Disclosure Devil

2025 ANNUAL REPORT For personal use only About Us ��3 Key Operations ��4 Who We Are ��6 What Drives Us ��8 Performance and Outlook ��9 FY25 Year in Review ��10 Chair Report ��12 CEO & Managing Director Report ��13 Operating and Financial Review ��14 Being a Sustainable Business ��33 Keeping People and the Environment Safe ��34 Our People and Culture ��36 Climate Change ��38 Sustainability ��39 Commitment to our Communities ��43 Governance ��45 Corporate Governance ��46 Board of Directors ��48 Executive Leadership Team ��50 Financial and Statutory Reports ��52 Directors’ Report ��53 Remuneration Report ��57 Financial Report ��80 Independent Auditor’s Report ��127 Shareholder Information ��132 Five Year Financial Statistics ��133 Glossary ��134 Corporate Directory ��135 We acknowledge the Traditional Owners of the lands upon which we operate and recognise their continuing connection to land, waters, and culture. We pay our respects to their Elders past and present. Links to Other Reports The following reports are available on our website. 2025 GRI Index and Data Supplement 2025 Climate Change Report 2025 Sustainability Review 2025 Corporate Governance Statement 2 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only About Us Dyno Nobel is a global leader in blasting technology, commercial explosives and services to the mining, quarry and construction sectors and is committed to helping create a sustainable and decarbonised world. Annual Report 2025 3 For personal use only Dyno Nobel Limited Ammonium Nitrate Emulsions Initiation Systems Explosive Services Agricultural Products Industrial Chemicals Manufacturing/Distribution Joint Ventures/Investments Southern Cross Fertilisers Corporate/Sales Office Corporate/Sales Office Corporate/Sales Office Fertiliser Services Incitec Pivot Fertilisers* Agricultural Products Industrial Chemicals Decarbonisation Project Company Headquarters Feedstock Manufacturing Mt Isa Phosphate Hill Townsville Moranbah Curragh Moura (Queensland Nitrates QNP) Noumea (Katiramona Explosif SAS) (Nord Sud Dynamitage Sofiter) Ulaanbaatar (Titanobel Mongolia) MONGOLIA Gibson Island Helidon Hunter Valley AUSTRALIA NEW CALEDONIA Toka Tindung Handil Berau Melak SINGAPORE INDONESIA PAPUA NEW GUINEA Jakarta Martabe Singapore Port Headland Pilbara Kalgoorlie Tujuh Bukit Soma Kayseri Ankara TÜRKIYE SOUTH AFRICA Pretoria (SASOL Dyno Nobel) Johannesburg (Det Net) Coquimbo Santiago Copiapó Cayenne (Guyanexplo) CHILE Ormstown Augusta (Maine Drilling and Blasting) Simsbury New Galilee (Wampum Hardware) Grundy (Vedco) Biwabik Wolf Lake Evansville (Warex) Graham MEXICO CANADA US Rainy River Cheyenne Calgary Salt Lake City (WESCO) Littleton (Buckley Powder) Lincoln Mojave Carthage Dinamita Gomez Palacio Guadalajara (Grupo Nitro) Louisiana Perth Amailloux Vonges Dijon Pontailler FRANCE Dakar Guinée Tanzania Douala Cotonou Ghana SENEGAL CAMEROON BENIN Bedford North Bay Labrador City Werribee Southbank Geelong Key Operations 1.3 million tonnes ammonium nitrate produced 2.5 million tonnes fertiliser sold 0 significant environmental incidents(1) (1) Significant Environmental Incidents as assessed against Dyno Nobel’s internal risk matrix with actual consequences of 5 or higher on a 6-level scale. 4 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Dyno Nobel Limited Ammonium Nitrate Emulsions Initiation Systems Explosive Services Agricultural Products Industrial Chemicals Manufacturing/Distribution Joint Ventures/Investments Southern Cross Fertilisers Corporate/Sales Office Corporate/Sales Office Corporate/Sales Office Fertiliser Services Incitec Pivot Fertilisers* Agricultural Products Industrial Chemicals Decarbonisation Project Company Headquarters Feedstock Manufacturing Mt Isa Phosphate Hill Townsville Moranbah Curragh Moura (Queensland Nitrates QNP) Noumea (Katiramona Explosif SAS) (Nord Sud Dynamitage Sofiter) Ulaanbaatar (Titanobel Mongolia) MONGOLIA Gibson Island Helidon Hunter Valley AUSTRALIA NEW CALEDONIA Toka Tindung Handil Berau Melak SINGAPORE INDONESIA PAPUA NEW GUINEA Jakarta Martabe Singapore Port Headland Pilbara Kalgoorlie Tujuh Bukit Soma Kayseri Ankara TÜRKIYE SOUTH AFRICA Pretoria (SASOL Dyno Nobel) Johannesburg (Det Net) Coquimbo Santiago Copiapó Cayenne (Guyanexplo) CHILE Ormstown Augusta (Maine Drilling and Blasting) Simsbury New Galilee (Wampum Hardware) Grundy (Vedco) Biwabik Wolf Lake Evansville (Warex) Graham MEXICO CANADA US Rainy River Cheyenne Calgary Salt Lake City (WESCO) Littleton (Buckley Powder) Lincoln Mojave Carthage Dinamita Gomez Palacio Guadalajara (Grupo Nitro) Louisiana Perth Amailloux Vonges Dijon Pontailler FRANCE Dakar Guinée Tanzania Douala Cotonou Ghana SENEGAL CAMEROON BENIN Bedford North Bay Labrador City Werribee Southbank Geelong operations across 6 continents over 5,500 employees worldwide 3.2% Australian First Nations employees in our Australian workforce * Sale to Ridley completed on 30 September 2025. (2) (2) This includes Incitec Pivot Employees. Annual Report 2025 5 For personal use only Who We Are An ASX100 company, Dyno Nobel serves customers across the Americas, Europe, Middle East, Africa (EMEA), and Asia Pacific. We are an international business with world-scale explosives manufacturing, leading technology solutions, and global marketing and servicing operations. We are proud to be considered a trusted partner by our customers and suppliers. Our explosives are used to unlock resources ranging from gold, iron ore, and copper to quarry and construction materials. Those resources contribute to new technologies, such as electric vehicles and wind turbines, and critical infrastructure. Building on our rich technology heritage, Dyno Nobel focuses technology investments on three core drivers: safety, productivity and efficiency, and sustainability. We continue to expand both our technology portfolio and our service offering to deliver measurable value for our customers. We are committed to continually strengthening our strong safety culture. With an iconic brand, leading technology solutions, and great customers, we operate in the resilient markets of mining, quarry, and construction. We are committed to a sustainable and decarbonised world, with an ambition to reach net zero operational emissions by 2050, or sooner if practicable. A legacy steeped in history Dyno Nobel traces its origins to the pioneering work of Alfred Nobel, the inventor of dynamite and a key figure in the development of the modern explosives industry. His innovations laid the foundation for Dyno Nobel’s role as a global leader in explosives and technical blasting services. Today, we carry forward Nobel’s legacy of innovation, safety and reliability, providing essential solutions to industries that drive global infrastructure, energy and resource development. As one of the largest industrial explosives distributors, Dyno Nobel plays a vital role in helping customers achieve their safety, efficiency, and sustainability goals. With major manufacturing hubs in Australia and the United States (US) – including Cheyenne, Louisiana (LOMO), and Moranbah – we produce a wide range of high- quality explosives and provide extensive blasting services. With a deep understanding of the evolving needs of our customers, we are committed to providing the cutting-edge solutions necessary for their success today and in the future. Delivering advanced technology through practical innovation Dyno Nobel is a global leader in blasting technology, commercial explosives and mining services. Blasting is an essential step in extracting the minerals required to meet the world’s demand for power, infrastructure and consumer goods. Construction, mines, quarries and seismic explorers use Dyno Nobel products to achieve safety goals and improve operational efficiency. We provide a full range of reliable explosives products from manufacturing plants around the world and extensive blasting services. In fact, we boast some of the most highly trained blasters and technical experts in the industry, and operate in Australia, the United States, Indonesia, Canada, Mexico, Chile, Africa, Türkiye and France. Our research and development is centered on practical innovation, bringing forward technologies such as DIFFERENTIAL ENERGY® for precise energy distribution and DigiShot® Plus.4G electronic detonators for reliable initiation. We are also advancing platform technologies like NOBELFIRE®, which integrates blast design, data, and modelling to optimise outcomes across the value chain. Innovation and technology Innovation is central to our mission, particularly as we develop automated, digital, and electrified solutions for the future of mining. From the DYNOBULK® Electric MPU to DIFFERENTIAL ENERGY® and our latest generation of DigiShot® electronic detonators, we deliver advanced solutions that help customers address complex blasting and resource recovery challenges. As the demand for decarbonisation grows, Dyno Nobel is supporting the increasing need for battery minerals and metals essential to the energy transition. By developing new automated blasting methods and advanced remote-loading technologies, we ensure safer, more efficient mineral extraction for the future. Practical and reliable solutions Our commitment to customer satisfaction and operational value is evident in the introduction of DYNOBULK® FLEX Mobile Processing Units (MPUs) for our Bowen Basin customers. These advanced MPUs optimise the transport and delivery of raw materials to the bench, improving productivity and ensuring explosives are tailored to the specific geology and hole conditions. Dyno Nobel is a global leader, delivering groundbreaking performance through practical innovation. 6 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Our research and development efforts focus on creating practical innovations that address our customers’ unique needs. With multiple R&D centres worldwide, Dyno Nobel ensures our innovations are accessible across regions. These centres focus on practical solutions to customers’ evolving challenges, from new blasting methods and enhanced safety protocols to environmentally sustainable practices. From electric MPUs to solar-powered charging stations, Dyno Nobel is dedicated to offering cutting-edge solutions that meet both operational and environmental goals. Global experts and collaborative partners The development and introduction of NOBELFIRE®, a suite of blast design and analysis software, enables our customers to optimise blasting outcomes through physics-based fragmentation modelling and the industry’s most accurate vibration prediction. These innovations are integrated with our global team of industry-recognised blasting experts, DYNOCONSULT®, through the DRILL TO MILL® program. This approach delivers optimised outcomes across the mining value chain—using rapid diagnostics, opportunity identification, and implementation to reduce costs and maximise profits. Looking ahead, we will continue to optimise energy distribution, expand automation and digital integration, and deliver technologies that lower costs, improve safety, and help customers achieve their sustainability goals. Separation of Fertilisers business In FY25, we sold our Australian fertilisers distribution business, Incitec Pivot Fertilisers, to Ridley Corporation. We also completed the strategic review of the Australian fertilisers manufacturing assets, with Single Super Phosphate (SSP) manufacturing at Geelong ceasing operations in October 2025 as a result. The remaining fertilisers assets continue under the name of Southern Cross Fertilisers. The sale process for Dyno Nobel’s remaining Australian fertiliser manufacturing asset Phosphate Hill, is continuing, with a deadline set for 31 March 2026. Phosphate Hill Phosphate Hill manufactures Di/mono ammonium phosphate fertilisers at its Phosphate Hill manufacturing facility in Queensland, Australia. Di/mono ammonium phosphate fertilisers are critical for the agricultural industry, and our products help farmers remain productive whilst supporting Australia’s domestic food production. The Phosphate Hill facility is the largest domestic manufacturer of fertilisers in Australia by volume and is Australia’s only ammonium phosphate fertiliser manufacturing plant. Phosphate Hill is an integrated manufacturing operation, capable of producing up to 1 million tonnes of fertiliser annually. It is underpinned by three facilities in Queensland, including: ࣵMt Isa sulphuric acid plant, which produces sulphuric acid required for the production of ammonium phosphates. ࣵPhosphate Hill manufacturing operations, which includes a phosphate rock mine, beneficiation plant, phosphoric acid plant, ammonia plant and a granulation plant. ࣵTownsville port operations, where manufactured product from Phosphate Hill is transported via rail to serve domestic or international export markets. The Townsville location also provides strategic port access to import key inputs required for manufacturing operations. Gibson Island and Geelong Following the sale of the distribution business, the Company is managing transitionary operations in Gibson Island, finalising the transition of fertiliser distribution operations from Gibson Island to Fisherman Island. Separately, the Gibson Island land sale has been completed in September, with proceeds of sale received on 8 October 2025, and the Company has entered into leaseback arrangements to complete the environmental remediation of the site. The Company will also manage the decommissioning works of the SSP manufacturing plant in Geelong to enable the sale of the site and remaining assets to Ridley Corporation. Annual Report 2025 7 For personal use only Purpose Unlocking resources through groundbreaking innovation. Our Values Our company’s enduring success is a testament to the strength of our shared Values. Developed with input from employees across the business and championed by our Executive Leadership Team, these seven Values are the cultural glue that unites us. They guide our decisions, shape our actions, and reflect who we are. Living these Values every day ensures we honour our legacy while building a stronger, more sustainable future together. Ambition To be the global leader in explosives, staying true to our values. Dyno Nobel charts a dynamic course for the future of our business. Driven by our core values and strategic priorities, we are focused on strengthening and expanding our core operations while actively pursuing new growth avenues. Our strategy, informed by global market dynamics and competitive insights, clearly defines our objectives and the actions required to achieve them. What Drives Us Zero Harm Zero Harm is good business. It’s achieved through industry leading performance in occupational health, personal safety, process safety and protecting the environment. Customer Focus Deepening our customer relationships and strategic partnerships across our businesses ensures we can innovate and share technologies and solutions that improve our customers’ businesses. Talented and Engaged People The right people with the right skills, in the right roles working collaboratively. This enables us to gather and capture diverse ideas across our organisation. Leading Technology Solutions Improve safety, reduce environmental impacts and create a positive social impact, whilst increasing productivity and efficiency in our customers’ operations. Profitable Growth Focused on growth opportunities that are distinctive to our differentiated technology, core markets, core capabilities and advantaged market segments. Manufacturing Excellence Be a world class manufacturing organisation, delivering personal and business growth. Achieved through Zero Harm, reliable operations and being cost competitive. Strategic drivers 8 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Annual Report 2025 9 Performance and Outlook Delivering advanced blasting solutions and expanding automation to meet growing global demand for critical minerals. For personal use only FY25 Year in Review EBIT(1) $714m NPAT(1) $423m 0 significant environmental incidents(2) 8.2% ROIC including goodwill(4) Dyno Nobel recognised on the AFR Most Innovative Companies list for 2025 Capital return program(3) $1.4b 16% growth in underlying explosives EBIT(6) 81% of Dyno Nobel sites had zero recordable injuries 19% TRIFR reduction(5) (1) Excludes IMIs. (2) Significant Environmental Incidents as assessed against Dyno Nobel’s internal risk matrix with actual consequences of 5 or higher on a 6-level scale. (3) Refer to the Company’s FY24 results release dated 11 November 2024, and 2024 Notice of AGM dated 18 November 2024, for details of the on-market buyback program which is subject to Board discretion. (4) Return on invested capital, calculated as 12 month rolling Net Operating Profit After Tax, excluding individually material items/13 month rolling average operating fixed assets and intangible assets and operating net working capital. ROIC calculations exclude WALA. (5) TRIFR is calculated as the number of recordable incidents per 200,000 hours worked and includes contractors. TRIFR results are subject to finalisation of the classification of any pending incidents. (6) Dyno Nobel Explosives underlying earnings have been re-based for FY25 and FY24 EBIT to reflect adjustments for: turnaround impacts at Moranbah, LOMO, and Cheyenne in FY25; Ag&IC EBIT and stranded costs in FY25 and FY24; WALA EBIT in FY24; Cheyenne land sale in FY24; and a one-off IP provision in FY25. Refer to the Company’s FY25 investor presentation release dated 10 November 2025 for further details of underlying EBIT and relevant adjustments. 10 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Key business highlights DNAP moves into Malaysian market Leveraging our expertise in Indonesia, and capital light model, we have secured our first contract in Malaysia. We completed the largest turnaround at Moranbah to date With over 180,000 hours invested in the turnaround, the team finished safely, on budget and to schedule. We were proud to introduce what we believe is the world’s first electric explosive mobile processing unit in Western Australia It’s powered by a 390-kWh lithium phosphate battery and an electrified propulsion system and can be recharged quickly using its 650kwh fast-charging battery station. Our LOMO plant completed the installation of a new tertiary abatement system The project will cut operational GHG emissions by approximately 520,000 metric tonnes of CO2 equivalent annually and reduce Dyno Nobel’s greenhouse gas emissions by 30%. Successful sale of Incitec Pivot Fertilisers Completion of the fertilisers distribution sale marks a significant step in our transformation to a pure-play explosives company. Our Wolf Lake plant installed a solar array that started generating electricity in January 2025 It’s expected to generate more than 1,000,000 kWh of renewable energy per year and is projected to reduce emissions by 320 tonnes of CO2 annually. Our integrated chemical manufacturing facility in Cheyenne, expanded its urea plant to increase Diesel Exhaust Fluid (DEF) production This project will cut total downstream scope 3 emissions by 40%, lower NOx emissions in the automotive industry and enhance both site and business profitability. We celebrated our 160th Anniversary From Alfred Nobel’s revolutionary invention of dynamite to the cutting-edge technologies driving today’s mining and infrastructure, our legacy is built on bold thinking, global collaboration, and an unwavering commitment to safety. We expanded our initiation systems manufacturing in Türkiye With a shock tube extrusion line installation and local DigiShot Assembly commissioned in October 2025 at our Soma Plant. We welcomed Reliant Processing Ltd’s multi-million dollar investment in a new Liquid CO₂ and Dry Ice Plant at our Cheyenne complex A collaboration that will transform excess CO₂ into essential products in an effort to reduce environmental impact. We opened a new state-of-the- art facility in Utah featuring a full laboratory, pilot plant and upgraded detonation test site to drive practical innovation The new Research Center in Utah (RCUT) centralises research and testing capabilities, enhances safety and efficiency, and provides flagship facilities for mobile production unit (MPU) commissioning and explosive performance evaluation. Our ASX-listed company name changed from Incitec Pivot Limited to Dyno Nobel Limited This united our regional business units under the one Dyno Nobel brand. Annual Report 2025 11 For personal use only Chair Report In 2025, our transformation program has driven strong financial results and operational improvements. With our strategic focus on explosives, we have changed our company’s name to Dyno Nobel Limited and largely completed our exit from our fertiliser assets. These milestones, along with our focused commitment on the explosives business, position our company for continued growth. (1) Reflects interim dividend of $44.3m and assumed final dividend of $170.6m (based on shares at 30 September 2025). Our exit from fertiliser related distribution and manufacturing assets has included the sale of the IPF Distribution business, Gibson Island, WALA, St Helens and the closure of Geelong. In addition, we expect to complete the sale of the Perdaman Urea Contract in Q1 FY26 and have completed the strategic review and committed to exit Phosphate Hill. Our remaining manufacturing sites are focused on explosive industry markets, predominantly in Australia and the US. Thank you to Scott Bowman for his leadership of our fertiliser business, and to the entire Fertilisers team for their outstanding efforts and commitment to the business during this time. Following the divestment of our fertiliser business, we will be relocating our Corporate Head Office from Melbourne to Brisbane in December 2025, to be closer to our operational footprint and major customer base in Queensland. Our explosives strategy remains focused on improving our major US and Australian businesses, sensibly connecting and expanding our business into Africa and Latin America and increasing our efforts on our technology advantages and technical consulting business, DynoConsult. We also see opportunities in mature western markets with domestic production of energetics for both industrial and defence demand. The first of these opportunities was captured with the signing of an agreement with Repkon USA to build a new TNT plant funded by the US Government at our Graham site in Kentucky. Financial Performance Operational financial performance during FY25 has been strong for the explosives and agricultural businesses. Manufacturing performance was solid, agricultural prices were high, and the explosives transformation program delivered to expectations. Group Earnings Before Interest and Tax (EBIT) excluding IMIs was $714m for FY25, an increase of 23% from FY24. Net Profit After Tax (NPAT) excluding IMIs was $423m, up 6%, and we reported a Net Loss After Tax and IMIs of $53m (FY24: $311m net loss). The principal IMIs were primarily related to the IPF Distribution sale, non-cash impairments at Phosphate Hill and St Helens, and closure costs at Geelong. Our balance sheet remains strong with an S&P investment grade rating of BBB and a solid net debt to EBITDA of 1.4x. During the year we increased and extended our banking facilities resulting in longer average debt tenor of 3.8 years. The Board was pleased to announce a final dividend of 9.5 cents per share, taking our total ordinary dividends for the financial year to 11.9 cents per share for a total return of ~$214.9m(1). We remain committed to completing the $900m buyback program and to date we have bought back around $430m worth of shares and returned total capital of $732m to shareholders since the sale of WALA in 2023. Sustainability We remain focused on safety and sustainability and our unwavering commitment to Zero Harm. Our commitment to the environments in which we operate, climate action and long-term sustainability continues, with progress made on all targets we have set the business. As committed in the past, during this year’s AGM we have a ‘Say on Climate Vote’ to assess shareholder views on our goals, strategies and results. During the year, Dyno Nobel updated scope 1 and 2 GHG targets and achieved its short-term ‘5% by 2025’ absolute reduction target. Our new short-term absolute GHG reduction target is 25% (scope 1 and 2) by 2030. Our new medium- term target for GHG reductions is 50% by 2036. Scope 3 GHG reduction targets have been set at the business unit level where strategies are being developed to manage GHG across the value chain with the aim to support customers in their own decarbonisation journeys. Please read our 2025 Sustainability Review and 2025 Climate Change Report for more information. Leadership Our CEO & Managing Director, Mauro Neves, and our Executive Leadership Team have performed very well in 2025 delivering on our short-term plans and remaining focused on our longer- term strategic goals. For the Company, 2025 has been very busy with the completion of major divestments, continued focus on significant operational and commercial improvements and the establishment and focus on growth in new markets. These initiatives have delivered a strong operating financial performance, robust balance sheet and continued capital returns to investors. On behalf of shareholders and the Board, I wish to thank Mauro, our leadership team and all employees for their significant efforts during a year of considerable change. As our Company evolves, our leadership team is also evolving. The Board would like to acknowledge the departures of two executives, Stephenie De Nichilo and Robert Rounsley, and thank them for their significant contributions to the business during their tenure. The Board welcomes Nitesh Naidoo who joined as Group CFO in July, Richard Brown as President of Dyno Nobel EMEA and LATAM in August, and most recently Stuart Sneyd as DNAP President. I would like to also acknowledge interim leadership contributions from Damian Buttler (interim Group CFO) and Anthony Urzaa (interim President DNAP). We look forward to executing the next phase of our strategy, simplifying our business focus in our pursuit to be the leading global explosives business. Greg Robinson Chair 12 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only (1) Dyno Nobel Explosives underlying earnings have been re-based for FY25 and FY24 EBIT to reflect adjustments for: turnaround impacts at Moranbah, LOMO, and Cheyenne in FY25; Ag&IC EBIT and stranded costs in FY25 and FY24; WALA EBIT in FY24; Cheyenne land sale in FY24; and a one-off IP provision in FY25. Refer to the Company’s FY25 investor presentation release dated 10 November 2025 for further details of underlying EBIT and relevant adjustments. CEO & Managing Director Report This year marked a pivotal year in our journey to become the global leader in explosives. We continue to deliver on our separation and transformation strategy with the successful divestment of our IPF Distribution business and the sale of our Gibson Island land and St Helens manufacturing plant. These transactions conclude over five years of strategic repositioning, providing clarity to our people and the market on the future of our agricultural assets. Safety Safety remains our top priority and a foundational element of our strategy. It drives operational resilience, enables sustainable growth, sets our innovation agenda and creates long-term value for shareholders. Pleasingly, our continued focus on operations risk management saw the group achieve a Total Recordable Injury Rate (TRIFR) of 0.89, down from 1.10, representing a 19% improvement on the previous year, although above our target of 0.80. I am very proud to report the Group achieved zero serious harm incidents, along with a significant reduction in both injury severity and lost workdays. Our Operations Risk Transformation project has embedded critical control thinking across the business, ensuring serious incident controls are clearly defined, actively verified, and consistently reinforced. We’ve unified risk systems under a single operating model, established a global material risk register, and implemented structured verification processes – all supported by strong governance, standardised practices, and a culture of continuous improvement and disciplined leadership. Business Performance During FY25, Dyno Nobel Explosives performed strongly, delivering underlying EBIT growth of 16%(1) compared to FY24, with strong results reflected across our global footprint, including: ࣵDyno Nobel Americas: Underlying EBIT of $189m (FY24: $168m excluding WALA), underlying explosives earnings were up 13%, reflecting benefits from transformation initiatives.(1) ࣵDyno Nobel Asia Pacific: Underlying EBIT of $255m (FY24: $236m) including net transformation benefits of $19m and growth in the sales of premium technology products.(1) ࣵDyno Nobel EMEA and LATAM: Underlying EBIT of $31m (FY24: $23m), representing 33% and advancement of growth agenda across Latin America, Europe and Africa.(1) In line with our plan, our teams at Moranbah and Cheyenne delivered the largest turnarounds in company history – on time, on budget, and injury-free. Phosphate Hill overcame early challenges to deliver solid results, while our N2O abatement projects at Moranbah and LOMO advanced our climate goals. Our strong technology pipeline and reputation continue to drive growth. In Australia, our competitive edge is driven by bundled offerings and premium technologies, with DNAP securing major contracts from trusted partners. Our entry into Malaysia creates a model for further growth in Asia Pacific. In North America, our team navigated tariff policy uncertainty and secured a deal with Repkon USA to manufacture TNT in the US for the first time in decades. The new facility at our Graham, Kentucky site will be built by Repkon USA and operated by Dyno Nobel, ensuring a reliable TNT supply for US mining, quarrying, and construction customers. Strategic Progress The separation progress has enabled us to sharpen our focus on Dyno Nobel’s transformation. Our global rebranding and ASX relaunch as Dyno Nobel Limited was a landmark moment, reconnecting our identity with our heritage. With global growth a key component of our strategy, we are supporting our customers as they move into new markets, particularly in Europe, Middle East, Africa and Latin America. As such, we recently created the new role of President Dyno Nobel EMEA and LATAM (DNEL) to accelerate our activities in these regions. Our focus on innovation through technology is yielding significant results and reinforcing our global leadership. We are also well-progressed in our automation targets. Earlier this year, we launched what we believe to be the world’s first electric Mobile Processing Unit (MPU), an innovation for which we were proud to be recognised on the AFR BOSS Most Innovative Companies list for 2025. Our robust technology pipeline leverages AI to boost productivity, sustainability and safety. New sustainability innovations including renewable diesel emulsions are well advanced. Looking Forward With key transformation milestones met, our talented team and strategic focus, we anticipate exciting new initiatives to come in the year ahead. Building on the success of the TNT project in North America, and considering the opportunities in adjacent industries, we have formed a joint venture with Repkon USA, Nitradyn, LLC. This newly formed joint venture will focus on supplying energetics materials for broad industry use across both the resources and defence sectors, and will operate independently from our core commercial explosives business. With a strong safety culture, exciting technology pipeline, continued focus on sustainability and growth markets delivering to plan, I close out FY25 confident we are creating significant value for our shareholders and customers and a fulfilling and safe place for our people to work. Mauro Neves CEO & Managing Director Annual Report 2025 13 For personal use only Group Overview Dyno Nobel is a leading global manufacturer of explosives and blasting services provider with a history of more than 160 years of innovation. It also manufactures and distributes fertilisers to the agricultural sector, which Dyno Nobel is currently in the process of divesting. With a team of over 5,500 dedicated employees and an unrelenting focus on Zero Harm, the Company adds value to its customers through innovative technology solutions and world class products and services focused on the needs of its customers. Sustainability is interlinked with Dyno Nobel’s strategy which is aimed at delivering sustainable growth and shareholder returns. Dyno Nobel proactively manages the issues that are material to the long-term sustainability of the business, environment, and the communities in which it operates. Dyno Nobel has an ambition of achieving Net Zero operational emissions by 2050, or sooner if practical. Dyno Nobel operates through four business units, details of which are set out in this review: ࣵDyno Nobel Americas (DNA); ࣵDyno Nobel Asia Pacific (DNAP); ࣵDyno Nobel EMEA & LATAM (DNEL); and ࣵFertilisers Asia Pacific. Dyno Nobel plays a vital role in unlocking the world’s critical resources, to help build infrastructure and generate the energy needed to live in a modern world. Dyno Nobel has been executing its strategy to become the pure-play global leader in explosives, with significant progress made on separation of the Fertilisers business in FY25. The sale of the Fertilisers Distribution business was completed on 30 September 2025, whilst a decision on the Fertilisers manufacturing business (Phosphate Hill) is expected by 31 March 2026. The earnings attributable to the Distribution business in FY25 have been presented as discontinued operations and the manufacturing business remains part of the continuing operations. The Company has operations in Australia, North America, Europe, Asia, Latin America and Africa. Dyno Nobel Americas The Dyno Nobel Americas business comprised two businesses in FY25: ࣵExplosives; and ࣵAgriculture & Industrial Chemicals. The ammonia manufacturing facility at WALA was divested on 1 December 2023, with comparative FY24 earnings reflected as discontinued operations. Explosives DNA provides ammonium nitrate, initiating systems and services to the Quarry & Construction sector across the US; the Base & Precious Metals sector in the US mid-West, US West and Canada; and to the Coal sector in the Powder River Basin, Illinois Basin and Appalachia. In North America, DNA manufactures ammonium nitrate at its Cheyenne, and LOMO plants. The Cheyenne plant is adjacent to the Powder River Basin, North America’s most competitive thermal coal mining region and is well positioned to service the Base & Precious Metals in Western US. The LOMO plant has a competitive logistic footprint from which to support mining in both the Illinois Basin and Appalachia, as well as Quarry & Construction in the US mid-West. Dyno Nobel is the largest industrial explosives distributor in North America, enabled by its optimised wholly owned and joint venture partner distribution structure, supplying a combination of manufactured and third party purchased AN, bundled with its initiation systems and differentiated services. Initiating systems are manufactured at Dyno Nobel’s facilities in Connecticut, Kentucky, Illinois, Missouri and Mexico. Agriculture & Industrial Chemicals The Dyno Nobel Americas business manufactures and distributes nitrogen-based fertilisers in the United States from its St Helens and Cheyenne plants. With the sale of St Helens completed in FY25, this division is no longer expected to make a material contribution to earnings and will not be reported separately from FY26. Dyno Nobel Asia Pacific DNAP provides ammonium nitrate based industrial explosives, initiating systems and services to the Metallurgical Coal and Base & Precious Metals sectors in Australia, Indonesia and Malaysia through its subsidiaries and joint ventures. DNAP is the second largest industrial explosives distributor in Australia by volume, which in turn is the world’s third largest industrial explosives market. DNAP primarily supplies its products to metallurgical coal mines in the east and to iron ore mines in the west, with a growing precious metals segment. DNAP manufactures ammonium nitrate at its Moranbah plant, which is located in the Bowen Basin, the world’s premier metallurgical coal region. Dyno Nobel also has a 50% interest in Queensland Nitrates Pty Ltd (QNP), a fully integrated ammonium nitrate facility near Moura in Central Queensland, also servicing the Bowen Basin coal fields. DNAP sources some third party ammonium nitrate, including in Western Australia, to service the Iron Ore and Underground sectors. Operating and Financial Review 14 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Initiating systems are manufactured in Australia at Dyno Nobel’s Helidon facility and are also sourced from Dyno Nobel facilities in the Americas and from South Africa (DetNet JV). Dyno Nobel EMEA & LATAM Dyno Nobel has established EMEA & LATAM as a growth market segment. This reflects its strategy to expand in Latin America, Europe and Africa through a capital-light approach, leveraging its globally recognised brand, unique technology and strong customer relationships. This business unit includes: ࣵTitanobel, a leading industrial explosives manufacturer and drilling, blasting and technical services provider based in France ࣵNitromak, a distributor of explosives products and services supplier based in Türkiye ࣵLATAM businesses targeting growth using traded ammonium nitrate, flexible assets and proprietary initiation systems ࣵSouth African joint ventures manufacturing initiation systems and distribution of Dyno Nobel licenced products (Sasol Dyno Nobel JV (SDN) and DetNet JV). Fertilisers Asia Pacific Dyno Nobel’s Fertilisers business has historically been comprised of separate distribution and manufacturing divisions. Distribution sells to major offshore agricultural markets in Asia Pacific, the Indian subcontinent, Brazil and the United States. It also procures fertilisers from overseas manufacturers to meet domestic seasonal peaks. As noted, the sale of the Distribution business completed on 30 September 2025 with earnings treated as discontinued operations and restructuring costs as Individually Material Items (IMIs). The Fertilisers manufacturing business produces Di/mono ammonium phosphate fertilisers (DAP/MAP) at its Phosphate Hill and Mt Isa manufacturing facilities in Queensland, Australia. Earnings from this business are treated as continuing operations within the Fertilisers segment. The sale process for Phosphate Hill is continuing, targeting 31 March 2026. If an agreed sale cannot be reached, Dyno Nobel will progress an orderly closure of Phosphate Hill by 30 September 2026. Annual Report 2025 15 For personal use only Group Summary (1) Return On Invested Capital (ROIC), calculated as 12 month rolling Net Operating Profit After Tax, excluding individually material items/13 month rolling average operating fixed assets and intangible assets and operating net working capital. FY24 ROIC has been restated to exclude WALA. (2) Net debt comprises the net of interest-bearing liabilities, cash and cash equivalents, and the fair value of derivative instruments economically hedging the Group’s interest- bearing liabilities. (3) Net debt (adjusted for average exchange rate for the year)/EBITDA (adjusted for earnings from WALA) ratio is calculated using 12 month rolling EBITDA ex IMIs. (4) Net debt including TWC facilities (adjusted for average exchange rate)/EBITDA (adjusted for earnings from WALA) ratio is calculated using 12 month rolling EBITDA ex IMIs. Net debt for this ratio has been adjusted to include the usage of factoring and reverse factoring facilities. (5) Interest cover = 12 month rolling EBITDA ex IMIs/net interest expense before accounting adjustments. (6) TRIFR is calculated as the number of recordable incidents per 200,000 hours worked and includes contractors. TRIFR results are subject to finalisation of the classification of any pending incidents. FY24 TRIFR has been restated due to the reclassification of injuries. (7) Process Safety Incidents as classified by the Centre for Chemical Process Safety. (8) Significant Environmental Incidents as assessed against Dyno Nobel’s internal risk matrix with actual consequences of 5 or higher on a 6-level scale. 16 Table 1 Year ended 30 September Dyno Nobel Group FY25 A$m FY24 A$m Change % Revenue 5,345.2 5,364.9 (0.4%) EBITDA ex IMIs 1,012.4 924.8 9.5% EBIT ex IMIs 714.1 579.8 23.2% NPAT ex IMIs 423.4 400.8 5.6% IMIs after tax (476.6) (711.7) 33.0% Group NPAT (53.2) (310.9) 82.9% Balance Sheet and Capital Returns Cash generated from operating activiites 574.7 290.2 98.0% Group average TWC % revenue 19.5% 20.7% 1.2% Cash conversion % 56.8% 31.4% 25.4% Return On Invested Capital(1) Including goodwill 8.2% 6.3% 1.9% Excluding goodwill 11.5% 8.7% 2.8% Shareholder Returns Cents Per Share Earnings per share ex IMIs 22.8 20.7 10.1% Total dividends 11.9 10.6 12.3% Credit Metrics Net debt(2) (1,180.5) (651.6) Net debt / EBITDA (ex IMIs)(3) 1.4x 0.8x Net debt including TWC facilities / EBITDA (ex IMIs)(4) 1.4x 0.8x Interest cover(5) 10.7x 12.5x Tenor of debt 3.8 2.6 Zero Harm TRIFR(6) 0.89 1.10 Process safety incidents(7) 15 18 Significant environmental incidents(8) 0 0 Key Metrics ࣵGroup NPAT: $53m loss (vs $311m loss in FY24), including IMIs of $477m mainly from IPF sale and non-cash impairments. ࣵEBIT ex IMIs: $714m (+23%), driven by commodity & FX tailwinds (+$155m) and transformation benefits. ࣵDyno Nobel: EBIT down 10% to $413m impacted by successful completion of three manufacturing facility turnarounds in FY25 and the WALA sale in FY24, which cut earnings by $59m. ࣵFertilisers: EBIT up 151% to $301m, supported by commodity & FX, strong trading and stable manufacturing. Zero Harm ࣵMarked improvement in TRIFR (19%)(6), process safety incidents(7) and injury severity. ࣵNo incidents classified as serious harm or significant environmental incidents(8). Strategy ࣵFertiliser separation nearing completion, marking major progress in portfolio reshaping. ࣵAsset sales completed; proceeds reinvested in capital management with a clear path forward for Phosphate Hill. ࣵTransformation program has delivered $134m to date, with a 47% exit run rate — halfway to target. ࣵFY26 priorities: progress buyback, deliver $30–70m in transformation benefits, and separate Phosphate Hill. Capital Management ࣵProceeds from sale used for debt reduction under the capital management framework. ࣵOn-market buyback progressing: $430.6m completed of $900m program; second tranche underway. ࣵFinal (unfranked) dividend announced, aligned with payout ratio policy. Balance Sheet & Returns ࣵStrong cash generation, nearly doubling to $575m, with cash conversion improving to 57%, driven by higher EBITDA in FY25 and the repayment of TWC facilities in FY24. ࣵROIC improved to 8.2% (up 1.9% YoY) supported by stronger earnings in FY25 and the impact of significant impairments recognised in FY24 in the Fertilisers business. ࣵNet debt increased to $1.18b (81% YoY) due to tax payment on WALA sale and shareholder returns; leverage remains within target at 1.4x. ࣵDebt refinanced to increase tenor. About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only (1) Includes Group elimination arising from intersegment sales between Dyno Nobel and Fertilisers. (2) Operating margin represents revenue after deducting cost of goods sold and other cost directly attributable to generating customer sales. (3) Overheads includes costs that cannot be directly linked to customer sales, such as corporate and administrative expenses. Table 2 Year ended 30 September FY25 FY24 Change Dyno Nobel Group Group A$m Dyno Nobel A$m Fertilisers A$m Group A$m Group % Revenue 5,345.2 3,202.5(1) 2,142.7 5,364.9 (0.4%) COGS & cost to serve (3,970.8) (2,214.0) (1,756.8) (4,102.2) 3.2% Operating margin(2) 1,374.4 988.5 385.9 1,262.7 8.8% Year-on-year % 8.8% (0.8%) 44.7% Overheads(3) (495.2) (437.5) (57.7) (478.8) (3.4%) Joint Venture income 80.3 80.3 – 62.2 29.1% Other income 52.9 51.1 1.8 78.7 (32.8%) EBITDA ex IMIs 1,012.4 682.4 330.0 924.8 9.5% EBITDA margin 18.9% 21.3% 15.4% 17.2% 1.7% EBIT ex IMIs 714.1 413.3 300.8 579.8 23.2% Year-on-year % 23.2% (10.2%) 151.1% EBIT margin 13.4% 12.9% 14.0% 10.8% 2.6% NPAT ex IMIs 423.4 400.8 5.6% IMIs after tax (476.6) (711.7) 33.0% Group NPAT (53.2) (310.9) 82.9% Income Statement Dyno Nobel Dyno Nobel delivered $3.2b in revenue, broadly stable year- on-year. Earnings were supported by $60m in transformation benefits across all business units in FY25, partially offset by scheduled turnarounds and the accounting loss on sale of St Helens. The major planned turnaround at Moranbah and minor turnarounds at LOMO and Cheyenne had a combined negative EBIT impact of $49m. These three manufacturing facility turnarounds were successfully completed, enhancing operational resilience. The Ag&IC business contributed an additional $26m YoY earnings, supported by strong commodity prices and depreciation benefits following the FY24 impairment of St Helens, partially offset by the accounting loss on sale of the St Helens plant in August 2025. Additionally, Dyno Nobel sold its ammonia manufacturing facility at WALA, effective 1 December 2023. With two months of earnings included in FY24 and nil in FY25, the sale inflated FY24 comparatives by $59m. Despite these headwinds, Dyno Nobel maintained resilience, delivering EBITDA of $682m and EBIT margin of 12.9%. Income from joint ventures also increased meaningfully, reinforcing the effectiveness of Dyno Nobel’s strategic partnerships and their alignment with the broader strategy. Fertilisers Fertilisers delivered a solid result, with EBIT up 151% to $301m and operating margin rising by 45% ($386m). Phosphate Hill led the uplift (+237% YoY), driven by $159m in commodity and FX tailwinds (DAP +21%, weaker AUD) and depreciation benefits post the FY24 impairment. IPF Distribution also performed strongly, delivering EBIT of $68m (+33% YoY), supported by margin expansion and depreciation benefits following its held-for-sale classification in March 2025. As a result of the sale process and ongoing uncertainty regarding gas supply, a full impairment of the Phosphate Hill operations was recorded in FY25. Annual Report 2025 17 For personal use only 18 Individually Material Items NPAT includes the following items, classified as IMIs: Table 3 IMIs Gross A$m Tax A$m Net A$m Loss on sale of IPF Distribution and Gibson Island land 175.2 (7.6) 167.6 Geelong manufacturing site closure 65.1 (19.6) 45.5 Fertiliser separation costs 13.3 (4.0) 9.3 Impairment of Phosphate Hill facility 213.0 (63.9) 149.1 Impairment of US Fertilisers business 32.4 (8.4) 24.0 Fertiliser related individually material items 499.0 (103.5) 395.5 Business transformation costs 38.8 (11.0) 27.8 Tax on sale of WALA – 53.3 53.3 Total individually material items 537.8 (61.2) 476.6 Loss on sale of IPF Distribution and Gibson Island In September 2025, Dyno Nobel recognised the sale of the IPF Distribution business to Ridley Corporation Limited and the Gibson Island land sale to Goodman Group. The accounting loss on sale includes the provision for remediation at Gibson Island of $157m which was also recognised in September 2025. Geelong manufacturing site closure Dyno Nobel has ceased manufacturing at the Geelong manufacturing facility. Costs will be incurred to close the facility, transition to an import model, pay redundancies to impacted employees and remediate the land. Once the site has been remediated, ownership of the land will be transferred to Ridley as part of the sale of the IPF Distribution business. Fertilisers separation costs Separation costs, primarily advisor fees and IT transition costs, were incurred to optimally position IPF for standalone operation, including costs associated with the preparation for sale of Phosphate Hill or as a separately managed business within the Dyno Nobel Group. Impairment of Phosphate Hill facility Dyno Nobel has fully written down the carrying value of the Phosphate Hill operations due to the increased uncertainty regarding the near-term and long-term cost of gas across the east coast of Australia. Impairment of US Fertilisers business In April 2025, Dyno Nobel made the decision to exit the Fertilisers manufacturing facility located in St Helens as the asset was not core to the strategic direction of the business. As exit would occur through either a sale or plant closure, a full impairment of the facility was recognised at 31 March 2025. In August 2025, the site was sold to a third party with the accounting loss on sale recorded in the DNA segment result. Business transformation costs In FY24, Dyno Nobel initiated a business transformation project for the Dyno Nobel business. The project has identified opportunities for innovation, collaboration and more efficient ways of working and is expected to deliver significant value. The one-off project costs primarily reflect redundancy costs and advisor fees. Tax on sale of WALA During 2024, Dyno Nobel prepaid taxes related to the sale of the WALA facility. The payment of Louisiana state tax was deductible for US Federal tax purposes. On lodgement of the FY24 Louisiana state tax return, it was determined that taxes had been overpaid, and the resulting refund was received in October 2025. The refund will be taxable for Federal tax purposes and the provision has been increased accordingly. Furthermore, the unique nature of the WALA sale and the size of the transaction resulted in Dyno Nobel falling into higher tax brackets in states with a graduating tax system. In FY24, when estimating the tax provision, this impact was underestimated. The provision has been adjusted in FY25 to allow for the higher tax liability. About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Balance Sheet (1) Average TWC as % of revenue = 13-month average trade working capital/12 months rolling revenue. FY24 metrics have been restated to exclude WALA. (2) Net debt comprises the net of interest-bearing liabilities, cash and cash equivalents, and the fair value of derivative instruments economically hedging the Group’s interest- bearing liabilities. (3) Net debt (adjusted for average exchange rate for the year)/EBITDA (adjusted for earnings from WALA) ratio is calculated using 12 month rolling EBITDA ex IMIs. (4) Net debt including TWC facilities (adjusted for average exchange rate)/EBITDA (adjusted for earnings from WALA) ratio is calculated using 12 month rolling EBITDA ex IMIs. Net debt for this ratio has been adjusted to include the usage of factoring and reverse factoring facilities. (5) Interest cover = 12 month rolling EBITDA ex IMIs/net interest expense before accounting adjustments. Annual Report 2025 19 Table 4 Year ended 30 September Balance Sheet A$m 30 Sep 2025 30 Sep 2024 Change A$m Assets TWC – Fertilisers (24.6) 266.6 (291.2) TWC – Explosives 633.4 575.5 57.9 Group TWC 608.8 842.1 (233.3) Net PP&E 2,203.7 2,435.9 (232.2) Lease assets 149.2 243.4 (94.2) Intangible assets 2,626.2 2,545.7 80.5 Net tax assets / (liabilities) 33.3 (270.0) 303.3 Net other assets 578.3 183.5 394.8 Total Assets 6,199.5 5,980.6 218.9 Liabilities Environmental & restructure liabilities (374.6) (212.8) (161.8) Lease liabilities (211.5) (271.3) 59.8 Net debt (1,180.5) (651.6) (528.9) Total Liabilities (1,766.6) (1,135.7) (630.9) Net Assets 4,432.9 4,844.9 (412.0) Equity 4,432.9 4,844.9 (412.0) Key Performance Indicators Net Tangible Assets per Share 1.01 1.22 Explosives average TWC % revenue(1) 20.4% 21.6% Fertilisers average TWC % revenue(1) 17.9% 19.4% Group average TWC % revenue(1) 19.5% 20.7% Credit Metrics Net debt(2) (1,180.5) (651.6) Net debt / EBITDA (ex IMIs)(3) 1.4x 0.8x Net debt including TWC facilities / EBITDA (ex IMIs)(4) 1.4x 0.8x Interest cover(5) 10.7x 12.5x Major movements in the Group’s Balance Sheet during the year include: Assets Trade working capital (TWC): Net decrease of $233m since 30 September 2024 ($292m excluding the impact of FX translation) mainly due to the divestment of the IPF Distribution business