Dyno Nobel : FY25 Full Year Results Announcement

About this update from Dyno Nobel Limited

ASX Release 10 November 2025 Dyno Nobel positioned for sustainable global growth after delivering a strong FY25 Explosives performance FY25 performance Zero Harm : Total Recordable Injury Frequency Rate (TRIFR) for the rolling 12 month period ended 30 September 2025 was 0.89, down from 1.101 at 30 September 2024 Statutory Net Loss after Tax and IMIs2: $53m (FY24: $311m loss) NPAT ex IMIs : $423m (FY24: $401m) EBIT ex IMIs : $714m, +23% YoY (FY24: $580m) / EBITDA ex IMIs: $1,012m, +10% YoY (FY24: $925m) Earnings Per Share ex IMIs : 22.8 cents per share (FY24: 20.7 cps) Return on Invested Capital including goodwill ( ROIC ): 8.2% (FY24: 6.3%) Final dividend of 9.5 cents per share (unfranked) representing a 51% payout ratio Capital management : $900m on-market share buyback program expected to resume on Tuesday 11 November 2025, with $430m completed to date 3 Decarbonisation : 2025 GHG emissions reduction target achieved with new targets set 4 Fertilisers separation : nearing completion, marking major progress in portfolio reshaping FY25 highlights Dyno Nobel (ASX: DNL ) has continued the successful execution of its strategy to become a pure play global explosives leader, with significant progress made on the separation of its Fertilisers business. Multiple sale processes have now completed, with a clear pathway established to exit Phosphate Hill no later than 30 September 2026. Statutory Net Loss After Tax including individually material items (IMIs) was $53m (FY24: $311m loss). The result included IMIs totalling $477m (after tax) primarily relating to the sale of the Fertilisers business and non-cash impairments. Excluding IMIs, Dyno Nobel reported a Net Profit After Tax (NPAT) of $423m, an increase of 6% over the previous year. EBIT ex IMIs was up 23% to $714m, driven by commodity and FX tailwinds and the sustained wins generated from the transformation program. Dyno Nobel EBIT (excluding Fertilisers) was down 10% to $413m, impacted by the successful completion of three planned manufacturing facility turnarounds in FY25 and the partial WALA earnings in FY24. Strong underlying5 earnings growth was delivered across the explosives business, with EBIT up 16% to $434m, driven by margin expansion and cost efficiencies, with $60m of net transformation benefits achieved during the year. The transformation program has continued to deliver in line with expectations and remains on track, with $134m in total net transformation benefits generated since FY24. ‌1 FY24 TRIFR has been restated due to the reclassification of injuries. ‌2 Statutory Net Profit After Tax attributable to members of Dyno Nobel includes IMIs of $477m (loss) after tax (FY24: $712m loss). FY25 IMIs mainly relate to the loss on sale of assets, non-cash impairments and closure costs for the Fertilisers businesses. ‌3 Refer to the Company's FY24 results release dated 11 November 2024, and 2024 Notice of AGM dated 18 November 2024, for details of the on-market buyback program. Although it is Dyno Nobel's current intention to complete the buyback of up to $900m, any purchases under the program remain at the discretion of the Company. ‌4 See Dyno Nobel's ASX release dated 13 October 2025. ‌5 Dyno Nobel Explosives underlying earnings have been re-based for FY25 and FY24 EBIT to reflect adjustments for: turnaround impacts at Moranbah, LOMO, and Cheyenne in FY25; Ag&IC EBIT and stranded costs in FY25 and FY24; Waggaman (WALA) EBIT in FY24; Cheyenne land sale in FY24; and a one-off IP provision in FY25. Commentary from Dyno Nobel's CEO & Managing Director CEO & Managing Director, Mauro Neves, said: " FY25 was a year of significant progress for Dyno Nobel as we delivered on our separation and transformation strategy, generating strong underlying earnings growth across the business. " Safety remains our number one priority, and I am very proud that we achieved a 19% reduction in our total recordable injury frequency rate, with injury severity down 40%. These outcomes reflect the company's outstanding safety culture and the team's continued focus and daily commitment to Zero Harm. " We are nearing completion of our separation activities, with defined milestones in place for Phosphate Hill, and we continue to prioritise the sale of the asset to a qualified buyer by March 2026. " Looking forward, Dyno Nobel's strong partnerships, network of assets and infrastructure continues to be an important part of our growth strategy globally. In addition to the strategic deal to build a US Government funded TNT plant on our site in Graham, Kentucky - which will ensure