Investor Update - November 2025

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WasteCo Group Limited
Investor
Presentation
14 November 2025

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After a challenging
period, we are
executing major
changes and moving
toward profitability.

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WasteCo – what we do
WasteCo Group Limited (WCO) is New
Zealand's only listed waste solutions and
industrial services company, providing
comprehensive waste management to
household, commercial, industrial, and
local government customers nationwide.
Our earnings are underpinned by essential
services, with more than 45% of revenue
secured through long-term contracts
across councils, healthcare, infrastructure,
and commercial sectors. Geographic and
sector diversification provides stability and
growth potential.
WCO operates one of New Zealand's few
medical and quarantine waste treatment
facilities and has a proven track record of
diverting waste from landfill in Christchurch
and South Canterbury.

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Strategic Growth Since
Listing (Late 2022)
WCO has executed a disciplined
acquisition strategy, completing four
strategic transactions: Cleanways, Central
Suction Cleaners (CSC), Bond Contracts'
waste division (BCL), and Civic Waste
Limited (Civic).
The Civic acquisition was transformative,
establishing North Island operations
and creating a truly national platform.
Previously, WCO operated exclusively in the
South Island.
Financial Performance
• Revenue: Grown from $19m (FY2022) to
$70-72m forecast (FY2026)
• Current annualised revenue run rate:
$72m (based on last six months)
• Operating EBITDA: Increased from
$3.2m (FY2022) to $7.6m annualised
run rate
• Significant opportunities remain to
enhance margins through operational
improvements and expanded national
coverage
Competitive Advantages
• Only NZX-listed pure-play waste
solutions provider
• National footprint with diverse revenue
streams
• Long-term contracts with essential
service customers including councils and
major corporates
• Specialised capabilities in medical and
quarantine waste – a high-barrier niche
market

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Our focus is on profitability
and operational and
financial excellence
Our Operating
Environment
WasteCo Limited (WCO) has navigated
challenging macroeconomic conditions
over the past three years that have
materially impacted our financial
performance.
New Zealand has experienced multiple
recessionary periods since 2022,
characterised by elevated interest
rates and contracted economic activity
across key sectors. As a waste services
provider, WCO is not immune from these
external economic factors as we rely on
commercial and industrial activity to
drive our operational performance and
ultimately drive our revenue and bottom-
line profitability.
The construction and demolition (C&D)
sector illustrate this impact clearly. WCO
operates significant C&D waste operations
nationwide, and volumes have declined
approximately 35% over the past 24-36
months as construction activity contracted
in response to tightened lending conditions
and subdued development activity.
Market Outlook
Recent economic indicators suggest New
Zealand is entering a recovery phase. The
Reserve Bank's pivot to lower interest rates
and emerging positive economic signals
provide grounds for cautious optimism that
2026 will mark a material improvement
in trading conditions. As the economy
strengthens, WCO is well-positioned to
benefit from increased commercial and
industrial activity across our core markets.

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We are aggressively addressing every issue
within our control that has suppressed
financial performance. Our Board and
executive team are laser-focused on
optimising results through the following
initiatives:
Leadership & Operations
• In July 2025 Roger Gower, the WCO
Chair, was appointed interim Chief
Executive Officer of WCO. Roger has
an extensive and impressive resume in
the logistics sector. He has overseen
a business review and implemented
significant restructuring. This work
will be ongoing, as we look to recruit a
permanent Chief Executive.
• Our recruitment focus is on proven
experience and leadership capability
to optimise our existing assets, people,
Driving Performance:
Our Action Plan
and market opportunities – all driving
bottom-line performance.
• The focus is on defining our core
business and delivering services that
are both effective and profitable, while
simultaneously winning new business,
deepening customer relationships, and
expanding strategically. Sustainable
growth with strong margins is our goal.
Governance & Capital
Management
• The Board has established a dedicated
Capital Committee to handle capital
management, fundraising, M&A,
and financing arrangements. This
separation allows management to focus
exclusively on operational performance
without distraction.

