WasteCo FY26 Annual Report release

Results announcement




Results for announcement to the market
Name of issuer WasteCo Group Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$70,217 24.5%
Total Revenue
$70,217
24.5%
Net profit/(loss) from
continuing operations
$(12,354)
25.4%
Total net profit/(loss)
$(12,354)
25.4%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.0038) $0.0054
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the Annual Report for the year ended 31 March 2026
that accompanies this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Nigel Franklin
Contact person for this
announcement
Nigel Franklin
Contact phone number 029 983 3871
Contact email address Nigel.franklin@wasteco.co.nz
Date of release through MAP

29 May 2026

Audited financial statements accompany this announcement.

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Annual Report
2026
WasteCo Group Limited

Building
strong foundations
for sustainable growth

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Contents
04
05
10
12
13
14
15
16
18
22
34
41
94
97
110
We deliver cleaner environments
Chair & Interim Chief Executive’s report
Highlights of our year
Competitive advantage
Sector performance
Our operations
Growth strategy
Making waste work for communities
Board of Directors
Corporate Governance Statement
Consolidated Financial Statements
Notes to the Consolidated Financial Statements
Auditor’s report
Shareholder and Statutory Information
Company directory

Annual Report 2026434567891029We1'r r67c
From everyday collections to specialised waste
handling, our team delivers
services that are safe, dependable and
environmentally responsible.
More than 45% of our revenue comes
from long-term contracts across local
government, healthcare, infrastructure, and
commercial sectors. This mix of customers,
contracts and regions provides the business
with a more stable revenue base.
WasteCo Group Limited (NZ X: WCO) is a
New Zealand-owned company and the country’s
only NZX-listed waste solutions and industrial
services provider, supporting households,
businesses, and local authorities with waste
management services nationwide.
We provide practical waste and industrial
services to communities across New Zealand.
We deliver cleaner environments

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Chair & Interim Chief Executive’s report
The deaths of our colleagues Lynda Kelly in Te Anau in
2025 and Paul Cruse in Cardrona in early 2026 have had
a profound impact on our company. Our thoughts remain with
their families, friends and workmates, and we continue
to support all those affected across our business.
WorkSafe has laid a charge against the company under
the Health & Safety at Work Act 2015 in relation to
the Te Anau fatality. As the matter is before the Court,
we are unable to comment further on the devastating incident
or the subsequent legal proceedings.
The Cardrona road accident remains under police
investigation and WasteCo continues to fully cooperate
with the authorities. Until that investigation is complete,
again, we are unable to make any further comment regarding
this tragic incident.
The 2026 financial year was a disappointing year
for WasteCo, both operationally and financially.
This year was about improving how we operate. “
Health & Safety has been our biggest priority.
We committed NZ$1.75 million to a full reset of how we
manage safety across the business. We rebuilt parts
of the leadership team and are introducing better
systems and controls. This work is ongoing.”

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Over the past decade, WasteCo expanded quickly
through acquisitions and listing on the NZX in 2022.
As the business grew across new regions, operations became
increasingly complex and performance inconsistent.
A major focus this year has been simplifying the business,
strengthening leadership, increasing accountability and
putting more effective Health & Safety and operational
processes in place.
Revenue increased to NZ$70.2 million from NZ$56.4 million
in FY25, and Operating EBITDA increased to NZ$5.85
million from NZ$4.64 million. Despite that revenue growth,
the company recorded a disappointing net loss of
NZ$12.35 million, compared with a loss of NZ$9.9 million
the previous year.
In simple terms, the business was bringing in more revenue,
but it was costing too much to run.
A large portion of the revenue growth has come through
acquisitions rather than stronger performance from
the core business. At the same time, WasteCo was carrying
high debt levels and operating a larger national business
without the systems and structure needed to run it efficiently.
We had high financing costs, low asset utilisation,
rising fleet and operating costs, duplicated overheads and
incurred significant restructuring costs as we worked to
improve the business.
Improvements included investing heavily in resetting
our Health & Safety systems, strengthening leadership and
investing in improving information processes in order to get
better day-to-day oversight of the business. These changes
were necessary, but they came at a significant financial cost
on top of an underperforming core business.
Financially, FY26 was a disappointing result

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Over the past year we have focused on improving the way
the business operates, with particular attention on managing
critical risks and creating more consistency across the
company. Experienced Health & Safety leadership has been
added, and there is a greater emphasis on accountability and
capability at the frontline.
Training and competency programmes for operational
leaders have expanded, because leadership plays a critical
role in setting standards and improving safety on the ground.
A digital training platform has been introduced, allowing our
people to access training at a time and place that suits them.
This gives staff easier access to training regardless of where
they are based and creates a more consistent approach across
the company.
Board members and senior leaders continue to spend time
out in the field, including in operational environments, with
a focus on critical risks, observing how work is done and
reinforcing good process, safe behaviours and accountability.
Focus has remained on key risk areas, including fatigue
management and driver safety. This includes a more
structured, Group-wide approach to managing fatigue,
supported through engagement with internationally
recognised fatigue expert Professor Drew Dawson.
A Safer Driving Strategy, developed alongside transport
safety specialist Jeff Fleury, has been introduced to our
workforce. This combines direct driver engagement with
technology that helps identify risks, improve driver behaviour
and reduce incidents across the fleet.
Additional changes across the business include stronger
pre-start processes, improved fleet standards, and greater
driver capability and accountability. Together, these changes
reflect a broader shift in how we operate. As part of this,
Safety Incident Management System (SIMs) training
modules are being rolled out across the Group alongside the
new Health & Safety system. These AI-supported modules
are designed to be practical and easy for all staff to access.
Improving safety across the business was,
and remains, a major focus

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We have already made a number of hard decisions and
have further plans in place to improve our performance.
These include simplifying operations, exiting
underperforming parts of the business, improving fleet
management, reducing debt and making accountability
clearer across the company.
The return on these initiatives will take time to be reflected
in our financial performance, but we are confident that we
will reap the rewards from those endeavours in the current
financial year.
We understand shareholders are frustrated by the company’s
performance. Our responsibility is to keep fixing the
underlying problems in the business and deliver better results
over the next 12 months and subsequent financial years.
We know there is still a lot of work to do, but the Board,
our executive and our entire WasteCo team are committed
to delivering a stronger performance for the business
for FY27 for our shareholders and stakeholders.
Improving our operational & financial performance
Roger Gower
Chair & Interim Chief Executive

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Key performance issues during FY2026Actions underway to improve performance
Business systems and operational discipline
did not keep pace with the company’s rapid growth
through acquisitions
Simplifying the business, strengthening leadership,
improving accountability and introducing better
systems and processes across the Group
High debt levels remained consistent with the prior
year, with approximately NZ$40 million of asset finance
and convertible notes resulting in finance costs of
NZ$5.5 million during FY26
Repaid NZ$7.3 million of debt principal during FY26,
with further debt reduction planned during FY27
Approximately NZ$1.75 million was invested in our
Health & Safety reset initiatives during the year
Implementing Health & Safety systems, driver
safety programmes and operational controls across the
business
Restructuring costs totalled NZ$1.35 million
during FY26
Continuing restructuring and simplification initiatives
expected to deliver significant annualised savings
during the first half of FY 2027
Organic growth in the core business
remained limited
Established a new sales team and secured
new contracts
Some business units underperformed
and were loss-making
Preparing to begin the $40 million Ashburton District
Council solid waste contract, a nine-year agreement
covering kerbside rubbish and recycling collection.
This commences in October 2026
Asset utilisation and labour efficiency were below
industry standards and our expectations
Exiting underperforming and loss-making operations
across the Group
Vehicle operating costs were too high due to an ageing
fleet inherited through acquisitions
Improving oversight, simplifying workflows and
implementing national fleet management to improve
utilisation and productivity
Overhead costs across some areas of the Group
are too high
Bringing professional services capability in-house,
including HR functions which will generate material
savings across our business
Procurement processes were fragmented
across the business
Continued focus on the sale of underutilised assets
Underutilised assets were impacting returns
and balance sheet efficiency
Expanding the Medical & Quarantine waste business
which we consider to be a division which holds
significant growth potential for us
Working capital pressures limited
financial flexibility
Explore the implementation of a receivables finance
facility with a third party financier with a view
to providing the company with improved liquidity
and working capital

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Highlights of our year
OPERATIONAL EFFICIENCY
IMPROVEMENTS
Simplifying the business remained a key
priority throughout the year as we worked to
reduce complexity, lower costs and improve
how the business operates day-to-day.
We introduced a centralised procurement
process that streamlined purchasing activities,
improved oversight and delivered greater
efficiencies across the company.
Additional changes included restructuring parts
of the business, reducing headcount where
necessary, improving asset utilisation and
maintaining disciplined cost management.
Together, these changes are expected to
improve efficiency, lower costs and strengthen
the business.
CONSTRUCTION &
DEMOLITION WASTE FACILITY
A key focus for the year has been our partnership
with Porirua City Council to establish and
operate a construction and demolition (C&D)
waste sorting facility in Wellington.
Once operational, the facility will be capable of
processing more than 30,000 tonnes of C&D
waste annually, creating a large-scale waste
processing facility for the Wellington region.
The facility will provide local waste operators
with an alternative to landfill disposal,
supporting greater diversion of construction
and demolition material from the region’s
three landfills and improving recycling and
waste diversion.
LEADERSHIP
& ORGANISATIONAL
RESET
We undertook a significant
reset of our human resources
structure across the business.
This included adding
leadership expertise and
introducing new
employment contracts.
These changes were needed
to improve leadership,
simplify decision-making and
create clearer accountability
across the company.

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ORGANIC GROWTH
& CONTRACT WINS
CROMWELL
TRANSFER FACILITY
Our organic growth strategy
continued during the year,
highlighted by the successful
award of the Ashburton solid
waste contract, which will
start in October this year,
a contract opportunity we
also highlighted in last year’s
annual report.
Progress in expanding our
specialist service offerings
is creating new growth
opportunities and growing our
presence in the market.
We built a new M&Q
transfer facility in Cromwell
to support the Queenstown
International Airport contract
and enable future growth
across the wider Southland
and Otago regions.
APPOINTMENT OF
CHIEF OPERATING OFFICER
An important development during the year
was the appointment of Stephen Towsen as
Chief Operating Officer.
Stephen brings extensive operational
leadership experience and a strong track
record of delivering performance improvements.
He has extensive experience in the waste
industry. His leadership is already contributing
positively as WasteCo works to improve
consistency, expertise and performance
across the business.

Competitive advantage
WasteCo’s competitive strengths include:
Operations across
multiple regions
and service lines
Experience
in landfill diversion,
waste sorting and
industrial services
Specialist
Medical & Quarantine
waste capability
Long-term contracts
with councils, healthcare
providers and major
commercial customers

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Sector performance
The waste services sector remains stable,
reflecting its role as an essential service.
Communities require collection, processing and
disposal regardless of economic conditions.
However, the operating environment has
become more challenging in recent years.
Rising costs, particularly fuel, labour and landfill
levies, continue to put pressure on margins
across the industry.
The Government’s plan to progressively
increase the national waste levy, along
with stricter reporting and compliance
requirements, has added further cost
and complexity.
These changes are designed to
reduce reliance on landfill and
improve recycling and resource
recovery, but they also
increase costs and compliance
requirements for operators.
These changes are also creating new
opportunities for operators able to provide
recycling, diversion and specialist
waste services.
Competition in the sector is increasing, with
well-capitalised international operators active in
the New Zealand market alongside established
domestic providers.
Scale, efficient operations and long-term
contracts are becoming increasingly important,
particularly with councils and large corporates.
Across the industry, operators are
responding by tightening cost control,
optimising networks and improving fleet
and asset utilisation.
Demand across the sector is expected to
remain steady because these services
are essential, although regulatory
pressure and rising environmental
expectations will continue to reshape
how operators invest and compete.
Growth will be shaped by regulatory
change, population growth
and rising expectations around
environmental outcomes. Companies
that can deliver reliable service, manage costs
effectively and adapt to a more regulated
environment will be best positioned to succeed.
WasteCo is well positioned,
with multiple long-term contracts
across the country

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Our operations
WasteCo has the following operations throughout New Zealand:
NELSON & MARLBOROUGH
AUCKLAND, HAMILTON
& WELLINGTON
CANTERBURY
SOUTH CANTERBURY
OTAGO
SOUTHLAND
→Sweeping
→Industrial services
Waste collection and industrial
services to commercial,
industrial and municipal clients
→Waste collection
→Bin & skip rentals
→Industrial services
→Ship hold cleaning specialists
→Waste collection
→Bin & skip rentals
→Industrial services
→Medical & Quarantine
waste services
→Landfill management
→Sweeping
→Event and general waste
sorting & diversion
→Industrial services
→Transfer station management
→Residential
& commercial waste
→Fresh water delivery
→Liquid waste
→Road sweeping
→Bins & loose litter
→Wheelie bins
→Front load bins
→Ship cleaning
→Steam & water-blasting
→Hydrovac
→Dust-free sweeping
& scrubbing
→Sump cleaning
→Waste auditing
& minimisation planning
→Ultra high-pressure
industrial blasting
→24/7 Urgent spill response
→Construction & demolition
waste processing
→Grease trap cleaning
→Septic tank cleaning
→Skip hire
→Medical & quarantine waste
→Portaloo hire
→Hook bins
Via the Civic Waste acquisition
in December 2024

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Growth strategy
↗The fragmented industry presents a significant
number of consolidation opportunities.
↗Grow the Medical & Quarantine (M&Q) waste
business—WasteCo is one of only two operators
of M&Q processing facilities in NZ.
↗Our immediate focus is improving operational
performance and strengthening market
position in the South Island.
↗Continue investment in waste diversion
infrastructure and processing capability
that supports growth, improves resource
recovery and helps secure new commercial
and municipal contracts.
↗This includes the opening of a new Construction
& Demolition (C&D) waste sorting facility in
Porirua and strengthening service capacity
across the greater Wellington region.
↗Value arbitrage between private transaction
multiples and listed multiples supported by
strong infrastructure investor sector interest
due to defensive earnings.
↗Take advantage of the economic recovery and
increased waste volumes.
↗Longer term, we see growth opportunities
in the North Island through the Civic Waste
business, both organically and through
selective acquisitions.
↗Look to invest in new waste
technology solutions.
↗We have identified a number of strategic
acquisition targets across solid waste services.
↗Continue to grow a strong pipeline of waste
contracting opportunities.
↗WasteCo has made good progress integrating
acquisitions, including financial systems.
↗Capture the significant opportunity to obtain
additional market share in industrial services
across the rural sector.
↗We have established acquisition criteria with
the expectation that acquisitions will deliver
significant synergies.
↗With the Civic Waste acquisition, we can now
offer a nationwide service and respond to
national tenders for waste services.
↗Drive sustainable revenue growth by securing
new waste management tenders and
proactively renewing existing service contracts
to strengthen market position and long-term
customer retention.
CONTINUE OUR ORGANIC GROWTH
IN SOLID WASTE
FURTHER INVESTMENT
IN PLANT & INFRASTRUCTURE
GEOGRAPHIC EXPANSION
TARGETED & DISCIPLINED
ACQUISITION STRATEGY
↗There are accretive earnings through the
opportunities afforded by ‘cross-selling’
WasteCo’s services to new client bases
acquired through acquisitions.

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Making waste work
for communities
Our team hand-sorted waste to maximise recovery
and diversion at Christchurch’s Christmas In The Park,
helping achieve a 72% diversion rate from landfill ▶
We continue to support communities across New Zealand
through local events, environmental initiatives and partnerships.
During the year we supported two major Christchurch community events,
helping reduce landfill waste through sorting and diversion initiatives.
At Christmas In The Park, where more than
20,000 people attended the annual event, our
staff were on site helping sort waste and support
recycling efforts throughout the evening.
We also supported Electric Avenue,
attended by more than 70,000 people across
two days, by providing bins across the site
to help keep the event clean and encourage
effective waste management.
Our Auckland Graffiti team was recently
called out to remove graffiti in the rail corridor.
With quick response times and specialist
surface care, the area was restored quickly
and safely.

