WasteCo Group announces half year results

Results announcement



Results for announcement to the market
Name of issuer WasteCo Group Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$35,707 42.7%
Total Revenue
$35,707
42.7%
Net profit/(loss) from
continuing operations
$(4,967)
(9.7)%
Total net profit/(loss)
$(4,967)
(9.7)%
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 (in
dollars and cents per
security)
$0.0019 $0.0062
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the market release and unaudited financial statements
for the 6 months ended 30 September 2025 that accompany 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

28 November 2025

Unaudited interim financial statements accompany this announcement.

---

28 November 2025

WasteCo strategic reset gains pace and on track to deliver results in
FY26

• Revenue: $36 million, up 43% on HY25 $25 million.
• Operating EBITDA uplift from 30 September 24 $1.9 million to $3.8 million at
30 September 2025, a $1.9 million increase (before one-off costs of $1.36 million)
• One-off costs include the health and safety reset ($810,000) and restructuring
($554,000)
• Net loss before tax: -$4.97 million. This is an improvement compared to our position in
the previous year, even with one-off costs factored in.
WasteCo Group Limited (NZX:WCO) today announced its half-year results for the six months ended
30 September 2025, reporting strong revenue growth and continued progress in the company’s
transformation into a national waste and industrial services provider.
Interim Chief Executive and Chair Roger Gower said the first half of FY26 represents a decisive shift in
WasteCo’s trajectory.
Gower says WasteCo has experienced a challenging period, but the company is on the right track.
“The major changes we have implemented are steering our company towards profitability.
“We've built a national platform, secured our largest contract win, and reset our operations for
sustainable growth. The 43% revenue growth and the 102% increase in operating EBITDA (before
health and safety reset project costs and restructuring costs) reflects the strength of our strategy,”
says Gower.
“In our recently released Investor Update, we projected revenue of $70-72 million and operating
EBITDA of $7-8 million for FY26, excluding health and safety reset project costs of $1.5 million and
restructuring costs of $754,000. The half-year result is incorporated into these forecasts which are
underpinned by strong revenue growth, higher levels of asset utilisation, and margin control.”
“We are confident that lower interest rates and improving business confidence will drive waste
volumes higher, as construction builds out of the recessionary conditions of the past year. WasteCo is
well-positioned to benefit as market conditions strengthen through 2026,” Gower said.
In May 2025, WasteCo secured a nine-year, $40 million Solid Waste Management contract with
Ashburton District Council, with an option to extend. Beginning in September 2026, the contract will
create 22 new roles, require 10 new collection vehicles, and deliver kerbside, resource recovery and
drop-off services across the district.
This is WasteCo’s first major regional contract in Canterbury and a key step in its national growth
strategy. Gower said that this contract validated the company’s capability to compete for major
regional tenders. “As a national operator, we're now positioned to pursue opportunities that were
previously out of reach.”
Gower described the acquisition of Civic Waste Limited in December 2024 as transformational,
establishing WasteCo's first North Island operations across Auckland, Hamilton, and Wellington.
Civic Waste Limited, being re-branded WasteCo, contributes approximately $20 million in annualised
revenue and $4 million in annualised operating EBITDA.

