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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Dyno Nobel
Dyno Nobel (DNL) investor relations material
Dyno Nobel H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary8 Nov, 2026
Executive summary
FY26 underlying explosives EBIT rose 12% to AU$485.1m; transformation delivered AU$51m in benefits and reached a 70% exit run rate against the AU$300m ambition.
The Phosphate Hill sale completed the Fertilisers separation, transitioning to a pure-play explosives business.
FY27 underlying EBIT guidance is AU$515m–AU$555m; the FY28 EBIT ambition remains AU$600m.
Financial highlights
Statutory revenue was AU$3,941m, down 26% YoY; EBITDA excluding IMIs was AU$778m and EBIT excluding IMIs was AU$504m.
Explosives revenue rose 10% to AU$3,406.2m; underlying EBITDA was AU$759.4m, up 8%, and underlying EBIT was AU$485.1m, up 12%.
NPAT excluding IMIs was AU$331.6m; statutory profit after tax was AU$66.1m versus a AU$53.2m loss in FY25. After-tax IMIs were AU$265m.
Excluding FX, explosives revenue grew 14% and EBIT excluding IMIs increased 16%.
Outlook and guidance
FY27 underlying EBIT guidance is AU$515m–AU$555m, with ~40% expected in H1 and ~60% in H2; guidance adds back expected ~AU$25m of Cheyenne and QNP turnaround impacts.
FY27 transformation benefits are forecast at AU$30m–AU$70m, with an 85%–95% exit run rate against the AU$300m ambition.
FY27 assumptions include AUD:USD 0.70, borrowing costs of AU$105m–AU$120m, tax of 20%–25%, and net debt/EBITDA near the top of the 1.75x–2.25x target range.
FY28 and FY31 EBIT ambitions are AU$600m and AU$800m, respectively; FY31 includes an estimated AU$30m–AU$40m contribution from North American energetics. These are ambitions, not guidance.
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Latest events from Dyno Nobel
- Targeting AUD 800 million EBIT by 2031, driven by technology, defense energetics, and global expansion.DNL
Investor Day 2026 - EBIT up 39% and NPAT ex IMIs up 83% YoY; FY26 EBIT guidance and buyback progress reaffirmed.DNLH1 2026
- Strong financial results, strategic transformation, and robust shareholder support defined the AGM.DNLAGM 2025
- FY25 EBIT ex IMIs up 23%, $579m asset sale cash, $1.4bn capital return, FY26 EBIT $460m–$500m.DNLH2 2025
- Transformation strategy targets doubling EBIT, global growth, and disciplined capital returns.DNLInvestor Showcase 2024
- Record underlying EBIT growth and transformation offset statutory loss from impairments.DNLH2 2024
- Fertilizer sale talks ended; AUD 900m buyback begins, with 2024 outlook reaffirmed.DNLInvestor Update
- Transformation and asset sales drive return to profit and strong 2H outlook.DNLH1 2025
Next Dyno Nobel earnings date
H1 202710 May, 2027
Dyno Nobel
Next Dyno Nobel earnings date
H1 202710 May, 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.