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Civic Waste supported the Manurewa Marlins during the year,
backing a club that shares our focus on community pride and
keeping local spaces clean and tidy.
We continued our work with Antarctica
New Zealand, managing frozen waste generated
on the ice and helping protect one of the world’s
most fragile environments.
This work includes sterilising food waste and
handling treated human waste for deep burial
in approved areas.
We also sponsored the conference app at
the 2026 WasteMINZ Conference, reflecting our
ongoing commitment to landfill diversion and
cleaner environments.
Environmental responsibility
remains an important focus for us

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Roger is an experienced executive and director
with a long background in transport, logistics and
infrastructure businesses.
He played a key role in the NASDAQ listing of a New
Zealand transport company and has extensive
experience in corporate finance, governance and
capital raising.
Roger became Chair of WasteCo in December
2024. He is also Chair of PrimePort Timaru and
New Zealand Food Innovation Auckland (The
FoodBowl), and a director of several listed and
private companies.
Earlier in his career, Roger was Chair of Charlie’s
Group following its NZX listing in 2005. He
later became involved with WasteCo through
Goodwood Capital and remained involved
following the company’s reverse listing in 2022.
Roger holds a Bachelor of Commerce from the
University of Auckland, an MBA from Massey
University and a Master of Philosophy from
Cambridge University.
Roger was appointed to the Board on
19 October 2020 and Chair on 19 December 2024.
Chair
WasteCo Board of Directors
Roger Gower

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Neil brings extensive governance, financial and
commercial experience developed over more than
30 years in advisory and business leadership roles.
He is a Chartered Accountant with strong
experience in financing, acquisitions, governance
and business structuring, and has held a range
of governance positions across New Zealand
businesses and organisations.
Neil was appointed to the Board on 1 March 2026.
Sean has more than 30 years’ experience as
a corporate lawyer and capital markets adviser.
His background includes securities law,
NZX regulation, public listings, takeovers,
fundraising and corporate governance.
Sean is a Chartered Member of the Institute
of Directors and holds Bachelor of Arts and
Bachelor of Laws (Hons) degrees from the
University of Auckland.
He is also a director of several listed and
significant private companies.
Sean was appointed to the Board
on 19 December 2024.
Independent DirectorNon-Independent Director
Neil McAraSean Joyce

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Simon has more than 25 years’ experience in
business and property investment, alongside an
earlier legal career with major New Zealand law
firms.
As principal of Empire Capital, he has led
investments and growth projects across the
marine, property, technology and infrastructure
sectors.
His commercial experience includes acquisitions,
development projects and long-term investment
management across a range of industries.
Simon was appointed to the Board
on 19 December 2024.
James is one of WasteCo’s founders.
Before establishing WasteCo with Carl Storm,
he worked in cost and management accounting
roles across banking, foreign exchange,
broadcasting, manufacturing and
pharmaceutical businesses.
Non-Independent DirectorNon-Independent Director
Simon HerbertJames Redmayne
Resigned from the Board in May 2026

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Sara brings more than 30 years of governance
and executive leadership experience across
New Zealand and Australia.
Her background includes senior leadership roles
in transport, logistics, agriculture and energy
businesses, including Port of Tauranga. She is the
former Chair of the Waipuna Hospice Foundation.
Sara has also held governance roles with
New Zealand Post, Genesis Energy,
New Zealand Merino and The Employers
& Manufacturers Association.
Sara was appointed to the Board on 1 July 2025.
Rodney is a Chartered Accountant with more
than 30 years’ commercial and financial
management experience.
His background includes senior finance roles
across manufacturing, printing, hospitality and
private investment businesses, including CFO
roles within the Empire Capital Group.
He brought strong commercial, financial and
governance experience to the WasteCo Board.
Independent DirectorNon-Independent Director
Resigned from the Board in May 2026
Sara LunamRodney Malam

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for the year ended 31 March 2026
Corporate Governance Statement
The full content of the company’s Governance Code, related policies and charters can be found
on the company’s website (‘website’).
This statement is a summary of the corporate governance arrangements approved and observed
by the Board as at 31 March 2026. The corporate governance arrangements are based on the
principles set out in the NZX Corporate Governance Code (‘NZX Code’). This statement has been
approved by the Board.
The Board has documented a Code of Ethics, which can be found on the website. The Code of
Ethics details the ethical standards to which the directors and employees of the Company and its
subsidiaries (Group) are expected to adhere. The Code of Ethics includes the items listed under
Recommendation 1.1 of the NZX Code. Training is provided on the Code of Ethics on
a regular basis.
The objective of the Board is to enhance shareholder value by directing the company in
accordance with sound governance principles. The Board assumes the following primary
responsibilities:
A formal Governance Code, which can be found on the website, has been adopted by the Board
and further outlines roles and responsibilities of the Board, and distinguishes and discloses the
respective roles and responsibilities of the Board and management.
• formulation and approval of the strategic direction, objectives and goals of the Company;
• monitoring the financial performance of the Company, including approval of the
Company’s financial statements;
• ensuring that adequate internal control systems and procedures exist and that
compliance with these systems and procedures is maintained;
• review of performance and remuneration of directors and executive officers; and
• establishment and maintenance of appropriate ethical standards for the Company
to operate by.
The Board is committed to achieving best practice corporate governance
and the highest standards of ethical behaviour. The governance principles
adopted by the Board are designed to achieve these goals.
Code of Ethics
Roles of the Board

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The Company regularly evaluates the performance of the directors, Board and Board committees
internally. In addition, the Company continues to assess the size, diversity and skills of the Board.
Directors also receive appropriate training to remain current on how to best perform their duties
as directors of the Company.
The Company enters into written agreements with newly appointed directors establishing the
terms of their appointment.
In accordance with the Company’s constitution and the NZX Listing Rules, the Board
will comprise not less than three directors. The Board will be comprised of persons with
complementary skills appropriate to the Company’s objectives and strategies. The Board must
include not less than two persons who are deemed to be independent. A profile for each director
is set out on pages 18–21 of this Annual Report and on the website.
Independence is assessed in accordance with the NZX Listing Rules, the factors listed under
Recommendation 2.4 of the NZX Code, and up to date information about a director. The Board
also has regard to the purpose of the composition requirements under the NZX Listing Rules.
WasteCo’s Board currently comprises five Directors as follows:
Rodney Malam was also appointed as a Non-Independent Alternate Director in December 2024.
He was an alternate for Sean Joyce and Simon Herbert and was authorised to act in their place if
his appointer was absent. Rodney Malam resigned from the Board on 1 May 2026.
As outlined above, Neil McAra and Sara Lunam are considered independent directors by the
Board, in accordance with the NZX Listing Rules, as of 31 March 2026
This determination is based on the fact that Mr. McAra and Ms. Lunam are not employees of the
Group and do not have any ‘Disqualifying Relationship’ as defined in the NZX Listing Rules.
Board composition
Roger Gower (Chair)Non-Independent Director
Neil McAraIndependent Director
Sara LunamIndependent Director
Sean JoyceNon-Independent Director
Simon HerbertNon-Independent Director

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The following individuals are considered Non-Independent Directors:
Additionally, after careful consideration, the Board has found no other factors, including those
referenced in Table 2.4 of the NZX Code, that would affect the independence status of Mr. McAra,
or Ms. Lunam.
Note that while Sean Joyce is appointed to the Board in his capacity as a representative of
Substantial Product Holder, Empire Waste Technology Limited, he does not hold a personal
relevant interest in those shares. Simon Herbert is the sole shareholder of the ultimate holding
company of Empire Waste Technology Limited, Empire Holdings Trustee Limited.
• Roger Gower—has a disqualifying relationship as he is the Chair of the Board
and is the interim Chief Executive Officer.
• Sean Joyce—has a Disqualifying Relationship as he was appointed to the Board
by a Substantial Product Holder of the Company, Empire Waste Technology Limited.
• Simon Herbert—has a Disqualifying Relationship as he was appointed to the Board
by a Substantial Product Holder of the Company, Empire Waste Technology Limited.
• Shane Edmond resigned from the Board on 28 February 2026.
• Rodney Malam resigned from the Board on 1 May 2026.
• James Redmayne resigned from the Board on 25 May 2026.
Resignations and role changes
The Board considers that, although it does not have a majority of independent Board members,
it has the right balance for the current size and structure of the Company. The Board will continue
to reassess this to ensure that the balance of Board members remains appropriate for the
Company’s needs.
Board meetings are held on a monthly basis and are attended by key management personnel
as required. Additional meetings are held as and when required. Each Board meeting involves
discussions and review of Health & Safety, finance, market information, strategy and other
operational matters.
Board meetings

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The following table shows director attendance at Board meetings and Board committee meetings
for the FY26 financial year:
Board memberBoard Meetings
attended
Audit, Finance
& Risk Committee
Remuneration,
Nomination
and Health & Safety
Committee
Roger Gower1031
Shane Edmond
Resigned on 28 February 2026
731
James Redmayne
Resigned on 25 May 2026
103—
Simon Herbert
9——
Sean Joyce
10——
Sara Lunam
6——
Neil McAra
1——
The Company’s Governance Code sets out the nomination and appointment procedures for
directors. When a vacancy arises, the Board will identify candidates with a mix of diversity,
capabilities and perspectives considered necessary for the Board to carry out its responsibilities
effectively in accordance with its nomination and appointment procedure. A director appointed
by the Board must stand for election at the next Annual Meeting. A director may not hold office for
longer than three years or past the third annual meeting following that director’s appointment.
Retiring directors are eligible for re-election.
The Board has established an Audit, Finance & Risk Committee and a Remuneration,
Nomination and Health & Safety Committee.
Criteria for Board membership
Board committees

Annual Report 20262634567891029We1'r r67c
The Audit, Finance & Risk Committee operates under a Charter approved by the Board and is
accountable to the Board for:
Audit, Finance & Risk Committee
• the business relationship with, and the independence of, external auditors;
• the reliability and appropriateness of the disclosure of the financial statements and
external financial communication; and
• the maintenance of an effective business risk management framework including
compliance and internal controls.
Part of the Audit, Finance & Risk Committee’s role is to oversee financial reporting to ensure it is
balanced, clear and objective.
The current members of the Audit, Finance & Risk Committee are Neil McAra (Chair),
Roger Gower and Sara Lunam. Neil McAra is an independent chair of the Audit, Finance & Risk
Committee and is not Chair of the Board. Employees only attend the Audit, Finance
& Risk Committee meetings at the invitation of the committee.
The Audit, Finance & Risk Committee Charter can be found on the website.
The Remuneration, Nomination and Health & Safety Committee operates under a Charter
approved by the Board and is accountable to the Board for:
Remuneration, Nomination and Health & Safety Committee
• the appointment, remuneration and evaluation of the CEO and succession planning
in relation to them;
• the remuneration of the leadership team;
• reviewing risks and compliance with statutory and regulatory requirements relative to
human resources;
• reviewing Health & Safety policies to ensure the Company is providing a safe working
environment for all employees and contractors; and
• recommending to the Board, candidates to be appointed as a director.

Annual Report 20262734567891029We1'r r67c
The current members of the Remuneration, Nomination and Health & Safety Committee
are Sara Lunam and Sean Joyce, of which one is an independent director. Management only
attends Remuneration, Nomination and Health & Safety Committee meetings at the invitation of
the committee. The remuneration paid to the directors during the financial year ended
31 March 2026 is set out on page 106 of this Annual Report.
WasteCo has a remuneration policy for the remuneration of executives and directors,
contained in the Company’s Governance Code. The Board promotes the alignment of the
interests of the directors, the CEO and management with the long-term interests of shareholders.
The remuneration received by directors in FY26 is disclosed on page 106 of this Annual Report.
The remuneration arrangements for the CEO are disclosed on page 107 of this Annual Report.
This includes a base salary and a short term incentive but no long term incentives.
The Remuneration, Nomination and Health & Safety Committee Charter can be found
on the website.
The Board has adopted a set of protocols to be followed in the event of a control transaction
(as defined in the NZX Code) being made. In the event of a control transaction, a control
transaction committee of independent directors would be formed and would have responsibility
for managing the control transaction in accordance with the Board protocols and applicable laws,
including the New Zealand Takeovers Code.
The Company does not currently have any other standing Board committees. The Board
has considered whether any other Board committees are required and has determined they
are not required.
Other Committees
The Company has a detailed Securities Trading Policy which applies to all directors and
employees, and their associated persons, and can be found on the website. The procedures
outlined in this policy must be followed by all directors and any employees to obtain consent to
trade in the Company’s shares. Under the policy, trading restrictions apply during the following
specific blackout periods:
Trading in Shares
• two weeks before 30 September until 48 hours after the half-year results are
released to NZX;
• two weeks before 31 March until 48 hours after the full-year results are released
to NZX; and
• 30 days prior to release of an offer document (such as a product disclosure statement)
for a general public offer of the same class of shares.

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The Company has in place procedures designed to ensure compliance with the NZX Listing Rules
such that all investors have equal and timely access to material information concerning the
Company, including its financial situation, performance, ownership and governance.
Announcements are factual and presented in a clear and balanced way. Significant market
announcements, including the announcements of the half-year and full-year results and the
financial statements for those periods are reviewed by the Board prior to release.
The Group’s NZX Market Disclosure Policy has been put in place to ensure that the Company
complies with its continuous disclosure obligations at all times and can be found on the website.
Continuous disclosure
The Board ensures that the Group effectively manages Health & Safety. Providing leadership and
securing and allocating resources, as well as ensuring the Company has the appropriate team,
systems and equipment to manage the risks related to its work activities, are important aspects
of the Board’s responsibility to Health & Safety management. The Group has a Health & Safety
incident reporting system by which it reports all incidents to the Board for its information, review
and assurance on a monthly basis.
Health & Safety
Outside the black-out periods specified above, any trading is subject to the notification and
consent requirements outlined in the policy.

Annual Report 20262934567891029We1'r r67c
The Board recognises the wide-ranging benefits that diversity brings to an organisation.
The Company endeavours to incorporate diversity to ensure a balance of skills and perspectives
are available to benefit our shareholders. The Company’s Diversity Policy can be found
on the website.
WasteCo Group’s diversity focuses on gender, age, ethnicity, sexual orientation,
inclusion and flexibility. The activity we undertake across these areas of focus is aligned
to the following principles:
As at 31 March 2026, the gender balance of the Company’s directors (excluding alternates)
and officers were as follows:
Diversity
• increasing the diversity of our workforce at senior levels;
• creating a flexible and inclusive work environment that values difference and enhances
business outcomes;
• harnessing diversity of thought and capitalising on individual differences;
• leadership behaviours that reflect our belief in the value of inclusion and diversity; and
• retaining and attracting a talented workforce through increasing the diversity of the
candidate pool and maintaining a recruitment strategy that is attractive to all candidates.
20262025
FEMALEMALEFEMALEMALE
Directors15—5
Officers (excluding directors)—2—2
Total17—7
As the opportunity arises to expand the Board, the Company will look to diversify in terms of both
gender and skills.
The waste industry has historically had a larger percentage of male employees. WasteCo has
taken active steps to increase the percentage representation of female employees through equal
employment opportunity initiatives and policies, assessments of gender pay gap, employee
wellbeing initiatives and a focus on an inclusive family-oriented work culture.

Annual Report 20263034567891029We1'r r67c
The Board is responsible for ensuring that material business and financial risks are identified,
and that appropriate controls and procedures are in place to effectively manage those risks.
The Audit, Finance & Risk Committee has overall responsibility for ensuring that the Company’s
risk management framework is appropriate and that risks are identified,
considered and managed. Risk management is a standing item on the agenda for Audit,
Finance and Risk Committee meetings. During the year ended 31 March 2026, the Group
implemented a number of risk management initiatives. Health & Safety continues to be a key
area of focus, and an external review was completed on Human Resources.
The Board has established a framework for the Group’s relationship with its external auditors,
which ensures that external audit independence is maintained. The External Audit Policy is
set out in the Company’s Governance Code, available on the website. Oversight of the Group’s
external audit arrangements is the responsibility of the Audit, Finance & Risk Committee.
The External Audit Policy covers:
The Company does not have an internal audit function, however it has internal processes and
processes that are considered to be appropriate for the size, structure and complexity of the
Group. As set out in the Company’s Governance Code, the Audit, Finance & Risk Committee is
responsible for regularly reviewing the Company’s internal controls and systems, and regularly
reporting to the Board on the Company’s internal control processes.
The external auditor attends the Company’s annual meeting each year to answer questions from
shareholders in relation to the audit.
Risks
Auditor
External auditor
Internal audit
• communication between the Audit, Finance & Risk Committee and the
external auditors;
• maintaining independence of the external auditors; and
• the process for reporting on non-audit work.