at 30 September 2025 ($384m). This was partly offset by an increase in underlying TWC levels at Phosphate Hill ($93m) driven by a combination of higher commodities and additional inventories on hand which will be sold in FY26. Underlying TWC levels also increased for the Explosives business ($58m) largely due to commodities & FX impacts in the DNA business. Trade working capital for the Explosives business averaged 20.4% of sales in FY25, representing a 1.2% improvement compared to 30 September 2024. This reduction reflects enhancements across the entire cash cycle, supported by strong debtor compliance and improved creditor payment terms. Optimising trade working capital remains a key focus of the transformation program, with solid progress achieved across both DNA and DNAP throughout the year. Trade working capital for the Fertilisers business averaged 17.9% of sales in FY25, a 1.5% improvement compared to 30 September 2024. This reduction was driven by a significant improvement in days sales outstanding and more favourable creditor payment terms, reflecting continued focus on cash cycle optimisation. Trade Working Capital Facilities Dyno Nobel has historically used trade working capital facilities to effectively manage the Group’s cash flows, which are impacted by seasonality, demand and supply variability. The Group has a non-recourse receivable purchasing agreement. As at 30 September 2025, there were nil receivables sold under this arrangement (September 2024: nil). Dyno Nobel also offers suppliers the opportunity to use supply chain financing. As at 30 September 2025, the balance of the supply chain finance program was nil (September 2024: nil). For personal use only (1) Net debt comprises the net of interest-bearing liabilities, cash and cash equivalents, and the fair value of derivative instruments economically hedging the Group’s interest- bearing liabilities. (2) Net debt (adjusted for average exchange rate for the year)/EBITDA (adjusted for earnings from WALA) ratio is calculated using 12 month rolling EBITDA ex IMIs. 20 Property, Plant & Equipment (PP&E): Decrease of $232m compared to 30 September 2024 ($278m excluding the impact of FX translation) mainly driven by divestment of the IPF Distribution assets ($198m), annual depreciation ($207m), asset impairments at Phosphate Hill ($153m) and St Helens ($32m), reclassifications to intangibles ($25m) and asset disposals ($77m) including the Gibson Island land. This was partly offset by capital expenditure ($426m). Lease assets: Decrease of $94m compared to 30 September 2024 mainly due to divestment of the IPF Distribution assets ($145m), annual depreciation ($56m) and an asset impairment at Phosphate Hill ($9m), partly offset by additions during the year ($115m). Intangible assets: Increase of $81m compared to 30 September 2024 ($5m decrease excluding the impact of FX translation) largely due to annual amortisation ($35m) and disposal of the IPF Distribution assets ($18m), partly offset by additions ($24m) and reclassifications from PP&E ($25m). Tax assets and liabilities: The net tax provision decreased by $303m (from a net liability position of $270m at 30 September 2024 to a net asset position of $33m at 30 September 2025) mainly due to tax payments made during FY25 of $443m which largely related to the WALA sale in FY24. This was partly offset by a refund on overpaid tax in Louisiana (received in October 2025) and FX impacts. Net other assets: Increase of $395m compared to 30 September 2024 largely due to a current receivable from the Goodman Group for the sale of the Gibson Island land ($198m) which was received in October 2025, non-current receivables for the deferred consideration from Ridley ($109m), and prepayments made to QPM during the year for the purchase of gas to be supplied under the new supply contract to Moranbah. Liabilities Environmental & restructure liabilities: Increase of $162m mainly due to the Gibson Island remediation provision ($111m), the Geelong closure provision ($66m) and the transition of the Gibson Island PDC to a new facility ($18m). This was partly offset by payments made during the year ($34m). Lease liabilities: Decrease of $60m ($67m excluding the impact of FX translation) mainly due to divestment of the IPF Distribution business ($170m) and annual lease payments ($66m), partly offset by lease additions during the year ($158m) including the Gibson Island leaseback to complete remediation activities, and interest unwind ($12m). Net debt: Increase of $529m ($462m excluding the impact of FX translation) largely driven by a scheduled tax payment related to the sale of WALA ($416m), shareholder returns including the share buyback ($286m) and dividends paid ($162m). This was partly offset by net cash proceeds from the sale of the IPF Distribution business ($360m). Table 5 Net debt A$m Maturity Month/ Year Facility Amount Drawn Amount Undrawn Amount Syndicated Term Loan 04/28 550.0 – 550.0 Syndicated Term Loan 04/29 250.0 – 250.0 EMTN / Regulation S notes 02/26 109.4 109.4 – Medium Term Notes 03/26 431.3 431.3 – Medium Term Notes 11/32 250.0 250.0 – Medium Term Notes 08/35 250.0 250.0 – US Private Placement Notes 10/28 380.1 380.1 – US Private Placement Notes 10/30 380.1 380.1 – Total debt 2,600.9 1,800.9 800.0 Fair value and other adjustments (22.5) Loans from JVs, associates/other short term facilities 27.1 Cash and cash equivalents (647.2) Fair value of hedges 22.2 Net debt(1) 1,180.5 Net debt / EBITDA (ex IMIs)(2) 1.4x Financial indebtedness increased by $470m as explained in the Cash Flow section of this report. Table 6 Financial indebtedness 30 Sep 2025 A$m 30 Sep 2024 A$m Change A$m Net debt(1) 1,181 652 529 Lease liabilities 212 271 (59) Total financial indebtedness 1,393 923 470 Credit Metrics Net debt / EBITDA: The increased debt position at 30 September 2025, together with the removal of WALA earnings has resulted in an increase in the net debt / EBITDA ratio to 1.4x at 30 September 2025 (30 September 2024: 0.8x). This position is within Dyno Nobel’s capital allocation framework up to 2.0x. Interest cover: Decreased to 10.7x (30 September 2024: 12.5x) and was above the target range of equal or more than 6.0x. Credit ratings: Investment Grade credit ratings remained unchanged: ࣵS&P: BBB (stable outlook) ࣵMoody’s: Baa2 (stable outlook) About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Annual Report 2025 21 Debt facilities In March 2025, the Group entered into a new Syndicated Term Facility of A$800m. The new facility is domiciled in Australia and consists of two tranches: Tranche A has a limit of A$550m maturing in April 2028 and Tranche B has a limit of A$250m maturing in April 2029. The new facility replaced the pre- existing Syndicated Term Facility domiciled in Australia which was due to mature in October 2025. In August 2025, the Group successfully priced A$500m bonds in the Australian debt capital market across two tranches: A$250m with a fixed rate semi-annual coupon of 5.4% maturing in November 2032 and A$250m with a fixed rate semi-annual coupon of 5.82% maturing in August 2035. In September 2025, the Group redeemed the USD305.7m 10 year bond on issue in the Regulation S capital market at par (without any premium) which was due to mature in August 2027. This was to reduce USD debt given the Group’s exposure to USD earnings is expected to decrease following the Fertiliser business separation and to extend the tenor of the Group’s debt profile. The Group has two bonds valued at A$540.7m which are expected to be repaid on maturity using the proceeds from the IPF Distribution sale and surplus liquidity. Dyno Nobel has sufficient liquidity and headroom with A$800m of available undrawn committed debt facilities at 30 September 2025. The Group’s average tenor of its drawn interest bearing liabilities at 30 September 2025 is 4.2 years (2024: 3.4 years) and the average tenor of its total debt facilities is 3.8 years (2024: 2.6 years). No committed debt facilities are due to mature until February 2026. Capital Expenditure Dyno Nobel’s capital allocation process is centralised and overseen by the Group’s Corporate Finance function. Capital is invested on a prioritised basis and all submissions are assessed against risk factors including health, safety, sustainability, operational, financial and other strategic risks. Capital is broadly categorised into sustenance, turnaround, sustainability, digital & technology, customer growth and growth initiatives. The table below includes a summary of cash spend per business unit on capital: Table 7 Year ended 30 September Capital expenditure FY25 A$m FY24 A$m Change A$m DNA 79.3 93.5 (14.2) DNAP 42.1 36.0 6.1 DNEL 4.2 7.8 (3.6) Fertilisers 54.3 53.3 1.0 Sustenance 179.9 190.6 (10.7) DNA 36.9 3.9 33.0 DNAP 84.9 15.3 69.6 Fertilisers 21.2 12.1 9.1 Turnaround 143.0 31.3 111.7 DNA 6.8 9.1 (2.3) DNAP _ 9.2 (9.2) Fertilisers _ 5.5 (5.5) Sustainability 6.8 23.8 (17.0) Digital & Technology 39.1 28.8 10.3 DNA 16.8 9.1 7.7 DNAP 7.4 7.9 (0.5) DNEL 4.6 1.0 3.6 Customer Growth 28.8 18.0 10.8 DNA 11.8 3.8 8.0 DNAP 11.7 14.0 (2.3) DNEL 0.8 2.3 (1.5) Growth Initiatives 24.3 20.1 4.2 Total Continuing Operations 421.9 312.6 109.3 Discontinued Operations 52.3 66.1 (13.8) Total 474.2 378.7 95.5 The FY25 sustenance spend of $180m was within the FY25 guidance previously provided of $180m to $220m. Sustenance capital expenditure is used to ensure reliable operations at the Group’s manufacturing and distribution facilities in line with long term asset plans. The turnaround spend in FY25 of $143m mainly related to scheduled turnarounds at Moranbah, Cheyenne, LOMO and Mount Isa. The FY25 digital & technology spend of $39m mainly related to Nobel Fire customer digital platform and IT upgrades. The FY25 customer growth spend of $29m mainly related to capital spend for a new customer in Canada and the expansion strategy in LATAM. Total capital expenditure for Dyno Nobel is expected to be in the range of $280m to $330m in FY26. The range of capital expenditure is reflective of potential contract wins in the DNEL business. Sustenance spend is influenced by asset management plans and strategies. The Group is focused on improving capital effectiveness and efficiency to ensure asset reliability and optimal returns are delivered. FY26 outlook for Fertilisers is ~$35m. For personal use only Cash Flow 22 Table 8 Year ended 30 September Cash Flow FY25 A$m FY24 A$m Change A$m Operating Cash Flow EBITDA continuing operations ex IMIs 930.6 787.6 143.0 EBITDA discontinued operations ex IMIs 81.8 137.2 (55.4) Net interest paid (104.6) (83.1) (21.5) Net income tax paid (26.6) (122.1) 95.5 TWC movement (excl FX movements) (140.1) (311.4) 171.3 Profit from JVs and associates (80.3) (62.2) (18.1) Dividends received 52.9 32.8 20.1 Environmental and site clean-up (14.2) (14.0) (0.2) Restructuring costs (11.7) (7.8) (3.9) Settlement of Dyno Nobel employees entitlement – (4.5) 4.5 Other non-TWC (113.1) (62.3) (50.8) Operating cash flow 574.7 290.2 284.5 Investing Cash Flow Capital expenditure (474.2) (378.7) (95.5) Proceeds from asset sales 9.8 30.4 (20.6) (Payment for) / proceeds from sale of discontinued operations (55.8) 1,639.7 (1,695.5) Acquisition of subsidiaries & non-controlling interests – (4.3) 4.3 Investing cash flow (520.2) 1,287.1 (1,807.3) Financing Cash Flow Dividends paid to members of Dyno Nobel (162.3) (378.2) 215.9 Capital returned to members of Dyno Nobel – (302.5) 302.5 Share buyback (286.2) (140.6) (145.6) Lease liability payments (54.2) (53.0) (1.2) Purchased shares for Dyno Nobel employees (2.6) (5.5) 2.9 Capital returned to non- controlling interests (6.4) – (6.4) Non-cash gain on translation of foreign currency net debt (67.0) 68.1 (135.1) Non-cash movement in net debt (4.7) (2.2) (2.5) Financing cash flow (583.4) (813.9) 230.5 Change to net debt (528.9) 763.4 (1,292.3) Opening balance net debt (651.6) (1,415.0) 763.4 Closing balance net debt (1,180.5) (651.6) (528.9) Operating Cash Flow Operating cash flows of $575m improved by $285m compared to the pcp. Significant movements included: EBITDA continuing operations ex IMIs: Increased by $143m mainly driven by favourable commodities and transformation benefits delivered during the year. This was partly offset by the Moranbah, LOMO and Cheyenne turnarounds in FY25. EBITDA discontinued operations ex IMIs: Decreased by $55m mainly relating to the non-recurring WALA earnings in FY24. Net interest paid: Increased by $22m principally as a result of lower interest income due to reduced cash deposits compared to FY24, mainly driven by a scheduled tax payment on the sale of WALA ($416m), and shareholder returns including the share buyback program ($286m) and dividends paid ($162m). Net income tax paid: Decreased by $96m due to lower tax payments in the DNA business with reduced earnings in FY25 following the sale of WALA in FY24 and a net tax refund in Australia. This does not include the tax payment relating to the sale of WALA ($416m) which was included in the investing cash flows below. TWC movement (excl FX movements): Improved by $171m largely due to repayment of the TWC facilities in FY24. Dividends received: Increased by $20m largely driven by improved earnings compared to the pcp. Other non-TWC: Increased by $51m mainly due to prepayments made to QPM during the year for the purchase of gas to be supplied under the new supply contract to Moranbah. Investing Cash Flow Net investing cash outflows were $520m in FY25 compared to cash inflows of $1,287m in FY24. Significant movements included: Capital expenditure: Increased by $96m mainly due to completion of the scheduled Moranbah, LOMO and Cheyenne turnarounds during FY25. Sale of discontinued operations: A scheduled tax payment of $416m was paid in FY25 related to the sale of WALA, partly offset by the net proceeds from the sale of the IPF Distribution business of $360m. FY24 reflects the gross proceeds from the WALA sale. Financing Cash Flow Net financing cash outflows of $583m were $231m lower compared to the pcp. Significant movements included: Dividends paid to members of Dyno Nobel: The interim 1H25 dividend of $44m and final FY24 dividend of $118m were paid to shareholders in FY25. Dividend payments decreased by $216m mainly due to the $198m special dividend component of the $500m pro-rata capital return paid to shareholders in February 2024. Capital returned to members of Dyno Nobel: The $303m outflow in FY24 represented the capital reduction component of the $500m pro-rata capital return noted above. Share buyback: During the year, the Group repurchased $286m worth of shares as part of its planned $900m on- market buyback program. This included $8m related to FY24 that was settled in FY25. A further $4m related to FY25 will be settled in FY26. Foreign exchange on net debt: The non-cash impact of $67m reflects the impact from translating US dollar denominated debt at a lower exchange rate. About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Underlying Income Statement Table 9 Year ended 30 September FY25 DNAP DNA DNEL Corporate & Elims Dyno Nobel FY24 YoY Dyno Nobel A$m %YoY A$m %YoY A$m %YoY A$m %YoY A$m A$m A$m Revenue 1,182.8 (4.6%) 1,516.9 4.2% 324.5 12.4% (54.1) 14.9% 2,970.1(2) 2,920.9(2) 1.7% COGS & cost to serve (746.7) 8.6% (1,057.8) (0.6%) (239.0) (14.0%) 54.1 (14.9%) (1,989.4) (2,015.0) 1.3% Operating margin(3) 436.1 3.2% 459.1 13.6% 85.5 8.4% – – 980.7 905.9 8.3% Overheads(4) (107.2) 7.0% (209.7) (8.7%) (56.5) (17.2%) (37.1) 27.4% (410.5) (407.6) (0.7%) Joint Venture income 29.0 70.6% 40.1 3.6% 11.2 72.3% – – 80.3 62.2 29.1% Other income / (expenses) (6.2) nm 45.9 (0.2%) 7.0 nm 4.4 41.9% 51.1 50.9 0.4% EBITDA ex IMIs 351.7 8.9% 335.4 13.3% 47.2 16.8% (32.7) 31.9% 701.6 611.4 14.8% EBITDA margin 29.7% 3.7% 22.1% 1.8% 14.5% 0.5% nm nm 23.6% 20.9% 2.7% EBIT ex IMIs 254.6 7.8% 188.9 12.6% 30.5 33.2% (40.4) 23.9% 433.6 373.6 16.1% EBIT margin 21.5% 2.5% 12.5% 1.0% 9.4% 1.5% nm nm 14.6% 12.8% 1.8% nm = not meaningful (1) The underlying income statement has been re-based across each relevant line item for FY25 and FY24 to reflect adjustments for: (a) turnaround impacts at Moranbah, LOMO and Cheyenne in FY25, (b) Ag&IC earnings and Ag&IC stranded costs in FY25 and FY24, (c) WALA earnings in FY24, (d) Cheyenne land sale in FY24, and (e) a one-off IP provision in FY25. (2) Includes Group elimination arising from intersegment sales between Dyno Nobel and Fertilisers. (3) Operating margin represents revenue after deducting cost of goods sold and other cost directly attributable to generating customer sales. (4) Overheads includes costs that cannot be directly linked to customer sales, such as corporate and administrative expenses. Overview FY25 delivered disciplined execution and strategic transformation, driving underlying EBIT up 16% YoY and operating margin up 8% despite revenue headwinds. Strong contributions from DNAP and DNA, and DNEL’s first full year of operations, underpinned growth. Joint venture income for both DNAP and DNEL increased over 70%, reflecting contract repricing and improved market conditions. ࣵDyno Nobel Underlying EBIT ex IMIs: $434m (+16% YoY) driven by margin expansion and cost efficiencies ࣵOperating Margin: Increased 8% YoY reflecting pricing discipline and structural cost savings ࣵJoint Venture Income: $80m (+29% YoY) on QNP and SDN contract repricing and improved market conditions ࣵCommercial Momentum: New contracts, pricing uplift, and regional diversification position Dyno Nobel for sustainable growth in FY26 Dyno Nobel Explosives: Segment Performance DNAP | EBIT $254.6m (+8% YoY) FY25 was a year of transformation for DNAP, with disciplined execution driving margin improvement despite revenue headwinds. Operating margin rose 3% YoY, supported by pricing discipline, recontracting wins, and cost savings, while joint venture income increased 71% on QNP customer recontracting. DNAP has a 50% interest in QNP, a fully integrated ammonium nitrate facility in Central Queensland, servicing the Bowen Basin coal fields. The result is particularly strong given headwinds in Indonesia and ~$7m FX losses driven mainly by the Indonesia Rupiah (IDR) weakening against the Australian dollar on local receivables. Looking ahead, DNAP enters FY26 with strong commercial momentum and regional diversification positioning it for sustainable growth. DNA | EBIT $188.9m (+13% YoY) DNA delivered a strong performance in FY25, with operating margin up 14% and underlying EBIT growing 13% despite volume pressure from TNT shortages and softer market demand during the year. Transformation initiatives across pricing, procurement, and operations delivered structural cost reductions and efficiency gains, while commercial momentum accelerated through new contracts. Manufacturing reliability improved, with Cheyenne and LOMO plants performing above plan outside scheduled outages, and ammonia output finishing 2% higher than prior year. DNA exits FY25 with a leaner cost base, diversified portfolio, and clear momentum for sustainable growth in FY26. DNEL | EBIT $30.5m (+33% YoY) FY25 was a pivotal year for DNEL, delivering its first full year of operations with strong financial performance and strategic progress. Revenue grew 12% and EBIT increased 33%, supported by margin improvement and joint venture income up 72%, driven by SDN’s contract repricing and improved market conditions. Growth was underpinned by expansion in LATAM and EMEA, with Türkiye emerging as a key driver through major infrastructure projects and enhanced electronics manufacturing capability. DNEL enters FY26 with a clear roadmap focused on base business growth, strategic tenders, and continued cost competitiveness. Corporate | Costs reduced 24% YoY Corporate costs decreased by $13m (24% YoY), driven by transformation benefits including operating model savings, disciplined overhead management, procurement efficiencies, and strategic IT enhancements. These actions reflect Dyno Nobel’s commitment to cost efficiency. (1) Annual Report 2025 23 For personal use only Dyno Nobel Asia Pacific Table 10 Year ended 30 September Dyno Nobel Asia Pacific FY25 FY24 Change % Underlying Income Statement A$m(1) Australian Coal 552.7 593.8 (7%) Base & Precious Metals 566.3 540.2 5% International 63.8 106.1 (40%) Revenue 1,182.8 1,240.1 (5%) COGS & cost to serve (746.7) (817.4) 9% Operating margin 436.1 422.7 3% Overheads (107.2) (115.3) 7% Joint Venture income 29.0 17.0 71% Other expenses (6.2) (1.4) (343%) EBITDA 351.7 323.0 9% EBITDA margin 29.7% 26.0% EBIT 254.6 236.1 8% EBIT margin 21.5% 19.0% Key Metrics Ammonium Nitrate manufactured at Moranbah 276.8 331.2 (16%) Ammonium Nitrate sold 565.3 672.6 (16%) Overview Despite external challenges, the business improved operating margins and strengthened its commercial pipeline. Transformation initiatives across pricing, supply chain, and operations offset revenue headwinds and position DNAP for sustainable growth in FY26. ࣵOperating margin rose 3% YoY, supported by pricing discipline, recontracting wins, and cost savings. ࣵJoint venture income grew 71% YoY following QNP’s customer recontracting cycle. ࣵEBIT up 8% on an underlying basis despite FX losses and weather impacts. ࣵOperational milestones included Moranbah turnaround and debottlenecking projects delivering capacity uplift. ࣵPositive FY26 outlook driven by strong commercial momentum and regional diversification. Unlocking Value Through Transformation DNAP advanced its transformation agenda in FY25, delivering $19m in EBIT uplift through targeted commercial, operational, and supply chain initiatives. These efforts reflect a shift toward a more agile, efficient, and resilient operating model. Commercial execution focused on recontracting and new business wins, strengthening the portfolio and enhancing margins. Pricing discipline and portfolio management delivered meaningful benefits and set the stage for margin expansion and revenue growth in FY26. Supply chain and procurement initiatives drove logistics optimisation and sourcing improvements, reinforcing cost efficiency and operational discipline. Operational enhancements included upgrades at key sites, notably the PSA debottlenecking project at Moranbah and the automated assembly technology project at Helidon, delivering measurable performance improvements. Together, these actions helped offset revenue headwinds relating to weather impacts and supported operating margin growth despite lower top-line performance. Market Dynamics Revenue declined 5%, outperforming broader market trends which saw significantly steeper declines. Australian Coal (47% of revenue) Volumes were down 7% YoY due to adverse weather events in Queensland in the first half. Challenges persisted through Q3, but demand partially recovered in Q4, returning to more normalised levels. Australian east coast coal markets ended FY25 in a balanced AN position and are expected to remain relatively tight longer term. Base & Precious Metals (48% of revenue) This sector includes iron ore operations in Western Australia, as well as hard rock and underground mines across Australia. Overall market demand remained relatively flat during the year. DNAP volumes were down 8% YoY, reflecting the impact of mine closures in the nickel sector. The outlook for the year ahead is anticipated to remain steady. Closures in the nickel and lithium mines are anticipated to be offset by growth in gold and copper. International (5% of revenue) The AN market in Indonesia is in oversupply with additional manufacturing capacity coming online in recent years. As a result, the Government has enforced import restrictions which has resulted in a decrease in revenue. The reduction relates to reduced AN sales, however this has been partially offset by an increase of 14% in IS revenue which is in line with the regional strategy. Australia: Stable Foundations and Strong Finish The Australian coal business remained a cornerstone, providing a stable earnings base despite a slow start. Weather impacts reduced volumes and revenue early in the year, but the business recovered strongly in H2. Q4 was particularly robust, supported by improved demand, operational reliability, and strategic customer wins that will drive momentum into FY26. Recontracting benefits and new business wins strengthened the pipeline and margins. Joint venture income also increased 71% YoY, driven by QNP’s customer recontracting process. Australia remains a critical driver of DNAP’s long-term success. (1) The underlying income statement has been re-based across each relevant line item for FY25 to reflect adjustments for turnaround impacts at Moranbah. 24 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Asia: Navigating Market Constraints and Expanding Footprint DNAP is focused on diversifying earnings and expanding into new markets to build resilience against challenges in Indonesia. The region made a strong start in Malaysia, securing new business and establishing a foothold for future growth. Further opportunities are being explored across Asia, reinforcing DNAP’s commitment to regional diversification and long-term sustainability. Indonesia faced tighter AN import quotas, reduced volumes, and regulatory constraints. To mitigate these pressures, DNAP’s focus remains on value-added technology delivery which will support commercial resilience and customer value across the region. Operational Discipline and Financial Outcomes FY25 demonstrated strong operational discipline and efficiency. Overheads decreased by 7% due to one-off benefits in FY25 including the recovery of bad debts in Indonesia, as well as operating model savings as part of the transformation project. The Moranbah turnaround — the largest ever at the site — was completed on time and on budget, reflecting strong planning and execution. The PSA debottlenecking project unlocked additional capacity, with further initiatives planned for FY26. Combined benefits are expected to deliver an uplift in AN equivalent production going forward. Revenue declined year-on-year primarily due to weather- related impacts on the East Coast coal business and restrictions on AN imports to Indonesia. EBIT was further impacted by ~$7m FX losses driven by the deterioration of the IDR against the Australian dollar on receivables denominated in the local IDR currency. Despite these challenges, operating margin improved by 3%, supported by transformation benefits, recontracting wins, and supply chain savings. Operating margin as a percentage of revenue rose to 37%, while underlying EBIT increased 8% YoY to $255m, reflecting disciplined execution and transformation benefits. Dyno Nobel Americas (1) The underlying income statement has been re-based across each relevant line item for FY25 and FY24 to reflect adjustments for: (a) turnaround impacts at LOMO and Cheyenne in FY25, (b) Ag&IC earnings and Ag&IC stranded costs in FY25 and FY24, (c) WALA earnings in FY24, and (d) Cheyenne land sale in FY24. Table 11 Year ended 30 September Dyno Nobel Americas FY25 FY24 Change % Underlying Income Statement US$m(1) Revenue 976.5 959.2 2% COGS & cost to serve (680.4) (692.8) 2% Operating margin 296.1 266.4 11% Overheads (136.2) (127.0) (7%) Joint Venture income 26.2 25.6 2% Other income 29.5 30.5 (3%) EBITDA 215.6 195.5 10% EBITDA margin 22.1% 20.4% EBIT 121.4 110.9 10% EBIT margin 12.4% 11.6% Underlying Income Statement A$m(1) Revenue 1,516.9 1,455.8 4% EBITDA 335.4 296.0 13% EBIT 188.9 167.7 13% Key Metrics Average realised A$/US$ exchange rate 0.64 0.66 Overview Despite external challenges in FY25, relating to tariff impacts and TNT supply, the business strengthened its commercial position, improved operating margins, and delivered significant progress on cost and efficiency initiatives. Transformation initiatives across pricing, procurement, and operations offset market softness and positioned DNA for sustainable growth in FY26. ࣵOperating margin rose 11% YoY, supported by pricing discipline, recontracting wins, and cost savings. ࣵUnderlying EBIT grew by US$11m (+10%), despite pressures from TNT shortages and seasonal impacts. ࣵCommercial momentum accelerated, with new contracts in key sectors and continued pricing improvements. ࣵManufacturing reliability improved, with Cheyenne and LOMO plants performing above plan outside scheduled outages, and ammonia output finishing the year up 2%. ࣵPositive FY26 outlook, underpinned by structural cost reductions, strong sector diversification, and ongoing transformation benefits. These results underscore resilience in core operations and disciplined execution across markets and manufacturing. Annual Report 2025 25 For personal use only Resilience Beneath the Headlines The core explosives business demonstrated strength. Underlying EBIT increased by US$11m (+10%), supported by favourable booster pricing and customer growth, even as market conditions softened. Pricing discipline and mix improvements helped offset these pressures, and EBIT per tonne improved by $5 YoY, continuing a multi-year trend of increases— a clear indicator of operational efficiency and commercial strength. External cost pressures were well managed. US tariffs on imported raw materials had only a minor impact, with proactive mitigation strategies including supplier diversification and contract renegotiations. Market Dynamics Explosives revenue remained well diversified across key sectors, supporting strong growth despite softness in underlying markets. Quarry & Construction (42% of revenue) Volumes were down 6% YoY, stabilising after early-year weather disruptions, even as broader construction activity was constrained by high interest rates, labour shortages and impacts of tariffs. Looking ahead, modest growth is expected in the non-residential sector, with federal infrastructure spending expected to be the strongest category in FY26. Base & Precious Metals (40% of revenue) Volumes declined 6% YoY, with strong growth in the second half offsetting earlier weakness from mine closures and softer iron ore pricing. In FY26, metals demand is anticipated to remain firm, underpinned by industrial activity and continued strength in gold as a safe-haven asset. Coal (18% of revenue) Volumes decreased 3% YoY, amid supply chain constraints and freight rate volatility, while overall market conditions were marked by high inventories and price fluctuations. For FY26, coal markets are expected to show a slower rate of decline than prior years, towards a potentially flat market year-on-year due to higher natural gas prices. Manufacturing Performance Manufacturing reliability remained a priority throughout FY25. At Cheyenne, ammonia operations experienced an unplanned outage in February due to extreme winter weather but produced at or above plan outside that downtime. Ammonia output finished the year up 2% on prior year, while nitric acid was down 5% due to the planned NAP3 turnaround. At LOMO, overall production was down 7% versus prior year, largely due to the planned turnaround in the first half, which was executed on time and on budget, with post-turnaround performance exceeding prior-year rates for most months. Transformation That Delivers The year marked significant progress on transformation initiatives, embedding efficiency and margin improvement across the business and delivering A$22m in benefits in FY25. Commercial performance strengthened through recontracting wins and disciplined pricing strategies. Manufacturing initiatives reduced feedstock gas consumption and optimised ammonia production, lowering costs while improving reliability. Procurement delivered meaningful savings through renegotiated chemical and freight contracts, reformulation projects, and logistics efficiencies. Organisational changes under operating model redesign created a leaner, more agile structure, reducing fixed costs and positioning the business for faster decision-making. Transformation is now part of DNA’s operating rhythm, driving performance today and setting the foundation for sustainable growth in FY26. Building Momentum for What’s Next The DNA business exits the year in a stronger position. Structural cost reductions are now embedded, commercial wins have reinforced market positioning, and transformation initiatives continue to deliver tangible benefits. Combined with disciplined pricing and mix improvements, the business is well positioned to drive sustainable growth and margin expansion in FY26. Strengthening this outlook, the newly announced Nitradyn joint venture with REPKON USA Holdings, Inc. (Repkon USA) marks a strategic step forward expanding Dyno Nobel’s capabilities in energetics. DNA is also partnering with Repkon USA for the construction of a new TNT manufacturing facility securing a reliable domestic TNT supply. These initiatives support the long-term growth across both commercial and defence sectors, enhancing resilience and unlocking new opportunities for innovation. 26 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Dyno Nobel EMEA & LATAM Table 12 Year ended 30 September Dyno Nobel EMEA & LATAM FY25 FY24 Change % Income Statement A$m Revenue 324.5 288.6 12% COGS & cost to serve (239.0) (209.7) (14%) Operating margin 85.5 78.9 8% Overheads (56.5) (48.2) (17%) Joint Venture income 11.2 6.5 72% Other income 7.0 3.2 119% EBITDA 47.2 40.4 17% EBITDA margin 14.5% 14.0% EBIT 30.5 22.9 33% EBIT margin 9.4% 7.9% Overview FY25 marked a pivotal year for DNEL, reflecting strategic progress as the business unit completed its first full year of operations. Despite FX volatility and inflationary pressures, DNEL delivered a strong financial performance and advanced its growth agenda across Latin America, Europe, and Africa. ࣵRevenue growth of $36m (+12%) and EBIT uplift of $8m (+33%), supported by improved margins and joint venture contributions. ࣵJoint ventures delivered $11m income, up 72% YoY, predominantly driven by SDN’s recovery following contract repricing and improved market conditions. ࣵPositive FY26 outlook supported by base business expansion and strategic tenders. DNEL: A Year of Strategic Momentum The DNEL business unit was created to accelerate Dyno Nobel’s growth in Latin America, Europe, and Africa through a capital-light model. This approach leverages Dyno Nobel’s globally recognised brand, proprietary technology, and strong customer relationships to capture opportunities in high- growth markets. During the first half of the year, Dyno Nobel invested in establishing the business unit and building the infrastructure needed to support long-term growth. By year-end, DNEL delivered on its strategic intent, achieving double-digit revenue growth and a significant uplift in EBIT, despite inflationary and FX headwinds. This strong result, supported by $10m in transformation benefits, validates DNEL’s role as a key growth engine within Dyno Nobel. EMEA: Building Scale and Efficiency In EMEA, Türkiye emerged as the growth engine for the region. Performance was driven by a major construction contract that showcased Nitromak’s ability to secure large- scale infrastructure projects. France experienced a more subdued environment, with activity impacted by a slowdown in new construction projects and heightened competition in African export markets. However, profitability improved through restructuring initiatives that delivered cost efficiencies and helped offset margin pressure. DNEL has invested in local electronic detonator assembly capability in Türkiye positioning the business to expand detonator penetration across Europe and strengthen cost competitiveness. LATAM: Accelerating Growth in Mining Markets LATAM delivered strong momentum, underpinned by increased emulsion volumes and higher electronic detonator sales. The region focused on strengthening its operational base and building credibility with local customers, leveraging Dyno Nobel’s superior technology offerings to secure long- term growth. These efforts have positioned LATAM as a critical contributor to DNEL’s overall performance and a foundation for future expansion. South African Joint Ventures: A Strong Rebound The joint ventures delivered a standout performance in FY25, predominantly driven by SDN. Combined, the joint ventures contributed $11m in income, representing a 72% increase YoY. This uplift was supported by contract repricing and improved market volumes despite raw material supply constraints and increased sourcing costs. Looking Ahead: Positioned for Growth For FY26, DNEL is focused on sustaining momentum through base business expansion and strategic initiatives across its core regions. In LATAM, growth will be supported by new mining projects and trial programs, while EMEA will benefit from enhanced electronics manufacturing capability in Türkiye, enabling greater penetration into key markets. Strategic customer tenders in Chile, Peru, and Africa remain a priority as DNEL continues to leverage its capital-light model to deliver strong returns and long-term growth. FY25 demonstrated DNEL’s ability to deliver strong growth and margin improvement while investing in future opportunities. With a clear roadmap for FY26 and beyond, DNEL is positioned to sustain momentum and create long- term shareholder value. Annual Report 2025 27 For personal use only Fertilisers Table 13 Year ended 30 September Fertilisers FY25 FY24 Change % Income Statement A$m Phosphate Hill Revenue 507.6 357.4 42% COGS & cost to serve (259.4) (230.0) (13%) EBITDA 248.2 127.4 95% EBITDA margin 48.9% 35.6% EBIT – Phosphate Hill 233.2 69.1 237% EBIT margin 45.9% 19.3% EBIT – Discontinued operations 67.6 50.7 33% EBIT – Total Fertilisers 300.8 119.8 151% Key Metrics Phosphate Hill production (ammonium phosphates) 769.0 739.5 4% Total Fertilisers volumes sold (kmt) 2,517.7 2,714.2 (7%) Domestic Fertilisers volumes sold (kmt) 1,951.1 2,169.2 (10%) Phosphate Hill production sold (k mt) 728 765 (5%) Realised AP freight margin (US$/mt) 5.7 4.9 16% Realised Cost per Tonne of AP (A$/mt)* 720 766 6% Realised A$/US$ exchange rate(1) 0.65 0.66 (2%) Realised AP Price (US$/mt) 690 569 21% * Weighted Average of AP including port costs Overview Despite early challenges, the business delivered a strong financial result and advanced strategic priorities, positioning itself to navigate future opportunities. ࣵPhosphate Hill EBIT of $233m, up 237% YoY, supported by favourable commodity pricing and FX movements. ࣵStrong second-half production recovery at Phosphate Hill, delivering an annualised run rate of 936kt, following early- year disruptions. ࣵStrategic actions progressed with Geelong closure and Phosphate Hill sale process underway. ࣵIPF Distribution delivered a solid EBIT before successful divestment, supported by margin resilience and cost discipline. ࣵFY26 outlook supported by portfolio optimisation and continued focus on reliability and cost efficiency. Strong EBIT Growth Driven by Pricing and FX Phosphate Hill achieved a significant uplift in earnings during FY25, with EBIT reaching $233m, up $164m (237%) from the prior year. This growth was primarily driven by favourable commodity pricing and FX movements, which contributed an additional $159m to the result YoY. DAP prices rose 21% to $690/t, while a weaker Australian dollar provided additional margin support. Gas supply disruptions remained a headwind during the year due to underperformance of a third-party provider, and required additional short-term contract arrangements and spot purchases. These measures increased costs by $57m compared to contract pricing in FY25 ($13m YoY increase). The result also benefited from lower depreciation following the FY24 impairment of Phosphate Hill. Operational Recovery at Phosphate Hill Phosphate Hill delivered a solid operational recovery in FY25, with production volumes increasing compared to the prior year. This was largely due to the non-repeat of maintenance activities and adverse weather events that significantly impacted FY24 performance. In the first half of FY25, Phosphate Hill faced production constraints due to scheduled maintenance at Mount Isa, interruptions in metallurgical gas supply and flooding related rail closures between Phosphate Hill and Townsville. Despite these challenges, the second half marked a strong rebound. Production averaged 78kt per month, delivering 468kt for the half and an annualised rate of 936kt. This recovery drove a substantial reduction in cost per tonne—from $850 in the first half to $636 in the second half—reflecting improved reliability, operational continuity, and a meaningful contribution to EBIT. Sales volumes were lower YoY, due to timing of shipments. Strategic Review of Manufacturing Operations The sale process for Phosphate Hill is ongoing. If an agreement cannot be reached by 31 March 2026, Dyno Nobel will progress an orderly closure by 30 September 2026. As a result of the sale process and ongoing uncertainty regarding gas supply, a full impairment of the Phosphate Hill operations was recorded in FY25. The business continues to engage with government stakeholders to secure critical gas supply, which remains essential to the site’s future viability. At Geelong, closure planning was completed, with final production occurring in October 2025. A provision of $61m(2) ($43m after tax) was raised in FY25 to reflect estimated closure costs. These actions reflect the Group’s disciplined approach to portfolio optimisation and strategic alignment. IPF Distribution Delivers Solid EBIT Ahead of Divestment IPF Distribution delivered a solid EBIT result despite softer market conditions. Demand was down approximately 10% compared to prior year, in line with the overall market decline. This was driven by persistent dry conditions across South Australia and southern NSW, along with cyclonic weather across much of Queensland and northern NSW. (1) This rate is after allowing for the impact of hedging and is therefore different to the average spot rate for the year. (2) A provision of $65.5m was recognised during the year for the costs to close the Geelong manufacturing facility offset by $4.3m of transitional related revenue and cost recovery from Ridley. 28 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Outlook and Sensitivities Dyno Nobel Group The Dyno Nobel transformation program is progressing well. The Group currently expects an FY26 exit run rate of ~65-75% of the estimated total ~$300m EBIT uplift from the program. FY26 EBIT for the Dyno Nobel explosives business is expected to be ~$460m-$500m, with an earnings split of approximately 40% in the first half and 60% in the second half(1). Dyno Nobel Asia Pacific DNAP earnings are expected to be positively impacted by the non-recurrence of the Moranbah turnaround and continued transformation benefits, including growth from new customers, an increase in technology deployment and cost savings initiatives. Australian east coast coal markets returned to a balanced AN position towards the end of FY25 and are expected to remain relatively tight longer term. In Western Australia, demand for iron ore is expected to remain relatively flat, with the closure of nickel / lithium mines expected to be offset by growth in gold and copper. Moranbah production is expected to improve in FY26 due to plant debottlenecking initiatives, the major turnaround of the ammonia plant in FY25 and increased customer demand following 1H25 weather impacts. Dyno Nobel Americas Earnings are expected to be positively impacted from continued transformation benefits and the non-recurrence of turnarounds at LOMO and Cheyenne, partly offset by the planned WALA turnaround performed by CF Industries in March 2026. Under the current US tariff environment, the impact of tariffs is expected to be ~US$10m with mitigation(2). As the DNA business purchases raw materials from Europe, Asia and Africa, this impact is subject to change if there are further changes to the US tariff policy. The Metals markets are expected to continue to perform strongly and grow at above GDP rates. Quarries & Construction markets have been hampered by increased material costs due to tariffs, as well as high interest rates slowing residential construction starts. GDP growth levels are expected in the non-residential sector, with federal infrastructure spending expected to be the strongest category in FY26. Coal markets are expected to show a slower rate of decline than prior years, towards a potentially flat market year-on-year due to higher natural gas prices. Dyno Nobel EMEA & LATAM EMEA base business growth is expected to continue with a focus on the expansion of initiation systems production and further electronic detonator conversion. The business unit has established key capabilities in Africa and LATAM which includes the construction of a new emulsion plant in Peru and delivery of mobile processing units (MPU’s) to participate in trials and tenders across targeted accounts. Phosphate Hill The following outlook statements assume a full year of operation of the Phosphate Hill plant in FY26. The FY26 production range for Phosphate Hill is forecast to be between 790kmt to 850kmt. Costs per tonne are expected to be in the range of $720 to $780(3). The first half / second half earnings split for FY26 is expected to be approximately 40% in the first half and 60% in the second half. Phosphate Hill earnings remain subject to DAP prices, FX and the gas price profile secured for the site over the year. Group Corporate: Corporate costs are expected to be approximately ~$35m to $40m in FY26. Borrowing Costs: Net borrowing costs for FY26 will be impacted by the size and timing of any returns of capital to shareholders, including the on-market share buyback. Net interest expense in FY26 is forecast to be ~$110m to $120m. Taxation: Dyno Nobel’s effective tax rate for FY26, excluding IMIs is expected to be between 20% and 25%. The tax rate range is highly sensitive to earnings mix movements across jurisdictions. Sensitivities The table provides sensitivities to key earnings drivers: Table 14 Commodity Proxy Index EBIT Sensitivities Americas FX EBIT Translation(4) + / - A$/US$0.01x = -/+ A$3.1m Asia Pacific AP(2) FOB China / Saudi + / - US$10/mt = +/-A$12.7m FX EBIT Transactional(5) + / - A$/US$0.01 = -/+A$13.3m Note: Proxy Index prices are available on Bloomberg. (1) Disclaimer: FY26 EBIT guidance and related outlook statements are estimated based on key assumptions described on this page and are subject to uncertainties and risks. See “Principal Risks” section of this Operating and Financial Review for further information regarding the principal risks and uncertainties associated with the Group’s business and operations. (2) Based on the current US tariff environment as at 7 November. As the DNA business purchases raw materials from Europe, Asia and Africa, this impact is subject to change if there are further changes to the US tariff policy. (3) Cost per tonne includes all variable and fixed costs of production, inclusive of depreciation and corporate cost allocations, but excludes sales freight and other selling costs. Cost per tonne is mainly impacted by PWC gas supply curtailment, expected gas pricing and sulphur cost. (4) Based on the actual FY25 Dyno Nobel Americas statutory EBIT of US$136.7m and an average foreign exchange rate of AUD:USD 0.66. (5) Based on Phosphate Hill’s mid point full year expected rate forecast of 790kmt to 850kmt; average realised FY25 DAP price of US$690/t; and an average realised FY25 foreign exchange rate of AUD:USD 0.65. Annual Report 2025 29 For personal use only The principal risks and uncertainties associated with Dyno Nobel’s business and operations are outlined below. These risks, which may occur individually or concurrently, could have a significant impact on the Group’s strategy. Any loss from such risks may not be recoverable in whole or in part under Dyno Nobel’s insurance policies. The treatment strategies noted below are not exhaustive and do not eliminate the risks. While in some cases they may partially or fully mitigate the exposure, residual risk remains. The Group’s risk management framework is set out in the Corporate Governance Statement. Risk Categories Description and potential consequences Treatment strategies employed by Dyno Nobel Health, Safety, Environment, Community Dyno Nobel’s values — Zero Harm, Care for the Community & our Environment, Challenge the Status Quo, and Deliver on our Promises — guide daily operations. The company’s highest priority is ensuring everyone working with or alongside Dyno Nobel returns home safely. Operations involve hazardous materials, presenting risks of serious injury, environmental damage, or harm to the community. Regulatory non-compliance or failure to meet stakeholder expectations may result in disruption, reputational damage, or financial penalties. In FY25, safety performance improved, with no significant environmental breaches occurring, and community partnerships continued to foster trust in local operations. ࣵDyno Nobel’s HSEC Management System ensures regulatory compliance and continuous improvement, supported by ISO-aligned standards, audit programs, and dangerous goods stewardship across all sites. ࣵSafety culture is reinforced through leadership programs like SafeTEAMS and SafeGROUND, alongside the Operational Risk Transformation (ORT) initiative, which embeds accountability and psychological safety. ࣵEnvironmental and community risks are managed through site-level programs focused on emissions, energy, water, and waste, combined with transparent incident learning and proactive engagement with regulators, emergency services, and local communities to build trust and confidence. ࣵFollowing recent high-energy explosion events at explosives facilities in the USA, India, and Brazil, Dyno Nobel is undertaking a comprehensive assessment of explosion risks across its manufacturing sites, to further strengthen critical control verification, hazard identification, and safety culture in line with its Zero Harm value. Climate Change The global energy transition presents risks and opportunities for Dyno Nobel. Scenario modelling across four climate futures (1.5°C to 4°C+) highlights transition risks, including declining thermal coal demand, carbon pricing, and stranded asset risk if decarbonisation lags. In 2025, thermal coal accounted for ~14% of DNA and 4% of DNAP revenues; management is shifting its growth strategy to focus on metals, quarrying, and construction. N₂O abatement is underway, but uncertainty remains around CCS and green hydrogen. Carbon pricing affects operations and suppliers, with mitigation tracked via KPIs and contract structures. Physical risks, such as heat and cyclones, may disrupt operations, as seen during Cyclones Kirrily and Alfred. ࣵDyno Nobel has updated its scope 1 and 2 emissions targets to 25% reduction by 2030, 50% by 2036, and net zero by 2050, supported by dedicated sustainability capital and scenario- based risk planning. Oversight is provided by the Audit and Risk Management Committee (ARMC) and the Executive Leadership Team’s Decarbonisation and Energy Transition Committee. ࣵOperational resilience is being strengthened through site- specific adaptations—such as logistics switching and wet- season procedures—and by hardening critical assets based on physical risk assessments and recent extreme weather events. ࣵStrategic growth is focused on copper and transition minerals through the DNEL business unit, while government grants and eligible projects support decarbonisation of manufacturing. ࣵFurther information on climate change risks and opportunities can be found in the FY25 Climate Change Report. Macroeconomic Factors Geopolitical uncertainty—driven by supply chain challenges in China, the impacts of Russia’s invasion of Ukraine, tensions in the Middle East, and global inflation— could affect Dyno Nobel’s cost base, sales, and market share. The reinstatement of US import tariffs and potential retaliation by affected countries heightens exposure to volatility in trade policy, especially in North America. These factors may raise input costs, disrupt supply reliability, and reduce competitiveness in key markets. ࣵDyno Nobel monitors commodity trends and supply chain reliability to inform planning and align explosives growth with customer demand and technology delivery. ࣵCountry-specific risks are reviewed regularly to manage exposures, while the US Tariff Mitigation Plan offsets trade impacts through supplier