Desert Control As · OSL:DSRT
Desert Control As — Investor Day (May 2026)
56 slides from Desert Control As's investor day presentation, May 13, 2026
Slide 1: Capital Markets Day
1 Capital Markets Day 13 May 2026
Slide 2: Important Information and Disclaimer
2 DESERT CONTROL IMPORTANT INFORMATION AND DISCLAIMER ABOUT THIS PRESENTATION By reading this company presentation (the "Presentation") or attending any meeting or oral presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations.
Slide 3: Important Information and Disclaimer (Cont'd)
3 DESERT CONTROL IMPORTANT INFORMATION AND DISCLAIMER (CONT’D) This Presentation contains certain forward-looking statements relating to inter alia the business, financial performance and results of the Company and the industry in which it operates. Forward-looking statements concern future circumst
Slide 4: Today's Speakers
4 TODAY’S SPEAKERS Lars Eismark James Thomas David Borah Marty Weems Chair of the Board Chief Executive Officer Chief Financial Officer Managing Director, Americas
Slide 5: Agenda
5 AGENDA Opening Remarks Lars Eismark, Chair of the Board Combatting Water Challenges in Agriculture James Thomas, CEO LNC Technology’s Value Proposition James Thomas, CEO Focused Go-To-Market Strategy James Thomas, CEO Unlocking Commercial Scale Marty Weems, MD Americas Strategic Roadmap James Thom
Slide 6: Opening Remarks
Opening Remarks
Slide 7: Opening Remarks
7 Capital Markets Day Opening Remarks Lars Eismark Chair of the Board
Slide 8: Context: Combatting Water Challenges in Agriculture
Context: Combatting Water Challenges in Agriculture James Thomas Chief Executive Officer
Slide 9: The Problem: Water Scarcity and Rising Water Costs Driving Demand for Efficiency Solutions
9 THE PROBLEM: WATER SCARCITY AND RISING WATER COSTS ARE DRIVING AN URGENT DEMAND FOR EFFICIENCY SOLUTIONS The Global Water Crisis is a Structural Tailwind… …Creating Significant Challenges for Agricultural Land 1 110 Countries; 1.3 billion people ▪ Water supply is becoming increasingly 1 affected b
Slide 10: What Is Liquid Natural Clay (LNC)
10 WHAT IS LIQUID NATURAL CLAY (“LNC”) Liquid Natural Clay (“LNC”) is an organic soil amendment formulation providing a turnkey solution for customers Premise Desert Control’s Unique Process The Solution Mixing clay into soil is a centuries-long Natural clay is transformed into microparticles In san
Slide 11: The LNC Value Proposition
11 THE LNC VALUE PROPOSITION Highly compelling customer ROI with ease of adoption No Disruption to No Capex For OMRI Organic Existing Vegetation Customers Certification Through application via irrigation Turnkey solution using existing Enabling adoption for organic systems customer infrastructure fa
Slide 12: Our Target Customers
12 OUR TARGET CUSTOMERS Soil & Market Characteristics Use Cases 1 2 3 4 5 Customer Sandy, Fast- Water Supply is Water-Intensive High-Value, High Water Cost Issues Draining Soils Constrained Operations Permanent Crops California California California Agriculture Almonds Arizona Arizona Arizona Golf/L
Slide 13: California Opportunity
13 CALIFORNIA OPPORTUNITY – A HIGH-VALUE, HIGH-WATER COST REGION FACING THREATENED WATER SUPPLY High Cost of Water Threats to Water Supply High-Value Crop Production Disproportionately high cost of water Urgent solution required to address scarcity Addressable acres / market size for LNC ▪ Up to $1,
Slide 14: Massive Global Market with Significant Opportunities in California & Arizona
14 MASSIVE GLOBAL MARKET WITH SIGNIFICANT OPPORTUNITIES IN CALIFORNIA & ARIZONA TODAY Significant Opportunity in Current Active Markets… …With Massive Further Global Expansion Potential Sandy Soil Agriculture ($bn)1,2 Direct Licensed California operations Southern EU operator model USA $38bn Arizona
Slide 15: Desert Control Today | Positioned for Growth
15 DESERT CONTROL TODAY | POSITIONED FOR GROWTH …And Positioned For Growth Building On… • 10+ years of research and development into Liquid Natural • Focused commercial strategy targeting customers with the Clay (“LNC”) greatest need for LNC technology and highest ROI markets • Record levels of Tier
Slide 16: Rapidly Growing Pipeline in California
