Slide 1: 2025 Full Year Financial Results Presentation
2025 FULL YEAR FINANCIAL RESULTS PRESENTATION Dyno Nobel Limited ABN 42 004 080 264 ASX Code: DNL OTC: DNLZY 2025 FULL YEAR FINANCIAL RESULTS PRESENTATION
Slide 2: Disclaimer
Disclaimer SUMMARY INFORMATION • On 31 March 2025, the Company’s name changed from Incitec Pivot Limited to Dyno Nobel Limited. All references to ‘Dyno Nobel Limited’ should be taken as being ‘Incitec Pivot Limited’ prior to 31 March 2025. • This presentation has been prepared by Dyno Nobel Limited
Slide 3: Disclaimer: Forward Looking Statements
Disclaimer FORWARD LOOKING STATEMENTS • This presentation contains certain “forward looking statements”. Forward looking words such as “expect”, “would”, “could”, “may”, “predict”, “intend”, “will”, “believe”, “estimate”, “target” and “forecast” and other similar expressions are intended to identify
Slide 4: Acknowledgement of Country
2025 FULL YEAR FINANCIAL RESULTS PRESENTATION ACKNOWLEDGEMENT OF COUNTRY I acknowledge the First Peoples of the land, sea and waters across the various locations that we are living and working from today. I pay my respects to Elders past and present. 2025 FULL YEAR FINANCIAL RESULTS PRESENTATION 3
Slide 5: Welcome to Dyno Nobel's FY2025 Results
Welcome to Dyno Nobel’s FY2025 Results Mauro Neves Nitesh Naidoo Chief Executive Officer & Chief Financial Officer Managing Director 2025 FULL YEAR FINANCIAL RESULTS PRESENTATION
Slide 6: Agenda
Agenda PAGE FY25 highlights and outlook 1 Mauro Neves – CEO and Managing Director 6 FY25 Financial performance 2 Nitesh Naidoo – Chief Financial Officer 18 Closing remarks and Dyno Nobel investment proposition 3 Mauro Neves – CEO and Managing Director 23 4 Q&A 24 22002255 FFU ULLLL YYEEAARR FFIIN NA
Slide 7: FY25 Highlights
Delivering on separation Solid FY25 platform & transformation for growth FY25 Fertilisers separation nearing completion Safety remains #1 priority $ Highlights Upfront cash proceeds 19% TRIFR reduction of $579m1 Clear pathway for Strong explosives Phosphate Hill performance March 2026 deadline 16% u
Slide 8: Safety | Our #1 priority
Safety | Our #1 priority Total recordable injury frequency rate (TRIFR)1 FY25 safety highlights 1.2 19% • Significant improvements in TRIFR, process safety and 1.0 lost workdays, with injury severity down 40% 0.8 • No incidents classified as serious harm; 81% of sites had 0.6 0.92 0.92 1.10 Target z
Slide 9: FY25 Financial Results
FY25 Financial Results Strong performance following significant turnaround schedule DNL Group Statutory DNL Explosives Underlying5 Revenue EBITDA1 EBIT1 Revenue EBITDA1 EBIT1 $2,970m $702m $434m $5,345m (0%) $1,012m (+10%) $714m (+23%) (+2%) (+15%) (+16%) FY24: $5,365m FY24: $925m FY24: $580m FY24:
Slide 10: Transformation on track
Transformation on track $134M NET INITIATIVES DELIVERED IN FY24 AND FY25 FY23 FY26 FY28 EBIT A$m FY24 FY25 Baseline Guidance1 Ambition5 Commercial: DNA & DNAP re-contracting Explosives (including corporate costs) 315 399 384 ~460-500 $103m benefits, new customer wins and increase in JV income Ag&IC
Slide 11: FY26 Net Transformation Benefits $30-70m
FY26 Net Transformation Benefits $30-70m1 Estimated Value Current Initiative Lever Range Stage Operating model changes including Operational $20m - $26m 4 headcount reduction Procurement cost savings including renegotiation of utilities, services and Operational $10m - $20m 3-4 freight Manufacturing
Slide 12: Dyno Nobel – FY26 outlook
Dyno Nobel – FY26 outlook1 FY26 Business Unit assumptions DNAP: • Debottlenecking expected to lift Moranbah production DNA: • Impact of tariffs expected to be ~US$10m post mitigation3 • WALA turnaround (performed by CF Industries) in March 2026 • Minor Cheyenne turnaround deferred to FY27 Dyno Nobel
Slide 13: The Dyno Nobel strategy
The Dyno Nobel strategy OUR AMBITION & VALUES Be the leading global explosives player enabled by our values • Zero Harm for Everyone Everywhere • Care for the Community & our Environment • Think Customer. Everyone. Every day • Challenge & Improve the Status Quo • Treat the Business as our Own • Deli
Slide 14: Proprietary Product Technology driving growth
Proprietary Product Technology driving growth • Nobel Fire adoption expanding, with blast design generation up 98% year on year and increased pull-through from Delta E and DigiShot programs • Electronic detonators up 15% year on year, now contributing 63% of total detonator revenue and 29% of unit v
Slide 15: Privileged Assets: US TNT Market Re-Emergence
Privileged Assets TNT plant under construction at Dyno Nobel’s Graham, KY site US TNT Market Re-Emergence • First US TNT facility in four decades, to be built at Dyno Nobel’s Graham, Kentucky site to restore domestic capability • US Government funded (~US$435m) 15mlb facility with Dyno Nobel investi
