Annual General Meeting – Chairmans Speech and presentation

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 1
2024 ANNUAL
SHAREHOLDERS’
MEETING
WasteCo Group Limited

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 2
Welcome to the
2024 Annual Shareholders’ Meeting
of WasteCo Group Limited
12 September 2024

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 3
Agenda
• Welcome, house keeping and introductions
• Chairman’s presentation
• CEO’s presentation
• Shareholder discussion
• Resolutions
• General business

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 4
Chairman’s Presentation

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 5
CEO’s Presentation

CEO’S PRESENTATION
WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 6
Focus on our team,
culture and health
and safety
Acquisitions in
our core areas
Optimise the current
business and
introduce operational
improvements
The four pillars of WasteCo’s strategy are:
Reducing our
carbon emissions

CEO’S PRESENTATION
WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 7
Focus on our team,
culture and health
and safety

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 8
CEO’S PRESENTATION

CEO’S PRESENTATION
WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 9
Acquisitions in
our core areas

CEO’S PRESENTATION
WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 10
Optimise the current
business and

introduce operational
improvements

CEO’S PRESENTATION
WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 11
Reducing our
carbon emissions

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 12
Shareholder Discussion

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 13
Resolutions

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 14
Resolution 1
To record the re-appointment of Deloitte as
auditor of the Company and to authorise the
Directors to fix the auditors’ remuneration for
the ensuing year.

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 15
Resolution 2
That the Directors of the Company are authorised
issue up to 33,934,911 options to acquire ordinary
shares in the Company (Options), to employees,
contractors, and non-executive Directors of the
Company and its subsidiaries on the terms set
out in the Explanatory Notes accompanying this
Notice of Meeting.

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 16
Resolution 3
That the Directors of the Company are authorised
to issue up to 127,255,915 new ordinary fully paid
shares in the Company to wholesale investors
(New Shares) each at an issue price equal to the
Volume Weighted Average Price (“VWAP”) of the
Company’s shares traded on the NZX during the
20 trading days up to the issue date of the New
Shares, at any time during the course of the 12
month period following the date of the Annual
Meeting, such New Shares when issued, shall rank
pari passu (equally) with all existing ordinary
shares of the Company.

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 17
General Business
Are there any items of general business
to put before the meeting?

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 18
Disclaimer
This presentation contains summary
information about WasteCo and its
activities that is current as at the date
of this presentation. This disclaimer
applies to this document and the
verbal or written comments of any
person presenting it.
INFORMATION GENERAL IN
NATURE
The information in this presentation
is of a general nature and does not
purport to be complete nor does it
contain all the information which a
prospective investor may require in
evaluating a possible investment in
WasteCo or that would be required in
a product disclosure statement for the
purposes of the New Zealand Financial
Markets Conduct Act 2013 (FMCA).
WasteCo is subject to a disclosure
obligation that requires it to notify
certain material information to NZX
Limited (NZX) for the purpose of that
information being made available to
participants in the market and that
information can be found by visiting
www.nzx.com/companies/WCO.
This presentation should be read in
conjunction with WasteCo’s other
periodic and continuous disclosure
announcements released to NZX.
NOT FINANCIAL PRODUCT
ADVICE
This presentation does not constitute
legal, financial, tax, financial product
advice or investment advice or a
recommendation to acquire WasteCo
securities, and has been prepared
without taking into account the
objectives, financial situation or
needs of investors. Before making
an investment decision, prospective
investors should consider the
appropriateness of the information
having regard to their own objectives,
financial situation and needs and
consult a financial adviser, solicitor,
accountant or other professional
advisor if necessary.
FORWARD-LOOKING
STATEMENTS
This presentation may contain
forward-looking statements that
reflect WasteCo’s current views with
respect to future events. Forward-
looking statements, by their very
nature, involve inherent risks and
uncertainties. Many of those risks
and uncertainties are matters which
are beyond WasteCo’s control and
could cause actual results to differ
from those predicted. Variations
could either be materially positive or
materially negative. The information
is stated only as at the date of this
presentation. Except as required by
law or regulation (including the NZX
Listing Rules), WasteCo undertakes
no obligation to update or revise any
forward-looking statements, whether
as a result of new information, future
events or otherwise. To the maximum
extent permitted by law, the directors
of WasteCo, WasteCo and any of its
related bodies corporate and affiliates,
and their respective officers, partners,
employees, agents, associates
and advisers do not make any
representation or warranty, express or
implied, as to the accuracy, reliability
or completeness of such information,
or the likelihood of fulfilment of any
forward-looking statement or any
event or results expressed or implied
in any forward-looking statement, and
disclaim all responsibility and liability
for these forward-looking statements
(including, without limitation, liability
for negligence).

