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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.
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H1 2025 earnings summary12 May, 2025

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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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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