Cleanaway Waste Management (ASX:CWY), Worley (ASX:WOR) and Ventia Services Group (ASX:VNT) operate across different areas of essential services and infrastructure. Cleanaway provides waste collection, treatment and resource recovery, Worley supplies engineering and professional services to energy and resources clients, while Ventia manages infrastructure across defence, transport, telecommunications, utilities and environmental services.

Their 2026 updates cover earnings, contract activity, operating margins, restructuring and regulatory matters.

Cleanaway Waste Management (ASX:CWY)

Cleanaway Waste Management (ASX:CWY) operates a national waste-management network spanning solid waste, liquid waste, health services, recycling, landfills and resource-recovery infrastructure.

For FY26, Cleanaway reported gross Revenue of A$4.37 billion and underlying EBIT of A$470.2 million. Underlying net profit after tax was A$223.1 million, while statutory net profit after tax was A$98.5 million.

The difference between statutory and underlying Earnings included non-cash impairments associated with construction and demolition Assets and the company’s Investment in Circular Plastics Australia.

Free Cash Flow reached A$213.8 million, while Capital Expenditure was A$374.3 million. Return on capital employed was 9.7%. Cleanaway also declared a fully franked final Dividend of 3.5 cents per share, taking the FY26 distribution to 6.85 cents.

For FY27, Cleanaway has guided to underlying EBIT of A$500 million to A$530 million. Its Blueprint 2030 program includes resource recovery, waste infrastructure, pricing initiatives and operating efficiency measures.

Worley (ASX:WOR)

Worley (ASX:WOR) provides engineering, project delivery, consulting and asset-support services across energy, chemicals and resources markets globally.

For FY26, Worley reported aggregated revenue of A$12.02 billion. Underlying EBITA was A$734 million, representing an underlying EBITA margin of 6.1%. Underlying NPATA reached A$395 million, while statutory NPATA was A$306 million.

Bookings reached A$15.5 billion and Backlog stood at A$13.8 billion at year-end. The company also reported A$132 million of cost-out savings during the financial year and normalised cash conversion of 93.6%.

Ventia Services Group (ASX:VNT)

Ventia Services Group (ASX:VNT) provides infrastructure operations and maintenance services across defence, social infrastructure, transport, telecommunications, electricity, gas, water and environmental markets in Australia and New Zealand.

For 2026, Ventia has guided to underlying NPATA growth of 7% to 10%. Its half-year reporting also indicated a segment margin of approximately 9.4% as the company managed transitions across parts of its contract portfolio.

Ventia’s Business model relies significantly on long-term service contracts, including government and infrastructure agreements. Contract renewals, new project awards, labour costs and operating margins remain important components of its financial performance.

Ventia also remains involved in civil cartel proceedings brought by the Australian Competition and Consumer Commission concerning alleged conduct related to Defence estate maintenance services. The allegations remain unproven and the proceedings were unresolved as at September 2026.

Infrastructure Services Activity

Cleanaway Waste Management (ASX:CWY), Worley (ASX:WOR) and Ventia Services Group (ASX:VNT) generate revenue from different infrastructure and essential-services markets.

Cleanaway is exposed to waste volumes, recycling activity and resource-recovery infrastructure. Worley’s operations depend on project spending across global energy and resources markets. Ventia is linked to long-term infrastructure maintenance and government service contracts.

Contract execution, labour costs, pricing arrangements and capital expenditure can affect margins across all three businesses.

Key Risks

Cleanaway remains exposed to project execution, regulatory changes affecting waste and landfill operations, recyclate pricing and returns from capital-intensive infrastructure projects.

Worley faces risks associated with global client capital expenditure, complex project delivery, restructuring execution, geopolitical conditions and foreign-exchange movements.

Ventia remains exposed to contract renewals, labour expenses and government spending. The unresolved ACCC proceedings represent an additional regulatory and legal risk, with the allegations yet to be determined by the court.

What Investors May Watch Next

For Cleanaway Waste Management (ASX:CWY), upcoming reporting will provide information on progress toward FY27 underlying EBIT guidance of A$500 million to A$530 million and execution of Blueprint 2030 initiatives.

For Worley (ASX:WOR), future updates will show how its A$13.8 billion backlog converts into revenue and whether restructuring and cost-management initiatives affect margins.

For Ventia Services Group (ASX:VNT), subsequent disclosures will provide information on 2026 NPATA growth, contract activity, margins and developments in the ACCC proceedings.