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 19
Thank you for attending and
your continued support and trust.
Questions?

WASTECO GROUP LTD: 2024 ANNUAL SHAREHOLDERS’ MEETING 20
wasteco.co.nz

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Opening slide – Front opening slide

Slide - Welcome to the 2024 Annual Shareholders' Meeting of WasteCo Group Limited
12
th
September 2024

Slide – Agenda
1. Welcome – housekeeping and Introductions
2. Chairman’s presentation
3. CEO’s presentation
4. Shareholder discussion
5. Resolutions
6. General Business

Slide – Chairman’s Presentation

Housekeeping and introductions
Good afternoon, shareholders, members of the board, executives, and distinguished
guests.
Thank you for joining us at our second Annual Shareholders’ Meeting of WasteCo Group
Limited.
My name is Shane Edmond, and it is a privilege to address you as the Chairman of
WasteCo.
Joining me this morning are my fellow directors Angus Cooper, and James Redmayne.
Roger Gower, one of my fellow directors, has been unable to travel today to join us.
It is with great pleasure that I introduce you to our new Chief Executive, David Peterson,
and his senior management team of Nigel Franklin, Chris Brown, Chanelle Sefont and Luke
Brown.
On behalf of the Board, I'd like to thank you all for attending this annual meeting. Your
presence, either physically or by proxy, shapes our future of transparent governance and
open dialogue.
The meeting today will follow the agenda set out in the Notice of Meeting, sent to
shareholders on 19
th
August.
After my speech and an update from David Peterson, there will be an opportunity for
shareholder discussion before moving on to the formal resolutions for consideration today.
We will then move on to general business before the meeting closes.
I am advised that with the shareholders present and the proxy votes held we have a
quorum and the meeting is properly constituted.
Proxies have been received for the purposes of this meeting in respect of approximately
335m, representing approximately 40% of the total shares.
We have not received any apologies.

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I'd like to thank shareholders for participating in today's meeting.
As set out in the Notice of Meeting, all directors unanimously support each resolution
being considered by the meeting.
My fellow directors and I will vote all discretionary proxies we have received in favour of
the resolutions as set out in the notice of meeting, except in relation to Resolution 2 and 3
where the directors and the associated persons are prohibited from voting in accordance
with the NZX Listing Rules.
Business Overview
This year has been one of transition, innovation and growth. Our first full year as a public
company marks the beginning of a new chapter for WasteCo.
The journey from a private entrepreneurial company to a publicly listed one is a testament
to the resilience and adaptability of our original founders.
We certainly have come a long way, and I want to thank all our shareholders for your
support.
WasteCo heads into the next financial year with a lot of opportunities for growth. The
diversity of our operations throughout the South Island is our strength, providing us with
various revenue streams through the different waste management and industrial solutions
we provide to our customers. The challenge is to ensure we can do this sustainably and
profitably.
Our revenue base is largely underpinned by the provision of essential waste services,
including a significant proportion secured by long- term contracts, with geographic and
sector diversification across councils, healthcare, infrastructure, commercial and industrial
customers.