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Cost Structure
Optimisation
• Our employee, infrastructure,
compliance, and NZX costs are
excessive for a $70-$72m revenue
business – they're better suited to a
$100m+ company. However, this creates
leverage for future acquisitions, where
incremental gross profit will flow through
more efficiently.
• Advanced discussions with major
vehicle financiers (one NZ-based, one
international) are exploring a sale-
leaseback of our fleet. This would
eliminate our $25.9m bank debt and
replace $400k monthly principal
repayments with more favorable lease
terms, freeing cash for growth and
optimisation initiatives.
• Insurance premium renegotiations have
delivered $250k+ in annual savings.
• Site consolidations in Christchurch and
Southland are under review to generate
further synergies and cost savings.
Operational Efficiency
• Recent staff reductions have been
necessary.
• A comprehensive asset utilisation review
is underway to drive efficiencies.
• Investigation of a driver/owner-operator
model for fleet optimisation could
significantly impact both operational
performance and balance sheet
strength.
• Vehicle maintenance options are being
evaluated to minimise downtime and
improve fleet availability.
• The sale of our non-core portable toilet
division is under exploration.

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Auckland, Hamilton
and Wellington
(via the Civic acquisition in December 2024)
• Waste collection and industrial services
to commercial, industrial and municipal
clients.
Nelson / Marlborough
• Sweeping
• Industrial Services
Canterbury
• Waste Collection
• Bin & Skip Rentals
• Sweeping
• Industrial Services
• Event & General Waste Sorting &
Diversion
• Medical & Quarantine Services
South Canterbury
• Waste Collection
• Bin & Skip Rentals
• Industrial services
• Ship hold cleaning specialists.
Otago
• Waste Collection
• Bin & Skip Rentals
• Industrial Services
• Medical & Quarantine Services
• Landfill Management
Central Otago
• Waste Collection
• Bin & Skip Rentals
• Industrial Services
Southland
• Industrial Services
• Residential and commercial waste
• Liquid waste
• Delivery of fresh water
WCO has the following
operations throughout
New Zealand:

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Penrose | Drury | Airport
Hamilton
Wellington (Tawa)
Nelson / Marlborough
Canterbury
South Canterbury
Otago
Southland
Central Otago

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New Zealand's waste and industrial
services sector is highly fragmented,
populated by numerous small-to-medium
enterprises generating $5-20m in annual
revenue. These businesses represent ideal
acquisition targets for WCO.
Competitive Advantages
Our NZX listing provides unique strategic
advantages unavailable to competitors:
• Access to capital: Superior ability
to source investment funding for
acquisitions
• Script consideration: Capacity to offer
vendors equity as part of purchase
consideration, providing flexibility in deal
structuring
• Regulatory position: New Zealand's two
largest waste operators are overseas-
owned and face Commerce Act
The Consolidation
Opportunity
constraints when pursuing acquisitions,
effectively removing them from
competition for consolidation targets
Growth Strategy
An immediate opportunity exists to
execute an aggressive, disciplined
acquisition program. WCO’s short term
goal is to have grown its revenues (on an
annualised basis) to $100 million by the end
of FY 2027.
Each consolidation delivers significant
scalability and synergy value, with
incremental gross profit flowing through
our existing operational infrastructure at
higher margins.
WCO is well positioned to become a
leading New Zealand owned and operated
aggregator and consolidator in New
Zealand's waste and industrial services
sector.

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Prospective Financial
Performance FY 2026
6 months financial
performance – ended
30 September 2025
For the first 6 months of this current
financial year (ended 30 September 2025),
the Company is anticipating:
•
Total revenues of Circa $36m;
and
•
Operating EBITDA of $3.8m*
12 months financial
performance – ending
31 March 2026
For the full 12 months ending 31 March
2026, the Company is forecasting:
•
Total revenues of circa
$70-72m;
and
•
Operating EBITDA of $7-8m**
** Excludes health and safety reset project costs of
$1.5m and restructuring costs of $754,000
This forecast has been derived from the
current financial performance of WCO
extrapolated for the remainder of the year.
It takes into account implementation of
targeted improvement initiatives and
known seasonality factors.
As with any forecast, there is no guarantee
that it will be accurate given the
uncertainties associated with business in
the current economic climate. However,
the Board is committed to achieving a
much-improved financial performance.
*Excludes health and safety reset project costs of
$810,000 and restructuring costs of $554,000.

