Slide 1: Investor Presentation FY26 Results
Investor Presentation FY26 Results 26 August 2026 Mars is for quitters calix.global
Slide 2: Important Disclaimer
Important Disclaimer This presentation has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”). the assumptions on which those statements are based. The forward-looking statements in this presentation speak SUMMARY INFORMATION only as of the date of this presentation. Subject to any cont
Slide 3: Calix Limited
Calix Limited • FY26 delivered stronger financial performance and lower cost intensity – it showed improved financial discipline and operating leverage. • A real revenue base exists today – Magnesia proves Calix can turn capability into recurring revenue. • FY26 also delivered strategic validation a
Slide 4: FY26 results highlights
FY26 results highlights A year of solid financial & commercial progress • Achieved record revenues, continuing strong year- on-year growth • Delivered with operating cost discipline & focus • Reinforced approach to capital-light & technology licensing strategy • Achieved commercial milestones across
Slide 5: FY26 financial highlights
FY26 financial highlights RECORD REVENUE DISCIPLINED EXECUTION GROUP REVENUE & INCOME REDUCED OPEX $ 39.2M 16% $ 30.0M -24% FY25: $33.9m FY25: $39.5m GROUP PRODUCT & SERVICES REVENUE REDUCED CASH CAPEX1 $ 36.0M 28% $ 2.1M -80% FY25: $28.2m FY25: $10.3m1 MAGNESIA PRODUCT & LEILAC & SUSPRO SERVICES RE
Slide 6: Statement of profit & loss
Statement of profit & loss1 Record revenue, reduced costs, one-off previously reported non-cash impairment June 26 June 25 ($m’s) ($m’s) Revenue 36.0 28.2 Strong revenue (↑28%) & gross Cost of sales (21.8) (17.5) Gross profit 14.2 10.7 profit (↑34%) growth Other income 3.1 5.8 Gross profit and other
Slide 7: Continued revenue growth
Continued revenue growth Top-line growth translating into improved operating performance Product & services revenue growth Total GROUP REVENUE TRAJECTORY36.0 (+28%) • Strong product and services growth, up 28%* 35 Total Total 28.2 30 (+17%) • 40% gross margin (FY25: 39%) 24.2 (+30%) 19.7 $M’s 25 Tot
Slide 8: Continued growth in Magnesia
Continued growth in Magnesia Fast-growing revenue base funding broader Magnesia revenue growth growth strategy Total 34.0 35 +40% Magnesia FY26 achievements: 30 Total • 40% revenue growth (FY25: $24.3m) 24.3 Total +15% 25 • Contract executed with new customer for $M’s 21.0 18.4 up to A$10m per annum
Slide 9: Cost management discipline
Cost management discipline Clear shift toward disciplined operating cost Cash Opex and Capex spend profile management and capital-light model 1H232023 2H23 1H242024 2H24 1H252025 2H25 1H262026 2H26 1H 2H 1H 2H 1H 2H 1H 2H • Opex reduced to $30.0m 0 – Down 24% (FY25: $39.5m) -5 -13.1 -14.4 – Enabled
Slide 10: Improved operating cash flow
Improved operating cash flow Revenue growth & cost discipline delivers healthy cash position Cash flow outlook • Operating cash outflow reduced 60% to $11.4m Calix maintains its expectation that it will be cash flow neutral in the (FY25: $28.7m) 2026 calendar year, enabled by: • The Group held $9.8m
Slide 11: State of decarbonisation capital market and policy landscape
State of decarbonisation capital market and policy landscape Current market headwinds, enduring long-term tailwinds for industrial decarbonisation NEAR Global pressures continue to create a LONGER Global policy direction2 remains TERM challenging clean-tech capital market… TERM broadly towards net z
Slide 12: Business model and strategic focus
Business model and strategic focus Targeting near-term deployment pathways in multiple major global markets • Prioritise largest target markets Cement Industry sizes • Develop and prioritise customer value ~4b tonnes (t)1 propositions that deliver immediate economic benefits & future Iron ore decarb
Slide 13: Commercialisation milestones achieved in FY26
Commercialisation milestones achieved in FY26 1H FY26 JUL AUG SEP OCT NOV DEC $44.9m ARENA Hydro partnership Rio Tinto JDA to Rio Tinto due diligence complete, grant for Zesty & testing for near- support first $3m cash payment made Demo Plant, subject zero alumina development of Up to $10m p.a. cont
Slide 14: Our focus on capital-light, licensing business model
