In H1 2026, the company reported 13.0% net revenue growth to $1,875.3 million and 16.9% underlying EBIT growth to $228.2 million. Upgraded FY26 EBIT guidance of $480-$500 million reflects strong operational momentum and early integration benefits from acquisitions. Strategic focus includes higher-margin projects like the Western Sydney MRF and Dynon Road Transfer Station redevelopment.
Cyborg Score Rationale
The Solid Waste Services segment delivered earnings and margin growth supported by price discipline, labour productivity improvements, and lower fleet costs. However, trailing net margins remain compressed at 2.9% versus 4.1% prior year, and the company carries high debt while trading at a 47.2x P/E, raising leverage and valuation concerns.
Top Insights
CEO Mark Schubert upgraded FY26 EBIT guidance to $480-500m, demonstrating underlying business strength and commitment to building a more profitable company.
H1 2026 trailing revenue of A$4.1b with basic EPS of A$0.0545, alongside half-year net income of A$83.6m.
The company rolled out advanced AI pedestrian detection technology and in-vehicle monitoring systems across its fleet.
Key watchpoints include H2 free cash flow recovery as tax normalises and progress on $35m annualised indirect cost savings from FY27.
Named Competitors
Waste Services — North American waste collection and disposal
Waste Management Services — Global waste management and environmental services
Waste and Recycling — US waste collection, transfer, and disposal services
Recent Developments
(February 2026) Upgraded FY26 EBIT guidance to $480-500m on strong first-half results and acquisition synergies
(February 2026) Announced interim dividend of 3.35 cents per share, fully franked, up 19.6% from prior year
(December 2025) H1 FY26 net revenue up 13% to $1,875.3m with underlying EBIT up 16.9% to $228.2m
(2025) Completed acquisition of Contract Resources with early integration benefits exceeding expectations
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