Investor Update - April 2025

Investor update
WasteCo Group Limited
April 2025

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Four months after welcoming a new investor and
a refreshed Board, WasteCo is experiencing solid revenue
and earnings growth, driven by enhanced productivity
and strategic acquisitions.
During the past year, WasteCo has expanded through
acquisition of complementary waste sector businesses,
securing long-term contracts that provide stability and
a growing revenue base.
The company has also strengthened its leadership,
electing a new Board Chair and appointing additional
directors in December 2024.
CEO David Peterson is leading WasteCo’s ambitious
growth strategy that’s focused on acquisitions, operational
efficiencies, cutting-edge technologies and investments
in people, health and safety.
These initiatives position the company for sustained
expansion and long-term value creation for shareholders.
WasteCo delivers
strong growth following change
in leadership and
strategic investments
Investor update

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Key highlights
In November 2024, WasteCo successfully
acquired 100% of Civic Waste Limited—
a leading North Island waste management
company. This acquisition expanded
WasteCo’s national footprint, adding an
estimated NZ$20 million in annual revenue
and a fleet of over 150 vehicles, including
EVs. Civic Waste’s management team
remains on board, ensuring seamless
integration and future growth.
Civic Waste acquisition
Also in December last year, Empire Waste Technology
Limited—led by Simon and Paula Herbert—invested
NZ$15 million in WasteCo through a Convertible Note.
The investment supported the Civic Waste acquisition
and strengthened WasteCo for future expansion.
At the time, Empire director Simon Herbert said: “We are
delighted to have the opportunity to participate in the
capitalisation of WasteCo in conjunction with the acquisition
of Civic Waste. We believe the New Zealand waste industry
represents a robust sector to be investing in.
WasteCo is well positioned to prosper as macro-economic
conditions improve next year, and to continue to investigate
and execute upon further acquisition opportunities in the
fragmented waste sector.”
“
Convertible Note investment

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In December last year Roger Gower was appointed as
independent Chair, succeeding Shane Edmond, who remains
on the board. Simon Herbert and Sean Joyce join as non-
independent directors, with Rodney Malam as an alternate.
Simon brings extensive experience and a strong
network across the construction, property and marine
services industries, adding valuable insights to WasteCo’s
growth strategy.
Sean brings more than 30 years of corporate sector
experience as a corporate lawyer, market participant, and
executive. His deep expertise in New Zealand capital markets
and securities law—spanning regulatory compliance, IPOs,
takeovers, and complex fundraising—will be instrumental in
guiding Wasteco’s strategic growth as a listed company.
With a dynamic and experienced Board in place, WasteCo’s
leadership, strategic direction and long-term growth
potential is in good hands.
Board refresh
WasteCo’s Share Purchase Plan (SPP) last year closed
with strong investor demand, raising NZ$5 million
in new equity.
Successful Share Purchase Plan
The Civic Waste acquisition
and capital investment mark
a key milestone in WasteCo’s
growth strategy, reinforcing
our commitment to national
expansion and long-term
shareholder value.”
“
Roger Gower
Independent Chair

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2025 outlook
from the Chair
WasteCo is experiencing solid revenue and earnings growth,
driven by improved productivity in core operations and the
successful integration of Civic Waste. We are also benefiting
from a gradual recovery in the New Zealand economy,
particularly in the construction sector.
For FY2024/25, we expect total operating revenue to exceed
NZ$55 million (subject to year end audit)—an estimated increase
of 15% from the previous year. Our results will reflect the positive
contributions of Civic Waste, reinforcing the value of this
strategic acquisition. WasteCo will report its preliminary
full-year results in late May.
Civic Waste is performing well, accelerating WasteCo’s
expansion as a truly national operator with a strong North Island
presence alongside our established South Island coverage.
Our expanded asset base and service mix position us to secure
large-scale, multi-site, contracts across key sectors, including
retail, education and residential services.
Acquisition-led growth remains a core strategy, and we continue
to assess opportunities that enhance our geographic reach
and operational synergies.
Productivity gains have been a key focus this year.
Operational synergies and smarter asset utilisation—such as
redeploying vehicles between regions—are improving efficiency
across our network. For example, Civic Waste has been able to
deliver on a major new Waikato contract by leveraging a specialist
vehicle from the South Island, ahead of new fleet investments.
WASTECO DELIVERS STRONG GROWTH
EXPANDS NATIONAL PRESENCE
DRIVING PRODUCTIVITY & EFFICIENCY
STRENGTHENING OUR NATIONAL FOOTPRINT

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This heightened focus on productivity supports both our
expansion strategy and ability to win new business.
New Zealand’s economic conditions directly impact WasteCo,
with waste volumes and service demand reflecting industrial
activity, population trends and construction growth.
Our strategy is to diversify across sectors and strengthen
partnerships with major enterprises, ensuring resilience in
changing market conditions.
Municipalities and public service providers will always require
waste collection, providing a fundamental stability to our
business. We are actively working to increase and strengthen
WasteCo’s presence nationwide.
While economic recovery in FY2024/25 has been slower than
expected—particularly due to an extended holiday slowdown—
recent months have shown clear signs of improvement,
particularly in construction.
We remain confident in the positive momentum ahead.
Roger Gower
Independent Chair
ECONOMIC OUTLOOK
AND MARKET POSITIONING

