Slide 1: Investor Presentation FY25 Results
Investor Presentation FY25 Results 26 August 2025 MARS IS FOR calix.global QUITTERS
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 Acknowledgement of Country Social inclusion statement Sustainability statement Calix acknowledges the First Nations people and Calix is committed to fostering fairness and belonging. At Calix, sustainability means meeting our own needs traditional custodians of the lands upon which we
Slide 4: About Calix
Solving global challenges About Calix Electrification of industrial processing | Capture of unavoidable emissions | Sustainable environmental solutions Calix Limited is a technology company building businesses 7 to solve global challenges in industrial decarbonisation and sustainability. 4 COUNTRIES
Slide 5: Calix's core platform technology
Calix’s core platform technology A new way to “heat stuff up” Fine particles Carbon Capture Capture of any for processing process carbon Targeting the capture of unavoidable dioxide process CO2 emissions from cement & lime production, as well as CO2 from the atmosphere Hot tube radiates heat to Sust
Slide 6: Calix Group Structure
Calix Group Structure One core platform technology with multiple applications for global industries Platform output Carbon Capture Sustainable Processing Magnesia Business subsidiary JOINT VENTURE Application Cement & lime Direct Air Capture Lithium Alumina Iron & steel Water Market Targeting 1.4 BT
Slide 7: FY25 Financial Highlights
FY25 Financial Highlights REVENUE GROWTH COSTS REDUCED CASH RUNWAY EXTENDED FY25 REVENUE, INTEREST & FY25 OPEX REDUCTION OTHER INCOME $ 33.9m 23% CASH ON HAND (FY24: $30.5m) 11% Reduced cost base from 1H25 to 2H25 $ 23m (30 June 2024: $43m) MAGNESIA PRODUCT & SERVICES REVENUE FY25 ANNUALISED SAVINGS
Slide 8: Revenue Growth
Revenue Growth GROUP REVENUE Revenue TRAJECTORY Growth Year-on-Year 35 • $28.2m product & services revenue, up 17% 33.9 30 +11% 30.5 - $24.3m Magnesia revenue, up 16% 29.6 +3% 28.2 25 +42% +17% - $3.8m Leilac services revenues, up 19% 20 24.2 +30% 20.8 • 39% Gross Margin 15 18.5 18.6 +1% • $10.7m Gr
Slide 9: Revenue Growth – Magnesia
Revenue Growth – Magnesia Pleasing growth continues for our Magnesia business… Achieved in FY25 26 +16% • 16% revenue growth versus FY24 • Similar growth was achieved across both our 22 +14% 24.3 U.S. & Australian businesses, for example in Queensland: 21.0 +9% – Unitywater contract awarded and supp
Slide 10: Costs reduced
Costs reduced Operating costs reduced, further benefit expected in FY26 Operating expenses & PPE Investment profile • Cost base down 23% 1H23 2H23 1H24 2H24 1H25 2H25 – 2H FY25 ($17.1m) relative to 1H FY25 ($22.3m) 0 • Annualised savings introduced ~$6m from Jan 2025 -5 ~$2m from Jun 2025 -13.1 ~$2m
Slide 11: Cash runway extended
Cash runway extended • $23.0m cash balance at 30 June 2025 • Balance sheet remains essentially debt free • Balance sheet was bolstered by $21.0m equity raising (net of costs) • Calix continues to have an 18-month cash runway: – Enabled by targeted revenue & gross profit growth, cost savings & signif
Slide 12: Commercialisation milestones achieved
Commercialisation milestones achieved Lithium Iron & Steel Cement & Lime Lithium • $15m grant from the WA gov for • $44.9m ARENA grant executed • $15m grant in July 2024 for Project the PLS JV achieved in Feb 2025 to help fund a ZESTY Green ZETA, subject to matched funding Iron Demonstration Plant,
Slide 13: FY26 outlook
FY26 outlook Revenues, costs, projects… • Targeting continued revenue growth, with contributions from all lines of business • Significantly reduced expected Group Capex • On-going cost management • Continue to pursue currently funded projects, project finance and/or subsidiary level capital raisings
Slide 14: Indicative project & revenue timeline and updates
Indicative project & revenue timeline and updates TIMELINE (calendar year) Project / Business Partners Industry Product 2023 2024 2025 2026 2028 2027 ?? ?? Leilac-2 Cement Target first license revenues Secured grant funding Permitting taking time – Targeted financing / increasing risk of delay (subj
Slide 15: Global head winds, but also some tailwinds…
Global head winds, but also some tailwinds… Challenging global market conditions continue, however some tailwinds remain… Latest news… Europe US Australia and Asia Innovation Fund1 45Q CCUS Tax Incentives AU$1b Green Iron Investment Fund5 • €40b expected funding from 2020 to 2030 – up • US$85/tonne
Slide 16: Summary & Outlook
Summary & Outlook FINANCIAL HIGHLIGHTS FY25 Revenues increased Cost-base reduced Cash runway extended • Magnesia revenue up 16% • 23% reduction in 2H • $21.0m raised (net of costs) • Leilac revenue up 19% Opex relative to 1H • 18-month runway for commercialisation & subsidiary/project funding COMMER
Slide 17: Q&A
Q&A FY25 Results 26 August 2025 17 17
Slide 18: Appendices
UPDATE IMAGE? Appendices FY25 Results 26 August 2025 18 18 18
Slide 19: Statement of profit or loss
