Dyno Nobel (DNL) H2 2026 earnings summary

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.