• Strong underlying earnings growth in the explosives business
• Concluded separation from the Fertilisers business
• Reaffirmed FY26 EBIT guidance of $460m - $500m

Dyno Nobel has delivered strong underlying earnings growth in the explosives business, with EBIT of $224m up 28% on the prior corresponding period. The result was underpinned by robust earnings contributions from both DNAP and DNA, while supporting the strategic ramp-up of DNEL's expanding operations across key growth markets. This solid financial performance underscores the resilience of the established explosives businesses and continued momentum of the transformation program. Statutory Net Profit After Tax including individually material items (IMIs) was $20m (1H25: $7m) which included IMIs totalling $141m (after tax) primarily relating to impairment and site exit costs from the sale of Phosphate Hill. Excluding IMIs, Dyno Nobel reported a Net Profit After Tax (NPAT) of $161m, an increase of 83% on the prior corresponding period. The separation of the Fertilisers business concluded in 1H26 with the signing of a binding agreement for the sale of Phosphate Hill and the completion of the Perdaman Offtake Agreement sale. The company has also bought back a total of $558m worth of shares since the on-market buyback program of up to $900m commenced in July 2024.

FY26 EBIT guidance for the Dyno Nobel explosives business is reaffirmed at ~$460m- $500m. Corporate costs are expected to be approximately $40m with the absorption of Phosphate Hill stranded costs in 2H26, while net interest expense is expected to be marginally lower at $100m-$110m.

Dyno Nobel's gas backed manufacturing facilities, high vertical integration and consistent earnings growth with low volatility position the company as an increasingly compelling investment proposition. The company will continue to focus on field leadership and proactive hazard identification, with targeted explosives risk reviews at its key manufacturing facilities.