16 RAPIDLY GROWING PIPELINE IN CALIFORNIA Rapidly expanding pipeline with c. 44k addressable acres and estimated c. $50m total value Cumulative Pilot Activity (November 2025 – June 2026) # of Tier 1 Pilots(1) Addressable Acres(2) Total Value at Full Conversion(3) 35 total pilots, of 30 44k 40k c. $1
Slide 17: LNC Technology's Value Proposition
LNC Technology’s Value Proposition James Thomas Chief Executive Officer
Slide 18: How LNC Technology Is Deployed
18 HOW LNC TECHNOLOGY IS DEPLOYED 1 2 3 Assess & Analyse On Site Formulation Application Through Irrigation Systems ✓ The liquefied solution enables ✓ Installation of sensors to collect data ✓ The bespoke formulation of natural application through existing on soil health and water use materials are
Slide 19: The Logistics Are Simple
19 THE LOGISTICS ARE SIMPLE Only 1 Bag Required per Acre Simple Logistics Requires only one ~2,500 lbs bag of clay / MOBILE UNITS acre Scalable to achieve 25-60% water savings ✓ All LNC production is on-site: only requires connection to water-supply and existing irrigation system ✓ Clay supplier shi
Slide 20: LNC Production Units: Technology Enabled Systems
20 LNC PRODUCTION UNITS: TECHNOLOGY ENABLED SYSTEMS DRIVING SCALABLE, DATA–DRIVEN FIELD OPERATIONS DC PORTAL Production Planning Real Time Monitoring Project Records DIGITAL Site data & project plans Production / process parameters Production and application data PLATFORM LNC formulation Operational
Slide 21: How We Address Challenges Facing Local Farmers
21 HOW WE ADDRESS CHALLENGES FACING LOCAL FARMERS Challenges Facing Customers Why LNC Technology ✓ Less water use Low profitability driven by rising water and irrigation related costs ✓ Lower energy consumption Reduce Input ✓ Reduceefficiency Improved fertiliser Input Costs Costs ✓ Reduced wear and
Slide 22: LNC Delivers the Highest-Impact Soil Enhancement with the Simplest Application
22 LNC DELIVERS THE HIGHEST-IMPACT SOIL ENHANCEMENT WITH THE SIMPLEST APPLICATION METHOD VIA EXISTING IRRIGATION SYSTEMS High Impact Alternatives to LNC Intrusive Carbon-rich soil (mechanical / manual intervention) amendments Mixing clay into soil manually Desert Control operates in a unique categor
Slide 23: Highly Attractive Business Case for LNC
23 HIGHLY ATTRACTIVE BUSINESS CASE FOR LNC 3x ROI over 5-year investment period excluding any increase in crop yield Illustrative Case Study Illustrative P&L Impact (excl. crop yield impact) 1-Year 5-Year (%) Totals ($) Without LNC With LNC ➢ 50-acre Date farm (~2,500 trees) Savings Savings Savings
Slide 24: Engaged with Global Blue-Chip Organisations
24 ENGAGED WITH GLOBAL BLUE-CHIP ORGANISATIONS The University of California
Slide 25: Competitive Moat Built on Know-How, Data and Execution
25 COMPETITIVE MOAT BUILT ON KNOW-HOW, DATA AND EXECUTION 1 Differentiated Solution 4 Crop-Specific Reference Base Application through existing Multi-year validation studies and infrastructure with no disruption to commercial proof points existing operations or vegetation 2 Process Know-How 5 Instit
Slide 26: Focused Go-To-Market Strategy
Focused Go-To-Market Strategy James Thomas Chief Executive Officer
Slide 27: Desert Control's Business Model
27 DESERT CONTROL’S BUSINESS MODEL United States Middle East California & Arizona UAE & Saudi Arabia (Agriculture, Golf, Turf & Landscaping) (Urban Greening, Forestry, Golf, Agriculture) Direct sales Capital-light licensing model through local partners Agriculture Golf Turnkey Projects Pay As You Sa
Slide 28: US Direct Sales Model & Unit Economics
28 US DIRECT SALES MODEL & UNIT ECONOMICS Business Model FY Profit Contribution Per Unit ($ 000s)(1) Desert Control produces and applies LNC directly at customer 5,400 sites, generating revenue of approximately $0.05 per litre 3,780 Expected 3,240 utilisation rate The production units are accompanie
Slide 29: California Strategy: Focused on High-Water Cost Areas and Restrictions
29 CALIFORNIA STRATEGY: FOCUSED ON AREAS WITH HIGH-WATER COST, WATER RESTRICTIONS AND CROPS WITH HIGHEST IRRIGATION DEMAND California Sustainable Groundwater Management Act (SGMA) Annual Water Requirement by Crop (AF/acre)(1) ▪ SGMA imposes restrictions on groundwater pumping in California, which is
Slide 30: California Strategy: How Go-To-Market Scales Efficiently
