Dyno Nobel Limited · ASX:DNL
Dyno Nobel — 1H26 Earnings Presentation
31 slides from Dyno Nobel's earnings presentation, May 11, 2026
Slide 1: 2026 Half Year Financial Results Presentation
2026 HALF YEAR FINANCIAL RESULTS PRESENTATION Dyno Nobel Limited ABN 42 004 080 264 ASX Code: DNL OTC: DNLZY 2026 HALF YEAR FINANCIAL RESULTS PRESENTATION
Slide 2: Disclaimer: Summary Information
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
2026 HALF 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. 2026 HALF YEAR FINANCIAL RESULTS PRESENTATION 3
Slide 5: Welcome to Dyno Nobel's 1H26 Results
Welcome to Dyno Nobel’s 1H26 Results Mauro Neves Nitesh Naidoo Chief Executive Officer & Chief Financial Officer Managing Director 2026 HALF YEAR FINANCIAL RESULTS PRESENTATION
Slide 6: Agenda
Agenda PAGE 1H26 highlights and outlook 1 Mauro Neves – CEO and Managing Director 6 1H26 financial performance 2 Nitesh Naidoo – Chief Financial Officer 16 Closing remarks and Dyno Nobel investment proposition 3 Mauro Neves – CEO and Managing Director 21 4 Q&A 23 22002266 H HA ALLFF YYEEA ARR FFIIN
Slide 7: 1H26 Highlights
Highly resilient Growth tailwinds explosives business On track for FY26 EBIT North American business guidance exceeding expectations Resilient performance 42% YoY underlying EBIT despite macro headwinds growth2 1H26 Privileged assets deliver security of supply Robust explosives performance $ Highlig
Slide 8: Safety is our #1 priority
Safety is our #1 priority Process safety incidents1 1H26 safety FY26 4 • TRIFR above target, however no incidents classified as serious harm and an overall reduction in injury severity: FY25 6 10 1H • Lost workday severity down 21%3 FY24 8 10 2H • 81% of sites with zero recordable injuries • 12% red
Slide 9: 1H26 Financial Results
1H26 Financial Results Strong Explosives performance despite macro headwinds DNL Group Statutory DNL Explosives Underlying5 Revenue EBITDA1 EBIT1 Revenue EBITDA1 EBIT1 $1,898m (-16%) $378m (+17%) $243m (+39%) $1,610m $359m $224m (+11%) (+20%) (+28%) 1H25: $2,251m 1H25: $323m 1H25: $174m 1H25: $1,445
Slide 10: 1H26 strong net transformation benefits
1H26 strong net transformation benefits 1H26 FY26 1H26 transformation highlights Initiative Lever benefits outlook1 • Strong commercial performance in the DNA business with Operating model changes Operational $13m $25m - $30m additional spot sales and JV contributions supporting results including he
Slide 11: Customer wins and growth
Customer wins and growth Positive momentum continues across all Dyno Nobel business units DNAP • Multiple customer wins and renewals secured across WA, QLD and NT in gold, zinc and coal DNA • Strong metals growth in Canada, with improved resilience in key coal regions following Department of Energy
Slide 12: FY26 outlook – earnings guidance reaffirmed
FY26 outlook – earnings guidance reaffirmed1 Outlook assumptions • Impact of tariffs lowered to ~US$2m post mitigation3 • Headwinds of ~$30m expected from FX, Middle East conflict and supply disruption, and Phosphate Hill stranded costs • Transformation: FY26 exit run rate of ~65% - 75% of the estim
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: Privileged assets
Privileged assets Gas backed manufacturing sites driving supply chain resilience Cheyenne, Wyoming DNA • Local gas-backed AN production • Industry leading vertical integration with 70%-80% of DNA’s AN requirements sourced from gas- • Solid manufacturing performance with ammonia backed production at
Slide 15: Technology
Technology Advanced explosives solutions, tailored to customer needs Key technology pillars Execution through 1H26 • Booster plant: built and commissioned in Indonesia. Expand & Leverage Privileged Assets • Expansion of Türkiye manufacturing capability: with electronic detonator manufacturing lean c
Slide 16: Fertilisers separation concluded
Fertilisers separation concluded Separation delivery timeline Phosphate Hill • Binding agreement signed for the sale of Phosphate Hill1 Aug 25: St Helens, Oregon sale completion • Sale completion remains on track for Q3 FY26 Sep 25: Fertilisers Distribution sale completion • Nominal NPV positive cas
Slide 17: 1H26 Financial Performance
Explosives underlying EBIT grew 28%1 year on year, driven by established markets 1H26 Continued transformation program momentum, with $49m of benefits achieved in 1H26 Financial Performance Strategic JV partnerships continue to perform strongly, growing earnings 41% year on year Capital return progr
