Renewi offers one of the few ways to invest in the circular economy and recycling agenda, as highlighted by Macquarie’s recent interest. The reversal of recent strong recyclate pricing and a softer construction sector in the Netherlands has affected the recovery. Profits are still significantly ahead of pre-COVID levels with much of the recovery (eg Mineralz) and the full potential of the capex programme still to come, and to be followed by the drive to achieve management’s mid-term financial targets.