Dyno Nobel Limited · ASX:DNL
Dyno Nobel — FY2026 Earnings Presentation
38 slides from Dyno Nobel's earnings presentation, Nov 9, 2026
Slide 1: 2026 Full Year Financial Results Presentation
2026 Full Year Financial Results rsonal use only Presentation 9 November 2026 Dyno Nobel Limited ABN 42 004 080 264 ASX Code: DNL OTC: DNLZY 2026 F U LL Y EA R F IN A N CIA L RES U LT S 1 P RES EN T A T ION
Slide 2: Disclaimer: Summary Information
Disclaimer SUMMARY INFORMATION DISCLAIMER • This presentation has been prepared by Dyno Nobel Limited (“DNL”). The • To the maximum extent permitted by law, no representation or rsonal use only information contained in this presentation is in summary form and is based on warranty, express or implied
Slide 3: Disclaimer: Forward Looking Statements
Disclaimer FORWARD LOOKING STATEMENTS • This presentation contains certain “forward looking statements”. Forward • References to DNL’s financial ambitions and targets beyond FY27 are provided to rsonal use only looking words such as “expect, “will”, “estimate”, “target” and “forecast” and illustrate
Slide 4: Acknowledgement of Country
rsonal use only 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. 4
Slide 5: Welcome to Dyno Nobel's FY 2026 Results
Welcome to Dyno Nobel’s rsonal use only FY 2026 Results Mauro Neves Nitesh Naidoo Chief Executive Officer & Chief Financial Officer Managing Director DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 5
Slide 6: Agenda
Agenda FY26 highlights and outlook Mauro Neves – CEO and Managing Director Pg 7 rsonal use only FY26 Financial performance Pg 21 Nitesh Naidoo – CFO Closing remarks and Dyno Nobel Pg 29 investment proposition Mauro Neves – CEO and Managing Director Q&A Pg 30 2026 F U LL Y EA R F IN A N CIA L RES U L
Slide 7: FY26 highlights and outlook
FY26 highlights and outlook rsonal use only Mauro Neves – CEO and Managing Director 2026 F U LL Y EA R F IN A N CIA L RES U LT S 7 P RES EN T A T ION
Slide 8: FY26 Highlights
FY26 Delivered on FY26 commitments Strengthening the platform for growth Highlights Safe and reliable execution Significant progress made in remain our foundation energetics market rsonal use only Zero process safety incidents and ~US$1bn of government funded material TRIFR improvement in 2H26 contr
Slide 9: Safety is our #1 priority
Safety is our #1 priority Safety and reliable execution underpin customer trust, operational performance and future growth Total recordable injury frequency rate (TRIFR)1 Process safety incidents3 1.2 6% rsonal use only 4 2026 3 81% 1.0 0.8 2025 6 10 1.10 0.6 1H 0.94 Target 1.01 2024 8 10 2H 0.4 0.7
Slide 10: FY26 Financial Results
FY26 Financial Results Record explosives performance delivers strong FY26 results in line with guidance DNL Group Statutory DNL Explosives Underlying5 rsonal use only Revenue EBITDA1 EBIT1 Revenue EBITDA1 EBIT1 ROIC6 $3,941m (-26%) $778m (-23%) $504m (-29%) $3,406m $759m $485m 6.7% FY25: $5,345m FY2
Slide 11: FY26 Net Transformation Benefits
FY26 Net Transformation Benefits Initiative Lever FY26 benefits FY26 transformation highlights • Successful recontracting and new business wins in North New customer wins and America, with additional spot sales and JV contributions rsonal use only repricing supported by Commercial $51m supporting DN
Slide 12: FY27 Transformation: Future value creation
FY27 Transformation: Future value creation FY27 transformation initiatives Initiative Lever FY27 outlook1 • Growth in Canada, Asia and Western Australia with new rsonal use only contract wins commencing in Africa and LATAM New customer wins and repricing supported by Commercial $20m - $30m • Leverag
Slide 13: Transformation on track
Transformation on track FY23 FY27 FY28 FY31 $185m of net initiatives delivered FY24 to FY26 EBIT (A$m) FY24 FY25 FY26 Baseline Guidance1 Ambition2 Ambition2 Explosives (including Commercial: DNA & DNAP re-contracting 315 399 384 485 ~490-530 corporate costs) benefits, new customer wins and increase
