Mark Schubert, CEO & MD Paul Binfield, CFO CLEANAWAY FY25 Financial Results 4
Slide 5: Highlights and overview
HIGHLIGHTS AND OVERVIEW Pictured: Industrial Services’ Karratha site CLEANAWAY FY25 Financial Results 5
Slide 6: Another year of delivery and progress
Another year of delivery and progress Disciplined and consistent execution underpins confidence in delivering growth in FY26 and beyond ✓ Strong financial performance; EBIT +14.6% to $411.8m, three consecutive years of double-digit EBIT growth ✓ Attractive returns to shareholders; 15.8% EPS growth,
Slide 7: Track-record of delivering double-digit EBIT growth & improving ROIC
Track-record of delivering double-digit EBIT growth & improving ROIC Result highlights strength of resilient, recurring revenue base and operating leverage Net Revenue2 EBIT EPS ROIC $3,302.7m 3.4% on FY24 $411.8m 14.6% on FY24 8.8cps 15.8% on FY24 6.0% 50bps on FY24 EBIT margin Payout ratio
Slide 8: Focused on our foundations of health, safety and the environment
Focused on our foundations of health, safety and the environment Personal safety performance emphasises the critical importance of implementing our 5-year action plan Safety • Three fatalities reported Serious injury frequency rate (SIFR 1,2) 1.0 0.7 • SIFR reporting introduced 0.5 0.4 • HSE strateg
Slide 9: Making a sustainable future possible together
Making a sustainable future possible together Engagement up year-on-year; Increased resource recovery capacity, Expanded ability to protect the environment through Contract Resources; Delivered on-target emissions reduction • Implementation of people & culture strategy delivering a more engaged, inc
Slide 10: Strategic acquisitions to collectively add ~$30m EBIT in FY26 (Citywide)
Strategic acquisitions to collectively add ~$30m EBIT in FY26 Citywide: Dynon Road transfer station unlocks value in Melbourne network and delivers future growth • Acquired Citywide Waste collections business and post-collections asset for $110m on 1 July 2025 Melbourne Regional Landfill • Dynon Roa
Slide 11: Strategic acquisitions to collectively add ~$30m EBIT in FY26 (Contract Resources)
Strategic acquisitions to collectively add ~$30m EBIT in FY26 Contract Resources: A platform that amplifies growth in our solids and liquid waste businesses • Acquired Contract Resources for $377m on 31 July 2025 • Added a market leading, highly-regarded industrial services provider ‒ Attractive ear
Slide 12: Financial performance
FINANCIAL PERFORMANCE Pictured: Tubular cleaning at Industrial Services’ Karatha site CLEANAWAY FY25 Financial Results 12
Slide 13: Financial performance summary
Financial performance summary FY25 double-digit EBIT growth consistent with guidance; well-positioned to deliver again in FY26 UNDERLYING STATUTORY FY25 ($m) FY24 ($m) Variance (%) FY25 ($m) FY24 ($m) Variance (%) Net Revenue 3,302.7 3,194.5 3.4% 3,302.7 3,194.5 3.4% EBITDA 791.3 728.7 8.6% 74
Slide 14: Overview of underlying adjustments
Overview of underlying adjustments Reconciliation of statutory EBIT to underlying EBIT FY25 ($m) Commentary Statutory EBIT 353.7 ‒ $23.2m incurred due to the fire incident in the liquid waste processing facility at Christie Street in St Marys, New South Wales. The incident resulted in clean-up costs
Slide 15: Free Cash Flow
Free Cash Flow Cash earnings remain strong, tempered by recommencement of tax payments 900.00 FCF (6.2%) to $270.2m vs pcp 800.00 791.3 700.00 (38.8) • Free Cash Flow (FCF) (6.2)% to $270.2m vs pcp (50.1) (22.3) 600.00 (15.0) 500.00 (92.5) (22.4) • Tightly managed working capital, growing more slowl
