Slide 1: 2025 Half Year Financial Results Presentation
2025 HALF YEAR FINANCIAL RESULTS PRESENTATION Dyno Nobel Limited ABN 42 004 080 264 ASX Code: DNL OTC: DNLZY 2025 HALF YEAR FINANCIAL RESULTS PRESENTATION 0
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
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 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. 2025 HALF YEAR FINANCIAL RESULTS 3 PRESENTATION
Slide 5: Overview
Mauro Neves Chief Executive Officer & Managing Director 2025 HALF YEAR FINANCIAL RESULTS PRESENTATION Overview 2025 HALF YEAR FINANCIAL RESULTS 4 PRESENTATION
Slide 6: 1H25 Financial Results
1H25 Financial Results EBITDA1 EBIT1 Dyno Nobel • Transformation program delivers $25m EBIT benefit in 1H25 and remains on track to achieve ~40%-50% $323m $425m in 1H24 $174m $249m in 1H24 exit run rate benefit for FY25 NPAT (excl. IMIs) NPAT (incl. IMIs)2 • DNAP: Major turnaround at Moranbah comple
Slide 7: Delivering on our strategy
Delivering on our strategy Transformation program on track as Fertilisers sales agreed Safety Improved process safety and TRIFR with reduced injury severity and lost work days Sale agreements signed for the Distribution business with completion expected in Q3 CY251 Conditional contract of sale enter
Slide 8: Our strategic ambition
Our strategic ambition Ambition Aspiration to become the leading global explosives player doubling earnings1 and delivering ROIC2 above WACC We will deliver this ambition by leveraging our competitive advantage, including: Competitive advantage Proprietary Superior bundled Deep customer Privileged a
Slide 9: Safety | Our #1 priority
Safety | Our #1 priority Process safety incidents1 Progress made through 1H25 2025 6 Zero Tier 1 events in 1H25 • No significant environmental incidents 2024 8 10 • Reduction in injury severity and number of lost work days 1H • No turnaround related recordable injuries at Moranbah 2023 9 5 2H • Focu
Slide 10: Fertilisers separation
Fertilisers separation Delivering on our strategy to be a pure play explosives business What did we say at the What have we What’s next? Investor Showcase? delivered? • Pursue distribution strategy • Transaction signed with Ridley Corporation for Distribution • Recover market share and profitability
Slide 11: Sale of Distribution and Perdaman Offtake Agreement
Sale of Distribution and Perdaman Offtake Agreement Total gross proceeds of up to $641m Distribution sale to Ridley Corporation1 Perdaman Offtake Agreement sale to Macquarie2 Ridley Corporation (ASX: RIC) is a high-quality strategic buyer Macquarie CGM is a high-quality buyer Gross proceeds of $375m
Slide 12: Gibson Island land sale
Gibson Island land sale Total gross proceeds of ~$194m ASX-listed property developer and owner with a High quality buyer proven and credible track record for acquisitions and developments of this nature Conditional contract with a highly credible counterparty with a strong balance sheet and long-s
Slide 13: Strategic review of Fertilisers Manufacturing
Strategic review of Fertilisers Manufacturing Significant work undertaken to progress Dyno Nobel's strategic review of Manufacturing • To support a sale to a qualified third party, by de-risking critical variables, including competitive gas and sulphuric acid supply • Dyno Nobel remains committed to
Slide 14: Fertilisers separation | Proceeds
Fertilisers separation | Proceeds $835m gross proceeds from sale of Distribution, Perdaman Offtake Agreement, Gibson Island land and working capital benefits. Net proceeds expected to be up to $606m post remediation and transaction costs Bridge to post transaction net proceeds (A$m) $84m of working
Slide 15: Transformation | Program on track
Transformation | Program on track ~$25m of benefits achieved in 1H25 from the following initiatives: Ambition to double FY23 Dyno Nobel EBIT in 3-4 years4 Commercial ~35% of benefit FY24 Actual $64m of benefits delivered DNAP recontracting, DNA repricing 1H25 Actual $25m of benefits realised Growth