Slide 14: Industry megatrends
Industry megatrends Attractive market fundamentals are supporting Each of these trends aligns closely with Dyno long-term growth across our end markets Nobel’s competitive strengths rsonal use only Key megatrends Energy transition & Supply chain security Infrastructure Productivity and Increasing de
Slide 15: Growth markets: Explosives
Growth markets: Explosives FY26 contract wins in priority growth markets driving FY27 growth Increasing Metals contribution rsonal use only Canada Metals revenue growth Revenue contribution % • Canadian revenue grew >40% in FY26 +17% growth year on year +4% increase in metals contribution • Multiple
Slide 16: Growth markets: DNEL
Growth markets: DNEL Operations mobilising across Africa and Latin America with high-quality, global customers1 rsonal use only September 2026 Ghana: AGA Obuasi site Dyno Nobel services commenced September 2026 Ghana: AGA Iduapriem site Dyno Nobel services commenced (1Q FY27 local emulsion plant pro
Slide 17: Premium technology solutions
Premium technology solutions Growing adoption of premium technologies is increasing revenue quality and supporting earnings growth Electronics growth Premium products Digital solutions rsonal use only Increased adoption of Premium product mix Digital solutions becoming Electronics continues to impro
Slide 18: Pioneering innovation with autonomous bench
Pioneering innovation with autonomous bench Customer value proposition: Staged pathway to first trial rsonal use only Safety first • Autonomous dipping, priming, loading Fully autonomous end to end operation keeps and stemming equipment manufactured people away from high-risk areas Unlocking resourc
Slide 19: Growth markets: Energetics
Growth markets: Energetics North America: Two secured energetics projects establish a new growth platform Progress and strategic value Delivery and earnings ambition rsonal use only ~US$1bn in government funded contracts 2025 - 2026 Government funded US$435m TNT and US$581m IMX Government-funded TNT
Slide 20: Growth markets: Energetics
Growth markets: Energetics Leveraging our privileged assets to capitalise on the growing defence energetics market IMX-104, Graham, Kentucky Vonges, France • ~US$581m Government funded project • Long history of energetics production and technical expertise rsonal use only • Establishes domestic IMX-
Slide 21: FY26 Financial performance
FY27 Financial performance rsonal use only Nitesh Naidoo – Chief Financial Officer
Slide 22: Strong FY26 Financial performance
Strong FY26 FY26 earnings guidance delivered 12% year on year growth in underlying rsonal use only Financial EBIT1 driven by record performances from DNA and DNAP performance Strategic JV partnerships continue to perform strongly with 16% year on year earnings growth lifting FY26 JV tax adjusted EBI
Slide 23: We are building momentum
We are building momentum Strong underlying explosives business momentum and positive forward indicators1 Forward contract value2 Underlying EBIT ($m)3 ROIC Underlying EPS3 ~2.0x 17 % 0.9% 39 % rsonal use only pts p.a. p.a. FY23-FY26 FY23-FY26 FY23-FY26 18 485 6.3% 6.7% 434 5.8% 5.2%4 374 12 11 300 7
Slide 24: Group Statutory Results
Group Statutory Results Headline results reflect major portfolio restructuring following Fertilisers sale completion FY26 FY25 Dyno Nobel Group ($m) 1 Discontinued Chg. Key callouts rsonal use only Group Explosives Group Operations Revenue 3,941 3,406 535 5,345 (26%) • Year on year Group revenue imp
Slide 25: Business Unit Performance
Business Unit Performance1 Underlying EBIT grew 12% YoY following record performances from DNA and DNAP FY26 Underlying Explosives DNAP DNA DNEL Corp & elim Total FY26 Total FY25 Chg. Key callouts rsonal use only Income Statement $m %yoy $m %yoy $m %yoy $m %yoy $m $m %yoy • Continued strong performa