diversification and product substitutions. ࣵEngagement with regulators helps anticipate fiscal and trade developments, supporting proactive responses to geopolitical and policy shifts. Strategy Dyno Nobel faces rising competition and pricing pressure in a consolidating explosives industry, with risks to market share and IP protection. The fertilisers–explosives separation depends on market conditions; delays at Phosphate Hill may extend costs and distract leadership. The execution of the Transformation Program is critical, with poor change management risking disruption and missed EBIT targets. Strategic growth includes DNEL’s expansion into new countries, but simultaneous mobilisation across jurisdictions presents operational and compliance risks. ࣵDyno Nobel delivered strong FY25 earnings, with explosives performance and transformation benefits tracking to plan. The fertiliser distribution sale and progress on Phosphate Hill transition reflect disciplined execution. Governance over transformation and capital allocation remains central to strategic resilience. ࣵThe company continues to strengthen its market position through portfolio management, technology investment, and innovation in premium blasting. Governance frameworks support the safe and compliant separation of fertilisers, including oversight of remediation. Principal Risks 30 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Risk Categories Description and potential consequences Treatment strategies employed by Dyno Nobel Manufacturing Dyno Nobel’s manufacturing operations face risks from equipment failures, process safety incidents, asset integrity issues, and supply chain disruptions. FY25 saw stable performance and progress on asset transitions. FY26 will focus on safe operations, advancing Phosphate Hill divestment or closure, and embedding asset integrity as a core operational priority. The separation of the Fertilisers business presents additional risks relating to site remediation and decontamination obligations. These activities require careful planning to ensure safe decommissioning, regulatory compliance, and the minimisation of long-term environmental liabilities. ࣵDyno Nobel continues to embed critical control verification and reliability practices through the ORT Program, supported by global engineering standards and lifecycle maintenance frameworks. Business continuity and disaster plans are maintained and regularly tested across all sites, with insurance coverage in place to mitigate property and business interruption risks. ࣵDyno Nobel’s Global Insurance Program provides financial protection against catastrophic material risks, including property damage and business interruption, across all major manufacturing operations. ࣵClosure and rehabilitation provisions are regularly reviewed to ensure compliancewith regulatory and accounting standards. ࣵPhosphate Hill remains operational, with a transition plan underway. If unsold by 31 March 2026, closure will proceed by 30 September 2026, funded from site cash flows with no impact on the Group’s financial position. Supply Chain Dyno Nobel’s operations rely on the cost-effective supply of key raw materials and stable logistics to deliver its products. Disruptions due to trade restrictions, tariffs, transport issues, or supplier failures could impact manufacturing, plant uptime, and earnings. Recent US tariff increases have raised input costs and heightened exposure to trade policy risks in the US. In FY25, mitigation plans were implemented across key inputs, with diversified sourcing and pass-through pricing helping to manage near-term tariff impacts and support supply chain stability. ࣵDyno Nobel continues to implement its Tariff Mitigation Plan, using supplier diversification, renegotiated contracts, and product substitutions to offset cost impacts from new US trade tariffs. ࣵAlternative sourcing strategies and logistics flexibility such as qualifying new suppliers, leveraging free-trade zones, and expanding storage help reduce exposure to single-source or route dependencies. ࣵOngoing supply chain risk reviews and climate-resilient logistics planning ensure readiness for trade or transport disruptions, supporting operational continuity and margin protection. Customer Dyno Nobel’s performance depends on strong, long- term relationships with key customers in explosives and industrial markets. Loss of a major customer or a decline in demand could impact revenue and profitability. In FY25, relationships remained strong, supported by contract renewals and product innovation. ࣵDyno Nobel continues to diversify its customer base and geographic footprint to reduce reliance on individual contracts and improve portfolio resilience. ࣵLong-term agreements with key explosives customers remain central to sustaining predictable revenue and strong relationships. People Dyno Nobel’s performance depends on attracting and retaining skilled, diverse talent, especially in regional areas with tight labour markets. Loss of key personnel or workforce shortages could disrupt operations and increase costs. Industrial relations pressures and organisational changes under the Transformation Program require careful management to maintain engagement and preserve knowledge. In FY25, workforce transitions were completed, and retention improved. ࣵSuccession planning and capability development are embedded through regular reviews of critical roles, supported by career pathways and targeted training. Competitive remuneration is benchmarked to market standards to attract and retain talent. ࣵEmployment compliance is actively monitored across all regions, while leadership engagement focuses on building team connection, modelling values, and maintaining transparent communication. ࣵEmployee relations are managed constructively with unions and representatives, and workforce changes under the Transformation Program are guided by structured change management and consultation. Finance Dyno Nobel’s financial performance is affected by foreign exchange and interest rate movements, as well as tariff changes, which can influence operating costs and offshore earnings. Tax law changes across jurisdictions may also raise compliance costs or regulatory risks. ࣵDyno Nobel’s capital management strategy prioritises maintaining an investment-grade credit profile, supported by a balanced mix of A$ and US$ debt and access to diversified funding sources to reduce refinancing risk and enhance financial flexibility. ࣵIn FY25, the company issued an oversubscribed A$500m AMTN, strengthening its debt maturity profile. Combined with hedging and disciplined governance, this supports a stable funding base and financial flexibility as we head into FY26. The Group has two Bonds with a near-term maturity, which will be repaid with surplus liquidity. ࣵFinancial risks are managed under Board-approved policies, with hedging strategies in place to mitigate exposure to interest rate movements, foreign exchange volatility, and commodity price fluctuations across global operations. ࣵThe company engages proactively with governments and regulators to anticipate fiscal and tax changes, while active liquidity management ensures sufficient headroom for debt maturities, strategic capital programs, and market volatility. Annual Report 2025 31 For personal use only Risk Categories Description and potential consequences Treatment strategies employed by Dyno Nobel Cyber Dyno Nobel’s operations rely on secure and resilient digital systems to protect sensitive information and maintain business continuity. A cyber-attack, system failure, or unauthorised disclosure of confidential data could disrupt critical operations, compromise customer and employee information, breach regulatory obligations, or damage the company’s reputation and competitive position. As the business continues to digitise and integrate IT and operational technologies, cyber threats have become increasingly sophisticated and represent a material enterprise risk. ࣵDyno Nobel’s Cybersecurity Program governs digital risk through enterprise-wide policies covering data protection, system access, IT usage, and network security. The Cyber Acceleration Program, launched in FY25, is a three-year initiative aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework to enhance resilience and reduce recovery times. ࣵIndependent audits, penetration testing, and disaster recovery exercises validate the effectiveness of controls and readiness to respond to threats. A formal Data Breach Response Plan ensures rapid containment and recovery, overseen by the Global Crisis Management Team. ࣵContinuous monitoring via the Security Operations Centre, threat intelligence, and analytics supports early detection and proactive defence against cyber risks. Compliance Dyno Nobel operates across multiple jurisdictions under complex legal and regulatory frameworks, including anti-bribery, sanctions, competition, human rights, and trade laws. Geopolitical shifts may alter these frameworks and disrupt the flow of goods and capital. Non-compliance may result in financial penalties, legal action, reputational damage, or operational disruption. Regulatory investigations, disputes, and litigation may arise from business activities or policy changes. No major compliance issues were identified in FY25, and governance systems continue to be strengthened to uphold ethical standards and stakeholder trust. ࣵDyno Nobel’s compliance framework includes regular regulatory risk assessments by corporate and regional teams to monitor legal changes and enforcement trends. Comprehensive screening of customers, suppliers, and counterparties addresses sanctions, export controls, and modern slavery risks. ࣵProcurement processes ensure supply chain compliance with ethical sourcing and human rights standards. Targeted training reinforces awareness of legal obligations across functions and regions. ࣵThe company engages proactively with regulators and industry bodies to anticipate policy changes. An independent whistleblower hotline enables the anonymous reporting of unethical or illegal conduct, with structured escalation and investigation protocols in place to ensure accountability and remediation. Security Dyno Nobel’s global operations involve hazardous materials, exposing the company to security threats such as sabotage, theft, or terrorism that could disrupt operations, compromise safety, and impact financial performance. A significant breach may also damage customer confidence and regulatory standing. In FY25, no material incidents occurred. Ongoing vigilance, investment in site security systems, and coordinated emergency response planning across regions continue to protect people, assets, and communities while supporting Dyno Nobel’s license to operate. ࣵDyno Nobel applies rigorous security and stewardship protocols to manage the handling, movement, and storage of explosives and hazardous materials, ensuring compliance with strict regulatory and licensing requirements. ࣵBusiness continuity and emergency preparedness plans are maintained and regularly tested at major sites to support operational resilience and enable rapid response to potential security incidents. ࣵThe company collaborates with law enforcement, regulators, and industry partners to enhance intelligence sharing and threat mitigation. Physical security controls are continuously reviewed and aligned with international best practices to safeguard people, assets, and operations. 32 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Operating and Financial Review For personal use only Being a Sustainable Business We seek to create shared value through sustainable growth and shareholder returns while prioritising the safety and well-being of our people, communities, and the environment. Annual Report 2025 33 For personal use only Keeping People and the Environment Safe While we maintain robust global health, safety, and environmental (HSE) standards and systems, responsibility for delivering safety outcomes lies with our local teams. We empower and support our people to lead by example, encouraging all employees to speak up or stop work when faced with unsafe conditions, reinforcing our belief that safety is a shared responsibility. In parallel, we place strong emphasis on both occupational and mental health to support overall employee wellbeing. Zero Harm performance In FY25, we made further progress toward our ambition to achieve industry leading performance in occupational health, personal safety, process safety and environment management. Our overall performance has yielded a number of favorable outcomes; with continued focus on operations risk management. We remain resolutely committed to advancing sustained, year-on-year improvement in pursuit of our Zero Harm objective. We recorded a Group Total Recordable Injury Frequency Rate (TRIFR)(1) of 0.89, representing a 19% improvement over the previous year, although just above our target of 0.8. Notably, the Group achieved zero serious harm(2) incidents, along with a significant reduction in both injury severity and lost workdays. The integration of key Dyno Nobel systems and processes into Titanobel continued during FY25, with Titanobel’s full inclusion in Group reporting beginning in FY24. The Group has focused on transformation of our operations risk management during FY25. Our plan was designed to embed critical control thinking, ensuring that the controls which prevent serious incidents are clearly identified, actively verified, and consistently reinforced. This transformation has involved the consolidation of all operations risk systems into one operating model, the establishment of a global material risk register, and the implementation of structured verification processes. These measures are supported by a robust governance framework, standardised processes and a culture of continuous improvement, leadership behaviours and operational discipline. Our Group behavioural safety journey has evolved in FY25 from our foundational program of SafeTEAMS and concepts of SafeGROUND to the implementation of SafeLEADERS, a comprehensive leadership development initiative designed to embed safety into every decision, conversation, and action. This also supports a culture of psychological safety, where employees feel empowered to raise concerns and contribute to safer outcomes. We also delivered strong safety outcomes during several complex and large-scale Turnarounds, involving high-risk activities. These results were driven by a proactive approach to leadership, assurance, and workforce preparedness ensuring risks were effectively mitigated and operational control maintained. We have been able to sustain our excellent environmental performance with Zero Significant Environmental Incidents(3). This outcome reflects continued focus on environmental assurance, compliance with core performance requirements, and strengthened governance. In FY25, we also launched our inaugural integrated World Safety and Environment Day campaign. Centered on the theme “Moments That Matter”, the initiative aimed to deepen awareness of our individual and collective role in protecting the environment. Our process safety performance also improved, with a 16% reduction in Tier 1 and Tier 2(4) process safety incidents, down to 15 events in FY25 from 18 in the previous year. This improvement reflects the continued focus on material process safety risk management activities, global Engineering Standards assurance, process safety hazard and near miss reporting and uplift in investigation capability and methods used. The focus has continued on significant event management including psychosocial events. During FY25, we have enhanced the quality of our investigations by uplifting the capability of our investigators and embedding organisational learnings into our operational systems. Our continued commitment to fostering a strong reporting culture has been reinforced through our focus on fundamental HSE principles and governance. These efforts, coupled with a sustained emphasis on critical control effectiveness and proactive intervention strategies, contributed to a 300% increase in reported significant event hazards, an encouraging indicator of a maturing and transparent safety culture. (1) TRIFR is calculated as the number of recordable injuries per 200,000 hours worked and includes contract workers. (2) Serious Harm / Hurt includes any multiple fatalities, fatality or injuries / illnesses causing severe body damage with probable long-term and / or significant life altering complications (permanent disabling). (3) Significant Environmental Incidents as assessed against Dyno Nobel’s internal risk matrix with consequences of 5 or higher on a 6-level scale. (4) Tier 1 and 2 Process Safety Incidents as defined by the Centre for Chemical Process Safety. At Dyno Nobel, our commitment to Zero Harm for Everyone, Everywhere is embedded in our core values. This commitment extends across our employees, contractors, customers, shareholders, and the broader community. 34 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Zero Harm snapshot Zero Harm key activities Our Zero Harm strategy outlines our approach to ensuring the safety of people and the environment. It is guided by four strategic themes: Simplify, Get the Fundamentals Right, Lead & Engage and Strengthen our Learning Culture. These themes shape our annual execution plans and focus our efforts on achieving safety excellence. Simplify ࣵDefined and documented Operations Risk and Control management requirements into one operating model. ࣵDevelopment and standardisation of a Global Journey Management Planning mobile application. ࣵStandardised HAZID process for non major manufacturing sites. ࣵDeployment of new integrated HSEOE functional assurance program. ࣵTraining and exercise successfully completed for Global Crisis and Emergency Management Team to test how we identify, assess, prepare, respond and recover from events. ࣵImplementation of global Mental Health and Wellbeing Framework including our Thrive Wellbeing Program. Get the Fundamentals Right ࣵ81% of all Dyno Nobel sites had zero recordable injuries in FY25. ࣵAll known material risks visible in one global register including demonstration of active management through global reporting. ࣵLeader Standard Work defined for Operations Risk Management and key HSE fundamentals. ࣵContinued implementation of core HSE acquisition integration strategies and plans. ࣵFurther embedded Global Functional Collaboration Networks for Process Safety, Health and Wellbeing, Explosives Safety, Environmental Protection and Governance of Significant Events. ࣵImplementation of key transport risk management actions and controls. Lead and Engage ࣵLeadership performance metrics introduced to drive visible infield leadership. ࣵTurnaround safety management and governance resulting in excellent turnaround safety performance outcomes. ࣵInaugural integrated World Safety and Environment Day campaign theme of “Moments that Matter” to highlight the moments where we bring our values of zero harm and care for the community and environment to life. ࣵDeployment of new SafeLEADER behavioral safety program including development of key embedding tools. ࣵDevelopment of Process Safety Competency Framework. ࣵDNA continued its SafeGround survey in FY25 to assess the effectiveness of psychosocial safety with key action plans for leaders. Strengthen our Learning Culture ࣵSignificant increase in Significant Event hazard reporting including psychosocial hazards in FY25. ࣵFocus on identification of organisational learnings and embedding back into our systems and processes. ࣵIncident Cause Analysis Method (ICAM) training completed to strengthen investigation outcomes and learnings. ࣵVideo developed in conjunction with SAFEX for industry sharing of 30-year memorial of the Porgera tragedy to effectively share learnings and significance of historical events. ࣵDeployment of targeted injury prevention campaigns. ࣵCompleted Global Engineering Standards assurance. Dyno Nobel Process Safety Incidents (number of CCPS Tier 1 & Tier 2 events) (1) TRIFR is calculated as the number of recordable injuries per 200,000 hours worked and includes contract workers. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 FY25 FY24 FY23 FY22 FY21 0.89 (66) 0.89 (66) 0.92 (66) 0.92 (66) 1.10 (81) TARGET 0 5 10 15 20 25 30 35 40 FY21 FY22 FY23 FY24 FY25 2 12 6 19 6 32 2 0 13 18 CCPS Tier 1 CCPS Tier 2 Dyno Nobel TRIFR(1) (number of recordables) Zero Harm metrics Zero Significant Environmental Incidents Improvement for Process Safety Management – Reduction in number of Tier 1 / Tier 2 Process Safety incidents Improvement in TRIFR and injury severity Annual Report 2025 35 For personal use only Safe, inclusive, and high- performance culture We believe our culture is a key enabler to delivering our strategy. We shape it by continuously aligning our behaviours, management systems, and symbols so that what we say and what we do remain consistent. Safe culture Safety—both physical and psychological—is at the heart of our culture. At Dyno Nobel, safety is the cornerstone of our operations and the guiding principle behind every decision we make. Our strong safety culture is something we are proud of, but we know the work is never done and we continue to strengthen it through targeted initiatives. In FY25 we: ࣵContinued the rollout of our behavioural safety program SafeTEAMS. Additionally, Dyno Nobel launched our SafeLEADER program. SafeLEADER is an evolution of the SafeTEAMS program, designed to equip leaders with the tools to effectively lead safe teams. To date, 60% of leaders have completed the program. ࣵBuilt on the work initiated in FY24 and launched a global mental health and wellbeing safety strategy. The strategy embeds mental health into our culture through leadership training, peer support programs, psychosocial risk management, and the Thrive Wellbeing Program. ࣵContinued the rollout of the Upstander program in Australia, aimed at fostering a culture where everyone feels safe to speak up about inappropriate behavior, including breaches of the Code of Conduct. In 2025, 459 employees completed the program, representing ~59% of our Australian workforce. ࣵUndertook a significant transformation of our approach to operational risk, in alignment with global best practices and in close collaboration with our operational teams. Our Operations Risk Transformation Plan is designed to embed critical control thinking into the fabric of our organisation, ensuring that the controls which prevent serious incidents are clearly identified, actively verified, and consistently reinforced. We recognise that effective risk management is not solely a technical exercise—it is a leadership imperative. Accordingly, we have embedded risk ownership into our leadership routines and empowered our teams with the tools, training, and clarity required to ensure safety is not assumed, but demonstrably achieved. ࣵContinued work on diversity, equity and inclusion, a key aspect of creating a mentally healthy workplace. Inclusive culture At Dyno Nobel, we recognise that fostering diverse talent within an equitable and inclusive environment is essential to our success. By prioritising diversity, we attract outstanding talent from a wider pool, enriching the range of skills, perspectives, and ideas we bring to addressing our customers’ and business challenges. This commitment also deepens our connections with the communities where we operate. We also understand that diversity, equity, and inclusion are key aspects of creating a mentally healthy workplace. We know that the true value of diversity can only be realised in a workplace that is equitable and inclusive. That’s why we are dedicated to cultivating an environment where everyone’s unique attributes, perspectives, and contributions are acknowledged, respected, and valued—empowering us to achieve remarkable outcomes together. Our Diversity, Equity and Inclusion (DEI) strategy includes three key focus areas to accelerate DEI: 1. People: increasing diverse representation through deliberate, fit for purpose actions that improve recruitment and retention outcomes 2. Leaders: equipping our leaders to lead DEI by having clear expectations, building their capability and holding them accountable for outcomes 3. Culture: leveraging the diversity of our workforce through an equitable and inclusive culture where we align behaviours, our management systems, and symbols To support an inclusive culture, the following key actions were taken in FY25: Safe, equitable and inclusive facilities reviews In FY25, we continued our physical equity and inclusion review process, aimed at making our physical work environments safer, more equitable and more inclusive. This involves reviewing items such as equitable bathroom facilities, personal protective equipment (PPE) accounting for physical and cultural differences, and physical accessibility. There were 31 reviews conducted this year, along with the implementation of 7 actions to improve the equity and inclusion of our physical work environments. Improvement actions included enhancements to bathroom facilities across multiple sites, Across our global operations, our team of people are united by a deep connection to our Values. Our Values guide how we work together, shape the decisions we make, and create the cultural glue that holds us together. We believe that both what we achieve, and how we achieve it, are equally important. Our People and Culture 36 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only such as the introduction of an all-gender bathroom, and a designated area for ritual cleaning, to support team members’ religious practices. We also refined the process to better integrate it into existing business workflows, including the cyclical budgeting process, ensuring the identified actions are budgeted. The review of the equity and inclusion of the physical environment will continue in FY26. Equity and Inclusion Reviews of core people processes Dyno Nobel embeds equity and inclusion into our processes to ensure sustainable DEI progress. Regular reviews of key processes help us identify opportunities to strengthen equity and inclusion. In FY25, following a review in FY24, we enhanced the onboarding process in Australia, which included the introduction of a prompt for new starters to share any individual needs or considerations that will support equity, inclusion, and enable them to perform at their best. We also completed an assessment of our promotion process, ensuring our practices continue to reflect our commitment to equity and inclusion. Leader accountability and capability Diversity targets were again cascaded into leader key performance indicators (KPIs), underpinned by governance and reporting systems to ensure accountability and visibility. To support our leaders to lead DEI, we have continued to strengthen inclusive leadership capability through our Inclusive Leader program. The program equips leaders with practical skills and tools to foster inclusion. In FY25, senior leaders from DNAP participated in the program. Entry Level Programs Our entry-level programs continue to be successful in strengthening a diverse pipeline of talent. In Australia, our two-year graduate program has progressed steadily, complemented by the vacation student program, which serves as a feeder into the graduate intake. In the Americas, the trainee program introduced in FY24 continued throughout FY25. In Indonesia, the Graduate Development Program focuses on developing talent in Operations, Commercial, and Engineering. Preventing sexual harassment in the workplace We are continuously improving our approach to preventing and addressing sexual harassment by integrating feedback and insights from psychosocial risk assessments and targeted questions within the Global People Insights Survey. Questions on the prevention and response to bullying, harassment, and discrimination, first introduced in the 2025 Global People Insights Survey, emerged as the highest-rated survey questions, reflecting strong employee confidence in providing a safe, respectful and inclusive work environment. High-performance culture In FY25, we enhanced various systems of work to strengthen our high-performance culture. This included improvements to the monthly business performance review process, enabling earlier issue identification, improved decision-making, and greater team alignment with strategic goals. Additional key initiatives in support of a high performance culture include: Operating model We made further refinements to our operating model to better align with our goal of becoming the global leader in explosives. The operating model changes were made to ensure expertise is as close to the frontline as possible to further embed safety and risk management, streamline accountabilities and decision making, preserve critical explosives capability to ensure we maintain world-class expertise in our business, strengthen regional collaboration, and standardise organisational design to enable scalable growth. Global People Insights Survey The Global People Insights Survey is a vital tool that enables us to evaluate our employees’ experiences across engagement, inclusion and wellbeing and the key factors influencing these areas. It serves as a crucial input in our ongoing efforts to further define and enhance the cultural elements that matter most to both our people and our business. In FY25, the survey demonstrated positive year-on-year momentum, with improvements across all key performance indicators and most other areas. Combined with insights from our Senior Leader Culture Survey, this feedback has allowed us to identify the strengths of our current culture and uncover improvement opportunities. Looking ahead to FY26, we will continue to act on key insights from both surveys to strengthen and support our high- performance culture. Embedding ‘Appreciate’ to reward and recognise our people We believe that acknowledging and celebrating the efforts and achievements of our people is key. Following its implementation in FY24, in FY25, we continued to embed our global reward and recognition program ‘Appreciate’. This program is not only used to recognise and reward employees globally when we achieve our safety and financial goals, but is also used by our team to recognise one another’s contributions, strengthening a culture of recognition across our organisation. In FY26, we will continue to embed this program further, ensuring it is actively utilised across all levels and areas of the organisation. Annual Report 2025 37 For personal use only We recognise the challenge of reducing our own GHG emissions while continuing to provide explosives products and services to unlock resources through groundbreaking innovation. We believe that our innovative product technologies will play an increasingly important role in reducing GHG, while more efficiently and sustainably accessing the minerals and aggregates required for modern life. Our growth strategy is to expand in Latin America and Africa through capital-light investments, targeting supply gaps in low- risk growth markets, such as copper and new world metals required for the energy transition. Our Climate Change Strategy is based on four pillars shown below. Our climate change strategy pillars Ensuring Strong Governance Reducing Operational Emissions Delivering products and strategies that reduce scope 3 emissions Managing Strategic Business risks and opportunities Completed GHG reduction projects In 2025, we achieved our short term ‘5% by 2025’ absolute GHG reduction target. This was enabled by the $20m Moranbah Tertiary N2O Abatement Project, which was officially opened in April 2024. Expected to have a lifespan of 20 years, it is performing well, abating ~200,000 tonnes of CO2e per year. In January 2025, we opened a second N2O abatement project at our LOMO manufacturing facility, with an investment of US$8m. This facility had the Company’s only nitric acid plant without some form of abatement already installed. For this reason, the reductions will be greater than the Moranbah project, with reductions of ~550,000 tCO₂e expected annually. This will decrease the Company’s total global operational GHG to air by 30%, and our explosives business’s by 19%, against their 2020 baselines(1), underpinning our 25% by 2030 absolute reduction target. These are major capital intensive projects which, together, will result in a 26% reduction in operational (scope 1 and 2) GHG emissions against the Company’s 2020 baseline(1) and a 41% reduction against our explosives business baseline(1). For more details, see the 2025 Dyno Nobel Climate Change Report. Preparing for ASRS Due to our company financial year ending on 30 September, our first year of reporting against the new mandatory Australian Sustainability Reporting Standards (ASRS) will be next year, our 2026 financial year. During 2025, we completed a comprehensive gap analysis and implementation plan to prepare for reporting in 2026. Our reviewed GHG targets With the achievement of our short-term absolute reduction target of 5% by 2025 against our 2020 baseline, we reviewed our targets this year, setting updated targets as shown below. Climate Change Our scope 1&2 Targets: 5% by 2025(1) achieved 25% by 2030(1) against our 2020 baseline 50% by 2036(2) against our 2020 baseline 2050 Net Zero Ambition Our scope 3 Targets: 25% reduction in upstream scope 3/t AN purchased by DNAP by 2030 against its 2020 baseline(3) 40% downstream scope 3/t sold by DNA by 2030 against its 2020 baseline(4) (1) Against our 2020 baseline adjusted for the sale of the Waggaman, Louisiana (WALA) ammonia manufacturing facility. (2) Against our 2020 baseline adjusted for the sale of WALA, the IPF distribution business and fertiliser manufacturing assets Gibson Island, Phosphate Hill and St Helens. (3) Covers 77% of DNAP’s total scope 3 and is expected to equate to ~25% absolute reduction in upstream scope 3 against DNAP’s 2020 baseline. (4) Covers 25% of DNA’s total scope 3 and is expected to equate to ~40% absolute reduction in downstream scope 3 against DNA’s 2020 baseline. FA S H I O N J E W E L L E R Y S U P E R M A R K E T 1 2 3 4 38 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only FA S H I O N J E W E L L E R Y S U P E R M A R K E T DIAMONDS 1.5 million carats MET COAL 71 million tonnes IRON ORE 513 million tonnes COPPER 628 kilotonnes GOLD 11.5 million ounces ZINC AND MANGANESE 580 kilotonnes THERMAL COAL 147 million tonnes Our growth strategy is to expand in Latin America and Africa through capital- light investments, targeting supply gaps in low-risk growth markets, such as the copper and new world metals required for the energy transition. QUARRY & CONSTRUCTION MATERIALS 728 million tonnes Our sustainability strategy To deliver sustainable growth and shareholder returns while caring for our people, our communities and our environment. Dyno Nobel is committed to operating in a manner which acknowledges and proactively manages those issues which are most material to the long term sustainability of our business, our people, the environment and the communities in which we operate. This commitment is driven by our Company Values, which are core to our business, and is built into our business strategy. In order to identify those issues most material for our stakeholders and our business, we conducted our most recent comprehensive double materiality review in 2024 to identify the sustainability-related risks and opportunities which could have a material impact on our financial position, or on the environment, our local communities, our customers or other stakeholders. The steps in this process followed Global Reporting Initiative (GRI) guidelines, and supported adherence to the recently introduced International Sustainability Standards Board (ISSB) reporting standards. The identified sustainability-related risks and opportunities were grouped into six Sustainability Focus Areas for our Sustainability Strategy over the next three years. These are shown on the following page, along with 2025 highlights in each area. Our 2025 Sustainability Review(1), released concurrently with this Annual Report, includes the identified material risks and opportunities in each Sustainability Focus Area, and our management strategies for each. It also describes the materiality assessment process, our key stakeholders and our stakeholder engagement process. Our voluntary annual Sustainability Reviews(1) and GRI Index and Data Supplements can be accessed on our website. (1) Dyno Nobel’s annual voluntary sustainability report will be titled ‘Sustainability Review’ going forward so as to differentiate from annual mandatory ASRS reports which must be titled ‘Sustainability Report’. Creating shared value sustainably The natural resources our products unlock are central to modern life. Our business is committed to unlocking resources through groundbreaking innovation, by sustainably delivering products to our mining, quarry and construction customers into the future. During 2025, our products were used to help our customers unlock approximately: Sustainability Annual Report 2025 39 For personal use only Sustainability Focus Area FY25 highlights Transitioning towards Net Zero ࣵAchieving our short term absolute scope 1 and 2 reduction target of 25% by 2025 against our 2020 baseline. ࣵCompletion of the LOMO nitric acid plant Tertiary N2O Abatement Project, which will reduce the Company’s global scope 1 GHG by ~550,000 tCO2e, or 19%, and our explosives business’s scope 1 GHG by 30% against 2020 baselines. ࣵReviewing our scope 1 and 2 absolute reduction targets, with our previous 25% by 2030 target becoming our short term target and a new medium term target of 50% by 2036 set against our 2020 baseline. ࣵSetting our first scope 3 GHG reduction targets at the business unit level, where scope 3 management strategies are being developed. ࣵBeing shortlisted for the Mining Magazine Awards 2025 in the Drill and Blast category for “The world’s first electric MPU” which was delivered to a customer mine site in 2025. Safe, inclusive, high performance culture ࣵ81% of all sites recordable injury free and a 19% improvement in TRIFR compared to 2024. ࣵFurther refining our operating model to better support the goal of becoming the global leader in explosives. ࣵLaunching SafeLEADER, a program aimed at fostering connection and engagement around essential health and safety fundamentals. ࣵOffering two new engineering scholarships for Indigenous students. ࣵLaunch of a global mental health and wellbeing safety strategy and embedding mental health into our culture through leadership training, peer support programs, psychosocial risk management, and the Thrive Wellbeing Program. ࣵConducting a Global People Insights Survey, which included measurement of engagement, experience versus expectations, inclusion and wellbeing, which showed overall positive year on year momentum. ࣵIncreasing female representation across senior management from 21.6% last year to 23.5% this year. Ensuring Ethical Conduct and Business Practices ࣵTraining in Competition Law, and training in Anti-bribery for applicable employees in high risk jurisdictions. ࣵCompletion of the review of the Dyno Nobel Ethics Committee Charter. ࣵCompletion of 9 comprehensive ‘deep dive’ ESG supplier audits which included modern slavery and, where necessary, working with those suppliers to improve their due diligence processes on modern slavery for more ethical business practices. ࣵAdded focus by Dyno Nobel’s Cyber Security and IT teams on implementing the “secure by design” principle to ensure robust security measures are integrated from the outset. Relationships with Communities that Build Trust and Resilience ࣵFormal review of the Dyno Nobel Community Investment Framework, with resources planned for development to support sites across our global business to engage with their local communities on projects which matter to them. ࣵDonating $100,000 to the 2025 North and Far North Queensland Flood Appeal and supporting the Indigenous Literary Foundation as part of NAIDOC Week celebrations. ࣵEngaging with the Yulluna People, the Traditional Custodians of the lands at our Phosphate Hill site, to enable Yulluna community representatives and Dyno Nobel HSEC Team members to conduct cultural surveys to identify and preserve artefacts and areas with cultural significance on land on our mining lease. Reducing our Environmental Impact ࣵAchieving our target of Zero Significant Environmental Incidents. ࣵDelivering our first Electric Mobile Processing Unit (eMPU), complete with its own solar charging station. ࣵConducting a biodiversity assessment, using the online Integrated Biodiversity Assessment Tool (IBAT) for all sites within our DNAP business unit, as the first step in initial assessment of the nature-related risks and opportunities for our explosives business, in line with the Taskforce on Nature-related Financial Disclosures (TNFD). ࣵContinued testing and customer trials of the use of renewable diesel in our explosives products, with commercialisation planned for FY26. ࣵAfter securing supply last year, using fertiliser bags with 30% recycled content for the first time in FY25, and recycling 345t of IPF bags and 110t of AN explosives bags. Partnering with Customers and Suppliers ࣵIncreasing our spend with First Nations Suppliers by 206% against FY24 spend. ࣵResponding in line with contingency plans to a wet season related flood outage of the Phosphate Hill rail line with product successfully switched from rail to road. ࣵExtending our ‘Beyond the Bench’ approach from ‘Drill to Mill’ projects, which included assisting a customer to add $58m in value last year while improving energy use, GHG, mill throughput and safety, to ‘Seam to Stone’ projects for our quarry customers. ࣵContinuing to solve unique customer issues for more sustainable operations through our DynoConsult teams, including reformulating a specific emulsion blend to lower NOx emissions in the Bowen Basin and reducing vibration impacts for a quarry customer as they operated progressively closer to their neighbours. ࣵSharing knowledge through our Quarry Academy and Drill and Blast Academy. 40 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Our 2025 use of natural resources Energy and GHG The manufacture of nitrogen-based products is energy intensive as it requires natural gas as both an energy source and a raw material for hydrogen, with carbon dioxide (CO2) being liberated during manufacturing. For this reason, the production of these essential agricultural and mining products is currently based on a hard-to-abate chemical process. During 2025, we completed the second of two major capital intensive GHG reduction projects, achieved our short term scope 1 and 2 absolute reduction target of 5% by 2025 against our 2020 baseline and announced new GHG targets. These are discussed in the Climate Change section of this report. Our 2025 global energy use has decreased by 25% since 2024. This is mostly due to reduced production in 2025 associated with shutdowns, and some energy use in 2024 from the divested Waggaman, Louisiana ammonia plant. Our scope 1 GHG emissions also decreased by 31% due to this and the two N2O abatement installations. Our purchased electricity and scope 2 GHG emissions decreased by 20% and 21% respectively with purchased electricity making up 4.7% of total energy use. Our scope 3 value chain emissions increased by 2% to 8,610,713 tCO2e. This data is shown graphically below. Changes since 2024 Water use and discharge Cooling water is a key necessity for nitrogen manufacturing. In addition to Dyno Nobel’s comprehensive annual risk management process and climate scenarios, the World Resources Institute (WRI) Water Tool is completed each year for long term projections and reviewed by the VP Risk and Insurance. Our 2025 total global water withdrawal decreased by 0.4% on 2024, to 43,900 megalitres (ML). We discharged 26,829 ML to sewers and the environment, with 90.9% of this discharge being clean cooling water returned under EPA licence to the US rivers from which it was taken. This brings our net water use to 17,072 ML in 2025, which is 6% less than our 2024 water use. For more details on our assessment of water risks and our water management strategies, see our 2025 Climate Change Report and 2025 Sustainability Review, both available on the Dyno Nobel website. Energy use 26,066,582 GJ Scope 1 and 2 GHG 1,699,526 tCO2e Purchased Electricity 1,223,137 GJ Scope 3 GHG 8,610,713 tCO2e -25% -31% -20% 2% 43,900 ML 26,829 ML 90.9% clean water to surface waters 2025 2024 Surface water: 71.9% 74.5% Ground water: 23.2% 20.3% Municipal water: 4.9% 5.0% Storm water: 0.02% 0.2% Water withdrawal by source Water discharge by destination 2025 2024 Surface water: 93.5% 99.0% Ground water: 1.3% 0.999% Sewers: 5.2% 0.001% 699 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 -471 3,961 3,490 -205 -233 -1 -183 1,700 1,632 Baseline GHG from explosives business 1,632 Baseline GHG from explosives business 1,000 2025 GHG from explosives business 2025 GHG from fertiliser investments to be divested 2,329 Baseline GHG from fertiliser assets to be divested Cessation of natural gas based manufacturing at Gibson Island2 Moranbah tertiary N2O abatement LOMO tertiary N2O abatement Rooftop solar installations and onsite fuel cell Changes in production and emissions factors 1,858 Baseline GHG from fertiliser assets to be divested 2020 BASELINE 2025 GROUP GHG 2025 group wide scope 1 and 2 against baseline(1) (ktCO2e) (1) 2020 baseline adjusted for the sale of the Waggaman, Louisiana ammonia plant in 2023 and the purchase of Titanobel in 2022. (2) While not contributing to our reduction targets, closure of assets is considered to be a reduction against baseline under GHG Protocol accounting methodologies since emissions permanently cease, rather than being transferred to another company, as is the case in a divestment or acquisition. Annual Report 2025 41 For personal use only Benchmarking our performance As part of our commitment to transparent reporting, Dyno Nobel’s sustainability is assessed against leading indices. This gives us the opportunity to benchmark our performance against other organisations in our sector, gain insight into areas for improvement, and provides investors and other stakeholders with an objective measure of our ESG risk management and business practices. Since 2010 Dyno Nobel has been included in the S&P Global CSA (formerly the Dow Jones Sustainability Index, DJSI), which is widely recognised as the leading reference point in sustainable investment due to the robustness of its assessment process. The increasing expectations of the CSA mean new questions and increasingly stringent standards are applied each year to evaluate company responses. This has resulted in a lowering of sector average scores over time, including in our Chemicals sector, with many companies’ scores falling below that required for index inclusion. We are proud to have maintained our index membership as expectations have increased, and we expect improved scores in 2026. Dimension 2020 2021 2022 2023 2024 2025 Economic 78 81 78 71 66 67 Environmental 71 69 72 61 56 49 Social 58 65 69 64 61 57 Total for Dyno Nobel 69 72 73 65 60 57 Chemicals sector average 36 30 26 23 29 32 In 2025, the FTSE Group confirmed that Dyno Nobel has been independently assessed according to the FTSE4Good criteria and has satisfied the requirements to remain a constituent of the FTSE4Good Index Series for the tenth consecutive year. Companies in the FTSE4Good Index Series have met stringent environmental, social and governance criteria. The Company has been a voluntary CDP (formerly Carbon Disclosure Project) Climate Change reporter since 2009 and a voluntary CDP Water Security reporter since its introduction in 2014. Our most recent CDP reports can be downloaded from our website. Other indices and memberships are shown to the right. Collaborating on ESG As part of our commitment to corporate sustainability, Dyno Nobel became a participant in the United Nations Global Compact (UNGC) in August 2022. The UNGC is the world’s largest corporate sustainability initiative. We will be reporting annually on our progress towards implementing the UNGC’s Ten Principles on human rights, labour, environment and anti-corruption. We are also participating in the Global Compact Network Australia’s (UNGCNA) Modern Slavery Community of Practice (CoP). We are committed to The UNGC’s 10 Principles: Principle 1 Businesses should support and respect the protection of internationally proclaimed human rights; and Principle 2 Make sure that they are not complicit in human rights abuses. Principle 3 Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; Principle 4 The elimination of all forms of forced and compulsory labour; Principle 5 The effective abolition of child labour; and Principle 6 The elimination of discrimination in respect of employment and occupation. Principle 7 Businesses should support a precautionary approach to environmental challenges; Principle 8 Undertake initiatives to promote greater environmental responsibility; and Principle 9 Encourage the development and diffusion of environmentally friendly technologies. Principle 10 Businesses should work against corruption in all its forms, including extortion and bribery. EcoVadis Member since 2015 EcoVadis is assessed biennially. FTSE4Good Member since 2014 CDP Reporter since 2009 Bloomberg GEI Member from 2019 until the index was discontinued in October 2024 42 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only At Dyno Nobel, our commitment extends beyond business – we aim to make a meaningful impact in the areas where we operate. By prioritising local employment, choosing local suppliers when possible and creating shared value, we strive to positively influence urban, regional, mining, and agricultural communities. Our site-based teams work closely with community members, businesses, government bodies, charities, Indigenous suppliers and local organisations, ensuring that decisions are made with a keen understanding of local needs and priorities. Our Sustainable Communities Policy guides our approach to community engagement, social investment, and cultural heritage, reinforcing our commitment to: ࣵlisten to and work with the community; ࣵstrive to be a valued corporate citizen; and ࣵrespect our neighbours, their values and cultural heritage, and be considerate of them in carrying out our operations. Fostering safe communities The safety of our people and the communities in which we operate must always come first, which is why Dyno Nobel has robust safety measures in place to monitor, manage, and prevent any potential risk or impact to our workforce and the local communities in which we operate. Due to the potentially hazardous nature of industrial and agricultural chemicals, Dyno Nobel’s on-site staff are well trained to cooperate and engage with local community leaders and first responders on how to keep the community safe in the unlikely event of an incident. In addition to our robust safety measures, many of our sites are required by law to communicate regularly with our communities regarding safety plans and emergency procedures. In the Americas, 71% of our sites fall into this category. These sites regularly engage with communities and first responders to share community safety plans and emergency procedures in the event of a potential incident. In the Asia Pacific region, 22% of sites also fall into this category. Some of these sites are classified as Major Hazard Facilities and these follow Safe Work Australia guidelines in communicating with their communities. Supporting our communities With operations spanning six continents, Dyno Nobel’s Community Investment Framework is designed to support our sites to engage with their communities at the local site level, where community needs are best understood. They are supported through two structured Corporate Giving programs, which complement regular local site initiatives as well as local disaster relief efforts that provide urgent support to the communities in which we operate. The first, our Dollar-for-Dollar program, matches employee donations and site-based fundraising efforts up to $2,000 per initiative with a total budget of $25,000 annually, and ensures they align with our Principles for Giving. The second is our Workplace Giving program, a voluntary scheme for Australian employees allowing them to donate to one or more of Dyno Nobel’s selected not-for-profit charities. Dyno Nobel also matches these donations, contributing up to $25,000 each year. In FY25, $1,098,605 of community investment was made globally through Dyno Nobel’s Corporate Giving programs and various site-based initiatives, including in-kind donations and employee volunteer hours. All contributions adhered to our Principles for Giving, with 18% directed towards education initiatives, 7% supporting health and wellbeing activities including sports, and 75% allocated to local community development, including emergency and disaster relief efforts. Commitment to our Communities We are dedicated to fostering strong, enduring connections with the communities in which we operate. Dyno Nobel Community Investment Our framework preferences local approaches, enabling each Dyno Nobel business and site to respond to the distinct needs of their communities. Education: Childhood, adult and Indigenous specific education activities. Health: Activities and organisations working towards better physical and mental health. Community Development: Enrich community life and enhance the environmental, social and economic sustainability of local communities. Dyno Nobel Values: Initiatives that align to our values and business strategy and are integral to the sustainability of our communities. Local Initiatives: Helping local organisations develop skills and resources to bring positive and lasting benefits to communities. Local Sites: Solutions to local challenges and opportunities in the communities where our people work and live. Our areas of focus Our principles for giving Local Sites Education Local Initiatives Health Dyno Nobel Values Community Development Annual Report 2025 43 For personal use only Dyno Nobel Supports Queensland Flood Recovery In early 2025, severe flooding across Far and North Queensland disrupted critical infrastructure and supply chains, impacting both local communities and key fertiliser operations. Despite the challenges, the fertiliser team quickly activated contingency plans, deploying road trains to transport product from Phosphate Hill to the Port of Townsville once roads were safe. This ensured continuity of supply to growers during the vital winter crop season. In addition to operational resilience, Dyno Nobel contributed $100,000 to GIVIT, a charity working with the Queensland Government to support flood-affected communities. The donation helped provide essential goods and services — such as fuel vouchers, cleaning supplies, and household items — to residents in hard-hit areas including Townsville and Ingham, where many Dyno Nobel employees live and work. Community support in action Strengthening Community Connections at Phosphate Hill This year, we strengthened our partnership with the Yulluna Traditional Owners, ensuring cultural heritage and sustainability remain at the heart of the Phosphate Hill operations. As part of this commitment, we proudly donated $70,000 to support the Deadly Thinking program, an initiative focused on mental health and wellbeing in remote Indigenous communities. Delivered by Rural & Remote Mental Health, the program trains local facilitators to lead workshops promoting social and emotional resilience. This investment reflects our dedication to supporting community-led solutions and fostering positive outcomes for the region. Rooted in Community: Supporting Cheyenne Frontier Days for 15 Years For over a century, Cheyenne Frontier Days has brought the spirit of the American West to life through rodeos, parades, concerts, and community celebrations. Held each July in Cheyenne, this ten-day event is a cornerstone of local pride and tradition, powered by thousands of volunteers and sustained through community sponsorships. Our company has proudly operated in the Cheyenne area since 1964. For the past 15 years, we’ve supported Cheyenne Frontier Days as a committed sponsor, contributing US$67,000 to help ensure the event continues to thrive. This support reflects our dedication to caring for the communities where we live and work. As the celebration prepares to mark its 125th anniversary in 2026, we remain proud to stand alongside the Cheyenne community, supporting an event that embodies heritage, resilience, and togetherness. Supporting Local Emergency Services: Simsbury Drone Firefighter In April 2025, a donation of US$3,000 was made to the Simsbury Volunteer Fire Department (SVFD) to assist with the purchase of a new drone to enhance emergency response capabilities. During a visit to the Fire House, the SVFD team conducted a demonstration showcasing the drone’s advanced features. The drone is capable of autonomous flight to designated addresses or GPS coordinates, with a range of up to five miles from the pilot. Maintaining a strong partnership with the SVFD is vital to ensuring timely and effective responses to emergency situations. With the addition of this cutting-edge technology, the department is now better positioned to deliver real-time visual intelligence while enhancing the safety of first responders. 