Slide 16: Transformation | Strong delivery across all targeted levers
Transformation | Strong delivery across all targeted levers Operational levers Commercial levers Growth levers ~45% to 55% of EBIT benefit1 ~25% to 35% of EBIT benefit1 ~15% to 25% of EBIT benefit1 Activity Status Activity Status Activity Status Transform global operating model to Delivered Deliver
Slide 17: Technology | Innovations in action
Technology | Innovations in action: driving efficiency, safety, and growth Dyno Nobel is the leading supplier of CyberDet I Wireless Initiation: electronic detonators in the Pilbara In less than two years since launch, our next generation wireless system has been deployed across nine mine sites on t
Slide 18: Artificial Intelligence | Innovation deployed in Nobel Fire
Artificial Intelligence | Innovation deployed in Nobel Fire • Nobel Fire team is updating its advanced blasting models with the latest AI innovations: • Fragmentation (FDM) • Material Movement (GEM) • Vibration Management System • These models combine the best of physics-based computation with the o
Slide 19: Operational excellence
Operational excellence Ammonia Reliability1 Reliability Highlights • Phosphate Hill taskforce delivered stabilisation and 90% performance improvements, despite sulphuric acid supply restrictions FY24 • Moranbah turnaround safely delivered on time and on FY25 budget • LOMO performance has been st
Slide 20: Dyno Nobel Explosives | Turnaround impacts
Dyno Nobel | Turnaround impacts of $42m as transformation benefits continue Re- Re- • Major Moranbah turnaround completed safely, on time and EBIT (A$m) – basing based budget Normalised1 1H24 items1 1H24 1H25 Chg. • Re-contracting and other transformation benefits continue to be DNA 148 (57) 91 84 (
Slide 21: Fertilisers Asia Pacific
Fertilisers Asia Pacific | Strong 2H expected on contracted volumes Re- Re- • Persistent dry conditions experienced across SA, VIC and Southern EBIT (A$m) – basing based Distribution NSW, with cyclonic conditions across QLD and northern NSW Normalised1 1H24 items1 1H24 1H25 Chg. • Deferred sales vol
Slide 22: Sustainability and Decarbonisation
Sustainability and Decarbonisation Key progress on our decarbonisation pathway • 7%1 or approximately 200,000 tCO2e p.a. – Moranbah Tertiary N2O Abatement2 – opened March 2024 (FY24) • 19%1 or approximately 520,000 tCO2e p.a. - LOMO Tertiary N2O Abatement2 – opened January 2025 (FY25) • Onboarding o
Slide 23: Group Financial Results
Damian Buttler Interim Chief Financial Officer Group Financial Results 2025 HALF YEAR FINANCIAL RESULTS PRESENTATION 22
Slide 24: 1H25 Financial Performance
Underlying financial performance continues to be robust in customer facing businesses Transformation program delivered $25m benefits in 1H25, with further upside expected in 2H25 1H25 Financial results impacted by scheduled turnarounds and Financial weather conditions across Australia Performance Ne
Slide 25: Group Statutory Results
Group Statutory Results Major portfolio changes impacting headline results • Headline results reflect major portfolio restructuring Dyno Nobel Group ($m) 1H25 1H24 Chg. • Normalised4 earnings down 18% driven by scheduled Revenue 2,251 2,461 (9%) Moranbah turnaround EBITDA excluding IMI 323 425 (24%)
Slide 26: Normalised Group Earnings
Normalised Group Earnings Earnings impacted by scheduled turnarounds as transformation delivery continues Dyno Nobel Group ($m) – Normalised1 1H25 1H24 Chg. Strong transformation benefits delivered through 1H25 Dyno Nobel Asia Pacific 81 93 (13%) • Group: EBIT down 18%1 after adjusting for WALA sale
Slide 27: Working Capital | significant improvement in cash conversion
Working Capital | significant improvement in cash conversion Year-on-Year movement ($m) Trade Working Capital as a % of sales1 21 791 21.6 21.6 21.3 21.1 20.9 (32) 20.7 20.6 19.7 19.4 704 (76) Group Explosives Fertilisers Mar-24 Translational Commodities & Underlying Mar-25 Actual FX Transactional m