Annual Report 20263134567891029We1'r r67c
The Company has a dedicated page on its website where investors and stakeholders
can access financial and operational information and key corporate governance
information about the Company.
Shareholders can raise queries via the contact information on the website or at
the Company’s Annual Meeting of shareholders. Shareholders can elect to receive
communications electronically.
As required by the NZX Listing Rules, the Company seeks shareholder approval
for major decisions.
As set out in the Company’s Governance Code, the Board endeavours to release all notices of
meeting at least 20 business days prior to the date of the meeting, where practical.
During the year ended 31 March 2026, the Company has followed the NZX Code (31 March 2026)
in all material aspects, with the following exceptions:
Shareholder rights & relations
NZX Corporate Governance Code (31 March 2026)
ReferenceRecommendationAlternative Governance Practice
& Reason for the Practice
Recommendation 2.8A majority of the Board should be
Independent Directors.
James Redmayne (who has since resigned
on 25 May 2026), Sean Joyce, Simon
Herbert and Rodney Malam (alternate for
Sean Joyce and Simon Herbert, who has
since resigned on 1 May 2026) are not
classified as independent directors due to
their status as either Substantial Product
Holder(s) of the Company, or having been
appointed to the Board by a Substantial
Product Holder of the Company.
While the Board does not currently have
a majority of independent directors, it
believes that the existing composition
provides an appropriate balance given the
Company’s current size and structure.
The Board remains committed to ongoing
reassessment of its structure to ensure
that the composition continues to align
with the Company’s strategic needs and
governance requirements.

Annual Report 20263234567891029We1'r r67c
ReferenceRecommendationAlternative Governance Practice
& Reason for the Practice
Recommendation 2.9An issuer should have an independent
Chair of the Board
David Peterson resigned as CEO effective
at the end of June 2025. The Board has
commenced a formal search for a new CEO.
In the interim, Chair Roger Gower
has assumed the role of Interim CEO
to ensure a smooth leadership transition
and to continue oversight of the company’s
safety and operational reset are underway.
The Board considers these arrangements
appropriate in the circumstances.
Recommendation 2.10The Chair and the CEO should be
different people
Recommendation 3.3At least a majority of the
remuneration committee should be
Independent Directors
The committee currently comprises
one Independent Director and one
Non-Executive Director. The Board
considers this appropriate for WasteCo.
Recommendation 3.1An audit committee should only
comprise Non-Executive Directors
The committee currently includes Chair and
Interim CEO Roger Gower.
Recommendation 4.4An issuer should provide non-financial
disclosure at least annually, including
considering environmental, social
sustainability and governance factors
and practices. It should explain
how operational or non-financial
targets are measured. Non-financial
reporting should be informative,
include forward looking assessments,
and align with key strategies and
metrics monitored by the Board.
WasteCo has not yet provided
comprehensive reporting on environmental,
economic, and social sustainability factors.
Moving forward, the Board, in collaboration
with the appropriate committees, will
continue to identify relevant measures for
these key areas. Efforts are underway to
develop and implement systems that will
effectively capture, refine, and structure
this information to support future reporting
and transparency in these domains.

Annual Report 20263334567891029We1'r r67c
ReferenceRecommendationAlternative Governance Practice
& Reason for the Practice
Recommendation 6.1An issuer should have a risk
management framework for its
business and the issuer’s Board
should receive and review regular
reports. An issuer should report the
material risks facing the business and
how these are being managed.
Risk Management Implementation—FY26
Throughout FY26, the Board has
remained committed to implementing
and refining the Group’s risk management
plan, ensuring it effectively addresses
the material risks impacting business
operations. This approach follows the
reverse takeover transaction completed in
December 2022, providing a framework for
managing evolving challenges
and opportunities.
The risk management plan has been
designed with a specific focus on strategic,
operational, and project-related risks,
ensuring comprehensive oversight and
mitigation efforts. In particular, the
following key areas have been a priority:
→Health & Safety: Strengthening
workplace safety protocols and
compliance measures.
→Human Resources: New employment
contracts were rolled out across the
business to ensure we are up to date
with all current legislation.
By prioritising these critical areas,
the Board aims to ensure long-term
sustainability, operational efficiency, and
proactive risk mitigation across the Group.
The alternative governance practices described in the table above have been approved
by the Board.

Annual Report 20263434567891029We1'r r67c
Consolidated Statement of Profit or Loss
and Other Comprehensive Income
for the year ended 31 March 2026

Note2026
NZ$000
2025
NZ$000
Revenue570,21756,409
Other income6155321
Expenses
Labour related expenses7.1(31,635)(24,598)
Collection, recycling and waste disposal expenses(13,978)(10,798)
Fleet operating expenses(10,462)(9,988)
Depreciation and amortisation expenses7(9,74 9)(8,169)
Property expenses(1,630)(1,012)
Other expenses(6,807)(5,680)
Loss from operations(3,889)(3,515)
Finance costs7.2(5,456)(5,114)
Health & Safety reset project costs(1,750) —
Restructuring costs7.3(1,345)(1,755)
Acquisition costs7.4(27)(605)
Loss before income tax(12,467)(10,989)
Income tax benefit91131,135
Loss for the year(12,354)(9,854)
Other comprehensive income
Other comprehensive income for the year — —
Total comprehensive loss for the year(12,354)(9,854)
Loss per share
Basic and diluted loss per share (NZ$)10(0.011)(0.011)
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

Annual Report 20263534567891029We1'r r67c
Consolidated Statement of Changes in Equity
for the year ended 31 March 2026
NoteShare
capital
NZ$000
Convertible
notes
reserve
NZ$000
Share based
payments
reserve
NZ$000
Retained
earnings
NZ$000
Total
equity

NZ$000
Balance at 31 March 2024
19,931343564(4,451)16,387
Loss for the year
———(9,854)(9,854)
Other comprehensive
income net of income tax
—————
Total comprehensive loss
———(9,854)(9,854)
Transaction with owners in their capacity as owners
Shares issued during
the year
19
5,000———5,000
Less: share issue costs19
(298)———(298)
Equity component
recognised in convertible
notes reserve
18.4
—4,270——4,270
Less: transaction
costs allocated to the
equity component of
convertible notes
18.4
—(148)——(148)
Share options issued20, 21
——144—144
Share options forfeited20, 21
——(297)94(203)
Balance at 31 March 2025
24,6334,465411(14,211)15,298
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

Annual Report 20263634567891029We1'r r67c
NoteShare
capital
NZ$000
Convertible
notes
reserve
NZ$000
Share based
payments
reserve
NZ$000
Retained
earnings
NZ$000
Total
equity

NZ$000
Balance at 1 April 2025
24,6334,465411(14,211)15,298
Loss for the year
———(12,354)(12,354)
Other comprehensive
income net of income tax
—————
Total comprehensive loss
———(12,354)(12,354)
Transaction with owners in their capacity as owners
Equity component
recognised in convertible
notes reserve
18.4
—210——210
Less: transaction
costs allocated to the
equity component
of convertible notes
18.4
—(29)——(29)
Share options issued20, 21
——76—76
Share options forfeited20, 21
——(164)164—
Balance at 31 March 2026
24,6334,646323(26,401)3,201
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

Annual Report 20263734567891029We1'r r67c
Consolidated Statement of Financial Position
as at 31 March 2026

Note2026
NZ$000
2025
NZ$000
ASSETS
Current assets
Cash at bank24.11,1595,854
Trade receivables and other current assets118,6068,678
Inventories1217972
9,94414,604
Assets classified as held for sale13650199
Total current assets10,59414,803
Non-current assets
Property, plant and equipment1436,41141,394
Right-of-use assets15.116,27514,620
Intangible assets167,4 0 29,319
Total non-current assets60,08865,333
Total assets70,68280,136
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

Annual Report 20263834567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
LIABILITIES
Current liabilities
Trade payable and other current liabilities179,3797,76 6
Lease liabilities15.23,2462,276
Borrowings1826,6648,652
Income tax payable18142
Total current liabilities39,30718,836
Non-current liabilities
Lease liabilities15.214 ,74 213,704
Borrowings1813,43232,298
Total non-current liabilities28,17446,002
Total liabilities67,48164,838
Net assets3,20115,298
EQUITY
Share capital1924,63324,633
Convertible notes reserve18.44,6464,465
Share based payments reserve20323411
Retained earnings(26,401)(14,211)
Total equity3,20115,298
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.
These consolidated financial statements were approved by the Board on 28 May 2026.
Signed on behalf of the Board by:
Roger Gower
Director
Neil McAra
Director

Annual Report 20263934567891029We1'r r67c
Consolidated Statement of Cash Flows
for the year ended 31 March 2026

Note2026
NZ$000
2025
NZ$000
Cash flows from operating activities
Receipts from customers70,8315 7, 8 7 9
Government grants received22
Payments to suppliers and employees(65,272)(53,447)
Interest received914
Income tax (paid)/refunded(13)21
Net cash from operating activities24.25,5574,469
Cash flows from investing activities
Payments for property, plant and equipment14(1,809)(1,038)
Receipts from sale of property, plant and equipment1,118531
Receipts from sale of assets held for sale13199—
Payments for intangible assets16(69)(12)
Payment of deferred settlement17(500)—
Acquisition of business26—(5,581)
Acquisition costs7.4(27)(393)
Contribution to acquisition expenses—75
Net cash used in investing activities(1,088)(6,418)
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

Annual Report 20264034567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Cash flows from financing activities
Proceeds from issue of share capital19—5,000
Payments for share issue costs19—(298)
Proceeds from borrowings24.32,61432,132
Principal repayment of borrowings24.3( 7, 3 0 6)(36,488)
Interest paid on borrowings24.3(1,938)(3,160)
Proceeds from convertible notes18.41,00015,000
Repayment of convertible notes18.4(2,000)—
Payments for convertible note issue costs18.4(75)(510)
Interest paid on convertible notes18.4(1,150)(547)
Principal repayment of lease liabilities24.3(3,090)(1,700)
Interest paid on lease liabilities24.3(1,334)(1,037)
Other interest paid(7)—
Net cash (used in)/from financing activities(13,286)8,392
Net (decrease)/increase in cash and cash equivalents(8,817)6,443
Cash and cash equivalents at the beginning of the year5,854(589)
Cash and cash equivalents at the end of the year24.1(2,963)5,854
The accompanying notes form part of these consolidated financial statements and should be read in conjunction with them.

Annual Report 20264134567891029We1'r r67c
Notes to the Consolidated
Financial Statements
for the year ended 31 March 2026
General information
WasteCo Group Limited (‘WasteCo’ or ‘the Company’) and its subsidiaries (together ‘the Group’)
are limited liability companies, incorporated under the Companies Act 1993 and domiciled
in New Zealand.
The Group provides solutions in the collection of waste and recycling, sweeping services and
industrial cleaning services. WasteCo is the holding company for the Group. Details of subsidiary
companies and their principal activities are set out in note 22.
The address of the Company’s registered office is 421 Blenheim Road, Christchurch.
1
Material accounting policies
2.1 Statement of compliance and reporting framework
2.2 Basis of preparation
The following are the material accounting policies adopted by the Group in the preparation and
presentation of the consolidated financial statements. There have been no changes in the material
accounting policies since the previous year end unless otherwise stated.
The consolidated financial statements have been prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (‘NZ GAAP’). The Group is a for-profit entity for the purposes
of complying with NZ GAAP. The consolidated financial statements comply with IFRS Accounting
Standards (‘IFRS’), the New Zealand equivalents to IFRS Accounting Standards (‘NZ IFRS’) and other
applicable New Zealand Financial Reporting Standards as appropriate for for-profit entities.
The Company is an FMC reporting entity under the Financial Markets Conduct Act 2013. The
Company is listed on the NZX Main Board (‘NZX’). These consolidated financial statements have been
prepared in accordance with the requirements of the Financial Markets Conduct Act 2013 and the
NZX Main Board Listing Rules.
The consolidated financial statements have been prepared on a historical cost basis apart from those
items measured at fair value as described below. Historical cost is generally based on the fair value of
the consideration given in exchange for goods and services.
2

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The consolidated financial statements are presented in New Zealand dollars which is the
Group’s functional and presentation currency, rounded to the nearest thousand dollars unless
otherwise stated.
2.3 Principles of consolidation
2.4 Revenue recognition
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company. Control is achieved when the Company:
The Group derives revenue from the following major sources:
The Company reassesses whether or not it controls an investee if facts and circumstances indicate
that there are changes to one or more of the three elements of control listed above.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
accounting policies in line with the Group's accounting policies.
All intragroup assets, liabilities, equity, income, expenses, and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.
Acquisitions of businesses are accounted for using the acquisition method. The consideration
transferred in a business combination is measured at fair value. Acquisition related costs are
generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired, and the liabilities assumed are recognised
at their fair value at the acquisition date, except that deferred tax assets or liabilities, and liabilities
related to employee benefit arrangements, are recognised and measured in accordance with NZ IAS
12 Income Taxes and NZ IAS 19 Employee Benefits respectively.
Goodwill is measured as the excess of the sum of the consideration transferred over the net of the
acquisition-date amounts of the identifiable assets acquired, and the liabilities assumed.
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
• Waste collection and recycling services;
• Sweeping services; and
• Industrial cleaning services.
Business combinations

Annual Report 20264334567891029We1'r r67c
The Group provides waste collection and recycling services via front load bins, hook bins, skip bins
and wheelie bins to both commercial and private customers. Recycling services include a dedicated
sorting facility with a focus on diversion from landfill.
Revenue from collection and disposal of waste is recognised when the performance obligation to the
customer has been fulfilled, which is generally when the waste has been collected from the customer.
Costs to dispose of the waste are generally incurred at, or close to, the time of collection.
Revenue from the sale of recycled materials is recognised when control of the goods has transferred,
being when the goods have been shipped to the customer’s specific location or when the customer
collects the goods.
The Group provides sweeping services for Councils and commercial customers. Contracts for the
provision of sweeping services to Councils are usually for ongoing sweeping over multi-year periods.
Revenue from sweeping services provided to Councils are recognised over time as the services are
performed. Revenue from sweeping services provided to commercial customers is recognised when
the performance obligation to the customer has been fulfilled, which is generally when the sweeping
service has been provided.
The Group provides industrial scrubbing, high pressure water blasting, urgent spill response services,
portaloo hire and collection, and septic tank cleaning. Revenue from industrial cleaning services is
recognised when the performance obligation to the customer has been performed, which is generally
when the cleaning services have been performed, or in the case of portaloos, when the regular
cleaning and waste collection has been completed.
Revenue is measured based on the consideration to which the Group expects to be entitled in a
contract with a customer and excludes amounts collected on behalf of third parties, such as goods
and service tax and customs duties.
Waste collection and recycling services
Sweeping services
Industrial cleaning services
2.5 Segment reporting
2.6 Borrowing costs
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision maker. The chief operating decision maker, who is responsible for
allocating resources and assessing performance of the operating segments, has been identified as
the Board of Directors.
Borrowing costs include interest expense calculated using the effective interest method and finance
charges in respect of lease arrangements. Borrowing costs are expensed as incurred.

Annual Report 20264434567891029We1'r r67c
2.7 Income Tax
2.9 Inventories
2.8 Goods and services tax
Income tax expense comprises both current and deferred tax.
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are
determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for
inventories less estimated costs of completion and costs necessary to make the sale.
Revenue, expenses, assets, liabilities, cash receipts and cash payments are recognised net of the
amount of goods and services tax (GST) except:
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit
before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because
of items of income or expense that are taxable or deductible in other years and items that are never
taxable or deductible.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of
unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it
is probable that taxable profits will be available against which those deductible temporary differences
can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference
arises from the initial recognition (other than in a business combination) of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit, unless the initial
recognition gives rise to equal amounts of taxable and deductible temporary differences.
Current tax
Deferred tax
• where the amount of GST incurred is not recovered from the Inland Revenue Department, it
is recognised as part of the cost of acquisition of an asset or as part of an item of expense; or

• for receivables and payables, which are recognised inclusive of GST.

