• Cleanaway received a non-binding proposal from EQT Infrastructure to acquire 100% of the shares.
• The proposal price is $3.13 per share, a premium of 32.1% over the last closing share price.
• Cleanaway intends to recommend the proposal to shareholders if certain conditions are met.
• Cleanaway expects FY27 underlying EBIT to be between $500 million and $530 million.

Cleanaway Waste Management Limited (ASX: CWY) has received a conditional, non-binding indicative proposal from EQT Infrastructure to acquire 100% of the shares in Cleanaway. The indicative cash price offered to shareholders under the proposal is $3.13 per share, less the cash amount of any dividends or other distributions declared or paid from the date of the proposal. The proposal price represents a premium of 32.1% to the last closing share price of Cleanaway. The proposal follows an initial unsolicited, non-binding indicative proposal to acquire 100% of the shares in Cleanaway for $3.00 per share. After careful consideration, the Cleanaway Board has determined it is in the best interests of Cleanaway shareholders to provide EQT Infrastructure with the opportunity to undertake up to 9 weeks exclusive due diligence and to negotiate a scheme implementation deed to agree a binding transaction. The Cleanaway directors confirm that, subject to negotiation and execution of a SID at a price no less than $3.13 per share and otherwise on acceptable terms, they intend to recommend Cleanaway shareholders vote in favour of any scheme of arrangement in relation to the potential control transaction. Cleanaway also provides an update on expectations for FY27 guidance. Cleanaway expects to deliver underlying EBIT of between $500 million and $530 million for FY27.

Cleanaway expects FY27 underlying EBIT to be between $500 million and $530 million.

Cleanaway expects FY27 underlying EBIT to be between $500 million and $530 million, reflecting collections-led growth and recovery in areas where it underperformed in FY26, offset by higher costs related to necessary IT systems and technology upgrades and Blueprint 2030 2.0 capability.