44 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Annual Report 2025 45 Governance Trusted partner with a legacy of safety, reliability, and global expertise in technical blasting services. For personal use only Corporate governance framework Dyno Nobel’s Board of Directors is responsible for charting the direction, policies, strategies and financial objectives of the Company. The Board serves the interests of Dyno Nobel and its shareholders, as well as other stakeholders such as employees, customers and the community, in a manner designed to create and continue to build sustainable value. Dyno Nobel’s Board operates in accordance with its charter and has reserved certain powers for itself. The Board has established four standing Committees to assist the Board with effectively discharging its responsibilities: ࣵAudit and Risk Management Committee; ࣵSafety and Sustainability Committee; ࣵNominations Committee; and ࣵPeople and Remuneration Committee. The Board has delegated the day-to-day management of Dyno Nobel, and the implementation of approved business plans and corporate strategies, to the CEO & MD, who in turn may further delegate to senior management. Dyno Nobel’s governance framework: ࣵplays an integral role in helping the business deliver on its strategy; ࣵprovides the structure through which strategy and business objectives are set, performance is monitored, and risks are managed; ࣵprovides guidance on the standards of behaviour that Dyno Nobel expects of people; and ࣵaligns the flow of information and accountability from our people, through the management levels, to the Board and ultimately our shareholders and key stakeholders. Corporate Governance External Auditor Internal Audit Shareholders Assurance and oversight through reporting Accountability Board Committees Delegation of Authority Company Secretary Assurance Executive Leadership Team CEO & MD Our People Audit and Risk Management People and Remuneration Nominations Safety and Sustainability Board We are committed to doing business ethically and in accordance with high standards of corporate governance – which is fundamental to the continued growth and success of Dyno Nobel, for our shareholders and other stakeholders. 46 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Composition of the Board is determined having regard to what is appropriate to achieve efficient and prudent decision making. The Board is committed to ensuring that it is comprised of individuals with an appropriate range of skills, experience, expertise and diversity to deal with current and emerging issues in our business. The Board currently comprises six Non-executive Directors. Details of their qualifications and experience is provided under the Board of Directors section of this Annual Report. Corporate Governance Statement Our corporate governance framework and practices have complied with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations 4th Edition (ASX Recommendations) throughout FY25. The Board continually reviews Dyno Nobel’s governance policies and practices to ensure that they remain appropriate in light of corporate governance developments and changes in expectations, including as reflected in the 4th Edition of the ASX Recommendations. Dyno Nobel’s 2025 Corporate Governance Statement, which can be viewed at https://www.dynonobel.com.au/about-us/ corporate-governance/, provides detailed information on Dyno Nobel’s corporate governance practices for the year ended 30 September 2025. Dyno Nobel policies and practices As part of our commitment to operating to the highest standards of ethical behaviour, we have a range of policies and practices that set ethical standards for directors, employees, contractors and third parties. These policies describe core principles designed to ensure ethical conduct is maintained in the interests of shareholders and other stakeholders. The Dyno Nobel Code of Conduct is our global code for business conduct – it contains principles and standards of conduct which are based on Dyno Nobel’s values and represents our commitment to uphold ethical business practices and meet applicable legal requirements. The Code of Conduct applies to all directors and employees of the Company and each subsidiary, partnership, venture and business association, including agents and other contractors that are effectively controlled by the Company or act on its behalf. The Code of Conduct is supported by a number of governance policies to guide how Dyno Nobel does business and outline expected standards of behaviour, including: ࣵContinuous Disclosure Policy – establishes Dyno Nobel’s procedure for compliance with its continuous disclosure obligations and provides guidance for the identification of material information and timely disclosure of Dyno Nobel’s activities to the market. ࣵSecurities Trading Policy – prohibits Dyno Nobel directors, employees and contractors and their related parties from dealing in Dyno Nobel securities if they are in possession of price sensitive information, provides for blackout periods during which directors and employees must not trade in Dyno Nobel securities, and sets out the procedure for obtaining required approvals to trade in Dyno Nobel securities. ࣵAnti-bribery Policy – prohibits the making of unlawful or improper payments to any individual or entity with the intent of securing a business advantage for Dyno Nobel. ࣵHuman Rights Policy – articulates the fundamental elements of Dyno Nobel’s approach to human rights and how Dyno Nobel demonstrates its commitment to respect human rights in line with the Universal Declaration of Human Rights and other international frameworks. ࣵModern Slavery Policy – defines the processes that identify and address modern slavery risks in Dyno Nobel’s supply chains and within Dyno Nobel’s own operations. ࣵSupplier Code of Conduct – illustrates the guiding principles that Dyno Nobel has adopted as part of its sourcing and procurement processes. ࣵRisk Management Policy and Group Risk Management Framework – provides guidance and direction on the management of risk in Dyno Nobel and states Dyno Nobel’s commitment to the effective management of risk. ࣵWhistleblower Protection Policy – encourages Dyno Nobel directors, employees and contractors to confidentially report unethical or illegal conduct and raise concerns regarding actual or suspected contraventions of ethical or legal standards, without fear of victimisation, reprisal or harassment. Annual Report 2025 47 For personal use only Board of Directors Gregory Robinson Bsc (Hons), MBA, MAICD Independent Non-executive Chair Tonianne Dwyer BJuris (Hons), LLB (Hons), FAICD Independent Non-executive Director Bruce Brook BCom, BAcc, FCA, MAICD Independent Non-executive Director Greg was appointed as a Non-executive Director on 25 November 2019 and was appointed as Chair on 11 November 2023. Committee memberships Chair of the Nominations Committee Skills and experience Greg has held various senior management and executive roles during his executive career which spans over 35 years, including as a Director of Merrill Lynch Investment Banking, CFO/CDO of BHP Petroleum, CEO of Lattice Energy Limited, Finance Director and ultimately MD & CEO of Newcrest Mining Limited. Greg brings to the Board significant senior executive experience in strategy, projects, operations, finance, accounting, capital management and risk management within the mining, oil and gas industries in Australia and internationally. Other listed company directorships in the past three years Rex Minerals Limited – Non-executive Director (from 2021-2024) Other directorships/appointments Royal Automobile Club of Victoria (RACV) – Chairman and Non-executive Director Insurance Manufacturers of Australia Pty Limited – Non-executive Director Bruce was appointed as a Non-executive Director on 3 December 2018. Committee memberships Chair of the Audit and Risk Management Committee Member of the Nominations Committee Member of the People and Remuneration Committee Skills and experience Bruce was the CFO of Western Mining Resources Limited and Deputy CFO of the Australian & New Zealand Banking Group. Bruce brings to the Board extensive executive experience in Australia, the US, the UK and Africa, across a range of industries including mining, finance, manufacturing and chemicals. Other listed company directorships in the past three years Newmont Corporation – Non-executive Director (from 2011) Djerriwarrh Investments Limited – Non-executive Director (from 2021) CSL Limited – Non-executive Director (from 2011-2023) Other directorships/appointments Australian Institute of Company Directors, Corporate Governance Advisory Committee – Member Tonianne was appointed as a Non-executive Director on 20 May 2021. Committee memberships Chair of the People and Remuneration Committee Member of the Audit and Risk Management Committee Member of the Nominations Committee Skills and experience Tonianne has extensive executive experience in investment banking, funds management, real estate and corporate strategy and is an experienced non-executive director. During Tonianne’s executive career, she held senior management roles with Hambros Bank Limited, Societe Generale and Quintain Estates & Development plc. Tonianne is a Fellow of the Australian Institute of Company Directors. Tonianne brings to the Board her international executive experience and extensive non-executive director experience in the Australian listed company environment. Other listed company directorships in the past three years GrowthPoint Properties Australia Limited - Non-executive Director (from 2024) AUB Group Limited – Non-executive Director (from 2024) ALS Group Limited – Non-executive Director (from 2016-2025) OZ Minerals Limited – Non-executive Director (from 2017-2023) Other directorships/appointments The University of Queensland – Deputy Chancellor and Senate Member Sir John Monash Foundation – Director Australian Institute of Company Directors, Queensland Council – Council Member Takeovers Panel - Member 48 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Michael Carroll BAgSc, MBA, FAICD Independent Non-executive Director Fiona Hick BEng Materials Engineering (Hons), BAppSci (Energy and Carbon Studies), GAICD Independent Non-executive Director John Ho BSc (Math), BCom (First Class Honours & University Medal) Non–Independent Non-executive Director Michael was appointed as a Non-executive Director on 6 March 2023. Committee memberships Member of the Safety and Sustainability Committee Member of the People and Remuneration Committee Skills and experience Michael has extensive non-executive experience having served on over 20 boards including six ASX listed companies. During his executive career, Michael had an 18-year career with the National Australia Bank (NAB) with positions in NAB’s internal Investments and Advisory team and as General Manager, Agribusiness Financial Services. Prior to this Michael worked in the animal health and crop care sectors having commenced his career as an agronomist with Monsanto. Michael brings to the Board his significant senior executive and board experience. Other listed company directorships in the past three years Rural Funds Management Limited – Non-executive Director (from 2010) Other directorships/appointments Paraway Pastoral Company – Non-executive Director Viridis Ag Pty Ltd – Chairman and Non-executive Director John was appointed as a Non-executive Director on 6 March 2023. Skills and experience John is the Founder and Chief Industrialist Investor of Janchor Partners, an industrialist investor based in Hong Kong, with experience as a non-executive director and long-term investor in Australia and across the globe. Before founding Janchor Partners in 2009, John acquired global experience including with the Boston Consulting Group in Australia, Citadel Investment Group in the US and as Head of Asian Investing at The Children’s Investment Fund (Asia). John brings to the Board his experience in the international and Australian investment markets. Other listed company directorships in the past three years Avepoint Inc – Non-executive Director (from 2021) Other directorships/appointments Janchor Partners Limited – Director ROKT Pte Limited – Non-executive Director Fiona was appointed as a Non-executive Director on 1 September 2024. Committee memberships Chair of the Safety and Sustainability Committee Member of the Audit and Risk Management Committee Skills and experience Fiona has extensive executive and corporate experience in the energy and resources sectors, including as the Chief Executive Officer of Fortescue Metals Group (FMG) in 2023. Prior to FMG, Fiona spent more than 20 years with Woodside Energy, where she held a range of senior positions across engineering, strategy and governance, crisis leadership, health and safety and environment before being appointed as Woodside’s Executive Vice President Operations in 2019. Prior to Woodside Energy, Fiona spent 5 years in corporate and operational roles at Rio Tinto. Fiona brings to the Board her corporate and operational experience in the energy and resource sectors. Other listed company directorships in the past three years Evolution Mining Limited – Non-executive Director (from 2024) Origin Energy Limited – Non-executive Director (from 2025) Other directorships/appointments Barrenjoey Capital Partners Group Holdings Pty Ltd – Director Infrastructure WA - Board member University of Western Australia - Strategic Resources Committee Member Annual Report 2025 49 For personal use only Executive Leadership Team Mauro Neves BEng, MSBA, GAICD CEO & Managing Director Greg Hayne BCom, MBA, MAICD President, Dyno Nobel Americas Stuart Sneyd BEng Hons (Chemical), MBA President, Dyno Nobel Australia Pacific Nitesh Naidoo BCOMPT, ACMA, MBA Chief Financial Officer Mauro was appointed as Chief Executive Officer and Managing Director on 22 January 2024. Committee memberships Member of the Safety and Sustainability Committee Skills and experience Mauro is a global executive with 30 years’ industry experience across the resources and logistics sectors. A mechanical engineer with dual Brazilian Australian citizenship, Mauro has a track record of driving operational and strategic business performance for some of the world’s biggest mining companies. Prior to his appointment at Dyno Nobel, Mauro held a number of executive and leadership roles including as Asset President at BHP, Executive Vice President – Commercial and Marketing at Aurizon Holdings Limited and Global Coal Director at Vale S.A. Greg was appointed President, Dyno Nobel Americas on 1 October 2024. Greg is a senior executive with 30 years’ experience in international business development, strategy, finance, people leadership and general management. Greg has held numerous senior leadership positions with Dyno Nobel, most recently as President, Dyno Nobel Asia Pacific from 2018-2024. He has also held the roles of Senior Vice President, Retail Sales & Operations for Dyno Nobel Americas, and Vice President, International Operations, Vice President South East Asia, and Vice President, Marketing for Dyno Nobel Asia Pacific. Stuart commenced as President, Dyno Nobel Australia Pacific on 17 November 2025. Stuart has over 25 years’ experience in the industrial technology and resources business sectors. Prior to joining Dyno Nobel, Stuart held several executive and senior leadership positions, most recently as President, Asia Pacific of Metso from July 2020 until October 2025. Stuart has a proven track record in leading complex business transformations, mergers & acquisitions, and performance turnarounds, with extensive global experience, having established and grown multiple profitable business operations in Europe, China, India, Australia, Indonesia and South East Asia Pacific. Stuart has also completed executive leadership programs with INSEAD and IMD. Stuart is also a member of the University of Queensland, School of Chemical Engineering Industry Advisory Board. Nitesh was appointed Chief Financial Officer on 1 July 2025. Nitesh is an experienced corporate leader with more than 25 years of extensive and diverse experience. He brings to Dyno Nobel a delivery focused mindset and proven track record in establishing trusted relationships and transforming businesses to meet market opportunity. Most recently, Nitesh held the roles of Chief Executive – Consumer Division and Group Chief Financial Officer at Vocus Group which provides telecommunications services in Australia and New Zealand across Retail, Enterprise, Government and Wholesale markets. Prior to Vocus Group, Nitesh held senior financial and leadership positions at Optus, Telefonica and T Mobile. Nitesh holds a Bachelor of Accounting Science with Accounting and Audit Specialities from the University of South Africa and a Masters in Business Administration from Cranfield Business School. Nitesh is a member of the Institute of Chartered Management Accountants. 50 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Braden Lusk PhD, P.E. Chief Technology & Marketing Officer Sunil Salhotra BCom, MBA Chief Development & Sustainability Officer Rob Mill Psychologist (Psychology Board of Australia), BSc Honours (Physiol. & Psych.), BAppSc (Physiol. & Psych.) Chief People Officer Tatiana Rudometova LLB Hons, BA (Hons) Chief Legal & Corporate Affairs Officer Richard Brown BEng Hons (Mining) President, EMEA & LATAM Braden commenced as Chief Technology & Marketing Officer on 1 October 2024. Braden has been with Dyno Nobel’s Americas business since 2018 and prior to being appointed Chief Technology & Marketing Officer served as President, Dyno Nobel Americas and Senior Vice President Corporate Accounts and Tech Services. Braden has more than 25 years’ experience in the mining and explosives industry and has a combination of practical on-site skills, including working as a mine supervisor, international consultant, and trainer, along with extensive academic experience. Prior to joining Dyno Nobel, Braden was Chair of Mining and Nuclear Engineering at Missouri University of Science and Technology where he had previously earned a PhD in mining engineering, with an emphasis in explosives engineering. As a professor with the University of Kentucky Department of Mining Engineering, he worked to build its credibility as a world class institution in the field of explosives, founding its Explosives Research Team. Sunil commenced as Chief Development & Sustainability Officer on 1 June 2024. He has been with Dyno Nobel since 2021, previously holding the role of Chief Strategy & Sustainability Officer. With more than 30 years international experience, Sunil has worked across a range of industries including energy and resources, oil and gas, telecommunications and management consulting for leading private and listed companies across Australia and Asia. Prior to joining Dyno Nobel, Sunil held a number of executive and strategy leadership roles including as Chief Executive of Pangaea Resources, Group Executive Strategy and Planning at Santos, and Vice President, Planning & Regional Development at Unocal South ASEAN. Rob was appointed as Chief People Officer on 2 December 2021. Rob has more than 20 years of experience in senior human resources and psychology roles including with BHP and over a decade with Rio Tinto. He joined Dyno Nobel in 2018 and prior to commencing as Dyno Nobel’s Chief People Officer, he was the Vice President of Human Resources for DNAP, IPF, Australian Manufacturing and the Global Technology Group. Rob is a Registered Psychologist with the Australian Health Practitioner Regulation Agency’s Psychology Board of Australia and has held roles within the Organisational Psychology Unit of Queensland Rail and as a Senior Psychologist in management consulting. Tatiana was appointed as Chief Legal & Corporate Affairs Officer at Dyno Nobel on 1 June 2024. Tatiana has over ten years of senior leadership experience at Dyno Nobel, including as Group General Counsel, Vice President Legal for IPF, Senior Corporate Counsel and Senior Legal Counsel for DNAP, advising the business on key projects and strategic initiatives. Tatiana is a senior legal professional with over 15 years’ experience in commercial law. Prior to joining Dyno Nobel, Tatiana was a mergers and acquisitions and equity capital markets lawyer at King & Wood Mallesons. Richard was appointed President, EMEA & LATAM on 1 August 2025, having joined Dyno Nobel in 2021. His prior roles include VP Strategy & Growth EMEA & LATAM and VP Business Integration & Development, which included the acquisition of Titanobel in France. Richard has a proven track record, with over 35 years of experience in the global mining and explosives services industry, including senior executive leadership roles spanning Europe, the Middle East, Africa, North America, and Australasia. Richard is passionate about building high performing diverse teams and creating long standing trusted customer relationships. A graduate in Mining Engineering from the University of Nottingham, Richard has also completed executive leadership programs at London Business School, INSEAD, and Melbourne Business School. Annual Report 2025 51 For personal use only Financial and Statutory Reports Our strong FY25 result reflects disciplined action on our strategic objectives. 52 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Financial and Statutory Reports The directors of Dyno Nobel present their report together with the financial report of the Company and its controlled entities (the Group) for the year ended 30 September 2025 and the auditor’s report. The following sections of the Annual Report form part of, and are to be read in conjunction with, this Directors’ Report: ࣵBoard of Directors ࣵOperating and Financial Review (OFR) ࣵRemuneration Report ࣵIndependent Auditor’s Report Directors Particulars of the qualifications, other directorships, experience and special responsibilities of each Director as at the date of this report are set out in the Board of Directors section. Directors’ meetings The number of Board and Board Committee meetings attended by each of the directors of the Company during the financial year are listed below: Board Audit and Risk Management Committee People and Remuneration Committee Nominations Committee Safety and Sustainability Committee Additional Meetings(1) Director – Current(2)(3)(4) Held Attended Held Attended Held Attended Held Attended Held Attended Held Attended G Robinson 8 8 – 5 – 5 2 2 – 4 5 5 B Brook 8 8 5 5 5 5 2 2 – 3 5 5 T Dwyer 8 8 5 5 5 5 2 2 – 4 2 2 M Carroll 8 8 – 5 5 5 – 2 4 4 2 2 J Ho 8 8 – – – 1 – – – – 2 2 F Hick 8 8 5 5 – 5 – 2 4 4 2 2 M Neves 8 8 – 5 – 5 – – 4 4 5 5 Chair Member (1) Reflects the number of additional formal Board meetings attended by each director during the financial year and includes attendance at Board Sub-Committee meetings where any two directors are required to form a quorum. (2) ‘Held’ indicates the number of meetings held during the period that the director was a member of the Board or Committee. (3) ‘Attended’ indicates the number of meetings attended by a director. A director is deemed to have attended a meeting if they were present for more than half of the duration of the meeting. (4) In addition to the Board and Committee meetings held during the year, directors attended site visits at Port Hedland, Perth, Helidon, Moranbah, Moura, Cheyenne, Graham, Louisiana, Salt Lake City and Simsbury. Directors’ Report Annual Report 2025 53 For personal use only Directors’ interests in share capital The relevant interests of each director in the share capital of the Company as at the date of this report is disclosed in the Remuneration Report. Company Secretary Ms Richa Puri was appointed to the role of Company Secretary on 8 August 2019. Ms Puri (LLB (Hons), B. Com (Accounting), FGIA, GAICD) is a corporate lawyer and governance adviser with over 15 years relevant professional experience. She has practiced as a lawyer for legal firms in Australia and has experience in providing in-house legal, governance and company secretarial advice to ASX listed companies. Principal activities The principal activities of the Group during the course of the financial year were the manufacture and distribution of industrial explosives, industrial chemicals and fertilisers, and the provision of related services. No significant changes have occurred in the nature of these activities during the financial year. Dividends Dividends since Dyno Nobel’s 2024 Annual Report: Dividend type Dividend per share Total amount $mill Franked percentage Date of payment Paid during the financial year 2024 final dividend 6.3 cents 118.0 100% unfranked 18 Dec 2024 2025 interim dividend 2.4 cents 44.3 100% unfranked 3 Jul 2025 To be paid after end of the financial year 2025 final dividend 9.5 cents $170.6(1) 100% unfranked 16 December 2025 (1) Based on number of shares on issue at 30 September 2025. Review and results of operations A review of the operations of the Company during the financial year, the results of those operations and the Company’s financial position is contained in the OFR. Significant changes in the state of affairs There have been no significant changes to the Group’s state of affairs during the financial year other than as noted in the OFR. On 31 March 2025, the Company changed its name from Incitec Pivot Limited (ASX:IPL) to Dyno Nobel Limited (ASX:DNL). During the year, the Company progressed the structural separation of its Dyno Nobel explosives business and Incitec Pivot Fertilisers business. On 30 September 2025, the Company completed the sale of the IPF Distribution business to Ridley Corporation. The sale of the Perdaman offake agreement to Macquarie CGM is pending satisfaction of conditions precedent. Separately, the Gibson Island land sale has been completed in September, with proceeds of sale received on 8 October 2025, and the Company has entered into leaseback arrangements to complete the environmental remediation of the site. During the year, the Company also completed the strategic review of its Australian fertilisers manufacturing assets, with manufacturing at Geelong ceasing operations in October 2025 as a result. The sale process for Phosphate Hill is continuing. If an agreed sale cannot be reached by 31 March 2026, Dyno Nobel will progress an orderly closure of Phosphate Hill operations by 30 September 2026. Additionally, the Group bought back shares valued at $281.6m during FY25, with $430.6m of the planned $900m on- market share buyback program completed to date. The Group remains committed to executing the remainder of the program and has sufficient cash reserves and committed bank facilities to complete the buyback. Events subsequent to reporting date On 10 November 2025, Dyno Nobel announced a final dividend of 9.5 cents per share unfranked, to be paid on 16 December 2025. The record date for entitlement to this dividend is 2 December 2025. Based on the number of shares on issue at 30 September 2025, the total dividend payment will be $170.6m. Other than the matters reported on above, the directors have not become aware of any other significant matter or circumstance that has arisen since the end of the financial year, that has affected or may affect the operations of the Group, the results of those operations, or the state of affairs of the Group in subsequent years, which has not been covered in this report. Likely developments The OFR contains information on the Company’s 2025 financial performance and prospects for future financial years, and refers to likely developments in the Company’s operations and the expected results of these operations in future financial years. Information on likely developments in the Company’s operations for future financial years and the expected results of those operations together with details that could give rise to material detriment to the Company (for example, information that is commercially sensitive, confidential or could give a third party a commercial advantage) have not been included in this report where the directors believe it would likely result in unreasonable prejudice to the Company. 54 Directors’ Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Environmental regulation and performance The operations of the Group are subject to environmental regulation under the jurisdiction of the countries in which those operations are conducted including Australia, US, Mexico, Chile, Canada, Indonesia, Papua New Guinea, Türkiye and France. The Group is committed to complying with environmental legislation, regulations, standards and licences relevant to its operations. The environmental laws and regulations generally address certain aspects and potential impacts of the Group’s activities in relation to, among other things, air and noise quality, soil, water, biodiversity and wildlife. The Group operates under a Global Health, Safety and Environment Management System which sets out guidelines on the Group’s approach to environmental management, including a requirement for sites to undertake environmental risk assessments identifying controls for our significant risks and developing and implementing improvement or management plans. In certain jurisdictions, the Group holds licences for some of its operations and activities from the relevant environmental regulator. The Group Environmental Licence Compliance Procedure requires sites with permits or licences to set up actions to maintain compliance, the completion of which are tracked monthly at Business Unit and Group levels. The Group also reports statutory non-compliances as required. Measurement of the Group’s environmental performance, including determination of areas of focus and assessment of projects to be undertaken, is based not only on the actual impact of incidents, but also upon the potential consequence, consistent with Dyno Nobel’s risk-based focus. During the year, the Group has continued to focus on licence compliance and identification and mitigation of environmental risks. Compliance and remediation works have progressed at several sites in Australia and the US. Good environmental performance was achieved with zero Significant (consequence category 5+) Environmental Incidents reported in the 2025 financial year. The continued focus on identifying our environmental regulatory obligations and the development of appropriate compliance activities with regular tracking of performance of action completions have led to this result. This year, following a pilot environmental assurance program in FY24, an environmental assurance audit was carried out at the Moranbah site as part of a formal overall Health, Safety, Environment and Operations Excellence (HSEOE) assurance audit. The conclusions of the environmental component of the audit were that there was good compliance with Dyno Nobel’s Environmental Standard and associated procedures. This financial year, there have been no fines or penalties from an environmental non-compliance perspective. In April 2025, the 2020 Consent Decree relating to Carthage and Louisiana was resolved with the Environmental Protection Authority (EPA) submitting a stipulation requesting the court terminate the Consent Decree, which will officially end this matter. At Gibson Island, obligations and milestones under an Environmental Protection Order (EPO) and a separate Enforceable Undertaking (EU) (both issued in June 2023) were met during the year with several agreed modifications and regular engagement with the Department of Environment, Tourism, Science and Innovation (DETSI). These obligations were related to committed improvements to stormwater release quality and groundwater contamination which were completed during FY25. In March 2025, DETSI determined that Dyno Nobel had satisfied the requirements of the EPO and that the EPO was finalised and no longer in effect. In September 2025, DETSI advised Dyno Nobel that it was satisfied that Dyno Nobel has substantially complied with the terms of the EU which is also no longer in effect. An amendment to the Gibson Island site environmental licence set challenging stormwater discharge criteria in March 2024, and the site has significant projects underway to achieve compliance with these new licence conditions. For the site to implement these projects over a reasonable period, site management submitted a Transitional Environmental Program (TEP) which was approved by the regulator in September 2024. The TEP charts the site’s transition to compliance through to May 2026. Dyno Nobel has met all the requirements of the TEP up to the end of FY25. Further detailed planning has progressed for the remediation activities to be performed by Dyno Nobel at the Gibson Island site following completion of the land sale. At Geelong, the EPA issued three Notices in FY24 requiring the site to: ࣵRevise the site’s Risk Management and Monitoring Program (RMMP). A revised RMMP was submitted and the Notice revoked on 3 October 2024. ࣵCarry out an investigation on the potential risks to human health and the environment from tracking of materials in the vicinity of the site’s exit gates. This investigation report was submitted with commitments to improve dust and tracking management and the Notice was revoked on 14 October 2024. ࣵProvide a plan detailing how the risk of harm from dust to nearby residents will be controlled. A plan was submitted prior to 31 October 2024, and the Notice was revoked on 8 November 2024. Annual Report 2025 55 For personal use only Indemnities and insurance The Company’s Constitution provides that, to the extent permitted by law, the Company must indemnify any person who is, or has been, a director or secretary of the Company against any liability incurred by that person including any liability incurred as an officer of the Company or a subsidiary of the Company and legal costs incurred by that person in defending an action. The Constitution further provides that the Company may enter into an agreement with any current or former director or secretary or a person who is, or has been, an officer of the Company or a subsidiary of the Company to indemnify the person against such liabilities. In accordance with the Company’s Constitution, the Company has entered into Deeds of Access, Indemnity and Insurance with each director of the Company and certain officers and members of senior management. Pursuant to those deeds, the Company has paid a premium in respect of a contract insuring directors and officers of the Group against any liability for costs and expenses incurred by them in defending civil or criminal proceedings involving them as such officers, with some exceptions. The contract of insurance prohibits disclosure of the nature of the liability insured against and the amount of the premium paid. Auditor independence and non-audit services Deloitte Touche Tohmatsu (Deloitte) was appointed as the Company’s external auditor at the 2011 Annual General Meeting and continues in office in accordance with section 327B(2) of the Corporations Act 2001. Ms Suzana Vlahovic was appointed as the Company’s lead audit partner commencing from FY24. The Group may decide to engage the auditor, Deloitte, for the provision of non-audit services, where such services are not in conflict with their role as auditor and their expertise and/ or detailed experience with the Company may allow cost efficiencies for the work. The Board has considered the position and, in accordance with advice received by the Audit and Risk Management Committee, is satisfied that the provision of non-audit services during the year by Deloitte is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 and does not compromise the external auditor’s independence. The Board also notes: ࣵthe engagements for all non-audit services provided by Deloitte were reviewed by the Chief Financial Officer, and where relevant, approved by the Audit and Risk Management Committee, in accordance with the Committee’s Charter and the Company’s policy on the engagement of the external auditor for the provision of non-audit services to ensure they do not impact the integrity and objectivity of the auditor; and ࣵthe non-audit services provided by Deloitte did not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision making capacity for the Group, acting as an advocate for the Group or jointly sharing economic risks or rewards. Deloitte provided non-audit services to the amount of $169,000 during the year ended 30 September 2025 (refer to note 24 to the financial statements). The lead auditor has provided a written declaration that no professional engagement for the Group has been carried out during the year that would impair Deloitte’s independence as auditor. A copy of the auditor’s independence declaration is set out on page 48 and forms part of this report. Proceedings on behalf of Dyno Nobel No application has been made under section 237 of the Corporations Act 2001 in respect of Dyno Nobel, and there are no proceedings that a person has brought or intervened in on behalf of Dyno Nobel under that section. Rounding As the Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, the amounts shown in this report and in the financial statements have been rounded off, except where otherwise stated, to the nearest one hundred thousand dollars. The Directors’ Report, which includes the OFR and the Remuneration Report, is signed in accordance with a resolution of the directors of Dyno Nobel. Greg Robinson Chair Mauro Neves CEO & Managing Director 10 November 2025 56 Directors’ Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Introduction from the Chair of the People and Remuneration Committee Dear Shareholders, On behalf of the Board, I am pleased to present the Remuneration Report for FY25 which sets out the remuneration arrangements for the Executive Key Management Personnel (KMP) and the Non-executive Directors. Our approach The Board’s goal is to ensure our remuneration framework provides a clear link between Group and individual performance and the creation of shareholder value, while also supporting alignment with our broader stakeholders. Performance is measured using targets that align to Dyno Nobel’s values, long-term strategy, shorter term financial outcomes, and relevant individual goals. Financial Year 2025 in review Under the leadership of CEO & Managing Director (MD) Mauro Neves, Dyno Nobel continued to deliver on its transformation strategy with strong execution against key priorities. A major milestone was achieved with the sale of the IPF Distribution business to Ridley Corporation and the Gibson Island land to Goodman Group. The Perdaman Offtake Agreement sale to Macquarie Group’s Commodities and Global Markets business also continues to progress. The sale process for Phosphate Hill is continuing. If an agreed sale cannot be reached by 31 March 2026, Dyno Nobel will progress an orderly closure of Phosphate Hill by 30 September 2026. Another significant achievement of the year was the completion of the eight-week major Moranbah turnaround project, which was delivered safely, on time, and within budget, demonstrating disciplined project management and operational excellence. Our Climate Change initiatives delivered tangible results again this year. The tertiary nitrous oxide (N2O) abatement installed at the nitric acid plant at Moranbah last year is continuing to perform well, achieving a 7% reduction in emissions. The LOMO abatement project, operational from 1 January 2025, has already delivered a 19% reduction in N2O emissions. Safety remained a critical focus throughout FY25. Compared to the previous year, the business achieved a 19% improvement in Total Recordable Injury Frequency Rate (TRIFR), saw a 40% reduction in employee lost workday case severity rates and recorded no incidents classified as serious harm. Incident reporting also improved significantly. These improvements reflect Dyno Nobel’s commitment to the safety and wellbeing of our people and embedding a culture of care, responsibility, and accountability across all operations. The Group delivered NPAT (excluding IMIs) of $423m on revenue of $5,345m. EBIT (ex IMIs) rose 23% to $714m, underpinned by favourable commodity and FX movements, as well as continued momentum from the transformation program. Dyno Nobel EBIT (excluding Fertilisers) declined 10% to $413m, reflecting the planned completion of three major manufacturing turnarounds during FY25 and the divestment of WALA in FY24. Reported Group NPAT was a loss of $53m, primarily driven by individually material items associated with the sale of the Fertiliser business and non-cash impairments. The Company also advanced its capital return program with shares valued at $430.6m bought back to date as part of the planned $900m on-market share buyback, representing 48% of the issued share capital with the second tranche underway, reflecting disciplined capital management and strong commitment to shareholder returns. The Board declared an interim dividend of 2.4 cents per share on 12 May 2025 and a final dividend of 9.5 cents per share, resulting in a total ordinary dividend of 11.9 cents per share for the financial year. KMP changes in FY25 In April we were pleased to announce the appointment of Mr Nitesh Naidoo as Chief Financial Officer (CFO) following the departure of his predecessor, Mr Paul Victor in February 2025. Mr Naidoo joined Dyno Nobel from Vocus, where he held the role of Chief Executive – Consumer Division and Group CFO. Prior to this, he held senior financial and leadership roles at Optus, Telefonica and T Mobile, in Australia and the UK. Mr Naidoo commenced employment in July 2025. Following the sale of the Fertilisers Distribution business, Mr Scott Bowman transitioned to Ridley Corporation, effective 1 October. The Board wishes to thank Mr Bowman for his significant contribution to the business and the successful execution of the sale. In October 2025 we announced the appointment of Mr Stuart Sneyd as President – Dyno Nobel Asia Pacific (DNAP). Mr Sneyd was most recently President of Asia Pacific for Metso, where he successful integrated the regional operations of Metso and Outotec. He brings extensive international experience in establishing and profitably growing operations across Europe, China, India, Australia and South East Asia Pacific. Mr Sneyd will commence employment in November 2025. Remuneration Framework changes in FY25 The Board remains focused on maintaining strong alignment between remuneration outcomes and long-term shareholder value creation. Annual Report 2025 57 For personal use only As disclosed in our FY24 Remuneration Report, in light of the ongoing business transformation program and the proposed sale of the Fertiliser business, the Board simplified the LTI program for FY25. The changes included reverting to the grant solely of performance rights in the LTI 2024-27 plan (noting the issue of a component of options in the LTI 2023-26 plan) and the removal of ROIC as a measure, recognising the material judgements and adjustments that would be required as a consequence of the disposal of the Fertiliser business. As a result, the performance measures in the LTI 2024-27 plan are equal weightings of Relative and Absolute TSR, with performance hurdles consistent with the LTI 2023-2026 grant. In addition, to further align KMP outcomes with shareholder outcomes, the remuneration mix for Executives was adjusted to place greater weighting on long-term incentives (LTI), consistent with the structure applied to the CEO & MD. Specifically, the short-term incentive (STI) opportunity for Executives (other than the CEO) was reduced from 60% of Fixed Annual Remuneration (FAR) at target and 120% at maximum, to 50% and 100% of FAR, respectively. At the same time, their LTI opportunity was increased to 120% of FAR. The CEO & MD’s pay mix remained unchanged with STI at 80% of FAR (target) and 120% of FAR (maximum) and LTI opportunity at 200%. Finally, the Minimum Shareholding Requirement (MSR) for the CEO & MD was increased to 200% of FAR and for other Executives, from 50% to 100%. The mandatory 25% STI deferral was amended to continue after an Executive’s MSR is achieved. Further details of the changes to LTI and STI arrangements can be found in Section 4 in our FY24 Remuneration Report. FY25 remuneration outcomes Fixed annual remuneration (FAR) KMP Fixed Remuneration was increased as foreshadowed in our FY24 Remuneration Report and detailed in section 2.2. Short-term incentive The CEO & MD achieved an STI outcome of 76.3% of maximum opportunity, with the average Executive KMP outcome being 57.8% of maximum. ࣵAt Group level, Headline NPAT (excluding IMIs) was achieved at between target and stretch levels. ࣵAdjusted NPAT (excluding IMIs and adjusted for currency and commodity prices) was achieved at between threshold and target. ࣵAdjusted EBIT for the DNA, DNAP and DNEL business units was achieved between threshold and target, while IPF did not reach threshold. ࣵClimate Change initiatives and business transformation measures delivered outcomes ranging from target to stretch. Further details on FY25 performance and incentive outcomes are set out in Section 2.1 and 2.3. Long-term incentive The LTI 2021 – 2024 plan included four metrics: Relative TSR (40%), ROIC (35%), Long-Term Value Metrics (15%) and Sustainability (ESG 10%). Relative TSR testing for 2021 – 2024 plan was completed in November 2024, which, when combined with the outcomes of the other metrics resulted in 47.68% of performance rights vesting (see Section 2.4). The LTI 2022 – 2025 plan included four metrics: Relative TSR (40%), ROIC (35%), Long-Term Value Metrics (15%) and Sustainability (10%). Of the 60% of Rights linked to non-TSR performance conditions, 25% will vest (see section 2.5). The ROIC outcome was 0% of the 35% weighting, reflecting below threshold performance over the period. TSR for the period will be tested following Dyno Nobel’s full year results in November 2025, with final outcomes reported at the AGM and in the FY26 Remuneration Report. We expect that no rights will vest under the TSR measure with likely total vesting under the Plan therefore being 25%. Non-executive Director fees Non-executive Director fees were restructured as foreshadowed in our FY24 Remuneration Report by the reduction in the Chair fee, introduction of a composite fee for Non-executive Directors other than the Chair, and the introduction of a travel allowance for the attendance of overseas board meetings. See Section 6. FY26 Remuneration Framework Fixed remuneration for Executive KMP will remain unchanged in FY26. Following the changes implemented in FY25 outlined above, the FY26 framework will remain consistent with FY25 save that, following the sale of the Fertiliser business, ROIC will be reintroduced as a 25% component of LTI with performance measures of 7% (threshold), 8% (target) and 8.5% (stretch). The reintroduction of ROIC reflects our focus on improving returns on capital over time as a focused explosives business. Absolute TSR (weighted at 50%) and Relative TSR (weighted at 25%), will be retained with vesting performance measures unchanged from FY25. There will be no increase to Non-executive Director fees for FY26 however the Board will seek shareholder approval at the Annual General Meeting to increase the Fee Cap from $2,000,000 to $2,500,000 to facilitate Board succession planning by enabling an overlap in director appointments. With the divestment of the Fertiliser business, Dyno Nobel is now a focused explosives business with a clear ambition. During FY26 the Board will review the remuneration framework to ensure it continues to support strategy execution and aligns rewards with performance outcomes. Closing On behalf of the Board, I thank you for your ongoing support of Dyno Nobel and of our remuneration practices. Tonianne Dwyer Chair, People and Remuneration Committee 58 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Remuneration Report 1. Introduction and Remuneration Report Summary��60 2. Remuneration Outcomes in 2025 Financial Year relative to the 2025 Financial Year Performance ��62 2.1 Analysis of relationship between the Company’s performance, shareholder wealth and remuneration ��62 2.2 2025 Fixed annual remuneration changes ��63 2.3 2025 STI outcome ��63 2.4 LTI 2021/24 outcomes ��65 2.5 LTI 2022/25 outcomes ��65 2.6 Remuneration and Exit arrangement for the new CFO and former CFO��68 3. Executive Remuneration and Governance ��68 3.1 Executive remuneration strategy ��68 3.2 Executive remuneration governance ��68 4. 