Annual Report 20264534567891029We1'r r67c
2.10 Assets held for sale
2.11 Property, plant and equipment
Non-current assets classified as held for sale are measured at the lower of carrying amount and fair
value less costs to sell. Non-current assets are classified as held for sale if their carrying amount
will be recovered through a sale transaction rather than through continuing use. This condition is
regarded as met only when the sale is highly probable and the asset is available for immediate sale in
its present condition. The Group must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification.
Each class of property, plant and equipment is measured at historical cost less accumulated
depreciation and accumulated impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values, over their
estimated useful lives. The estimated useful lives, residual values and depreciation method are
reviewed at the end of each reporting period.
The following depreciation rates are applied:
An item of property, plant and equipment is derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the
disposal or retirement of an item of property, plant and equipment is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount.
Class of assetDepreciation ratesDepreciation basis
Plant and equipment
4%—20%
Straight line
16%—67%
Diminishing value
Vehicles
7%—20%
Straight line
13%—30%
Diminishing value
Office equipment
16%—50%
Diminishing value
Leasehold improvements
10%
Diminishing value

Annual Report 20264634567891029We1'r r67c
2.12 Intangible assets
Acquired intangible assets with finite useful lives are carried at cost less accumulated amortisation
and accumulated impairment losses. Amortisation is recognised so as to write off the cost of the
assets over their estimated useful lives. The estimated useful lives and amortisation method are
reviewed at the end of each reporting period. Intangible assets with indefinite useful lives that are
acquired separately are carried at cost less accumulated impairment losses.
The following amortisation rates are applied:
Goodwill is measured at cost less accumulated impairment losses. Goodwill is reviewed at each
reporting date to determine whether there is any objective evidence of impairment and is tested
annually for impairment.
Class of assetAmortisation ratesAmortisation basis
Customer contracts
23.5% – 26.7%
Straight line
Computer software
50%
Diminishing value
Brand names
The brand names acquired on the acquisition
of Civic Waste Limited have been fully impaired as
the Group has decided to not continue with these
brand names.
2.13 Leases
The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease
arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease
term of 12 months or less) and leases of low value assets.
The lease liability is initially measured at the present value of the future lease payments, discounted
by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its
incremental borrowing rate. The lease liability is subsequently measured at amortised cost using
the effective interest method. It is remeasured when there is a change in future lease payments
arising from a change in rate or if the Group changes its assessment of whether it will exercise
a purchase, extension of termination option, with a corresponding adjustment made to the carrying
value of the right-of-use asset.
The right-of-use assets comprise the initial measurement of the corresponding lease liability.
They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and the useful life of the
underlying asset.

Annual Report 20264734567891029We1'r r67c
2.14 Financial instruments
2.15 Share capital
2.16 Share based payment transactions
The Group’s financial assets at amortised cost include cash at bank and trade and other receivables.
Financial liabilities (including trade payables and other current liabilities, borrowings and lease
liabilities) are measured at amortised cost using the effective interest method.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
The fair value of share options issued to directors and employees is determined at the grant date and
is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the
share options that will eventually vest, with a corresponding increase in equity.
The Group has issued convertible notes which are compound financial instruments.
The component parts of convertible loan notes issued by the Group are classified separately as
financial liabilities and equity in accordance with the substance of the contractual arrangements and
the definitions of a financial liability and an equity instrument.
At the date of issue, the fair value of the liability component is estimated using the prevailing market
interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an
amortised cost basis using the effective interest method until extinguished upon conversion or at the
instrument’s maturity date.
The conversion option classified as equity is determined by deducting the amount of the liability
component from the fair value of the compound instrument as a whole. This is recognised and
included in equity and is not subsequently remeasured. In addition, the conversion option classified
as equity will remain in equity until the conversion option is exercised, in which case, the balance
recognised in equity will be transferred to share capital. Where the conversion option remains
unexercised at the maturity date of the convertible loan note, the balance recognised in equity will be
transferred to retained earnings.
Transaction costs that relate to the issue of the convertible loan notes are allocated to the liability and
equity components in proportion to the allocation of the gross proceeds. Transaction costs relating
to the equity component are recognised directly in equity. Transaction costs relating to the liability
component are included in the carrying amount of the liability component and are amortised over the
lives of the convertible loan notes using the effective interest method.
Convertible notes

Annual Report 20264834567891029We1'r r67c
At the end of each reporting period, the Group revises its estimate of the number of share options
expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or
loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment
to the share-based payments reserve.
Application of new and revised New Zealand
IFRS Accounting Standards (NZ IFRSs)
3
3.1 New and amended standards and interpretations
All new and amended standards were implemented and the impact deemed not to be material.
The Group has not early adopted any standards, interpretations or amendments that have been
issued but are not yet effective. Early adoption of these new standards, interpretations
or amendments would not have had a material impact on the financial result or financial position
of the Group.
The Group has not yet assessed the impact of NZ IFRS 18 Presentation and Disclosure in Financial
Statements which becomes mandatory for reporting periods beginning on or after 1 January 2027.
It is expected that the standard will impact the presentation of the financial statements.
Key accounting estimates and judgements
In the application of the Group’s accounting policies, which are described in note 2, the directors
of the Group are required to make judgements, estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods. Below are the key accounting judgements.
4
4.1 Going concern
The consolidated financial statements have been prepared on a going concern basis, which assumes
that the Group has the intention and ability to continue its operations for at least 12 months from the
date of signing the financial statements.
The Group incurred an after-tax loss of $12.4 million in the year to 31 March 2026
(2025: $9.9 million loss).

Annual Report 20264934567891029We1'r r67c
At the reporting date the Group had cash of $1.2 million (2025: $5.9 million), negative working capital
of $28.7 million (2025: $4.0 million negative) and net assets of $3.2 million (2025: $15.3 million).
As at 31 March 2026, the Group had borrowings of $40.1 million (2025: $41.0 million) of which
$26.7 million were current (2025: $8.7 million) and $13.4 million were non-current (2025: $32.3
million). Prior to the reporting date the Group identified it was likely to breach its equity and leverage
ratio covenants in its bank facilities with Kiwibank as at 31 March 2026 (note 18.3). Accordingly,
the Group sought a waiver from Kiwibank and received a conditional waiver on 31 March 2026.
The Group considered the waiver conditions were manageable, and the conditions of the waiver
were satisfied shortly after the reporting date. Because the waiver was conditional at the reporting
date the borrowings from Kiwibank are disclosed as current in the Statement of Financial Position.
Kiwibank’s subsequent confirmation of the waiver confirmed the original term of the borrowings.
The Group continues to generate positive operating cashflows. For the twelve months ended
31 March 2026, net cashflows from operating activities were $5.6 million (2025: $4.5 million).
At 31 March 2026 the Group had $3.6 million of unused facility on its Kiwibank asset finance facility
and a $5 million overdraft facility of which $4.1 million had been utilised. The overdraft facility is
to reduce to $3 million by 27 June 2026.
As disclosed in note 29.2, on 20 May 2026 the Board approved a receivables backed financing facility
with Pacific Finance Limited. This new facility is subject to the execution of facility documents
which are expected to be finalised in early June.
As described in Note 16, the Directors have considered forecast financial information and associated
assumptions in their assessment of whether there is potential impairment of intangible assets,
including goodwill.
Notwithstanding the ongoing performance of the business, the Board has, at the time of approving
the consolidated financial statements, a reasonable expectation that the Group has adequate
resources and commitment from its borrowers, that will enable it to meet its financial obligations
for at least 12 months from the date of signing the financial statements.
The Directors have formed this expectation having regards to the Group’s current liquidity position;
forecast cash flows for the assessment period which includes management’s plans to remove some
cost from the business over the coming period; the maturity profile of debt and lease obligations
and compliance with lender covenants; sensitivity analysis and downside scenarios; and actions
available to preserve liquidity should conditions deteriorate. The going concern basis is dependent
on the achievement and timing of forecasted cash flows and continued support being received
from the banking provider over the period of 12 months from the date of signing the consolidated
financial statements as detailed below.
The Directors acknowledge there are material uncertainties that may cast doubt on the Group’s
ability to continue as a going concern and, therefore, it may be unable to realise its assets and
discharge its liabilities in the normal course of business.

Annual Report 20265034567891029We1'r r67c
4.2 Impairment of goodwill
4.4 Recognition of deferred tax asset
4.3 Impairment of non-financial assets
4.5 Determining the lease term and incremental borrowing rate
Cash-generating units to which goodwill has been allocated are tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired. The Board has
undertaken value in use impairment testing and reviewed sensitivity analysis relating to the carrying
value of the goodwill. Judgement is required in determining whether there has been an impairment
in goodwill (note 16.1).
The future benefit of tax losses is recognised as a deferred tax asset to the extent that it is probable
that taxable profits will be available against which those tax losses can be utilised. Judgement is
required in determining the probability and timing of future profits (note 9).
All assets are assessed for impairment at each reporting date by evaluating whether indicators
of impairment exist in relation to the continued use of the asset by the Group. Impairment triggers
include technology changes, adverse changes in the economic or political environment and
future product expectations. If an indicator of impairment exists, the recoverable amount of
the asset is determined.
When determining the lease term, judgement is required in determining whether it is reasonably
certain that an extension option will be exercised. The Group considers all relevant factors that create
an economic incentive for it to exercise the extension. After the commencement date, the Group
• the inherent uncertainties in forward-looking assumptions which can be different, sometimes
materially, to actual results;
• the requirement for Kiwibank to waive compliance with current covenants or agree to alter
covenants in line with the Group’s financial forecasts for the period of at least 12 months from
the date of signing these consolidated financial statements (which are being renegotiated
at the date of signing - refer note 18.3 for further details);
• the requirement for the $15.4 million Kiwibank debt facility that is currently due to mature
30 May 2027, to be rolled over or refinanced; and
• the formal execution of the $10 million receivables backed financing facility with Pacific
Finance Limited, which has been provisionally approved at 20 May 2026.
Key uncertainties are:

Annual Report 20265134567891029We1'r r67c
Revenue
Other income
5
6

2026
NZ$000
2025
NZ$000
Revenue from waste collection and recycling35,31232,039
Revenue from sweeping services23,14613,299
Revenue from industrial cleaning services11,75911,071
70,21756,409

2026
NZ$000
2025
NZ$000
Insurance claims92169
Other income63152
155321
The details above disaggregate the Group's revenue from contracts with customers into primary
markets and major service lines. All revenue is generated in New Zealand.
reassesses the lease term if there is a significant event or change in circumstances that is within its
control and affects its ability to exercise or not to exercise the option to extend. The Group included
the extension period as part of the lease term for leases of premises.
Lease liabilities are measured by discounting the lease payments using the interest rate implicit in
the lease. If that rate cannot be readily determined, the lessee’s incremental borrowing rate is used,
being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an
asset of similar value to the right of use asset in a similar economic environment with similar terms,
security, and conditions. To determine the incremental borrowing rate, the Group uses recent third-
party financing received as a starting point, adjusted to reflect any changes in financing conditions
since the third-party financing was received.

Annual Report 20265234567891029We1'r r67c
Expenses
7

Note2026
NZ$000
2025
NZ$000
Expenses relating to short-term leases(4 21)(268)
Net foreign currency losses(11)(8)
Depreciation and amortisation expenses
Depreciation of property, plant and equipment14(4,723)(4 ,4 23)
Depreciation of right of use assets15.1(3,040)(2,019)
Amortisation of intangible assets16(1,986)(1,727)
(9,749)(8,169)
Fees incurred for services provided by the auditor
Audit of financial statements
Audit of the financial statements(215)(207)
Other services
Acquisition due diligence services—(62)
Total other services—(62)
Total fees incurred for services provided by the auditor(215)(269)
The profit or loss for the year includes the following expenses:

Annual Report 20265334567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Salary and wages(29,935)(23,725)
Temporary staff costs(870)(306)
Employer Kiwisaver contributions(778)(639)
Share based payments20(52)72
(31,635)(24,598)

2026
NZ$000
2025
NZ$000
Interest on asset finance borrowings(1,755)(2,497)
Interest on lease liabilities(1,334)(1,037)
Interest on convertible notes(1,960)(917)
Interest on bank overdraft(188)(161)
Other interest(136)—
Bank fees(83)(69)
Brokerage fees—(4 32)
Use of money interest—(1)
(5,456)(5,114)
7.1 Labour related expenses
7.2 Finance costs

Annual Report 20265434567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Restructuring costs(651)(755)
Write down of assets held for sale13(31)(66)
Loss on disposal of assets(663)(556)
Impairment of property plant & equipment14—(378)
(1,345)(1,755)

Note2026
NZ$000
2025
NZ$000
Acquisition costs(27)(393)
Impairment of intangible assets16—(212)
(27)(605)
7.3 Restructuring costs
7.4 Acquisition costs

Annual Report 20265534567891029We1'r r67c
Segment information
8
The Group provides solutions in the collection of waste and recycling, sweeping services and
industrial cleaning services. All of these collection and disposal services are provided in New Zealand.
2026Waste
collection &
recycling
NZ$000
Sweeping
services

NZ$000
Industrial
cleaning

NZ$000
Corporate
/unallocated

NZ$000
Total

NZ$000
Total revenue
35,31223,14611,759—70,217
Operating EBITDA
3,28510,5213,971(11,926)5,851
Finance income
———99
Finance costs
(268)(68)(261)(4 ,859)(5,456)
Depreciation &
amortisation
(2,203)(626)(1,281)(5,639)(9,74 9)
Health & Safety reset
project costs
(272)——(1,478)(1,750)
Restructuring costs
(4 63)(7)(244)(631)(1,345)
Acquisition expenses
———(27)(27)
Net profit/(loss)
before taxation
799,8202,185(24,551)(12,467)
Income tax benefit
———113113
Net profit/(loss)
for the year
799,8202,185(24,438)(12,354)

Annual Report 20265634567891029We1'r r67c
2025Waste
collection &
recycling
NZ$000
Sweeping
services

NZ$000
Industrial
cleaning

NZ$000
Corporate
/unallocated

NZ$000
Total

NZ$000
Total revenue
32,03913,29911,071—56,409
Operating EBITDA
6,9905,1262,551(10,027)4,640
Finance income
———1414
Finance costs
(161)(25)(172)(4 ,756)(5,114)
Depreciation &
amortisation
(1,509)(348)(1,169)(5,143)(8,169)
Restructuring costs
(90)(4 5)(800)(820)(1,755)
Acquisition expenses
———(605)(605)
Net profit/(loss)
before taxation
5,2304,708410(21,337)(10,989)
Income tax benefit
———1,1351,135
Net profit/(loss)
for the year
5,2304,708410(20,202)(9,854)
The Group has identified its operating segments based on the internal reports reviewed and used by
the Chief Operating Decision Maker (‘CODM’), being the Board of Directors, in assessing the Group’s
performance and in determining the allocation of resources.
The operating segments are identified by the CODM based upon the nature of services provided.
The Group has provided only a measure of profit and loss for each reportable segment as the
CODM is not provided with total assets and liabilities for each segment when assessing the Group’s
performance and allocating resources.
For the year ended 31 March 2026 there were two customers who individually accounted for
more than 10% of the Group's total sales. Sales to these customers were $9.1 million and $7.8 million
(31 March 2025: two customers with sales of $8.6 million and $5.8 million). These customers
purchased sweeping, industrial cleaning & waste services.
8.1 Information about major customers

Annual Report 20265734567891029We1'r r67c
Taxation
9
The analysis of income tax expense is as follows:
9.1 Income tax benefit

2026
NZ$000
2025
NZ$000
Current tax
Current year——
Adjustments in respect of prior years(113)—
(113)—
Deferred tax—(1,135)
Total income tax benefit recognised in the current year(113)(1,135)
The charge for the year can be reconciled to the loss before tax as follows:
9.2 Reconciliation of income tax benefit