Over the past 18 months, WasteCo has completed four strategic acquisitions – Cleanways and related
companies, Central Suction Cleaners, Bond Contracts' waste division, and Civic Waste, undertaking a
disciplined consolidation strategy in a highly fragmented industry.
Since July 2025 Gower has led a comprehensive operational review focused on revenue generation,
cost reduction and improving profitability. This has included the following.
• Governance has been strengthened with the establishment of a Capital Committee
overseeing M&A and capital management, and a Health and Safety Committee supporting
the operational reset.
• Recruitment is underway for a permanent Chief Operating Officer with strong operational
and commercial experience. A recent organisational restructure has lifted capability and
accountability across the business while reducing costs.
• Sales leadership has been reset to sharpen commercial direction, strengthen capability, and
improve accountability across the sales function.
• Operational improvements include a company-wide asset utilisation review, assessment of a
driver/owner-operator fleet model, evaluation of alternative maintenance structures, and
consideration of divesting non-core assets, including the portable toilet division.
• Investment in advanced systems is progressing, including NetSuite within Civic Waste,
alongside Teletrac Navman, FleetPro, HR Bamboo, and Biotime to support operational
efficiency and automation.
• Cost-structure initiatives are delivering benefits, including more than $250,000 in annual
insurance savings, identified site consolidation opportunities in Christchurch and Southland,
and workforce alignment following a detailed cost review.
During FY25, WasteCo strengthened its balance sheet through a:
• $15 million convertible note facility with Empire Waste Technology Limited (Simon and Paula
Herbert), supporting the Civic acquisition and working capital
• $5 million Share Purchase Plan, with $1.38 million subscribed by shareholders and the
shortfall placed with professional investors.
Gower said the company’s NZX-listed status provided a competitive advantage in accessing capital for
consolidation within the fragmented waste services sector.
“Over the next 18 months, we are focused on expanding our waste diversion capability with new
facilities in Cromwell and Porirua, pursuing larger multi-region tenders, and growing our share of the
rural, industrial and medical waste markets. The operational improvements are bearing fruit and will
deliver improved results across our network.”
“These priorities combined with potential acquisitions position us well to achieve our goal of
reaching $100 million in annualised revenue during FY27 and most importantly a return to
profitability,” said Gower.
ENDS
About WasteCo Group Limited
WasteCo Group Limited (NZX: WCO) is a national provider of waste management and industrial
services operating across New Zealand. The company delivers liquid waste, solid waste, recycling,
and specialised industrial services to residential, commercial, and municipal customers.

---

WasteCo Group Limited


Unaudited Condensed Interim
Consolidated Financial Statements
For the six months ended 30 September 2025

1



Table of Contents


Page
Consolidated Statement of Profit or Loss and Other Comprehensive Income 2
Consolidated Statement of Changes in Equity 3
Consolidated Statement of Financial Position 4
Consolidated Statement of Cash Flows 5
Condensed Notes to the Consolidated Financial Statements 6
Company Directory 17

WasteCo Group Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the six months ended 30 September 2025


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part of
these interim financial statements and should be read in conjunction with them.
2



6 mths ended
6 mths ended
30 Sept 2025
30 Sept 2024
Note
(unaudited)
(unaudited)
NZ$000
NZ$000
Revenue
3
35,707
25,029
Other income
320
75
Expenses
Labour related expenses
4.1
(15,986)
(10,500)
Collection, recycling and waste disposal expenses
(6,692)
(4,535)
Fleet operating expenses
(5,360)
(4,821)
Depreciation and amortisation expenses
4
(4,694)
(3,705)
Property expenses
(847)
(408)
Other expenses
(3,363)
(2,964)
Loss from operations
(915)
(1,829)
Finance costs
4.2
(2,691)
(2,606)
Health and safety reset project costs
(810)
-
Restructuring costs
(554)
(892)
Acquisition and due diligence costs
-
(172)
Loss before income tax
(4,970)
(5,499)
Income tax benefit
3
-
Loss for the period
(4,967)
(5,499)
Other comprehensive income
Other comprehensive income for the period
-
-
Total comprehensive loss for the period
(4,967)
(5,499)
Loss per share
Basic and diluted loss per share (NZ$)
6
(0.0045)
(0.0065)

WasteCo Group Limited
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2025


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part of
these interim financial statements and should be read in conjunction with them.
3



Note
Share
capital
Convertible
notes
reserve
Share based
payments
reserve
Retained
earnings
Total
equity
NZ$000NZ$000NZ$000NZ$000NZ$000
Balance at 1 April 2024 (audited)19,931343564(4,451)16,387
Loss for the period---(5,499)(5,499)
Other comprehensive income net of income tax-----
Total comprehensive loss---(5,499)(5,499)
Transactions with owners in their capacity as owners
Share options issued--88-88
Share options forfeited--(121)-(121)
Balance at 30 September 2024 (unaudited)19,931343531(9,950)10,855
Balance at 1 April 2025 (audited)24,6334,465411(14,211)15,298
Loss for the period---(4,967)(4,967)
Other comprehensive income net of income tax-----
Total comprehensive loss---(4,967)(4,967)
Transactions with owners in their capacity as owners
Equity component recognised in convertible notes
reserve-106--106
Less: transaction costs allocated to the equity
component of convertible notes-(4)--(4)
Share options issued--41-41
Balance at 30 September 2025 (unaudited)24,6334,567452(19,178)10,474