Slide 28: Investing for growth & quality earnings
Investing for growth & quality earnings Scheduled turnaround costs driving higher capital spend in FY25 • Sustainable ROIC4 mindset when deploying capital • Strategy to expand in EMEA and LATAM through a Strategic Sustenance & capital-light approach Growth 86 Sustainability1 ~$10m • Spend informed b
Slide 29: Shareholder returns | buyback program to resume
Shareholder returns | buyback program to resume Capital return program1 Unfranked interim dividend4 $1.4 billion ~$45m 2.4cps Announced Completed FY24 Completed 1H25 Outstanding1,2 $302m $198m $149m $88m $663m Net debt / EBITDA5 Capital Unfranked special Buyback 1.6x reduction dividend Buyback Buyba
Slide 30: FY25 outlook
FY25 outlook Dyno Nobel Fertilisers Earnings outlook supported by: Earnings outlook supported by: DNA Explosives: Impact of tariffs expected to be minor with mitigation1; FY25 1H/2H approximate earnings split: ~10% / 90%3 continued focus on price discipline and cost management Distribution: earnings
Slide 31: Turnaround schedule
Turnaround schedule1 Plant FY25 FY26 FY27 FY28 FY29 FY30 Minor turnaround for nitric EXPLOSIVES acid plant in 2H25 Cheyenne, WY Major turnaround at Moranbah, Qld Moranbah completed 1H25 Minor turnaround at LOMO Louisiana, MO completed 1H25 FERTILISERS Phosphate Hill, Qld ? Turnaround subject to outc
Slide 32: Closing Messages
Delivering on Fertiliser separation plan with sales of Distribution business and Gibson Island land expected to settle in 2H25 Transformation program on track achieve 40%-50% exit run rate benefit for FY25 Closing Messages Stronger 2H performance expected following turnaround and weather impacts in
Slide 33: Questions & Answers
Questions & Answers 2025 HALF YEAR FINANCIAL RESULTS PRESENTATION 32
Slide 34: Appendix
Appendix 2025 HALF YEAR FINANCIAL RESULTS PRESENTATION 33
Slide 35: Fertilisers separation | Timing and use of net sale proceeds
Fertilisers separation | Timing and use of net sale proceeds Upfront Deferred Total ($m) Commentary on deferred consideration ($m) ($m) • Repayment of $50m vendor note expected to be received within three years of completion Distribution 250 125 375 • $75m deferred consideration for Geelong property
Slide 36: Dyno Nobel Capital Structure
Dyno Nobel Capital Structure Available Liquidity ($m) Debt Funding maturity profile ($m) Major Outflows: Tax on Wala sale: $416m 800 USPP (Oct28, Oct30) Share Buyback: $236m 2,198 600 EMTN Reg S US$ notes(Aug27) 1,848 400 EMTN HKD notes (Feb26) 200 AMTN notes (Mar26) 1,401 1,357 1,200 1,069 0 Syndic
Slide 37: Group Result
Group Result EBIT Re-basing Explosives (ex IMIs) 1H24 Transformation A$m 249 8 19 (2) 22 212 (59) (42) 174 (18) (3) 1H24 WALA Commodities Re-based DNAP DNA DNEL Turnaround Fertilisers Corporate, 1H25 & FX 1H24 (Explosives) Elims & Other 2025 HALF YEAR FINANCIAL RESULTS 36 PRESENTATION
Slide 38: Dyno Nobel Asia Pacific
Dyno Nobel Asia Pacific EBIT Re-basing Transformation A$m 1H24 98 93 (5) 4 21 81 (4) (2) (31) 1H24 FX Re-based Turnaround Recontracting & Technology Weather Other 1H25 1H24 Other Benefits 2025 HALF YEAR FINANCIAL RESULTS 37 PRESENTATION
Slide 39: Dyno Nobel Americas
Dyno Nobel Americas EBIT Re-basing Ag & IC Explosives US$m 1H24 96 6 58 (38) 5 54 (8) (7) 1H24 WALA Re-based Ag&IC 1H24 Cheyenne Turnaround Transformation 1H25 HY24 Land Sale 2025 HALF YEAR FINANCIAL RESULTS 38 PRESENTATION
Slide 40: Dyno Nobel EMEA & LATAM
Dyno Nobel EMEA & LATAM EBIT Re-basing Transformation A$m 1H24 14 13 (1) 1 11 (3) 1H24 FX Re-based New Segment Growth 1H25 1H24 Costs 2025 HALF YEAR FINANCIAL RESULTS 39 PRESENTATION
Slide 41: Fertilisers
Fertilisers EBIT Re-basing Manufacturing Distribution A$m 1H24 21 28 (34) 26 36 (28) 18 (5) 10 1H24 Commodities & FX Re-based Depreciation Manufacturing Sales Timing Cost of Gas Distribution 1H25 1H24 Reliability Phos Hill (Discontinued Operations) 2025 HALF YEAR FINANCIAL RESULTS 40 PRESENTATION