2026
NZ$000
2025
NZ$000
Loss before income tax(12,467)(10,989)
Prima facie tax at 28% (2025: 28%)(3,491)(3,077)
Non-deductible expenses61469
Tax losses not recognised3,3171,473
Income tax benefit(113)(1,135)

Annual Report 20265834567891029We1'r r67c
2026Opening
balance
NZ$000
Recognised
in loss
NZ$000
Closing
balance
NZ$000
Deferred tax assets(liabilities)
in relation to:
Provisions and accruals
54519564
Customer contracts asset
(1,555)543(1,012)
Property, plant & equipment
(4,168)(349)(4 , 517)
Leases
38199480
Tax losses offset against deferred tax liability
4,797(312)4,485
———
9.3 Deferred tax
2025Opening
balance
NZ$000
Recognised
in loss
NZ$000
Acquisition
of business
NZ$000
Closing
balance
NZ$000
Deferred tax assets(liabilities)
in relation to:
Provisions and accruals
421(64)188545
Customer contracts asset
(1,319)479(715)(1,555)
Property, plant & equipment
(3,302)(258)(608)(4,168)
Leases
29190—381
Tax losses offset against
deferred tax liability
3,909888—4,797
—1,135(1,135)—

Annual Report 20265934567891029We1'r r67c
9.4 Tax losses

2026
NZ$000
2025
NZ$000
Tax losses for which no deferred tax asset has been recognised24,76512,918
Potential tax benefit @ 28%6,9343,617
The Group did not recognise deferred income tax assets in relation to the losses disclosed above
except to the extent they offset the deferred tax liability. The losses can be carried forward against
future income subject to meeting the requirements of income tax legislation including those relating
to shareholder continuity and business continuity (note 4.4).
9.5 Imputation credits

2026
NZ$000
2025
NZ$000
Imputation credits available for use in subsequent periods152153

2026
NZ$
2025
NZ$
Basic and diluted (loss) per share(0.011)(0.011)
Earnings/(loss) per share
10

Annual Report 20266034567891029We1'r r67c
2026 2025
Loss from continuing operations, NZ$000
(12,354)(9,854)
Weighted average number of ordinary shares used in the
calculation of basic and diluted loss per share, ’000
1,098,373913,172
The loss and weighted average number of ordinary shares used in the calculation of earnings
per share are as follows:
The 24.4 million share options on issue (refer note 21) and the $17 million convertible notes on issue
(refer note 18.4) at the reporting date were not considered to be dilutive due to the Group’s net loss
for the year (2025: 29.6 million share options and $18 million convertible notes on issue were not
considered to be dilutive).
Trade receivables and other current assets
11

2026
NZ$000
2025
NZ$000
Trade receivables from contracts with customers7, 1 9 67,7 1 9
Other receivables7822
Prepayments1,332937
8,6068,678
The standard credit terms on sales are 20th of the following month. No interest is charged on
outstanding trade receivables. Due to the short-term nature of current receivables, their carrying
amount is considered to be the same as their fair value.

Annual Report 20266134567891029We1'r r67c

2026
NZ$000
2025
NZ$000
Reconciliation for allowance for expected credit losses
Balance at the beginning of the year6862
Impairment losses recognised on receivables17967
Amounts written off as uncollectable(54)(61)
Balance at the end of the year19368
The Group has assessed expected loss rates for trade receivables based on its judgement of the
impact of current economic conditions and its experiences with customers to date. There has been no
significant change in the estimation techniques used for assessing the expected loss rates during the
current reporting period.
11.1 Allowance for expected credit loss
2026Current

NZ$000
Less than
30 days
past due
NZ$000
30 to
60 days
past due
NZ$000
More than
60 days
past due
NZ$000
Total

NZ$000
Trade receivables
6,980116912027, 3 8 9
Loss allowance
——(5)(188)(193)
7,196
2025Current

NZ$000
Less than
30 days
past due
NZ$000
30 to
60 days
past due
NZ$000
More than
60 days
past due
NZ$000
Total

NZ$000
Trade receivables
5,7361,0365544617,7 8 7
Loss allowance
(11)(3)(9)(4 5)(68)
7,719
The Group’s receivables aging is as follows:

Annual Report 20266234567891029We1'r r67c
Inventories
12

2026
NZ$000
2025
NZ$000
Finished goods17972
17972
No inventory was expensed in the net loss for the year (2025: $200,467).
Assets held for sale
13

2026
NZ$000
2025
NZ$000
Property, plant & equipment650199
Total assets held for sale650199

Note2026
NZ$000
2025
NZ$000
Balance at 1 April199—
Reclassified from property, plant & equipment:14
— cost938294
— accumulated depreciation(257)(29)
Write down of assets held for sale(31)(66)
Sale of assets(199)—
Balance at 31 March650199

Annual Report 20266334567891029We1'r r67c
Assets held for sale at 31 March 2026 consist of equipment and vehicles which have been identified as
non-core to requirements. These assets have been provided to an agent to arrange their sale.
All items have been held for sale for less than 12 months.
The assets held for sale at 31 March 2025 relate to a mowing business that was acquired as part of
the acquisition of the Cleanways in the 2024 financial year. The Group decided to sell this mowing
business as it is not part of the Group’s core strategy. The business was sold on 3 June 2025. This
business was part of the Industrial cleaning segment.
The assets held for sale have been written down to their recoverable value.
Property, plant and equipment
14
Plant and
equipment
NZ$000
Vehicles
NZ$000
Office
equipment
NZ$000
Leasehold
improvements
NZ$000
Assets under
construction
NZ$000
Total

NZ$000
Cost
At 31 March 2024
19,42932,21958543118952,853
Additions
390276180108841,038
Transfers
—189——(189)—
Business acquisition
(Note 26)
9294,2152041—5,205
Reclassified to assets
held for sale (Note 13)
(5)(289)———(294)
Disposals
(193)(1,231)(20)——(1,444)
At 31 March 2025
20,55035,3797655808457,358
Additions
623470149545131,809
Transfers
—20——(20)—
Reclassified to assets
held for sale (Note 13)
—(938)———(938)
Disposals
(538)(1,534)(93)(5)—(2,170)
At 31 March 2026
20,63533,39782162957756,059

Annual Report 20266434567891029We1'r r67c
Plant and
equipment
NZ$000
Vehicles
NZ$000
Office
equipment
NZ$000
Leasehold
improvements
NZ$000
Assets under
construction
NZ$000
Total

NZ$000
Accumulated depreciation and impairments
At 31 March 2024
(5,083)(6,012)(396)(83)—(11,574)
Depreciation expense
(1,920)(2,317)(143)(4 3)—(4 ,4 23)
Reclassified to assets
held for sale (Note 13)
227———29
Disposals
7529116——382
Impairments
(377)————(377)
At 31 March 2025
(7,303)(8,011)(523)(126)—(15,963)
Depreciation expense
(1,907)(2,602)(163)(51)—(4,723)
Reclassified to assets
held for sale (Note 13)
—257———257
Disposals
297413701—781
Impairments
——————
At 31 March 2026
(8,913)(9,943)(616)(176)—(19,648)
Carrying amount
At 31 March 2026
11,72223,45420545357736,411
At 31 March 2025
13,24627, 3 6 82424548441,394
At 31 March 2024
14,34626,20718934818941,279

Annual Report 20266534567891029We1'r r67c
15.1 Right-of-use asset
Equipment
NZ$000
Vehicles
NZ$000
Premises
NZ$000
Total
NZ$000
Cost
At 31 March 2024
—3,7049,83913,543
Additions
200901—1,101
Lease modifications
—120123243
Disposals
—(618)—(618)
Business acquisition (Note 26)
—3,1921,5594,751
At 31 March 2025
2007,29911,52119,020
Additions
962,4002,5034,999
Lease modifications
3—9699
Disposals
—(586)—(586)
At 31 March 2026
2999,11314,12023,532
Accumulated depreciation
At 31 March 2024
—(707)(2,291)(2,998)
Depreciation expense
(30)(1,009)(980)(2,019)
Lease modifications
—617—617
At 31 March 2025
(30)(1,099)(3,271)(4,400)
Depreciation expense
(83)(1,585)(1,372)(3,040)
Lease modifications
—(13)3(10)
Disposals
—193—193
At 31 March 2026
(113)(2,504)(4,640)(7,257)
Leases
15
The Group leases vehicles, and premises for waste sorting, vehicle storage and administration.

Annual Report 20266634567891029We1'r r67c
Equipment
NZ$000
Vehicles
NZ$000
Premises
NZ$000
Total
NZ$000
Carrying amount
At 31 March 2026
1866,6099,48016,275
At 31 March 2025
1706,2008,25014,620
At 31 March 2024
—2,9977,54810,545
The average lease term is 6.58 years (2025: 8.06 years). The average IBR rate is 7.72% (2025: 8.07%).

2026
NZ$000
2025
NZ$000
Maturity analysis—contractual undiscounted cash flows
Up to one year4,5053,479
One to two years4,5003,354
Two to five years8,9838,569
More than five years4,4475,228
Total undiscounted lease liabilities at reporting date22,43520,630
Less: future finance charges(4 ,4 47)(4 ,650)
Total discounted lease liabilities at reporting date17,98815,980
Lease liabilities included in the Consolidated Statement of Financial Position at reporting date
Current3,2462,276
Non-current14 ,74 213,704
17,98815,980
15.2 Lease liabilities

Annual Report 20266734567891029We1'r r67c
Intangible assets
16
Goodwill

NZ$000
Customer
contracts
NZ$000
Brand names
NZ$000
Computer
software
NZ$000
Total

NZ$000
Cost
At 31 March 2024
1,4135,435—1316,979
Additions
———1212
Business acquisition
(Note 26)
2,2932,554212475,106
Disposals
———(112)(112)
At 31 March 2025
3,7067,9892127811,985
Additions
———6969
At 31 March 2026
3,7067,98921214712,054
Accumulated amortisation/impairment
At 31 March 2024
—(725)—(91)(816)
Amortisation expense
—(1,711)—(16)(1,727)
Impairment expense
——(212)—(212)
Disposals
———8989
At 31 March 2025
—(2,436)(212)(18)(2,666)
Amortisation expense
—(1,940)—(4 6)(1,986)
Impairment expense
—————
At 31 March 2026
—(4,376)(212)(64)(4,652)

Annual Report 20266834567891029We1'r r67c
Goodwill

NZ$000
Customer
contracts
NZ$000
Brand names
NZ$000
Computer
software
NZ$000
Total

NZ$000
Carrying amount
At 31 March 2026
3,7063,613—837,402
At 31 March 2025
3,7065,553—609,319
At 31 March 2024
1,4134,710—406,163
In 2025 the brand names acquired on the acquisition of Civic Waste Limited were fully impaired as the
Group had decided to not continue with the brand names.
The carrying amount of goodwill has been allocated to CGUs as follows:
16.1 Impairment testing for cash-generating units (‘CGUs’) containing goodwill

2026
NZ$000
2025
NZ$000
Industrial services1,5501,550
Waste collection1,3301,330
Sweeping826826
Balance at reporting date3,7063,706
The Directors have assessed the goodwill for impairment at the reporting date and have concluded
that no impairment has occurred. The following provides a summary of the analysis performed.
The recoverable amount of each CGU was determined on a ‘value in use’ basis. Value in use was
determined by discounting the future cash flows generated from the continuing use of each CGU
based on the key assumptions set out below. Cash flows were projected on actual operating results,
the 12-month budget reviewed and approved by the Board of Directors, and multi-year forecasts.

Annual Report 20266934567891029We1'r r67c
The value in use calculation for the ‘Industrial services’ CGU used cash flow projections based on the
2027 budget and financial projections covering a five-year period (2025: five-year period).
The calculation used a weighted average cost of capital rate of 9.5% per annum (2025: 9.5% per
annum). The weighted average cost of capital is calculated using the Group’s cost of debt, equity
market return expectations and targeted leverage levels based on comparable company analysis.
A terminal value of the CGU was then determined after the forecast period and applied to the
calculated value in use.
Solely for the purposes of this assessment, anticipated annual revenue of the CGU has been
projected to reduce by 7.2% in 2027 with 2.5% per annum growth from 2028 onwards. Free cash flows
are forecast to grow by 1% in 2027 increasing to 5% growth per annum in 2028 to 2031. After 2031
a 2.5% growth in free cash flows is forecast into perpetuity (2025: anticipated revenue growth of 37%
in 2026 which includes 12 months of Civic revenue’s compared to 4 months in FY25, with ongoing
5% per annum increase in free cash flows).
The calculated recoverable value of the ‘Industrial services’ CGU was $12.7 million. Its carrying value
was $11.0 million.
The following adjustment to the key assumptions would individually reduce the Industrial services
CGU’s recoverable value to the level of its carrying value:
The value in use calculation for the ‘Waste collection’ CGU used cash flow projections based
on the 2027 budget and financial projections covering a five-year period (2025: five-year period).
The calculation used a weighted average cost of capital rate of 9.5% per annum (2025: 9.5% per
annum). A terminal value of the CGU was then determined after forecast period and applied to the
calculated value in use.
Solely for the purposes of this assessment, anticipated annual revenue growth of the CGU has
been projected at 15% in 2027 due to the Group’s focus on growing the waste business. Ongoing
revenue growth is forecast at 2.5% per annum. After 2027 free cash flows are forecast to steady and
grow by 7% reducing to 6% per annum until 2031. After 2031 a 2.5% growth in free cash flows is forecast
into perpetuity (2025: anticipated revenue growth of 31% in 2026 which includes 12 months of Civic
revenue’s compared to 4 months in FY25, with ongoing 5% per annum growth in free cash flows).
The following adjustment to the key assumptions would individually reduce the Waste Collection
services CGU’s recoverable value to the level of its carrying value:
Industrial services
Waste collection
• an increase in the discount rate by 1.8 percentage points;
• a reduction in the terminal growth rate by 2.3 percentage points; and
• a reduction in free cash flows by 27.6%.
• an increase in the discount rate by 6.7 percentage points; and
• a reduction in the terminal growth rate by 9.2 percentage points.

Annual Report 20267034567891029We1'r r67c
Solely for the purposes of this assessment, anticipated annual revenue of the CGU has been
projected to grow by 10% in 2027 followed by an ongoing average 3.5% per annum growth in free
cash flows until 2031. After 2031 a 2.5% growth in free cash flows is forecast into perpetuity
(2025: anticipated revenue growth of 25% in 2026 which includes 12 months of Civic revenue’s
compared to 4 months in FY25, with ongoing 5% per annum growth in free cash flows).
Any reasonably possible change to the key inputs to the goodwill model would not lead to impairment.
The value in use calculation for the ‘Sweeping’ CGU used cash flow projections based on the 2027
budget and financial projections covering a five-year period (2025: five-year period). The calculation
used a weighted average cost of capital rate of 9.5% per annum (2025: 9.5% per annum). A terminal
value of the CGU was then determined after forecast period and applied to the calculated value in use.
Sweeping

Annual Report 20267134567891029We1'r r67c
Trade payables and other current liabilities
17

2026
NZ$000
2025
NZ$000
Trade payables5,6413,131
Accrued expenses2,1202,483
Deferred settlement for acquisition of Civic505880
PAYE payable658582
GST payable310512
Revenue received in advance100127
Other payables4551
9,3797,766
The deferred settlement is payable to the vendors of Civic Waste Limited (‘Civic’) which was
purchased by the Group in November 2024 (note 26). The deferred settlement relates to the
contingent consideration of $1 million payable to the vendors based upon Civic’s actual EBITDA
results during the 12 months to 30 November 2025. The $880,000 fair value of the contingent
consideration recognised at 31 March 2025 was calculated based upon the expected $1 million
payment discounted to present value using the Civic weighted average cost of capital of 13.6%.
The Group has agreed a deferred settlement repayment plan with the vendors under which $100,000
principal is repaid monthly. An interest charge of 10% per annum is applied to the monthly
outstanding balance.
The carrying amount of trade payables and other current liabilities are assumed to be the same as fair
value due to the short-term nature of these amounts.