Statement of profit or loss For the full-year period ended 30 June 2025 June 25 Jun 24 ($m’s) ($m’s) Revenue, grants & other income 33.9 30.5 Magnesia revenues 24.3 21.0 Leilac revenues 3.8 3.2 Grants & other income 5.8 6.3 Cost of sales (17.5) (13.9) Gross profit and other income 16.4 16.6 Operatin
Slide 20: Statement of financial position
Statement of financial position Jun 25 Jun 24 As at 30 June 2025 ($m’s) ($m’s) Cash and cash equivalents 23.0 43.0 Trade, other receivables and other assets 6.3 4.3 Inventories 2.6 5.4 Current assets 31.9 52.7 Trade, other receivables, other assets & right of use asset 0.3 0.3 Inventories 1.8 - Inta
Slide 21: Statement of cash flows
Statement of cash flows For the full-year period ended 30 June 2025 June 25 June 24 ($m’s) ($m’s) Receipts from customers 29.5 22.7 Receipts from government bodies 1.8 10.8 Payments to suppliers and employees (60.8) (48.2) Interest received 0.9 1.1 Interest paid - (0.1) Net cash used in operating ac
Slide 22: Sustainability FY25 highlights
Sustainability FY25 highlights AMBITION Advance sustainable Ensure safe and Decarbonise operations Address resource Foster fairness and technology development controlled operations Reduce emissions in line with consumption belonging a 1.5°C pathway. Build four commercial Maintain zero significant in
Slide 23: Zero Emissions Steel TechnologY
Zero Emissions Steel TechnologY Project Partner Funding support Industry Market size Royalty % of ZESTY Green Iron Demo Iron & Steel US$640Bpa1 Objectives Status Targeted next steps • Develop industry leading H2-DRI technology • $44.9m grant from ARENA executed to support • Secure remaining financin
Slide 24: Zero Emissions Steel TechnologY
Zero Emissions Steel TechnologY Supporting articles on the ZESTY Green Iron Demonstration Plant project The Superpower Institute (TSI) features and A deep-dive webinar on models ZESTY as the example of flexible green the ZESTY technology and iron production in the report “A Green Iron Plan Demonstra
Slide 25: Mid-Stream Demonstration Plant with Pilbara Minerals UJV
Mid-Stream Demonstration Plant with Pilbara Minerals UJV Project Partner Funding support Industry Market size PLS UJV Mid-Stream Lithium Royalty % of US$7Bpa1 Objectives Status Targeted next steps • Demonstrate lower CAPEX & OPEX • Project paused in October 2024 • Construction completion targeted fo
Slide 26: Project ZETA
Project ZETA Project Partners Funding support Industry Market size Project ZETA Cement & lime 1.4 BTpa CO21 Objectives Status Targeted next steps • Build a commercial electric calciner for near zero emissions • $15m grant from the Australian Government, subject to • Secure remaining project finance
Slide 27: Leilac-2
Leilac-2 Project Partner Funding support Industry Market size Leilac-2 Cement & lime 1.4 BTpa CO21 Objectives Status Targeted next steps • Demonstrate a replicable module that can efficiently • Project successfully relocated to Heidelberg Materials’ • Complete permitting submission and gain permissi
Slide 28: Leilac-3: Full-scale cement & lime deployment
Leilac-3: Full-scale cement & lime deployment Projects Partners Funding support Industry Market size Multiple in development TBC Cement & Lime 1.4 BTpa CO21 Objectives Status Targeted next steps • Deploy Leilac’s technology at full-scale with multiple • Heidelberg Materials & Leilac continue to expl
Slide 29: Direct Air Capture
Direct Air Capture Partner funding Project Partner Industry Market size support Heirloom – LA, USA (TBC) Direct Air Capture >1 BTpa CO21 Objectives Status Targeted next steps • Develop an integrated and scalable design for Heirloom’s • Project remains paused pending U.S. DOE grant review.3 • Await r
Slide 30: Magnesia
Magnesia Product Subsidiary Funding support Industries Market size Magnesium N/A Water ~100m US$pa1 Hydroxide Liquid Objectives Locations USA IER manufacturing plants Revenue trajectory • Grow revenue and gross profit of MHL products for sustainable water & (+16%) wastewater treatment • Ripon, Winsc
Slide 31: Calix recognition on the global stage
Calix recognition on the global stage ZESTY wins COP29 global ZESTY project wins at HILT Calix wins Next Gen Award Net-Zero Industry Award CRC 2024 Annual Conference HILT CRC • The award was presented by Ministers Bowen (Australia) • The Project “Testing of Australian iron ores in a • The Decarb Nex
Slide 32: 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 33: 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 34: 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 JV Joint ventur
Slide 35: Glossary
Glossary Term Meaning Pelletisation The formation of pellets from finer materials to aid in handling PLS Pilbara Minerals, an Australian lithium mining company Process emissions Process emissions are inherent to the chemical reaction and are released directly and unavoidably from the chemical proces
Slide 36: Mars is for quitters
Investor relations Investorrelations@calix.global Media enquiries media@calix.global Subscribe to our Newsletter calix.global Mars is for quitters