WasteCo Group Limited
Consolidated Statement of Financial Position
As at 30 September 2025

These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part of
these interim financial statements and should be read in conjunction with them.
4


These consolidated financial statements were approved by the Board on 28 November 2025.
Signed on behalf of the Board by:



Roger Gower Shane Edmond
Director Director
30 Sept 2025
31 Mar 2025
Note
(unaudited)
(audited)
NZ$000
NZ$000
ASSETS
Current assets
Cash at bank
2,737
5,854
Trade receivables and other current assets
8,299
8,678
Inventories
180
72
11,216
14,604
Assets classified as held for sale
105
199
Total current assets
11,321
14,803
Non-current assets
Property, plant and equipment
7
38,699
41,394
Right-of-use assets
8
14,454
14,620
Intangible assets
8,427
9,319
Total non-current assets
61,580
65,333
Total assets
72,901
80,136
LIABILITIES
Current liabilities
Trade payables and other current liabilities
7,477
7,766
Lease liabilities
2,569
2,276
Borrowings
9
7,723
8,652
Income tax payable
126
142
Total current liabilities
17,895
18,836
Non-current liabilities
Lease liabilities
13,439
13,704
Borrowings
9
31,093
32,298
Total non-current liabilities
44,532
46,002
Total liabilities
62,427
64,838
Net assets
10,474
15,298
EQUITY
Share capital
24,633
24,633
Convertible notes reserve
4,567
4,465
Share based payments reserve
452
411
Retained earnings
(19,178)
(14,211)
Total equity
10,474
15,298

WasteCo Group Limited
Consolidated Statement of Cash Flows
For the six months ended 30 September 2025

These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part of
these interim financial statements and should be read in conjunction with them.
5


6 mths ended6 mths ended
30 Sept 202530 Sept 2024
Note(unaudited)(unaudited)
NZ$000NZ$000
Cash flows from operating activities
Receipts from customers36,24526,330
Government grants received2-
Payments to suppliers and employees(33,360)(23,240)
Interest received7-
Income tax (paid)/refunded(15)26
Net cash from operating activities102,8793,116
Cash flows from investing activities
Payments for property, plant and equipment(794)(14)
Proceeds from sale of property, plant and equipment60039
Proceeds from sale of assets held for sale199-
Payments for intangible assets(42)(199)
Payments of business acquisition related costs(27)(172)
Net cash used in investing activities(64)(346)
Cash flows from financing activities
Proceeds from borrowings36529,713
Principal repayment of borrowings(3,774)(30,060)
Interest paid on borrowings(974)(1,798)
Bank fees(33)(32)
Payment of debt settlement and brokerage fees-(513)
Proceeds from convertible notes1,000-
Interest paid on convertible notes(601)(143)
Payment of convertible note issue costs(50)-
Principal repayment of lease liabilities(1,216)(747)
Interest paid on lease liabilities(648)(450)
Net cash used in financing activities(5,931)(4,030)
Net (decrease) in cash and cash equivalents(3,116)(1,260)
Cash and cash equivalents at the beginning of the period5,854(588)
Cash and cash equivalents at the end of the period
2,738(1,848)
Cash and cash equivalents consist of:
Cash at bank2,737368
Bank overdraft-(2,216)
2,737(1,848)

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


6
1. 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.
WasteCo is an FMC reporting entity under the Financial Markets Conduct Act 2013. The Company is
listed on the NZX Main Board.
The Group provides solutions in the collection of waste and recycling, sweeping services and industrial
cleaning services.
The address of the Company’s registered office is 421 Blenheim Road, Christchurch.
2. Basis of preparation
These unaudited condensed interim consolidated financial statements have been prepared in
accordance with Generally Accepted Accounting Practice in New Zealand (‘NZ GAAP’), with New Zealand
Equivalent to International Accounting Standard 34: Interim Financial Reporting (‘NZ IAS 34’), with
International Accounting Standard 34: Interim Financial Reporting (‘IAS 34’), and with the requirements
on the NZX Listing Rules.
The condensed interim consolidated financial statements do not include all of the notes of the type
normally included in an annual financial report. Accordingly, this report should be read in conjunction
with the consolidated financial statements included in the annual report for the year ended 31 March
2025 which have been prepared in accordance with New Zealand Equivalents to IFRS Accounting
Standards ('NZ IFRS'), IFRS® Accounting Standards, and other applicable New Zealand Financial Reporting
Standards as appropriate for for-profit entities.
The condensed interim consolidated financial statements are presented in New Zealand dollars which is
the Company’s functional and presentation currency, rounded to the nearest thousand dollars.
The condensed interim consolidated financial statements, including the financial results for the 6 months
to 30 September 2025 and 2024, are unaudited. The comparative information as at 31 March 2025 is
audited.
2.1 Changes in material accounting policies
There have been no changes in the material accounting policies and methods of computation used in
preparing the condensed interim consolidated financial statements compared to those of the previous
financial year and corresponding interim reporting period. For details of the accounting policies for the
12 months ended 31 March 2025 please refer to the 2025 Annual Report.