Annual Report 20267234567891029We1'r r67c
Borrowings
18

Note2026
NZ$000
2025
NZ$000
Secured borrowings at amortised cost
Bank overdraft18.14,122—
Asset finance18.221,91225,930
Convertible notes18.411,23110,581
Unsecured borrowings at amortised cost
Convertible notes18.41,8152,839
Other loans18.51,0161,600
Total borrowings40,09640,950
Current26,6648,652
Non-current13,43232,298
40,09640,950
All borrowings are denominated in NZD.

2026
NZ$000
2025
NZ$000
Balance at 1 April—2,340
Net drawdown on overdraft facility4,122—
Repayment of overdraft—(2,340)
Balance at 31 March4,122—
18.1 Bank overdraft

Annual Report 20267334567891029We1'r r67c
At 31 March 2026 the Group had a $5 million overdraft facility with Kiwibank Limited (‘Kiwibank’)
(31 March 2025: $3 million). The $5 million facility reduces to $3 million on 27 June 2026 pending a
formal review of current total facilities. Interest is payable at a rate of 9.6% per annum (2025: 10.6%).
The bank overdraft is secured under the General Security Agreement detailed in note 18.2.

2026
NZ$000
2025
NZ$000
Balance at 1 April25,93028,177
Proceeds from asset finance87829,875
Repayment of loans(4 ,896)(32 ,122)
Balance at 31 March21,91225,930
18.2 Asset finance
Asset finance is used to fund the purchase of assets and business acquisitions.
The Group had the following borrowing facility with Kiwibank:
• a $5 million Kiwibank Overdraft facility to fund working capital (2025: $3 million).
At the reporting date the Group had drawn down $4.1 million of the facility (2025: $nil).
Interest is charged at a rate calculated as Kiwibank’s Business Overdraft Base Rate less
a margin of 0.75% per annum. The $5 million available facility reduces to $3 million on
27 June 2026 pending a formal review of current total facilities;
• a $10 million Kiwi Asset Finance KiwiPlus facility with $250,000 principal repayable plus
interest monthly (2025: $17 million with $400,000 principle repayable monthly plus interest).
The Group had borrowed $6.4 million from the facility at 31 March 2026 (2025: $10.4 million
borrowed). Interest is charged at a rate calculated as Kiwibank’s cost of funds plus a cost
of funds margin of 2.80% per annum (2025: cost of funds margin of 2.80%). The facility matures
on 6 May 2028; and
• a $15.45 million Kiwi Asset Finance KiwiPlus facility with interest only payable until
30 May 2027 (2025: $15.45 million). The Group had fully borrowed $15.4 million from this
facility at 31 March 2026 (2025: $15.4 million borrowed). Interest is charged at a rate calculated
as Kiwibank’s cost of funds plus a cost of funds margin of 2.80% per annum (2025: 2.80%).
The facility matures on 30 May 2027.

Annual Report 20267434567891029We1'r r67c
The facilities are secured by:
The weighted average interest rates on asset finance loans during the period was 7.21% (2025: 8.65%).
• a first ranking and exclusive General Security Agreement over WasteCo NZ Limited and
the entities within the Group, including WasteCo Group Limited;
• an unlimited cross guarantee between each Group entity; and
• a specific Security Agreement over each individual asset of Wasteco NZ Limited with
a value greater than $50,000.
Under the terms of its Kiwibank borrowing facility, the Group has covenants on the following ratios:
interest cover; debt service cover; equity; leverage; and loan to value.
Prior to the reporting date the Group identified it was likely to breach its equity and leverage ratio
covenants in its bank facilities with Kiwibank as at 31 March 2026. Accordingly, the Group sought
a waiver from Kiwibank and received a conditional waiver on 31 March 2026. The Group considered
the waiver conditions were manageable, and the conditions of the waiver were satisfied shortly after
the reporting date.
Because the waiver was conditional at the reporting date and in accordance with the requirements
of NZ IAS 1 Presentation of Financial Statements, the borrowings from Kiwibank are disclosed as
current in the Statement of Financial Position. Kiwibank’s subsequent confirmation of the waiver
confirmed the original repayment terms of the borrowings.
WasteCo is in the process of renegotiating covenant requirements with Kiwibank which is expected
to be resolved before 29 June 2026.
18.3 Bank covenants

Annual Report 20267534567891029We1'r r67c

2026
NZ$000
2025
NZ$000
Balance at 1 April13,4202,657
Value of convertible notes issued2,00015,000
Equity component recognised in convertible notes reserve(210)(4 , 270)
Interest expense1,960917
Interest paid(1,150)(547)
Transaction costs allocated to the debt component
of the convertible notes
(4 2)(366)
Amortisation of transaction costs6829
Convertible notes redeemed(3,000)—
Balance at 31 March13,04613,420
Secured convertible notes (maturing December 2030)11,23110,581
Unsecured convertible notes (maturing October 2027)1,8152,839
13,04613,420
18.4 Convertible notes
At 31 March 2025 the Group had issued 18 million convertible notes made up of:
• $15 million secured convertible notes issued 19 December 2024 with a five-year term,
paying the holder interest of 6% per annum, and providing the holder with the option to convert
the notes into equity at $0.02 per share at any time during the term. The notes are secured
by a second ranking general security deed over the present and after acquired property
of the Company. The interest expense on the liability component of these convertible notes
was calculated by applying an effective annual interest rate of 14%; and
• $3 million unsecured convertible notes issued on 27 March 2024, maturing on 15 October 2025.
They offer the holders the right to redeem for cash on the maturity date or convert to fully paid
ordinary shares at $0.05 each prior to maturity. The notes pay the holders interest of 10%
per annum, paid quarterly, up until the date of conversion or redemption. The interest expense
on the liability component of these convertible notes was calculated by applying an effective
annual interest rate of 18%.

Annual Report 20267634567891029We1'r r67c
$2 million of the unsecured convertible notes were repaid on maturity.
On 22 September 2025 the Group issued an additional $1 million unsecured convertible notes
to a wholesale investor who was also the current holder of $1 million convertible notes issued on
27 March 2024. Under the terms of the September 2025 convertible notes subscription agreement,
the investor agreed to also renew the subscription of their original $1 million of convertible notes for
a further period from 15 October 2025. The maturity date of the combined $2 million convertible notes
is 15 October 2027. They offer the holder the right to redeem for cash on the maturity date, or
convert to fully paid ordinary shares at $0.02 each prior to maturity. The notes pay the holder interest
of 10% per annum, paid quarterly, up until the date of conversion or redemption. The interest expense
on the liability component of these convertible notes was calculated by applying an effective
annual interest rate of 18%.

2026
NZ$000
2025
NZ$000
Balance at 1 April1,600655
Proceeds from loans1,7352,256
Loans acquired on business acquisition—2,596
Overdraft acquired on business acquisition—458
Repayment of loans(2,319)(4 ,365)
Balance at 31 March1,0161,600
18.5 Other loans
$133,000 of other loans fund insurance premiums and are secured against the funded policies.
The loans are repayable within eight months of the commencement of the relevant insurance policies.
Interest is fixed with a weighted average rate of 4.75% at the reporting date (2025: $702,000 with
a weighted average interest rate of 7.26%).
$623,000 of other loans is unsecured and is repayable over period to 31 March 2028. Variable interest
is charged. The interest rate at the reporting date was 10.91% (2025: 10.91%).
The remaining balances have a range of repayment dates over the next 0.25 to 3.5 years.
Interest accrues at rates of between 8.21% to 19.05%.

Annual Report 20267734567891029We1'r r67c
Share capital
19

2026
NZ$000
2025
NZ$000
At 1 April24,63319,931
Shares issued during the year—5,000
Share issue costs—(298)
At 31 March24,63324,633
The table below details the movement in ordinary shares issued by the Company.
The following table shows the movement in share capital for the Group.
All ordinary shares on issue are fully paid, have equal voting rights, and share equally in dividends and
any surplus on winding up.

2026
’000
2025
’000
Ordinary shares as at 1 April1,098,373848,373
Shares issued during the year—250,000
Ordinary shares as at 31 March1,098,3731,098,373

Annual Report 20267834567891029We1'r r67c
Share based payments reserve
20

Note2026
NZ$000
2025
NZ$000
Balance at 1 April411564
Share options issued2176144
Share options forfeited21(164)(297)
Share options exercised21——
Balance at 31 March323411
Share based payments are included in:
Directors’ remuneration2412
Employees’ remuneration (reversal of expense)52(72)
76(60)
Share options
21
The Company has a share option scheme for directors and selected employees of the Company and
its subsidiaries to purchase ordinary shares in the Company.
Each share options converts into one ordinary share of the Company on exercise. No amounts are paid
or payable by the recipient on receipt of the option. The options carry no rights to dividends and no
voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.

Annual Report 20267934567891029We1'r r67c
The options vest in 3 equal tranches: one third on the grant date, one third on the first anniversary
of the grant date and the final third on second anniversary of the grant date. Each tranche can
be exercised at any time within 3 years from the vesting date.
At 31 March 2026, 6.2 million of the share options granted had not yet vested to option holders
(31 March 2025: 13.3 million).
The weighted average contractual life of the share options outstanding at 31 March 2026 was
2.5 years (31 March 2025: 3.2 years).
20262025
Number
of options
Weighted average
exercise price
Number
of options
Weighted average
exercise price
Balance at 1 April29,600,000$0.03220,800,000$0.050
Granted during the year——18,500,000$0.023
Exercised during the year————
Expired during the year(2,700,000)$0.050——
Forfeited during the year(2,500,000)$0.050(9,700,000)$0.050
Balance at 31 March24,400,000$0.03029,600,000$0.032
Exercisable at 31 March18,233,333$0.03016,266,667$0.040

Annual Report 20268034567891029We1'r r67c
Subsidiaries
22
Ownership interest
held by Group
Name of subsidiaryPrincipal activity20262025
Civic Waste LimitedWaste collection, recycling & disposal
100%100%
Safeco Training NZ LimitedSafety management training
—100%
Sortco NZ LimitedWaste sorting and recycling
—100%
WasteCo Finance NZ LimitedCredit card merchant account holder for group
—100%
WasteCo Holdings NZ LimitedHolding company
—100%
WasteCo NZ LimitedWaste collection, recycling & disposal
100%100%
WasteCo NZ (Southern) LimitedWaste collection, recycling & disposal
—100%
WasteCo Port Services NZ LimitedIndustrial cleaning
—100%
On 1 July 2025 Safeco Training NZ Limited, Sortco NZ Limited, Wasteco Finance NZ Limited,
Wasteco Holdings NZ Limited, Wasteco NZ (Southern) Limited, Wasteco Port Services NZ Limited and
Wasteco NZ Limited amalgamated to become Wasteco NZ Limited.
Following the amalgamation, the companies remaining in the Group are WasteCo Group Limited,
WasteCo NZ Limited and Civic Waste Limited.
All subsidiaries are domiciled in New Zealand and have a balance date of 31 March.
Financial instruments
23
23.1 Classes and categories of financial instruments
The Group has entered into a number of non-derivative financial instruments all of which are classified
as financial assets and liabilities at amortised cost. The carrying values of these items approximate
their fair value and represent the maximum exposures for each type of financial instrument.
They are listed as follows:

Annual Report 20268134567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Financial assets at amortised rate
Cash at bank1,1595,854
Trade receivables and other current assets117, 2747,74 1
Total financial assets8,43313,595
Financial liabilities at amortised rate
Trade payables and other current liabilities178,3116,545
Borrowings—current1826,6648,652
Borrowings—non-current1813,43232,298
Lease liabilities—current15.23,2462,276
Lease liabilities—non-current15.214 ,74 213,704
Total financial liabilities66,39563,475
The Group does not have any derivative financial instruments (2025: nil).
23.2 Financial risk management objectives
23.3 Market risk
The Group’s activities expose it to a variety of financial risks: market risk (including interest rate risk
and currency risk), credit and liquidity risk. The Group’s overall risk management programme focuses
on the unpredictability of financial markets and seeks to minimise potential adverse effects on its
financial performance.
Risk management is carried out under policies approved by the Board of Directors.
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest
rates will affect the Group’s income or the value of its holdings of financial instruments. The objective
of market risk management is to manage and control the market risk exposures within acceptable
parameters, while optimising the return on risk.
The Group’s main market risk relates to interest rate risk. Interest rate risk is the risk that the fair
value of the financial instrument or cash flows associated with the instrument will fluctuate due to
changes in market interest rates.

Annual Report 20268234567891029We1'r r67c
The Group’s interest rate risk exposure primarily relates to its exposure to variable interest rates
on borrowings. The Group has managed this risk exposure through:
A 100 basis points increase in the interest rates of variable rate borrowings, taking into account
scheduled repayments, would increase the annual interest expense on the borrowings from these
facilities by $218,000. A decrease in the variable interest rates of 100 basis points, taking into
account scheduled repayments, would decrease the annual interest expense on the borrowings
from these facilities by $216,000.
• active management of borrowing facilities to ensure the Group is accessing the best funding
solutions to deliver savings in interest costs and provide preferential repayment terms;
• the issue of convertible notes which require no repayment until the end of the term of the notes,
and even then repayment is only required if the notes are not settled through the issue
of shares. This has enabled the Group to focus on the repayment of Kiwibank borrowings.
The convertible notes have a fixed interest rate payable that is significantly lower than the
bank borrowings interest rate; and
• a focus on debt repayment.
23.4 Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations and arises from cash and cash equivalents, and
the Group’s receivables from customers. The Group’s maximum credit risk is represented by the
carrying value of these financial assets.
The credit risk associated with cash transactions and deposits is managed through the Group’s
policies that limit the use of counterparties to high credit quality financial institutions.
The Group minimises concentrations of credit risk in receivables by undertaking transactions with
a large number of customers. In addition, receivable balances are monitored on an ongoing basis
with the objective that the Group’s exposure to expected credit losses is minimised. The Group
considers information developed internally or obtained from external sources to determine whether
a debtor is unlikely to pay the balances due in full. The Group writes off a trade receivable when there
is information indicating that the debtor is in severe financial difficulty and there is no realistic
prospect of recovery.
23.5 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as and when
they fall due. The Group’s liquidity risk management includes maintaining sufficient cash reserves
to meet future commitments (refer to note 4.1 Going Concern).

Annual Report 20268334567891029We1'r r67c
The following table provides a maturity analysis of the Group’s remaining contractual cash
flows relating to non-derivative financial liabilities. Contractual cash flows include contractual
undiscounted principal and interest payments.
The liquidity table assumes convertible noteholders request repayment of the notes at the end of
their respective terms and do not choose to convert the notes to shares.
Carrying
amount

NZ$000
Contractual
cash flows
NZ$000
Payable
0–6
months
NZ$000
Payable
6–12
months
NZ$000
Payable
1–2 years
NZ$000
Payable
2–5 years
NZ$000
Payable
5+ years

NZ$000
As at 31 March 2026
Trade payables
and other current
liabilities
9,3799,3799,379————
Borrowings
40,09651,51230,7977803,43516,500—
Lease liability
17, 9 8 822,4352,2732,2324,5008,9834,447
67,46383,32642,4493,0127,93525,4834,447
As at 31 March 2025
Trade payables
and other current
liabilities
7,76 67,76 67,76 6————
Borrowings
40,95055,9334,5686,78221,63022,953—
Lease liability
15,98020,6301 ,74 91,7303,3548,5695,228
64,69684,32914,0838,51224,98431,5225,228
23.6 Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going
concern while maximising the return to shareholders through the optimisation of debt and equity.
The capital structure of the Group consists of equity, comprising issued capital and retained earnings,
and debt. The Group reviews the capital structure on a regular basis including assessing equity ratios
and ensuring compliance with bank covenants (refer note 18.3), to ensure that entities in the Group
are able to continue as going concerns (note 4.1) and to fund its acquisition strategy.