A combination of organic business growth and acquisition growth during the 2024
financial year meant the size and scale of WasteCo’s operations grew 40% from $34
million in FY23 to $48 million. On an annualised basis the second half run rate would put
us well ahead of $50m per annum.
In the second half of the financial year, we achieved an operating EBITDA of $4.09 million,
before non-recurring items. This was in line with the earnings guidance range
communicated in our half-year commentary.
While our revenue growth was encouraging, the underlying financial performance of our
existing business operations was disappointing. Despite the increase in revenue, we
reported an after tax net loss of $4.14 million vs a net loss of $1.92 million in FY23.
Transitioning from a private company to a publicly listed company came with many costs,
including the continuing associated costs of operating as a listed company. Additionally,
increased interest rates, labour and fuel costs are affecting our customers, which can be
seen in the significant slowdown of the construction sector, as well as our own bottom
line.

One off costs affecting our performance included significant expenses incurred in relation
to the acquisitions of Cleanways and related businesses, the waste collection business of
Bond Contracts Limited and the Central Suction Cleaners business. These three businesses
are now successfully integrated into our operations and performing well.

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The team are working very hard to decrease costs that are within our control, and this is
reflected in the increased performance of the second six months trading, but there is still
a way to go to achieve acceptable results in the future.
For the 2025 financial year we are seeking to achieve further growth in revenues, but this will
be partly dependent on the ongoing economic slowdown that has been impacting many of our
customers, including the retail and construction sector and local authorities.
The year to date has not been without its challenges and our management team is
working hard to ensure our structure and costs are suitable for the current conditions and
that we can still provide the service levels to our customers that they require.
The recent announcement on Wednesday regarding our breach of quarterly covenants
with our banking partner, Kiwibank, was disappointing but reflects the trading
environment in that quarter. As we announced, we are in constructive discussions with
them around the resetting of our facility and terms for the future. When completed we
will update the market accordingly. The current trading environment is showing
encouraging signs of improvement as we move into a lower interest rate environment and
general economic conditions improve, however most commentators are predicting it will
be first quarter next year before significant changes occur.
Our original plans when we listed in 2022 were to accelerate growth plans and we have
now expanded our operations into Southland, Central Otago and the top of the South
Island, via three acquisitions that provide significant operating presence in Invercargill,
Southland, Central Otago and Nelson. These are key strategic locations for continued
expansion of WasteCo’s service offering to existing and new customers. We are focused
on additional significant opportunities within the South Island and potentially the North
Island if the right opportunities exist.
We recognise that our success is built upon strong and enduring relationships with
customers. Whether partnering with councils, serving households or supporting
commercial and industrial clients, WasteCo prioritises customer satisfaction, health and
safety, and environmental responsibility.
Our strategy continues to be organic growth and acquisitions of like-minded organisations
in the waste sector, with long-term contracts that provide a stable and increasing revenue
stream.
A significant portion of WasteCo’s income continues to be derived from long-term
contracts with councils and large commercial customers.

The appointment of David Peterson as Chief Executive for WasteCo earlier in the year was
another step in the transition of the business.
David brings a wealth of experience across diverse sectors, including engineering,
manufacturing, logistics and project management, to lead our growth ambitions in the New
Zealand waste sector.
David has built a strong senior management team to support this. Together they will drive
WasteCo’s growth strategy, while implementing operational improvements and optimising
the business.
David Peterson will expand more on this in his Chief Executive’s presentation.
With improved structure, operational efficiencies and new leadership, we are poised to

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capitalise on exciting opportunities and drive expansion through organic growth and
acquisitions.
I'd like to extend my gratitude to our management team, employees, and the board of
directors, for their tireless efforts. As we continue to grow and evolve, we remain
committed to delivering value for our shareholders and providing exceptional service to
our customers.
Thank you for your ongoing trust and investment in WasteCo.
Our chief executive David Peterson will now address you.


Slide – CEO’s Presentation

Thank you, Shane. It’s a pleasure to be here and to have joined WasteCo at such a
transformative time in the organisation’s journey.
I am really pleased to have my new senior management team here today. Nigel, Chanelle,
Luke and Chris bring huge expertise to WasteCo.
Together we will foster a culture of collaboration, inclusion and continuous improvement
– not forgetting the foundation of family values that WasteCo was built on.