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Operations update
Civic Waste is a leading North Island provider of waste
collection and industrial services, catering to commercial,
industrial and municipal clients. Its comprehensive offerings
include skip and bin collection, kerbside residential services,
waste processing, street sweeping, drain suction, steam
pressure washing, and graffiti removal.
A strong focus on sustainability ensures waste is diverted
from landfills whenever possible. Civic Waste has sustainable
technology and equipment to process road waste from
street sweeping and drain cleaning, into reusable sand
and aggregates.
With 150+ full-time staff and operational bases in
Auckland, Hamilton and Wellington, Civic Waste has steadily
expanded since its founding in 1987. Now part of WasteCo,
the business strengthens our national footprint and opens
new opportunities for growth.
Civic Waste—a key driver
of WasteCo’s North Island expansion

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Quick updates
Our Medical and Quarantine (M&Q)
service has shown significant growth. In
February 2025, we processed 94
full loads of M&Q waste through our
autoclave furnace; up from 45 loads in
February 2024.
As a Diamond-certified Toitū Enviromark
provider, WasteCo is proudly committed
to reducing environmental impact across
New Zealand.
Achieving Diamond Certification was
no small feat; requiring a rigorous
and comprehensive Environmental
Management System that spans
everything from energy use and water
consumption, to carbon emissions and
waste reduction.
A shining example of our environmental
mission is the Kilronan Sort Centre,
a NZ$3 million facility built in 2021 with
support from a $250,000 Ministry for the
Environment grant.
Every day up to 65 trucks pass through
its gates, delivering up to 85 tonnes
of waste for sorting.
Staffed by 10 dedicated team members,
the Kilronan Sort Centre plays a critical
role in WasteCo’s operations. It accepts
materials not only from WasteCo’s own
fleet but also from demolition clients
and even competing providers. Waste is
carefully sorted to maximise recovery
and, wherever possible, customers and
the wider public are educated about the
importance of sorting at the source.
WasteCo is sponsoring the
Recycle Station at the WasteMINZ 2025
Conference being held in Christchurch at
Te Pae from 9 to 12 June. This sponsorship
reinforces our commitment to landfill
diversion and a cleaner environment.

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Board of Directors
Roger is an experienced executive, director and chairman of
public and private companies. He had an executive career in
logistics and transportation that included playing a key role in
listing a New Zealand transport company on the NASDAQ and
organising significant offshore financing for transport assets.
Roger became WasteCo’s Chairman last December. He is
currently also the Chairman of PrimePort, Timaru. Roger is
an independent director of NZX-listed Me Today and several
private companies.
Following his executive career, he completed a
Master of Philosophy degree at Cambridge University in
the UK, researching the use of economic tools to improve
environmental outcomes and the key attributes of successful
spinouts. He also holds a B. Com from Auckland University
and an MBA from Massey University.
Simon brings more than 25 years’ experience in business
and property investment, combined with an 18-year legal
career in major New Zealand law firms. As principal of Empire
Capital, Simon has spearheaded transformative projects,
including acquisitions across the marine, residential,
technology, and industrial and commercial property sectors.
Notable achievements include the acquisition of three
privately-owned Auckland marinas and associated
waterfront land holdings and businesses, transforming them
into thriving enterprises. Lesser known is his investment in
technological infrastructure, reflecting Simon’s strategic
vision and entrepreneurial leadership.
His proven expertise, experience and forward-thinking
leadership will be valuable as WasteCo continues its
aggressive growth trajectory.
Roger Gower
Simon Herbert

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Sean has more than 30 years’ experience in the corporate
sector as a corporate lawyer a market participant and an
executive. He has a particular focus on the capital markets
and securities laws in New Zealand. This includes regulatory
compliance, initial public offerings, compliance listings,
reverse listings, takeovers, fundraising and offerings of
various types of securities in New Zealand.
Sean is a Chartered Member of the Institute of Directors
(CMinstD) and holds a Bachelor of Arts and a Bachelor
of Laws (Hons) from Auckland University. Sean is a director
of several listed companies, and a number of significant
private companies.
James is one of WasteCo’s founders. Before launching
WasteCo with Carl Storm, James had 18 years cost
and management accounting experience in banking,
foreign exchange, broadcasting, manufacturing and
pharmaceuticals. James and Carl are no longer working
in the business, but James remains on the Board.
Shane has extensive experience in financial markets,
having worked in London and New Zealand for more than
30 years. He was previously a member of the Financial
Market Authority’s Code Committee for Financial Advisers
for seven years. Shane became a shareholder and a
director of WasteCo Holdings NZ in December 2020
(prior to the reverse listing) and served as Chair from
December 2022 to December 2024.
Sean Joyce
James Redmayne
Shane Edmond

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Upper Riccarton
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New Zealand
wasteco.co.nz
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