Annual Report 20268434567891029We1'r r67c
Notes to the cash flow statement
24

Note2026
NZ$000
2025
NZ$000
Cash at bank1,1595,854
Bank overdraft18.1(4 ,1 22)—
(2,963)5,854
24.1 Cash and cash equivalents

Annual Report 20268534567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Net loss after taxation(12,354)(9,854)
Adjustments for:
Depreciation of property, plant and equipment144,7234,423
Depreciation of right of use assets153,0402,019
Amortisation of intangible assets161,9861,727
Impairment of plant and equipment14—378
Impairment of intangible assets16—212
Loss on disposal of property, plant and equipment663553
Share based payments2076(60)
Interest paid on borrowings1,9433,160
Interest paid on lease liabilities1,3341,037
Interest on convertible notes18.41,960917
Other interest218—
Amortisation of convertible note issue costs18.46829
Write down of assets held for sale133166
Acquisition related costs includes in investing activities27393
Contribution towards acquisition costs—(75)
Income tax benefit recognised on acquisiton
of Civic Waste
26
—(1,135)
24.2 Reconciliation of profit or loss after taxation with cash flow from operating activities

Annual Report 20268634567891029We1'r r67c

2026
NZ$000
2025
NZ$000
Movements in working capital
(Increase)/decrease in trade receivables
and other current assets
72(1,056)
(Increase)/decrease in inventory
(107)201
Increase/(decrease) in trade payables
and other current liabilities
1,6151,907
Increase/(decrease) in income tax payable
(124)168
Movement in working capital due to investing activities
386(541)
Net cash received from operating activities
5,5574,469

Annual Report 20268734567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Borrowings
At 1 April40,95033,829
Cash:
Proceeds from borrowings2,61432,132
Net proceeds from bank overdraft4,122—
Principal repayment of borrowings( 7, 3 0 6)(36,488)
Interest paid on borrowings(1,938)(3,160)
Net repayment of bank overdraft—(2,340)
Proceeds from convertible notes1,00015,000
Repayment of convertible notes(2,000)—
Convertible note issue costs paid(4 2)(366)
Interest paid on convertible notes(1,150)(547)
Non-cash:
Finance costs accrued on borrowings2,0283,160
Equity component recognised in convertible notes reserve(210)(4 , 270)
Interest accrued on convertible notes1,960917
Amortisation of convertible note issue costs6829
Loan acquired on business acquisition26—2,596
Overdraft acquired on business acquisition—458
As 31 March40,09640,950
24.3 Reconciliation of liabilities arising from financing activities

Annual Report 20268834567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Lease liabilities
At 1 April15,98011,584
Cash:
Principal repayments of lease liabilities(3,090)(1,700)
Interest paid on lease liabilities(1,334)(1,037)
Non-cash:
Lease liabilities recognised4,9991,101
Lease liabilities from business acquisitions26—4,751
Interest on lease liabilities1,3341,037
Lease modifications99243
As 31 March17,98815,980
Related parties
25
25.1 Directors
25.2 Key management personnel compensation
The directors of the Company during the year were Roger Gower, Simon Herbert, Sean Joyce,
Sara Lunam (appointed 1 July 2025), Neil McAra (appointed 1 March 2026), James Redmayne
(resigned 25 May 2026), Shane Edmond (resigned 28 February 2026) and Rodney Malam
(as an alternate to Simon Herbert—resigned 1 May 2026).
Key management personnel are the Directors, including the acting Chief Executive Officer,
and members of the executive leadership team (2025: key management personnel were the
directors, Chief Executive Officer and members of the executive leadership team).
Key management personnel compensation is set out below.

Annual Report 20268934567891029We1'r r67c

Note2026
NZ$000
2025
NZ$000
Short term benefits—directors fees301236
Short term benefits—directors remuneration291—
Share based payments—directors fees202412
Short-term benefits—employee benefits8851,396
Share based payments—employee benefits5180
Termination benefits7080
Short-term benefits—consulting services77429
1,6992,233
25.3 Empire Waste Technology Limited
Empire Waste Technology Limited (‘EWTL’) is the holder of the $15 million of convertible notes
issued by the Company on 19 December 2024 (refer note 18.4). Simon Herbert is a director of EWTL.
Simon Herbert, Sean Joyce and Rodney Malam (as an alternate to Simon Herbert) were nominated
to the WasteCo Board by EWTL under the terms of the convertible notes agreement.
25.4 Bastre Properties NZ Limited
Bastre Properties NZ Limited (‘Bastre Properties’) owns premises that are leased by the Group.
The initial term of the lease is five years from November 2020 and the Group hold rights of renewal
for two further five-year terms. $112,249 was paid in rent to Bastre Properties in the reporting period
ended 31 March 2026 (2025: $127,664). As at 31 March 2026 the Group recognised $744,263 of
lease liabilities due to Bastre Properties (2025: $1,023,961).
44% of the share capital of Bastre Properties is owned by the James & Sam Family Trust, of which
James Redmayne and his wife Samantha are trustees.

Annual Report 20269034567891029We1'r r67c
25.5 Other transactions with related parties
The Group paid CM Partners Limited, of which Sean Joyce is a director and a company controlled
by Mr Joyce is a shareholder, $50,000 for professional fees in relation to the issue of convertible notes.
During the year the Group paid $2.1 million to Findex for the provision of Health & Safety and human
resources consulting services, of which $264,000 was incurred since Neil McAra’s appointment
as director. Neil McAra is managing partner for the Business Advisory and Accounting division of
Findex Southland. Findex operates a division leadership model for New Zealand. Other services lines,
for example audit, resources and Health & Safety consulting report to different leaders within the
business. Findex provides services to WasteCo in relation to human resources and Health & Safety.
Personnel providing these services to the Group do not report to Neil McAra. Neil McAra receives
no financial benefit from the services provided.

Annual Report 20269134567891029We1'r r67c
Prior period disclosure—Acquisition of Civic Waste Limited
26
WasteCo entered into a sale and purchase agreement for the purchase of 100% of the shares
of Civic Waste Limited (‘CWL’) on 22 November 2024. The purchase was completed on 19 December
2024 with an effective date of 30 November 2024.
CWL is a leading North Island based waste management company providing collection of waste and
recycling services, sweeping services and industrial cleaning services. The acquisition expands
WasteCo’s geographic footprint and provides additional operational scale.
The amounts recognised in the 2025 financial year in respect of the identifiable assets acquired and
liabilities assumed are as set out in the table below.
NZ$000
Net assets acquired at fair value:
Cash(4 58)
Accounts receivable2,173
Inventory2
Other current assets157
Property, plant and equipment5,205
ROU asset4,751
Computer software47
Customer relationship asset2,554
Brand212
Accounts payable & accruals(1,844)
Income tax payable(149)
Term loans(2,596)
Lease liabilities(4 ,751)
Deferred tax liability(1,135)
Net assets acquired4,168
Goodwill2,293
6,461

Annual Report 20269234567891029We1'r r67c
NZ$000
Satisfied by:
Cash8,635
Contingent consideration880
Less: acquisition data bank overdraft(4 58)
Less: acquisition date loan(2,596)
Total consideration6,461
The fair value of assets and liabilities acquired were determined by an independent valuer.
The total purchase price for the acquisition was $9.5 million. $8.6 million of the purchase price was
paid in cash to the vendors and to the repayment of debt. In addition, contingent consideration
was payable to the vendors based upon CWL’s actual EBITDA results during the 12 months to 30
November 2025. Contingent consideration of $500,000 up to $1 million was payable if CWL achieved
EBITDA of $2.5 million to $3.0 million respectively. For EBITDA exceeding $3.0 million the contingent
consideration payable was equal to $1.0 million plus 20% of the amount of EBITDA exceeding $3.0
million. Management considered EBITDA of $3.0 million would be achieved. The fair value of the
contingent consideration was calculated as $880k, which was the $1 million forecast payment
discounted to present value using the CWL weighted average cost of capital of 13.6%.
The cash paid for the acquisition was funded by the issue of convertible notes (refer note 18.4) and the
issue of shares to existing shareholders under a share purchase plan.
CWL contributed $6.0 million and $0.2 million to the Group’s revenue and profit before tax for the
period between the date of acquisition and 31 March 2025. If CWL had been acquired on 1 April 2024
the Group estimated the new business would have contributed $20.9 million and $0.6 million to the
Group’s revenue and net profit before tax for the 2025 year.
The goodwill arising from the acquisition relates to expected synergies, and the capability and
expertise developed within the acquired business.
Contingencies
27
There were no contingent liabilities at 31 March 2026 (2025: nil).

Annual Report 20269334567891029We1'r r67c
Commitments
Events subsequent to reporting date
28
29
At the reporting date the Group had committed to the purchase of trucks with a combined
value of $3.1 million.
WasteCo is in discussions on a potential lease agreement for an industrial vacuum vehicle.
The obligation amount is still to be confirmed and is estimated at $850,000 (2025: $850,000).
There were $388,000 of commitments for future capital expenditure at 31 March 2025.
Subsequent to the reporting date the Company was advised that it has been charged by WorkSafe
in relation to the Te Anau fatality that occurred in May 2025. The charge has been filed under the
Health & Safety at Work Act 2015 and will now proceed through the Court process. The Group is not
able to reliably quantify the potential financial impact arising from these charges, if any, at this time.
On 20 May 2026 the Board approved a new $10 million financing facility with Pacific Finance Limited.
This new facility is subject to the execution of facility documents which are expected to be finalised
in early June.
29.1 WorkSafe charge for May 2025 Te Anau fatality
29.2 Invoice financing

Independent Auditor’s Report
To the Shareholders of WasteCo Group Limited
Opinion We have audited the consolidated financial statements of WasteCo Group Limited and its
subsidiaries (the ‘Group’), which comprise the consolidated statement of financial position as
at 31 March 2026, and the consolidated statement of profit or loss and other comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the consolidated financial statements, including material accounting policy
information.
In our opinion, the accompanying consolidated financial statements, on pages 34 to 93,
present fairly, in all material respects, the consolidated financial position of the Group as at 31
March 2026, and its consolidated financial performance and cash flows for the year then ended
in accordance with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as
issued by the External Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued by the
International Accounting Standards Board.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (‘PES 1’) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards)
(‘IESBA Code’) as applicable to audits of financial statements of public interest entities. We
have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA
Code.
Other than in our capacity as auditor, we have no relationship with or interests in the Company
or any of its subsidiaries.
Material uncertainty related to
going concern
We draw attention to Note 4.1 in the consolidated financial statements, which indicates that
the Group incurred a net loss of $12.4m during the year ended 31 March 2026 and, as of that
date, the Group’s current liabilities exceeded its current assets by $28.7m. As stated in Note
4.1, these events or conditions, along with other matters as set forth in Note 4.1, indicate that a
material uncertainty exists that may cast significant doubt on the Group's ability to continue as
a going concern. Our opinion is not modified in respect of this matter.
Audit materiality


We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention during the audit would in our judgement change or influence the decisions of such a
person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit
work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $882,000.
Key audit matters



Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. In addition to the matter described in the Material Uncertainty Related to Going
Concern section, we have determined the matters described below to be the key audit matters
to be communicated in our report.

Key audit matter How our audit addressed the key audit matter
Goodwill Impairment Assessment
The Group has $3.7m of goodwill as at 31 March 2026, as
detailed in note 16.
The carrying value of goodwill is dependent on future cash flows
expected to be generated by the underlying businesses, and
there is a risk that if these cash flows are not achieved, the
goodwill may be impaired.
The Group tests goodwill annually for impairment by
determining the recoverable amounts of the cash generating
units to which the goodwill is allocated and comparing these to
the carrying amounts of the cash generating units. The
impairment assessment models prepared by the Group contain
the following key assumptions:
• Forecasted free cash flows;
• Pre-tax discount rates; and
• Terminal growth rates.
Changes in these assumptions could result in an impairment of
goodwill.
We have included the goodwill impairment assessment as a key
audit matter due to the significance of the balance to the
financial statements and the level of judgment applied by the
Group in determining the key assumptions used to determine
the recoverable amounts of the cash generating units.
We considered whether the Group’s methodology for
assessing impairment is compliant with NZ IAS 36:
Impairment of Assets. For each cash generating unit, we have
tested the appropriateness of the impairment model and
reasonableness of the key assumptions.
Our procedures included, for each cash generating unit:
- Agreeing a sample of cash flows in the impairment
model to the Board approved budgets;
- Assessing the reasonableness of the forecasted free
cash flows by:
- Comparing forecasted revenue amounts
for a
sample of customers to signed contracts
and/or historical monthly invoices;
- Considering whether the projected costs are
reasonable by comparing projections to
previous results and evaluating the Group’s
assumptions on the impact of the current
economic climate; and
- Evaluating the accuracy of the Group’s
budget forecasting by comparing previous
budgets to actual results.
- Utilising our internal valuation specialists to:
-
Evaluate the appropriateness of the valuation
methodology;
- Test the mathematical accuracy of the
model;
- Evaluate the appropriateness of the pre-tax
discount rate; and
- Compare the terminal growth rate to market
data.
Other information

The directors are responsible on behalf of the Group for the other information. The other
information comprises the information in the Annual Report that accompanies the
consolidated financial statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and
we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If so, we are required to report that fact. We
have nothing to report in this regard.
Directors’ responsibilities for
the consolidated financial
statements




The directors are responsible on behalf of the Group for the preparation and fair presentation of
the consolidated financial statements in accordance with NZ IFRS and IFRS, and for such
internal control as the directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of
the Group for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the Group or to cease operations, or have no
realistic alternative but to do so.

Key audit matter How our audit addressed the key audit matter
Auditor’s responsibilities for the
audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs
(NZ) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-
report-1-1/
This description forms part of our auditor’s report.
Restriction on use

This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the
Company’s shareholders as a body, for our audit work, for this report, or for the opinions we
have formed.





Anthony Smith,
Partner
for Deloitte Limited
Christchurch, New Zealand
28 May 2026

Annual Report 20269734567891029We1'r r67c
for the year ended 31 March 2026
Shareholder and Statutory Information
The Group’s shares are quoted on the NZX Main Board. As at 11 May 2026, the Company
had 1,098,372,765 ordinary shares on issue (31 March 2026: 1,098,372,765 ordinary shares).
Details of the distribution of ordinary shares amongst shareholders at 11 May 2026
are set out below.
Stock exchange listing
Distribution of security holders
Number of Security HoldersNumber of Securities
NUMBERPERCENTAGENUMBERPERCENTAGE
1–1,0006414 4 .73%304,0240.03%
1,001—5,00033823.59%769,0500.07%
5,001—10,000644.47%480,2850.04%
10,001—100,00017011.86%7,440,1180.68%
100,001—500,0001278.86%31,160,1962.84%
500,001 or more936.49%1,058,219,09296.34%
1,433100.00%1,098,372,765100.00%

Annual Report 20269834567891029We1'r r67c
The 20 largest shareholdings at 11 May 2026 are provided in the table below.
20 largest shareholdings
Number
of shares held
Percentage
of shares held
Laurence James Redmayne, Samantha Jane Redmayne
& Cullinane Steel Trustees (2003) Limited
168,640,92315.35%
WFT Finance Limited
156,153,84614.22%
Carl Stephen Storm, Dawn Margaret Storm
& C&F Trustees 35776 Limited
120,841,78911.00%
Shane David Edmond
52,667,6924.80%
New Zealand Depository Nominee
47,235,5234.30%
Glendarvie Holdings Limited
46,332,5764.22%
Forsyth Barr Custodians Limited
38,681,9573.52%
Lloyd George Phillips, Wayne Vincent Phillips
& Craig Bruce Phillips
31,850,3532.90%
Malcolm Guy Bailey
27,216,0002.48%
New Zealand Permanent Trustees Limited
24,756,7152.25%
Ashvegas Limited
2 2 , 8 67,6 9 22.08%
Youthlab Limited
17,000,0001.55%
Andrew John Howard
16,841,5131.53%
Barry John Gray & Fiona Margaret Gray
16,149,2051.47%
John Lee, Susan Iris Lee & Paul Johnston
15,841,5131.44%
WFT Investments Limited
15,384,6151.40%
Mounterowen Limited
13,136,0731.20%
WFT Property Limited
13,000,0001.18%
Custodial Services Limited
12,825,3081.17%
Leveraged Equities Finance Limited
11,263,4571.03%

Annual Report 20269934567891029We1'r r67c
The following information is given pursuant to Section 293 of the Financial Markets
Conduct Act 2013.
The following are recorded by the Company at 31 March 2026 as Substantial Product Holder(s)
in the Company, and have declared the following relevant interest in quoted financial
products under the Financial Markets Conduct Act 2013:
Substantial security holders
Substantial Product HolderRelevant interest
Empire Waste Technology LimitedUp to 750,000,000 if the maximum number
of convertible notes issued to Empire are converted.
1. Wayne Wright
2. WFT Finance Limited (WFT Finance)
3. Manuka Skin Care Limited (previously called
WFT Investments Limited) (Manuka Skin Care)
4. WFT Property Limited (WFT Property)
Wayne Wright is the sole director and has effective
control of the shareholder in each of:
a. WFT Finance, which holds 156,153,846 shares
in WasteCo;
b. Manuka Skin Care, which holds 15,384,615
shares in WasteCo; and
c. WFT Property, which holds 13,000,000 shares
in WasteCo.
Wayne Wright therefore has the power directly or
indirectly to control the voting rights attached to
184,538,461 WasteCo shares in aggregate.
Laurence James Redmayne, Samantha Redmayne,
Cullinane Steele Trustees (2003) Limited
168,640,923
1. Carl Storm, Dawn Storm and C&F Trustees
35776 Limited
2. Carl Stephen Storm and Dawn Margaret Storm
124,620,695
Shane Edmond, Belinda Edmond and Ashvegas Limited85,615,384
The total number of quoted financial products issued by the Company at 31 March 2026
were the 1,098,372,765 ordinary shares.