continuity of TNT for our customers in North America - we have formed the Nitradyn joint venture with US-based industrial manufacturer REPKON USA Holdings, Inc. Nitradyn will focus on developing and supplying energetics for broad industry use across the resources and defence sectors and will operate independently from our core commercial explosives business. "Our growth strategy in Latin America, Europe, and Africa is yielding results. This approach leverages Dyno Nobel's globally recognised brand, proprietary technology, and strong customer relationships to capture opportunities in new, high growth markets. " Dyno Nobel's FY25 results are a testament to the execution of our strategy, made possible by our outstanding people. I am incredibly proud of the team's professionalism and commitment as we continue to deliver on the company's transformation. " Underlying business performance6 Dyno Nobel Asia Pacific ( DNAP ): EBIT of $255m, +8% YoY (FY24: $236m). Disciplined execution drove margin improvement despite revenue headwinds due to weather related impacts on the East Coast coal business and restrictions on AN imports to Indonesia. Transformation initiatives across pricing, supply chain and operations delivered $19m in EBIT uplift, with the major Moranbah turnaround completed on time and budget, reflecting strong planning and execution. Joint venture income rose 71% on the back of customer recontracting by Queensland Nitrates Pty Limited. Dyno Nobel Americas ( DNA ): EBIT of $189m, +13% YoY (FY24: $168m). DNA delivered a strong performance in FY25, with successful transformation initiatives across pricing, procurement, and operations delivering structural cost reductions and efficiency gains. Commercial momentum accelerated with new contracts in key sectors and improved manufacturing reliability following the scheduled turnarounds at Cheyenne and LOMO. Dyno Nobel EMEA & LATAM ( DNEL ): EBIT of $31m, +33% YoY (FY24: $23m). Despite FX volatility and inflationary pressures, DNEL delivered a strong financial performance and advanced its growth agenda across Latin America, Europe, and Africa. Revenue grew 12%, supported by margin improvement and joint venture income up 72%, driven by the Sasol Dyno Nobel JV contract repricing and improved market conditions. Growth was underpinned by expansion in LATAM and EMEA, with Türkiye emerging as a key driver through major infrastructure projects and enhanced electronics manufacturing capability. ‌6 See footnote 5. 2 Corporate: Corporate costs for FY25 decreased by $13m, driven by transformation benefits including operating model savings, disciplined overhead management, procurement efficiencies, and strategic IT enhancements. Fertilisers: EBIT of $301m, +151% YoY (FY24: $120m). Strong second-half production at Phosphate Hill allowed the business to fully capture the benefits of favourable commodity pricing and FX movements. IPF Distribution delivered a solid EBIT before divestment, supported by margin resilience and cost discipline. Fertilisers separation and manufacturing operations strategic review Separation of the Fertilisers business is nearing completion, with several major milestones achieved in FY25 and early FY26: Distribution business: Sale completed to Ridley Corporation with upfront proceeds of $381m ($250m purchase consideration and a net $131m working capital and net debt adjustment). Based on completion accounts prepared by Dyno Nobel, it is anticipated that a payment of $16m will be made to Ridley for post-completion purchase price adjustments in accordance with the sale agreement 7. Gibson Island land: Sale completed to Goodman Group, with proceeds of $198m received on 8 October 2025. Remediation and leaseback costs are expected to be approximately ~$157m (~$110m after tax). Perdaman Offtake Agreement: Sale to Macquarie Group's Commodities and Global Markets business continues to progress and is now expected to complete in Q1 FY268. Consideration payments are subject to completion and operational milestones for the project, which is expected to commence production in 2027. Geelong: Production ceased in October 2025, with remediation activities to be performed by Dyno Nobel expected to cost ~$61m9 (~$43m after tax). St Helens: Dyno Nobel signed an asset sale and purchase agreement with the Columbia River Nitrogen consortium for the sale of the St Helens, Oregon facility. The purchase price of US$1.8m was the value of the product inventory at the completion date of 31 August 2025, with no ongoing environmental liabilities or future remediation requirements to be incurred by Dyno Nobel. Phosphate Hill: The sale process for Phosphate Hill is