Slides
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WASTECO Annual Meeting of Shareholders WasteCo Group Limited 22 September 2026
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Agenda WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Meeting programme • Acknowledgement of Lynda Kelly and Paul Cruise • Introductions: Board and executives • Chair’s presentation • Chief Executive update Formal business • Resolutions • General business • Closing: our commitment to shareholders
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Financial year ended 31 March 2026 in retrospect A disappointing year operationally and financially WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Revenue • $70.2 million • Previous year: $56.4 million • Growth included a full year of Civic Waste revenue Reported Operating EBITDA • $5.85 million • Previous year: $4.64 million Net result • Net loss: $12.35 million • Previous year loss: $9.9 million • Revenue grew, but the business cost too much to operateAdjusted Operating EBITDA • $6.731m (after one-offs, non-recurring items and $210k insurance proceeds)
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Why performance was poor Systems, discipline and capital structure did not keep pace with acquisition-led growth WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Operating model • Systems and operational discipline of the core business did not keep pace • Several business units underperformed • People and fleet utilisation was poor • Fleet operating costs were too high Financial pressure • Circa $40 million of bank debt and convertible notes • Circa $5.5 million of finance costs • $1.75 million invested in the Health and Safety reset • $1.35 million of restructure costs Control and growth • Spending controls did not fully anticipate unplanned restructuring costs — including health and safety investment and implementation of new systems • Organic growth was constrained • Under capitalisation limited commercial flexibility
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What we are doing to arrest performance A robust Stabilisation and Turnaround Plan is under way WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Turnaround objectives • Reduce the annualised cost base by circa $5 million • Divest non-core divisions and surplus assets • Introduce new equity for working capital • Improve operating performance across all business verticals • Execute with focus, pace and accountability Stabilise | Simplify | Perform | Grow
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The Board’s key objectives WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Direction • Approve strategy and turnaround priorities • Set clear expectations for performance and conduct • Ensure management has appropriate leadership and capability Oversight • Monitor delivery against agreed milestones and measures • Maintain oversight of HSE, financial and commercial risk • Ensure effective controls, reporting and assurance Accountability • Hold management accountable for operational execution • Challenge performance and require timely corrective action • Safeguard long-term shareholder value
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WASTECO Chief Executive update Stabilising the business and building the platform for sustainable growth Annual Meeting | September 2026
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Brian Cohalan | Chief Executive Waste-sector experience and transformation leadership in New Zealand and across APAC WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Waste industry • 17 years of waste-industry experience • Senior roles with Sita Environmental Solutions • Sita / CEC Environmental Solutions joint venture • Cleanaway, a division of Brambles Australia New Zealand transformation • Managing Director of Tyco New Zealand • Led major transformation • Led the integration with Johnson Controls • Focus on operational performance, governance and team capability Most recent roles • Managing Director of Glidepath • Vice President, Alstef Group APAC • Leadership across multi-site and geographically diverse operations • Joined WasteCo on 31 August 2026
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Health and Safety | Our first priority Visible leadership, effective critical controls and consistent verification WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Key initiatives • New Group HSE Manager to lead the programme • Recruit a Driver Trainer and establish regional training capability • Complete the HSE system gap assessment and remediation plan • Strengthen critical-risk controls and verify them in the field • Improve incident investigation and corrective-action close-out • Strengthen contractor management and competency assurance • Use telematics, cameras and driver coaching to improve safe driving • Provide regular Board reporting and independent assurance Visible leadership and frontline engagement
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Our turnaround priorities Near-term control enables stronger and more sustainable performance WASTECO GROUP LIMITED | ANNUAL MEETING 2026 1 | Stabilise • HSE compliance remains the first priority • Restore critical contract performance • Eliminate all discretionary spending • Tighten purchasing and cost control • Complete key leadership appointments • Strengthen cash and financial discipline 2 | Simplify • Flatten the organisation • Bring capability in-house • Internalise viable subcontracted work • Address vehicle utilisation and labour efficiency • Rationalise fleet, property and assets • Exit or sell underperforming activities 3 | Perform • Functioning Senior Leadership Team • Clear regional accountability • Implement system metrics to drive the P&L • Pricing based on actual cost to serve • Monthly actions with owners and dates • Disciplined execution and benefit tracking
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Immediate management actions Practical actions across safety, cost, structure and operating performance WASTECO GROUP LIMITED | ANNUAL MEETING 2026 The near-term programme • Functioning Senior Leadership Team with a clear operating cadence • New Group HSE Manager and Driver Trainer capability • New Procurement, Fleet, Assets and Property leadership • Delegation of Authority and compulsory purchase-order discipline • Fleet utilisation review and sale of surplus assets • Property rationalisation and subleasing opportunities • Clear regional accountability • Equipment utilisation and driver efficiency • WasteNet remediation and tender preparation Asset use, service reliability and cost control
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Our growth plan Profitable growth through recurring revenue, stronger relationships and disciplined pricing WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Core growth engines • Grow recurring C&I services • Increase route density and asset utilisation • Align with facilities management companies to take over hard services • Recover price increases and margin leakage • Address unprofitable clients through repricing, service redesign or exit • Reduce churn and cross-sell the full service suite • Selectively pursue council and government tenders Specialist and regional opportunities • Build Southland C&I scale around the WasteNet footprint • Develop leading South Island Medical & Quarantine capability • Expand airport, port and regulated-waste services • Improve HEB and industrial-services delivery • Negotiate volume-based disposal and recycling arrangements • Use partnerships to accelerate capability
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Growth opportunities in action Core waste collection and specialist Medical & Quarantine services WASTECO GROUP LIMITED | ANNUAL MEETING 2026 How we will convert opportunity into profitable growth • Grow recurring collection revenue across frontlift, recycling, rearlift, hooklift and gantry services. • Increase route density and improve utilisation of the fleet and existing operating footprint. • Build the South Island Medical & Quarantine business across healthcare, airport, port and regulated-waste customers. • Align with facilities management companies where WasteCo can take responsibility for hard services. • Reprice, redesign or exit unprofitable customer arrangements and recover contractual cost increases. • Protect key contracts while selectively pursuing opportunities that meet margin, capability and capital requirements. Outcome: stronger recurring revenue, denser routes, improved margins and selective specialist growth.
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What success looks like WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Safer • Visible leadership • Critical-risk controls • Competent people • Consistent verification Simpler • Flatter structure • Clear accountability • Focused portfolio • Better asset use More disciplined • Reliable reporting • Pricing control • Cost ownership • Measured delivery Growing • Recurring revenue • Longer contracts • Denser routes • Selective expansion Clear actions, accountable owners and measurable outcomes.
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WASTECO Formal business of the meeting Resolutions Annual Meeting | 22 September 2026
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Formal business of the meeting | Resolutions WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Resolutions 1–3 • Re-appoint Deloitte as auditor and authorise Directors to fix remuneration • Elect Justin Marshall as an additional Director • Approve the PIF Funding Facility with PFNZ Limited up to $10 million Resolutions 4–5 • Authorise up to 20 million unlisted options on the terms in the Explanatory Notes • Authorise up to 165 million new ordinary fully paid shares on the terms in the Notice of Annual Meeting
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General business WASTECO GROUP LIMITED | ANNUAL MEETING 2026 Questions and discussion
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Our commitment to you Our Board, senior leaders and entire team are committed to turning around the business. • Build the foundations for commercial and cultural improvement • Pursue practical actions rather than a single silver bullet • Work with urgency, discipline and accountability • Do everything possible to deliver the turnaround Thank you for your continued support.