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Operational achievements
over the last 12 months
FY2025 marked a pivotal period of strategic
repositioning and growth for WCO:
Leadership & Governance
• Comprehensive renewal of our senior
leadership team to enhance industry
expertise, commercial acumen, and
execution capability
• Established Board-level Capital
Committee to optimise capital allocation
and acquisition strategy
• Appointed Simon Herbert and Sean
Joyce to the Board as Empire Waste
Technology Limited nominees, bringing
deep commercial, operational, legal, and
capital markets experience
Strategic Capital &
Acquisition
• Civic Waste acquisition (December
2024): Secured leading North Island
waste management company, adding
$20m annualised revenue and $4m
Operating EBITDA while establishing true
national coverage
• $15m convertible note facility: Issued
to Empire Waste Technology Limited
(Simon and Paula Herbert) with a five-
year term at 6% interest, convertible at
$0.02 per share. Proceeds funded Civic
acquisition and strengthened working
capital position
• $5m equity raise (December 2024):
Completed Share Purchase Plan at $0.02
per share, with existing shareholders
subscribing for $1.38m and the Board
placing the shortfall

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Major Contract Win
• Ashburton District Council (May 2025):
Awarded nine-year, $40m contract
(with nine-year extension option) to
deliver comprehensive waste services
to 12,000+ households and facilities
commencing September 2026
• This is a significant contract as almost
every household in the district uses solid
waste services, whether they put their
bins out at the kerb or visit a rural drop-
off or recovery park
• Scope includes kerbside collection
(refuse, recycling, and new FOGO
service), operation of two Resource
Recovery Parks, 13 drop-off sites, 21
school services, public place bins, event
waste, and illegal dumping management
• First major Canterbury regional contract
– a significant strategic milestone in our
national expansion
• Creates 22 full-time roles and requires
investment in 10 new collection vehicles
and associated plant
Financial Performance
• Forecasting $14-$16m revenue growth in
FY26 versus FY25
• Projected Operating EBITDA uplift of
$2.4m – $3.4m (excluding non-recurring
costs)
• Invested significantly in technology
upgrades to drive cost savings and
operational efficiencies.

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Growth strategy
WCO is well positioned to target a number
of attractive growth opportunities in
existing and adjacent industry segments
and geographies. WCO is seeking to
achieve $100m of annualised revenue
during the course of FY 2027.
Consolidation opportunities continue to
offer significant scalability and synergy
value.
The four pillars of WCO’s growth strategy
are:
Continued organic
growth in solid and
liquid waste
• Take advantage of the economic
recovery and increased waste
volumes.
• Continue to grow a strong
pipeline of waste contracting
opportunities.
• Capture the significant
opportunity to obtain additional
market share in industrial
services across the rural sector.
• WCO has expanded its
operations into Southland via two
acquisitions over recent years,
optimise these investments and
grow them.
• Grow the Medical and Quarantine
(M&Q) waste business – WasteCo
is one of only two operators of
M&Q processing facilities in NZ.
• With the Civic Waste acquisition
we can now offer a nationwide
service and respond to national
tenders for waste services.
Targeted and
Disciplined Acquisition
Strategy
• The fragmented industry presents a
significant number of consolidation
opportunities.
• Value arbitrage between private
transaction multiples and listed
multiples supported by strong
infrastructure investor sector
interest due to defensive earnings.
• WCO has identified a number of
strategic acquisition targets across
both liquid and solid waste services.
• WCO has a successful track
record of successfully integrating
acquisitions.
• WCO has established acquisition
criteria with the expectation that
acquisitions will deliver significant
synergies.
• There are accretive earnings
through the opportunities afforded
by “cross-selling” WCO’s services
to new client bases acquired
through acquisitions.