Slide 18: Group Statutory Results
Group Statutory Results Earnings grew 39% from transformation growth and prior year major turnarounds 1H26 1H25 KEY CALLOUTS Dyno Nobel Group ($m)¹ Chg. Group Explosives Fertilisers Group • Revenue impacted by the sale of Revenue 1,898 1,610 288 2,251 (16%) IPF Distribution in FY25 COGS & cost to se
Slide 19: Business Unit Performance
Business Unit Performance1 Underlying Explosives earnings grew 28% yoy 1H26 Underlying Total Total KEY CALLOUTS DNAP DNA DNEL Corp & elim Chg. Explosives 1H26 1H25 • Strong earnings growth across Income Statement $m %yoy $m %yoy $m %yoy $m %yoy $m $m %yoy established markets with 42% in the North Am
Slide 20: Investing Activities
Investing Activities Capital investment to drive growth in revenue and digital capability Dyno Nobel Explosives KEY CALLOUTS 1H26 capex lower following completion of turnarounds at Moranbah and LOMO in 1H25: 183 155 - 2051 • SAP4 Hana upgrade progressing to plan in 163 Australia and US • Lower suste
Slide 21: Balance Sheet and Capital Returns
Balance Sheet and Capital Returns Key Metrics 1H26 1H25 Chg. Capital return program5 $1.4 billion Cash generated from operating activities ($m) 145 373 (61%) TWC % of revenue (Explosives) 20.6% 21.1% 0.5% Completed Cash conversion % 38.5% 115.5% (77%) Capital reduction $302m Earnings per share exclu
Slide 22: Mining activity expected to grow strongly
Mining activity expected to grow strongly Global mining activity, material moved (MT)1 2021-31 Growth % Major commodities Other Hard Rock +84% • DNL is well positioned to capitalise on Iron Ore +19% the growing Hard Rock and Metals markets through our proprietary Copper +45% technology solutions Gol
Slide 23: Dyno Nobel is a compelling investment proposition
Pure-play global explosives leader with highly resilient earnings Dyno Nobel is a compelling Market leading positions in core USA (#1) and Australian (#2) explosives, investment underpinned by superior technology offering delivering to customer needs proposition Privileged assets driving a robust su
Slide 24: Q&A
Q&A 2026 HALF YEAR FINANCIAL RESULTS PRESENTATION 23
Slide 25: Appendix
Appendix 2026 HALF YEAR FINANCIAL RESULTS PRESENTATION 24
Slide 26: Sustainability and Decarbonisation
Sustainability and Decarbonisation Indices and ASRS preparation in 1H26 GHG targets1 recap: Awarded active 5% by 2025 short-term GHG2 reduction achieved Management B • Supported by $20m investment in Moranbah Tertiary N2O3 abatement scores in CDP Climate and Water Strengthened Scope 1&2 GHG reductio
Slide 27: Business Unit Performance
Business Unit Performance Underlying Explosives earnings grew 28% yoy Total Total DNAP DNA DNEL Corp & elim Chg. 1H26 1H25 1H26 Explosives $m %yoy $m %yoy $m %yoy $m %yoy $m $m %yoy Statutory EBIT excluding IMIs¹ 130 60% 101 21% 9 (29%) (16) 26% 224 156 43% Normalisation Ag&IC (18) Ag&IC stranded co
Slide 28: Transformation on track
Transformation on track $183M NET INITIATIVES DELIVERED IN FY24, FY25 AND 1H26 FY23 FY26 FY28 EBIT A$m FY24 FY25 Baseline Guidance1 Ambition5 Explosives (including Commercial: DNA & DNAP re-contracting 315 399 384 ~460-500 corporate costs) $132m benefits, new customer wins and increase in JV income
Slide 29: Fertilisers separation cash flows
Fertilisers separation cash flows Key outstanding deferred consideration at the end of 1H26 Deferred Commentary on deferred consideration ($m) • Repayment of $50m vendor note expected to be received within three years of September 2025 completion. Distribution 125 • $75m deferred consideration for G
Slide 30: Turnaround schedule
Turnaround schedule1 Plant FY26 FY27 FY28 FY29 FY30 FY27 minor turnaround Cheyenne, WY for nitric acid plant deferred to FY28 Moranbah, Qld Louisiana, MO Note: WALA turnaround conducted by CF Industries in FY26 MAJOR TURNAROUND MINOR TURNAROUND 2026 HALF YEAR FINANCIAL RESULTS (1) Schedule represent
Slide 31: Artificial Intelligence | AI Accelerating Nobel Fire Development
Artificial Intelligence | AI Accelerating Nobel Fire Development • Embedded AI into Nobel Fire’s backend engineering workflow: improving software delivery in a secure environment designed to protect Dyno Nobel data and IP. • Initial AI rollout exceeded expectations: leading to broader deployment acr