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Dyno Nobel (DNL) investor relations material

Dyno Nobel H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary9 Nov, 2025

Executive summary

  • Delivered strong FY2025 results, advancing the transformation to a pure-play explosives business and progressing the separation from fertilizers, generating AUD 579 million upfront cash proceeds.

  • Transformation program delivered AUD 134 million in cumulative EBIT benefits over two years, with a 47% exit run rate.

  • Safety performance improved, with a 19% reduction in TRIFR and no serious harm incidents.

  • Strategic focus on technology, capital discipline, and growth in EMEA, LATAM, and defence energetics markets, including the Nitradyn JV.

  • New growth vectors established, including expansion into defence energetics and AI-driven manufacturing improvements.

Financial highlights

  • Group statutory revenue was AUD 5,345 million (flat year-over-year), with EBITDA up 10% to AUD 1,012 million and EBIT up 23% to AUD 714 million.

  • Statutory after-tax loss of AUD 53 million, including AUD 477 million in IMIs from asset sales and impairments.

  • Explosives underlying EBIT up 16% to AUD 434 million; underlying revenue up 2% for explosives and 6% for the group.

  • ROIC increased to 8.2% (from 6.3%); excluding goodwill, ROIC at 11.5%.

  • Final unfranked dividend of AUD 0.095 per share, total ordinary dividends for FY2025 at AUD 0.119 per share, up 12% year-over-year.

Outlook and guidance

  • FY2026 explosives EBIT forecasted at AUD 460–500 million, with earnings skewed to the second half.

  • Transformation program expected to deliver AUD 30–70 million in additional benefits in FY2026, targeting a 65–75% exit run rate of the AUD 300 million ambition.

  • Capex for FY2026 forecast at AUD 280–330 million, focused on customer growth and digital initiatives.

  • Phosphate Hill sale or closure targeted by March/September 2026, with capex of ~AUD 35 million for safe operations.

  • No major turnarounds planned for core facilities in FY2026; minor turnaround deferred to 2027.

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Frequently asked questions

Incitec Pivot Limited (IPL) is a global industrial chemicals company specializing in the manufacturing and distribution of fertilizers, chemicals, and explosives. With a focus on serving the agriculture and mining industries, IPL offers a broad range of products including nitrogen and phosphorus fertilizers, nitrogen-related industrial and specialty chemicals, and ammonium nitrate-based explosives. These products play a critical role in supporting infrastructure, food production, and energy sectors globally. Incitec Pivot Limited is headquartered in Southbank, Victoria, Australia, and its shares are listed on the Australian Securities Exchange.

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