Dyno Nobel Limited · ASX:DNL
Dyno Nobel — Investor Day (September 2026)
94 slides from Dyno Nobel's investor day presentation, Sep 16, 2026
Slide 1: ASX Release: 2026 Investor Day
ASX Release 16 September 2026 2026 Investor Day Dyno Nobel Limited (ASX:DNL) will be hosting its Investor Day in New York City, USA on Wednesday, 16 September 2026 from 9.30am (Eastern Daylight Time, USA) / 11.30pm (Australian Eastern Standard Time). Enclosed are the presentation materials for the I
Slide 2: The next growth horizon
The next growth horizon DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 0
Slide 3: Disclaimer
Disclaimer SUMMARY INFORMATION DISCLAIMER • This presentation has been prepared by Dyno Nobel Limited (“DNL”). The • No representation or warranty, express or implied, is made as to the information contained in this presentation is in summary form and is based on fairness, accuracy, completeness or
Slide 4: 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 FY26 are provided to looking words such as “expect”, “would”, “could”, “may”, “predict”, “intend”, illustrate potential outcom
Slide 5: Presenting today
Presenting today Greg Robinson Mauro Neves Nitesh Naidoo Greg Hayne Non-executive Chair Chief Executive Officer and Managing Director Chief Financial Officer President, Dyno Nobel Americas Richard Brown Stuart Sneyd Dirk van Soelen Tom Dixon President, Dyno Nobel EMEA & LATAM President, Dyno Nobel A
Slide 6: Agenda
Agenda 9:30am Welcome and housekeeping Tom Dixon 9:35am Safety share Kevin McNeill 9:45am Chairman’s welcome Greg Robinson 9:55am FY26 business update Mauro Neves 10:00am Strategy overview Mauro Neves 10:25am CFO financial overview Nitesh Naidoo 10:55am Q&A All 11:25am Break 11:40am Technology and c
Slide 7: Safety share
Safety share Strengthening process safety across Dyno Nobel DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 5
Slide 8: Delivering lasting safety improvements
Delivering Learn Assess Improve lasting safety Industry learnings Independent Actions underway improvements assessment Proactively reviewing Detailed internal Validated critical Strengthening process safety risks review of our controls across standards, safeguards across our initiating operations fo
Slide 9: Chairman's welcome
Chairman’s welcome Greg Robinson DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 7
Slide 10: Delivering on what we say is core to our values
Delivering on what we say is core to our values Significant progress made since commencement of the transformation program 2024 investor showcase ambitions 01 02 03 04 Achieve Double Increase Become separation EBIT1 ROIC2 the leading of Fertilisers above global business WACC explosives business STAT
Slide 11: CEO strategy overview
CEO strategy overview Mauro Neves DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 9
Slide 12: The next growth horizon
The next growth horizon We are positioned to deliver further growth, building on the significant progress made to date What you will hear from us today 01 02 03 Diversified Defence energetics Ambition to deliver growth across all as a new growth $800m EBIT in FY311 businesses platform HIGHLIGHTS HIG
Slide 13: FY26 business update
FY26 Delivering what we say business On track for FY26 guidance1 On track to deliver Fertilisers $600m EBIT ambition separation Group NPAT (excl. IMIs): ~$325m-$340m2 in FY284 completed update Explosives EBIT3: ~$480m-$490m FY26 exit run rate5 of Phosphate Hill Interest expense: ~$85m-$90m 65%-75% e
Slide 14: Dyno Nobel is a compelling investment proposition
A proven track record of safety and reliability underpins our right to win Pure-play explosives leader with resilient growth and contractual protections that support earnings quality Attractive long-term market fundamentals and industry megatrends will drive future growth Priority growth markets and
Slide 15: Safety and reliability are a competitive advantage
Safety and Safety capability and reliable execution reliability are a competitive 160 >40 ~93% advantage Safety is our licence to Years of operation Explosives Ammonia reliability shaping our safety manufacturing across our operate and a fundamental culture facilities1 manufacturing sites2 requireme
Slide 16: Earnings growth independent of commodity cycles
Earnings growth independent of commodity cycles Consistent earnings growth despite volatility in global commodity pricing Consistent earnings growth Historical commodity pricing2 DNL underlying EBIT (A$m) 300 Rebased index (100 = first month starting Jan 2023) 250 ~480-490 200 434 374 300 150 FY23 F