Slide 16: Capital expenditure
Capital expenditure Focus on capital discipline delivered on commitment to step-down total capex to around $400m FY25 expenditure projects to deliver earnings growth included Total capital expenditure ($m) • Fleet replacement program • CustomerConnect $431.0m $445.8m $382.0m • Western Sydney MRF $40
Slide 17: Net finance costs
Net finance costs FY26 net finance cost outlook to be approximately $150m, primarily reflecting higher debt balances; Balance sheet strengthened with USPP notes, substantially extending average weighted maturity FY25 net finance costs +5.0% Net finance costs ($m) • Increased vs pcp due to new leases
Slide 18: Dividends
Dividends FY25 total dividends up 20% reflecting confidence in future earnings outlook Long-term sustainable shareholder returns Dividend (cents per share) • Directors declared a final dividend of 3.20 cps, up 25.5% (pcp: 2.55 cps) • Fully franked following recommencement of tax payments 6.5 ‒ FY25
Slide 19: Segment updates
SEGMENT UPDATES Pictured: Kemps Creek Landfill CLEANAWAY CLEANAWAY FY25 FY25 Financial Financial Results Results 19 19
Slide 20: Solid Waste Services
Solid Waste Services Disciplined execution delivered strong earnings growth and sustainable EBIT margin expansion Focus on controlling the controllables underpinned growth Net revenue Underlying EBIT • 6.0% net revenue growth driven by pricing discipline and volume growth $2,356.6M 6.0% $371.2M
Slide 21: Solid Waste Services – Collections
Solid Waste Services – Collections A diversified, recurring revenue base delivered resilient and growing earnings Commercial & Industrial (C&I1) Metro Municipal (Muni) (~45% of Solids net revenue2) (<15% of Solids net revenue2) • Net revenue growth vs pcp as pricing discipline in C&I offset lower vo
Slide 22: Solid Waste Services – Post-collections
Solid Waste Services – Post-collections Prized waste infrastructure network; CDS vertical delivered strong and resilient earnings growth Landfills and Transfer Stations Resource Recovery (~15% of Solids net revenue1) (~25% of Solids net revenue1) • Core landfill portfolio2 EBIT up 2.3% on pcp reflec
Slide 23: ETS – Oils & Technical Services and Health Services
ETS – Oils & Technical Services (OTS) and Health Services Health Services transformed and resilience of liquid waste business reiterated • Net revenue (1.1)% vs pcp, as 24.2% EBIT growth driven by transformation in Health Services Revenue Underlying EBIT • OTS (the merged Liquid Technical Services (
Slide 24: ETS – Industrial Services (IS)
ETS – Industrial Services (IS) Restructured and repositioned against a backdrop of challenging market conditions • Net revenue (6.5)% vs pcp reflects Revenue Underlying EBIT – Continued challenging market conditions impacted demand for project work, where customers deferred, delayed or cancelled wor
Slide 25: Strategic progress and outlook
STRATEGIC PROGRESS AND OUTLOOK Pictured: Side lift truck in Western Australia CLEANAWAY FY25 Financial Results 25
Slide 26: A resilient business with a platform for sustainable growth
A resilient business with a platform for sustainable growth Delivering defensive earnings while leveraging our growth platform built through Blueprint 2030 execution Australia’s leading waste management company Driving sustainable EBIT margin expansion Disciplined capital management 12.5% 13.00% 12.