continuing. If an agreed sale cannot be reached by 31 March 2026, Dyno Nobel will progress an orderly closure of Phosphate Hill by 30 September 2026. Sustainability and decarbonisation During FY25, Dyno Nobel made significant progress on its net zero pathway, meeting its short-term absolute reduction target of '5% by 2025' against its 2020 baseline10 and installing the second of two major capital intensive projects to reduce its scope 1 and 2 GHG emissions. As a result, the Company reviewed and updated its GHG emissions reduction targets in FY25. Building on its previous scope 1 and 2 targets11, Dyno Nobel has: ‌7 Subject to agreement or determination on the final purchase price adjustments once the 45 business day post-completion period concludes. ‌8 Completion is subject to internal restructure completing, Macquarie CGM finalising a urea offtake agreement with Ridley Corporation, and certain other conditions. Refer to Dyno Nobel's 2025 Half Year Financial Results Presentation and Profit Report released on 12 May 2025 for further details. ‌9 A provision of $65.5m was recognised during the year for the costs to close the Geelong manufacturing facility offset by $4.3m of transitional related revenue and cost recovery from Ridley Corporation. ‌10 2020 baselines have been adjusted for the sale of WALA. ‌11 Announced in November 2021. 3 Adopted its '25% by 2030' absolute reduction target12 as its new short-term reduction target. Set a new medium-term '50% by 2036' absolute reduction target13, underpinned by a pipeline of identified projects. Maintained its long-term ambition of net zero GHG emissions by 2050. Capital management initiatives The Group has now bought back a total of $430m worth of shares since the on-market buyback program of up to $900m commenced in July 2024, leaving a further $470m to be repurchased. Dyno Nobel remains committed to completing the program, with the buyback expected to recommence from 11 November 2025 following a blackout period in the lead up to today's results release14. FY26 outlook FY26 EBIT for the Dyno Nobel explosives business is expected to be ~$460m-$500m, with an earnings split of approximately 40% in the first half and 60% in the second half15. The FY26 production range for Phosphate Hill is forecast to be between 790kmt to 850kmt16. Costs per tonne are expected to be in the range of $720 to $78017. Investor briefing Dyno Nobel will hold an investor webcast at 10.00am today, Monday 10 November 2025 AEDT. The link to register for the webcast is: https://webcast.openbriefing.com/dnl-fyr-2025/ For more information: Detailed analysis and information on Dyno Nobel's financial and operating performance and FY26 outlook and sensitivities can be found in the Operating and Financial Review section of the FY25 Financial Report, available on the Company's website. Investors Tom Dixon Vice President Investor Relations Mobile: +61 450 541 389 Email: [email protected] Media Amity Sturwohld Manager Corporate Communications Global Mobile: +61 439 152 329 Email: [email protected] This document has been authorised for release by Richa Puri, Company Secretary ‌12 Percentage reduction against the Group's global operational greenhouse gas 2020 baseline adjusted for the sale of WALA. See DNL's ASX release dated 13 October 2025 for further details. ‌13 Percentage reduction against the Group's global operational greenhouse gas 2020 baseline adjusted for the sale of WALA and IPF, and assuming divestment of all Fertilisers assets. ‌14 See footnote 3. ‌15 FY26 EBIT guidance and related outlook statements are estimated based on key assumptions and are subject to uncertainties and risks. Refer to DNL's 2025 Full Year Financial Results Presentation and the Operating and Financial Review section of the FY25 Financial Report released today, 10 November 2025, for outlook key assumptions and sensitivities. ‌16 Outlook assumes a full year of operation of the Phosphate Hill plant in FY26. ‌17 Cost per tonne includes all variable and fixed costs of production, inclusive of depreciation and corporate cost allocations, but excludes sales freight and other selling costs. Cost per tonne is mainly impacted by PWC gas supply curtailment, expected gas pricing and sulphur cost. 4 This announcement contains certain forward-looking statements, including statements in relation to expectations, intentions, estimates, targets, and indications of, and guidance on, future outcomes, earnings, future financial position and performance and the implementation of DNL's Fertilisers separation. The words "expect", "would", "could", "potential", "may", "intend", "will", "believe", "estimate", "aim", "target" and "forecast" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, the impact of Dyno Nobel's Fertilisers separation strategy and associated agreements, DNL's buyback program, and guidance on FY26 EBIT and production metrics are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of DNL, its officers and employees. There can be no assurance that actual outcomes will not differ materially from these statements. There can be differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and their differences may be material. Undue reliance should not be placed on forward-looking statements. DNL, nor any other person, does not give any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statement will occur. DNL disclaims any responsibility to update or revise any forward-looking statement to reflect any change in DNL's financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except to the extent required by law. Additionally, to the maximum extent permitted by law, DNL and its affiliates, directors, officers, partners, employees, agents and advisers disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise. Dyno Nobel Limited ABN 42 004 080 264 Level 8, 28 Freshwater Place, Southbank, Victoria, Australia, 3006 https://www.dynonobel.com.au DYNO NOBEL LIMITED FINANCIAL PERFORMANCE September 2025 FY September March 2025 2025 HY HY 460.2 267.6 1,004.9 676.6 51.8 55.5 - - 134.2 139.5 (114.7) (157.9) September 2024 FY September March 2024 2024 HY HY 481.5 283.9 1,131.1 765.5 61.3 69.1 - - 141.0 136.3 (108.1) (247.5) September 2023 FY September March 2023 2023 HY HY 410.2 415.0 1,111.3 623.4 46.1 126.9 - 44.7 172.4 146.7 (112.8) (280.2) September 2022 FY September March 2022 2022 HY HY 383.2 363.6 870.4 662.5 136.7 85.7 73.0 88.9 89.1 207.6 (74.2) (310.6) September 2021 FY September March 2021 2021 HY HY 536.1 412.9 1,124.1 696.3 121.2 109.6 109.8 86.7 162.9 194.7 (90.9) (243.3) VOLUMES SOLD ('000 tonnes) FERTILISERS ASIA PACIFIC Continuing Operations Phosphate Hill Discontinued Operations Domestic Ag Industrial and Trading Gibson Island Geelong Intercompany Eliminations Quantum/Southern Cross Fertilisers (third party sales) BUSINESS SEG SALES DNAP DNA DNEL Elimination Total Dyno Nobel Phosphate Hill Total Fertilisers Group Elimination Total Sales - Continuing Operations IPF Distribution Waggaman Total Sales - Discontinued Operations Total Sales - Dyno Nobel Group GEOGRAPHIC SEG SALES Australia USA Other Total - Continuing Operations Total - Discontinued Operations Total - Dyno Nobel Group BUSINESS SEG EBITDA (excluding IMIs) DNAP DNA DNEL Corporate / Elimination Total Dyno Nobel Phosphate Hill Total Fertilisers Total EBITDA (excluding IMIs) - Continuing Operations IPF Distribution Waggaman Total EBITDA (excluding IMIs) - Discontinued Operations Total EBITDA (excluding IMIs) - Dyno Nobel Group BUSINESS SEG Depreciation and Amortisation DNAP DNA DNEL Corporate / Elimination Total Dyno Nobel Phosphate Hill Total Fertilisers Total Depreciation and Amortisation - Continuing Operations IPF Distribution Waggaman Total Depreciation and Amortisation - Discontinued Operations Total Depreciation and Amortisation - Dyno Nobel Group BUSINESS SEG EBIT (excluding IMIs) DNAP DNA DNEL Corporate / Elimination Total Dyno Nobel Phosphate Hill Total Fertilisers Total EBIT (excluding IMIs) - Continuing Operations IPF Distribution Waggaman Total EBIT (excluding IMIs) - Discontinued Operations Total EBIT (excluding IMIs) - Dyno Nobel Group GEOGRAPHIC SEG NON-CURRENT ASSETS OTHER THAN FINANCIAL INSTRUMENTS AND DEFERRED TAX ASSETS Australia USA Other Total - Dyno Nobel Group FINANCIAL PERFORMANCE EBIT Net Interest Operating Profit Before Tax, Minorities and Individually Material Items Income Tax Expense NPAT pre Individually Material Items Individually Material Items Before Tax Tax (Benefit)/Expense - Individually Material Items NPAT including Individually Material Items NPAT attributable to shareholders of Dyno Nobel Limited NPAT attributable to minority interest 727.8 1,681.5 107.3 -273.7 (272.6) 765.4 1,896.6 130.4 -277.3 (355.6) 825.2 1,734.6 173.0 44.7 319.1 (392.9) 746.8 1,532.9 222.4 161.9 296.7 (384.8) 949.0 1,820.4 230.8 196.5 357.6 (334.2) 2,517.7 1,536.4 981.3 2,714.2 1,706.9 1,007.3 2,703.7 1,627.2 1,076.5 2,575.9 1,478.2 1,097.7 3,220.1 1,963.2 1,256.9 72.6 AU$ mill 1,155.3 1,776.8 324.5 (44.3) 29.9 42.7 AU$ mill AU$ mill 632.8 522.5 958.7 818.1 167.9 156.6 (23.9) (20.4) 172.3 AU$ mill 1,240.1 1,715.4 288.6 (50.0) 130.0 42.3 AU$ mill AU$ mill 645.2 594.9 871.1 844.3 139.5 149.1 (25.3) (24.7) 118.6 AU$ mill 1,222.7 1,741.6 317.2 (59.2) 74.8 43.8 AU$ mill AU$ mill 616.0 606.7 888.2 853.4 161.7 155.5 (29.4) (29.8) 