Slide 17: High-quality contract book
High-quality contract book Diversified contract book with structures that provide margin resilience FY26 revenue under contract1 Forward contract value2 Our high-quality customer book provides a stable A significant proportion of revenue is Forward contract coverage exceeds secured under long-term c
Slide 18: 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 Key megatrends Energy transition & Supply chain security Infrastructure Productivity and Increasing demand for electri
Slide 19: Liberating resources the world needs
Liberating resources the world needs Increased mining activity is expected to drive sustained demand for explosives and blasting solutions Global mining activity, material moved (Mt)1 Change in ore grades across major commodities3 Major commodities 2025-31 Growth % ~6-8% estimated decline in global
Slide 20: Translating commodity demand into explosives use
Translating commodity demand into explosives use Approximately ~700kt of additional explosives will be required for future copper demand1 Copper material moved Material moved at site Blasting requirements Explosives demand +38% ~3.4bn ~0.2 kg/t ~700kt Projected increase in Increase in tonnes of Indi
Slide 21: Priority growth market in energetics
Priority growth market in energetics Demand is expected to double, underpinned by NATO restocking and Why this market sovereign investment in defence is attractive Defence energetics market growth (NATO + Australia) (2026-35, revenue and CAGR %, nominal A$) • Demand expected to By geography By energ
Slide 22: Our defence energetics credentials
Our defence energetics credentials We have the existing plants, chemistry and safety capability to serve an adjacent and rapidly growing market 160 years of explosives manufacturing Facilities with existing capabilities for defence energetics Deep expertise in safety, engineering and energetic mater
Slide 23: We are making progress
We are making progress Advancing defence energetics in North America and Europe North America Europe-NATO Progress to date Progress to date US government funded TNT plant in the design and permitting Existing European energetics position through black powder phase at Dyno Nobel’s Graham, Kentucky si
Slide 24: Second project awarded at Graham, Kentucky
North America energetics Second project awarded at Graham, Kentucky Defence energetics market growth – North America1 Volumes (kt) ~6.8kt ~3.6kt ~75-85 ~25-35 TNT contract IMX contract ~35-45 awarded at awarded at ~20-30 Graham, Graham, ~15-20 Kentucky Kentucky ~10-15 ~20-30 ~10-15 2026 2035 Earning
Slide 25: Global explosives partner
Global explosives partner Gives Dyno Nobel a competitive advantage in new and established markets Current market share by EBITDA (A$m)1 Strategic right to win ~A$900m ~A$1.4bn ~A$1.6bn ~A$1-2bn Proprietary product Customer-focused market size market size market size market size2 technology technolog
Slide 26: Delivering groundbreaking performance through practical innovation
Delivering groundbreaking performance through practical innovation Our customer value creation in action What drives value for our customers Safety performance • Wireless, • Remove people from hazardous activities remote blasting • Enable remote and autonomous operations • Autonomous Bench Autonomou
Slide 27: Trusted relationships developed from delivering customer outcomes
Trusted relationships developed from delivering customer outcomes A deep understanding of customer needs is shaping our actions, strengthening relationships and improving customer outcomes We understand what matters most to our customers Customers consistently prioritise safety, reliability, product
Slide 28: Privileged assets and network
Privileged assets and network We are the most vertically integrated industrial explosives HALO assets (hard assets, low obsolescence) that provide security of supply provider globally4 and a durable competitive advantage Security of supply Wolf Lake Gas-backed AN production Graham CANADA Vonges
Slide 29: Our growth transformation journey continues
Our growth transformation journey continues Transformation initiatives support the new FY31 EBIT ambition Separate to the FY31 $800m EBIT ambition FY31 $800m EBIT ambition • Assess and consider broader • Defence & Industrial Energetics consolidation potential subject FY28 $600m EBIT ambition growth
Slide 30: We have the right leadership, people capabilities and operating systems