SLIDE - I want to touch on the four pillars that are driving our strategy.


1. SLIDE - Focus on our team, culture and health and safety
At the heart of WasteCo are our people—our staff who work tirelessly to keep our
operations running smoothly every day. We know that a strong, positive culture and a
commitment to health and safety are not just essential—they are non-negotiable.
A key priority for me and my team is everyone’s safety. We want to ensure our team
return home to their families every day and that we exemplify safe practices in the
communities where we work. We will be ensuring the correct policies, procedures and
practices are in place and enforced to improve our health and safety record.
This year we have invested significantly into our teams, developing health and safety
capabilities, training on risk and hazard identifications and management, educating on
mental health well-being, fatigue management, and fostering a culture of care and
accountability.
SLIDE - One of the tools we are using is the Clearhead app– this is a digital tool that makes
personalised mental health and wellbeing support accessible for everyone.
A safe, supported, and empowered team is essential to our success, and we will continue
to prioritise this.

2. SLIDE- Acquisitions in core areas

As Shane mentioned, strategic growth via acquisition remains a key part of our business
strategy. We have been focused on expanding our footprint through targeted acquisitions
in core areas that align with our long-term vision.

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Our recent acquisitions of BCL and Cleanways have strengthened our position in the
market and added valuable capabilities. Both businesses are integrating well into the
overall business and returning revenue and margin above our expectations.
We will continue to seek opportunities that complement our existing operations and
provide synergies that drive value. This disciplined approach to acquisitions ensures that
we are not just growing for growth’s sake but building a more resilient and competitive
WasteCo for the future. We will continue to explore South Island opportunities and
remain open to national opportunities.
3. SLIDE - Optimise the current business and introduce operational improvements

It has been a challenging first quarter of this financial year – we are managing the business
to match the revenue pressures. We are focussed on continuously reviewing our cost
structure considering the current trading environment and undertaking a renewed focus
on revenue opportunities.

We have been successful in acquiring business through tender processes. We recently
picked up seven additional Mitre 10 stores for the collection of waste and cardboard. We
also secured the Waitaki Waste contract for a further 12 months. Currently we are
working on the Ashburton waste tender and the West Coast and Buller waste tender.

While growth through acquisitions is vital, it is equally important that we optimise our
current operations.

Chris Brown has joined us as our Chief Operating Officer, and his focus is to drive
operational efficiencies across all of our businesses. Key focus areas include asset
utilisation, upgrading our fleet, investing in new technology platforms and partnering with
Teltrac Navman. These initiatives will drive significant operational improvements. This
focus on continuous improvement is not just about boosting productivity—it’s about
delivering better outcomes for our customers and ensuring that WasteCo remains at the
forefront of our industry.

The next 12 months will see us refreshing some of our vehicle fleet.




4. SLIDE - Reducing our carbon emissions

We know we need to do more and recognise our responsibility to further reduce our
environmental footprint and carbon emissions. We are at the start of our journey.

We will partner with environmental specialists to develop an integrated sustainability plan
with supporting policies and set KPIs for measuring that success. Together we will develop
a programme that will measure our greenhouse gas emissions and establish targets and
actions, as well as making our carbon emission auditing as simple and efficient as
possible. I look forward to reporting on our progress at next year’s AGM.

We have already made some changes to reducing our emissions including:

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• transitioning all new light vehicles to hybrids and moving away from diesel utes
• optimising our routes to reduce fuel consumption,
• Introducing waste diversion strategies that minimise landfill use.


Finally, I want to reiterate our unwavering commitment to our people, our strategic
growth, operational excellence, and sustainability. WasteCo is in a strong position, and
with your support, we will continue to lead, innovate, and make a positive impact in the
communities we serve.

Slide - Shareholder Discussion
I would now like to give shareholders the opportunity to ask questions – whether
related to the presentations, our annual report and financial statements or the
management of the company.
Our annual report for the year ended 31 March 2024 has been sent to shareholders and is
also available online on the investor section of our website and on the NZX.
We will also answer questions that have been submitted by shareholders who have
completed proxy forms.
If you are asking a question from the floor, please state your name, whether you are a
shareholder, or if you are a proxy holder, the name of the shareholder you are
representing.
Do we have any questions in the room?


