WasteCo Group (WCO) AGM 2026 summary

Opening remarks and agenda

• Chair acknowledged the tragic loss of two team members and emphasized the value of all staff.

• Introduced new Chief Executive and outlined the meeting's structure, including presentations, Q&A, and voting on five resolutions.

• Meeting included introductions, Chair's presentation, Chief Executive update, formal business, resolutions, and general business, concluding with a commitment to shareholders.

Financial performance review

• Revenue rose to NZD 70.2 million from NZD 56.4 million, mainly due to the Civic Waste acquisition.

• Operating EBITDA increased to NZD 5.85 million; adjusted EBITDA was NZD 6.731 million, including insurance proceeds.

• Net loss widened to NZD 12.35 million, with high depreciation, finance costs, and restructuring expenses.

• Poor performance attributed to lagging systems, underperforming units, high fleet costs, and financial pressure from NZD 40 million in debt.

• Debt stands at NZD 42 million, with additional invoice finance and significant finance costs.

Board and executive committee updates

• Sean Joyce became Chair in July and has taken a more hands-on role.

• Brian Cohalan appointed as new Chief Executive, bringing extensive turnaround and waste-sector experience.

• Board objectives include direction, oversight, accountability, and rebuilding trust.

• Oversight includes monitoring milestones, maintaining risk controls, and ensuring effective reporting.

• Accountability measures include holding management responsible for execution and safeguarding shareholder value.