We have the right leadership, people capabilities and operating systems Engaged people • Experienced management team with deep industry knowledge • Safety-first culture embedded throughout the organisation • Employees aligned behind a common growth strategy • Strong capability development, engagemen
Slide 31: Financial enablers
Financial enablers Nitesh Naidoo DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 29
Slide 32: We are building momentum
We are building momentum Strong underlying business momentum and positive forward indicators Forward contract value1 Underlying EBIT2 ROIC Underlying EPS2 ~2.0x ~17% p.a. ~0.7 % pts FY23-FY26 ~38 % FY23-FY26 p.a. FY23-FY26 ~480-4903 6.3% 434 5.8% 5.2%4 374 12 11 300 7 A$m FY23 FY24 FY25 FY26 FY23 FY
Slide 33: Financial framework to drive value creation
Financial Quality earnings growth | Top-line growth without compromising margins framework to drive value creation Operating leverage | Maintaining cost discipline through the Nobel Way Our long-term Disciplined capital deployment | Investment in our HALO assets to maintain resilience whilst support
Slide 34: Transformation delivery
Transformation delivery On track to deliver ~$300m transformation uplift by Transformation initiatives delivery, EBIT (A$m) FY28 and targeting next horizon of growth +$500m1 FY31 ambition Our transformation track record has become the Nobel Way Clear accountability for delivery 1 Ownership of outcom
Slide 35: On track to achieve FY28 EBIT ambition
On track to Underlying EBIT (A$m) achieve FY28 $300m FY23 Baseline $480-490m FY26 Guidance $600m FY28 Ambition EBIT ambition ~35-45% contribution1 600 ~20-30% Key levers to deliver ~30-40% contribution1 FY26-FY28 transformation contribution1 benefits 480-490 FY26 Guidance Commercial Operational Grow
Slide 36: Ambition to deliver $800m EBIT by FY31
Ambition to Underlying EBIT (A$m) deliver $800m $600m FY28 Ambition $800m FY31 Ambition EBIT by FY31 ~35-45% contribution1 800 ~15-25% Ambition set for a further ~35-45% contribution1 $200m EBIT uplift from contribution1 FY28 to FY31 600 FY28 Ambition Commercial Operational Growth FY31 Ambition Comm
Slide 37: Revenue growth
Revenue growth Revenue growth driven by volume growth, improved price/mix and new markets with returns above 1.3x WACC Revenue growth CAGR decomposition (%)1 Key drivers of revenue growth Underlying volume growth High single- digit growth • New business growth in existing regions capitalising on gro
Slide 38: Quality of earnings
Quality of earnings Our changing commodity exposure is enhancing earnings quality Revenue contribution by commodity (%)1 We are growing in end markets that are more technology-intensive, higher margin and aligned to our strategic growth priorities 13% 11% 17% Higher exposure to fast-growing metals m
Slide 39: Premium technology solutions
Premium technology solutions Our premium technology solutions are a key driver of future revenue growth Our revenue contribution from premium products We generate higher margins on our premium products continues to increase as we demonstrate the value linked with the incremental value we are creatin
Slide 40: Operating leverage
Operating leverage Cost discipline coupled with AI enablement supports delivery of operating leverage benefits Revenue growth expected to outpace overhead A more capital-efficient business supporting growth, driving operating leverage stronger cash generation over time Overheads to revenue ratio (%)
Slide 41: Earnings growth
Earnings growth Top-line growth, margin expansion and cost management all contributing to growth EBIT growth decomposition (%)1 Key drivers of earnings growth ~17% Expected growth split to Revenue growth achieve EBIT ambition (FY31: $800m) • Growing exposure to attractive markets, premium products a
Slide 42: Capital allocation framework
Capital allocation framework Disciplined capital allocation supports sustainable growth and long-term shareholder value Disciplined Maintain efficient working capital 1 Operating cashflow Deliver sustained uplift in cash conversion ratio operations management Turnaround capital will be additional in
Slide 43: Capital return program
Attractive investment opportunities Buyback program ceased to strengthen balance sheet for high-returning opportunities1 Capital return COMPLETED Capital reduction $302m BUYBACK SUMMARY Number of shares purchased 190.9m program Unfranked special dividend Buyback $198m $574.4m Average price of shares
Slide 44: Improved shareholder returns
