Ventia Services (ASX:VNT), Cleanaway Waste Management (ASX:CWY) and Lendlease (ASX:LLC) entered the latter part of 2026 with different financial profiles. Ventia delivered higher Earnings and margins despite lower first-half revenue, Cleanaway recorded double-digit growth in Revenue and underlying profit, while Lendlease remained loss-making as elevated restructuring and valuation impacts weighed on FY26 results.

Ventia Services

Ventia reported H1 2026 revenue of approximately AUD 2.89 billion.

EBITDA increased 8.2% to AUD 273.3 million, while the EBITDA Margin expanded to 9.4%.

NPATA reached approximately AUD 128.2 million, representing growth of 7.4%. Earnings Per Share increased to AUD 0.158.

The company declared an Interim Dividend of AUD 0.1176 per share, fully franked, representing a Payout Ratio of approximately 75% of NPATA.

Net Debt to EBITDA stood at 1.4 times, while cash conversion was 93.8%.

The combination of higher EBITDA, improved margins and high cash conversion indicates that earnings quality improved even though revenue declined during the half.

Ventia maintained FY26 guidance for NPATA growth of 7% to 10%, an EBITDA margin above 9% and cash conversion above 90%.

Potential Catalysts

Further EBITDA margin expansion could support earnings growth even if revenue remains relatively subdued.

Delivery toward the upper end of NPATA guidance would reinforce the improvement in profitability.

Cash conversion above 90% could also support balance-sheet flexibility and future Shareholder distributions.

Potential Risks

Continued revenue contraction could eventually limit earnings growth if margin improvements become harder to sustain.

Higher operating costs could reduce EBITDA margins and weaken NPATA growth.

A deterioration in cash conversion or higher Leverage could also reduce financial flexibility.

Cleanaway Waste Management

Cleanaway reported FY26 gross revenue of approximately AUD 4.37 billion.

Net revenue reached approximately AUD 3.74 billion.

Underlying EBITDA increased 12.8% to AUD 892.6 million, while underlying EBIT rose 14.2% to AUD 470.2 million.

Underlying net profit after tax reached approximately AUD 223.1 million.

Statutory NPAT was significantly lower at AUD 98.5 million, reflecting the impact of one-off items.

Free Cash Flow increased to approximately AUD 213.8 million.

The company declared total FY26 dividends of AUD 0.0685 per share, including an interim dividend of AUD 0.0335 and a final dividend of AUD 0.035 per share.

For FY27, Cleanaway expects underlying EBIT of approximately AUD 500 million to AUD 530 million.

Depreciation and Amortisation are expected to range from AUD 435 million to AUD 455 million, while cash Capital Expenditure is expected to be around AUD 360 million.

Cash interest payments are expected to be approximately AUD 140 million.

Potential Catalysts

Delivery against the FY27 EBIT guidance range could extend the company's underlying earnings growth.

Continued improvement in free cash flow would increase financial flexibility.

Higher margins combined with controlled capital expenditure could also support stronger cash returns from the business.

Potential Risks

The gap between underlying and statutory profit remains an important financial consideration.

Higher depreciation, interest expense or capital expenditure could reduce the amount of operating earnings converted into free cash flow.

Weaker margins could also constrain EBIT growth if revenue expansion slows.

Lendlease

Lendlease reported a FY26 statutory loss after tax of approximately AUD 749 million.

The result included AUD 182 million of non-cash negative property revaluations and impairments.

Operating loss after tax was approximately AUD 567 million.

Continuing Investments, Development and Construction activities contributed approximately AUD 233 million, while the Capital Release Unit recorded a loss of approximately AUD 800 million.

Segment EBITDA from the continuing Business reached approximately AUD 542 million. Investments contributed AUD 297 million, Construction AUD 167 million and Development AUD 78 million.

Lendlease declared a distribution of AUD 0.157 per stapled security.

Net debt stood at approximately AUD 3.7 billion, while available Liquidity was AUD 4.0 billion.

Statutory gearing was 30.3%, while underlying gearing was 37.7%.

The company also reduced its cost base, with net overheads reaching an exit run-rate of around AUD 350 million.

For FY27, Lendlease has guided to continuing-business earnings of AUD 0.37 to AUD 0.41 per security.

Potential Catalysts

Improvement in continuing-business earnings could narrow the gap between operating performance and the group-level statutory result.

Further reductions in net debt and gearing would improve the balance-sheet profile.

Lower overheads could also support profitability if the cost base remains controlled.

Potential Risks

Lendlease remains exposed to elevated gearing and sizeable losses within non-core activities.

Further property revaluations or impairments could continue to weigh on statutory earnings.

Slower deleveraging or weaker cash generation could also constrain financial flexibility.

Financial Outlook

Ventia enters the remainder of 2026 with higher margins, positive earnings growth and high cash conversion despite softer revenue.

Cleanaway recorded double-digit growth across revenue, EBITDA, EBIT and underlying NPAT, while positive free cash flow provides an important financial measure heading into FY27.

Lendlease remains financially more complex, with positive continuing-business EBITDA offset by substantial losses elsewhere in the group and comparatively elevated leverage.

What Investors May Monitor Through the Rest of 2026

For Ventia, EBITDA margins, NPATA growth, cash conversion and leverage remain key financial indicators.

For Cleanaway, underlying EBIT, statutory NPAT, free cash flow, capital expenditure and interest costs will be important measures through FY27.

For Lendlease, net debt, gearing, continuing-business earnings, overhead reductions and progress toward improved statutory profitability remain central financial measures.