2025 Executive Remuneration Framework ��69 4.1 Overview ��69 4.2 Fixed annual remuneration ��69 4.3 Short-term incentive – key terms ��69 4.4 Long-term incentive – key terms ��71 4.5 Executive service agreement terms ��73 4.6 Performance related remuneration ��73 4.7 Further details of Executive remuneration ��75 5. Overview of Remuneration Changes for the 2026 Financial Year ��76 6. Non-executive Director Remuneration ��76 7. Shareholdings in Dyno Nobel ��77 8. Other KMP Disclosures ��78 Annual Report 2025 59 For personal use only 1. Introduction and Remuneration Report Summary The Directors of Dyno Nobel present the Remuneration Report prepared in accordance with the Corporations Act 2001 (Cth) for the Company for the year ended 30 September 2025. This Remuneration Report is audited. This Remuneration Report sets out remuneration information for KMP who had authority and responsibility for planning, directing and controlling the activities of the Company during the 2025 financial year, being each of the Non-executive Directors and designated Executives. The use of the term “Executives” in this report is a reference to the CEO & MD’s direct reports and KMP during the 2025 financial year. Refer to Table 1 for all individuals comprising Dyno Nobel’s KMP for the 2025 financial year. All KMP held their positions for the entirety of the 2025 financial year, unless noted otherwise. Table 1 – Current and former individuals forming Dyno Nobel’s KMP for the 2025 reporting period Name Role Term as KMP Country of residence Non-executive Board Mr Gregory Robinson Chair and Independent Non-executive Director Full year Australia Mr Bruce Brook Independent, Non-executive Director Full year Australia Mr Michael Carroll Independent, Non-executive Director Full year Australia Ms Tonianne Dwyer Independent, Non-executive Director Full year Australia Ms Fiona Hick Independent, Non-executive Director Full year Australia Mr John Ho Non-Independent, Non-executive Director Full year Hong Kong CEO and Managing Director Mr Mauro Neves CEO and Managing Director Full year Australia Executive Mr Nitesh Naidoo Chief Financial Officer Appointed 1 July 2025 Australia Mr Greg Hayne President, Dyno Nobel Americas Full year USA Mr Scott Bowman(1) President, IPF Full year Australia Former Mr Paul Victor Former CFO Ceased 15 February 2025 Australia Tanya Rybarczyk(2) President, Dyno Nobel Asia Pacific Ceased 30 May 2025 Australia Dr Braden Lusk(3) Former President Dyno Nobel Americas Ceased 30 September 2024 USA (1) Mr Bowman’s role as President IPF ceased as of 30 September 2025 with the sale of the IPF Distribution business. (2) Ms Rybarczyk commenced on 20 January 2025 as President Dyno Nobel Asia Pacific and concluded on 30 May 2025. (3) Dr Lusk accepted a new non KMP role within Dyno Nobel as Chief Officer Marketing and Technology effective 1 October 2024. A summary of the Company’s approach to Executive remuneration for the 2025 financial year, including performance conditions and their link to the overall remuneration strategy, is set out below: Our key remuneration principles Dyno Nobel’s remuneration strategy is designed to support the objectives of the business and to enable the Company to attract, retain and reward Executives of the requisite skill and calibre. The key principles of the Company’s remuneration strategy are to: ࣵreward Executives for outcomes that deliver lasting value for shareholders at both the Group and business unit level; ࣵrequire behaviours that represents the Company’s values, culture, and code of conduct; ࣵpromote strong alignment with shareholder interests for mutual success; ࣵdesign Executive remuneration to focus on high performance, tied to ambitious financial and non-financial objectives; ࣵmaintain a globally competitive compensation structure to attract and retain top talent; ࣵreward individual high performance while promoting a collaborative, one-team culture; and ࣵensure the remuneration framework is fair, transparent, and easy to understand, communicate, and implement. 60 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Annual Report 2025 61 Component Purpose Link to strategy and performance Policy Mix (at target) Fixed Annual Remuneration (FAR) Salary and other benefits Refer section 4.2 for further details Reflects the accountabilities and expectations of the role. Attract, retain and motivate the right talent to deliver on Dyno Nobel’s strategy. Benchmarked against relevant Australian and international peer companies of similar size and complexity. Future increases linked to individual performance and effectiveness whilst continuing to have regard to market relevance. CEO & MD 100% in cash Other Executive KMP 100% in cash Short Term Incentive Annual incentive opportunity delivered in cash/restricted shares Refer section 4.3 for further details Motivate and reward performance aligned to near term strategy and supports longer- term value creation. Period: 1 year Achievement of outcomes is subject to meeting both financial and non-financial performance objectives. Safety performance reflects the Company’s unwavering commitment to Zero Harm for Everyone, Everywhere. The financial performance conditions are designed to support the Company’s financial direction and strategy, with achievement expected to translate into sustainable shareholder returns. These measures are clearly defined, measurable, and aligned to business performance. The non-financial performance conditions align to the Company’s broader strategy and focus on long-term value creation through environmental, social, and governance (ESG) priorities. Key strategic objectives emphasise targeted individual and collective impact, driving sustainable outcomes and reinforcing Dyno Nobel’s purpose and values. These objectives are aligned with Dyno Nobel’s Sustainability commitments, including Zero Harm (safety), GHG reductions in line with targets and the implementation of diversity initiatives. CEO & MD 80% of FAR at Target 120% of FAR at Maximum 50% deferral in equity Other Executive KMP 50% of FAR at Target 100% of FAR at Maximum 25% deferral in equity Long Term Incentive Delivered through performance rights. Refer section 4.4 for further details Supports the delivery of outstanding long-term returns to shareholders and align Executive and stakeholder interests through share ownership. Period: 3 years Performance conditions designed to encourage Executives to focus on the key performance drivers which underpin sustainable growth in shareholder value. Subject to two performance hurdles, measured over 3 years: ࣵPerformance Rights: Subject to Relative TSR (50%) and Absolute TSR (50%) for 2024/27. CEO & MD 200% of FAR 100% awarded in equity Other Executive KMP 120% of FAR 100% awarded in equity Remuneration outcomes summary FY25 STI LTI (2021/24) Payout Results CEO & MD: 114.4% of target 76.3% of maximum Other KMP (average): 115.7% of target 57.8% of maximum Full details in section 2.3 RTSR: 27.7% vesting (40%) ROIC: 0% vesting (35%) LTVM: 10% vesting (15%) Sustainability: 10% vesting (10%) 47.7% of total LTI vested Announced at 2024 AGM. Full details in section 2.4 LTI (2022/25) Forecast payout RTSR: Forecast 0% vesting (40%) ROIC: 0% vesting (35%) LTVM: 15% vesting (15%) Sustainability: 10% vesting (10%) 25% of total LTI vested For personal use only 0 2 4 6 8 2025 2024 2023 2022 2021 Total STI awarded NPAT before IMIs and excluding non-controlling interests $mill $mill Total STI awarded NPAT before IMIs and excluding non-controlling interests 0 200 400 600 800 1000 1200 Group performance and STI outcomes LTI Vesting %, ASX 100 Percentile Ranking 2. Remuneration Outcomes in 2025 Financial Year relative to the 2025 Financial Year Performance 2.1 Analysis of relationship between the Company’s performance, shareholder wealth and remuneration The table below summarises key financial indicators of the performance of the Company and relevant shareholder returns over the current financial year and the preceding four financial years. Table 2 – Indices relevant to the Board’s assessment of the Company’s performance and the benefit to shareholders NAME 2021 2022 2023 2024 2025 NPAT before IMIs and excluding non-controlling interests ($m) 358.6 1,027.1 582.1 400.8 423.4 EPS before IMIs (cents) 18.5 52.9 30.0 20.7 22.8 Share price ($) (Financial Year End)(1) 2.94 3.51 3.14 3.11 3.10 TSR (%) over 3 years(2) (25) 24 61 20 – ROIC (including goodwill) (%)(3) 7.7 12.4 6.1 6.3 8.2 Dividends per share (DPS) paid in the financial year (cents) 1.0 18.3 27.0 19.5 8.7 DPS declared in respect of the financial year (cents)(4) 9.3 27.0 15.0 10.6 11.9 On-market share buyback ($m) – – – 149.0 281.6 Capital return to shareholders of Dyno Nobel Limited ($m)(5) – – – 500.0 – (1) Share Price as at the end of the 2020 financial year was $2.03. (2) TSR is calculated in accordance with the rules of the LTI 2021/24, LTI 2022/25 and LTI 2023/26 plans as applicable, over the three-year performance period, having regard to the volume weighted average price (VWAP) of the shares over the 5 business days immediately following the day that Dyno Nobel’s annual results are released in November. The TSR for LTI 2022/25 was not known at the time of printing and will be disclosed in next year’s report. (3) Current year ROIC % excludes WALA. ROIC for the previous 4 financial years has also been restated to exclude WALA. (4) The Board declared an interim dividend of 2.4 cents per share on 12 May 2025 and a final dividend of 9.5 cents per share, resulting in a total ordinary dividend of 11.9 cents per share for the year 2025. (5) Following the sale of WALA in FY24, Dyno Nobel returned approximately $500m to shareholders via a pro-rata capital return including a share capital reduction of $302m and an unfranked special dividend of $198m. During FY25, the Group bought back shares valued at $281.6m (2024: $149.0m) as part of a planned $900.0m on-market share buyback program. The Group has now bought back a total of $430.6m worth of shares since the program commenced. Relationship between the Company’s performance and Executive KMP STI outcomes The graph below shows the relationship between the Company’s performance and STI awards for Executive KMP in respect of the year. For the 2025 financial year, Group NPAT (before IMIs and excluding non-controlling interests) increased from $400.8m to $423.4m. The financial gate for the STI opened as outlined in section 4.3 of this report, resulting in all Executives earning on average, 60.7% of Maximum 2025 STI awards. Relationship between the Company’s performance and Executive KMP LTI outcomes The graph below shows the relationship between Dyno Nobel’s TSR percentile ranking relative to its S&P/ASX 100 peer group over the three years that each plan operated, and the overall LTI vesting percentage that occurred for each plan. The LTI 2021/24 that vested in the 2025 financial year delivered 47.68% of total opportunity available for that plan. The LTI 2022/25 outcomes will be outlined in next year’s report (refer to footnote (2) under Table 2 above). 0 20 40 60 80 100 2025 2024 2023 2022 2021 % DNL Percentile Ranking in ASX 100 LTI Vesting 62 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only 2.2 2025 Fixed annual remuneration changes As outlined in our FY24 Remuneration Report, the following changes were made to Fixed Annual Remuneration (FAR) arrangements for KMP during FY25: ࣵMr Greg Hayne commenced his new role as President Dyno Nobel Americas (DNA) on 1 October 2024, with a FAR of $900,000, reflecting a 13.25% increase. ࣵCEO & MD and other Executive KMPs did not receive a FAR increase during FY25. In addition, Mr Nitesh Naidoo commenced as Chief Financial Officer (CFO) on 1 July 2025 with a FAR of $870,000. Further details of his appointment and related remuneration arrangements are provided in Section 2.6 of this Report. 2.3 2025 STI outcomes The STI awards reflect the Board’s recognition of a strong and successful year for the Company with notable achievements across multiple areas of the business. These include strong financial performance, significant progress on the transformation agenda, the successful sale of the IPF Distribution business and the Gibson Island land, and the establishment of a joint venture with Repkon USA to secure reliable, low-cost domestic supply of TNT. The statutory results for FY25 included individually material items (IMI’s) of $476.6m (net of tax) in aggregate, resulting in a statutory net loss after tax of $53.2m. The Board considered these items in assessing Executive STI outcomes and whether any further adjustments were appropriate. The Board determined that these items predominantly reflected the costs and accounting impacts of the Group’s strategic decision to exit the Fertilisers business and that the results adjusted for IMI’s more accurately represents the Group’s operational performance for the year. On this basis, Mr Neves, the CEO & MD achieved a STI score of 114.4% against his objectives resulting in a payment of 76.3% of his maximum opportunity. The Board considers this an appropriate outcome given his leadership during the year and the financial and other strategic achievements. CEO & MD Measure Objective (at Target) Weighting (at Target) Performance Outcome Performance against Objective Weighted Outcome Commentary Threshold Target Stretch Health, Safety & Environment Balanced Scorecard Lag Indicators: Personal Safety; Process Safety; Environmental Incidents. Leading Indicators: Significant Event Management; Zero Harm Plan. 10% Scorecard achieved a target result 9.0% Outcome between Threshold and Target. The business recorded three fewer Tier 1 and Tier 2 process safety incidents than last year, improved TRIFR by 19%, reduced lost-time injury severity by 40%, and enhanced incident reporting and safety leadership behaviours. These results demonstrate continued progress towards Dyno Nobel’s Zero Harm objectives. Headline Financial Group Headline NPAT(1) $362m (excluding individually significant items) 40% $441m 54.1% Group Headline NPAT was between Target ($361.9m) and Stretch ($474.3m). This reflects strong financial performance, underpinned by disciplined operating performance and effective cost management. Adjusted Financial Group Adjusted NPAT (1)(2) $362m 20% $333m 10.8% Outcome between Threshold and Target, driven by strong underlying performance in the explosives business, partially offset by weaker Fertilisers results. Climate Change Delivery of various Climate change and Diversity related projects Dyno Nobel is committed to long-term sustainable business growth through strong governance and management of GHG and other potential environmental impacts, climate-related risks and opportunities, diversity equity and inclusion, and ethical transparent practices. 10% Projects achieved at above target 12.5% Outcome between Target and Stretch, reflecting the development of four new decarbonisation opportunities in North America and Australia and improved diversity, equity and inclusion outcomes. Individual Objectives Strategic objectives Initiatives aligned to Dyno Nobel’s transformation program, including financial performance, cultural transformation, strategy and Australian Fertilisers divestment. 20% Projects achieved between target and stretch 28.0% Outcome between Target and Stretch, driven by strong delivery on transformation priorities, portfolio optimisation, and execution of the Fertilisers divestment, positioning the business for long-term growth. Overall STI Outcome % of Target Opportunity Awarded % of Maximum Opportunity Awarded 114.4% 76.3% (1) For STI calculation purposes, the Board determined at the commencement of FY25 that due to the uncertainty of delivery of contracted gas from PWC, both Headline and Underlying NPAT would be adjusted to reflect any variance from the budgeted Phosphate Hill gas cost assumptions. Accordingly, the performance outcomes were adjusted for the impact of gas costs incurred. (2) Adjusted means that results have been normalised to remove the impact of foreign exchange and commodity price movements. Annual Report 2025 63 For personal use only CFO Mr. Naidoo commenced as Chief Financial Officer on 1 July 2025. As he was not eligible to participate in the FY25 short-term incentive (STI) program, he was granted Performance Rights and Share Options in recognition of incentives forgone upon accepting the role at Dyno Nobel. Further details are provided in section 2.6. Individual STI outcomes for Executive KMP are summarised below. Executive KMP Objective (at Target) Weighting (at Target) Performance Outcome* Weighted Outcome Result % Target / % Max Commentary Threshold Target Stretch Current Executive KMP G Hayne Health, Safety & Environment (HSE) 10% 9.0% 131.3% (Target) 65.7% (Max) Mr Haynes delivered a strong performance across key operational and strategic measures, resulting in an overall STI outcome of 131.3%. DNA achieved 90% of its HSE target, reflecting improved operational risk management and process safety, although TRIFR remained below target. Financial outcomes were solid, with performance against Headline NPAT and Adjusted EBIT supported by disciplined cost management and strong manufacturing reliability. Near- stretch results were achieved under the ESG component, driven by progress in N₂O abatement and diversity initiatives. Strong execution of strategic priorities, including the Repkon TNT project and manufacturing reliability improvements, further underpinned the overall outcome. Headline NPAT 20% 34.1% Adjusted EBIT DNA 40% 35.7% Environmental, Social and Governance (ESG) 10% 18.7% Strategic Objectives 20% 33.8% S Bowman(1) Health, Safety & Environment (HSE) 10% 9.0% 85.3% (Target) 42.7% (Max) Mr Bowman delivered a solid performance across key operational and strategic priorities. IPF achieved 90% of its HSE target, reflecting improved operational risk management and process safety, although TRIFR remained below target. While sustainability outcomes were below target across several areas, strong delivery was achieved on key strategic objectives, and continued improvement in manufacturing reliability and cost control. In line with the transition arrangements agreed upon the sale of Ridley, Mr Bowman’s STI outcome was assessed at 100% of target. Headline NPAT 20% 34.1% Adjusted EBIT IPF 40% 0.0% Environmental, Social and Governance (ESG) 10% 6.2% Strategic Objectives 20% 36.0% (1) For STI calculation purposes, the Board determined at the commencement of FY25 that due to the uncertainty of delivery of contracted gas from PWC, both Headline and Underlying NPAT would be adjusted to reflect any variance from the budgeted Phosphate Hill gas cost assumptions. Accordingly, the performance outcomes were adjusted for the impact of gas costs incurred. * Performance outcome graphic updated from version released to the ASX. Table 3 – Short-term incentives awarded for the year ended 30 September 2025 The vesting profile of STI payments awarded as remuneration to each Executive KMP for the year ended 30 September 2025 is set out below: Short-term incentive for the year ended 30 September 2025 Cash STI $000 Minimum share holding allocation(A) $000 Included in remuneration $000 % earned of maximum opportunity % forfeited of maximum opportunity CEO & MD M Neves 618 618 1,236 76 24 Current Executive KMP N Naidoo – – – – – G Hayne 414 138 552 61 39 S Bowman 328 – 328 50 50 Former Executive KMP P Victor(1) – – – – – (A) Under the terms of the 2025 STI, where Executives have not met their Minimum Shareholding Requirements (MSR), the following applies: 25% of the ELT and 50% of the CEO & MD’s award is delivered in deferred shares with a 15-year restriction. When the MSR is met, the remaining deferred STI award will be delivered in deferred shares subject to a 12-month restriction. Shares are generally allocated around December. (1) Mr Victor ceased employment with Dyno Nobel on the 15 February 2025 and was not eligible to participate in the FY25 Executive STI Plan. 64 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only 2.4 LTI 2021/24 outcomes The performance period for the Absolute ROIC, Sustainability (Climate Change) and Long-Term Value Metrics conditions of the LTI 2021/24 ended on 30 September 2024 and the outcomes were reported in the 2024 Remuneration Report. The performance period for the Relative TSR condition concluded five days after the release of the Company’s full year results in November 2024. At the time of the 2024 Remuneration Report, the Relative TSR component was not known, and vesting was estimated to be in the range of 20% – 50% of maximum opportunity. The Relative TSR component (40% of award) vested at 27.68%. As a result, taking account of testing against all the performance conditions, the Board determined that 47.68% of the performance rights granted under the plan vested, with the remaining 52.32% lapsing. This was consistent with the estimated vesting range disclosed to shareholders in the 2024 Remuneration Report. 2.5 LTI 2022/25 outcomes The performance period for the Average ROIC, Sustainability (Climate Change) and Long-Term Value Metrics conditions of the LTI 2022/25 ended on 30 September 2025. The measurement of performance against these Metrics is set out below. The performance period for the Relative TSR condition will conclude following disclosure of the Company’s full year results in November 2025 and therefore after the date of this report. Total vesting of the LTI 2022/25 is currently expected to be 25% of maximum opportunity. Average ROIC – 35% of award The Average ROIC component (35% of the award) will not vest, as the Company’s average ROIC performance of 6.9% over the period was below the 10% threshold performance level. Sustainability – 10% of award The performance period for the Sustainability metric commenced on 1 October 2022 and ended on 30 September 2025. Outcomes were assessed by the Board against progress toward Dyno Nobel’s 2030 Targets, development of a scope 3 emissions reduction strategy, and progress on the following initiatives: 1. Moranbah N2O Tertiary Abatement Project: Completed in 2024, this project cuts greenhouse gas emissions (GHG) by around 200,000 tCO2e annually, removing current and future carbon pricing risks under the Safeguard Mechanism. The facility now operates below its emissions baseline and qualifies for Safeguard Mechanism Credits. 2. Waggaman CCS permanent geological CO2 sequestration project: This project progressed up until divestment of the asset in December 2023. 3. Louisiana, Missouri Tertiary N2O Abatement Project: Completed in 2025, this initiative reduces GHG by 520,000 tCO2e annually and lowers upstream customer scope 3 emissions by 1.7 tCO2e per one of ammonium nitrate sold from this facility. 4. Gibson Island Green Ammonia Project in partnership with FFI: The FFI Green Ammonia project, advanced by Dyno Nobel but discontinued by Fortescue Future Industries following the absence of a Final Investment Decision. The Board determined that, in light of the success of the abatement projects, the material progress achieved on the WALA project prior to disposal and the Group’s wider progress on sustainability initiatives as outlined in the Sustainability Report, this component should vest in full. Long-Term Value Metrics – 15% of award The Board determined that 100% of the 15% allocated to Long-Term Value Metrics will vest. Commentary on the performance against these conditions is set out in the following table. Long-Term Value Metric Condition Objectives Performance Outcome Commentary Threshold Target Stretch Margin of Technologies Achieve measurable improvement in Total Margin from sales of new technology products. This includes revenue generated from new technology and product releases, such as increased sales of current premium products (Delta E/ Titan 1000 and Gen 4 Digishot), as well as any innovations like Cyberdet I or gassed emulsions. The Margin is calculated as Operating Margin, which represents revenue after deducting cost of goods sold and other cost directly attributable to generating customer sales. Over the Long-Term Value Metrics Performance Period, the goal is to increase total margin compared to the FY22 baseline by at least $30m (threshold) and ideally $45m (stretch). The 2022 baseline of AUD $138.7m was significantly exceeded, resulting in a cumulative total margin of $242.6m over the performance period spanning FY23, FY24, and FY25. During this period, regional allocations were adjusted with EMEA and LATAM being moved to DNEL. Profitable Growth Dyno Global Growth: Measured by cumulative EBITDA growth above the FY22 Explosives EBITDA baseline of $508m. The stretch target for this metric was 10% compound annual growth (CAGR) over the 2022 baseline fully absorbed margin per metric tonne for DNA and DNAP. An outcome of 10.99% CAGR was attained which is above stretch (10%). Fertiliser Distribution Network: Leverage the distribution network to grow recurring earnings by increasing the FY22 baseline EBIT of $50.6m by $25m. The stretch target for this metric was a cumulative excess EBIT of $25m over the performance period FY23, FY24 and FY25. A near stretch outcome of $21.8m was achieved. Vesting for this component (%) 100% Having regard to the outcomes in relation to the input and output measures, the Board determined that 100% of the performance goals were delivered against the balanced scorecard delivering 15.0%. Annual Report 2025 65 For personal use only Relative TSR – 40% of award Current projections indicate that the Relative TSR component (40% of the award) will not vest, as Dyno Nobel’s TSR is below the 50th percentile of the S&P/ASX 100 index. Details of rights vested and lapsed for each performance condition will be confirmed at the upcoming Annual General Meeting and reported in full in the 2026 Remuneration Report. Table 4 – Value of equity granted to Executive KMP during FY25 The table below sets out the equity grants awarded to Executive KMP during financial year 2025. Equity granted in the year ended 30 September 2025 Rights LTI 2024/27(A) $000 FY24 STI Deferred Shares(B) $000 LTI 2023/26 Rights(C) $000 LTI 2023/26 Options(C) $000 Other STI Rights $000(1) Totals $000 CEO & MD M Neves 2,700 377 1,059 1,577 – 5,713 Current Executive KMP N Naidoo(1) – – 522 522 350 1,394 G Hayne 1,080 – – – – 1,080 S Bowman 786 27 – – – 813 Former Executive KMP P Victor(2) – – – – – – (A) LTI 2024/27 Rights of 888,625 allocated on 15 January 2024 for Mr Neves were approved at the AGM in December 2024. LTI 2024/27 is due to be released after Dyno Nobel’s full year results in 2027 subject to satisfaction of performance conditions. No Options were granted under the LTI2024/27 award. VWAP at allocation of performance Rights was $3.0384. (B) STI Deferred Shares awarded are subject to a maximum deferral period of 15 years from the STI offer date. VWAP at allocation was $3.0384 (5 business days prior to full year results announcement). (C) The Rights and Options under the LTI 2023/26 Plan agreed to be issued to Mr Neves upon joining the Group as CEO & MD were approved by shareholders at the AGM in December 2024 and were therefore issued during the FY25 financial year. Full details were provided in the FY24 Remuneration Report. Rights and Options under the LTI 2023/26 Plan were also awarded to Mr Naidoo upon joining the Group to replace LTI incentives forgone at his previous employer and to ensure full alignment with the CEO & MD and the Executive Leadership Team in achieving the Plan’s targets. Accordingly: i. LTI 2023/26 Rights (total number of Rights 198,781) were granted to Mr Naidoo on 7 July 2025 and are due to vest following the release of Dyno Nobel’s financial year 2026 results subject to his continuous employment with the Group. ii. LTI 2023/26 Options (total number of Options 1,569,925) were granted to Mr Naidoo on 7 July 2025 and will be subject to Absolute Total Shareholder Return performance conditions (aligned to the LTI2023/26 award conditions). (1) Mr Naidoo was awarded 133,283 Other STI Rights to the value of $350,000 in lieu of foregone incentives. The value was determined using the VWAP of $2.626 Dyno Nobel shares over the five business days period immediately prior to the announcement of his employment to the Australian Securities Exchange (ASX). These Rights are due to vest in the first trading period 6 months post grant. (2) Mr Victor ceased as a KMP on the 15 February 2025. 66 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Table 5 – Actual pay The table below provides a summary of actual remuneration received by the Executives in the 2025 financial year. The accounting values of the Executive remuneration, as reported in accordance with the Accounting Standards, may not always reflect what the Executives have actually received, particularly due to the valuation of share-based payments. To create greater transparency, this table sets out the remuneration, actually paid to Executives and the value of rights that vested during the 2025 financial year. The STI amounts shown relate to awards granted in the 2024 financial year and paid in the 2025 financial year. STI awarded for the 2025 financial year will be paid during the 2026 financial year. Executive remuneration prepared in accordance with statutory requirements and the Accounting Standards are presented separately in Table 9 of this report. Salary & Fees Short term incentive & other bonuses(A) Other short-term benefits(B) Superannuation / Pension benefits Other long-term benefits(C) Termination benefits Total Year $000 $000 $000 $000 $000 $000 $000 CEO & MD M Neves 2025 1,295 755 – 30 – – 2,080 CEO & MD 2024 848 – – 21 – – 869 Current Executive KMP N Naidoo(1) 2025 210 – 1 8 – – 219 CFO 2024 – – – – – – – G Hayne(2) 2025 870 739 226 30 323 – 2,188 President, Dyno Nobel Americas 2024 760 393 102 28 764 – 2,047 S Bowman 2025 625 525 2 30 – – 1,182 President, IPF 2024 209 – – 10 – – 219 Former Executive KMP P Victor(3) 2025 333 969 49 15 – 529 1,895 CFO 2024 1,003 708 177 28 – – 1,916 T Rybarczyk(4) 2025 262 – – 15 – 21 298 President, Dyno Nobel Asia Pacific 2024 – – – – – – – B Lusk(5) 2025 – – – – – _ _ President, Dyno Nobel Americas 2024 1,001 388 126 30 871 – 2,416 Total Executives 2025 3,595 2,988 278 128 323 550 7,862 2024 3,821 1,489 405 117 1,635 – 7,467 (A) Short term incentive & other bonuses include the Senior Manager Long Term Incentive pro-rata payment for Mr Bowman. (B) Other short-term benefits include rent and mortgage interest subsidies, dividend equivalent payments, relocation allowances and other allowances, where applicable. (C) Other long-term benefits include any long service leave paid and the value of shares that vested under the Group’s LTI plans. Long-Term Incentives include all plan-related instruments that vested during the year. The theoretical cash price is based on the Dyno Nobel share price on the day that shares were purchased. (1) Remuneration for Mr Naidoo reflects his remuneration as CFO from 1 July 2025. (2) Mr Hayne was appointed President, DNA with effect from 1 October 2024. (3) Mr Victor ceased as a KMP on 15 February 2025. Disclosures for the 2025 financial year are up until that date. (4) Ms Rybarczyk ceased as a KMP on 30 May 2025. Disclosures for the 2025 financial year are up until that date. (5) Dr Lusk ceased as a KMP on 1 October 2024 accepting a role as Chief Technology and Marketing Officer at Dyno Nobel. Annual Report 2025 67 For personal use only 2.6 Remuneration and Exit arrangements for the new CFO and former CFO Mr Naidoo was appointed Chief Financial Officer effective 1 July 2025. He joined Dyno Nobel from Vocus Group, where he previously served as Group Chief Financial Officer. His FAR on appointment was $870,000. As CFO, he has a target STI opportunity of 50% of FAR with a maximum opportunity of 100% of FAR. Mr Naidoo was not eligible to participate in the STI plan for the 2025 financial year. On commencement, Mr Naidoo was granted Options valued at $522,000 (1,569,925 Options), based on the original fair value calculation of the LTI 2023/26 at award. He was also granted service-based performance Rights valued at $522,000 (198,781 Rights), scheduled to vest following the release of the Company’s FY26 results, subject to continued employment. These awards were designed to replace long term incentive arrangements that Mr Naidoo forfeited on resignation from his previous employer and to fully align him with the rest of the Executive team in relation to the targets associated with the transformation program which underpin the LTI 2023/26 plan. In addition, Mr Naidoo was awarded equity in lieu of foregone short-term incentives, in the form of Performance Rights to the value of $350,000 (133,282 Rights). The number of Performance Rights was determined using the VWAP of Dyno Nobel shares over the five business days immediately prior to the ASX announcement of his appointment. These rights will vest six months after commencement, earliest on 31 December 2025. Mr Victor ceased employment with Dyno Nobel on the 15 February 2025. Mr Victor received his contractual entitlements on cessation including a pro-rata share of Performance Rights and Options under the 2022-25 and 2023-26 LTI Plans which will be tested at the conclusion of the relevant performance period, in accordance with Plan rules. 3. Executive Remuneration and Governance 3.1 Executive remuneration strategy Dyno Nobel embraces a set of Strategic Value Drivers that underpin the Company’s business and form the platform for the Company’s future earnings growth and shareholder returns. The Company’s commitment to addressing Environmental, Social and Governance (ESG) challenges and looking for opportunities in the decarbonisation of the world’s energy systems is an important constituent of the business strategy and integrated across all the Strategic Value Drivers: Zero Harm – Broadening and setting year-on-year improvement objectives across key metrics including environmental care and process safety. Talented and Engaged People – A safe, inclusive, high performing culture with engaged, diverse and inclusive teams focused on customers and value creation. Customer Focus – Partnering with our customers to create added value and practical solutions for today and the future. Manufacturing Excellence – Driving consistently high performance across all our assets and investigating ways to address our greenhouse gas emissions. Leading Technology Solutions – Innovation on the ground with practical solutions that our customers can use today to improve their operations and environmental outcomes. Profitable Growth – Focus on opportunities that are distinctive to our differentiated technology, core markets, core capabilities and market segments. Under the Strategic Value Driver of ‘Talented and Engaged People’, Dyno Nobel recognises that, to generate competitive returns for its shareholders, it requires talented people who are capable, committed and motivated. Dyno Nobel’s remuneration strategy is designed to support the objectives of the business and to enable the Company to attract, retain and reward Executives of the requisite skill and calibre. 3.2 Executive remuneration governance The remuneration of the Executives is set by the Board, having regard to recommendations from the People and Remuneration Committee. Where appropriate, the People and Remuneration Committee of the Board engage external advisors to provide input into the process of reviewing Executive and Non-executive Director remuneration. For the 2025 financial year, the People and Remuneration Committee received market and benchmarking data from various sources, but this information did not constitute a remuneration recommendation for the purposes of the Corporations Act 2001 (Cth). Further information in relation to the Board and the People and Remuneration Committee can be found in Dyno Nobel’s Corporate Governance Statement available on Dyno Nobel’s website. 68 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only 4. 2025 Executive Remuneration Framework 4.1 Overview The charts below set out the theoretical breakdown of the Executives’ total remuneration package for the 2025 financial year. The FAR component is inclusive of cash and superannuation only, whilst ‘at risk’ compensation is based on maximum entitlement that could potentially be awarded under the STI and LTI plans. The restricted shares component of the STI (50% for the CEO & MD, 25% for other Executive KMP) must be deferred until an Executive’s MSR is attained. 4.2 Fixed annual remuneration Executives receive their fixed annual remuneration (FAR) in a variety of forms, including cash, superannuation, and any applicable fringe benefits. The Executives’ FAR is set by reference to appropriate benchmark information for each Executive’s role, level of knowledge, skill, responsibilities and experience. The level of remuneration is reviewed annually in alignment with the financial year and with reference to, among other things, Company and individual performance and market data provided by an appropriately qualified and independent external data specialist. The following comparator groups are used to benchmark fixed annual remuneration: Comparator groups S&P/ASX listed companies with market capitalisation between 50% and 200% of Dyno Nobel market capitalisation (Primary Benchmark). S&P/ASX 100 listed companies. A select group of 17 S&P/ASX listed companies from the Industrials, Materials and Energy Sectors, selected on the basis of market capitalisation and related industry exposure, consisting of: AGL Energy, ALS, Ampol Australia, Atlas Arteria, Aurizon, BlueScope Steel, Brickworks, Cleanaway, Downer EDI, Fletcher Building, Orica, Origin Energy, Orora, Qube, Reliance Worldwide, Seven Group and Sims. For roles located outside Australia, market-specific data is used as an additional reference point for benchmarking purposes. 4.3 Short-term incentive – key terms The STI is an annual ‘at risk’ incentive which is dependent on the achievement of particular performance measures. The following table summarises the STI plan that applied in the 2025 financial year (2025 STI): What was the performance period? The performance period for the 2025 STI was the financial year from 1 October 2024 to 30 September 2025. Who was eligible for the STI? Executives who were employed prior to 31 March 2025 participated in the 2025 STI. What were the Performance Conditions and Measures? Performance conditions under the STI are determined by the Board for each financial year. The performance conditions for the 2025 STI are set out below: 31% Fixed 69% At Risk 76% At Risk 47% 38% LTI 24% 31% FAR FAR LTI 29% 31% STI – cash/restricted Shares STI – cash/restricted Shares CEO & MD Other Executives 24% Fixed Annual Report 2025 69 For personal use only Performance Conditions Measures to assess satisfaction of Performance Conditions Rationale for the Performance Conditions Zero Harm Safety performance balanced scorecard across the dimensions of behavioural and process safety management comprising input and output measures(1). To align with the Company’s commitment to “Zero Harm for Everyone, Everywhere”. Group Financial Performance Group NPAT (Net Profit After Tax)(2). Group Adjusted NPAT(3). To align Executive KMP with targeted profits that would contribute to shareholder returns. Business Unit Financial Performance Business Unit Adjusted EBIT (Earnings Before Interest and Tax)(3). To ensure robust alignment of performance in a particular business unit with reward for the Executive managing that business unit. Environmental, Social and Governance (ESG) Measures Diversity, Equity, Inclusion (DEI) and Sustainability related measures targeted at an Executive’s area of influence. Performance conditions are designed to align with the overall ESG strategy of the business and focuses an Executive on the key short-term objectives within their area of influence, that contribute towards the Company’s longer-term milestones. Strategic Outcomes Measures based on performance criteria for the execution and implementation of strategic objectives and business priorities. These include measures related to portfolio review and growth initiatives, product innovation and input to the delivery of key strategic projects. Tailored to individual Executive’s role, to drive performance and behaviours consistent with achieving critical aspects of the Group’s strategy. (1) In assessing the safety balanced scorecard, the Board may, in its discretion, have regard to the results achieved against the measures comprising the scorecard without applying a specific weighting to any particular measure. The balanced scorecard category measures include: Personal Safety; Process Safety/Significant Event Management; Operations Risk Transformation; Effective Safety Leadership; and the Zero Harm Plan. (2) The Board determined that the adjusted Headline NPAT target would be adjusted for material gas cost impacts. Accordingly, the Headline NPAT for STI purposes was adjusted to exclude the $16 million gas market impact, recognising it arose from external factors beyond management’s control. (3) Adjusted means that results have been restated to remove the impact of foreign exchange and commodity price movements. Where any Individually Material Item (IMI) is separately recognised in the financial report, the Board will have discretion to include or exclude the IMI for the purpose of determining any STI award, taking into account the nature of the IMI and having regard to whether, in the circumstances, it would be appropriate for the IMI to be attributable to Management. Determination of the extent to which each of the above measures was satisfied was based on a review by the Board of the audited financial report and performance of the Group for the financial year, following the annual performance review process for the Executives. Are there minimum performance levels which must be achieved before awards can be made under the STI? For the 2025 financial year, to ensure STI awards are aligned with business performance outcomes, the Board determined that a STI Financial Gate would operate. The STI Financial Gate reflects a requirement to exceed a designated level of the Group’s NPAT performance, or all non-safety components of the STI will be capped at a maximum of target payment. For FY25, this was determined to be threshold NPAT performance. The STI Financial Gate does not apply to any awards payable in relation to the Zero Harm performance condition, reflecting the primacy of safety. In relation to the Zero Harm performance condition, the Board retains discretion to forfeit all or part of the award payable for this performance condition in the event of a fatality or major incident having regard to the circumstances of the incident. What were the weightings for the STI performance measures? The weighting of Executives’ STI performance measures (as a percentage of 100%) for 2025 were: Table 6 – Weighting of Executive STI performance measures Group Headline NPAT Group Adjusted NPAT Business Unit Adjusted EBIT HSE ESG Strategic Outcomes CEO & MD M Neves* Chief Executive Officer 40% 20% – 10% 10% 20% Current Executive KMP N Naidoo * Chief Financial Officer 40% 20% – 10% 10% 20% G Hayne** President, Dyno Nobel Americas 20% – 40% 10% 10% 20% S Bowman** President, Fertilisers 20% – 40% 10% 10% 20% *Group role **Business Unit role 70 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Is there an STI deferral component? A mandatory STI deferral applies until an Executive’s MSR is achieved – 25% for Executives and 50% for the CEO & MD. The MSR is 200% of FAR for the CEO & MD and 100% of FAR for Executives. ࣵBefore MSR is met: deferral shares are subject to a 15-year restriction period. ࣵAfter MSR is met: the relevant portion of the Executive’s STI remains subject to a 12-month deferral period. How is the STI delivered? The STI is delivered in cash and restricted shares. Was there a clawback mechanism? Yes. The 2025 STI includes a clawback provision requiring repayment of all or part of any STI awarded within three years of payment where: ࣵa material misstatement is made, in the event of a material misstatement or omissions in Dyno Nobel’s financial statements results in a restatement of the audited financial report; or ࣵa participant has materially breached their obligations to the Company. 4.4 Long-term incentive – key terms The LTI is the long-term incentive component of remuneration for Executives. The LTI 2024/27 is provided in the form of Performance Rights (Rights). What are the key changes to the LTI in FY25? ࣵReverting to a grant of Performance Rights only in respect of the LTI 2024/27, reflecting that the grant of Options under the LTI 2023/26 was a one-off award. ࣵSimplifying the plan structure to focus on total shareholder returns with the LTI 2024/27 to be measured on both Relative TSR and Absolute TSR performance (50% weighting to each measure). ࣵThe range of Relative TSR performance spans from the 50th percentile (threshold) to the 100th percentile (maximum), with a sliding scale applied between the 50th and 75th percentiles, prorated between 50% and 99.9%. ࣵThe range of Absolute TSR performance is retained from the LTI 2023/26 grant (10% (threshold) to 25% (maximum) compound annual growth). The vesting schedule has been simplified to provide for partial vesting at threshold performance (30% of Rights subject to Absolute TSR) and sliding scale vesting from threshold to 100% vesting where 25% compound annual growth is achieved. It is considered there is a significant degree of stretch performance in these targets and full vesting under the Absolute TSR component will not occur unless there is a substantial return to shareholders over the performance period. Why were only two measures selected for FY25? ࣵThe Company decided not to include Average Return on Invested Capital (ROIC) in the LTI 2024/27 due to the significant adjustments required from material asset movements, which reduce transparency compared to RTSR and ATSR measures. ࣵWhile improving ROIC remains a key Group objective, the Company notes that achieving ROIC improvements is necessary to meet ATSR targets. ࣵFollowing the sale of the Fertilisers business, ROIC will be reintroduced into the LTI program for FY26. What LTI plans were granted for the 2025 financial year? The LTI Plan granted during the 2025 financial year was the LTI 2024/27. Under the LTI Plan, participants are entitled to acquire ordinary shares in the Company, on a one-right to one-share basis, for no consideration at a later date. The Rights are issued by Dyno Nobel and the entitlement of the participants to acquire ordinary shares is subject to the satisfaction of certain conditions. As no shares are provided to participants until vesting, Rights have no dividend entitlement. Rights lapse on expiry or exercise. What is the purpose of the LTI? The LTI is designed to link reward with the key performance drivers which underpin sustainable growth in shareholder value. As Rights granted under the LTI Plan result in share ownership on the achievement of demanding targets, the LTI ties remuneration to Company performance, as experienced by shareholders. The arrangements also support the Company’s strategy for retention and motivation of the Executives. What is the process for determining eligibility? The decision to grant the LTI Plans and to whom they will be granted is made annually by the Board, noting that the grant of Rights to the CEO & MD is subject to shareholder approval. Grants of Rights are calculated using the relevant percentage of an Executive’s FAR. What is the maximum LTI opportunity (face value)? For the CEO & MD – 200% FAR. 100% of the LTI opportunity was granted as Rights. Grants to the CEO & MD under the LTI 2024/27 were subject to shareholder approval at the 2024 Annual General Meeting. For all other Executives – 120% FAR. 100% of the LTI opportunity was granted as Rights. How was the number of Rights calculated under the LTI Plan? For the LTI 2024/27, the number of Rights issued to a participant was based on the volume weighted average price (VWAP) of the Company’s shares over the 5 business days immediately preceding the AGM on 19 December 2024 being $3.0384. Each issuance was determined by dividing the dollar value of the relevant participant’s LTI opportunity by this VWAP. What is the exercise price? Nil Annual Report 2025 71 For personal use only What are the performance conditions attached to the Rights? Relative TSR condition (50% of Rights) The Relative TSR condition requires growth in the Company’s TSR to be at or above the median of the companies in the comparator group, being the S&P/ASX 100. This condition provides shareholder alignment as it takes into account the Company’s share price movement as well as dividends paid, relative to other organisations comparable to the Company. The S&P/ASX 100 has been chosen as the comparator group because, having regard to the business segments in which the Company operates and, specifically, the absence of a sufficient number of direct comparator companies, the Board considers the S&P/ASX 100 to represent the most appropriate, and objective, comparator group. It also represents the group of companies against which the Company competes for shareholder capital. The Board has the discretion to vary the comparator group at any time, including to remove companies from, or include companies in, the comparator group. The table below sets out the Relative TSR condition, and the percentage of the Rights that will vest based on satisfaction of this condition. Relative TSR ranking of Dyno Nobel % of Rights subject to the Relative TSR condition that will vest Less than 50th percentile Nil 50th percentile 50% Greater than 50th percentile and up to 75th percentile Pro rata between 50% and 99.9% At 75th percentile to 100th percentile 100% The Relative TSR condition will be measured over the period from the commencing on the 6th Business Day after the day of Dyno Nobel’s 2024 full year results announcement and ending on the 10th Business Day after the day of Dyno Nobel’s 2027 full year results announcement (expressed as a percentage). Absolute TSR condition (50% of Rights) The Absolute TSR condition requires the Company to achieve a specific target level of total shareholder return over the performance period, independent of the performance of other companies. This condition drives a direct focus on delivering positive returns to shareholders through share price appreciation and dividends, ensuring alignment with shareholder interests by emphasising absolute value creation rather than relative performance. The table below sets out the Absolute TSR condition for the LTI 2024/27, and the percentage of Rights that will vest based on satisfaction of this condition: Absolute TSR Targets (CAGR) % of Rights subject to the Absolute TSR condition that will vest Less than 10% Nil At 10% 30% Between 10% and up to and including 25% Pro-rata from 30% to 100% on a straight-line basis The Absolute TSR condition will be measured over the period commencing on the 6th Business Day after the day of Dyno Nobel’s 2024 full year results announcement and ending on the 10th Business Day after the day of Dyno Nobel’s 2027 full year results are announcement (expressed as a percentage). When are the performance conditions measured? After the expiry of the relevant performance period, the Board determines whether the performance condition attached to the Rights are satisfied. The performance conditions are tested once, at the end of the relevant performance period. If the performance conditions are satisfied and the Rights vest, the participant is entitled to receive ordinary shares in the Company. The participant does not pay for those shares. What happens if a participant leaves the Company? Generally, the Rights granted under the LTI Plans will lapse on cessation of employment except where the participant has died, becomes totally and permanently disabled, is retrenched, retires or is terminated without cause (good leaver). In those circumstances (subject to Board discretion), the number of Rights retained by the participant will be reduced pro rata to reflect the proportion of days worked during the relevant performance period and will be tested in the ordinary course. In what other circumstances may the performance rights vest (which may be before or after the expiry of the performance period) under the LTI Plans? The Board may provide a notice to the participants specifying that the Rights will vest at a time stipulated in the notice on the occurrence of one of the following events in relation to the Company: ࣵa takeover bid; ࣵa change of control; ࣵthe Court ordering a meeting be held in connection with a scheme for the reconstruction of the Company or its amalgamation with any other companies; or ࣵa voluntary or compulsory winding-up. Is there a mechanism for claw back? The LTI Plan includes a clawback provision, which requires the repayment of vested awards where payment has exceeded the restated position. This includes overpayments resulting from a material misstatement or omissions in Dyno Nobel’s financial statements on where a participant has materially breached their obligations to the Company. 