30 CALIFORNIA STRATEGY: HOW GO-TO-MARKET SCALES EFFICIENTLY Efficiently scaling operations in California’s $5bn addressable market Focus on dense clusters with high-water Fresno, Kings, Kern, Tulare, Madera, Stanislaus(1) costs, restricted water-supply, large regional Most of the 2.5m acres of perma
Slide 31: Middle East Strategy: Licensed Operator Model
31 MIDDLE EAST STRATEGY: LICENSED OPERATOR MODEL Licensed operator based in Riyadh, targeting the Saudi market • Projects of note: Atlas Turf Arabia Green Riyadh Misk City Licensed operator based in Abu Dhabi, targeting the UAE market and wider MENA region • Projects of note: Masdar City Dubai Hills
Slide 32: Unlocking Commercial Scale
Unlocking Commercial Scale Marty Weems Managing Director, Americas
Slide 33: Context: Agriculture Adoption Is Reference-Led and Proof-Driven
33 CONTEXT: AGRICULTURE ADOPTION IS REFERENCE-LED AND PROOF-DRIVEN Reference-led adoption ▪1 Adoption is evidence-led ▪2 Proof takes time ▪3 Third-party validation ▪ Growers prefer to see results ▪ Water savings can show ▪ Tangible proof points are critical, from comparable farms, crops, immediate r
Slide 34: Sales Process & Commercial Flywheel
34 SALES PROCESS & COMMERCIAL FLYWHEEL Awareness / 1 Build initial interest in LNC, leveraging proof points across validated ✓ initial discussions applications and high-water savings / ROI proposition 0-3 months 2 Pilots offer low-risk test of LNC on limited acreage prior to commercial-scale ✓ Pilot
Slide 35: Validation Maturity Across Applications
35 VALIDATION MATURITY ACROSS APPLICATIONS Market size ($m, Acres) Crop Cycle Validation Key reference customer(s) (California and Arizona) Length Progress Golf $200m+ 50k acres 1 year ● Full-scale engagement with Woodland Hills Country Club and Berkeley Country Club Dates $13m 13k acres 2 years ● C
Slide 36: Rapidly Growing Pipeline of High-Conviction Opportunities
36 RAPIDLY GROWING PIPELINE OF HIGH-CONVICTION OPPORTUNITIES Tier 1 Pilot Development (FY25 to 1H 2026E) FY25 Pilot Outcomes 28 Woodland Hills Berkeley 53-acre golf course in 65-acre golf course in California California 4x c. 60% win rate on FY25 Tier 1 pilots(1) Oasis Dates Martha’s Garden North Am
Slide 37: Full-Scale Engagements Anchoring the Flywheel
37 FULL-SCALE ENGAGEMENTS ANCHORING THE FLYWHEEL WITH DEMONSTRABLE VALUE FOR OUR CUSTOMERS Agriculture Golf Jan-25 Jan-25 Apr-25 North America’s largest organic medjool date 53-acre private golf course in Los Angeles spent grower with a 5,000+ acre farming operation $800k+ per year on irrigation wat
Slide 38: Rapidly Growing Pipeline in California
38 RAPIDLY GROWING PIPELINE IN CALIFORNIA Rapidly expanding pipeline with c. 44k addressable acres and estimated c. $50m total value Cumulative Pilot Activity (November 2025 – June 2026) # of Tier 1 Pilots(1) Addressable Acres(2) Total Value at Full Conversion(3) 35 total pilots, of 30 44k 40k c. $1
Slide 39: We Are at Our Commercial Inflection Point
39 WE ARE AT OUR COMMERCIAL INFLECTION POINT 1 Commercial validations across high-value crops and golf 2 Full-cycle validations across pistachios and almonds expected in the next 12 months Boom in volume of pilots with material increase in size and quality: average of 3 c. 1,500 addressable acres pe
Slide 40: Strategic Roadmap
Strategic Roadmap James Thomas Chief Executive Officer
Slide 41: Strategic Roadmap
41 STRATEGIC ROADMAP 2026 2027 2028-2030 ✓ Fully fund our business plan ✓ Cement position in California ✓ Expand geographically both (ongoing $15m capital raise) agriculture and golf directly and with licensee(s) ✓ Complete 50+ pilots ✓ Complete 70+ pilots ✓ Complete 100+ pilots p.a. ✓ Expand sales
Slide 42: Operating Model Is Replicable Beyond the Business Plan
42 OPERATING MODEL IS REPLICABLE BEYOND THE BUSINESS PLAN Direct Operations Licensed Operator Model United States Middle East California & Arizona UAE & Saudi Arabia Direct Operations Optionality for 100% (Direct), Joint Venture, or Only through licensed operator model Licensing model Southwestern U
Slide 43: Financials and Outlook
Financials and Outlook David Borah Chief Financial Officer
Slide 44: Revenue Development
44 REVENUE DEVELOPMENT Revenue Development ($m)(1) Projected Revenue 2026e ($m)(2) 2.50 c.7x No hardware sales expected Includes estimated revenue $2m+ in the Middle East for FY26 generated through PAYS 2.00 Licensing, 11% 1.50 Direct Sales US / Project Deliveries, 89% $2m+ 1.00 0.50 $0.3m $0.2m $0.
