Renewi (RWI) Q3 2025 TU earnings summary

Executive summary

• Revenue grew 4.2% year-over-year to €1,307.8m for the nine months ending 31 December 2024, driven by higher volumes in Specialities and increased inbound prices in Commercial Waste.

• Underlying EBIT rose 8.4% year-over-year to €77.6m, supported by strong performance in Mineralz & Water and Specialities, and lower SG&A costs.

• Successful completion of the sale of UK Municipal operations to Biffa Limited on 10 October 2024.

Financial highlights

• Core net debt increased to €507.2m (from €368.1m in March 2024), with net debt to EBITDA at 2.87x, reflecting the UK Municipal disposal financing.

• Group expects to deleverage by 0.4-0.5x per annum to reach 2x net debt/EBITDA over the medium term.

Outlook and guidance

• Full-year revenue expected to be in line with previous expectations, with positive growth momentum entering the final quarter.

• Ongoing productivity and cost initiatives aim to offset persistent cost and market headwinds in Q4.

• Medium-term targets include high single-digit underlying EBIT margin and organic annual revenue growth above 5%.