CWY Analysis: Trading Update

Event: Trading Update | Date: 2025-10-21 | Source: Cleanaway ASX Announcements

Guidance Reaffirmed Amid Subdued Q1 Trading

Cleanaway Waste Management (ASX: CWY) released a trading update on 21 October 2025, reconfirming its FY26 underlying EBIT guidance of $470-500 million despite challenging conditions in the September quarter. The update highlighted subdued trading, particularly in commercial and industrial segments, with the company noting a heavier-than-usual weighting towards the second half of FY26 compared to the historical 50-55% bias. Additionally, Cleanaway announced an indirect cost reduction program aimed at sustainably lowering overheads, with further details to be provided in its February 2026 half-year results. No specific revenue or margin figures were disclosed for Q1, but management expressed confidence in delivering the full-year guidance through operational actions and efficiency measures. The update did not alter the company's broader strategic outlook under Blueprint 2030. For the full announcement, see the ASX release.