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


7
2.2 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 the foreseeable future.
The Group incurred an after-tax loss of $5.0 million in the six months to 30 September 2025 (six months
to 30 September 2024: $5.5 million loss). The Group’s net cashflows from operating activities was
$2.9 million (six months to 30 September 2024: $3.1 million).
At the reporting date the Group had cash of $2.7 million (31 March 2025: $5.9 million), negative working
capital of $6.6 million (31 March 2025: $4.0 million negative) and net assets of $10.5 million (31 March
2025: $15.3 million).
As at 30 September 2025, the Group had borrowings of $38.8 million (31 March 2025: $41.0 million) of
which $7.7 million were current (31 March 2025: $8.7 million) and $31.1 million were non-current
(31 March 2025: $32.3 million).
During the period the Group was fully compliant with all bank covenants and forecasts that it will
continue to remain complaint.
In November 2025 the Group agreed to amended loan facilities with Kiwibank (refer note 15.1). The
amendment continues to provide the Group with access to the necessary borrowing facilities while
reducing monthly repayments from $400,000 to $250,000.
The Directors have considered forecast financial information and associated assumptions in their
assessment of going concern. The Group maintains a positive liquidity position, with enough cash on
hand and access to undrawn bank facilities to provide further comfort in this respect.
The Directors have, at the time of approving the consolidated financial statements, a reasonable
expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future. They have therefore continued to adopt the going concern basis of accounting in
preparing the condensed interim consolidated financial statements.
The Directors have formed this expectation having regards to the Group’s current financial budget and
forecasts, the available headroom under existing funding facilities, and the Group’s ability to comply with
borrowing covenants.
3. Revenue

All revenue is generated in New Zealand.

6 mths ended6 mths ended
30 Sept 202530 Sept 2024
(unaudited)(unaudited)
NZ$000NZ$000
Revenue from waste collection and recycling17,82414,929
Revenue from sweeping services11,7685,170
Revenue from industrial cleaning services 6,1154,930
Total revenue from contracts with customers35,70725,029

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


8
4. Expenses
The profit or loss for the period includes the following expenses:

4.1 Labour related expenses

4.2 Finance costs


6 mths ended
6 mths ended
30 Sept 2025
30 Sept 2024
Note
(unaudited)
(unaudited)
NZ$000
NZ$000
Expenses relating to short term leases
(87)
(87)
Gain/(loss) on sale of property, plant and equipment
(437)
41
Depreciation and amortisation expenses
Depreciation of property, plant and equipment
7
(2,350)
(2,094)
Depreciation of right of use assets
8
(1,410)
(882)
Amortisation of intangible assets
(934)
(729)
(4,694)
(3,705)
6 mths ended
6 mths ended
30 Sept 2025
30 Sept 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
Salary and wages
(15,693)
(10,261)
Employer Kiwisaver contributions
(253)
(282)
Share based payments
(40)
43
(15,986)
(10,500)
6 mths ended
6 mths ended
30 Sept 2025
30 Sept 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
Interest on asset finance borrowings
(973)
(1,280)
Interest on lease liabilities
(648)
(450)
Interest on convertible notes
(1,037)
(245)
Interest on overdraft
-
(86)
Bank fees
(33)
(32)
Debt settlement and brokerage fees
-
(513)
(2,691)
(2,606)

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


9
5. Segment information
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.




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 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.
5.1 Seasonal and cyclical influences
There are no seasonal or cyclical influences on these interim results.