Annual Report 202610034567891029We1'r r67c
The names of the directors holding office during the year are:
Directors
NameOffice heldDate
Roger Gower (Chair)Executive directorAppointed October 2020
Simon HerbertNon-Independent directorAppointed December 2024
Sean JoyceNon-Independent directorAppointed December 2024
Sara LunamIndependent directorAppointed July 2025
Neil McAraIndependent directorAppointed March 2026
James RedmayneNon-Independent directorResigned 25 May 2026
Shane EdmondIndependent directorResigned 28 February 2026
Rodney MalamNon-Independent director
(alternate to S Herbert)
Resigned 1 May 2026
At the start of the 2026 financial year Shane Edmond and James Redmayne were directors
of each of the Company’s subsidiaries except for Civic Waste Limited where Roger Gower
was the sole director. During the year Roger Gower was appointed as the sole director for all
of the Company’s subsidiaries.
On 1 July 2025 Safeco Training NZ Limited, Sortco NZ Limited, Wasteco Finance NZ Limited,
Wasteco Holdings NZ Limited, Wasteco NZ (Southern) Limited, Wasteco Port Services
NZ Limited and Wasteco NZ Limited amalgamated to become Wasteco NZ Limited.
Following the amalgamation the Company’s only subsidiaries were Civic Waste Limited
and Wasteco NZ Limited.

Annual Report 202610134567891029We1'r r67c
The following entries were made in the interest register during the year ended 31 March 2026:
The directors provided the following disclosure of entities in which, due to the nature of their
relationship, may be related parties to the Group, and transactions in which they have an interest.
Interests register
Roger Gower receives an annual salary of $325,000 as Interim CEO (and received $291,000
during the year ended 31 March 2026 reflecting his appointment to that role during the year).
Up until his appointment as Interim CEO Roger was entitled to received directors fees
of $85,000 per annum as Chair of the Board (so he received $14,000 director fees in the year
ended 31 March 2026).
Roger GowerNature of interest
Being AI LimitedShareholder
Civic Waste LimitedDirector
IntoWork Australia LimitedDirector
IntoWork New Zealand Limited Director
Me Today LimitedDirector & shareholder
New Zealand Food Innovation Auckland LimitedDirector
Primeport Timaru LimitedDirector
Roger Gower & Associates LimitedDirector & shareholder
<1% (Individually held) >99% (Jointly held)
WasteCo Group LimitedDirector & shareholder
Shane Edmond was entitled to receive directors fees of $65,000 per annum
(but received $60,000 in the year ended 31 March 2026 due to his resignation).
Shane EdmondNature of interest
Alvarium (NZ) Wealth Management Holdings
Limited & related entities
Director
WasteCo Group Limited
Director & shareholder
7% (individually held)

Annual Report 202610234567891029We1'r r67c
Empire Waste Technology Limited is the holder of $15 million of convertible notes issued
by the Company on 19 December 2024 and is entitled to receive interest on the convertible
notes quarterly.
Simon Herbert is entitled to receive directors fees of $65,000 per annum.
Simon HerbertNature of interest
Empire Waste Technologies Limited
and its associated companies
Director
Mounterowen Limited is the legal owner of 13,136,073 ordinary fully paid shares in the Company.
The Group paid CM Partners Limited $50,000 for professional fees in relation to the issue
of convertible notes.
Sean Joyce is entitled to receive directors fees of $65,000 per annum.
Sara Lunam is entitled to receive directors fees of $65,000 per annum (but received
$27,000 in the year ended 31 March 2026 due to her appointment during the year).
Sean JoyceNature of interest
CM Partners LimitedDirector & beneficial owner
Corporate CounselPrincipal
Empire Capital Limited & its associated companiesDirector
Mounterowen LimitedDirector & shareholder
Sara LunamNature of interest
Bendigo Management LimitedDirector
P.A. Media LimitedDirector & shareholder
Waipuna Hospice FoundationFormer Chair

Annual Report 202610334567891029We1'r r67c
Rodney Malam was an alternate for Simon Herbert. As such he received no directors fees.
Empire Capital Limited is a company associated with Empire Waste Technology Limited,
which company subscribed for $15 million of convertible notes issued by the Company
on 19 December 2024.
Rodney MalamNature of interest
Empire Capital Limited & its associated companiesChief Financial Offer
Findex provided Health & Safety and HR consulting services to the Group.
Neil McAra is entitled to receive directors fees of $65,000 per annum (but received no directors
fees in the year ended 31 March 2026).
Neil McAraNature of interest
Ronaki Southland LtdDirector & shareholder
Findex SouthlandManaging Partner for the Business Advisory
and Accounting division
Southland Chamber of CommerceBoard Member
George Wilson Group LimitedDirector
Back Country Foods LimitedDirector
Coin SouthChair
Fortuna Group LimitedDirector
Stabicraft Marine LimitedDirector

Annual Report 202610434567891029We1'r r67c
James Redmayne was entitled to receive directors fees of $65,000 per annum.
BASTRE Properties NZ Limited leases premises to the Group.
James RedmayneNature of interest
BASTRE Properties NZ LimitedDirector & trustee of shareholder
BEAR Finance NZ LimitedDirector & beneficial owner (jointly held)
HAZMIT LimitedDirector & shareholder (jointly held)
REDALL NZ LimitedDirector & shareholder (individually held)
Redmayne Innovations LimitedDirector & shareholder (individually held)
Staffco NZ LimitedDirector & trustee of shareholder
Variable Financial Solutions (NZ) LimitedDirector & shareholder (jointly held)
WasteCo Group LimitedDirector & shareholder (jointly held)
The Group indemnifies all current directors of the Group against all liabilities (other than
to a member of the Group) which arise out of the performance of their normal duties as directors,
unless the liability relates to conduct involving lack of good faith.
Directors’ indemnification

Annual Report 202610534567891029We1'r r67c
At 31 March 2026 the directors of the Group held the following relevant interests in quoted
financial products and financial products that may convert to quoted financial products.
Directors’ relevant interests
Ordinary sharesConvertible notesShare options granted
VESTEDNOT VESTED
Roger Gower907—5,000,0002,000,000
Simon Herbert—750,000,000——
Sean Joyce13,136,073———
Sara Lunam————
Neil McAra————
James Redmayne168,640,923———
Rodney Malam————
Simon Herbert has a relevant interest in $15 million convertible notes which may be converted
into up to 750,000,000 ordinary shares.

Annual Report 202610634567891029We1'r r67c
During the year the following remuneration and other benefits were paid or payable to directors
of the Group. The amounts below reflect the remuneration related expenses included in the
Group’s consolidated financial statements.
Directors’ remuneration

Directors
fees
NZ$000
Employee
remuneration
NZ$000
Share based
payments
NZ$000
Total

NZ$000
Roger Gower (Chair)
1429124329
Shane Edmond
60——60
Simon Herbert
65——65
Sean Joyce
65——65
Sara Lunam
27——27
Neil McAra
5——5
Rodney Malam (alternate)
————
James Redmayne
65——65
30129124616

Annual Report 202610734567891029We1'r r67c
The number of employees, not being directors disclosed in the Directors’ remuneration section
above, within the Group receiving annual remuneration and benefits above $100,000 are:
Employee remuneration
RemunerationNumber
$100,000—$109,99912
$110,000—$119,99912
$120,000—$129,9999
$130,000—$139,9993
$140,000—$149,9994
$150,000—$159,9991
$160,000—$169,9992
$170,000—$179,9993
$180,000—$189,9991
$200,000—$209,9991
$360,000—$369,9991
Interim CEO Roger Gower’s remuneration consists of an annual salary of $325,000.
Roger holds 7 million options to purchase shares in the Company which were granted to him
prior to his appointment as Interim CEO.
Chief Executive Officer’s (‘CEO’s’) remuneration

Annual Report 202610834567891029We1'r r67c
No donations were made by the Group during the year ended 31 March 2026.
Deloitte Limited is the auditor for the Group. Audit fees due and payable to the auditor for
the year ended 31 March 2026 were $215,067.
WasteCo Group has not relied on any waivers issued by the NZX in the 12 months
ended 31 March 2026.
The following disclosures are required by Rule 19B(2) of the Takeovers Code about
the issue of convertible notes by WasteCo Group Limited to Empire Waste Technology Limited,
under a convertible note subscription agreement dated 19 December 2024 (the ‘Agreement’),
approved by shareholders on 13 December 2024.
Donations
Auditor
NZX Waivers
Takeovers Code disclosures
Shareholders approved an allotment to Empire Waste Technology Limited of a $15 million principal
amount of convertible notes (‘Notes’) convertible into 750 million ordinary shares (voting securities),
on the terms described in the Notice of Special Meeting of Shareholders dated 27 November 2024.
The Notes were allotted on 23 December 2024.
Particulars, as at 31 March 2026, of:
A summary of the terms of the approved allotment package
• the number of voting securities already allotted to the allottee under the approved
allotment package is Nil;
• the number of voting securities on issue that are held or controlled by the allottee, and
the percentage of all voting securities on issue that that number represents is Nil;
• the aggregate of the percentages of all voting securities that are held or controlled by
the allottee and the allottee’s associates is Nil;
• the maximum percentage of all voting securities that could be held or controlled by
the allottee on completion of all the allotments is 40.576%;

Annual Report 202610934567891029We1'r r67c
This annual report of WasteCo Group Limited is dated 28 May 2026 and is signed on behalf
of the Board by:
Roger Gower
Director
Neil McAra
Director
• the maximum aggregate of the percentages of all voting securities that could be held
or controlled by the allottee and the allottee’s associates on completion of all
the allotments is 40.576%;
• The date used for these calculations is 26 May 2026. These calculations have been made
on the assumptions that:
→the number of voting securities is the number of WasteCo shares on issue
on the calculation date (being, 1,098,372,765);
→the allottee is allotted the maximum number of shares under the allotment;
→that there is no proportionate consolidation or subdivision of shares in WasteCo during
the term (were there to be a consolidation that would proportionately reduce the number
of shares issued on allotment; were there to be a subdivision that would proportionately
increase the number of shares issued on allotment); and
→neither the allottee nor any associate of the allottee currently holds any shares in WasteCo.

Annual Report 202611034567891029We1'r r67c
Company Directory
3202682
24 November 2010
421 Blenheim Road
Upper Riccarton
Christchurch 8041
421 Blenheim Road
Upper Riccarton
Christchurch 8041
→Roger Gower
→Neil McAra
→James Redmayne (resigned 25 May 2026)
→Simon Herbert
→Shane Edmond (resigned 28 February 2026)
→Sean Joyce
→Rodney Malam (resigned 1 May 2026)
→Sara Lunam
Kiwibank Limited
Christchurch
MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street
West Auckland 1010
Phone 09 375 5998
wasteco.co.nz
Deloitte Limited
151 Cambridge Terrace
Christchurch 8013
Chapman Tripp
Level 34, 15 Customs Street West
Auckland Central 1010
Company number
Incorporated
Registered office
Registered office
Board of Directors
Bankers
Share Register
Website
Auditor
Lawyers

Thank you for reading
We're committed to delivering cleaner environments everywhere
we can, so print this document in grayscale if you really need
a physical copy, and recycle it properly when you're done.
421 Blenheim Road
Upper Riccarton
Christchurch 8041
New Zealand
wasteco.co.nz
0800 341 11 11

---

NZX Release
29 May 2026
WasteCo Reports FY26 Result
WasteCo Group Limited (NZX: WCO) today released its financial result for the year ended 31
March 2026, as the company continues to rebuild performance, systems and accountability
across the business.
Chair and Interim Chief Executive Roger Gower said FY26 had been a difficult year for
WasteCo.
“The deaths of WasteCo employees Lynda Kelly in Te Anau in 2025 and Paul Cruse in
Cardrona earlier this year had a profound impact on the company and our people,” said Mr
Gower. “Our thoughts remain with their families, friends and workmates, and we continue
to support all those affected across our business.”
WorkSafe has laid a charge against WasteCo under the Health and Safety at Work Act 2015
in relation to the Te Anau fatality. As the matter is before the Court, the company is unable
to comment further. The Cardrona road accident remains under police investigation and
WasteCo continues to cooperate fully with authorities.
“Over the past decade, WasteCo expanded quickly through acquisitions and listing on the
NZX in 2022. As the business grew across new regions, operations became increasingly
complex and performance became inconsistent,” said Roger Gower.
“This year was focused on rebuilding the fundamentals of the business. Health and safety is
our highest priority. We committed NZ$1.75 million to overhauling safety management
across WasteCo, strengthened the leadership team and introduced clearer reporting lines,
stronger operational controls and improved systems.
“FY26 was a disappointing financial result for WasteCo. Revenue increased to NZ$70.2
million from NZ$56.4 million in FY25, and EBITDA increased to NZ$5.85 million from NZ$4.64
million. Despite the increase in revenue, the company recorded a net loss of NZ$12.35
million, compared with a loss of NZ$9.9 million the previous year.
“In simple terms, the business was bringing in more revenue, but it was costing too much to
run.

“Most revenue growth came from acquisitions rather than improved underlying business
performance. At the same time, WasteCo was carrying high debt levels and operating a
larger national business without the systems and processes needed to run efficiently.
“The business also faced high financing costs, rising fleet expenses and low asset utilisation,
while duplicated overheads and restructuring costs weighed heavily on earnings.
“Over the past year, WasteCo has focused on simplifying operations, reducing complexity
and building greater consistency across its national network. These changes were necessary
and added materially to costs during FY26. However, the business is now operating with
greater discipline, clearer accountability and more consistency than it was twelve months
ago,” he said.
Highlights during the year included:
• Progressing the partnership with Porirua City Council to establish a construction and
demolition waste sorting facility in Wellington capable of processing more than 30,000
tonnes annually.
• Preparing to commence the NZ$40 million Ashburton District Council solid waste
contract in October 2026.
• Appointing Stephen Towsen as Chief Operating Officer during FY26, bringing extensive
waste industry and leadership experience.
• Completing a new medical and quarantine transfer facility in Cromwell to support the
Queenstown International Airport contract and future South Island growth.
• Expanding frontline leadership training, introducing digital training systems,
implementing a group-wide fatigue management programme and safer driving strategy, and
strengthening fleet standards, driver accountability and operational controls across the
business.
Mr Gower said WasteCo enters FY27 with a stronger operational focus and a commitment to
improving performance.
“We understand shareholders are frustrated by the company’s performance. Our
responsibility is to continue addressing the underlying issues in the business and deliver
better results over the next 12 months and subsequent financial years.”
About WasteCo
WasteCo Group Limited (NZX: WCO) is New Zealand’s only NZX-listed waste solutions and
industrial services provider, supporting households, businesses and local authorities
nationwide. More than 45% of WasteCo revenue is secured through long-term contracts
across councils, healthcare, infrastructure and commercial sectors.
-ENDS-
For further information please contact:
Erin Jamieson
Convergence Communications
erin@conv.co.nz | 021 743 237