Cleanaway Waste Management (CWY) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians, safety instructions, and introduction of directors, company secretary, CFO, and auditor.

• CEO and Managing Director addressed stakeholders, highlighting key achievements and future focus areas.

• Hybrid format enabled both in-person and virtual participation, with voting and Q&A procedures explained.

Financial performance review

• Net revenue reached $3,302.7m, up 3.4% from FY24, with underlying EBIT of $411.8m and group EBIT margin at 12.5%.

• Underlying NPAT grew 16.2% to $196.4 million; EPS increased to 8.8c, up 15.8% from FY24.

• Statutory NPAT was flat due to one-off costs, notably a $23.2 million fire at the Christie Street facility.

• Return on invested capital rose to 12.5%, a 130bps increase over FY24, reflecting disciplined capital management.

• Solid Waste Services segment delivered 6% revenue growth and 13% EBIT growth, with margin improvements; ETS segment EBIT up 24%, Industrial Services revenue declined 6.5% but improved profitability in the second half.

Board and executive committee updates

• Board applied a 30% downward adjustment to executive short-term incentives due to safety performance and incident costs.

• Safety weighting in executive incentives doubled to 20% for FY26, with zero fatalities as a gateway condition.

• Chair Philippe Etienne announced intention to step down at next AGM, with board succession planning underway.

• Jackie McArthur and Michael Kelly stood for re-election, highlighting their expertise and board contributions.

• Leadership reaffirmed commitment to safety, operational excellence, and integration of recent acquisitions.