Improved shareholder returns Executing our strategy will drive a sustained increase in Return on invested capital exceeding our weighted ROIC and EPS accretion average cost of capital ROIC vs WACC (%) ROIC > WACC Growing higher quality earnings WACC % Improving operating leverage 5.2% Disciplined ca
Slide 45: Long-term outlook
Long-term outlook Executing our strategy drives meaningful growth in revenue, earnings and ROIC Quality revenue growth through a combination of volume growth in priority High single-digit markets, pricing reflective of the value we deliver to customers and increasing revenue CAGR (FY26-31) uptake of
Slide 46: Q&A
Q&A DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 44
Slide 47: Technology and customer value delivery
Technology and customer value delivery Dirk van Soelen DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 45
Slide 48: Advanced blasting addresses the forces reshaping mining
Advanced blasting addresses the forces reshaping mining As customers automate, connect data and pursue harder resources, our core blasting expertise becomes more valuable AI and advanced analytics Automation and autonomy Value stuck in pilots, not wired into decisions A rising safety bar and scarce
Slide 49: Deployed today. Scaling now. Protecting tomorrow.
Deployed today. Scaling now. Protecting tomorrow. We are actively deploying, scaling and developing innovative solutions to support evolving customer requirements. DEPLOYED SCALING IN DEVELOPMENT Earning today, at scale Growing share of the base Protecting tomorrow’s position Differential Energy® /
Slide 50: 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. ~35% increase in average team velocity >50% reduction in average cycle time >90% reduction in planning and scoping time AI adoption complete a
Slide 51: Autonomous Bench to drive safety and efficiency
Autonomous Bench to drive safety and efficiency Automated hole preparation and loading removes personnel from high-risk areas Autonomous Bench process overview 1 Measure and prime the hole 1 Depth and water recorded, then the primer and detonator placed to design. One unit does both. 2 2 Load the ex
Slide 52: Autonomous bench video
Autonomous bench video DAIN(©) ee Seoee
Slide 53: From conventional loading to a fully Autonomous Bench
From conventional loading to a fully Autonomous Bench What we have built, what is in field testing, and what it changes for us Fir st f ield tr i al · Mar i an a Min er als CyberShot wireless initiation from September 2026, staged through loading to “Reliable autonomous loading, autonomous MPU by mi
Slide 54: Technology delivery
Technology delivery Translating technology development into long-term earnings growth Growing adoption of premium technologies is increasing We have a proven track record of converting our revenue quality and supporting earnings growth premium technology solutions into tangible sales outcomes with h
Slide 55: We deliver outcomes, not just the product
We deliver outcomes, not just the product Systemic integration of explosives, digital and technical expertise improves blast execution, creating greater value through more predictable material flow 01 1 02 2 03 3 04 4 Precise execution on Predictable Material that flows Higher throughput & the bench
Slide 56: The technology shows up as measurable customer value
The technology shows up as measurable customer value Customer-approved case studies across iron ore, copper, gold and aggregates1 Productivity Throughput Recovery Cost IRON ORE COPPER GOLD AGGREGATES +A$20m +US$20m +8pp +US$0.7m per year in cost optimisation per year in added value gold recovery (89
Slide 57: Lower impact is a performance story, not a cost
Lower impact is a performance story, not a cost We cut carbon and energy at two points: in explosives delivery and downstream through a better blast Decarbonisation Cleaner operations Electric delivery Lower-carbon through the blast emulsions Lower NOx, fume and nitrate DYNOBULK® Electric, the Renew
Slide 58: Customer video introduction
Customer video introduction 56
Slide 59: Customer panel
Customer panel Jay Pumphrey Mark Helm Paul Wagner Willem van Schalkwyk Mark Arkell Vice President and Chief Executive Officer and Vice President, Global Director, Mariana OS Product General Manager, Mine and Equity Partner Chairman of the Board Supply Chain Management Ore Delivery System Buckley Pow
Slide 60: Showcase and lunch
Showcase and lunch DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 58
Slide 61: North America (DNA)
North America (DNA) Greg Hayne DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 59
Slide 62: Divisional overview
