Cleanaway Waste Management : Strategic and complementary acquisition of Contract Resources – Prepared Remarks

About this update from Cleanaway Waste Management Ltd.

Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 1 - Strategic and complementary acquisition of Contract Resources Good morning and thank you for joining us to hear about our acquisition of Contract Resources. My name is Mark Schubert. I am joined by Paul Binfield, CFO; Frank Lintvelt, EGM Strategy and M&A; Scott Nicholls EGM, Environmental & Technical Solutions; and Josie Ashton, Head of Investor Relations and Sustainability. Cleanaway Waste Management Limited Registered Office: P +61 03 8397 5100 cleanaway.com.au ABN 74 101 155 220 Level 4, 441 St Kilda Road, F +61 03 8397 5180 Melbourne VIC 3004 Australia Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 2 - Acknowledgement of Country I would like to start by acknowledging the Traditional Owners of the lands on which we operate all around the country and pay our respects to their Elders past and present. Taking the disclaimer as read, please turn to slide 4. Page 2 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 3 - Disclaimer Page 3 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 4 - Transaction highlights Starting with what we see as the key elements of the transaction. Today, we are taking a strategic and value creating step in the execution of our BP2030 strategy. We are acquiring Contract Resources for $377 million implying an acquisition multiple of 5.9 times FY25 forward EBITDA post net cost synergies. Contract Resources is a strategically aligned and complementary business that is the go-to provider for catalyst handling, decontamination, chemical cleaning and related services to the oil & gas industry. Contract Resources' stable, recurring and growing earnings stream is underpinned by its long-term tier 1 customer relationships. Which have been built through the delivery of their production-critical services. The combination of Contract Resources with Cleanaway's IWS, repositions our business and creates a leading specialist provider of integrated and technical services. This fast-tracks IWS's transition away from metro ad hoc work, aligning with the deliberate strategy I've talked to before. Also, as we've talked about previously - the decommissioning, decontamination and remediation (DD&R) opportunity presents an attractive growth vector for Cleanaway Page 4 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 given the sizeable and complex waste streams that these projects will create. Acquiring Contract Resources accelerates our DD&R strategy by enhancing our value proposition, expanding the addressable market, and leveraging our respective customer relationships. The acquisition is expected to deliver approximately $12m in annual net cost synergies once Contract Resources is combined with IWS. Together they will create a leading, integrated provider of specialist technical services to oil & gas, resources and industrial customers, and provide a platform for growth. The financials of this transaction reinforce our disciplined approach to M&A. It is expected to generate high single-digit EPSA accretion post pro-forma synergies in the first 12 months and deliver a double-digit IRR pre and post synergies. Page 5 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 5 - Disciplined acquisition of a high-quality business and growth platform Now moving to slide 5, which provides an overview of the transaction details, Contract Resources, and our strategic rationale. While I've already touched on several of these points, I'd like to highlight a few additional ones: First, the transaction will be fully debt-funded, with completion expected by late calendar 2025 subject to regulatory approvals and other customary conditions. Next, a key strength of Contract Resources is its reputation and brand which we are keeping. Under Cleanaway's ownership, Contract Resources' customers can expect things to be business as usual in terms of performance, capacity, brand and leadership with the existing management team staying with the business. Finally, the combined businesses will provide a platform for growth, enabling cross selling of Cleanaway's waste management solutions to Contract Resources customers. Importantly, while we are buying Contract Resources for the opportunity it presents today, we can clearly see the value it will create tomorrow, through accelerating our DD&R growth strategy and I will talk more about this shortly. Page 6 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 6 - Contract Resources business overview and strategic rationale Moving onto a few slides on Contract Resources. Page 7 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 7 - Leader in production-critical, higher-margin, technical services Turning to slide 7 and starting with a few financial and operational highlights. Contract Resources is a leader in critical path services to tier 1 oil & gas customers. It's their safe and reliable execution of these complex and critical path services in hazardous environments that commands attractive margins. It benefits from a strong pipeline of opportunities driven by customer growth and the broader energy transition tailwinds. CRs is well-positioned to support the commissioning and ongoing maintenance of new oil and gas sites as they come online as well as the decommissioning of aging infrastructure at end of life. Contract Resources has a strong track record of growth. They are on track to deliver a four-year revenue CAGR of around 13% and an EBIT CAGR of 21% as at the end of this financial year. For the same period, their average EBIT margin is expected to be 10%. Contract Resources has a well-established recurring revenue base with 90% of its revenue generated from existing customers. Additionally, its top 10 customers contribute 60% of total revenue, with an average tenure of 16 years, highlighting the strength and longevity of these relationships. Page 8 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 You may recall that I described them as a 'go-to' provider - a reputation underscored by the fact that they are embedded on all major Australian refinery and LNG sites. Page 9 of 16 Strategic and complementary acquisiƟon of Contract Resources PresentaƟon speaker notes - 20 March 2025 Slide 8 - Specialist provider in catalyst handling, decontamination and chemical cleaning Now turning to slide 8. Contract Resources' core catalyst handling and related services are essential to the safe and eƯicient daily operation of industrial plants. These are non-deferrable services and generate approximately half of CRs annual earnings. Their strong performance on both oƯshore and onshore sites has enabled them to vertically integrate into providing additional industrial services, further enhancing value for customers. Page 10 of 16

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