72 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only 4.5 Executive service agreement terms Remuneration and other terms of employment for the Executives are formalised in service agreements. Most Executives are engaged on similar contractual terms, with minor variations to reflect differing circumstances. Each agreement is of unlimited duration, but may be terminated by the Company: ࣵImmediately for cause, in which case no separation payments are made other than accrued entitlements such as leave; or ࣵWithout cause, with or without notice, in which case the Company must pay a separation payment in accordance with the terms of the agreement, in addition to any accrued entitlements. The notice periods applicable to Executives are summarised in the table below: Current Executives KMP Notice period to be provided by the Executive Notice period to be provided by the Company M Neves 52 weeks 52 weeks N Naidoo 26 weeks 26 weeks G Hayne(1) 26 weeks 52 weeks S Bowman(2) 26 weeks 26 weeks (1) Mr Hayne is employed under an historical service agreement that provides for a separation payment equivalent to 52 weeks of Fixed Annual Remuneration (FAR), subject to the termination provisions of the Corporations Act. (2) Mr Bowman transitioned to the buyer of the Fertilisers business effective 1 October 2025. 4.6 Performance related remuneration Table 7 – Details of Rights granted and vested in the year ended 30 September 2025 and the vesting profile of Rights granted as remuneration Rights vested and forfeited during the year, as set out in the table below, relate to the Rights granted under the LTI 2021/24 Plan (refer to section 2.4 of this Report) and to additional grants made to Mr Naidoo upon commencement of his role as Chief Financial Officer (CFO). The performance period for the Relative TSR condition in the LTI 2022/25 plan concludes in November 2025. Accordingly, only the non-TSR performance conditions attached to the LTI 2022/25 Plan can be reported in the current year (refer to section 2.5 of this Report). Detailed reporting on the LTI 2021/24 tranche is included under section 2.4. Key Management Personnel Grant date Granted during 2025 as remuneration(A) $000 Exercised in year $000 Vested in year % Forfeited in year % Financial year in which grant vested or could vest Maximum value of outstanding rights(A) $000 CEO & MD M Neves Long-term incentive rewards LTI 2023/26 – Rights 15 January 2025 789 – – – 2026 789 LTI 2023/26 – Rights (capital return additional grant) 15 January 2025 46 – – – 2026 46 LTI 2023/26 – Options 15 January 2025 1,208 – – – 2026 1,208 LTI 2023/26 – Options (capital return additional grant) 15 January 2025 71 – – – 2026 71 LTI 2024/27 – Rights 15 January 2025 875 – – – 2027 875 Current Executive KMP N Naidoo Short term incentive rewards 2025 Special Performance Rights 7 July 2025 350 – – – 2026 350 Long term incentive rewards LTI 2023/26 – Rights 7 July 2025 374 – – – 2026 374 LTI 2023/26 – Options 7 July 2025 381 – – – 2026 381 G Hayne Long-term incentive rewards LTI 2021/24 – Rights 17 January 2022 – 291 48 52 2024 – LTI 2021/24 – Rights (capital return additional grant) 29 August 2024 – 32 48 52 2024 – LTI 2022/25 – Rights 23 November 2022 – – – – 2025 382 LTI 2022/25 – Rights (capital return additional grant) 29 August 2024 – – – – 2025 22 LTI 2023/26 – Rights 8 March 2024 – – – – 2026 314 LTI 2023/26 – Rights (capital return additional grant) 29 August 2024 – – – – 2026 18 LTI 2023/26 – Options 8 March 2024 – – – – 2026 348 LTI 2023/26 – Options (capital return additional grant) 29 August 2024 – – – – 2026 20 LTI 2024/27 – Rights 15 January 2025 355 – – – 2027 355 Annual Report 2025 73 For personal use only Key Management Personnel Grant date Granted during 2025 as remuneration(A) $000 Exercised in year $000 Vested in year % Forfeited in year % Financial year in which grant vested or could vest Maximum value of outstanding rights(A) $000 S Bowman LTI 2023/26 – Rights 27 June 2024 – – – – 2026 87 LTI 2023/26 – Rights (capital return additional grant) 29 August 2024 – – – – 2026 5 LTI 2023/26 – Options 27 June 2024 – – – – 2026 287 LTI 2023/26 – Options (capital return additional grant) 29 August 2024 – – – – 2026 17 LTI 2024/27 – Rights 15 January 2025 259 – – – 2027 259 Former Executive KMP P Victor LTI 2022/25 – Rights 23 November 2022 – – – 23 2025 345 LTI 2022/25 – Rights (capital return additional grant) 29 August 2024 – – – 23 2025 20 LTI 2023/26 – Rights 8 March 2024 – – – 57 2026 158 LTI 2023/26 – Rights (capital return additional grant) 29 August 2024 – – – 57 2026 9 LTI 2023/26 – Options 8 March 2024 – – – 60 2026 162 LTI 2023/26 – Options (capital return additional grant) 29 August 2024 – – – 60 2026 10 (A) For the long-term incentive awards, the value of Rights granted in the year represents the fair value at the grant date, determined using a Black-Scholes option-pricing model. The fair value of these Rights is disclosed in Table 9 and is expensed over the vesting period, being the 2024, 2025 and 2026 financial years. The maximum value of outstanding Rights is based on the fair value at the grant date. This may differ from the actual value realised should the Rights vest, depending on the Company’s share price and performance at that time. The minimum value of Rights yet to vest is zero, as vesting is contingent on the achievement of specified performance conditions. Modification of terms of equity-settled share-based payment transactions No terms of equity-settled share-based payment arrangements (including performance rights) granted to any KMP were altered, modified or varied by the issuing entity during the reporting period. Table 8 – Movements in rights over equity instruments in the Company The table below summarises the movement during the reporting period in the number of rights and options over ordinary shares in the Company held directly, indirectly or beneficially by each KMP, including their related parties, is as follows: Number of Rights and Options Key Management Personnel Opening balance Granted as compensation(A) Vested(B) Forfeited(C) Closing balance CEO & MD M Neves Long term incentive rewards (Rights) – 1,259,985 – – 1,259,985 Long term incentive rewards (Options) – 4,779,656 – – 4,779,656 N Naidoo Short-term incentive rewards (Rights) – 133,282 – – 133,282 Long-term incentive rewards (Rights) – 198,781 – – 198,781 Long-term incentive rewards (Options) – 1,569,925 – – 1,569,925 G Hayne Long-term incentive rewards (Rights) 542,158 355,450 (95,020) (104,269) 698,319 Long-term incentive rewards (Options) 1,519,356 – – – 1,519,356 S Bowman Long-term incentive rewards (Rights) 48,781 258,688 – – 307,469 Long-term incentive rewards (Options) 1,252,269 – – – 1,252,269 Former Executive KMP P Victor Long-term incentive rewards (Rights) 400,741 – – (162,016) 238,725 Long-term incentive rewards (Options) 1,775,738 – – (1,068,064) 707,674 (A) For the 2025 financial year, this represents the Rights granted to Executives during the reporting period under the LTI 2024/27. The FY25 award for Mr Neves will be allocated subject to shareholder approval at the 2025 Annual General Meeting (AGM). (B) For the 2025 financial year, this represents the number of Rights vested during the reporting period under medium-term incentive and the LTI 2021/24 Plan. Each Right entitles the participating Executive to acquire one fully paid ordinary share in Dyno Nobel for zero consideration. (C) For the 2025 financial year, for Mr Hayne, this represents rights forfeited during the period under the LTI 2021/24 Plan. For Mr Victor, this represents the Rights and Options forfeited upon cessation of employment. 74 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only 4.7 Further details of Executive remuneration Table 9 – Executive remuneration Details of the remuneration for each Executive KMP for the year ended 30 September 2025 in accordance with Accounting Standards are set out below: Short-term benefits Post employment benefit Other long term benefits(B) Termination benefits Share-based payments Accounting values Salary & Fees Short term incentive & other bonuses Other short term benefits(A) Super- annuation / Pension benefits Current period expense(C) Prior periods expense write-back(C) Total share-based payments Total Year $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 CEO & MD M Neves 2025 1,295 1,236 – 30 11 – 1,082 – 1,082 3,654 CEO & MD 2024 848 755 – 21 4 – – – – 1,628 Current Executive KMP N Naidoo(1) 2025 210 – 1 8 1 _ 678 _ 678 898 Chief Financial Officer 2024 – – – – – – – – – – G Hayne(2) 2025 870 552 226 30 67 – 426 (28) 398 2,143 President, Dyno Nobel Americas 2024 760 739 102 28 27 _ 403 (77) 326 1,982 S Bowman 2025 625 328 2 30 11 – 217 – 217 1,213 President, IPF 2024 209 162 – 10 92 – 132 – 132 605 Former Executive KMP P Victor(3) 2025 333 – 49 15 – 529 181 (200) (19) 907 Chief Financial Officer 2024 1,003 969 177 28 9 – 361 (4) 357 2,543 T Rybarczyk(4) 2025 262 – – 15 – 21 – – – 298 President, Dyno Nobel Asia Pacific 2024 – – – – – – – – – – B Lusk(5) 2025 – – – – – – – – – – President, Dyno Nobel Americas 2024 1,001 609 126 30 – – 473 (88) 385 2,151 Total Executives 2025 3,595 2,116 278 128 90 550 2,584 (228) 2,356 9,113 2024 3,821 3,234 405 117 132 – 1,369 (169) 1,200 8,909 (A) Other short-term benefits include medical insurance benefits, travel allowances and other allowances, where applicable. (B) Other long-term benefits represent long service leave accrued during the reporting period. (C) In accordance with accounting standards, remuneration includes the amortisation of the fair value at grant date of performance rights issued under the LTI Plans that are expected to vest, less any write-back on performance rights lapsed or expected to lapse as a result of actual or expected performance against non-market hurdles (“Option Accounting Value”). The value disclosed in the above Table 9 represents the portion of fair value allocated to this reporting period and is not indicative of the benefit, if any, that may be received by the Executive should the performance conditions with respect to the relevant long-term incentive plan be satisfied. For Mr Neves expenses for FY24 and FY25 are stated above. (1) Mr Naidoo received the following sign-on grants: Performance Rights (STI replacement*) to the value of $350,000 (133,282 Rights), Performance Rights (aligned to LTI2023/26) to the value of $522,000 (198,781 Rights) and Options (aligned to LTI2023/26) to the value of $522,000 (1,569,925 Options). *Performance Rights in lieu of foregone STI will vest six months post commencement on the condition of being employed at the time of vesting. Rights will be subject to restrictions (earlier of 15 years or termination of employment). (2) FAR payments for Mr Hayne are in AUD. (3) Mr Victor ceased as KMP on 15 February 2025. (4) Ms Rybarczyk ceased as KMP on 30 May 2025. (5) Dr Lusk ceased KMP responsibilities on 30 September 2024. Fair value per share treated as rights at grant date LTI 2020/23 – TSR $1.69 LTI 2020/23 – Long-Term Value Metrics $2.29 LTI 2020/23 – Absolute ROIC $2.29 LTI 2021/24 – TSR $1.75 LTI 2021/24 – Long-Term Value Metrics $2.86 LTI 2021/24 – Absolute ROIC $2.86 LTI 2021/24 – Sustainability $2.86 LTI 2022/25 – TSR $1.48 LTI 2022/25 – Long-Term Value Metrics $3.08 LTI 2022/25 – Average ROIC $3.08 LTI 2022/25 – Sustainability $3.08 LTI 2023/26 – rTSR (Rights) $1.28 LTI 2023/26 – Average ROIC (Rights) $2.48 LTI 2023/26 – aTSR (Options Tranche 1) $0.26 LTI 2023/26 – aTSR (Options Tranche 2) $0.23 LTI 2023/26 – aTSR (Options Tranche 3) $0.22 LTI 2024/27 – rTSR (relative) $1.42 LTI 2024/27 – aTSR (absolute) $0.55 Annual Report 2025 75 For personal use only 5. Overview of Remuneration Changes for the 2026 Financial Year The Board continues to review the objectives and operation of the Executive Remuneration Framework to ensure it remains appropriate to best support the execution of our strategies to increase shareholder value, retain and motivate our key talent and ensures alignment with our other key stakeholders. Long Term Incentive Following the sale of the Fertilisers business and in the context of the Company’s ongoing business transformation program, the Board undertook a review of the Long Term Incentive (LTI) structure and determined to reintroduce Return on Invested Capital (ROIC) as a measure under the FY26 LTI Plan with performance measures of 7% (threshold), 8% (target) and 8.5% (stretch). The reintroduction of ROIC reflects Dyno Nobel’s strategic focus on capital efficiency and disciplined investment, and reinforces the importance of achieving sustainable returns above the Company’s cost of capital. The Board considers that a balanced combination of Absolute TSR (50%), Relative TSR (25%), and ROIC (25%) performance measures provides a clear line of sight between long term executive rewards, business performance, and shareholder outcomes. Otherwise, there will be no changes to the broader Executive Remuneration Framework for FY26, and no adjustment to Executive KMP remuneration levels. However, in light of the sale of the Fertilisers business, the Board will conduct a comprehensive review of the Executive Remuneration Framework during FY26 to ensure it continues to appropriately incentivise and reward delivery of the Company’s refocused strategy. Full details of any updated remuneration arrangements applicable to the 2027 financial year will be disclosed in the 2026 Remuneration Report for implementation in FY27. 6. Non-executive Director Remuneration Dyno Nobel’s policy is to: ࣵremunerate Non-executive Directors by way of fees and payments which may be in the form of cash and superannuation benefits; and ࣵset the level of Non-executive Directors’ fees and payments to be consistent with the market and to enable the Dyno Nobel Group to attract and retain directors of an appropriate calibre. Non-executive Directors are not remunerated by way of options, shares, performance rights, bonuses nor by incentive based payments. As outlined in our FY24 Remuneration Report, the fees for Non-executive Directors were restructured in FY25. The Chair’s fee was reset at $500,000 per annum, reflecting the responsibilities and commitment associated with the role. All other Non-executive Directors (excluding the Chair) receive a composite fee of $225,000 per annum, comprising a notional base fee element of $180,000 and $45,000 per year to recognise Committee memberships and participation. This approach acknowledges that most directors attend all Committee meetings, not solely those of which they are formal members. An additional fee is paid to committee chairs in recognition of their increased workload and responsibilities, being: ࣵ$25,000 per annum for the Audit & Risk Management Committee (ARMC) Chair; and ࣵ$20,000 per annum for the Safety & Sustainability Committee (SSC) and People & Remuneration Committee (PRC) Chairs. Director minimum shareholding requirements are measured by reference to the notional base fee of $180,000, consistent with current practice. A travel allowance of $5,000 per overseas trip is payable to all directors to reflect the additional time commitment associated with international travel for Board meetings and site visits. The total travel allowance payable to an Australian-based director is capped at $10,000 per annum. This cap does not apply to overseas-based directors travelling regularly to Australia for Board meetings. Shareholder approval will be sought at the 2025 Annual General Meeting (AGM) for an increase in the total annual NED fee pool from $2.0m to $2.5m, providing the Board with capacity to appoint additional directors in the future to support Board succession planning. There will be no increase in Non-Executive Directors fees in FY26. 76 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Table 10 – Non-executive Directors’ remuneration Details of the Non-executive Directors’ remuneration for the financial year ended 30 September 2025 are set out in the following table: Board and Committee Fees Cash allowances and other short- term benefits(A) Post-employment benefits Other long term benefits Fees Superannuation benefits Total Year $000 $000 $000 $000 $000 Current Non-executive Directors G Robinson 2025 478 5 22 – 505 2024 472 – 28 – 500 B Brook 2025 237 5 13 – 255 2024 240 – 13 – 253 M Carroll 2025 202 5 23 – 230 2024 176 – 20 – 196 T Dwyer 2025 238 5 7 – 250 2024 221 – 25 – 246 F Hick 2025 219 5 26 – 250 2024 15 – 2 – 17 J Ho(1) 2025 – – – – – 2024 – – – – – Former Non-executive Directors G Biltz(2) 2025 – – – – – 2024 43 5 – – 48 B Kruger, Chair(3) 2025 – – – – – 2024 54 – 7 – 61 X Liu(4) 2025 – – – – – 2024 158 – – – 158 Total Non-executive Directors 2025 1,374 25 91 – 1,490 2024 1,379 5 95 – 1,479 (A) Cash allowances and other short-term benefits include travel allowances. (1) Mr Ho elected to waive his entitlement to receive Non-executive Director fees from Dyno Nobel. (2) Mr Biltz ceased to be a Non-executive Director with effect from 20 December 2023. (3) Mr Kruger ceased to be Chair and a Non-executive Director with effect from 11 November 2023. (4) Dr Liu ceased to be a Non-executive Director with effect from 31 May 2024. 7. Shareholdings in Dyno Nobel The Board considers that an important element of the Dyno Nobel’s remuneration framework is the requirement of Executive KMP and Non-executive Directors to accumulate and hold a meaningful shareholding in the Company. The approach ensures alignment of their interest with those of shareholders and reinforces a long-term focus on sustainable value creation. Executives Executive KMP are required to attain and maintain a MSR to strengthen alignment between Executive and Shareholder interests. ࣵ The CEO & MD must hold the equivalent of 200% of Fixed Annual Remuneration (FAR) in Dyno Nobel shares, within five years of appointment. ࣵOther Executive KMP are required to hold Dyno Nobel shares equivalent to 100% of FAR, within the same five-year period. At 30 September 2025, all Executive KMP (including the CEO & MD) had either achieved, or were on track to achieve, their MSR obligation within the required timeframe. Non-executive Directors The MSR for Non-executive Directors is designed to align the interests of Directors and shareholders by ensuring Directors maintain personal investment in the Company. Each Non-executive Director is required to hold the equivalent of 100% of their base Board fee in Dyno Nobel shares and/or rights to shares fully sacrificed under the Non-executive Director Fee Sacrifice Plan, within five years of appointment. As at 30 September 2025, all Non-executive Directors had achieved, or were progressing toward achievement of, their MSR obligations within the required timeframe. Annual Report 2025 77 For personal use only Table 11 – Movements in rights in the Company Dyno Nobel’s Non-executive Director Fee Sacrifice Plan (the Plan) commenced in 2019. The next tranche of rights is scheduled to vest in November 2025. These rights, as well as those that subsequently convert to shares, combine to form part of the Non- executive Director’s holding for the purpose of calculating compliance with their MSR obligation. The movement during the reporting period in the number of rights for each Non-executive Director, including their related parties, is set out in the table below: Number of Rights (A) Opening balance Rights acquired Vested (B) Closing balance G Robinson 28,751 53,671 (54,608) 27,814 B Brook 6,390 12,421 (12,136) 6,675 M Carroll – – – – T Dwyer 6,389 12,422 (12,135) 6,676 F Hick – 6,675 – 6,675 J Ho – – – – (A) Includes movements of rights acquired under the Plan. (B) For the 2025 financial year, this represents the number of rights vested during the reporting period under the Plan. Table 12 – Movements in shares in the Company The movement during the reporting period in the number of shares in the Company held directly, indirectly or beneficially, by each KMP, including their related parties, is set out in the table below: Number of Shares(A) Opening balance Shares acquired Shares disposed Closing balance(B) % minimum shareholding achieved(C) Current Non-executive Directors G Robinson(1) 83,073 159,946 – 243,019 162% B Brook 100,064 12,474 – 112,538 198% M Carroll 58,758 – – 58,758 98% T Dwyer 37,526 12,473 – 49,999 94% F Hick(2) – – – – 11% J Ho(3) 173,065,979 2,638,982 (18,215,486) 157,489,475 N/A Current Executive KMP M Neves – 124,173 – 124,173 14% N Naidoo – – – – 0% G Hayne 452,408 95,020 – 547,428 182% S Bowman – 8,838 – 8,838 4% Former Executive KMP P Victor 134,152 – (134,152) – – (A) Includes fully paid ordinary shares and shares acquired under Dyno Nobel’s incentive plans. Details of these plans are set out in note 19, Share-based payments. (B) Where a director or an Executive has ceased to be a KMP during the reporting year, the balance stated in this column represents the number of shares held as at the date the Director or Executive ceased to be a KMP. (C) MSR is calculated based on the 20 day VWAP up until and including the 30th of September 2025. For Non-executive Directors the total number of shares and unvested rights granted under the NED Share Plan is counted towards the MSR. For Executive KMP, other than the CEO & MD, the % of minimum shareholding received is shown as a percentage of 100% of their FAR. (1) Mr Robinson was appointed as Chair of the Board with effect from 11 November 2023. Following his fee increase as Chair, the Board determined that Mr Robinson be permitted an additional 5-year period from appointment of Chair to satisfy his increased MSR. Mr. Robinson’s balance was updated to 83,073 following a review of prior-year records. (2) Ms Hick was appointed as an Independent Non-executive Director with effect from 1 September 2024. (3) Mr Ho is the founder and Chief Industrialist Investor of Janchor Partners which has indirectly (through Janchor Partners’ investment funds) a 13.61% interest in Dyno Nobel (including a relevant interest of 8.77% in Dyno Nobel’s voting shares and a non-voting economic interest in a further 4.84% through cash-settled equity derivatives in 86,870,544 ordinary shares). The change in shareholding during the financial year reflects a reduction of voting shares and an increase of non-voting interests. For further details, see Mr Ho’s Appendix 3Y dated 12 August 2025 and Janchor Partners’ substantial holder notices dated 23 May 2025 and 7 November 2025. 8. Other KMP Disclosures Loans to KMP In the year ended 30 September 2025, there were no loans to key management personnel and their related parties (2024: nil). Other KMP transactions In the year ended 30 September 2025, there were no transactions entered into during the year with key management personnel (including their related parties). 78 Remuneration Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation. Deloitte Touche Tohmatsu A.B.N. 74 490 121 060 477 Collins Street Melbourne VIC 3000 Tel: +61 3 9671 7000 www.deloitte.com.au 10 November 2025 The Board of Directors Dyno Nobel Limited Level 8, 28 Freshwater Place Southbank Victoria 3006 Dear Board Members Auditor’s Independence Declaration to Dyno Nobel Limited In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Dyno Nobel Limited. As lead audit partner for the audit of the financial report of Dyno Nobel Limited for the financial year ended 30 September 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: • the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and • any applicable code of professional conduct in relation to the audit. Yours faithfully DELOITTE TOUCHE TOHMATSU Suzana Vlahovic Partner Chartered Accountants Annual Report 2025 79 For personal use only Financial Report Introduction��81 Content and Structure of the Financial Report��81 Consolidated Statement of Profit or Loss and Other Comprehensive Income��82 Consolidated Statement of Financial Position��84 Consolidated Statement of Cash Flows��85 Consolidated Statement of Changes in Equity��86 Notes to the Consolidated Financial Statements ��87 Consolidated Entity Disclosure Statement ��124 Directors’ Declaration on the Consolidated Financial Statements set out on pages 80 to 125��126 Independent Auditor’s Report��127 80 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Introduction This is the consolidated financial report of Dyno Nobel Limited (the Company, or Dyno Nobel) a company domiciled in Australia, and its subsidiaries including its interests in joint ventures and associates (collectively referred to as the Group) for the financial year ended 30 September 2025. Content and Structure of the Financial Report The notes to the financial statements and the related accounting policies are grouped into the following distinct sections in the 2025 financial report. The accounting policies have been consistently applied to all years presented, unless otherwise stated. Section Description Financial performance Provides detail on the Group’s Consolidated Statement of Profit or Loss and Other Comprehensive Income and Consolidated Statement of Financial Position that are most relevant in forming an understanding of the Group’s financial performance for the year. Shareholder returns Provides information on the performance of the Group in generating shareholder returns. Capital structure Provides information about the Group’s capital and funding structures. Capital investment Provides information on the Group’s investment in tangible and intangible assets, and the Group’s future capital commitments. Risk management Provides information about the Group’s risk exposures, risk management practices, provisions and contingent liabilities. Other Provides information on items that require disclosure to comply with Australian Accounting Standards and the requirements under the Corporations Act 2001. Information is included in the notes to the financial report only to the extent it is considered material and relevant to the understanding of the financial report. A disclosure is considered material and relevant if, for example: ࣵthe dollar amount is material in size (quantitative factor) ࣵthe item is material by nature (qualitative factor) ࣵthe Group’s result cannot be understood without the specific disclosure (qualitative factor) ࣵit relates to an aspect of the Group’s operations that is important to its future performance. Annual Report 2025 81 For personal use only Notes 2025 $mill 2024 $mill Continuing operations Revenue (2) 3,710.1 3,537.9 Financial and other income (2) 83.7 130.2 Share of profit of equity accounted investments (15) 80.3 62.2 Operating expenses Changes in inventories of finished goods and work in progress 91.9 (56.1) Raw materials and consumables used and finished goods purchased for resale (1,320.2) (1,154.7) Employee expenses (934.3) (889.0) Depreciation and amortisation (2) (284.1) (317.2) Financial expenses (2) (164.0) (156.8) Purchased services (241.6) (237.8) Repairs and maintenance (147.6) (184.4) Outgoing freight (295.7) (308.7) Lease expenses (23.4) (27.7) Asset impairment, asset disposal and site exit costs (297.7) (832.4) Other expenses (71.2) (61.6) Profit/(loss) before income tax 186.2 (496.1) Income tax (expense)/benefit (3) (37.9) 210.4 Profit/(loss) for the year from continuing operations 148.3 (285.7) Discontinued operations Loss for the period from discontinued operations (14) (1.7) (149.9) (Loss)/gain on disposal of discontinued operations (14) (198.7) 123.8 Loss for the year from discontinued operations (200.4) (26.1) Loss for the year (52.1) (311.8) Other comprehensive income/(loss), net of income tax Items that will not be reclassified subsequently to profit or loss Actuarial (loss)/gain on defined benefit plans (21) (1.2) 2.1 Gross fair value gain on assets at fair value through other comprehensive income – 0.3 Income tax relating to items that will not be reclassified subsequently to profit or loss 0.3 (0.6) (0.9) 1.8 Items that may be reclassified subsequently to profit or loss Continuing operations Fair value loss on cash flow hedges (18) (1.3) (0.5) Cash flow hedge loss transferred to profit or loss (18) 6.7 14.7 Exchange differences on translating foreign operations 124.3 (206.9) Net (loss)/gain on hedge of net investment (18) (37.7) 55.4 Income tax relating to items that may be reclassified subsequently to profit or loss (8.7) 1.6 Continuing operations other comprehensive income/(loss) for the year 83.3 (135.7) Discontinued operations Fair value (loss)/gain on cash flow hedges (18) (10.1) 6.6 Cash flow hedge loss/(gain) transferred to profit or loss (18) 7.3 (3.6) Exchange differences on translating foreign operations – (48.2) Foreign currency translation reserve released to profit or loss on disposal of discontinued operations (14) – (254.1) Non-controlling interests released to profit or loss on disposal of discontinued operations 8.1 – Income tax relating to items that may be reclassified subsequently to profit or loss 0.8 (0.9) Discontinued operations other comprehensive income/(loss) for the year 6.1 (300.2) Total other comprehensive income/(loss) for the year, net of income tax 88.5 (434.1) Total comprehensive income/(loss) for the year 36.4 (745.9) Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 September 2025 82 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Notes 2025 $mill 2024 $mill Profit/(loss) attributable to: Members of Dyno Nobel Limited from continuing operations 147.2 (284.8) Members of Dyno Nobel Limited from discontinued operations (200.4) (26.1) Non-controlling interest 1.1 (0.9) Loss for the year (52.1) (311.8) Total comprehensive income/(loss) attributable to: Members of Dyno Nobel Limited from continuing operations 229.6 (418.7) Members of Dyno Nobel Limited from discontinued operations (194.3) (326.3) Non-controlling interest 1.1 (0.9) Total comprehensive income/(loss) for the year 36.4 (745.9) Earnings per share Basic (cents per share) (5) (2.9) (16.1) Diluted (cents per share) (5) (2.9) (16.1) Earnings per share from continuing operations Basic (cents per share) (5) 7.9 (14.7) Diluted (cents per share) (5) 7.9 (14.7) Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 September 2025 Annual Report 2025 83 For personal use only Consolidated Statement of Financial Position As at 30 September 2025 Notes 2025 $mill 2024 $mill Current assets Cash and cash equivalents (8) 647.2 1,068.9 Trade and other receivables (4) 719.6 647.1 Inventories (4) 519.1 785.3 Other assets 107.4 98.6 Other financial assets (18) 8.5 2.4 Current tax asset 120.9 70.0 Total current assets 2,122.7 2,672.3 Non-current assets Trade and other receivables (4) 152.0 23.0 Other assets 73.3 34.2 Other financial assets (18) – 3.3 Equity accounted investments (15) 457.7 417.9 Property, plant and equipment (9) 2,203.7 2,435.9 Right-of-use lease assets (10) 149.2 243.4 Intangible assets (11) 2,626.2 2,545.7 Deferred tax assets (3) 32.4 6.7 Exploration and evaluation assets 12.7 16.0 Total non-current assets 5,707.2 5,726.1 Total assets 7,829.9 8,398.4 Current liabilities Trade and other payables (4) 733.7 883.0 Lease liabilities (10) 59.7 48.9 Interest bearing liabilities (8) 566.6 19.5 Other financial liabilities (18) 0.3 2.2 Provisions (17) 222.3 140.0 Current tax liabilities 8.7 238.3 Total current liabilities 1,591.3 1,331.9 Non-current liabilities Trade and other payables (4) 22.4 12.4 Lease liabilities (10) 151.8 222.4 Interest bearing liabilities (8) 1,238.9 1,664.6 Other financial liabilities (18) 30.5 39.7 Provisions (17) 231.0 155.9 Deferred tax liabilities (3) 111.3 108.4 Retirement benefit obligation (21) 19.8 18.2 Total non-current liabilities 1,805.7 2,221.6 Total liabilities 3,397.0 3,553.5 Net assets 4,432.9 4,844.9 Equity Issued capital (7) 3,072.6 3,354.7 Reserves (213.4) (297.1) Retained earnings 1,571.9 1,788.3 Non-controlling interest 1.8 (1.0) Total equity 4,432.9 4,844.9 84 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Notes 2025 $mill 2024 $mill Cash flows from operating activities Inflows (Outflows) Inflows (Outflows) Loss after tax for the year (52.1) (311.8) Adjusted for non-cash items Net finance cost 136.1 104.4 Depreciation and amortisation (2) 298.3 345.0 Asset impairment, asset disposal and site exit costs (2) 362.8 1,072.7 Loss/(gain) on sale of discontinued operations before tax (14) 143.5 (356.4) Share of profit on equity accounted investments (15) (80.3) (62.2) Net loss/(gain) on sale of property, plant and equipment (2) 6.9 (14.7) Non-cash share-based payment transactions (19) 5.0 3.8 Income tax expense (3) 92.3 38.6 Changes in assets and liabilities Increase in receivables and other operating assets (164.7) (133.2) Increase in inventories (22.0) (2.1) Decrease in payables, provisions and other operating liabilities (72.8) (217.0) 653.0 467.1 Adjusted for cash items Dividends received (15) 52.9 32.8 Interest received 28.1 57.5 Interest paid (132.7) (140.6) Income tax paid (26.6) (122.1) Settlement for Dyno Nobel employees entitlement – (4.5) Net cash flows from operating activities 574.7 290.2 Cash flows from investing activities Payments for property, plant and equipment and intangibles (474.2) (378.7) Proceeds from sale of property, plant and equipment 9.8 30.4 (Payments for)/proceeds from sale of discontinued operations, net of transaction costs and tax(1) (55.8) 1,639.7 Payments for acquisition of subsidiaries and non-controlling interests and equity investments – (4.3) Net cash flows from investing activities (520.2) 1,287.1 Cash flows from financing activities Repayments of borrowings (8) (474.5) (8.1) Proceeds from borrowings (8) 498.5 0.8 Dividends paid to members of Dyno Nobel Limited (6) (162.3) (378.2) Lease liability payments (54.2) (53.0) Purchased shares for Dyno Nobel employees (2.6) (5.5) Share buyback (286.2) (140.6) Capital returned to non-controlling interests (6.4) – Capital returned to members of Dyno Nobel Limited – (302.5) Net cash flows from financing activities (487.7) (887.1) Net (decrease)/increase in cash and cash equivalents held (433.2) 690.2 Cash and cash equivalents at the beginning of the year 1,068.9 399.4 Effect of exchange rate fluctuations on cash and cash equivalents held 11.5 (20.7) Cash and cash equivalents at the end of the year (8) 647.2 1,068.9 (1) FY25 includes a tax payment of $415.9m, partly offset by the upfront proceeds from the IPF Distribution sale net of transaction costs of $360.1m. The above Consolidated Statement of Cash Flows includes cash flows from both continuing and discontinued operations. Refer to note 14 for the cash flows relating to discontinued operations. Consolidated Statement of Cash Flows For the year ended 30 September 2025 Annual Report 2025 85 For personal use only Notes Issued capital $mill Cash flow hedging reserve $mill Share- based payments reserve $mill Foreign currency translation reserve $mill Fair value reserve $mill Retained earnings(1) $mill Non- controlling interest $mill Total equity $mill Balance at 1 October 2023 3,806.2 (21.9) 26.3 160.0 (19.7) 2,475.9 (0.1) 6,426.7 Loss for the year – – – – – (310.9) (0.9) (311.8) Total other comprehensive loss for the year – 12.0 – (447.9) 0.3 1.5 – (434.1) Dividends paid (6) – – – – – (378.2) – (378.2) Capital returned to members of Dyno Nobel Limited (302.5) – – – – – – (302.5) Share buyback (7) (149.0) – – – – – – (149.0) Settlement for Dyno Nobel employees entitlement – – (4.5) – – – – (4.5) Purchased shares for Dyno Nobel employees _ _ (5.5) _ _ _ _ (5.5) Share-based payment transactions (19) – – 3.8 – – – – 3.8 Balance at 30 September 2024 3,354.7 (9.9) 20.1 (287.9) (19.4) 1,788.3 (1.0) 4,844.9 Balance at 1 October 2024 3,354.7 (9.9) 20.1 (287.9) (19.4) 1,788.3 (1.0) 4,844.9 Loss for the year – – – – – (53.2) 1.1 (52.1) Total other comprehensive income for the year – 1.7 – 79.6 – (0.9) 8.1(2) 88.5 Dividends paid (6) – – – – – (162.3) – (162.3) Capital returned to non-controlling interests(3) – – – – – – (6.4) (6.4) Share buyback(4) (7) (282.1) – – – – – – (282.1) Purchased shares for Dyno Nobel employees – – (2.6) – – – – (2.6) Share-based payment transactions (19) – – 5.0 – – – – 5.0 Balance at 30 September 2025 3,072.6 (8.2) 22.5 (208.3) (19.4) 1,571.9 1.8 4,432.9 (1) Includes a legal reserve of $7.0m and $7.1m as required by the French law as at 30 September 2025 and 2024 respectively. Such reserve cannot be distributed to the shareholders other than upon liquidation but can be used to offset losses. (2) Represents the release of non-controlling interests in Australian Bio Fert Pty Ltd which was divested as part of the IPF Distribution sale. (3) During the year, the Group returned capital of $6.4m to non-controlling interests of Australian Bio Fert Pty Ltd prior to divestment of the IPF Distribution business. (4) The $282.1m share buyback includes $281.6m worth of shares purchased by the Group as part of the on-market buyback program, and $0.5m of related transaction costs. This differs to the cash flow impact of $286.2m due to the timing of settlement. Cash flow hedging reserve This reserve comprises the cumulative net change in the fair value of the effective portion of cash flow hedging instruments related to hedged transactions that have not yet occurred. Share-based payments reserve This reserve comprises the fair value of rights recognised as an employee expense under the terms of the Long Term Incentive Plans. Foreign currency translation reserve Exchange differences arising on translation of foreign controlled operations are taken to the foreign currency translation reserve. The relevant portion of the reserve is recognised in the profit or loss when the foreign operation is disposed of. The foreign currency translation reserve is also used to record gains and losses on hedges of net investments in foreign operations. Fair value reserve This reserve represents the cumulative net change in the fair value of equity instruments. The annual net change in the fair value of investments in equity securities (including both realised and unrealised gains and losses) is recognised in other comprehensive income. Non-controlling interest This represents equity interest outside the Dyno Nobel Limited Group. Refer to note 16 for the list of subsidiaries that are not 100% owned by the Group. Consolidated Statement of Changes in Equity For the year ended 30 September 2025 86 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Basis of preparation and consolidation 88 Financial performance 1 Segment report 89 2 Revenue and expenses 92 3 Taxation 94 4 Trade and other receivables and payables 96 Shareholder returns 5 Earnings per share 97 6 Dividends 97 Capital structure 7 Capital management 98 8 Net debt 99 Capital investment 9 Property, plant and equipment 101 10 Leases 102 11 Intangibles 103 12 Impairment of goodwill and non-current assets 104 13 Commitments 106 14 Discontinued operations 107 15 Equity accounted investments 108 16 Investments in subsidiaries, joint arrangements and associates 109 Risk management 17 Provisions and contingencies 111 18 Financial risk management 112 Other 19 Share-based payments 120 20 Key management personnel disclosures 120 21 Retirement benefit obligation 120 22 Deed of cross guarantee 122 23 Parent entity disclosure 122 24 Auditor’s remuneration 123 25 Events subsequent to reporting date 123 Consolidated Entity Disclosure Statement 124 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 87 For personal use only Basis of preparation and consolidation The consolidated financial statements of the Group have been prepared under the historical cost convention, except for certain financial instruments that have been measured at fair value. The financial results and financial position of the Group are expressed in Australian dollars, which is the functional currency of the Company and the presentation currency for the consolidated financial statements. Where applicable, comparative disclosures have been reclassified for consistency with the current period if material. As a result of the IPF Distribution sale agreement, the earnings attributable to IPF Distribution for the twelve months ended 30 September 2025 and the resultant loss on sale have been presented as discontinued operations. The Waggaman facility was also classified as a discontinued operation in the prior year. Refer to note 14 of the financial statements for the earnings and cash flow of the IPF Distribution business. The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) published the Pillar Two Model Rules in December 2021, which are designed to ensure large multinational enterprises are subject to a minimum taxation at a 15 percent rate in each jurisdiction where they operate. Pillar Two legislation has been enacted in Australia and other jurisdictions in which the Group operates and is effective for the financial year beginning 1 October 2024. The Group is in scope of the enacted legislation given its annual turnover exceeds the EUR 750 million threshold. The Group has adopted the provisions for the purpose of preparing the full year consolidated financial statements. The consolidated financial statements were authorised for issue by the directors on 10 November 2025. Subsidiaries Subsidiaries are entities that are controlled by the Group. The financial results and financial position of the subsidiaries are included in the consolidated financial statements from the date control commences until the date control ceases. A list of the Group’s subsidiaries is included in note 16. Joint arrangements and associates A joint venture is an arrangement where the parties have rights to the net assets of the venture. A joint operation is an arrangement where the parties each have rights to the assets and liabilities relating to the arrangement. Associates are those entities in respect of which the Group has significant influence, but not control, over the financial and operating policies of the entities. Investments in joint ventures and associates are accounted for using the equity method. They are initially recognised at cost, and subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the investees. The interests in joint operations are brought to account recognising the Group’s share of jointly controlled assets, liabilities, expenses, and income from the joint operation. A list of the Group’s joint arrangements and associates is included in note 16. Statement of compliance The consolidated financial statements are general purpose financial statements which have been prepared in accordance with Australian Accounting Standards (including Australian Interpretations) and the Corporations Act 2001. The consolidated financial statements of the Group comply with International Financial Reporting Standards (IFRS) and interpretations. The Company is a for-profit entity. Key estimates and judgements Key accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the subsequent related actual result. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are set out in the notes. Rounding of amounts The Company is of a kind referred to in ASIC Legislative Instrument, ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission dated 24 March 2016 and, in accordance with that Legislative Instrument, the amounts shown in this report and in the financial statements have been rounded, except where otherwise stated, to the nearest one hundred thousand dollars. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: BASIS OF PREPARATION FOR THE YEAR ENDED 30 SEPTEMBER 2025 88 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Accounting standards issued The Group adopted any amendments to Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for the current year. The adoption of these revised Standards and Interpretations did not have a material impact on the Group’s result. Certain new accounting Standards and Interpretations have been issued that are not mandatory for the 30 September 2025 reporting period and have not been early adopted by the Group. These Standards and Interpretations are not expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions. 1. Segment report The Group operates a number of strategic divisions that offer different products and services and operate in different markets. For reporting purposes, these divisions are known as reportable segments. The results of each segment are reviewed monthly by the executive management team (the chief operating decision makers) to assess performance and make decisions about the allocation of resources. Effective from 1 October 2024, Dyno Nobel made changes to its segment reporting to reflect the Group’s strategy to expand in Latin America, Europe and Africa. The new Dyno Nobel EMEA & LATAM (DNEL) segment includes the following operations: ࣵTitanobel: a leading industrial explosives manufacturer and drilling, blasting and technical services provider based in France; ࣵNitromak: supplier of explosives products and services based in Türkiye; ࣵLATAM business: targeting growth across Latin America using traded ammonium nitrate and flexible assets; and ࣵSouth African joint ventures: includes DetNet and Sasol. Titanobel and Nitromak were previously reported in the Dyno Nobel Asia Pacific (DNAP) segment, while the LATAM business and South African joint ventures were previously reported in the Dyno Nobel Americas (DNA) segment. The 2024 full year financial results for the segments have been restated to reflect the new segment reporting structure. Description of reportable segments Dyno Nobel Dyno Nobel Asia Pacific (DNAP): manufactures and sells industrial explosives and related products and services to the mining industry mainly in the Asia Pacific region. Dyno Nobel Americas (DNA): manufactures and sells industrial explosives and related products and services to the mining, quarrying and construction industries in North America (US, Canada and Mexico) and initiating systems to businesses in Australia, Türkiye and South Africa. Dyno Nobel EMEA & LATAM (DNEL): manufactures and sells industrial explosives and related products and services to the mining, quarrying and construction industries in the EMEA and LATAM regions (including Türkiye, France, South Africa and Chile). Corporate (Corp): costs include all head office expenses that cannot be directly or reasonably attributed to the operation of any of the Group’s businesses. Dyno Nobel Eliminations (Dyno Elim): represents elimination of sales and profit in stock arising from intersegment sales. Fertilisers Fertilisers (Ferts): manufactures and sells fertilisers in Eastern Australia and to the export market. The Fertilisers segment represents the Phosphate Hill facility. The IPF Distribution business was classified as discontinued operations in FY25. Refer to note 14 for further disclosure on discontinued operations. Group eliminations Group Eliminations (Group Elim): represent elimination of sales and profit in stock arising from intersegment sales between Dyno Nobel and Fertilisers. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: BASIS OF PREPARATION FOR THE YEAR ENDED 30 SEPTEMBER 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 89 For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 Dyno Nobel 30 September 2025 Notes DNAP $mill DNA $mill DNEL $mill Corp(i) $mill Dyno Elim $mill Total $mill Ferts(vi) $mill Group Elim $mill Total Continuing Operations $mill Dis. Operations(vii) $mill Consol. Group $mill Revenue (2) 1,155.3 1,776.8 324.5 – (44.3) 3,212.3 507.6 (9.8) 3,710.1 1,635.1 5,345.2 Share of profit of equity accounted investments (15) 29.0 40.1 11.2 – – 80.3 – – 80.3 – 80.3 EBITDA(ii) 320.7 360.2 47.2 (44.3) (1.4) 682.4 248.2 – 930.6 81.8 1,012.4 Depreciation and amortisation (2) (97.1) (147.6) (16.7) (8.5) 0.8 (269.1) (15.0) – (284.1) (14.2) (298.3) EBIT(iii) 223.6 212.6 30.5 (52.8) (0.6) 413.3 233.2 – 646.5 67.6 714.1 Net interest expense (136.1) Income tax expense (excluding IMIs) (153.5) Profit after tax(iv) 424.5 Non-controlling interest (1.1) Individually material items (net of tax) (2) (476.6) Loss attributable to members of Dyno Nobel (53.2) Segment assets 2,791.6 3,325.2 381.7 1,199.2 – 7,697.7 99.8 – 7,797.5 – 7,797.5 Segment liabilities (209.1) (802.3) (94.5) (1,886.8) – (2,992.7) (293.0) – (3,285.7) – (3,285.7) Net segment assets(v) 2,582.5 2,522.9 287.2 (687.6) – 4,705.0 (193.2) – 4,511.8 – 4,511.8 Deferred tax balances (3) (78.9) Net assets 4,432.9 (i) Corporate assets and liabilities include the Group’s interest bearing liabilities and derivative assets and liabilities. (ii) Earnings before interest, related income tax expense, depreciation and amortisation and individually material items. (iii) Earnings before interest, related income tax expense and individually material items. (iv) Profit after tax (excluding individually material items). (v) Net segment assets exclude deferred tax balances. (vi) Ferts reflects earnings and net segment assets for Phosphate Hill. (vii) The IPF Distribution business was classified as discontinued operations in FY25. Refer to note 14 for further disclosure on discontinued operations. Dyno Nobel 30 September 2024 Notes DNAP $mill DNA $mill DNEL $mill Corp(i) $mill Dyno Elim $mill Total $mill Ferts $mill Group Elim $mill Total Continuing Operations $mill Dis. Operations(vii) $mill Consol. Group $mill Revenue (2) 1,240.1 1,715.4 288.6 – (50.0) 3,194.1 357.4 (13.6) 3,537.9 1,827.0 5,364.9 Share of profit of equity accounted investments (15) 17.0 38.7 6.5 – – 62.2 – – 62.2 – 62.2 EBITDA(ii) 323.0 344.8 40.4 (46.7) (1.3) 660.2 127.4 – 787.6 137.2 924.8 Depreciation and amortisation (2) (86.9) (149.4) (17.5) (5.8) 0.7 (258.9) (58.3) – (317.2) (27.8) (345.0) EBIT(iii) 236.1 195.4 22.9(vi) (52.5)(vi) (0.6) 401.3 69.1 – 470.4 109.4 579.8 Net interest expense (104.4) Income tax expense (excluding IMIs) (75.5) Profit after tax(iv) 399.9 Non-controlling interest 0.9 Individually material items (net of tax) (2) (711.7) Loss attributable to members of Dyno Nobel (310.9) Segment assets 2,674.5 3,120.4 333.3 1,230.1 – 7,358.3 174.4 – 7,532.7 859.0 8,391.7 Segment liabilities (244.1) (994.7) (90.4) (1,496.8) – (2,826.0) (228.6) – (3,054.6) (390.5) (3,445.1) Net segment assets(v) 2,430.4 2,125.7 242.9 (266.7) – 4,532.3 (54.2) – 4,478.1 468.5 4,946.6 Deferred tax balances (3) (101.7) Net assets 4,844.9 (i) Corporate assets and liabilities include the Group’s interest bearing liabilities and derivative assets and liabilities. (ii) Earnings before interest, related income tax expense, depreciation and amortisation and individually material items. (iii) Earnings before interest, related income tax expense and individually material items. (iv) Profit after tax (excluding individually material items). (v) Net segment assets exclude deferred tax balances. (vi) DNEL and Corporate results have been restated to reflect corporate allocations to the DNEL segment consistent with FY25 allocations. (vii) The IPF Distribution business was classified as discontinued operations in FY25. In addition, on 1 December 2023, the Group completed the sale of its ammonia manufacturing facility located in Waggaman, Louisiana, USA. The earnings attributable to Waggaman for the period under Dyno Nobel ownership and the resultant gain on sale were presented as discontinued operations in FY24. Refer to note 14 for further disclosure on discontinued operations. 