Slide 26: Investing Activities
Investing Activities Scheduled turnaround costs and energetics investment lift capex spend for FY27 Dyno Nobel Explosives Capital1 (A$m) Key callouts rsonal use only FY26 outlook achieved: 7% 8% 370-4202 ✓ FY26 capital expenditure of $282m, in line with guidance of $265m - $285m 331 282 FY27 capital
Slide 27: Balance Sheet and Capital Returns
Balance Sheet and Capital Returns Key financial metrics Capital return program FY26 FY25 Chg. FY26 total dividends FY26 final dividend ~$168.3m7 ~$87.6m8 rsonal use only Cash generated from operating activities ($m) 276 575 (52%) Interim paid: 4.6 cps (unfranked) 5.0 cps (50% franked) Average TWC %
Slide 28: Dyno Nobel – FY27 outlook
Dyno Nobel – FY27 outlook1 FY27 Business Unit assumptions DNAP • Uplift in Moranbah production volumes following debottlenecking • QNP turnaround in 1H27 DNA rsonal use only • Cheyenne plant turnaround scheduled for 2H27 • Debottlenecking projects at Cheyenne and LOMO expected to be completed 1QFY27
Slide 29: Dyno Nobel is a compelling investment proposition
A proven track record of safety and reliability underpins our right to win rsonal use only Pure-play explosives leader with resilient growth and contractual protections that support earnings quality Attractive long-term market fundamentals and industry megatrends will drive future growth Priority gr
Slide 30: Q&A
Q&A rsonal use only 2026 F U LL Y EA R F IN A N CIA L RES U LT S 30 P RES EN T A T ION
Slide 31: Appendix
rsonal use only Appendix 31
Slide 32: The Dyno Nobel strategy
The Dyno Nobel strategy Our ambition & values Strategic pillars rsonal use only Be the leading global explosives Proprietary product Innovative products across initiating systems, player enabled by our values technology emulsions, digital tools, and control systems that deliver to customer needs. •
Slide 33: JV tax impact on EBIT
JV tax impact on EBIT JV income is a material and growing earnings category which should be factored into valuation multiples FY23 - FY26 JV income and tax impact (A$m) JV tax impact on EBIT multiple1 rsonal use only 100 FY26 EBIT2 Change in EV/EBIT FY26 EBIT2 JV tax UoM Change 90 multiple $485m adj
Slide 34: Fertilisers separation cash flows
Fertilisers separation cash flows Key outstanding deferred consideration at the end of FY26 Deferred Commentary on deferred consideration rsonal use only ($m) • Repayment of $50m vendor note expected to be received within three years of September 2025 completion. Distribution 125 • $75m deferred con
Slide 35: Technology delivering measurable outcomes
Technology delivering measurable outcomes We continue to invest in, and scale innovative solutions to support evolving customer requirements. PRIVILEGED ASSETS PROPRIETARY TECHNOLOGY SOLUTIONS PROVIDER rsonal use only Expanding security of supply and capability Protecting tomorrow’s position Holisti
Slide 36: AI is changing how fast we build the digital layer
AI is changing how fast we build the digital layer Nobel Fire® is the connected data and feedback loop customers use. AI is now built into how we develop it rsonal use only ~35% increase in average team velocity >50% reduction in average cycle time >90% reduction in planning and scoping time AI adop
Slide 37: Turnaround schedule
Turnaround schedule rsonal use only Plant FY27 FY28 FY29 FY30 Cheyenne, WY Moranbah, Qld Louisiana, MO QNP, Qld (50% joint venture)1 Major turnaround Minor turnaround 2026 F U LL Y EA R (1) Dyno Nobel has a 50% interest in Queensland Nitrates Pty Ltd (QNP), a fully integrated ammonium nitrate facili
Slide 38: Sustainability and Decarbonisation
Sustainability and Decarbonisation Indices and ASRS reporting in FY26 GHG targets1 recap 5% by 2025 short-term GHG2 reduction achieved rsonal use only Improved S&P CSA score in FY26; • Supported by $20m investment in Moranbah Tertiary N2O3 abatement FY26 CDP report completed Strengthened Scope 1&2 G