The Group delivered strongly against its operational and strategic objectives in 2025, with financial results reflecting the Riverside 1 planned maintenance cycle and the planned transition at our Barking site as construction of the new transfer station (the largest in the UK) continued. I am pleased to report that the Group remains in a very robust financial position at the end of the year.
This excellent performance is, of course, no accident and is to me no surprise when I visit our sites and speak to our people. Our employees are doing exceptional work – quietly performing so that London’s bins remain empty, its streets remain clean, and its lights stay on.
Ben Butler
Chief Financial Officer
Underlying revenue
£183.6 million
Revenue decreased by 10.0% compared with 2024 due to a reduction in waste and electricity revenue and also due to the planned reduction in trading at our Barking site. Electricity revenue was lower mainly due to planned maintenance on the Riverside 1 steam turbine during the year and lower market prices. Lower waste revenue was due to additional planned maintenance works completed during the year – following the 18-month maintenance cycle adopted in 2024.
EBITDA
£65.6 million
EBITDA was 23.0% lower than in 2024. This reduction was expected and is due to the reduction in waste and electricity revenues as well as higher repairs and maintenance costs in the year – reflecting the additional planned maintenance work carried out.
Non-recyclable waste diverted from landfill
800,000 tonnes
Waste volumes in 2025 were lower than in 2024 – the Riverside 1 plant saw a reduction in waste processed, due to major planned maintenance carried out on two of its process lines, compared with one in 2024. There was also a significant decrease in the volume of waste processed at Barking, due to the construction of the new transfer station at the site, which was ongoing throughout 2025.
Electricity
generated
542 GWh
Electricity exported decreased by 5.9% compared with 2024. This was mainly due to planned maintenance carried out on the steam turbine during the year. The additional boiler maintenance carried out in 2025 under the 18-month planned maintenance programme also reduced waste processing, which in turn reduced electricity export.
Recyclable waste sorted
69,000 tonnes
The increase is a result of ongoing policy efforts to improve recycling, such as the Simpler Recycling reform, which came into effect in April 2025, requiring businesses to separate key recycable materials to improve recycling rates.
Annual Report 2025
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Report archive
| Date | June 2023 |
|---|---|
| Title | GRI Content Index 2022 |
| Document | 57KB |
| Date | June 2023 |
| Title | 2021 Annual Report |
| Document | 4,586KB |
| Date | June 2023 |
| Title | 2022 Sustainability Report |
| Document | 13,656KB |
| Date | June 2023 |
| Title | 2022 Annual Report |
| Document | 16,005KB |
| Date | February 2023 |
| Title | Modern Slavery and Human Trafficking Statement 2022 |
| Document | 123KB |
| Date | February 2023 |
| Title | Modern Slavery Statement 2021 |
| Document | 239KB |
| Date | January 2023 |
| Title | Gender Pay Gap Report 2021/2022 |
| Document | 253KB |
| Date | September 2022 |
| Title | GRI Content Index 2021 |
| Document | 24KB |
| Date | August 2022 |
| Title | Sustainability Report 2021 |
| Document | 4,510KB |
| Date | February 2022 |
| Title | Gender Pay Gap Report 2020/21 |
| Document | 247KB |
| Date | December 2021 |
| Title | Cory GRI Content Index |
| Document | 24KB |
| Date | December 2021 |
| Title | Sustainability Report 2020/21 |
| Document | 13,272KB |
| Date | May 2021 |
| Title | Annual Review 2020 |
| Document | 21,058KB |
| Date | February 2021 |
| Title | Modern Slavery Statement |
| Document | 164KB |
| Date | December 2020 |
| Title | CRE Green Financing Framework and DNV Assessment |
| Document | 707KB |
| Date | December 2020 |
| Title | Cory Riverside Energy Factsheet |
| Document | 836KB |
| Date | November 2020 |
| Title | Gender Pay Gap Report 2019 / 20 |
| Document | 258KB |
| Date | October 2020 |
| Title | GRI Assessment 2018 |
| Document | 450KB |
| Date | September 2020 |
| Title | Annual Review 2019 |
| Document | 19,920KB |
| Date | July 2020 |
| Title | Modern Slavery Statement 2019 |
| Document | 96KB |
| Date | June 2020 |
| Title | Materiality Assessment |
| Document | 1,615KB |
| Date | September 2019 |
| Title | Sustainability Report 2018 |
| Document | 4,080KB |
| Date | September 2019 |
| Title | Gender Pay Gap Report 2018 / 19 |
| Document | 675KB |
| Date | May 2019 |
| Title | GRI Assessment 2018 |
| Document | 450KB |
| Date | March 2019 |
| Title | Gender Pay Gap Report 2017 / 18 |
| Document | 283KB |
| Date | February 2019 |
| Title | Modern Slavery and Human Trafficking Statement 2018 |
| Document | 141KB |
| Date | October 2018 |
| Title | Follow-up to Submission to HM Treasury Plastic Consultation |
| Document | 265KB |
| Date | October 2018 |
| Title | A response to UKWIN's Climate Change Impacts Report |
| Document | 455KB |
| Date | August 2018 |
| Title | The River Thames: An Untapped Asset |
| Document | 7,148KB |
| Date | March 2018 |
| Title | Gender Pay Gap Report 2016 / 2017 |
| Document | 210KB |
| Date | January 2018 |
| Title | Carbon Report |
| Document | 9,691KB |
| Date | April 2017 |
| Title | ESAET Rethinking Waste Crime |
| Document | 6,131KB |
| Date | March 2017 |
| Title | Modern Slavery and Human Trafficking Statement 2017 |
| Document | 269KB |
| Date | March 2016 |
| Title | Modern Slavery and Human Trafficking Statement 2016 |
| Document | 190KB |