95.2 AU$ mill 1,059.0 1,727.0 155.8 (40.2) 65.0 30.2 AU$ mill AU$ mill 572.2 486.8 963.3 763.7 119.2 36.6 (20.6) (19.6) 326.2 AU$ mill 899.0 1,338.5 56.7 (48.9) 247.0 79.2 AU$ mill AU$ mill 462.1 436.9 738.7 599.8 27.7 29.0 (26.3) (22.6) 3,212.3 1,735.5 1,476.8 3,194.1 1,630.5 1,563.5 3,222.3 1,636.5 1,585.8 2,901.6 1,634.1 1,267.5 2,245.3 1,202.2 1,043.1 507.6 400.5 107.1 357.4 322.0 35.4 328.4 208.8 119.6 442.5 398.8 43.7 299.3 201.8 97.5 507.6 400.5 107.1 357.4 322.0 35.4 328.4 208.8 119.6 442.5 398.8 43.7 299.3 201.8 97.5 (9.8) (6.0) (3.8) (13.6) (6.7) (6.9) (22.2) (6.2) (16.0) (27.8) (16.4) (11.4) (25.8) (16.6) (9.2) 3,710.1 2,130.0 1,580.1 3,537.9 1,945.8 1,592.0 3,528.5 1,839.1 1,689.4 3,316.3 2,016.5 1,299.8 2,518.8 1,387.4 1,131.4 1,635.1 - 964.5 670.6 - - 1,740.6 86.4 957.7 782.9 - 86.4 1,875.0 604.6 957.8 917.2 156.1 448.5 2,205.3 793.7 1,286.1 919.2 464.4 329.3 1,595.3 234.4 1,064.5 530.8 172.5 61.9 1,635.1 964.5 670.6 1,827.0 957.7 869.3 2,479.6 1,113.9 1,365.7 2,999.0 1,750.5 1,248.5 1,829.7 1,237.0 592.7 5,345.2 3,094.5 2,250.7 5,364.9 2,903.5 2,461.3 6,008.1 2,953.0 3,055.1 6,315.3 3,767.0 2,548.3 4,348.5 2,624.4 1,724.1 1,602.7 1,376.0 731.4 1,002.5 600.2 734.8 641.2 392.7 338.7 1,523.1 1,337.4 677.4 929.8 593.3 665.8 671.6 350.3 327.1 1,470.8 1,388.6 669.1 789.6 681.2 696.4 692.2 353.1 316.0 1,433.7 1,405.3 477.3 933.8 499.9 780.1 625.2 302.6 174.7 1,144.4 1,043.9 330.5 632.2 512.2 564.6 479.3 190.6 139.9 3,710.1 2,130.0 1,580.1 3,537.9 1,945.9 1,592.0 3,528.5 1,839.1 1,689.4 3,316.3 2,016.5 1,299.8 2,518.8 1,387.4 1,131.4 1,635.1 964.5 670.6 1,827.0 957.7 869.3 2,479.6 1,113.9 1,365.7 2,999.0 1,750.5 1,248.5 1,829.7 1,237.0 592.7 5,345.2 3,094.5 2,250.7 5,364.9 2,903.6 2,461.3 6,008.1 2,953.0 3,055.1 6,315.3 3,767.0 2,548.3 4,348.5 2,624.4 1,724.1 320.7 360.2 47.2 (45.7) 194.6 126.1 205.5 154.7 27.8 19.4 (28.9) (16.8) 323.0 344.8 40.4 (48.0) 182.8 140.2 181.6 163.2 19.6 20.8 (29.6) (18.4) 251.6 298.5 42.1 (39.5) 140.6 111.0 161.1 137.4 21.1 21.0 (18.0) (21.5) 231.8 378.5 20.7 (38.4) 113.3 118.5 200.5 178.0 15.7 5.0 (23.3) (15.1) 216.5 292.1 14.6 (26.5) 108.2 108.3 187.3 104.8 6.6 8.0 (17.6) (8.9) 682.4 399.0 283.4 660.2 354.4 305.8 552.7 304.8 247.9 592.6 306.2 286.4 496.7 284.5 212.2 248.2 240.0 8.2 127.4 104.1 23.3 170.7 75.8 94.9 439.3 242.5 196.8 251.8 209.9 41.9 248.2 240.0 8.2 127.4 104.1 23.3 170.7 75.8 94.9 439.3 242.5 196.8 251.8 209.9 41.9 930.6 639.0 291.6 787.6 458.5 329.1 723.4 380.6 342.8 1,031.9 548.7 483.2 748.5 494.4 254.1 81.8 - 50.8 31.0 - - 78.5 58.7 41.2 37.3 - 58.7 84.6 407.4 18.4 66.2 92.1 315.3 269.7 556.1 160.1 109.6 397.5 158.6 130.3 56.1 96.5 33.8 58.3 (2.2) 81.8 50.8 31.0 137.2 41.2 96.0 492.0 110.5 381.5 825.8 557.6 268.2 186.4 154.8 31.6 1,012.4 689.8 322.6 924.8 499.7 425.1 1,215.4 491.1 724.3 1,857.7 1,106.3 751.4 934.9 649.2 285.7 (97.1) (147.6) (16.7) (7.7) (52.1) (45.0) (76.7) (70.9) (8.7) (8.0) (4.5) (3.2) (86.9) (149.4) (17.5) (5.1) (44.6) (42.3) (75.8) (73.6) (10.4) (7.1) (2.4) (2.7) (87.3) (114.9) (14.7) (5.7) (44.7) (42.6) (59.6) (55.3) (7.4) (7.3) (2.7) (3.0) (83.7) (117.9) (5.8) (8.1) (42.0) (41.7) (59.7) (58.2) (4.9) (0.9) (5.3) (2.8) (78.2) (118.7) (2.1) (5.5) (38.9) (39.3) (60.7) (58.0) (1.0) (1.1) (3.0) (2.5) (269.1) (142.0) (127.1) (258.9) (133.2) (125.7) (222.6) (114.4) (108.2) (215.5) (111.9) (103.6) (204.5) (103.6) (100.9) (15.0) (6.5) (8.5) (58.3) (22.2) (36.1) (70.9) (35.3) (35.6) (69.9) (33.6) (36.3) (65.3) (33.5) (31.8) (15.0) (6.5) (8.5) (58.3) (22.2) (36.1) (70.9) (35.3) (35.6) (69.9) (33.6) (36.3) (65.3) (33.5) (31.8) (284.1) (148.5) (135.6) (317.2) (155.4) (161.8) (293.5) (149.7) (143.8) (285.4) (145.5) (139.9) (269.8) (137.1) (132.7) (14.2) - (1.4) (12.8) - - (27.8) - (13.6) (14.2) - - (31.2) (10.9) (13.4) (17.8) 0.2 (11.1) (25.4) (61.7) (12.2) (13.2) (31.6) (30.1) (48.4) (50.3) (24.7) (23.7) (31.2) (19.1) (14.2) (1.4) (12.8) (27.8) (13.6) (14.2) (42.1) (13.2) (28.9) (87.1) (43.8) (43.3) (98.7) (55.9) (42.8) (298.3) (149.9) (148.4) (345.0) (169.0) (176.0) (335.6) (162.9) (172.7) (372.5) (189.3) (183.2) (368.5) (193.0) (175.5) 223.6 212.6 30.5 (53.4) 142.5 81.1 128.8 83.8 19.1 11.4 (33.4) (20.0) 236.1 195.4 22.9 (53.1) 138.1 97.9 105.8 89.6 9.2 13.7 (32.0) (21.1) 164.2 183.6 27.4 (45.2) 95.8 68.4 101.5 82.1 13.7 13.7 (20.7) (24.5) 148.1 260.7 14.9 (46.5) 71.3 76.8 140.9 119.8 10.8 4.1 (28.6) (17.9) 138.3 173.4 12.5 (32.0) 69.3 69.0 126.6 46.8 5.6 6.9 (20.6) (11.4) 413.3 257.0 156.3 401.3 221.1 180.1 330.0 190.3 139.7 377.2 194.4 182.8 292.2 180.9 111.3 233.2 233.5 (0.3) 69.1 81.9 (12.8) 99.8 40.5 59.3 369.4 208.9 160.5 186.5 176.4 10.1 233.2 233.5 (0.3) 69.1 81.9 (12.8) 99.8 40.5 59.3 369.4 208.9 160.5 186.5 176.4 