Our focus on capital-light, licensing business model Project Stage Trial Work/Early Engineering Engineering EPCm Commissioning & Operations Revenue model Paid trials, studies Paid FEED Paid detailed engineering Licensing and/or service fees General timeframes1 6-12 months 12-18 months 18-24 months O
Slide 15: Magnesia business strengths and drivers
Magnesia business strengths and drivers Australian Operations South Australia 1. Myrtle Springs Mine Victoria Broad network of water treatment 2. Bacchus Marsh (Calix Technology plants & customers across 5 4 Centre, CFC1500 calciner, BatMn, Australia and USA Thors Hammer) 3 New South Wales 1 3. Pymb
Slide 16: FY26 summary & outlook
FY26 summary & outlook FY26 FINANCIAL HIGHLIGHTS FY26 COMMERCIALISATION MILESTONES FY27 PRIORITIES Record revenue Magnesia • Group total revenue & income up 15% to $39.2m • Up to $10m p.a. contract with new U.S. customer • Grow revenue and gross profit • Group product & services revenue • New QLD hy
Slide 17: Q&A
Q&A FY26 Results 26 August 2026 17 17
Slide 18: Appendices
UPDATE IMAGE? Appendices FY26 Results 26 August 2026 18 18 18
Slide 19: Statement of profit or loss
Statement of profit or loss For the full-year period ended 30 June 2026 June 26 June 25 ($m’s) ($m’s) Revenue, grants & other income 39.2 33.9 Cost of sales (21.8) (17.5) Gross profit and other income 17.3 16.4 Operating expenses (30.0) (39.6) Sales & marketing expenses (10.0) (10.5) Research & deve
Slide 20: Statement of financial position
Statement of financial position As at 30 June 2026 Jun 26 Jun 25 ($m’s) ($m’s) Cash and cash equivalents 9.8 23.0 Trade, other receivables and other assets 12.2 6.3 Inventories 2.6 2.6 Current assets 24.6 31.9 Trade, other receivables, other assets & right of use asset 0.3 0.3 Inventories 1.4 1.8 In
Slide 21: Statement of cash flows
Statement of cash flows For the full-year period ended 30 June 2026 June 26 June 25 ($m’s) ($m’s) Receipts from customers 38.9 29.5 Receipts from government bodies 2.5 1.8 Payments to suppliers and employees (53.0) (60.8) Interest received 0.3 0.9 Interest paid (0.1) - Net cash used in operating act
Slide 22: About Calix
SOLVING GLOBAL Electrification of industrial processing Capture of unavoidable emissions About Calix CHALLENGES Sustainable environmental solutions Calix Limited is an industrial technology company transforming the way the world’s essential materials are made. ~100 25 11% EMPLOYEES PATENT FAMILIES S
Slide 23: Calix's platform technology
Calix’s platform technology A new way to “heat stuff up”… Fine particles Gas output for processing What makes our technology different? Hot tube Energy flexibility radiates • Flexible heating enables renewables heat into Externally integration and grid balancing raw heated material using low Gas sep
Slide 24: Calix applications, markets, partners & revenue models
Calix applications, markets, partners & revenue models One core technology with multiple applications for global industries Carbon Dioxide Application Water Treatment Iron & Steel Alumina Lithium Cement & Lime Removal Business / subsidiary 80-900 MT CO26 Market size US$100m1 US$640 Bpa2 US$54.5 Bpa3
Slide 25: Magnesia
Industry Magnesia Water Treatment Objectives Locations Upward YoY • Grow revenue and gross profit of Magnesium Hydroxide Liquid revenue trajectory (MHL) products for sustainable water & wastewater treatment USA IER manufacturing plants • Ripon, Wisconsin • Muscatine, Iowa Status • Sioux City, Iowa T
Slide 26: Zesty Green Iron Demonstration Plant
Industry Zesty Green Iron Demonstration Plant Iron & Steel Partner(s) Objectives Status Targeted next steps • Develop industry leading • Rio Tinto: Joint Development Agreement • Secure remaining financing required Hydrogen Direct Reduced Iron (H- (JDA) executed November 2025: Rio to via a subsidiary
Slide 27: Near-zero emissions alumina
Industry Near-zero emissions alumina Alumina Partner(s) Objectives Status Targeted next steps • Jointly develop electric calcination • MOU and services agreement signed with • Complete the pre-FEED study for a for near-zero emissions alumina Hydro1 commercial alumina calciner • ZEAL technology aims
Slide 28: Mid-Stream Demonstration Plant with PLS
