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Dyno Nobel (DNL) investor relations material
Dyno Nobel H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Transformation program delivered $25m EBIT benefit in 1H25, with $89m total since inception, targeting a 40–50% exit run rate uplift for FY25.
Major turnarounds at Moranbah and LOMO completed safely, on time, and on budget.
Fertilisers Distribution and Gibson Island land sales expected to settle in 2H25, with gross proceeds up to $835m and net proceeds up to $606m.
Name changed from Incitec Pivot Limited to Dyno Nobel Limited on 31 March 2025.
Share buyback to resume on 13 May 2025 following Fertilisers separation update, with $663m remaining.
Financial highlights
Revenue of $2,251m, down 9% compared to 1H24, mainly due to WALA sale and lower demand.
EBITDA (excl. IMIs) $323m, down 24%; EBIT (excl. IMIs) $174m, down 30% year-over-year.
NPAT (excl. IMIs) $88m, down from $164m in 1H24; NPAT (incl. IMIs) $7m, up from $(148)m in 1H24.
Interim dividend of 2.4cps, down from 4.3cps in 1H24, representing a 51% payout ratio.
Net debt/EBITDA increased to 1.6x from 0.5x in 1H24, expected to normalize by year-end.
Outlook and guidance
Transformation benefits expected to continue, targeting 40–50% EBIT uplift run rate for FY25 exit.
Stronger 2H performance expected as deferred Fertilisers sales volumes are recovered.
Full-year turnaround impact expected at $45–55m; impacts to be significantly lower in FY26.
Fertiliser earnings expected $40–60m, with 90% in H2, subject to gas and debt prices.
Gas supply costs at Phosphate Hill expected to be $40m–$80m above contract pricing in FY25.
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