10.1 646.5 490.5 156.0 470.4 303.1 167.3 429.9 230.9 199.0 746.5 403.2 343.3 478.7 357.3 121.4 67.6 - 49.4 18.2 - - 50.7 58.7 27.6 23.1 - 58.7 53.4 396.5 5.0 48.4 92.3 304.2 244.3 494.4 147.9 96.4 365.9 128.5 81.9 5.8 71.8 10.1 27.1 (21.3) 67.6 49.4 18.2 109.4 27.6 81.8 449.9 97.3 352.6 738.7 513.8 224.9 87.7 98.9 (11.2) 714.1 539.9 174.2 579.8 330.7 249.1 879.8 328.2 551.6 1,485.2 917.0 568.2 566.4 456.2 110.2 2,412.2 2,665.4 597.2 2,412.2 2,531.8 2,665.4 2,751.2 597.2 448.9 2,771.1 2,514.3 430.7 2,771.1 3,065.2 2,514.3 2,694.7 430.7 441.6 3,542.0 2,279.0 450.1 3,542.0 3,526.3 2,279.0 2,057.2 450.1 414.7 3,544.2 4,277.8 371.3 3,544.2 3,412.5 4,277.8 3,645.0 371.3 228.1 3,435.3 3,863.0 227.3 3,435.3 3,504.3 3,863.0 3,767.2 227.3 210.1 5,674.8 5,674.8 5,731.9 5,716.1 5,716.1 6,201.5 6,271.1 6,271.1 5,998.2 8,193.3 8,193.3 7,285.6 7,525.6 7,525.6 7,481.6 714.1 (136.1) 539.9 174.2 (78.5) (57.6) 579.8 (104.4) 330.7 249.1 (50.1) (54.3) 879.8 (148.7) 328.2 551.6 (76.1) (72.6) 1,485.2 (107.2) 917.0 568.2 (61.4) (45.8) 566.4 (112.8) 456.2 110.2 (49.3) (63.5) 578.0 461.4 116.6 475.4 280.6 194.8 731.1 252.1 479.0 1,378.0 855.6 522.4 453.6 406.9 46.7 (153.5) (125.6) (27.9) (75.5) (44.8) (30.7) (149.2) (31.9) (117.3) (350.8) (212.4) (138.4) (95.0) (84.7) (10.3) 424.5 335.8 88.7 399.9 235.8 164.1 581.9 220.2 361.7 1,027.2 643.2 384.0 358.6 322.2 36.4 (537.8) 61.2 (428.0) (109.8) 31.8 29.4 (748.6) 36.9 (611.6) (137.0) 212.2 (175.3) (30.8) 8.7 (18.9) (11.9) 5.1 3.6 (19.2) 5.8 (19.2) - 5.8 - (293.4) 83.9 (293.4) - 83.9 - (52.1) (60.4) 8.3 (311.8) (163.6) (148.2) 559.8 206.4 353.4 1,013.8 629.8 384.0 149.1 112.7 36.4 (53.2) 1.1 (60.6) 7.4 0.2 0.9 (310.9) (0.9) (162.6) (148.3) (1.0) 0.1 560.0 (0.2) 206.4 353.6 - (0.2) 1,013.7 0.1 629.6 384.1 0.2 (0.1) 149.1 - 112.7 36.4 - - US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill US$ mill Americas - DNA US$ EBITDA (excluding IMIs) 212.3 125.6 86.7 211.3 118.7 92.6 172.9 95.8 77.1 177.3 91.9 85.4 195.5 118.2 77.3 - - - 37.7 - 37.7 271.4 61.3 210.1 387.8 273.2 114.6 41.4 45.2 (3.8) 19.4 7.1 12.3 15.9 1.9 14.0 24.4 10.0 14.4 92.4 48.5 43.9 23.3 20.2 3.1 231.7 132.7 99.0 264.9 120.6 144.3 468.7 167.1 301.6 657.5 413.6 243.9 260.2 183.6 76.6 Explosives Waggaman Ag & IC Total US$ EBITDA (excluding IMIs) - Americas - DNA Americas - DNA US$ Depreciation & Amortisation (94.2) -(0.8) (49.6) - - (44.6) -(0.8) (84.6) -(13.9) (44.9) -(5.4) (39.7) -(8.5) (60.8) (7.4) (15.5) (30.6) 0.1 (8.7) (30.2) (7.5) (6.8) (70.2) (44.0) (13.7) (34.9) (22.1) (6.8) (35.3) (21.9) (6.9) (76.8) (37.8) (12.4) (38.9) (23.4) (6.8) (37.9) (14.4) (5.6) (95.0) (49.6) (45.4) (98.5) (50.3) (48.2) (83.7) (39.2) (44.5) (127.9) (63.8) (64.1) (127.0) (69.1) (57.9) Explosives Waggaman Ag & IC Total US$ Depreciation and Amortisation - Americas - DNA Americas - DNA US$ EBIT (excluding IMIs) 118.1 76.0 42.1 126.7 73.8 52.9 112.1 65.2 46.9 107.1 57.0 50.1 118.7 79.3 39.4 - - - 37.7 - 37.7 264.0 61.4 202.6 343.8 251.1 92.7 3.6 21.8 (18.2) 18.6 7.1 11.5 2.0 (3.5) 5.5 8.9 1.3 7.6 78.7 41.7 37.0 10.9 13.4 (2.5) 136.7 83.1 53.6 166.4 70.3 96.1 385.0 127.9 257.1 529.6 349.8 179.8 133.2 114.5 18.7 Explosives Waggaman Ag & IC Total US$ EBIT (excluding IMIs) - Americas - DNA DYNO NOBEL LIMITED FINANCIAL POSITION September 2025 FY AU$ mill March 2025 HY AU$ mill September 2024 FY AU$ mill March 2024 HY AU$ mill September 2023 FY AU$ mill March 2023 HY AU$ mill September 2022 FY AU$ mill March 2022 HY AU$ mill September 2021 FY AU$ mill March 2021 HY AU$ mill Cash 647.2 557.2 1,068.9 1,401.3 399.4 344.4 763.5 215.3 651.8 124.0 Inventories 519.1 553.3 785.3 1,055.1 817.4 1,059.2 993.6 978.4 577.7 660.7 Trade Debtors 488.0 382.5 615.3 638.0 538.4 582.4 696.1 602.1 470.8 387.0 Trade Creditors (398.3) (454.5) (558.5) (902.6) (782.1) (799.4) (1,073.8) (802.9) (927.8) (727.3) Trade Working Capital 608.8 481.3 842.1 790.5 573.7 842.2 615.9 777.6 120.7 320.4 Property, Plant & Equipment 2,203.7 2,346.8 2,435.9 2,867.9 3,182.7 3,003.3 4,244.0 3,784.7 3,928.9 3,996.3 Lease right-of-use assets 149.2 156.3 243.4 215.2 209.3 206.5 221.0 198.3 214.5 214.9 Net Property, Plant & Equipment 2,352.9 2,503.1 2,679.3 3,083.1 3,392.0 3,209.8 4,465.0 3,983.0 4,143.4 4,211.2 Intangibles 2,626.2 2,680.5 2,545.7 2,644.2 2,394.4 2,338.5 3,281.4 2,916.9 3,000.9 2,909.3 Net Assets classified as held for sale - 329.4 - - 2,207.3 2,107.2 - - - - Lease liabilities (211.5) (160.5) (271.3) (241.5) (234.7) (230.1) (245.9) (225.7) (242.5) (241.9) Net Other assets/(liabilities) 214.8 237.2 (335.7) (602.3) (573.7) (638.9) (878.2) (610.0) (636.9) (567.8) Net Interest Bearing Liabilities Current (566.6) (565.5) (19.5) (20.7) (21.1) (20.4) (21.1) (15.1) (18.8) (20.5) Non-Current (1,238.9) (1,240.5) (1,664.6) (1,712.6) (1,710.6) (1,676.8) (1,690.9) (1,539.2) (1,650.0) (1,579.6) Net Assets 4,432.9 4,822.2 4,844.9 5,342.0 6,426.7 6,275.9 6,289.7 5,502.8 5,368.6 5,155.1 Total Equity 4,432.9 4,822.2 4,844.9 5,342.0 6,426.7 6,275.9 6,289.7 5,502.8 5,368.6 5,155.1 Capital Expenditure (Accruals Basis) Total Capital Expenditure 450.0 231.6 414.1 152.1 486.8 182.5 457.2 106.3 394.2 186.0 Depreciation and amortisation 298.3 148.4 345.0 176.0 335.6 172.7 372.5 183.2 368.5 175.5 Ratios EPS, cents pre individually material items 22.8 4.7 20.7 8.4 30.0 18.6 52.9 19.8 18.5 1.9 EPS, cents post individually material items (2.9) 0.4 (16.1) (7.6) 28.8 18.2 52.2 19.7 7.7 1.9 DPS, cents 11.9 2.4 10.6 4.3 15.0 10.0 27.0 10.0 9.3 1.0 Franking, % - - - - 40% 60% 100% 100% 24% 100% Special dividend and capital return per share, cents - - 25.7 25.7 - - - - - - Franking, % - - - - - - - - - - Interest Cover (times) 10.7 10.2 12.5 8.6 9.9 16.4 20.3 18.1 9.7 6.0 ROIC (including Goodwill) 8.2% 6.1% 6.3% 5.5% 6.1% 9.5% 12.4% 11.6% 7.7% 4.3% ROIC (excluding Goodwill) 11.5% 8.3% 8.7% 7.8% 8.8% 13.6% 18.0% 16.9% 11.2% 6.4% DYNO NOBEL LIMITED CASH FLOWS September 2025 FY September 2025 HY March 2025 HY September 2024 FY September 2024 HY March 2024 HY September 2023 FY September 2023 HY March 2023 HY September 2022 FY September 2022 HY March 2022 HY September 2021 FY September 2021 HY March 2021 HY AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill AU$ mill Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ Inflows/ (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) (Outflows) Net operating cash flows Group EBITDA ex IMIs 1,012.4 689.8 322.6 924.8 499.7 425.1 1,215.4 491.1 724.3 1,857.7 1,106.3 751.4 934.9 649.2 285.7 Net interest paid (104.6) (55.4) (49.2) (83.1) (39.0) (44.1) (125.4) (61.7) (63.7) (83.4) (41.2) (42.2) (108.7) (46.3) (62.4) Net income tax received/(paid) (26.6) (38.9) 12.3 (122.1) 19.9 (142.0) (313.9) (110.1) (203.8) (117.0) (54.2) (62.8) (33.1) (18.2) (14.9) TWC movement (excluding FX impact) (140.1) (305.7) 165.6 (311.4) (81.4) (230.0) 20.1 292.9 (272.8) (397.9) 286.8 (684.7) (126.1) 196.9 (323.0) Share of profit of equity accounted investments (80.3) (56.4) (23.9) (62.2) (43.8) (18.4) (61.4) (37.7) (23.7) (43.4) (25.4) (18.0) (41.9) (26.9) (15.0) Dividends received from joint ventures and associates 52.9 25.5 27.4 32.8 19.7 13.1 37.7 19.3 18.4 7.9 4.5 3.4 44.6 16.9 27.7 Environmental and site clean up (14.2) (5.0) (9.2) (14.1) (4.2) (9.9) (53.8) (33.1) (20.7) (6.4) (3.8) (2.6) (4.8) (2.5) (2.3) Settlement of Dyno Nobel employees entitlement - - - (4.5) - (4.5) - - - - - - - - - Other non-TWC (124.8) (51.9) (72.9) (70.1) (58.5) (11.6) (17.9) (7.5) (10.4) (124.2) (100.3) (23.9) (14.7) (15.8) 1.1 Operating cash flows 574.7 202.0 372.7 290.2 312.5 (22.3) 700.8 553.2 147.6 1,093.3 1,172.7 (79.4) 650.2 753.3 (103.1) Net investing cash flows Capital expenditure (474.2) (226.8) (247.4) (378.7) (198.0) (180.7) (495.1) (268.0) (227.1) (434.0) (273.2) (160.8) (355.0) (196.9) (158.1) Proceeds from sale of property, plant and equipment 9.8 (1.2) 11.0 30.4 12.3 18.1 13.3 (0.9) 14.2 5.7 5.0 0.7 5.7 3.2 2.5 (Payments for)/proceeds from sale of discontinued operations, net of transaction costs (55.8) 360.1 (415.9) 1,639.7 (165.7) 1,805.4 - - - - - - - - - Other - - - (4.3) - (4.3) - - - (146.4) (144.6) (1.8) 6.9 12.3 (5.4) Investing cash flows (520.2) 132.1 (652.3) 1,287.1 (351.4) 1,638.5 (481.8) (268.9) (212.9) (574.7) (412.8) (161.9) (342.4) (181.4) (161.0) Net financing cash flows Dividends paid to members of Dyno Nobel Limited (162.3) (44.3) (118.0) (378.2) (83.6) (294.6) (524.4) (194.2) (330.2) (355.4) (194.2) (161.2) (19.4) (19.4) - Capital returned to members of Dyno Nobel Limited - - - (302.5) - (302.5) - - - - - - - - - Capital returned to non-controlling interests (6.4) (6.4) - - - - - - - - - - - - - Share buy-back (286.2) (190.3) (95.9) (140.6) (140.6) - - - - - - - - - - Purchased shares for Dyno Nobel employees (2.6) - (2.6) (5.5) (5.5) - - - - (9.0) (7.5) (1.5) (1.0) - (1.0) Lease liability payments (54.2) (26.1) (28.1) (53.0) (31.8) (21.2) (50.5) (30.4) (20.1) (42.9) (21.7) (21.2) (41.4) (21.5) (19.9) Non-cash movements in Net Debt and realised market value movements on derivatives (71.7) 32.3 (104.0) 65.9 42.4 23.5 (22.9) (57.1) 34.2 (143.3) (186.8) 43.5 (221.5) (202.0) (19.5) Financing cash flows (583.4) (234.8) (348.6) (813.9) (219.1) (594.8) (597.8) (281.7) (316.1) (550.6) (410.2) (140.4) (283.3) (242.9) (40.4) (Increase)/decrease in net debt (528.9) 99.3 (628.2) 763.4 (258.0) 1,021.4 (378.8) 2.6 (381.4) (32.0) 349.7 (381.7) 24.5 329.0 (304.5) DYNO NOBEL LIMITED UNDERLYING FINANCIAL PERFORMANCE September 2025 FY Statutory Income Statement Underlying adjustments Underlying Income Statement Ag&IC earnings WALA earnings Turnaround Ag&IC stranded costs One-off IP provision September 2024 FY Statutory Income Statement Underlying adjustments Underlying Income Statement Ag&IC earnings WALA earnings Cheyenne land sale Ag&IC stranded costs AU$ mill AU$ mill AU$ mill AU$ mill DNAP Revenue 1,155.3 27.5 1,182.8 1,240.1 1,240.1 COGS & cost to serve (750.2) 3.5 (746.7) (817.4) (817.4) Operating margin 405.1 31.0 436.1 422.7 422.7 Overheads (107.2) - (107.2) (115.3) (115.3) Joint venture income 29.0 - 29.0 17.0 17.0 Other income / (expenses) (6.2) - (6.2) (1.4) (1.4) EBITDA ex IMIs 320.7 31.0 351.7 323.0 323.0 EBITDA margin 27.8% 29.7% 26.0% 26.0% EBIT ex IMIs 223.6 31.0 254.6 236.1 236.1 EBIT margin 19.4% 21.5% 19.0% 19.0% DNA Revenue 1,776.8 (259.9) 1,516.9 1,801.8 (259.6) (86.4) 1,455.8 COGS & cost to serve (1,278.9) 202.9 18.2 (1,057.8) (1,307.4) 228.2 27.7 (1,051.5) Operating margin 497.9 (57.0) 18.2 459.1 494.4 (31.4) (58.7) 404.3 Overheads (223.7) 27.0 (13.0) (209.7) (187.3) 7.3 (13.0) (193.0) Joint venture income 40.1 40.1 38.7 38.7 Other income / (expenses) 45.9 45.9 57.7 (11.7) 46.0 EBITDA ex IMIs 360.2 (30.0) 18.2 (13.0) 335.4 403.5 (24.1) (58.7) (11.7) (13.0) 296.0 EBITDA margin 20.3% 22.1% 22.4% 20.3% EBIT ex IMIs 212.6 (28.9) 18.2 (13.0) 188.9 254.1 (3.0) (58.7) (11.7) (13.0) 167.7 EBIT margin 12.0% 12.5% 14.1% 11.5% DNEL Revenue 324.5 324.5 288.6 288.6 COGS & cost to serve (239.0) (239.0) (209.7) (209.7) Operating margin 85.5 85.5 78.9 78.9 Overheads (56.5) (56.5) (48.2) (48.2) Joint venture income 11.2 11.2 6.5 6.5 Other income / (expenses) 7.0 7.0 3.2 3.2 EBITDA ex IMIs 47.2 47.2 40.4 40.4 EBITDA margin 14.5% 14.5% 14.0% 14.0% EBIT ex IMIs 30.5 30.5 22.9 22.9 EBIT margin 9.4% 9.4% 7.9% 7.9% Corporate Revenue (54.1) (54.1) (63.6) (63.6) COGS & cost to serve 54.1 54.1 63.6 63.6 Operating margin - - - - Overheads Joint venture income Other income / (expenses) (50.1) - 4.4 13.0 (37.1) - 4.4 (51.1) - 3.1 (51.1) - 3.1 EBITDA ex IMIs (45.7) 13.0 (32.7) (48.0) (48.0) EBITDA margin 84.5% nm 75.5% nm EBIT ex IMIs (53.4) 13.0 (40.4) (53.1) (53.1) EBIT margin 98.7% nm 83.5% nm Dyno Nobel Revenue 3,202.5 (259.9) 27.5 2,970.1 3,266.9 (259.6) (86.4) 2,920.9 COGS & cost to serve (2,214.0) 202.9 21.7 (1,989.4) (2,270.9) 228.2 27.7 (2,015.0) Operating margin 988.5 (57.0) 49.2 980.7 996.0 (31.4) (58.7) 905.9 Overheads (437.5) 27.0 (13.0) 13.0 (410.5) (401.9) 7.3 (13.0) (407.6) Joint venture income 80.3 - 80.3 62.2 62.2 Other income / (expenses) 51.1 - 51.1 62.6 (11.7) 50.9 EBITDA ex IMIs 682.4 (30.0) 49.2 (13.0) 13.0 701.6 718.9 (24.1) (58.7) (11.7) (13.0) 611.4 EBITDA margin 21.3% 23.6% 22.0% 20.9% EBIT ex IMIs 413.3 (28.9) 49.2 (13.0) 13.0 433.6 460.0 (3.0) (58.7) (11.7) (13.0) 373.6 EBIT margin 12.9% 14.6% 14.1% 12.8% Fertilisers Revenue 2,142.7 2,142.7 2,098.0 2,098.0 COGS & cost to serve (1,756.8) (1,756.8) (1,831.3) (1,831.3) Operating margin 385.9 385.9 266.7 266.7 Overheads Joint venture income Other income / (expenses) (57.7) - 1.8 (57.7) - 1.8 (76.9) -16.1 (76.9) -16.1 EBITDA ex IMIs 330.0 330.0 205.9 205.9 EBITDA margin 15.4% 15.4% 9.8% 9.8% EBIT ex IMIs 300.8 300.8 119.8 119.8 EBIT margin 14.0% 14.0% 5.7% 5.7% Dyno Nobel Group Revenue 5,345.2 (259.9) 27.5 5,112.8 5,364.9 (259.6) (86.4) 5,018.9 COGS & cost to serve (3,970.8) 202.9 21.7 (3,746.2) (4,102.2) 228.2 27.7 (3,846.3) Operating margin 1,374.4 (57.0) 49.2 1,366.6 1,262.7 (31.4) (58.7) 1,172.6 Overheads (495.2) 27.0 (13.0) 13.0 (468.2) (478.8) 7.3 (13.0) (484.5) Joint venture income 80.3 - 80.3 62.2 62.2 Other income / (expenses) 52.9 - 52.9 78.7 (11.7) 67.0 EBITDA ex IMIs 1,012.4 (30.0) 49.2 (13.0) 13.0 1,031.6 924.8 (24.1) (58.7) (11.7) (13.0) 817.3 EBITDA margin 18.9% 20.2% 17.2% 16.3% EBIT ex IMIs 714.1 (28.9) 49.2 (13.0) 13.0 734.4 579.8 (3.0) (58.7) (11.7) (13.0) 493.4 EBIT margin 13.4% 14.4% 10.8% 9.8% DNA US$m Revenue 1,143.8 (167.3) 976.5 1,185.7 (171.0) (55.5) 959.2 COGS & cost to serve (822.6) 130.5 11.7 (680.4) (860.9) 150.3 17.8 (692.8) Operating margin 321.2 (36.8) 11.7 296.1 324.8 (20.7) (37.7) 266.4 Overheads (145.2) 17.4 (8.4) (136.2) (123.5) 4.8 (8.3) (127.0) Joint venture income 26.2 - 26.2 25.6 25.6 Other income / (expenses) 29.5 - 29.5 38.0 (7.5) 30.5 EBITDA ex IMIs 231.7 (19.4) 11.7 (8.4) 215.6 264.9 (15.9) (37.7) (7.5) (8.3) 195.5 EBITDA margin 20.3% 22.1% 22.3% 20.4% EBIT ex IMIs 136.7 (18.6) 11.7 (8.4) 121.4 166.4 (2.0) (37.7) (7.5) (8.3) 110.9 EBIT margin 12.0% 12.4% 14.0% 11.6% nm = not meaningful

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