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Further investment
in plant and
infrastructure
• Increase investment in waste
diversion capabilities – including
ability to service new contracts.
• Increase the efficiency of sorting
activities.
• Expand our network of strategically
located sorting facilities to support
growth opportunities.
• Build a new M&Q transfer facility in
Cromwell to handle the Queenstown
airport contract and enable growth
from the wider Southland, Otago
regions.
• Build a new C&D waste sorting
facility in Porirua to serve greater
Wellington.
Geographic expansion
• Significant further opportunities
within the South Island remains the
core focus.
• Expansion into Central Otago,
Southland and upper South Island
now well underway.
• Target longer-term expansion
opportunities in the North Island,
through acquisitions and organically
through the Civic business.

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WCO’s acquisition track
record and investment
philosophy
What WCO has acquired
since listing on the NZX
Main Board
Since listing in late 2022, WCO has
successfully completed four strategic
acquisitions totaling $17.1m, adding
$36.8m in annualised revenue:
• Central Suction Cleaners (March 2023):
Nelson-based operation acquired for
$1m, generating $1m annual revenue
• Cleanways Group (June 2023):
Southland and Central Otago businesses
(Cleanways, Enviro South, Wastech
Services) acquired for $7.35m,
generating $7.5m annual revenue
• Bond Contracts waste division (October
2023): Secured roadside collection and
transfer station operations for WasteNet
Councils (Invercargill City, Gore District,
Southland District) for $8.775m,
generating $8.3m annual revenue
• Civic Waste Limited (December
2024): Transformational North Island
acquisition delivering $20m+ annual
revenue

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WCO is good
at identifying
acquisition
opportunities,
executing those
opportunities
and merging
new operations
into its current
infrastructure.

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How WCO funds its
acquisitions
• By way of example - where WCO is
looking to acquire a business for 4 x
EBITDA, in the ordinary course WCO
would seek to fund the purchase price
with a combination of:
– bank debt funding (to 2 x EBITDA)
– satisfy 1 x EBITDA from WCO’s own
cash resources
– the remaining 1 x EBITDA through the
issue of WCO shares to the vendor.
• Where possible, WCO seeks to
encourage a vendor to accept WCO
shares in lieu of part of the sale price for
their business. An example of this was
the acquisition of Cleanways and related
entities. This is especially important
where there is a vendor who is to remain
within the business post completion, as
owning shares in WCO ensures that the
vendors interests are aligned closely
with WCO’s interests post-acquisition.
What is WCO’s
investment strategy
We target businesses based on clear
criteria:
• Valuation: Normalised, sustainable
EBITDA multiples typically ranging 3-5x
• Strategic fit: Complementary waste and
industrial services operations
• Geographic expansion: Priority on new
regional markets or consolidation in
existing territories
• Management quality: Businesses with
committed high-calibre teams who will
continue driving performance post-
acquisition

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Important information
This Investor Presentation has been prepared by
WasteCo Group Limited (WCO) for the purposes of
updating its shareholders and the market about the
Company.
This Investor Presentation does not constitute an
invitation or offer of securities for subscription,
purchase or sale in any jurisdiction other than New
Zealand.
Neither WCO nor any of its directors, employees,
shareholders, advisors nor any other person give any
warranties or representation (express or implied)
as to the accuracy or completeness of this Investor
Presentation. To the maximum extent permitted
by law, none of WCO, its directors, employees,
shareholders, advisors or any other person shall have
any liability whatsoever to any person for any loss
(including, without limitation, arising from any fault or
negligence) arising from this Investor Presentation or
any information supplied in connection with it.
This Investor Presentation contains projections or
forward-looking statements regarding a variety of
items. Such projections or forward-looking statements
are based on current expectations, estimates and
assumptions and are subject to a number of risks,
and uncertainties, including material adverse events,
significant one-off expenses and other unforeseeable
circumstances. There is no assurance that results
contemplated in any of these projections and forward-
looking statements will be realised, nor is there any
assurance that the expectations, estimates and
assumptions underpinning those projections or
forward-looking statements are reasonable. Actual
results may differ materially from those projected in
this Investor Presentation.

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Upper Riccarton
Christchurch 8041
New Zealand
wasteco.co.nz
0800 341 11 11