WasteCo Group Limited Analysis

Overview

On 5 December 2022 the company completed the acquisition of WasteCo Holdings NZ Limited, and a reverse listing as WasteCo Group Limited (trading as WCO) (WasteCo)

The WasteCo group was formed by Carl Storm and James Redmayne and commenced operations in 2013

WasteCo currently operates a diversified waste, refuse and industrial services business with operations in Christchurch, Ashburton, Timaru, Oamaru, Dunedin and Balclutha, through 6 subsidiaries.

Members of the WasteCo group own and operates a range of business activities associated with:

• Environmental services, which comprise the following operations:
• Waste collection via front load bins, hook bins, skip bins and wheelie bins from both commercial and private customers.
• A large gantry collection operation in Christchurch.
• Road sweeping for Councils and commercial customers. WasteCo operates an extensive sweeping operation in the South Island.
• Waste sorting and diversion. WasteCo operates a 3,600 square metre dedicated sorting facility in Christchurch with a strong focus on diversion from landfill. WasteCo is currently achieving global diversion in excess of 50% of waste away from the landfill.
• A new specialised facility for the collection and treatment of medical and quarantine waste, which has recently been implemented by WasteCo.
• Training services. WasteCo provides internal and external training courses, both to its own staff and to third party organisations.
• Industrial services, which comprise the following operations:
• High pressure water blasting, urgent spill response services, vacuum loading, septic tank cleaning and portaloos. These services are offered on a 24/7/365 basis. WasteCo is one of the largest providers of industrial services in the South Island.
• Port services. WasteCo provides maintenance, cleaning and auxiliary services to several ports and shipping companies in the South Island.

Performance

The following information was extracted from WasteCo Group Limited's Half year results, released 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.”