Waste
Sweeping
Industrial
Corporate /
Total
collection
services
cleaning
unallocated
& recycling
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Total revenue
17,824
11,768
6,115
-
35,707
Operating EBITDA
4,862
4,484
2,523
(8,093)
3,776
Finance income
-
-
-
3
3
Finance costs
(135)
(37)
(125)
(2,394)
(2,691)
Depreciation & amortisation
(1,073)
(316)
(618)
(2,687)
(4,694)
Health & safety reset project costs
-
-
-
(810)
(810)
Restructuring costs
(93)
-
(545)
84
(554)
Net profit/(loss) before taxation
3,561
4,131
1,235
(13,897)
(4,970)
Income tax benefit
-
-
-
3
3
Net profit/(loss) for the period
3,561
4,131
1,235
(13,894)
(4,967)
For the 6 months ended 30 September 2025
Waste
Sweeping
Industrial
Corporate /
Total
collection
services
cleaning
unallocated
& recycling
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Total revenue
14,929
5,170
4,930
-
25,029
Operating EBITDA
4,759
2,104
1,164
(6,159)
1,868
Depreciation and amortisation
(632)
(125)
(566)
(2,382)
(3,705)
Finance income
-
-
-
8
8
Finance costs
(53)
-
(59)
(2,494)
(2,606)
Acquisition and due diligence costs
-
-
-
(172)
(172)
Restructuring costs
-
-
-
(892)
(892)
Net profit/(loss) before taxation
4,074
1,979
539
(12,091)
(5,499)
Income tax benefit
-
-
-
-
-
Net profit/(loss) for the period
4,074
1,979
539
(12,091)
(5,499)
For the 6 months ended 30 September 2024

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


10
6. Earnings/(loss) per share

The loss and weighted average number of ordinary shares used in the calculation of earnings per share
are as follows:

The 29.6 million share options and the $19 million convertible notes on issue at the reporting date were
not considered to be dilutive due to the Group’s net loss for the period (30 September 2024: 19.8 million
share options and $3 million convertible notes on issue were not considered to be dilutive).

6 mths ended6 mths ended
30 Sept 202530 Sept 2024
(unaudited)(unaudited)
Basic and diluted (loss) per share (NZ$)(0.0045)(0.0065)
(4,967)
(5,499)
1,098,373
848,373
Weighted average number of ordinary shares used in the calculation of
basic and diluted loss per share ('000)
Loss from continuing operations (NZ$000)

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


11
7. Property, plant & equipment



NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
NZ$000
Cost:
At 1 April 2024
19,429


32,219


585


431


189


52,853


Additions
390


276


180


108


84


1,038


Transfers
-


189


-


-


(189)


-


Business acquisition
929


4,215


20


41


-


5,205


Reclassified to assets held for
sale
(5)


(289)


-


-


-


(294)


Disposals
(193)


(1,231)


(20)


-


-


(1,444)


At 31 March 2025
20,550


35,379


765


580


84


57,358


Additions
220


410


84


-


80


794


Transfers
-


143


-


-


(143)


-


Reclassified to assets held for
sale
-


(214)


-


-


-


(214)


Disposals
(308)


(1,098)


(73)


-


-


(1,479)


At 30 September 2025
20,462
34,620
776
580
21
56,459
Accumulated depreciation and impairments:
At 1 April 2024
(5,083)


(6,012)


(396)


(83)


-


(11,574)


Depreciation expense
(1,920)


(2,317)


(143)


(43)


-


(4,423)


Reclassified to assets held for
sale
2


27


-


-


-


29


Disposals
75


291


16


-


-


382


Impairments
(378)


-


-


-


-


(378)


At 31 March 2025
(7,304)


(8,011)


(523)


(126)


-


(15,964)


Depreciation expense
(980)


(1,272)


(73)


(25)


-


(2,350)


Reclassified to assets held for
sale
-


112


-


-


-


112


Disposals
141


230


70


1


-


442


At 30 September 2025
(8,143)
(8,941)
(526)
(150)
-
(17,760)
Carrying amount:
At 30 September 2025
12,319


25,679


250


430


21


38,699


At 31 March 2025
13,246


27,368


242


454


84


41,394


At 1 April 2024
14,346


26,207


189


348


189


41,279


Total
Plant and
equipment
Vehicles
Office
equipment
Leasehold
improvements
Assets under
construction