Divisional overview #1 market share in North America with operations spanning the USA, Canada and Mexico Our business #1 >2,000 >20 Market share across Employees Manufacturing North America sites 12 >650kt >150 Wholly-owned and AN production Mobile processing 50/50 JV partners per annum1 units Our m
Slide 63: What sets us apart
What sets us apart Structural market tailwinds support a favourable outlook for growth across DNA's core markets Emerging The US race to Investment in Supply chain Increased energy Growing defence themes lead AI nation building volatility demand investment in our markets Increasing mining Greater de
Slide 64: Our strategic growth priorities
Our strategic growth priorities We are strengthening our position in priority regions and expanding into energetics Deepening customer Operating leverage Growth markets: Growth markets: relationships commercial explosives energetics • Strengthen trust through • Integrated AN value chain • Capture gr
Slide 65: Growth markets: Commercial explosives
Growth markets: Commercial explosives Demand for metals is driving growing investment in We are successfully capturing this growth through gold, copper and other energy transition metals new contract wins in key Metals markets Focusing resources in high-growth mining Growth in sales – Metals Securin
Slide 66: Deepening customer relationships
Deepening customer relationships Strong local customer relationships and multiple Our differentiated JV model allows us to participate routes to market are important for extending reach across a broader range of customers and locations across North America Strong performance management framework a
Slide 67: Operating leverage
Operating leverage Meeting future customer demand requires ongoing We are investing in debottlenecking to improve our cost cost competitiveness across our network of position and meet growing customer demand privileged assets Unlocking additional value from existing assets Optimising our manufac
Slide 68: Growth markets: Energetics
Growth markets: Energetics Defence spending and munitions replenishment The US energetics market is expected to experience are creating a rapidly growing energetics market significant long-term growth Strengthening relationships across the defence Market size1 Incremental demand1 Revenue market si
Slide 69: Growth markets: Energetics
Growth markets: Energetics Nitradyn Joint Venture provides a platform for Two foundation projects at Graham, Kentucky secured growth in US energetics to date TNT IMX 50/50 JV structure established between Dyno Nobel and Paligen • First new US TNT facility in • ~US$581m Government 40+ years funded
Slide 70: DNA key takeaways
DNA key takeaways Growth underpinned by resilient industrial explosives Multiple growth drivers support sustained demand and emerging opportunities in defence earnings growth over the long-term Favorable outlook for all end-customer 1 segments DNA underlying EBIT (US$m) Strong, technology led growth
Slide 71: Asia Pacific (DNAP)
Asia Pacific (DNAP) Stuart Sneyd DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 69
Slide 72: Divisional overview
Divisional overview #2 player in Asia Pacific with operations spanning across Australia, Indonesia and Malaysia Our business Malaysia #2 >1,000 16 Market share across Employees Manufacturing Asia Pacific sites >70 >550kt >4.5m Customer AN production Electronic accounts per annum2 detonator sales Ind
Slide 73: What sets us apart
What sets us apart DNAP has attractive fundamentals that position us to capitalise on changing market trends Emerging Strength in metals Ongoing Supply chain Australia AN Customer themes demand urbanisation disruption market tightening productivity focus in our Growing demand for Development in Mark
Slide 74: Our strategic growth priorities
Our strategic growth priorities We have a diversified growth strategy supported by clear competitive advantages Deepening customer Operating leverage Growth markets: Metals Growth markets: Asia relationships Business Development • Strengthen trust through • Unlock value through plant • Increase part
Slide 75: Deepening customer relationships
Deepening customer relationships There is growing demand for technology We are investing at Helidon to strengthen our solutions that reduce cost and improve safety electronics position and meet growing demand Building trust through reliable supply and consistent execution Expanding our portfolio o
Slide 76: Operating leverage
