Calix Ltd. · ASX:CXL
Calix — Investor Presentation (February 2026)
29 slides from Calix's investor presentation, Feb 24, 2026
Slide 1: Investor Presentation: FY26 Interim Results
Investor Presentation FY26 Interim Results 24 February 2026 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: Acknowledgement of Country and Statements
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: Calix Applications & Group Structure
Calix Applications & Group Structure One platform technology with multiple applications for global industries Carbon Dioxide Application Water Treatment Iron & Steel Alumina Lithium Cement & Lime Removal Business / Subsidiary Targeting Market Size ~US$100m6 US$640 Bpa5 US$45.5 Bpa4 US$7 Bpa3 1.4 BTp
Slide 5: 1H FY26 Financial Highlights
1H FY26 Financial Highlights REVENUE GROWTH FOCUSED BUSINESS DELIVERY MAGNESIA PRODUCT & LOWER NET CASH USED IN SERVICES REVENUE OPERATING ACTIVITIES $ 15.8m 48% $6.2m -65% 1H FY25: $10.7 1H FY25: $17.9m SUSPRO SERVICES REVENUE LOWER OPEX $ 0.6m $15.6m -30% 1H FY25: $nil 1H FY25: $22.3m GRANTS & OTH
Slide 6: Revenues up, costs down, one-off, non-cash impairment
Revenues up, costs down, one-off, non-cash impairment 31-Dec-25 31-Dec-24 Statement of Profit or Loss1 $’000 $’000 Revenue 16,317 13,514 Cost of sales (9,635) (8,655) Strong Revenue (↑21%) & Gross profit 6,682 4,859 Gross Profit (↑37%) growth Other income 1,266 1,618 Gross profit and other income 7,
Slide 7: Continued Revenue Growth
Continued Revenue Growth Product & Services Revenue Growth GROUP REVENUETotal TRAJECTORY 28.2 • Strong product and services growth 30 Total (+17%) 24.2 (+30%) 14.7 • $16.3m product & services revenue, up 21%* 25 Total 12 +13% 20 18.6 (1st Half • 40% gross margin (1H FY25: 37%) revenue) ($M’s 10 15 1
Slide 8: Magnesia: Strong revenue growth
Magnesia: Strong revenue growth Magnesia Revenue Growth 1H FY26 achievements: 30 Total • 48% revenue growth on 1H FY25 24.2 +15% 25 • Secured new contract for up to A$10m per Total 21.0 annum, first revenues from Q1 CY2026 +14% Total 20 18.5 • Renewed and expanded contracts with City of $M’s (1st Ha
Slide 9: Continued cash discipline
Continued cash discipline Focused operating cost base, minimal capex Cash Opex and Capex spend profile1 1H23 2H23 1H24 2H24 1H25 2H25 1H26 • Opex in 1H FY26 reduced to $15.6m 2023 1H 2H 2024 1H 2025 2H 2026 1H 2H 1H 0 – 30% lower than on 1H FY25 -5 – Enabled by focused business delivery -13.1 -15.6
Slide 10: Cash flow outlook
Cash flow outlook Calix expects to be cash flow neutral in CY2026 Focused business delivery • Strong revenue and gross profit growth • Focused and streamlined execution • Significantly reduced capex requirements Supported by anticipated one off payments • Contracted government grant payments* • Seco
Slide 11: Commercialisation milestones achieved 1H FY26
Commercialisation milestones achieved 1H FY26 Magnesia Iron & Steel Alumina Lithium Leilac • Rio Tinto non- • Partnership • Completed • ZETA Pre-FEED • Strong revenue and exclusive JDA for established with construction of completed margin growth over $35m cash & in Norsk Hydro Mid-Stream • Up to $10
Slide 12: Indicative project & revenue timeline and updates
Indicative project & revenue timeline and updates TIMELINE (calendar year) Market Project / Product Partners 2023 2024 2025 2026 2027 2028 Iron & Steel Secured grant Secured strategic Target sub-level funding / Secured grant Target first funding (i) funding (ii) partner financing, paid enginee
Slide 13: Summary & Outlook
Summary & Outlook FINANCIAL HIGHLIGHTS 1H FY26 Revenues increased Focused business delivery • Magnesia revenue up 48% • 30% Opex reduction • Gross profit up 37% • Minimal cash Capex COMMERCIALISATION MILESTONES ACHIEVED Magnesia Sustainable Processing Leilac • Up to $10m p.a. contract • $35m JDA wit
Slide 14: Q&A
Q&A 1H FY26 Results 14 14 24 February 2026 14
Slide 15: Appendices
UPDATE IMAGE? Appendices 1H FY26 Results 24 February 2026 15 15 15
Slide 16: About Calix
SOLVING GLOBAL Electrification of industrial processing Capture of unavoidable emissions About Calix CHALLENGES Sustainable environmental solutions Calix Limited is a technology company solving global challenges in industrial electrification and decarbonisation. ~100 29 12% Calix’s patented core pla
Slide 17: Calix's platform technology
Calix’s platform technology A new way to “heat stuff up” Fine particles for processing Gas Output What separates our technology from traditional methods of mineral processing? “ Energy Flexible” • traditional fuels, electric, alternative fuels Hot tube • flexible operations compatible with radiates
Slide 18: Sustainability 1H FY26 highlights
Sustainability 1H FY26 highlights AMBITION Advance sustainable Ensure safe and Decarbonise operations Address resource Foster fairness and technology development controlled operations Reduce emissions in line with consumption belonging a 1.5°C pathway. Build four commercial Maintain zero significant
Slide 19: Magnesia
Magnesia Product Subsidiary Funding support Industries Market size Magnesium N/A Water ~100m US$pa1 Hydroxide Liquid Objectives Locations Revenue Trajectory • Grow revenue and gross profit of MHL products for sustainable water & USA IER manufacturing plants +15% wastewater treatment • Ripon, Wiscons
Slide 20: Zero Emissions Steel Technology
Zero Emissions Steel TechnologY Project Partners 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 • Calix executed Joint Development Agreement (JDA) with • Secure remaini
Slide 21: Zero Emissions Alumina
Zero Emissions ALumina Project Partners Funding support Industry Market size Royalty % of ZEAL N/A Alumina US$45.5Bpa1 Objectives Status Targeted next steps • Jointly develop electric calcination for near-zero emissions • MOU and services agreement signed with Norsk Hydro • Complete pilot scale test
Slide 22: Mid-Stream Demonstration Plant with Pilbara Minerals
Mid-Stream Demonstration Plant with Pilbara Minerals Project Partner Funding support Industry Market size PLS Mid-Stream Lithium Royalty % of US$7Bpa1 Objectives Status Targeted next steps • Demonstrate lower CAPEX & OPEX for • Construction of Demonstration Plant • PLS to provide an update spodumene
Slide 23: Leilac-2
Leilac-2 Project Partners 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 process and gain permission
Slide 24: Project ZETA
Project ZETA Project Partners Funding support Industry Market size Project ZETA TBD 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 fina
Slide 25: 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 26: 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 27: 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 28: 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 29: Mars is for quitters
Investor relations Investorrelations@calix.global Media enquiries media@calix.global Subscribe to our Newsletter calix.global Mars is for quitters