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


12
8. Right-of-use assets

9. Borrowings

Equipment VehiclesPremisesTotal
NZ$000NZ$000NZ$000NZ$000
Cost:
At 1 April 2024- 3,704 9,839 13,543
Additions200 901 - 1,101
Lease modifications- 120 123 243
Disposals- (618) - (618)
Business acquisition- 3,192 1,559 4,751
At 31 March 2025200 7,299 11,521 19,020
Additions53 1,095 - 1,148
Lease modifications- - 96 96
Disposals- (28) - (28)
At 30 September 2025253 8,366 11,617 20,236
Accumulated depreciation:
At 1 April 2024- (707) (2,291) (2,998)
Depreciation expense(30) (1,009) (980) (2,019)
Disposals- 617 - 617
At 31 March 2025(30) (1,099) (3,271) (4,400)
Depreciation expense(38) (754) (618) (1,410)
Disposals- 28 - 28
At 30 September 2025(68) (1,825) (3,889) (5,782)
Carrying amount:
At 30 September 2025185 6,541 7,728 14,454
At 31 March 2025170 6,200 8,250 14,620
At 1 April 2024- 2,997 7,548 10,545
30 Sept 202531 Mar 2025
(unaudited)(audited)
NZ$000NZ$000
Secured borrowings at amortised cost
Asset finance23,15725,930
Convertible notes10,82010,581
Unsecured borrowings at amortised cost
Convertible notes3,8752,839
Other loans9641,600
Total borrowings
38,81640,950
Current7,7238,652
Non-current31,09332,298
38,81640,950

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


13
During the period the Group negotiated new bank covenants on its asset finance borrowings. The new
covenants are in respect of Interest Cover Ratio, Debt Service Cover Ratio, Equity Ratio, Leverage Ratio
and Loan to Value Ratio. The Group is compliant with all bank covenants.
There have been no other changes in the Groups’ asset finance arrangements since 31 March 2025.
9.1 Convertible notes



At 31 March 2025 the Group had issued 18 million convertible notes. Details about these convertible
notes are provided in the 2025 Annual Report.
On 22 September 2025 the Group issued an additional $1 million unsecured convertible notes to a
wholesale investor who is 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 original convertible notes were due to be redeemed at that date). The
subscription of the $1 million convertible notes on 15 October 2025 is subsequent to the reporting date
and has not been recognised in these consolidated financial statements.
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
30 Sept 202531 Mar 2025
(unaudited)(audited)
NZ$000NZ$000
Secured convertible notes (issued December 2024)10,82010,581
Unsecured convertible notes (issued March 2024 & September 2025)3,8752,839
14,695 13,420
NZ$000
Convertible notes liability
At 1 April 2024 (audited)
2,657


Value of convertible notes issued
15,000


Equity component recognised in convertible notes reserve
(4,270)


Interest expense
917


Interest paid
(547)


Transaction costs allocated to the debt component of
convertible notes
(366)


Amortisation of transaction costs
29


At 31 March 2025 (audited)
13,420


Value of convertible notes issued
1,000


Equity component recognised in convertible notes reserve
(105)
Interest expense
1,037


Interest paid
(601)


Transaction costs allocated to the debt component of
convertible notes
(87)
Amortisation of transaction costs
31


At 30 September 2025 (unaudited)
14,695

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


14
of conversion or redemption. The interest expense on the liability component of these convertible notes
is calculated by applying an effective annual interest rate of 18%.
10. Reconciliation of profit or loss after taxation with cash flow from operating
activities


6 mths ended
6 mths ended
30 Sept 2025
30 Sept 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
Net (loss) after taxation
(4,967)
(5,499)
Adjustments for:
Depreciation on property, plant and equipment
2,350
2,094
Depreciation on right of use assets
1,410
882
Amortisation of intangible assets
934
729
Interest on borrowings
973
1,798
Interest on convertible notes
1,037
245
Interest on lease liabilities
648
450
Bank fees
33
32
Deferred convertible note transaction costs
(11)
-
Debt settlement and brokerage fees
-
513
(Gain)/loss on sale of fixed assets
437
(38)
Share based payments
40
(33)
Business acquisition expenses
27
172
Movements in working capital
(Increase)/decrease in trade receivables and other current
assets
382
1,617
(Increase)/decrease in inventory
(107)
168
(Increase)/decrease in income tax receivable
(18)
26
Increase/(decrease) in trade payables and other current liabilities
(289)
(40)
Net cash from operating activities
2,879
3,116

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


15
11. Related parties
11.1 Directors
During the period the directors of the Company were Shane Edmond, Roger Gower, Simon Herbert, Sean
Joyce, Sara Lunam (appointed 1 July 2025), James Redmayne and Rodney Malam (as an alternate to
Simon Herbert).
11.2 Key management personnel compensation
Key management personnel are the Directors, the Chief Executive Officer and members of the executive
leadership team.
Key management personnel compensation is set out below.