Slide 45: Financial Outlook
45 FINANCIAL OUTLOOK 2026 2027 2028 Mid-term Revenue Revenue $2m Revenue $8-10m Revenue $25-28m +40% YoY growth EBITDA EBITDA EBITDA EBITDA $(6)m $(3-4)m 19-22% 30%+ Loss Loss Margin Margin Operating Breakeven Cash Flow by Q1 2028
Slide 46: Conclusion
46 CONCLUSION Focused go-to-market Reached commercial Targeting revenues of Replicable strategy in a strategy in California inflection point $25-28m and EBITDA massive global market with boom in volume of underpinned by c.$50m margins of 19-22% by facing water scarcity high-quality pilots pipeline i
Slide 47: Q&A
Q&A
Slide 48: Appendices
Appendices
Slide 49: Understanding the Role of Clay in Soil Health and Water Efficiency
49 UNDERSTANDING THE ROLE OF CLAY IN SOIL HEALTH AND WATER EFFICIENCY Size and Suspension Surface Area Retention LNC particles are Clay particles areLNC plate-like is Produced On Site Clay’s negative charge microscopic, enabling with massive surface Witharea Tailored attracts water and nutrients irr
Slide 50: Tier 1 Piloting Activity and Pipeline (Nov-25 to June-26)
50 TIER 1 PILOTING ACTIVITY AND PIPELINE (NOV-25 TO JUNE-26) California (Expected) Pilot Date Prime Acres Managed Crop / Application Agriculture Pilot 1 Nov-25 400 Almond Pilot 2 Dec-25 400 Almond Pilot 3 Feb-26 4,500 Citrus Pilot 4 Feb-26 1,800 Table Grapes Pilot 5 Mar-26 500 Dates Pilot 6 Mar-26 1
Slide 51: California / Arizona Market Breakdown
51 CALIFORNIA / ARIZONA MARKET BREAKDOWN California Agriculture Market Size(1) Arizona Agriculture Market Size(1) Tree nut High value(2) 5% Orchard 20% Tree nut (incl. 16% 36% Almonds) USD USD 5.0 bn 195M 34% 79% Vineyard 9% Orchard High value (2) Arizona Golf & Landscaping California Golf & Landsca
Slide 52: California Incentive Approval Strengthens Commercial Case
52 CALIFORNIA INCENTIVE APPROVAL STRENGTHENS COMMERCIAL CASE Desert Control’s solution is now eligible for water conservation incentive programs from the Metropolitan Water District of Southern California (MWD) and Los Angeles Department of Water and Power (LADWP). Key Highlights: • Up to 50% of tot
Slide 53: Indicative Golf Course Savings Across Target Regions
53 INDICATIVE GOLF COURSE SAVINGS ACROSS TARGET REGIONS Illustrative 4-Year Water Cost Savings Under PAYS(1) Annual Water Annual Water 4-Year Net Revenue Share to Region Courses $/AF Water Cost(2) Savings Savings DC(3) ✓ Targeting large, Los Angeles 95 $2,394 $646,380 $161,595 $717,473 $358,736 regu
Slide 54: LNC Production Unit Development
54 LNC PRODUCTION UNIT DEVELOPMENT LNC Production Unit Development Pilot Recent New Production Unit Unit Capacity (litres/hour) 120 3,750 15,000 90,000+ Application Manual Manual Manual Semi-automated Time / 50 Hectares 9.5 yrs 16 weeks 4 weeks 7 days Timeline Prior to DC 2020 2022-2024 2025
Slide 55: LNC Pricing by Crop and % Wetted Area
55 LNC PRICING BY CROP AND % WETTED AREA Priced at $0.05 / Litre Min Wetted Max Wetted Crop L/Ac min L/Ac Max Rev/Ac min Rev/Ac Max Area % Area % Almonds 20% 60% 28,329 84,987 $1,416 $4,249 Pistachios 20% 60% 28,329 84,987 $1,416 $4,249 Walnuts 20% 60% 28,329 84,987 $1,416 $4,249 Citrus 15% 70% 21,2
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