Slide - Resolutions
We will now move to the formal business of the meeting and will consider
Three resolutions:
Resolution 1: To record the re-appointment of Deloitte as auditor of the Company and
to authorise the Directors to fix the auditors’ remuneration for the ensuing year.
Resolution 2: That the Directors of the Company are authorised issue up to 33,934,911
options to acquire ordinary shares in the Company (Options), to employees, contractors,
and non-executive Directors of the Company and its subsidiaries on the terms set out in
the Explanatory Notes accompanying this Notice of Meeting.

Resolution 3: That the Directors of the Company are authorised to issue up to
127,255,915 new ordinary fully paid shares in the Company to wholesale investors (New
Shares) each at an issue price equal to the Volume Weighted Average Price ("VWAP") of
the Company's shares traded on the NZX during the 20 trading days up to the issue date
of the New Shares, at any time during the course of the 12 month period following the
date of the Annual Meeting, such New Shares when issued, shall rank pari passu (equally)
with all existing ordinary shares of the Company.

To consider any other ordinary business which may properly be brought before the
Meeting.

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Voting will be by way of a poll for each of today's threes resolutions. For those of you who
have not already submitted a proxy, you will be voting using your voting form. If you
require assistance with this, please see Link [outside the room]. Link will act as scrutineers
of the voting process.
Please mark your voting intention for each resolution and have your voting form ready for
collection at the conclusion of the meeting. The results of the vote will be announced via
NZX.
Each resolution is an ordinary resolution which requires approval by a simple majority of
the votes cast by shareholders entitled to vote and voting on the question.
The outcome of proxy votes will be displayed for your information after voting on all of
the resolutions.
There will be an opportunity for shareholders to ask questions on each resolution being
put to shareholders and I ask that questions raised should relate directly to the resolution
being considered.
When I call for questions, can shareholders present in the room please wait until you are
called to speak and clearly state your name, whether you are a shareholder, or if you are a
proxy holder, state the name of the shareholder you are representing.
Turning now to the Resolutions.
As advised these resolutions have been circulated in the Notice of Meeting.
I will go through each resolution and invite any shareholder who wishes to ask a question
on that resolution to raise their hand and we will attempt to answer it.
Following each resolution, you will be asked to record your vote on your voting form if you
have not already done so.

SLIDE - Resolution 1:
To record the re-appointment of Deloitte as auditor of the Company and to authorise
the Directors to fix the auditors’ remuneration for the ensuing year.

SLIDE - Resolution 2:
That the Directors of the Company are authorised issue up to 33,934,911 options to
acquire ordinary shares in the Company (Options), to employees, contractors, and non-
executive Directors of the Company and its subsidiaries on the terms set out in the
Explanatory Notes accompanying this Notice of Meeting.

SLIDE - Resolution 3:
That the Directors of the Company are authorised to issue up to 127,255,915 new
ordinary fully paid shares in the Company to wholesale investors (New Shares) each at
an issue price equal to the Volume Weighted Average Price ("VWAP") of the Company's
shares traded on the NZX during the 20 trading days up to the issue date of the New
Shares, at any time during the course of the 12 month period following the date of the
Annual Meeting, such New Shares when issued, shall rank pari passu (equally) with all
existing ordinary shares of the Company.


SLIDE – General Business

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Are there any items of general business to put before the meeting?

SLIDE – Disclaimer

SLIDE – Thank you for attending

Closing Remarks
If that is the end of the questions, on behalf of WasteCo's Board and Management, I
would like to thank you for your continued support and trust.
I now declare the meeting closed and invite you to stay for light refreshments at the end
of the meeting. For those unable to attend, a copy of today's presentations are available
on our website under the 'Investor Centre' section.


Thank you.

Shane Edmond
Chairman
WasteCo Group Limited