11.3 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 9.1). The notes have a five-year term, pay the holder
interest of 6% per annum, and provide 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.
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. During the six months to 30 September 2025 the Group paid interest of $447,000 to
EWTL.
11.4 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. $59,749 was paid in rent to Bastre Properties in the reporting period ended
30 September 2025 (6 months to 30 September 2024: $81,876). As at 30 September 2025 the Group
recognised $773,760 of lease liabilities due to Bastre Properties (31 March 2025: $1,023,961).
44% of the share capital of Bastre Properties is owned by the James & Sam Family Trust, of which James
Redmayne is a trustee.
11.5 Other transactions with related parties
During the period the Group paid $50,000 in issuing costs to CM Partners Limited for the issue of
convertible notes. Sean Joyce is a director of CM Partners Limited (6 months to 30 September 2024:
$nil).

6 mths ended
6 mths ended
30 Sept 2025
30 Sept 2024
(unaudited)
(unaudited)
NZ$000
NZ$000
Short term benefits - directors fees
190
536
Share based payments - directors fees
13
10
Short-term benefits - employee benefits
762
385
Share based payments - employee benefits
27
5
992
936

WasteCo Group Limited
Condensed Notes to the Consolidated Financial Statements
For the six months ended 30 September 2025


16
6 months ended 30 September 2024
Carl Storm’s wife, Dawn Storm, received total remuneration of $83,345 as an employee of the Group in
the 6 months to 30 September 2024.
Cada Consulting Limited, a company of which Carl Storm was a director, was paid $68,751 in consulting
fees in the 6 months to 30 September 2024.
Variable Financial Solutions (NZ) Limited, a company of which James Redmayne is a director, was paid
$70,018 in consulting fees in the 6 months to 30 September 2024.
12. Amalgamation of subsidiaries
During the period 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.
13. Contingent liabilities
There were no contingent liabilities as at 30 September 2025 (31 March 2025: nil).
14. Commitments
There were no commitments for future capital expenditure at 30 September 2025 (31 March 2025:
$388,000).
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 (31 March 2025: $850,000).
15. Events subsequent to reporting date
15.1 Changes to Kiwibank lending facility
On 26 November 2025 the Company agreed with Kiwibank to update to the Kiwibank lending facilities to:
- increase the overdraft facility from $3 million to $5 million for a period of 7 months to 27 June 2026;
and
- reduce the available Kiwi Asset Finance KiwiPlus facility from $17 million to $10 million. At
30 September 2025 the Group had drawdown $7.7 million of this facility. The reduction in facility
enables a corresponding reduction in monthly loan repayments from $400,000 to $250,000 with
effect from 6 December 2025.
The amendment is subject to WasteCo Board approval which is expected shortly.
A condition of the increase in the overdraft facility is that it is to be repaid from any capital raised prior
to its expiry.
All financial covenants on the current lending facilities remain unchanged.

WasteCo Group Limited
Company Directory


17
COMPANY NUMBER
3202682
INCORPORATED
24 November 2010
REGISTERED OFFICE
421 Blenheim Road
Upper Riccarton
Christchurch 8041
WEBSITE
www.wasteco.co.nz
SHARE REGISTER
MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street
West Auckland 1010
Phone 09 375 5998
AUDITOR
Deloitte Limited
151 Cambridge Terrace
Christchurch 8013
SOLICITORS
Chapman Tripp
Level 34, 14 Customs Street West
Auckland Central 1010
BANKERS
Kiwibank Limited
Christchurch
BOARD OF DIRECTORS
Roger Gower
Shane Edmond
James Redmayne
Simon Herbert
Sean Joyce
Sara Lunam
Rodney Malam (alternate)