Slide 27: FY26 Financial Ambition and Scorecard
FY26 Financial Ambition and Scorecard On-track to deliver mid-term ambition of more than $450m in underlying EBIT and improved ROIC Status as Other initiatives Blueprint 2030 aligned priorities at FY25 (not included in FY26 financial ambition) • Drive operational efficiency across SBU’s through the
Slide 28: FY26 - a year of delivery and integration
FY26 - a year of delivery and integration Delivering on our mid-term ambition and expanding our Blueprint 2030 growth platform • On-track to deliver mid-term EBIT ambition of more than $450m in FY26 • Acquisitions to collectively contribute EBIT of ~$30m1 FY26 underlying EBIT expected to be between
Slide 29: Q&A
Q&A CLEANAWAY CLEANAWAY FY25 FY25 Financial Financial Results Results 29 29
Slide 30: Appendices
APPENDICES CLEANAWAY CLEANAWAY FY25 FY25 Financial Financial Results Results 30 30
Slide 31: Segment overview
Segment overview Cleanaway comprises two operating groups, three reporting segments, across seven verticals Solid Waste Services Environmental & Technical Solutions • Collections • Oils & Technical Services (formerly Liquids Technical – Commercial & Industrial (including Regional Muni) Service and H
Slide 32: Environmental & Technical Solutions (ETS)
Environmental & Technical Solutions (ETS) Rebranding Liquids Waste and Health Service, Industrial & Waste Services 1H FY25 FY25 Management view (2 business units) Management view (1 business unit) Liquid Waste and Health Services (A) Environmental & Technical Solutions • Liquid Technical Services (B
Slide 33: Underlying segment disclosure
Underlying segment disclosure ETS – Oils & Technical ETS - Equity Solid Waste Eliminations – Group ($m) Services Industrial Accounted Corporate Services Group Results and Health Services Investments Services Revenue Revenue from customers 2,810.5 612.2 366.2 – – – 3,788.9 Other revenue 41.6 20.2 – –
Slide 34: Statutory NPAT to underlying NPAT reconciliation
Statutory NPAT to underlying NPAT reconciliation FY25 ($m) Statutory NPAT attributable to ordinary equity holders 156.9 Pre-tax adjustments: Christie Street St Marys Fire 23.2 IT Transformation costs 18.2 Loss on Disposal of Equity Accounted Investment 16.9 Net Insurance Recoveries (5.9) Acquisition
Slide 35: Group income statement – statutory and underlying results
Group income statement – statutory and underlying results Statutory Result Adjustments Underlying Result ($m) FY25 FY24 FY25 FY24 FY25 FY24 Sales revenue external and other revenue (Gross 3,850.7 3,758.2 - - 3,850.7 3,758.2 Revenue Share of losses from equity accounted investments (9.1) (6.1) - - (9
Slide 36: Balance sheet
Balance sheet ($m) 30-Jun-25 30-Jun-24 30-Jun-23 ASSETS Cash and cash equivalents 86.5 120.6 102.1 Trade and other receivables 559.1 557.3 551.7 Inventories 65.1 58.2 31.2 Property, plant and equipment 1,939.3 1,777.1 1,577.9 Right-of-use assets 614.6 611.1 609.4 Intangible assets 3,080.6 3,067.9 3,
Slide 37: Cash flow
Cash flow ($m) FY25 FY24 Underlying EBITDA 791.3 728.7 Cash flow of underlying adjustments (50.1) (50.7) Other non-cash items (0.8) 4.3 Payments for rectification and remediation of landfills (38.8) (34.0) Other changes in working capital (36.5) (16.1) Net interest paid (92.5) (85.3) Tax paid (115.4
Slide 38: Return on Invested Capital
Return on Invested Capital ROIC ($m) FY25 FY24 Underlying NPAT (attributed to ordinary equity holders) 196.4 169.0 Net finance costs (+) 121.5 115.7 Tax effect net finance costs (-) (36.5) (34.7) NOPAT – A 281.4 250.0 Average Net assets – CY, PY 3,020.2 2,969.5 Average Net debt – CY, PY 1,696.5 1,59
Slide 39: Balance sheet, liquidity and covenants
Balance sheet, liquidity and covenants Overview Key finance facilities maturity profile ($m) • At 30 June 2025, the Group had $1,204m1 of headroom under its committed debt facilities • Leverage ratio3 of 1.85x • The Group remains comfortably within its leverage ratio and interest cover ratio covenan
Slide 40: Contacts
CONTACTS Investor contact: Josie Ashton Bruce Song Head of Investor Relations & Senior Manager, Investor Relations Sustainability & Sustainability + 61 416 205 234 + 61 426 386 006 josie.ashton@cleanaway.com.au bruce.song@cleanaway.com.au Registered office: P +61 03 8397 5100 Level 4, 441 St Kilda R
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