Industry Mid-Stream Demonstration Plant with PLS Lithium Partner(s) Objectives Status Targeted next steps • Demonstrate lower capex & opex for • Construction of Demonstration Plant • Continue to explore opportunities to spodumene processing with electric completed in December 20251 scale and deploy
Slide 29: Adani Group's Ambuja Cements
Industry Adani Group’s Ambuja Cements Cement Partner(s) Objectives Status Targeted next steps • Enable commercial deployment of • Agreement executed between Leilac • Complete initial engineering study the Leilac technology through a and Ambuja Cements to jointly leading to a go/no-go decision. Decis
Slide 30: Cement contract in East Asia
Industry Cement contract in East Asia Cement Partner(s) Objectives Status Targeted next steps East Asia partner • Undertake an engineering study to • A services agreement has been signed • Complete the engineering study in 1H identity remains assess the technical and economic to deliver a paid engin
Slide 31: Ocean Alkalinity Enhancement (OAE) with Frontier
Industry Ocean Alkalinity Enhancement (OAE) with Frontier Carbon Dioxide Removal Partner(s) Objectives Status Targeted next steps • Develop solutions for atmospheric • Leilac signed a contract with Frontier • Completion of the initial project with carbon dioxide removal by ocean in January 20262 to
Slide 32: Project ZETA
Industry Project ZETA Lime Partner(s) Objectives Status Targeted next steps • Build a commercial electric calciner • Project is paused pending matching • Secure remaining project finance for near zero emissions lime funding to $15m grant by the • FEED is planned to commence once Australian Governmen
Slide 33: Leilac-2
Industry Leilac-2 Cement Partner(s) Objectives Status Targeted next steps • Demonstrate a replicable module • Permitting process at Heidelberg • Leilac and Leilac-2 project that can efficiently capture up to Materials’ Ennigerloh cement plant and consortium are seeking alternative 100ktpa of unavoid
Slide 34: Project Cypress
Industry Project Cypress Direct Air Capture Partner(s) Objectives Status Targeted next steps • Develop an integrated and scalable • Following conclusion of the U.S. DOE • Calix and Leilac remain well-placed to design for Heirloom’s DAC process review into funding for Project restart and deploy resou
Slide 35: Clay tolling agreements
Industry Clay tolling agreements Clay Partner(s) Objectives Status Targeted next steps • Develop an alternative scalable • Toll production agreement signed with • Deliver tolling campaign with Green360 pathway to reduce the carbon Green360 Technologies (GT3) for up to Technologies over initial 2-yea
Slide 36: Sustainability FY26 highlights
Sustainability FY26 highlights AMBITION Advance sustainable Ensure safe and Decarbonise Address resource Foster fairness and technology development controlled operations operations consumption belonging Build four commercial Maintain zero significant injuries Reduce emissions in line with Addressing
Slide 37: Glossary
Glossary Term Meaning Aluminium (Al) Chemical element with the symbol Al ARENA The Australian Renewable Energy Agency ASX The Australian Securities Exchange ASRS Australian Sustainability Reporting Standards An electric and renewably powered pilot-scale calciner at the Calix Technology Centre used f
Slide 38: Glossary
Glossary Term Meaning EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation EIS Employee Incentive Scheme ESF Electric Smelting Furnace – Used to convert Direct Reduced Iron (DRI) to iron suitable for a Basic Oxygen Steelmaking (BOS) process. ESG Environment, Social and Governance cons
Slide 39: Glossary
Glossary Term Meaning IP Intellectual Property IFRS International Financial Reporting Standards Iron (Fe) The chemical element, represented by “Fe” on the periodic table Iron Ore Iron oxide mixed with various other minerals, as mined and “pre-processed” (purified) as best as possible JDA Joint Devel
Slide 40: Glossary
Glossary Term Meaning Pelletisation The formation of pellets from finer materials to aid in handling PLS PLS Group, an Australian lithium mining company Process emissions Process emissions are inherent to the chemical reaction and are released directly and unavoidably from the chemical processing of
Slide 41: Investor relations
Investor relations Investorrelations@calix.global Media enquiries media@calix.global Subscribe to our Newsletter calix.global Mars is for quitters FY26 Results 26 August 2026