Renewi, a leading European waste-to-product company, provides the following trading update for the nine months ending 31 December 2024 (“Q3”).
Financial Highlights
- Revenue from continuing operations: EUR 1,307.8m, 4.2 percent year-on-year growth against a backdrop of continuing regional economic sluggishness, supported by higher volumes in Specialities and higher inbound prices in Commercial Waste (FY24: EUR 1,254.8m).
- Underlying EBIT from continuing operations: EUR 77.6m, 8.4 percent higher year-on-year with a strong contribution from Mineralz & Water and Specialities, together with lower SG&A costs
- Core net debt to EBITDA of 2.87x in line with expectations, up from 2.14x in March 2024 driven by the financing of the disposal of the UK Municipal business, with core net debt at EUR 507.2m (March 2024: EUR 368.1m). The Group continues to expect to deleverage by 0.4-0.5x per annum to 2x over the medium term.
- Completion of UK Municipal: On 10 October 2024 the Group announced the successful completion of the sale of its UK Municipal operations to Biffa Limited.
The full report is available here.