Slide 16: Privileged Assets: New JV in energetics
Privileged Assets New JV to expand into growing defence and commercial energetics markets New Nitradyn LLC JV formed: 50/50 JV structure between Dyno Nobel and Repkon USA Holdings, Inc. Energetics Prospective pipeline • Class of material including explosives, pyrotechnic • Positioned to expand into
Slide 17: Dyno Nobel evolving to pure play explosives
Dyno Nobel evolving to pure play explosives Separation Delivery Timeline Phosphate Hill • Sale process expanded as work continues to prioritise the 31 Aug – St Helens, OR sale completion sale as a going concern to a qualified buyer (no trailing liabilities1) • If an agreed sale cannot be reached by
Slide 18: Sustainability and Decarbonisation
Sustainability and Decarbonisation 2025 GHG reduction achieved with new targets set1 5% by 2025 short-term GHG2 reduction achieved • Supported by $20m investment in Moranbah Tertiary N2O3 abatement Strengthened Scope 1&2 GHG reduction targets set • 25% by 20304 medium term target now short-term targ
Slide 19: Solid FY25 Financial Performance
Dyno Nobel Explosives underlying earnings grew 16%1 year on year, with growth across all business units Transformation program delivered $134m benefits to date, reaching Solid FY25 the halfway mark with an exit run rate of 47% Financial Performance Increased earnings improve ROIC to 8.2% (including
Slide 20: Group Statutory Results
Group Statutory Results Favourable commodities and transformation project underpin headline results FY25 FY24 KEY CALLOUTS 1 Dyno Nobel Group ($m) Dyno Chg. Group Fertilisers Group • Headline Group EBIT increased by Nobel 23%, driven by strong commodity Revenue 5,345 3,2035 2,143 5,365 0% prices in
Slide 21: Business Unit Performance
Business Unit Performance Underlying Dyno Nobel earnings grew 16% yoy Total Total KEY CALLOUTS DNAP DNA DNEL Corp & elim Chg. FY25 Dyno Nobel FY25 FY24 $m %yoy $m %yoy $m %yoy $m %yoy $m $m %yoy • Strong growth across all business units Statutory EBIT 224 (5%) 213 (16%) 31 33% (53) (1%) 413 460 (10%
Slide 22: Investing Activities
Investing Activities Capital investment to drive growth in revenue and digital capability Dyno Nobel Explosives KEY CALLOUTS 346 FY25 outlook achieved: A$m 280-3302 ✓ Turnaround $120-140m (actual $122m) 122 240 ✓ Sustenance $120-150m (actual $126m3) 19 7 Turnaround 18 24 20 Sustainability 1 ✓ Sustai
Slide 23: Balance Sheet and Capital Returns
Balance Sheet and Capital Returns Key Metrics FY25 FY24 Chg. Capital return program5 Cash generated from operating activities ($m) 575 290 98% $1.4 billion TWC % of revenue 19.5% 20.7% 1.2% Completed Cash conversion % 56.8% 31.4% 25.4% Capital reduction $302m 1 Earnings per share excluding IMIs (cen
Slide 24: Dyno Nobel is a compelling investment proposition
Execution of strategy to become the pure-play global leader in explosives is Dyno Nobel is well progressed a compelling Market leading positions in core USA (#1) and Australian (#2) explosives, investment underpinned by superior technology offering proposition High-quality, long-term customer base b
Slide 25: Q&A
Q&A 2025 FULL YEAR FINANCIAL RESULTS PRESENTATION 24
Slide 26: Appendix
Appendix 2025 FULL YEAR FINANCIAL RESULTS PRESENTATION 25
Slide 27: Business Unit Performance
Business Unit Performance1 Underlying Dyno Nobel earnings grew 16% yoy FY25 Underlying DNAP DNA DNEL Corp & elim Total Total Chg. KEY CALLOUTS Dyno Nobel FY25 FY24 Income Statement $m %yoy $m %yoy $m %yoy $m %yoy $m $m %yoy • Strong growth across all business units 3 3 Revenue 1,183 (5%) 1,517 4% 32
Slide 28: Fertilisers separation cash flows
Fertilisers separation cash flows Total per Total net Upfront Deferred 1H25 proceeds Commentary on deferred consideration ($m) ($m) results ($m) ($m) • Repayment of $50m vendor note expected to be received within three years of completion Distribution 250 125 375 375 • $75m deferred consideration fo
Slide 29: Turnaround schedule
Turnaround schedule1 Plant FY26 FY27 FY28 FY29 FY30 EXPLOSIVES FY26 minor turnaround Cheyenne, WY for nitric acid plant deferred to FY27 Moranbah, Qld Louisiana, MO Note: Planned WALA turnaround to be conducted by CF Industries in FY26 MAJOR TURNAROUND MINOR TURNAROUND 2025 FULL YEAR FINANCIAL RESUL
Slide 30: AI-Driven Manufacturing Improvements at Simsbury
AI-Driven Manufacturing Improvements at Simsbury Targeted use of AI delivering meaningful gains in quality, uptime, and throughput • AI vision systems embedded in production: Now inspecting solder joints and gelled connectors, replacing manual checks with faster, more consistent results • Zero solde