• Highly resilient explosives business with 28% YoY underlying EBIT growth
• On track to deliver $600m EBIT ambition in FY28 with FY26 exit run rate of 65%-75%
• Binding agreement signed for Phosphate Hill divestment

Dyno Nobel Limited (DNL) reported strong 1H26 results, highlighting the resilience of its explosives business. The company's underlying EBIT grew by 28% year-on-year, driven by customer wins in core and growth markets, as well as strong manufacturing performance capitalizing on tightening markets. The North American business exceeded expectations, with a 42% increase in underlying EBIT. DNL is on track to deliver its FY28 EBIT ambition of $600m, with a FY26 exit run rate of 65%-75%. The company also announced the signing of a binding agreement for the divestment of its Phosphate Hill business. Safety remains a top priority, with improvements in process safety and a reduction in injury severity. The company reaffirmed its FY26 earnings guidance, with Explosives EBIT expected to be in the range of $460m to $500m. Key drivers include continued customer wins, transformation benefits, and mitigation of temporary headwinds from foreign exchange, geopolitical conflicts, and supply disruptions.

Explosives EBIT: ~$460m - $500m (FY26) Capex: $250m - $300m (FY26)

Dyno Nobel is on track to deliver its FY28 EBIT ambition of $600m, with a FY26 exit run rate of 65%-75%. The company continues to see positive momentum across all its business units, with customer wins and growth opportunities in key markets such as Ghana, Brazil, and Peru.