Operating leverage Meeting future customer demand requires We are investing in debottlenecking at Moranbah to ongoing cost competitiveness across our improve our cost position and meet demand network of privileged assets Unlock additional value from our existing network of privileged assets Streng
Slide 77: Growth markets: Metals
Growth markets: Metals Demand for metals in Australia is growing, supported by We are successfully capturing this growth sustained commodity prices and the energy transition through new contract wins in Australia Metals Revenue growth1 Electronics volumes1 Focusing resources in high-growth mining
Slide 78: Growth markets: Asia Business Development
Growth markets: Asia Business Development There are attractive growth opportunities in Asia We are deploying our capital-light model in parts of aligned with our capabilities and operating model Asia and globally to expand into these markets Prioritising markets that align with our capabilities an
Slide 79: DNAP customer video
DNAP customer video DAIN(©) ee Seoee
Slide 80: DNAP key takeaways
DNAP key takeaways Strong foundations and clear growth pathways Proven track record of delivery and positioned to deliver further earnings upside Favourable market trends are creating 1 attractive growth opportunities DNAP underlying EBIT (A$m) 2 Our business model is highly resilient Our competitiv
Slide 81: EMEA & LATAM (DNEL)
EMEA & LATAM (DNEL) Richard Brown DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 79
Slide 82: Divisional overview
Divisional overview Our portfolio includes a diverse range of markets with exposure to some of the fastest growing mining regions Ulaanbaatar Our business Vonges Ankara 13 ~800 10 Soma Pontailler Countries with Employees Key manufacturing Amailloux existing operations1 sites2 Kayseri Our major marke
Slide 83: What sets us apart
What sets us apart High-growth markets combined with our proven capabilities create attractive opportunities for expansion Emerging Energy transition and Supply chain disruption Agility and Growing defence themes metals demand responsiveness investment in our markets Growing demand for Global supply
Slide 84: Our strategic growth priorities
Our strategic growth priorities Set the standard as the trusted partner of choice for key customers in our growth regions Trusted partner to global Global capability and local Advanced supply Growth markets: mining customers execution chain capability energetics Translate our long-standing Balance g
Slide 85: Trusted partner to global mining customers
Trusted partner to global mining customers Global mining investment is increasingly shifting towards Our existing customer relationships are helping us growth regions in Africa and LATAM establish positions in new markets Building trust through operational excellence, performance and supply reliab
Slide 86: Global capability and local execution
Global capability and local execution Winning in our growth markets requires both local Our recent contract win with Vale in Brazil execution and access to global capabilities demonstrates our ability to implement this model Deploy agile, capital-light modular emulsion model Leverage our global ca
Slide 87: DNEL customer video
DNEL customer video DAIN(©) ee Seoee
Slide 88: Advanced supply chain capability
Advanced supply chain capability Capturing future growth requires a resilient and We are proactively investing in supply chain capability scalable supply chain to support future growth Expansion of manufacturing operations in Türkiye to service our growth markets – electronics and shocktube Levera
Slide 89: Growth markets: Energetics
Growth markets: Energetics Defence spending and munitions replenishment are The European energetics market is expected to creating a rapidly growing energetics market experience significant long-term growth Leverage long history of energetics production and Market size1 Incremental demand1 technic
Slide 90: DNEL key takeaways
DNEL key takeaways Building a platform for accelerated growth We are laying the foundation to deliver future growth across our priority markets Positive long-term demand trends support 1 future growth DNEL underlying EBIT (A$m) Global customer relationships support growth 2 across multiple regions P
Slide 91: Q&A
Q&A DYNO ee poet
Slide 92: Closing comments
Closing comments Mauro Neves DYNO NOBEL INVESTOR DAY, SEPTEMBER 2026 90
Slide 93: Dyno Nobel is a compelling investment proposition
A proven track record of safety and reliability underpins our right to win 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 growth markets and
Slide 94: Thank you
Thank you dynonobel.com DANO Re NOBEL