• Safety outcomes were poor with 3 fatalities in FY25 and 1 in early FY26
• Underlying NPAT grew 16.2% to $196.4m, reflecting business strength
• Statutory NPAT flat due to one-off costs, including $23.2m from a facility fire

Cleanaway Waste Management Ltd (ASX: CWY) held its 2025 Annual General Meeting, where the Chairman and CEO provided an update on the company's performance and outlook. The Chairman acknowledged that the company's safety outcomes in FY25 were poor, with three people tragically losing their lives while working within Cleanaway's operations. This was followed by another fatality at the Coolaroo Material Recovery Facility in September 2025. The Board and executives are committed to strengthening Cleanaway's safety culture, processes and policies, and have applied a 30% downward adjustment to executive short-term incentive outcomes due to the safety performance. Despite these safety challenges, Cleanaway delivered strong underlying financial results in FY25, with underlying NPAT growing 16.2% to $196.4 million. Statutory NPAT was largely flat year-on-year, reflecting the impact of one-off costs, including a $23.2 million impact from a fire at the Christie Street liquid waste facility. The Board remains confident in Cleanaway's ability to deliver earnings growth and improved cash flow generation, as evidenced by a 20% increase in the dividend to 6 cents per share. The company has also made strategic acquisitions, including Citywide Services' waste and recycling assets and Contract Resources, a leading provider of specialist services to the oil and gas industry. Looking ahead, the CEO outlined Cleanaway's five-year HSE strategy, which is transforming the company's safety culture, systems and processes. While safety performance improved in the second half of FY25 and has continued into FY26, the CEO acknowledged that lasting, cultural change takes time, and there is more work to be done.

The Board maintains an optimistic outlook for Cleanaway's future, citing the company's consistent performance improvements, increased returns on invested capital, and disciplined execution of its Blueprint 2030 strategy, which is reflected in the expanding EBIT margin. The recent acquisitions are also expected to support the company's strategic goals and deliver sustainable value for shareholders.