90 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Geographical information – secondary reporting segments The Group operates in two principal countries being Australia and the US. In presenting information on the basis of geographical information, revenue is based on the geographical location of the entity making the sale. Assets are based on the geographical location of the assets. 30 September 2025 Australia $mill US $mill Other/Elim $mill Continuing Operations $mill Discontinued Operations(i) $mill Consolidated Group $mill Revenue from external customers 1,602.7 1,376.0 731.4 3,710.1 1,635.1 5,345.2 30 September 2024 Revenue from external customers 1,523.1 1,337.4 677.4 3,537.9 1,827.0 5,364.9 (i) The IPF Distribution business was classified as discontinued operations in FY25. Refer to note 14 for further disclosure on discontinued operations. 30 September 2025 Australia $mill US $mill Other/Elim $mill Consolidated Group $mill Non-current assets other than financial assets and deferred tax assets 2,412.2 2,665.4 597.2 5,674.8 Trade and other receivables 225.4 160.7 485.5 871.6 30 September 2024 Non-current assets other than financial assets and deferred tax assets 2,771.1 2,514.3 430.7 5,716.1 Trade and other receivables 355.3 132.6 182.2 670.1 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 91 For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 2. Revenue and expenses Notes 2025 $mill 2024 $mill Revenue External sales from continuing operations 3,710.1 3,537.9 External sales from discontinued operations 1,635.1 1,827.0 Total revenue 5,345.2 5,364.9 Financial income Interest income from continuing operations 32.9 55.0 Interest income from discontinued operations 1.6 2.3 Total interest income 34.5 57.3 Other income Royalty income and management fees (15) 39.0 38.7 Net (loss)/gain on sale of property, plant and equipment (6.9) 14.7 Other income from continuing operations 18.7 21.8 Total other income from continuing operations 50.8 75.2 Other income from discontinued operations 2.1 3.5 Total other income 52.9 78.7 Expenses Profit before income tax includes the following specific expenses: Notes 2025 $mill 2024 $mill Depreciation and amortisation continuing operations Depreciation property, plant and equipment (9) 201.3 247.1 leases (10) 47.9 41.7 Amortisation (11) 34.9 28.4 Total depreciation and amortisation 284.1 317.2 Depreciation and amortisation discontinued operations Depreciation property, plant and equipment (9) 5.8 14.4 leases (10) 8.1 12.9 Amortisation (11) 0.3 0.5 Total depreciation and amortisation (14) 14.2 27.8 Asset impairment, asset disposal and site exit costs for continuing operations and discontinued operations property, plant and equipment (9) 185.4 793.9 leases (10) 8.6 – intangible assets (11) – 197.2 inventories 48.9 32.7 exploration and evaluation assets 3.5 18.0 asset disposal(1) 45.6 – site exit costs 70.8 30.9 Total asset impairment, asset disposal and site exit costs 362.8 1,072.7 Notes 2025 $mill 2024 $mill Amounts set aside to provide for continuing operations and discontinued operations: Impairment losses on trade and other receivables (4) 4.3 6.7 Inventory losses and obsolescence (4) 4.8 9.9 Employee entitlements (17) 3.7 17.6 Environmental liabilities (17) 111.2 21.0 Legal and other provisions (17) 13.6 15.3 Restructuring and rationalisation costs (17) 106.0 29.6 Research and development expense 22.6 30.2 Defined contribution superannuation expense 42.7 40.8 Defined benefit superannuation expense (21) 1.1 1.3 Financial expenses Interest on lease liabilities (10) 6.0 4.4 Unwinding of discount on provisions (17) 5.7 6.4 Net interest expense on defined benefit obligation (21) 1.1 1.3 Interest expenses on financial liabilities 151.2 144.7 Total financial expenses continuing operations 164.0 156.8 Interest on lease liabilities (10) 5.9 4.3 Unwinding of discount on provisions (17) 0.4 0.5 Interest expenses on financial liabilities 0.3 0.1 Total financial expenses discontinued operations 6.6 4.9 (1) Asset disposal includes the loss on sale of the Gibson Island land in September 2025 and loss on sale of the St Helens facility in August 2025. 92 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Key accounting policies Revenue Revenue is measured at the fair value of the consideration received or receivable by the Group. Amounts disclosed as revenue are net of returns, trade allowances and amounts collected on behalf of third parties. Revenue is recognised for the major business activities on the following basis: ࣵSale of goods and services: revenue from the sale of goods and services is recognised at the point in time when the performance obligations under the customer contract are satisfied. This is typically when control of goods or services is transferred to the customer. The fee for the service component is recognised separately from the sale of goods. ࣵInterest income is recognised as it accrues using the effective interest method. The Group disaggregates its revenue per reportable segment as presented in note 1, as the revenue within each business unit is affected by economic factors in a similar manner. Goods and services tax Revenues, expenses, assets and liabilities (other than receivables and payables) are recognised net of the amount of goods and services tax (GST). The only exception is where the amount of GST incurred is not recoverable from the relevant taxation authorities. In these circumstances, the GST is recognised as part of the cost of the asset or as part of the item of expenditure. Other income Other income represents gains that are not revenue. This includes royalty income and management fees from the Group’s joint ventures and associates, income from contractual arrangements that are not considered external sales and government grants. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 Individually material items Profit after tax includes the following expenses whose disclosure is relevant in explaining the financial performance of the Group: Gross $mill Tax $mill Net $mill 30 September 2025 Loss on sale of IPF Distribution and Gibson Island land(1) 175.2 (7.6) 167.6 Geelong manufacturing site closure(2) 65.1 (19.6) 45.5 Fertilisers separation costs(3) 13.3 (4.0) 9.3 Impairment of Phosphate Hill facility(4) 213.0 (63.9) 149.1 Impairment of US Fertilisers business(5) 32.4 (8.4) 24.0 Fertiliser related individually material items 499.0 (103.5) 395.5 Business transformation costs(6) 38.8 (11.0) 27.8 Tax on sale of WALA(7) – 53.3 53.3 Total individually material items 537.8 (61.2) 476.6 30 September 2024 Impairment and site exit costs of Australian Fertilisers business(8) 940.9 (224.3) 716.6 Impairment of US Fertilisers business(5) 100.1 (26.0) 74.1 Fertilisers separation costs(3) 8.5 (2.5) 6.0 Gain on sale of WALA(9) (356.4) 232.6 (123.8) Business transformation costs(6) 31.3 (9.4) 21.9 DNAP site closure(10) 24.2 (7.3) 16.9 Total individually material items 748.6 (36.9) 711.7 (1) In September 2025, Dyno Nobel recognised the sale of the IPF Distribution business to Ridley Corporation Limited and the Gibson Island land sale to Goodman Group. The accounting loss on sale includes the provision for remediation at Gibson Island of $157m which was also recognised in September 2025. Refer to note 14 for further detail. (2) Dyno Nobel has ceased manufacturing at the Geelong manufacturing facility. Costs will be incurred to close the facility, transition to an import model, pay redundancies to impacted employees and remediate the land. Once the site has been remediated, ownership of the land will be transferred to Ridley as part of the sale of the IPF Distribution business. (3) Separation costs, primarily advisor fees and IT transition costs, were incurred to optimally position IPF for standalone operation, including costs associated with the preparation for sale of Phosphate Hill or as a separately managed business within the Dyno Nobel Group. (4) Dyno Nobel has fully written down the carrying value of the Phosphate Hill operations due to the increased uncertainty regarding the near-term and long-term cost of gas across the east coast of Australia. (5) In April 2025, Dyno Nobel made the decision to exit the Fertilisers manufacturing facility located in St Helens as the asset was not core to the strategic direction of the business. As exit would occur through either a sale or plant closure, a full impairment of the facility was recognised at 31 March 2025. In August 2025, the site was sold to a third party with the accounting loss on sale recorded in the DNA segment result. (6) In FY24, Dyno Nobel initiated a business transformation project for the Dyno Nobel business. The project has identified opportunities for innovation, collaboration and more efficient ways of working and is expected to deliver significant value. The one-off project costs primarily reflect redundancy costs and advisor fees. (7) During 2024, Dyno Nobel prepaid taxes related to the sale of the Waggaman facility. The payment of Louisiana state tax was deductible for US Federal tax purposes. On lodgement of the FY24 Louisiana state tax return, it was determined that taxes had been overpaid, and the resulting refund was received in October 2025. The refund will be taxable for Federal tax purposes and the provision has been increased accordingly. Furthermore, the unique nature of the WALA sale and the size of the transaction resulted in Dyno Nobel falling into higher tax brackets in states with a graduating tax system. In FY24, when estimating the tax provision, this impact was underestimated. The provision has been adjusted in FY25 to allow for the higher tax liability. (8) During FY24, Dyno Nobel recognised a partial impairment of its Australian Fertilisers business on a value-in-use basis. Assets relating to the Phosphate Hill operations were partially impaired, reflective of the uncertain gas outlook on the east coast of Australia. Geelong manufacturing assets were fully impaired as a result of movements in the global phosphate market, fluctuations in phosphate rock costs and movements in the domestic SSP sale price. Infrastructure at the Gibson Island distribution centre which could not be relocated to the new facility was also fully written off. (9) In December 2023, Dyno Nobel completed the sale of its ammonia manufacturing facility located in Waggaman, Louisiana, USA, resulting in a gain on sale. In addition to the net proceeds received and the disposal of net tangible assets, the gain on sale also included a non-cash, non-tax deductible release of goodwill and foreign currency translation reserve. Refer to note 14 for further detail. (10) In September 2024, Dyno Nobel decided to cease manufacturing at its emulsion plant located in Warkworth, New South Wales. The conclusion of a contract to source Ammonium Nitrate solution to the facility resulted in the operations becoming uneconomical beyond 2024. As a result of the decision, Dyno Nobel incurred costs to demolish the plant, remediate the land, and pay redundancies to impacted employees. Annual Report 2025 93 For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 3. Taxation Income tax expense for the year 2025 2024 Continuing Operations $mill Discontinued Operations $mill Consolidated Group $mill Continuing Operations $mill Discontinued Operations $mill Consolidated Group $mill Current tax expense 39.4 89.0 128.4 45.7 527.3 573.0 Deferred tax benefit (1.5) (34.6) (36.1) (256.1) (278.3) (534.4) Total income tax expense/(benefit) 37.9 54.4 92.3 (210.4) 249.0 38.6 Income tax reconciliation to prima facie tax payable 2025 2024 Continuing Operations $mill Discontinued Operations $mill Consolidated Group $mill Continuing Operations $mill Discontinued Operations $mill Consolidated Group $mill Profit/(loss) before income tax 186.2 (146.0) 40.2 (496.1) 222.9 (273.2) Tax at the Australian tax rate of 30% (2024: 30%) 55.9 (43.8) 12.1 (148.8) 66.9 (81.9) Tax effect of amounts which are not deductible/ (taxable) in calculating taxable income: Joint venture income (21.0) – (21.0) (13.5) – (13.5) Sundry items (2.8) 3.5 0.7 (9.5) (31.7) (41.2) Reversal of deferred tax liabilities – – – (24.6) – (24.6) Goodwill impairment – – – – 295.1 295.1 Non assessable gains – – – – (68.5) (68.5) Capital gains tax(1) – 41.4 41.4 – – – Difference in overseas tax rates (14.4) – (14.4) (14.0) (12.8) (26.8) Adjustments to current tax expense relating to prior years(2) 20.2 53.3 73.5 – – – Total income tax expense/(benefit) 37.9 54.4 92.3 (210.4) 249.0 38.6 (1) Primarily represents the capital gain arising from the signing of the Perdaman contract which enabled the utilisation of a substantial portion of the capital loss incurred on the sale of the IPF Distribution business. As the gross proceeds from the Perdaman contract sale have not yet met the recognition criteria under accounting standards, this CGT gain is excluded from the prima facie tax expense. (2) Current tax expense includes prior period adjustments comprising (a) $20.2m relating to continuing operations, representing the true-up of US tax provisions following the lodgement of tax returns for the financial years FY22 and FY23; and (b) $53.3m relating to discontinued operations, reflecting the true-up of US State and Federal tax liabilities, net of tax on refund received in Louisiana arising from the sale of the Waggaman plant, for the financial year FY24. Tax amounts recognised directly in equity The aggregate current and deferred tax arising in the financial year and not recognised in net profit or loss but directly charged to equity is a loss of $7.6m for the year ended 30 September 2025 (2024: gain of $0.1m). 94 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 Net deferred tax assets/(liabilities) Deferred tax balances comprise temporary differences attributable to the following: 2025 $mill 2024 $mill Employee entitlements provision 28.7 26.8 Retirement benefit obligations 3.9 3.5 Provisions and accruals 117.4 85.9 Lease liabilities 54.2 72.8 Tax losses 10.9 6.6 Property, plant and equipment (197.9) (163.4) Right-of-use lease assets (34.4) (68.1) Intangible assets (84.3) (86.7) Joint venture income (21.3) (18.1) Inventories impairment 18.1 10.6 Share based payments 6.0 7.9 Foreign exchange movement 3.8 7.0 Carry forward interest deductions 23.7 – Other (7.7) 13.5 Net deferred tax liabilities (78.9) (101.7) Presented in the Consolidated Statement of Financial Position as follows: 2025 $mill 2024 $mill Deferred tax assets 32.4 6.7 Deferred tax liabilities (111.3) (108.4) Net deferred tax liabilities (78.9) (101.7) Movements in net deferred tax liabilities The table below sets out movements in net deferred tax balances for the period ended 30 September: 2025 $mill 2024 $mill Opening balance at 1 October (101.7) (648.1) Credited to the profit or loss 36.1 534.4 Charged to equity (7.6) 0.1 Foreign exchange movements (5.7) 11.9 Closing balance at 30 September (78.9) (101.7) Key accounting policies Income tax expense Income tax expense comprises current tax (amounts payable or receivable within 12 months) and deferred tax (amounts payable or receivable after 12 months). Tax expense is recognised in the profit or loss, unless it relates to items that have been recognised in equity (as part of other comprehensive income). In this instance, the related tax expense is also recognised in equity. Current tax Current tax is the expected tax payable on the taxable income for the year. It is calculated using tax rates applicable at the reporting date, and any adjustments to tax payable in respect of previous years. 30 September 2025 balances include a receivable of $23.6m (September 2024: $nil) in respect of taxes paid on assessment which are under appeal. The Group expects to receive these amounts as a refund from relevant tax authorities or, in the event Dyno Nobel is unsuccessful, use these amounts to satisfy obligation due to the relevant tax authorities. Deferred tax Deferred tax is recognised for all taxable temporary differences and is calculated based on the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefits will be realised. The Group has and will continue to apply the temporary exemption in AASB 112 Income Taxes not to recognise or disclose information about deferred tax assets and liabilities that could arise from OECD Pillar Two model rules. Offsetting tax balances Tax assets and liabilities are offset when the Group has a legal right to offset and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Tax consolidation For details on the Company’s tax consolidated group refer to note 23. Key estimates and judgements Uncertain tax matters The Group is subject to income taxes in Australia and foreign jurisdictions and as a result, the calculation of the Group’s tax charge involves a degree of estimation and judgement in respect of certain items. In addition, there are transactions and calculations relating to the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for potential tax audit issues in deferred tax liabilities based on management’s assessment of whether additional taxes may be payable and calculates the provision in accordance with the applicable accounting standards including IFRIC 23 Uncertainty over Income Tax Treatments. Where the final tax outcome of these matters is different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which such determination is made. Annual Report 2025 95 For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2025 4. Trade and other receivables and payables The Group’s total trade and other receivables and payables consists of inventory, receivables and payables balances, net of provisions for any impairment losses. 30 September 2025 Trade $mill Other $mill Total $mill Inventories 519.1 – 519.1 Receivables 488.0 383.6(1) 871.6 Payables (398.3) (357.8) (756.1) 608.8 25.8 634.6 (1) Other receivables includes a current receivable for the sale of the Gibson Island land of $197.8m (the proceeds were received in October 2025) and non-current receivables relating to deferred consideration of $109.2m for the sale of the IPF Distribution business.. 30 September 2024 Trade $mill Other $mill Total $mill Inventories 785.3 – 785.3 Receivables 615.3 54.8 670.1 Payables (558.5) (336.9) (895.4) 842.1 (282.1) 560.0 Inventories by category: 2025 $mill 2024 $mill Raw materials and stores 214.0 221.0 Work-in-progress 87.9 75.4 Finished goods 234.2 512.1 Provisions (17.0) (23.2) Total inventory balance 519.1 785.3 Provision movement: 30 September 2025 Trade receivables $mill Inventories $mill Carrying amount at 1 October 2024 (14.1) (23.2) Provisions made during the year (4.3) (4.8) Provisions written back during the year 1.9 6.3 Amounts written off against provisions 1.9 1.0 Foreign exchange rate movements (0.2) (1.2) Reclassification from trade receivables (4.6) – Disposal of subsidiaries – 4.9 Carrying amount at 30 September 2025 (19.4) (17.0) Trade receivables ageing and credit loss provision Included in the following table is an age analysis of the Group’s trade and other receivables, along with credit loss provisions against these balances at 30 September: 30 September 2025 Gross $mill Credit loss provision $mill Net $mill Current 463.6 (1.8) 461.8 30–90 days 22.3 (2.2) 20.1 Over 90 days 21.5 (15.4) 6.1 Total 507.4 (19.4) 488.0 30 September 2024 Gross $mill Credit loss provision $mill Net $mill Current 584.3 (0.8) 583.5 30–90 days 29.2 (1.2) 28.0 Over 90 days 15.9 (12.1) 3.8 Total 629.4 (14.1) 615.3 The graph below shows the Group’s trade working capital (trade assets and liabilities) performance over a five year period. (1) Trade working capital is reported gross of debtor factoring and supply chain financing arrangements. Key accounting policies Inventories Inventories are valued at the lower of cost and net realisable value. The cost of manufactured goods is based on a weighted average costing method. For third party sourced goods, cost is net cost into warehouse. Trade and other receivables Trade and other receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial measurement they are measured at amortised cost less any provisions for expected impairment losses or actual impairment losses. Credit losses and recoveries of items previously written off are recognised in the profit or loss. Where substantially all risks and rewards relating to a receivable are transferred to a third party, the receivable is derecognised. To manage cash inflows which are impacted by seasonality and demand and supply variability, the Group has a nonrecourse receivable purchasing agreement to sell certain receivables to an unrelated entity in exchange for cash. These receivables are derecognised upon sale as substantially all risks and rewards associated with the receivables are passed to the purchaser. As at 30 September 2025, there were no receivables sold under this arrangement (2024: $nil). Trade and other payables Trade and other payables are stated at cost and represent liabilities for goods and services provided to the Group prior to the end of financial year, which are unpaid at the reporting date. 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0 FY25 FY24 FY23 FY22 FY21 Explosives (DNA, DNAP & DNEL) Fertilisers Group 13 month rolling average trade working capital(1) annual net revenue from continuing operations 96 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: SHAREHOLDER RETURNS FOR THE YEAR ENDED 30 SEPTEMBER 2025 To manage the cash flow conversion cycle on some products procured by the Group, and to ensure that suppliers receive payment in a time period that suits their business model, the Group offers some suppliers the opportunity to use supply chain financing. The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to have the characteristics of a trade payable or should be classified as borrowings. These indicators include whether the payment terms exceed customary payment terms in the industry. At 30 September 2025, the balance of the supply chain finance program was $nil (2024: $nil). 5. Earnings per share 2025 $mill 2024 $mill Earnings used in the calculation of earnings per share attributable to ordinary shareholders Profit/(loss) from continuing operations attributable to ordinary shareholders 147.2 (284.8) Loss from discontinued operations attributable to ordinary shareholders (200.4) (26.1) Individually material items after tax 476.6 711.7 Profit attributable to ordinary shareholders excluding individually material items 423.4 400.8 Number Number Weighted average number of ordinary shares used in the calculation of basic earnings per share 1,855,343,829 1,935,814,215 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 1,875,912,826 1,935,814,215 2025 Cents per share 2024 Cents per share Basic earnings per share Continuing operations including individually material items 7.9 (14.7) Discontinued operations (10.8) (1.4) Total basic earnings per share (2.9) (16.1) Diluted earnings per share Continuing operations including individually material items 7.9 (14.7) Discontinued operations (10.8) (1.4) Total diluted earnings per share (2.9) (16.1) Excluding individually material items Basic earnings per share 22.8 20.7 Diluted earnings per share 22.6 20.7 The graph below shows the Group’s earnings per share and dividend payout over the last five years. 6. Dividends Dividends paid by the Company in the year ended 30 September were: 2025 $mill 2024 $mill Ordinary shares Final dividend of 5.0 cents per share, unfranked, paid 19 December 2023 – 97.1 Special dividend of 10.2 cents per share, unfranked, paid 8 February 2024 – 197.5 Interim dividend of 4.3 cents per share, unfranked, paid 4 July 2024 – 83.6 Final dividend of 6.3 cents per share, unfranked, paid 18 December 2024 118.0 – Interim dividend of 2.4 cents per share, unfranked, paid 3 July 2025 44.3 – Total ordinary share dividends 162.3 378.2 Since the end of the financial year, the directors have determined to pay a final dividend of 9.5 cents per share, unfranked, to be paid on 16 December 2025. The record date for entitlement to this dividend is 2 December 2025. Based on the number of shares on issue at 30 September 2025, the total dividend payment will be $170.6m. Key estimates and judgements The expected impairment loss calculation for trade receivables considers the impact of past events, and exercises judgement over the impact of current and future economic conditions when considering the recoverability of outstanding trade receivable balances at the reporting date. In establishing the expected credit loss provision, the Group also assessed the impact of the global economic challenges and its potential to affect customers’ repayment ability. Subsequent changes in economic and market conditions may result in the provision for impairment losses increasing or decreasing in future periods. -15 -10 -5 0 5 10 15 20 25 30 35 40 45 50 55 2025 2024 2023 2022 2021 Earnings per Share (including individually material items) Earnings per Share (excluding individually material items) Dividend declared in respect of the financial year Cents Company performance and dividends declared Annual Report 2025 97 For personal use only 7. Capital management Capital is defined as the amount subscribed by shareholders to the Company’s ordinary shares and amounts advanced by debt providers to any Group entity. The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern and invest in business growth, while providing returns to shareholders and benefits to other stakeholders. The Group’s key strategies for maintenance of an optimal capital structure include: ࣵAiming to maintain an investment grade credit profile and the requisite financial metrics; ࣵSecuring access to diversified sources of debt funding with a spread of maturity dates and sufficient undrawn committed facility capacity; and ࣵOptimising over the long-term, to the extent practicable, the Group’s Weighted Average Cost of Capital (WACC), while maintaining financial flexibility. In order to optimise its capital structure, the Group may undertake one or a combination of the following actions: ࣵchange the amount of dividends paid to shareholders and/ or offer a dividend reinvestment plan with or without a discount and/or with or without an underwriting facility ࣵwhen appropriate; ࣵreturn capital or issue new shares to shareholders; ࣵvary discretionary capital expenditure; ࣵraise new debt funding or repay existing debt balances; and ࣵdraw down additional debt or sell non-core assets to reduce debt. Key financial metrics The Group uses a range of financial metrics to monitor the efficiency of its capital structure, including EBITDA, interest cover and Net debt/EBITDA before individually material items. Financial metric targets are maintained inside debt covenant restrictions. At 30 September the Group’s position in relation to these metrics was: Policy range 2025 2024 Net debt/EBITDA (times) equal or less than 2.0 1.4 0.8 Interest cover (times) equal or more than 6.0 10.7 12.5 These ratios are impacted by a number of factors, including the level of cash retained from operating cash flows generated by the Group after paying all of its commitments (including dividends or other returns of capital), movements in foreign exchange rates, changes to market interest rates and the fair value of hedges economically hedging the Group’s net debt. Self-insurance The Group also self-insures for certain insurance risks under the Singapore Insurance Act. Under this Act, authorised general insurer, Coltivi Insurance Pte Limited (the Group’s self-insurance company), is required to maintain a minimum amount of capital. For the financial year ended 30 September 2025, Coltivi Insurance Pte Limited maintained capital in excess of the minimum requirements prescribed under this Act. Issued capital Ordinary shares Ordinary shares issued are classified as equity and are fully paid, have no par value and carry one vote per share and the right to dividends. Incremental costs directly attributable to the issue of new shares are recognised as a deduction from equity, net of any related income tax benefit. Issued capital as at 30 September 2025 amounted to $3,072.6m (2024: $3,354.7m) and ordinary shares of 1,795,372,022 (2024: 1,892,101,721). Capital returns During the year, the Group bought back shares valued at $281.6m (2024: $149.0m) as part of a planned $900.0m on- market share buyback program. The Group has now bought back a total of $430.6m worth of shares since the program commenced in July 2024. The Group remains committed to executing the remainder of the program and has sufficient cash reserves and committed bank facilities to complete the buyback. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: SHAREHOLDER RETURNS FOR THE YEAR ENDED 30 SEPTEMBER 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL STRUCTURE FOR THE YEAR ENDED 30 SEPTEMBER 2025 The financial effect of this dividend has not been recognised in the 2025 Consolidated Financial Statements and will be recognised in subsequent Financial Reports. The dividend reflects a payout ratio of approximately 51 percent of net profit after tax (before individually material items). Franking credits Franking credits as at 30 September 2025 were $7.7m (2024: $13.9m). Key accounting policies A provision for dividends payable is recognised in the reporting period in which the dividends are paid. The provision is for the total undistributed dividend amount, regardless of the extent to which the dividend will be paid in cash. 98 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL STRUCTURE FOR THE YEAR ENDED 30 SEPTEMBER 2025 8. Net debt The Group’s net debt comprises the net of interest bearing liabilities, cash and cash equivalents, and the fair value of derivative instruments economically hedging the foreign exchange rate and interest rate exposures of the Group’s interest bearing liabilities at the reporting date. The Group’s net debt at 30 September is analysed as follows: Notes 2025 $mill 2024 $mill Interest bearing liabilities 1,805.5 1,684.1 Cash and cash equivalents (647.2) (1,068.9) Fair value of derivatives (18) 22.2 36.4 Net debt 1,180.5 651.6 At 30 September 2025, the Group’s Net debt/EBITDA before individually material items was 1.4 times (2024: 0.8 times). Refer to note 7 for detail on the key financial metrics related to the Group’s capital structure. Interest bearing liabilities The Group’s interest bearing liabilities are unsecured and expose it to various market and liquidity risks. Details of these risks and their mitigation are included in note 18. The following table details the interest bearing liabilities of the Group at 30 September: 2025 $mill 2024 $mill Current Other current loans 5.6 – Loans from joint ventures 20.8 19.5 Fixed interest rate bonds 540.2 – 566.6 19.5 Non-current Other non-current loans 0.7 13.3 Fixed interest rate bonds 1,238.2 1,651.3 1,238.9 1,664.6 Total interest bearing liabilities 1,805.5 1,684.1 Fixed interest rate bonds The Group has on issue the following fixed interest rate bonds: Current ࣵHKD560.0m 7 year bond as a private placement in the Regulation S debt capital market. The bond has a fixed rate annual coupon of 4.13 percent and matures in February 2026. ࣵAUD431.3m 7 year bond on issue in the Australian debt capital market. The bond was issued in March 2019 for AUD450.0m and reduced by AUD18.7m as a result of the buyback in November 2020. The bond has a fixed rate semi- annual coupon of 4.30 percent and matures in March 2026. Non-current ࣵUSD500.0m of Notes as a private placement in the US market. USD250.0m has a fixed rate semi-annual coupon of 4.03 percent and matures in October 2028 and USD250.0m has a fixed rate semi-annual coupon of 4.13 percent and matures in October 2030. ࣵAUD500.0m bonds on issue in the Australian debt capital market. The bonds were issued in August 2025 and were priced across two tranches of AUD250.0m each. AUD250.0m has a fixed rate semi-annual coupon of 5.40 percent maturing in November 2032 and AUD250.0m has a fixed rate semi-annual coupon of 5.82 percent maturing in August 2035. In September 2025, the Group redeemed the USD305.7m 10 year bond on issue in the Regulation S capital market at par (without any premium) which was due to mature in August 2027. This was to reduce USD debt given the Group’s exposure to USD earnings is expected to decrease following the Fertiliser business separation and to extend the tenor of the Group’s debt profile. The two current fixed rate bonds are expected to be repaid on maturity using the proceeds from the IPF Distribution sale and surplus liquidity. Bank facilities In March 2025, the Group entered a new Syndicated Term Facility for AUD800.0m. The new facility is domiciled in Australia and consists of two tranches: Tranche A has a limit of AUD550.0m maturing in April 2028 and Tranche B has a limit of AUD250.0m maturing in April 2029. The new facility replaced the Syndicated Term Facility domiciled in Australia (AUD490.0m and USD200.0m) which was due to mature in October 2025. Tenor of interest bearing liabilities The Group’s average tenor of its drawn interest bearing liabilities at 30 September 2025 is 4.2 years (2024: 3.4 years) and the average tenor of its total debt facilities is 3.8 years (2024: 2.6 years). The table below includes detail on the movements in the Group’s interest bearing liabilities. Cash flow Non-cash changes 30 September 2025 1 October 2024 $mill Proceeds from borrowings $mill Repayments of borrowings $mill Foreign exchange movement $mill Funding costs & fair value adjustments $mill Reclassification $mill 30 September 2025 $mill Current Other loans – – – – – 5.6 5.6 Loans from joint ventures 19.5 – – 1.3 – – 20.8 Fixed interest rate bonds – – – – – 540.2 540.2 Non-current Other loans 13.3 – (8.0) 1.0 – (5.6) 0.7 Fixed interest rate bonds 1,651.3 498.5 (466.5) 63.0 32.1 (540.2) 1,238.2 Total liabilities from financing activities 1,684.1 498.5 (474.5) 65.3 32.1 – 1,805.5 Derivatives held to hedge interest bearing liabilities 36.4 – – (5.3) (8.9) – 22.2 Debt after hedging 1,720.5 498.5 (474.5) 60.0 23.2 – 1,827.7 Annual Report 2025 99 For personal use only Interest rate profile The table below summarises the Group’s interest rate profile of its interest bearing liabilities, net of hedging, at 30 September: 2025 $mill 2024 $mill Fixed interest rate financial instruments 1,078.4 1,025.1 Variable interest rate financial instruments 727.1 659.0 1,805.5 1,684.1 Detail on the Group’s interest hedging profile and duration is included in note 18. Funding profile The graph below details the Group’s available funding limits, its maturity dates and drawn funds at 30 September 2025. The Group has undrawn financing facilities of $800.0m at 30 September 2025 (2024: $779.0m). Cash and cash equivalents Cash and cash equivalents at 30 September 2025 were $647.2m (2024: $1,068.9m) and consisted of cash at bank of $207.2m (2024: $166.7m) and short term investments of $440.0m (2024: $902.2m). Key accounting policies Interest bearing liabilities Interest bearing liabilities are initially recognised at fair value less any directly attributable borrowing costs. Subsequent to initial recognition, interest bearing liabilities are measured at amortised cost using the effective interest method, with any difference between cost and redemption value recognised in the profit or loss over the period of the borrowings. The Group derecognises interest bearing liabilities when its obligation is discharged, cancelled or expires. Any gains and losses arising on derecognition are recognised in the profit or loss. Interest bearing liabilities are classified as current liabilities, except for those liabilities where the Group has an unconditional right to defer settlement for at least 12 months after the year end, which are classified as non-current. Cash and cash equivalents Cash includes cash at bank, cash on hand and short term investments, net of bank overdrafts. Borrowing costs Borrowing costs include interest on borrowings and the amortisation of premiums relating to borrowings. Borrowing costs are expensed as incurred, unless they relate to qualifying assets (refer note 9). In this instance, the borrowing costs are capitalised and depreciated over the asset’s expected useful life. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL STRUCTURE FOR THE YEAR ENDED 30 SEPTEMBER 2025 0 200 400 600 Bond AUD250m Bond AUD250m USPP Tranche 2 USD250m Bank facility USD250m USPP Tranche 1 USD250m Bank facility AUD550m Bond AUD431.3m Reg S HKD560m Available limits Drawn funds Apr 28 Maturity Date Feb 26 Apr 29 Mar 26 Nov 32 Aug 35 Oct 28 Oct 30 Cash flow Non-cash changes 30 September 2024 1 October 2023 $mill Proceeds from borrowings $mill Repayments of borrowings $mill Foreign exchange movement $mill Funding costs & fair value adjustments $mill 30 September 2024 $mill Current Loans from joint ventures 21.1 – (0.1) (1.5) – 19.5 Non-current Other loans 20.7 0.8 (8.0) (0.2) – 13.3 Fixed interest rate bonds 1,689.9 – – (94.0) 55.4 1,651.3 Total liabilities from financing activities 1,731.7 0.8 (8.1) (95.7) 55.4 1,684.1 Derivatives held to hedge interest bearing liabilities 82.7 – – 7.2 (53.5) 36.4 Debt after hedging 1,814.4 0.8 (8.1) (88.5) 1.9 1,720.5 100 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL STRUCTURE FOR THE YEAR ENDED 30 SEPTEMBER 2025 9. Property, plant and equipment Notes Freehold land and buildings $mill Machinery, plant and equipment $mill Work in progress $mill Total $mill At 30 September 2023 Cost 1,034.0 4,429.4 362.8 5,826.2 Accumulated depreciation (434.0) (2,209.5) – (2,643.5) Net book amount 600.0 2,219.9 362.8 3,182.7 Year ended 30 September 2024 Opening net book amount 600.0 2,219.9 362.8 3,182.7 Adjustment due to change in discount rates(1) 4.9 – – 4.9 Additions 28.7 11.6 354.6 394.9 Disposals (4.6) (11.1) – (15.7) Depreciation (2) (30.1) (231.4) – (261.5) Impairment of assets (2) (117.9) (596.2) (79.8) (793.9) Reclassification from work in progress 57.2 240.0 (297.2) – Foreign exchange movement (16.4) (47.9) (11.2) (75.5) Closing net book amount 521.8 1,584.9 329.2 2,435.9 At 30 September 2024 Cost 1,083.6 4,400.2 329.2 5,813.0 Accumulated depreciation (561.8) (2,815.3) – (3,377.1) Net book amount 521.8 1,584.9 329.2 2,435.9 Year ended 30 September 2025 Opening net book amount 521.8 1,584.9 329.2 2,435.9 Adjustment due to change in discount rates(1) (11.1) – – (11.1) Additions 0.4 – 425.3 425.7 Disposals (38.5) (36.8) (1.2) (76.5) Disposal of subsidiaries (14) (89.7) (90.0) (18.5) (198.2) Depreciation (2) (24.9) (182.2) – (207.1) Impairment of assets (2) (26.0) (106.4) (53.0) (185.4) Reclassification from work in progress 89.9 371.7 (461.6) – Reclassification to intangibles (11) – – (25.1) (25.1) Foreign exchange movement 9.4 27.0 9.1 45.5 Closing net book amount 431.3 1,568.2 204.2 2,203.7 At 30 September 2025 Cost 857.1 4,261.6 204.2 5,322.9 Accumulated depreciation (425.8) (2,693.4) – (3,119.2) Net book amount 431.3 1,568.2 204.2 2,203.7 (1) Movement in site retirement obligation assets is driven by changes in long-term Government bond rates. The net present value of these assets are adjusted at each reporting period to reflect current rates. Key accounting policies Property, plant and equipment is measured at cost, less accumulated depreciation and any impairment losses. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Borrowing costs in relation to the funding of qualifying assets are capitalised and included in the cost of the asset. Qualifying assets are assets that take more than 12 months to get ready for their intended use or sale. Where funds are borrowed, generally a weighted average interest rate is used for the capitalisation of interest. During 2025, Dyno Nobel received Government grants of $3.1m for capital projects in the DNAP business. The grants were recognised as a reduction in the carrying amount of property, plant and equipment. Property, plant and equipment is subject to impairment testing. For details of impairment of assets, refer note 12. Depreciation Property, plant and equipment, other than freehold land, is depreciated on a straight-line basis. Freehold land is not depreciated. Depreciation rates are calculated to spread the cost of the asset (less any residual value), over its estimated useful life. Residual value is the estimated value of the asset at the end of its useful life. Annual Report 2025 101 For personal use only Estimated useful lives for each class of asset are as follows: ࣵBuildings and improvements 20 – 50 years ࣵMachinery, plant and equipment 3 – 50 years Residual values and useful lives are reviewed and adjusted where relevant when changes in circumstances impact the use of the asset. 10. Leases The Group has lease contracts for various items of property, plant and equipment used within its operations and office premises. These assets have lease terms ranging from 1 to 48 years for land and buildings, and 1 to 8 years for machinery, plant and equipment. The carrying value of right-of-use lease assets and lease liabilities is presented below: Right-of-use lease assets Notes Land and buildings $mill Machinery, plant and equipment $mill Total $mill Year ended 30 September 2024 Opening net book amount 144.9 64.4 209.3 Reclassification to held for sale (9.5) 9.5 – Additions 34.8 66.1 100.9 Disposals (1.1) (3.2) (4.3) Depreciation (2) (19.4) (35.2) (54.6) Foreign exchange movement (2.9) (5.0) (7.9) Closing net book amount 146.8 96.6 243.4 At 30 September 2024 Cost 214.6 172.2 386.8 Accumulated depreciation (67.8) (75.6) (143.4) Net book amount 146.8 96.6 243.4 Year ended 30 September 2025 Opening net book amount 146.8 96.6 243.4 Reclassification (16.6) 16.6 – Additions 63.1 52.2 115.3 Disposals (5.2) (1.0) (6.2) Disposal of subsidiaries (14) (139.4) (5.9) (145.3) Depreciation (2) (16.9) (39.1) (56.0) Impairment of assets (2) (6.3) (2.3) (8.6) Foreign exchange movement 0.2 6.4 6.6 Closing net book amount 25.7 123.5 149.2 At 30 September 2025 Cost 68.0 234.4 302.4 Accumulated depreciation (42.3) (110.9) (153.2) Net book amount 25.7 123.5 149.2 Lease liabilities Notes 2025 $mill 2024 $mill Opening carrying amount at 1 October 271.3 234.7 Additions 158.3 100.7 Disposals (0.9) (3.2) Payments (66.0) (61.7) Interest unwind (2) 11.9 8.7 Disposal of subsidiaries (14) (169.8) – Foreign exchange movement 6.7 (7.9) Carrying amount at 30 September 211.5 271.3 Current 59.7 48.9 Non-current 151.8 222.4 Refer to note 18 for the maturity profile of the Group’s committed lease liabilities before discounting. Amounts recognised in the income statement Amounts recognised in the income statement relating to the Group’s lease arrangements are as follows: Notes 2025 $mill 2024 $mill Depreciation (2) 56.0 54.6 Interest (2) 11.9 8.7 Total 67.9 63.3 Key accounting policies All leases except for short term or low value leases are recognised on the balance sheet as a right-of-use asset and a corresponding lease liability. Short term (12 months or less) and low value leases are recognised in the profit or loss as a lease expense. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentive received. Right-of-use assets are depreciated on a straight line basis in the profit or loss over the lease term. Lease liabilities are recognised by the Group at the commencement date of the lease and are measured at the present value of lease payments to be made over the lease term. Lease payments include fixed payments and variable lease payments that depend on an index or rate. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Key estimates and judgements Extension options – The Group considers whether an option to extend a lease is reasonably certain on a lease-by-lease basis, which considers the importance of the lease to the Group’s operations and its economic incentive to extend the lease. The lease term is reassessed upon the occurrence of a significant event or change in circumstance. Incremental borrowing rate – To calculate the present value of lease payments, the Group uses an incremental borrowing rate at the commencement date of the lease. The incremental borrowing rate reflects the duration and the financing characteristics of the lease. Where the interest rate implicit in the lease is not readily available, the Group uses its incremental borrowing rate applicable to a portfolio of leases with reasonably similar characteristics. 102 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 11. Intangibles Notes Software $mill Goodwill $mill Patents, trademarks, customer contracts and supplier contracts $mill Brand names $mill Total $mill At 30 September 2023 Cost 119.7 1,985.2 342.8 333.0 2,780.7 Accumulated amortisation (67.7) – (318.6) – (386.3) Net book amount 52.0 1,985.2 24.2 333.0 2,394.4 Year ended 30 September 2024 Opening net book amount 52.0 1,985.2 24.2 333.0 2,394.4 Additions(1) 19.2 – 454.3 – 473.5 Subsidiaries acquired – 2.9 – – 2.9 Impairment of assets (2) (1.4) (195.8) – – (197.2) Amortisation (2) (9.3) – (19.6) – (28.9) Foreign exchange movement (2.4) (59.5) (16.2) (20.9) (99.0) Closing net book amount 58.1 1,732.8 442.7 312.1 2,545.7 At 30 September 2024 Cost 132.6 1,732.8 762.4 312.1 2,939.9 Accumulated amortisation (74.5) – (319.7) – (394.2) Net book amount 58.1 1,732.8 442.7 312.1 2,545.7 Year ended 30 September 2025 Opening net book amount 58.1 1,732.8 442.7 312.1 2,545.7 Additions 24.2 – – – 24.2 Disposals (2.3) – – – (2.3) Disposal of subsidiaries (14) (17.7) – – – (17.7) Amortisation (2) (11.5) – (23.7) – (35.2) Reclassification from property, plant and equipment (9) 25.1 – – – 25.1 Foreign exchange movement 1.4 45.7 25.1 14.2 86.4 Closing net book amount 77.3 1,778.5 444.1 326.3 2,626.2 At 30 September 2025 Cost 145.2 1,778.5 797.3 326.3 3,047.3 Accumulated amortisation (67.9) – (353.2) – (421.1) Net book amount 77.3 1,778.5 444.1 326.3 2,626.2 (1) Includes the recognition of the 25-year ammonia supplier contract which was entered into as a part of the Waggaman sale agreement. This supply contract was valued at $454.3m. Allocation of indefinite life intangible assets The Group’s indefinite life intangible assets are allocated to groups of cash generating units (CGUs) as follows: 30 September 2025 Goodwill $mill Brand names $mill Total $mill Titanobel 78.6 – 78.6 Dyno Nobel Asia Pacific 908.5 40.3 948.8 Dyno Nobel Americas 791.4 286.0 1,077.4 1,778.5 326.3 2,104.8 30 September 2024 Goodwill $mill Brand names $mill Total $mill Titanobel 71.7 – 71.7 Dyno Nobel Asia Pacific 908.5 40.3 948.8 Dyno Nobel Americas 752.6 271.8 1,024.4 1,732.8 312.1 2,044.9 Annual Report 2025 103 For personal use only Key accounting policies Goodwill Goodwill on acquisition of subsidiaries is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently if events or circumstances indicate that it might be impaired. Brand names Brand names acquired by the Group have indefinite useful lives and are measured at cost less accumulated impairment. They are tested annually for impairment, or more frequently if events or circumstances indicate that they might be impaired. Other intangible assets Other intangible assets acquired by the Group have finite lives. They are stated at cost less accumulated amortisation and impairment losses. Subsequent expenditure Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits of the asset to which it relates. All other such expenditure is expensed as incurred. Amortisation Goodwill and brand names are not amortised. For intangible assets with finite lives, amortisation is recognised in the profit or loss on a straight-line basis over their estimated useful life. The estimated useful lives of intangible assets in this category are as follows: ࣵSoftware 3 – 10 years ࣵProduct trademarks 4 – 10 years ࣵPatents 13 – 15 years ࣵCustomer contracts 10 – 17 years Useful lives are reviewed at each reporting date and adjusted where relevant. 12. Impairment of goodwill and non-current assets Impairment testing The Group performs annual impairment testing as at 30 September for intangible assets with indefinite useful lives. More frequent reviews are performed for indicators of impairment of all the Group’s assets, including operating assets. The 30 September impairment testing resulted in no impairment of DNAP, Titanobel or DNA (excluding St Helens Fertilisers manufacturing facility as noted below) as the recoverable amounts exceeded their carrying amounts. Indicators of impairment were noted with regards to a number of Fertiliser assets across the Group as noted below: Impairment of Phosphate Hill facility Due to a range of factors, including the continuation of the Phosphate Hill sale process and the increased uncertainty regarding the near-term and long-term cost of gas on the east coast of Australia, the Group has recognised a full impairment of the Phosphate Hill assets on a value-in-use basis. A gross impairment charge of $213.0m was recognised against property, plant and equipment, right-of-use assets, and inventories. Impairment of St Helens Fertilisers manufacturing facility During April 2025, Dyno Nobel made the decision to close the Fertilisers manufacturing facility located in St Helens, Oregon, US. The decision to close the facility was in line with Dyno Nobel’s strategy to exit assets which are not core to the strategic direction of the business. The closure triggered an impairment review, and the assets related to the manufacturing facility of A$32.4m were fully impaired. The St Helens Fertilisers manufacturing facility is part of the DNA segment. In August 2025, the St Helens facility was sold to the Columbia River Nitrogen consortium. Key assumptions Details of the key assumptions used in the recoverable amount calculations at 30 September are set out below: Key assumptions 1 – 5 years Terminal value (after 5 years) 2025 US$ 2024 US$ 2025 US$ 2024 US$ DAP(1) 525 to 626 535 to 562 613 668 AUD:USD(2) 0.67 to 0.72 0.70 to 0.72 0.72 0.72 (1) Di-Ammonium Phosphate price (FOB China/Saudi – USD per tonne). (2) AUD:USD exchange rate. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 104 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The delivered gas price assumption to Phosphate Hill for the outlook period is based on management’s best estimate of the short-term and long-term cost of gas on the east coast of Australia. This outlook incorporates external forecasts and ranges from $10.80 – $23.50 per gigajoule in nominal terms. Fertiliser prices and foreign exchange rates are estimated by reference to external market publications and market analyst estimates where available, and are updated at each reporting date. Discount and growth rates The post-tax discount rate used in the calculations was 9% for the Phosphate Hill assets and the Titanobel CGU (2024: 9%), and 8.5% for the DNA, St Helens Fertilisers manufacturing facility and DNAP CGUs (2024: 8.5%). The rates reflect the underlying cost of capital adjusted for market and asset specific risks. The terminal value growth rate represents the forecast consumer price index (CPI) of 2.5% (2024: 2.5%) for all CGUs. Sensitivity analyses on the discount and growth rates, considering the current volatile market conditions, are provided below. Climate related risks Dyno Nobel considers climate change and other sustainability risks when determining the recoverable amount of each CGU. The Group has greenhouse gas emission reduction targets for its manufacturing facilities which are disclosed in the annual Sustainability and Climate Change Reports. Capital forecasts in the cash flows used in the impairment models include investment in sustainability related projects that have either commenced or are committed, including the earnings attributable to these capital projects. The commodity forecast assumptions used in the impairment models were obtained from external sources which include the impacts of sustainability and carbon costs. For both DNAP and the Phosphate Hill facility, the estimated impact of the Safeguard Mechanism (SGM) 2.0 policy was included in the recoverable amount assessment of each CGU. Sensitivity analyses Included in the table below is a sensitivity analysis of the recoverable amounts of the CGUs and, where applicable, the impairment charge considering reasonable change scenarios relating to key assumptions at 30 September 2025. Each of the sensitivities below assumes that a specific assumption moves in isolation, while all other assumptions are held constant. A change in one assumption could be accompanied by a change in another assumption, which may increase or decrease the net impact. Post-tax discount rate Terminal value growth rate Natural gas price +0.5% -1.0% +AU$1 per gigajoule DNAP AU$mill AU$mill AU$mill Change in recoverable amount (232.0) (329.1) (80.6) Impairment charge – – – Post-tax discount rate Terminal value growth rate +0.5% -1.0% DNA US$mill US$mill Change in recoverable amount (144.0) (204.0) Impairment charge – – Post-tax discount rate Terminal value growth rate +0.5% -1.0% Titanobel EUR €mill EUR €mill Change in recoverable amount (14.9) (21.0) Impairment charge – – Post-tax discount rate AUD:USD exchange rate DAP price Natural gas price -0.5% -5c +US$50 per tonne -AUD$1 per gigajoule Phosphate Hill AU$mill AU$mill AU$mill AU$mill Change in recoverable amount 7.2 385.0 408.2 52.4 Reversal of current year impairment – 213.0 213.0 – Annual Report 2025 105 For personal use only Key accounting policies Impairment testing The identification of impairment indicators involves management judgement. Where an indicator of impairment is identified, a formal impairment assessment is performed. The Group’s annual impairment testing determines whether the recoverable amount of a CGU or group of CGUs, to which goodwill and/or indefinite life intangible assets are allocated, exceeds its carrying amount. A CGU is the smallest identifiable group of assets that generate cash flows largely independent of cash flows of other groups of assets. Goodwill and other indefinite life intangible assets are allocated to CGUs or groups of CGUs which are no larger than one of the Group’s reportable segments. Determining the recoverable amount The recoverable amount of an asset is determined as the higher of its fair value less cost of disposal and its value-in-use. Value-in-use is a term that means an asset’s value based on the expected future cash flows arising from its continued use in its current condition, discounted to present value. For discounting purposes, a post-tax rate is used that reflects current market assessments of the risks specific to the asset. The Group has prepared value-in-use models for the purpose of impairment testing as at 30 September 2025, using five year discounted cash flow models based on Board approved forecasts. Cash flows beyond the five year period are extrapolated using a terminal value growth rate for all CGUs, except for Phosphate Hill which includes cash flows through to the end of its life of mine of 2046. Transition of the world’s energy systems and sustainability forms part of the Group’s strategy and these have been considered in the market data utilised to assess growth rates for each CGU. Impairment losses An impairment loss is recognised whenever the carrying amount of an asset (or its CGU) exceeds its recoverable amount. Impairment losses are recognised in the profit or loss. Impairment losses recognised in respect of CGUs are allocated against assets in the following order: ࣵFirstly, against the carrying amount of any goodwill allocated to the CGU. ࣵSecondly, against the carrying amount of any remaining assets in the CGU. An impairment loss recognised in a prior period for an asset (or its CGU) other than goodwill may be reversed only if there has been a change in the estimates used to determine the recoverable amount of the asset (or its CGU) since the last impairment loss was recognised. When this is the case, the carrying amount of the asset (or its CGU) is increased to its recoverable amount. 13. Commitments Capital expenditure commitments Capital expenditure contracted but not provided for or payable at 30 September: 2025 $mill 2024 $mill No later than one year 36.2 78.1 36.2 78.1 Other commitments In May 2023, Dyno Nobel entered into a long-term gas supply agreement with Queensland Pacific Metals (QPM) commencing in April 2026 upon expiry of the existing gas supply agreement. As part of the arrangement, Dyno Nobel provided an initial development funding facility of up to $80.0m. This facility is intended to accelerate development of the Moranbah Gas Project by funding the capital costs of new infill production wells. As at 30 September 2025, Dyno Nobel has provided $38.2m of funding for field development (2024: $28.0m) with further contributions expected in the 2026 financial year. Dyno Nobel has recognised the cash outflow as a prepayment which will be amortised over the duration of the gas supply agreement with QPM. In May 2025, Dyno Nobel entered into a prepayment facility agreement with QPM. Dyno Nobel has agreed to pre-purchase gas from QPM between April 2025 and March 2026 of up to $40.0m, with $23.4m of funding provided to QPM under this facility at 30 September 2025 (2024: nil). Dyno Nobel has recognised the cash outflow as a non-current prepayment which will be amortised based on the volume of gas consumed by Dyno Nobel between April 2027 and March 2033. In May 2025, Dyno Nobel also entered into a lending facility with QPM of up to $30.0m. As at 30 September 2025, QPM has drawn down $21.8m funds under this facility (2024: nil). Dyno Nobel has recognised the cash outflow as a non-current receivable, with repayments expected to commence in April 2027. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Key estimates and judgements The Group is required to make significant estimates and judgements in determining whether the carrying amount of its assets and/or CGUs has any indication of impairment, in particular in relation to: ࣵkey assumptions used in forecasting future cash flows; ࣵdiscount rates applied to those cash flows; and ࣵthe expected long-term growth in cash flows. Such estimates and judgements are subject to change as a result of changing economic, operational, environmental and weather conditions. Actual cash flows may therefore differ from forecasts and could result in changes in the recognition of impairment charges in future periods. 106 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 14. Discontinued operations 2025 financial year IPF Distribution business (IPF Distribution) On 30 September 2025, Dyno Nobel completed the sale of the IPF Distribution assets to Ridley Corporation Limited. As at 30 September 2025, the Group recorded a loss on sale after tax of $145.4m. The earnings attributable to IPF Distribution for the twelve months ended 30 September 2025 and the resultant loss on sale have been presented as discontinued operations. 2025 $mill Consideration(1) 455.7 Transaction costs (28.1) Net consideration 427.6 Carrying value of net assets of business disposed Trade and other receivables 244.2 Inventories 302.7 Property, plant and equipment 198.2 Right-of-use asset 145.3 Intangible assets 17.7 Other assets 18.5 Trade and other payables (167.8) Lease liabilities (169.8) Provisions (25.8) 563.0 Non-controlling interest (8.1) Loss on sale of discontinued operations before tax (143.5) Income tax expense (1.9) Net loss on sale of discontinued operations (145.4) (1) Consideration includes upfront proceeds received of $381.1m, and the present value of net deferred consideration of $74.6m. Tax on sale of WALA During 2024, Dyno Nobel prepaid taxes related to the sale of the Waggaman facility. The payment of Louisiana state tax was deductible for US Federal tax purposes. On lodgement of the FY24 Louisiana state tax return, it was determined that taxes had been overpaid, and the resulting refund was received in October 2025. The refund will be taxable for Federal tax purposes and the provision has been increased accordingly. Furthermore, the unique nature of the WALA sale and the size of the transaction resulted in Dyno Nobel falling into higher tax brackets in states with a graduating tax system. In FY24, when estimating the tax provision, this impact was underestimated. The provision has been increased in FY25 by $53.3m to allow for the higher tax liability. 2024 financial year Waggaman facility (WALA) On 1 December 2023, the Group completed the sale of its ammonia manufacturing facility located in Waggaman, Louisiana, US. As at 30 September 2024, the Group recorded a gain on sale after tax of $123.8m which included a gain of $254.1m relating to the release of the foreign currency translation reserve (FCTR) as required by Australian Accounting Standards. The Group also secured a 25-year ammonia supply agreement with CF Industries Holdings Inc for up to 200,000 short tonnes of ammonia per annum at estimated producer cost to support the Dyno Nobel Americas explosives business. The supply agreement has been assigned a value of $454.3m which offset part of the proceeds. 2024 $mill Cash consideration 1,830.2 Transaction costs (33.7) Offtake supply agreement(2) 454.3 Net consideration 2,250.8 Carrying value of net assets of business disposed Trade and other receivables 50.7 Inventories 3.4 Property, plant and equipment 1,252.9 Right-of-use asset 9.3 Intangible assets 881.6 Other assets 0.1 Trade and other payables (28.3) Lease liabilities (10.0) Provisions (11.2) 2,148.5 Gain on sale of discontinued operations before FCTR release 102.3 Foreign currency translation reserve release to profit or loss 254.1 Gain on sale of discontinued operations before tax 356.4 Income tax expense (232.6) Net gain on sale of discontinued operations 123.8 (2) The offtake supply agreement has been recognised as an intangible asset. 2025 2024 IPF Distribution $mill WALA $mill Total $mill IPF Distribution $mill WALA $mill Total $mill Revenue 1,635.1 – 1,635.1 1,740.6 86.4 1,827.0 Other income 2.1 – 2.1 3.5 – 3.5 Depreciation and amortisation (14.2) – (14.2) (27.8) – (27.8) Expenses ex IMIs (1,555.4) – (1,555.4) (1,665.6) (27.7) (1,693.3) Earnings before interest, related income tax expense and IMIs 67.6 – 67.6 50.7 58.7 109.4 Net interest expense (5.1) – (5.1) (2.0) (0.6) (2.6) IMIs excluding (loss)/gain on sale of discontinued operations (65.1) – (65.1) (240.3)(3) – (240.3) Income tax benefit/(expense) excluding disposal of discontinued operations 0.9 – 0.9 (1.3) (15.1) (16.4) (Loss)/profit for the period from discontinued operations (1.7) – (1.7) (192.9) 43.0 (149.9) (Loss)/gain on sale of discontinued operations (143.5) – (143.5) – 356.4 356.4 Income tax expense on disposal of discontinued operations (1.9) (53.3) (55.2) – (232.6) (232.6) (Loss)/gain on disposal of discontinued operations (145.4) (53.3) (198.7) – 123.8 123.8 (3) Includes impairment of $195.8m and $44.5m for goodwill and property, plant and equipment respectively. Annual Report 2025 107 For personal use only 2025 2024 IPF Distribution $mill Total $mill IPF Distribution $mill WALA $mill Total $mill Cash inflows/(outflows) from discontinued operations Net cash flows from operating activities(1) (44.7) (44.7) 31.4 19.8 51.2 Net cash flows from investing activities (49.2) (49.2) (63.0) (6.3) (69.3) Net cash flows from financing activities (15.6) (15.6) (12.1) (0.1) (12.2) Total cash flows from discontinued operations(2) (109.5) (109.5) (43.7) 13.4 (30.3) (1) The operating cash flow for IPF Distribution did not include trade working capital facilities usage during the year ended 30 September 2024. (2) Excludes cash flows from sale of discontinued operations. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 A discontinued operation represents a separate major line of operations within the Group where the cash flows can be clearly identified and there is a plan to dispose. Classification as a discontinued operation occurs at the earlier of disposal date or when the operation meets the criteria to be classified as held for sale. Once classified as held for sale, the disposal group is measured at the lower of carrying amount and fair value less costs to sell and intangible assets and property, plant and equipment are no longer amortised or depreciated. The Gibson Island land and the Fertilisers manufacturing facility located in St Helens were not considered major operations for Dyno Nobel and therefore were not classified as discontinued operations at 30 September 2025. 15. Equity accounted investments The Group has performed an analysis of the statements of financial position and the results of each of its joint ventures and associates (as listed in note 16) at 30 September 2025 and considers them to be individually immaterial to the Group. As a result, no individual disclosures are included for the Group’s investments in joint ventures and associates. Included in the table below is the summarised financial information of the Group’s joint ventures and associates at 30 September: Carrying amount of joint ventures and associates 2025 $mill 2024 $mill Carrying amount at 1 October 417.9 404.8 Share of net profit 80.3 62.2 Dividends received (52.9) (32.8) Foreign exchange movement 12.4 (16.3) Carrying amount at 30 September 457.7 417.9 Carrying amount of investments in: Joint ventures 326.3 306.8 Associates 131.4 111.1 Carrying amount of investments in joint ventures and associates 457.7 417.9 Transactions between subsidiaries of the Group and joint ventures and associates 2025 $mill 2024 $mill Sales of goods/services 407.7 429.1 Purchase of goods/services (88.0) (84.4) Royalty income and management fees 39.0 38.7 Interest expense 1.5 1.2 Dividend income 52.9 32.8 Joint ventures and associates transactions represent amounts that do not eliminate on consolidation. Outstanding balances arising from transactions with joint ventures and associates 2025 $mill 2024 $mill Amounts owing to related parties 6.4 9.2 Amounts owing from related parties 66.7 67.0 Loans with joint ventures and associates Amounts owing to related parties 1.8 – Loans from joint ventures and associates 20.8 19.5 Outstanding balances arising from transactions with joint ventures and associates are on standard market terms. 108 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only 16. Investments in subsidiaries, joint arrangements and associates The following list includes the Group’s principal operating subsidiaries. Other than as noted below, there were no changes in the Group’s existing shareholdings in its subsidiaries, joint ventures and associates in the financial year. Subsidiaries Name of entity Ownership interest Company Dyno Nobel Limited(1)(3) Controlled Entities – operating Incorporated in Australia Project Ceres Pty Ltd(1)(3) 100% Southern Cross Operations Limited(1)(3) 100% Dyno Nobel LTI Plan Company Pty Ltd 100% Dyno Nobel Explosives Holdings Pty Ltd(1) 100% Queensland Operations Pty Limited(1) 100% Dyno Nobel Investments 1 Pty Ltd(1) 100% Dyno Nobel Investments 2 Pty Ltd(1) 100% Dyno Nobel US Holdings Pty Ltd(3) 100% Dyno Nobel Finance Australia Pty Ltd(1) 100% Dyno Nobel Aust Pty Ltd(3) 100% Dyno Nobel Europe Pty Ltd 100% Dyno Nobel Management Pty Limited(1) 100% Industrial Investments Australia Finance Pty Limited(1) 100% Dyno Nobel Asia Pacific Pty Limited(1) 100% Dampier Nitrogen Pty Ltd 100% DNX Australia Pty Ltd(1) 100% Dyno Nobel Moranbah Pty Ltd(1) 100% Dyno Nobel Moura Pty Limited(1) 100% PH Queensland Gas Pty Ltd(3) 100% Incorporated in USA Dyno Nobel US Investments 100% Dyno Nobel Management LLC 100% Dyno Nobel Finance LLC 100% Dyno Nobel Australia LLC 100% Dyno Nobel SPS LLC 100% Dyno Nobel Holdings IV LLC 100% Dyno Nobel Holdings USA III, Inc. 100% Dyno Nobel Holdings USA II 100% Dyno Nobel Holdings USA II, Inc. 100% Dyno Nobel Holdings USA, Inc. 100% Dyno Nobel Inc. 100% Dyno Nobel Transportation, Inc 100% Simsbury Hopmeadow Street LLC 100% Dyno Nobel Holdings V LLC 100% Tradestar Corporation 100% CMMPM, LLC 100% CMMPM Holdings, L.P. 100% Dyno Nobel Louisiana Ammonia, LLC 100% Nobel Labs, LLC 100% Mine Equipment & Mill Supply Company 100% Controlled Explosives, Inc. 100% Drisk Insurance Inc. 100% Falconi Construction, Inc. 100% Alpha Dyno Nobel 100% Incorporated in Canada Dyno Nobel Canada Inc. 100% Dyno Nobel Transportation Canada Inc. 100% Dyno Nobel Nunavut Inc. 100% Dyno Nobel Finance Canada Inc. 100% Polar Explosives 2000 Inc. 100% Dene Dyno Nobel (Polar) Inc. 100% Dyno Nobel Waggaman Inc. 100% Incorporated in Hong Kong Incitec Pivot Holdings (Hong Kong) Limited 100% Name of entity Ownership interest Controlled Entities – operating (continued) Incorporated in Singapore Coltivi Insurance Pte Ltd 100% Incorporated in Chile Dyno Nobel Explosivos Chile Limitada 100% Incorporated in Peru Dyno Nobel Peru S.A. 100% Incorporated in Mexico Dyno Nobel Mexico, S.A. de C.V.(2) 99.98% Incorporated in Papua New Guinea DNX Papua New Guinea Ltd(2) 100% Incorporated in Indonesia PT DNX Indonesia 100% Incorporated in Türkiye Nitromak Dnx Kimya Sanayii Anonim Sirketi 100% Incorporated in Romania RomNitro Explosives SRL 100% Incorporated in Switzerland Dyno Nobel Holdings Europe SA 100% Incorporated in France Dyno Nobel Holdings France Sas 100% Explinvest SASU 100% Titanobel SASU 100% Société d’Explosifs du Centre-Est SA 99.9% Groupement Forestier Minez Clegueric 66% Titanobel-NPGM Equipment SAS(2) 51% Incorporated in New Caledonia Nord-Sud Dynamitage-Sofiter SARL(2) 51% Incorporated in Benin Titanobel Benin SASU(2) 100% Incorporated in Cameroon Titanobel Cameroun SASU(2) 100% Incorporated in Senegal Afrique Ouest Drilling Sofiter SARL(2) 100% Incorporated in Malaysia DNX Malaysia Sdn. Bhd.(4) 100% Incorporated in Ghana Dyno Nobel Ghana Ltd(4) 100% Incorporated in Guinee Dyno Nobel Guinee(4) 100% Incorporated in Tanzania Dyno Nobel Explosives Limited(4) 80% (1) A party to the Deed of Cross Guarantee dated 25 September 2024, as amended by the Deed of retirement and appointment of Alternative Trustee dated 25 August 2025, and the Notices of Disposal dated 30 September 2025. (2) This entity has a 31 December financial year end. (3) This entity had its name changed during FY25. (4) New entity incorporated in FY25. The following entities were sold to Ridley Corporation Limited (ASX:RIC) on 30 September 2025: ࣵAustralian Bio Fert Pty Ltd; ࣵEasy Liquids Pty Ltd; ࣵIncitec Pivot Pty Ltd (formerly TOP Australia Pty Limited); ࣵIncitec Pivot Trading Pty Ltd (formerly Southern Cross International Pty Ltd); ࣵIncitec Pivot Fertiliser (Singapore) Pte. Ltd.; and ࣵOZBIOFERT Pty Ltd. Nitro Industria Kimike Shpk has been sold to a third party during FY25. Enviro Blasting Services (Pty) Limited has been put into voluntary liquidation during FY25. Titanobel Southern Africa (Pty) Ltd was deregistered during FY25. Société Financière de Terrassement SAS has been merged into Titanobel SASU during FY25. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 109 For personal use only Joint arrangements and associates Name of entity Ownership interest Joint ventures Incorporated in USA Buckley Powder Co. 50% IRECO Midwest Inc. 50% Wampum Hardware Co. 50% Western Explosives Systems Company 50% Warex Corporation 50% Warex, LLC 50% Warex Transportation, LLC 50% Vedco Holdings, Inc. 50% Virginia Explosives & Drilling Company, Inc. 50% Austin Sales, LLC 50% Virginia Drilling Company, LLC 50% DetNet Americas, Inc. 50% Incorporated in Canada Qaaqtuq Dyno Nobel Inc.(2) 49% Dene Dyno Nobel (DWEI) Inc.(3) 49% Incorporated in Australia Queensland Nitrates Pty Ltd 50% Queensland Nitrates Management Pty Ltd 50% Incorporated in South Africa DetNet South Africa (Pty) Ltd 50% Sasol Dyno Nobel (Pty) Ltd 50% Incorporated in Mexico DNEX Mexico, S. de R.L. de C.V. 49% Explosivos de la Region Lagunera, S.A. de C.V. 49% Explosivos de la Region Central, S.A. de C.V. 49% Nitro Explosivos de Ciudad Guzmán, S.A. de C.V. 49% Explosivos y Servicios Para la Construcción, S.A. de C.V. 49% Nitro Chihuahua, S.A. de C.V. 49% Incorporated in France Newcomat SARL(1) 10% Incorporated in New Caledonia Katiramona Explosifs SAS(1) 50% Incorporated in Mongolia Titanobel Mongolia LLC(1) 49% Nitrosibir Mongolia LLC(1) 49% Incorporated in Nigeria Titanobel & Dynatrac Limited(1) 55% Name of entity Ownership interest Associates Incorporated in USA Maine Drilling and Blasting Group 49% Independent Explosives 49% Maine Drilling and Blasting, Inc. 49% MD Drilling and Blasting, Inc. 49% Incorporated in Canada Labrador Maskuau Ashini Ltd 49% Innu Namesu Ltd 49% Incorporated in French Guiana Guyanexplo Société en Nom collectif(1) 35% Guyaminage(4) 35% (1) This entity has a 31 December year end. (2) Due to legal requirements in the Canadian Northwest Territories, the Group cannot own more than 49 percent of shares in Qaaqtuq Dyno Nobel Inc. However, under the joint venture agreement, the Group is entitled to 75 percent of the profit of Qaaqtuq Dyno Nobel Inc. (3) Due to legal requirements in the Canadian Northwest Territories, the Group cannot own more than 49 percent of shares in Dene Dyno Nobel (DWEI) Inc. However, under the joint venture agreement, the Group is entitled to 100 percent of the profit of Dene Dyno Nobel (DWEI) Inc. (4) New entity incorporated in FY25. Dyno Nobel’s 22% ownership stake in Precision Agriculture Pty Ltd was sold to Ridley Corporation Limited (ASX:RIC) on 30 September 2025. Joint operations Dyno Nobel has a 50% interest in an unincorporated joint operation with Senex Energy Pty Ltd (previously with Central Petroleum Limited) for the development of gas acreage in Queensland, Australia, which commenced in the 2018 financial year. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: CAPITAL INVESTMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 110 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 17. Provisions and contingencies Provisions at 30 September 2025 are analysed as follows: 30 September 2025 Employee entitlements $mill Restructuring and rationalisation $mill Environmental $mill Asset retirement obligations $mill Legal and other $mill Total provisions $mill Carrying amount at 1 October 2024 70.4 35.5 54.9 122.4 12.7 295.9 Adjustment due to change in discount rates – – – (11.1) – (11.1) Provisions made during the year 3.7 106.0(1) 111.2(2) – 13.6(3) 234.5 Provisions written back during the year (0.9) – – – – (0.9) Payments made during the year (8.9) (23.9) (8.9) (1.3) (4.4) (47.4) Transfers – (5.5) – 5.5 – – Interest unwind 0.7 – – 5.4 – 6.1 Disposal of subsidiaries (9.4) – (7.6) (8.8) – (25.8) Foreign exchange movement 0.5 (0.1) 0.4 0.5 0.7 2.0 Carrying amount at 30 September 2025 56.1 112.0 150.0 112.6 22.6 453.3 Current 52.6 91.0 68.2 2.3 8.2 222.3 Non-current 3.5 21.0 81.8 110.3 14.4 231.0 (1) Provisions made during the year includes the closure costs associated with the Geelong manufacturing facility of $65.5m, the transition of the Gibson Island PDC to a new facility of $17.8m and redundancy costs of $15.5m. (2) Provisions made during the year relates to the remediation activities associated with the Gibson Island land of $111.2m. (3) Provisions made during the year includes costs associated with patent legal disputes. Key accounting policies Provisions are measured at management’s estimate of the expenditure required to settle the obligation. This estimate is based on a “present value” calculation, which involves the application of a discount rate to the expected future cash flows associated with settlement. The discount rate takes into account factors such as risks specific to the liability and the time value of money. Employee entitlements Provisions are made for liabilities to employees for annual leave, long service leave and other employee entitlements. Where the payment to employees is expected to take place in 12 months time or later, a present value calculation is performed. In this instance, the corporate bond rate is used to discount the liability to its present value. Restructuring and rationalisation Provisions for restructuring or rationalisation are only recognised when a detailed plan has been approved and the restructuring or rationalisation has either commenced or been publicly announced. The closure costs associated with the Geelong manufacturing facility have been recognised in restructuring and rationalisation. Environmental Provisions relating to the remediation of soil, groundwater, untreated waste and other environmental contamination are made when the Group has an obligation to carry out the clean- up operation as a result of a past event. In addition, a provision will only be made where it is possible to reliably estimate the costs involved. Asset retirement In certain circumstances, the Group has an obligation to dismantle and remove an asset and to restore the site on which it is located. The present value of the estimated costs of this process is recognised as part of the asset that is depreciated and also as a provision. At each reporting date, the provision is remeasured in line with changes in discount rates and the timing and amount of future estimated cash flows. Any changes in the provision are added to or deducted from the related asset, other than changes associated with the passage of time which is recognised as a borrowing cost in the profit or loss. Legal and other There are a number of legal claims and other exposures, including claims for damages arising from products and services supplied by the Group, that arise from the ordinary course of business. A provision is only made where it is probable that a payment or restitution will be required and the costs involved can be reliably estimated. Contingencies The following contingent liabilities are considered unlikely. However the directors consider they should be disclosed: ࣵThe Group is regularly subject to investigations and audit activities by the revenue authorities of jurisdictions in which the Group operates. The outcome of these investigations and audits depends upon several factors which may result in further tax payments or refunds of tax payments already made by the Group over and above existing provisions. Key estimates and judgements Provisions are based on the Group’s estimate of the timing and value of outflows of resources required to settle or satisfy commitments and liabilities known to the Group at the reporting date. Annual Report 2025 111 For personal use only ࣵContingent liabilities arise in the normal course of business and include a number of legal claims, environmental cleanup requirements and bank guarantees. The Directors are of the opinion that no additional provisions are required in respect of these matters, as it is either not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. 18. Financial risk management The Group is exposed to financial risks including liquidity risk, market risk and credit risk. This note explains the Group’s financial risk exposures and its objectives, policies and processes for measuring and managing these risks. The Board of Directors (the Board) has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Board established the Audit and Risk Management Committee (ARMC) which is responsible for, amongst other things, the monitoring of the Group’s risk management plans. The ARMC is assisted in its oversight role by the Group’s Risk Management function. The Risk Management function performs reviews of the Group’s risk management controls and procedures, the results of which are reported to the ARMC. The ARMC reports regularly to the Board on its activities. The Group’s financial risk management framework includes policies to identify, analyse and manage the Group’s financial risks. These policies set appropriate financial risk limits and controls, identify permitted derivative instruments and provide guidance on how to monitor and report financial risks and adherence to set limits. Financial risk management policies, procedures and systems are reviewed regularly to ensure they remain appropriate given changes in market conditions and/or the Group’s activities. Financial risks Source of risk Exposure to liquidity risk derives from the Group’s operations and from the external interest bearing liabilities that it holds. Risk mitigation Liquidity risk is managed by ensuring there are sufficient committed funding facilities available to meet the Group’s financial commitments in a timely manner. The Group’s forecast liquidity requirements are continually reassessed based on regular forecasting of earnings and capital requirements. This includes stress testing of critical assumptions such as input costs, sales prices, production volumes, exchange rates and capital expenditure. The Group aims to hold a minimum liquidity buffer of at least $500.0m in undrawn non-current committed funding to meet any unforeseen cash flow requirements. Details on the Group’s committed finance facilities, including the maturity dates of these facilities, are included in note 8. The Group’s exposures to liquidity risk are set out in the tables below: 30 September 2025 Contractual cash flows(1) $mill 0 – 12 months $mill 1 – 5 years $mill More than 5 years $mill Non-derivative financial liabilities Interest bearing liabilities 1,805.5 566.6 740.1 498.8 Interest payments 386.7 52.4 220.0 114.3 Trade and other payables 756.1 733.7 22.0 0.4 Lease liabilities 422.2 69.7 163.6 188.9 Bank guarantees 67.6 33.9 33.3 0.4 Total non-derivative cash outflows 3,438.1 1,456.3 1,179.0 802.8 Derivative financial (assets)/liabilities Cross currency interest rate swaps(2) (8.5) (8.5) – – Interest rate swaps 32.0 15.1 16.9 – Net derivative cash outflows 23.5 6.6 16.9 – (1) Contractual cash flows are not discounted, and are based on foreign exchange rates at year end. Any subsequent movements in foreign exchange rates could impact the actual cash flows on settlement of these assets and liabilities. (2) The cross currency interest rate swap asset position has been added for completeness and there is no material liability position associated with this instrument. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Liquidity risk: The risk that the Group is not able to refinance its debt obligations or meet other cash outflow obligations when required. Outstanding financial instruments 112 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Market risk: The risk that changes in foreign exchange rates, interest rates and commodity prices will affect the Group’s earnings, cash flows and the carrying values of its financial instruments. Outstanding financial instruments and sensitivity analysis 30 September 2024 Contractual cash flows(1) $mill 0 – 12 months $mill 1 – 5 years $mill More than 5 years $mill Non-derivative financial liabilities Interest bearing liabilities 1,684.1 19.5 1,664.6 – Interest payments 235.9 54.1 159.4 22.4 Trade and other payables 895.4 883.0 12.4 – Lease liabilities 327.8 54.7 131.4 141.7 Bank guarantees 95.2 65.3 29.5 0.4 Total non-derivative cash outflows 3,238.4 1,076.6 1,997.3 164.5 Derivative financial (assets)/liabilities Forward exchange contracts(2) (0.2) (0.2) – – Cross currency interest rate swaps(2) (2.5) 0.6 (3.1) – Interest rate swaps 41.9 18.5 23.4 – Commodity swaps 0.1 0.1 – – Net derivative cash outflows/(inflows) 39.3 19.0 20.3 – (1) Contractual cash flows are not discounted, and are based on foreign exchange rates at year end. Any subsequent movements in foreign exchange rates could impact the actual cash flows on settlement of these assets and liabilities. (2) The forward exchange contracts and cross currency interest rate swaps asset positions have been added for completeness and there is no material liability positions associated with these instruments. The Group only considers hedging to prevent unacceptable balance sheet events such as potential impacts on the Group’s credit ratings and/or the possibility for debt covenant breaches. Any hedging performed in these circumstances would be executed using instruments that allow as much participation in favourable movements while limiting downside risk to an acceptable level. An exception to this principle is related to foreign exchange exposures on specific or bespoke transactions where managing the exposure is important for margin management. Foreign exchange risk Source of risk The Group is exposed to changes in foreign exchange rates (primarily in USD) on the following transactions and balances: ࣵSales and purchases ࣵTrade receivables and trade payables ࣵInterest bearing liabilities The Group is also exposed to foreign exchange movements (primarily in USD) on the translation of the earnings, assets and liabilities of its foreign operations. Risk mitigation Foreign exchange exposure to sales and purchases is managed by entering into formal hedging arrangements. The Group hedges both specific transactions and net exposures by entering into foreign exchange rate derivative contracts. The table below summarises the Group’s exposure to movements in the AUD:USD exchange rate and the derivative financial instruments that are in place to hedge these exposures at 30 September: 2025 USD mill 2024 USD mill Transactional exposures Cash(1) – 244.1 Trade and other receivables – 1.1 Trade and other payables(1) (4.4) (339.9) Gross exposure (before hedging) (4.4) (94.7) Hedge of transactional exposures Trade and other payables Forward exchange contracts 4.1 84.4 Total hedge contract values 4.1 84.4 Net exposure (after hedging) (0.3) (10.3) 2025 USD mill 2024 USD mill Hedge of forecast sales and purchases Forward exchange contracts 1.6 (63.7) Total hedge contract values 1.6 (63.7) 2025 USD mill 2024 USD mill Translational exposures Net investment in foreign operations(2) 1,559.1 1,014.0 Gross exposure (before hedging) 1,559.1 1,014.0 Hedge of translational exposures Interest bearing liabilities (500.0) (500.0) Total hedge contract values (500.0) (500.0) Net exposure (after hedging) 1,059.1 514.0 (1) The cash balance at 30 September 2024 was held to pay USD obligations including the outstanding tax liability relating to the Waggaman sale. (2) The net investment in foreign operations has increased in FY25 largely due to the repayment of the Regulation S capital market bond (USD305.7m) and the tax payment relating to the WALA sale (USD259.5m). Annual Report 2025 113 For personal use only Foreign exchange rates The AUD:USD foreign exchange rates used by the Group to translate its foreign denominated earnings, assets and liabilities are set out below: 2025 AUD:USD 2024 AUD:USD 30 September foreign exchange rate 0.6577 0.6920 Average foreign exchange rate for the year 0.6438 0.6593 Foreign exchange rate sensitivity on outstanding financial instruments The table below shows the impact of a 1 cent movement (net of hedging) in the AUD:USD exchange rate on the Group’s profit and equity before tax in relation to foreign denominated assets and liabilities at 30 September: + 1c AUD:USD AUD mill 2025 - 1c AUD:USD AUD mill 2025 + 1c AUD:USD AUD mill 2024 - 1c AUD:USD AUD mill 2024 Foreign exchange sensitivity – (net of hedging) Trade and other receivables and payables – (profit or loss) (0.1) 0.1 (0.1) 0.1 Hedge of forecast transactions – (equity) – – 1.3 (1.3) Investments in foreign operations – (equity) (24.1) 24.9 (10.6) 10.9 Sensitivity to foreign exchange rate movements during the year (unhedged) The table below shows the impact of a 1 cent movement in the AUD:USD foreign exchange rate on the Group’s profit before tax, in relation to sales and earnings during the year that were denominated in USD. + 1c AUD:USD AUD mill 2025 - 1c AUD:USD AUD mill 2025 + 1c AUD:USD AUD mill 2024 - 1c AUD:USD AUD mill 2024 USD Fertiliser sales from Australian plants (12.6) 13.0 (9.5) 9.8 North American USD earnings (3.2) 3.3 (3.9) 4.0 The fertiliser sales sensitivity calculation is based on actual tonnes manufactured by the Australian fertiliser plants and sold during the year, the average AUD:USD exchange rate for the year, and the average USD fertiliser price. The North American earnings translation sensitivity calculation is based on the earnings before interest and tax from the North American business for the year and the average AUD:USD exchange rate for the year. Interest rate risk Source of risk Exposure to interest rate risk is a result of the effect of changes in interest rates on the Group’s outstanding interest bearing liabilities and derivative instruments. Risk mitigation The exposure to interest rate risk is mitigated by maintaining a mix of fixed and variable interest rate borrowings and by entering into interest rate derivative instruments. The tables below include the Group’s derivative contracts that are exposed to changes in interest rates at 30 September: Interest rate swaps Average pay/(rec) fixed rate SOFR Average pay/(rec) fixed rate HIBOR Duration (years) Net contract amounts mill 2025 Less than 1 year – (4.13%) 0.4 HKD 560 1 to 5 years (1.53%) – 2.5 USD 400 2024 1 to 5 years (1.48%) – 3.5 USD 400 1 to 5 years – (4.13%) 1.4 HKD 560 Interest rate sensitivity on outstanding financial instruments The following table shows the sensitivity of the Group’s profit before tax to a 1 per cent change in interest rates. The sensitivity is calculated based on the Group’s interest bearing liabilities and derivative financial instruments that are exposed to interest rate movements and the AUD:USD exchange rate at 30 September: Interest rate sensitivity + 1% AUD mill 2025 - 1% AUD mill 2025 + 1% AUD mill 2024 - 1% AUD mill 2024 SOFR (6.3) 6.3 (6.0) 6.0 BBSW (1.0) 1.0 (1.0) 1.0 The sensitivity above is also representative of the Group’s interest rate exposures during the year. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Outstanding financial instruments and sensitivity analysis 114 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Outstanding financial instruments and sensitivity analysis Commodity price risk Source of risk Exposure to changes in commodity prices is by virtue of the products that the Group sells and purchases in its manufacturing operations, and can be categorised into five main commodities, namely: Ammonia, Ammonium Nitrate, Ammonium Phosphate, Urea and Natural Gas. Risk mitigation Where possible, commodity price risk exposure is managed by entering into long-term contracts with customers and suppliers (i.e Ammonium Nitrate and Ammonia) or derivative contracts for input cost (i.e US natural gas). However, in some instances price risk exposure cannot be economically mitigated by either contractual arrangements or derivative contracts by virtue of the products that the Group sells. The table below includes the Group’s derivative contracts that are exposed to changes in natural gas prices at 30 September: Natural gas Total volume (MMBTU) 2025 Price/ Strike USD 2025 Total volume (MMBTU)(1) 2024 Price/ Strike USD(2) 2024 Contracts maturing within 1 year Natural gas swaps fixed payer – – 80,000 3.80 (1) Million Metric British Thermal Units (2) Nymex Henry Hub gas price Sensitivity to natural gas price movements during the year The table below shows the sensitivity of the Group’s profit before tax to a change of US 10c per MMBTU in the Henry Hub natural gas price. The sensitivity is based on the average natural gas price, the average AUD:USD exchange rate (excluding the impact of hedging) and the current annual natural gas consumption of the Group’s manufacturing operations in the Americas that are exposed to changes in natural gas prices: Natural gas price sensitivity +US 10c per 1 MMBTU AUD mill 2025 -US 10c per 1 MMBTU AUD mill 2025 +US 10c per 1 MMBTU AUD mill 2024 -US 10c per 1 MMBTU AUD mill 2024 Henry Hub(1) – – (0.7) 0.7 (1) The price sensitivity to Henry Hub relates to the Waggaman operations which was sold in FY24. Sensitivity to fertiliser price and ammonia movements during the year The table below shows the sensitivity of the Group’s profit before tax to a US$10 per tonne change in Ammonium Phosphates, Urea and Ammonia prices. The sensitivity is based on actual tonnes manufactured and sold by the Group that is sensitive to commodity price changes and the average AUD:USD exchange rate (excluding the impact of hedging) for the year: Price sensitivity + US$10 per tonne AUD mill - US$10 per tonne AUD mill 2025 DAP/MAP (FOB China/Saudi) 11.9 (11.9) Urea (FOB NOLA)(1) 2.1 (2.1) 2024 DAP/MAP (FOB China/Saudi) 11.2 (11.2) Urea (FOB NOLA) 1.8 (1.8) Ammonia (FOB Tampa)(2) 2.2 (2.2) (1) The price sensitivity to Urea (FOB NOLA) relates to St Helens facility, which was sold in FY25. (2) The Group’s price sensitivity to Ammonia (FOB Tampa) is nil in FY25 due to the sale of Waggaman in FY24. Annual Report 2025 115 For personal use only Included in the table below are details of the Group’s derivative instruments at 30 September 2025, classified by hedge accounting type and market risk category: Balance at 30 September 2025 During the period 30 September 2025 Note Carrying amount of hedging instrument asset $mill Carrying amount of hedging instrument liability $mill Fair value hedge adjustment of hedged item $mill Balance of gains/ (losses) in reserves before tax $mill Gains/ (losses) recognised in reserves(1) $mill Reclassification of (gains)/ losses from reserves to profit or loss(1,4) $mill Cash flow hedges Foreign exchange risk on forecast sales & purchases Forward exchange contracts 0.1 (0.1) – – (1.5) – Discontinued hedge(2) – – – – (9.3) 8.0 Commodity price risk on forecast purchases Commodity swaps – – – – 0.1 – Discontinued hedge(2) – – – – (0.7) 0.7 Interest rate risk on highly probable debt Discontinued hedge(2) – – – (8.1) – 5.3 Total cash flow hedges 0.1 (0.1) – (8.1) (11.4) 14.0 Net investment hedges Foreign exchange risk on foreign operation Interest bearing liabilities – – – (113.3) (37.7) – Discontinued hedge(2) – – – (187.0) – – Total net investment hedges – – – (300.3) (37.7) – Fair value hedges Foreign exchange risk on HKD borrowings Cross currency interest rate swaps 8.4 – (8.8) – – – Interest rate risk on fixed USD and HKD bonds(3) Interest rate swaps – (30.7) 16.9 – – – Discontinued hedge – – 0.4 – – – Total fair value hedges (8) 8.4 (30.7) 8.5 – – – Equity instruments – – – (17.0) – – Total net 8.5 (30.8) 8.5 (325.4) (49.1) 14.0 (1) Gains or losses recognised in the reserves will be reclassified to the same line item in the profit or loss as the underlying hedged item when the underlying forecast transaction occurs. (2) Gains or losses on discontinued hedges that were in cash flow hedge or net investment hedge relationships remain in the reserves until the underlying transactions occur or upon disposal of the underlying net investment. Any changes in the market value of the discontinued hedges are recognised in the profit or loss from discontinuation. (3) Interest rate swap contracts effectively convert USD400m and HKD560m of the Group’s fixed interest rate borrowings to floating interest rates. The fair value hedge adjustment of a hedged item where the hedging instrument is discontinued remains in the carrying amount of the hedged item and is amortised to the profit or loss over the life of the hedged item. (4) At 30 September 2025, there were no gains/losses that were transferred from reserves to profit or loss in relation to ineffective hedges. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 116 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Included in the table below are details of the Group’s derivative instruments at 30 September 2024, classified by hedge accounting type and market risk category: Balance at 30 September 2024 During the period 30 September 2024 Note Carrying amount of hedging instrument asset $mill Carrying amount of hedging instrument liability $mill Fair value hedge adjustment of hedged item $mill Balance of gains/ (losses) in reserves before tax $mill Gains/ (losses) recognised in reserves(1) $mill Reclassification of (gains)/ losses from reserves to profit or loss(1,4) $mill Cash flow hedges Foreign exchange risk on forecast sales & purchases Forward exchange contracts 2.1 (1.9) – 1.5 2.1 – Foreign exchange options – – – – 0.8 – Discontinued hedge(2) – – – 1.3 4.2 (3.6) Commodity price risk on forecast purchases Commodity swaps 0.3 (0.3) – (0.1) 0.3 – Discontinued hedge(2) – – – – (1.3) 1.1 Interest rate risk on highly probable debt Discontinued hedge(2) – – – (13.4) – 13.6 Total cash flow hedges 2.4 (2.2) – (10.7) 6.1 11.1 Net investment hedges Foreign exchange risk on foreign operation Interest bearing liabilities – – – (75.6) 55.4 – Discontinued hedge(2) – – – (187.0) – 344.7 Total net investment hedges – – – (262.6) 55.4 344.7 Fair value hedges Foreign exchange risk on HKD borrowings Cross currency interest rate swaps 3.3 – (3.5) – – – Interest rate risk on fixed USD and HKD bonds(3) Interest rate swaps – (39.7) 43.0 – – – Discontinued hedge – – 1.9 – – – Total fair value hedges (8) 3.3 (39.7) 41.4 – – – Equity instruments – – – (17.0) – – Total net 5.7 (41.9) 41.4 (290.3) 61.5 355.8 (1) Gains or losses recognised in the reserves will be reclassified to the same line item in the profit or loss as the underlying hedged item when the underlying forecast transaction occurs. (2) Gains or losses on discontinued hedges that were in cash flow hedge or net investment hedge relationships remain in the reserves until the underlying transactions occur or upon disposal of the underlying net investment. Any changes in the market value of the discontinued hedges are recognised in the profit or loss from discontinuation. Gains or losses on net investment hedges offset the gains or losses on translation of foreign owned subsidiaries into AUD. A portion of the discontinued net investment hedges was released to the profit or loss with the completion of the sale of Waggaman. (3) Interest rate swap contracts effectively convert USD400m and HKD560m of the Group’s fixed interest rate borrowings to floating interest rates. The fair value hedge adjustment of a hedged item where the hedging instrument is discontinued remains in the carrying amount of the hedged item and is amortised to the profit or loss over the life of the hedged item. (4) At 30 September 2024, there were no gains/losses that were transferred from reserves to profit or loss in relation to ineffective hedges. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 117 For personal use only Source of risk The Group is exposed to counterparty credit risk from trade and other receivables and financial instrument contracts that are outstanding at the reporting date. Risk mitigation The Group minimises the credit risk associated with trade and other receivables balances by undertaking transactions with a large number of customers in various countries. The creditworthiness of customers is reviewed prior to granting credit, using trade references and credit reference agencies. Credit limits are established and monitored for each customer, and these limits represent the highest level of exposure that a customer can reach. Trade credit insurance is purchased when required. The Group mitigates credit risk from financial instrument contracts by only entering into transactions with counterparties that have sound credit ratings and, where applicable, with whom the Group has a signed netting agreement. Given their high credit ratings, the Group does not expect any counterparty to fail to meet its obligations. Credit risk exposure The Group’s maximum exposure to credit risk at 30 September is the carrying amount, net of any provision for impairment, of the financial assets as detailed in the table below: 2025 $mill 2024 $mill Trade and other receivables 871.6 670.1 Cash and cash equivalents 647.2 1,068.9 Derivative assets 8.5 5.7 1,527.3 1,744.7 Financial assets and financial liabilities that are subject to enforceable master netting arrangements and are intended to be settled on a net basis are offset in the Statement of Financial Position. At 30 September 2025, the amount netted in other financial assets and other financial liabilities is nil (2024: nil). Fair value Fair value of the Group’s financial assets and liabilities is calculated using a variety of techniques depending on the type of financial instrument as follows: ࣵThe fair value of financial assets and financial liabilities traded in active markets (such as equity securities and fixed interest rate bonds) is the quoted market price at the reporting date. ࣵThe fair value of financial assets and financial liabilities not traded in active markets is calculated using discounted cash flows. Future cash flows are calculated based on observable forward interest rates and foreign exchange rates. ࣵThe fair value of forward exchange contracts, interest rate swaps, cross currency interest rate swaps, commodity swaps and forward contracts is calculated using discounted cash flows, reflecting the credit risk of various counterparties. Future cash flows are calculated based on the contract rate, observable forward interest rates and foreign exchange rates. ࣵThe fair value of option contracts is calculated using the contract rates and observable market rates at the end of the reporting period, reflecting the credit risk of various counterparties. The valuation technique is consistent with the Black-Scholes methodology and utilises Monte Carlo simulations. ࣵThe fair value of commodity swaps and commodity forward contracts is calculated using their quoted market price, where available. If a quoted market price is not available, then fair value is calculated using discounted cash flows. Future cash flows are estimated based on the difference between the contractual price and the current observable market price, reflecting the credit risk of various counterparties. These future cash flows are then discounted to present value. ࣵThe nominal value less expected credit losses of trade receivables and payables are assumed to approximate their fair values due to their short term maturity. Fair value hierarchy The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows: ࣵLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. ࣵLevel 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ࣵLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2025 Level 1 $mill Level 2 $mill Level 3 $mill Derivative financial assets – 8.5 – Derivative financial liabilities – (30.8) – 2024 Level 1 $mill Level 2 $mill Level 3 $mill Derivative financial assets – 5.7 – Derivative financial liabilities – (41.9) – Credit risk: The risk of financial loss to the Group as a result of customers or counterparties to financial assets failing to meet their contractual obligations. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 118 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Fair value of financial assets and liabilities carried at amortised cost Cash and cash equivalents, trade and other receivables, and trade and other payables are carried at amortised cost which equals their fair value. Interest bearing liabilities are carried at amortised cost and have a carrying value of $1,805.5m (2024: $1,684.1m) – refer to note 8. The fair value of the interest bearing financial liabilities at 30 September 2025 was $1,811.6m (2024: $1,694.3m) and was based on the level 2 valuation methodology. Key accounting policies Foreign currency transactions and balances The Group presents its accounts in Australian dollars. Foreign currency transactions are translated into Australian dollars using the exchange rates at the date the transaction occurs. Monetary assets (such as trade receivables) and liabilities (such as trade payables) denominated in foreign currencies are translated into Australian dollars using the exchange rate at 30 September. Non-monetary items (for example, plant and machinery) that are measured at historical cost in a foreign currency are not re-translated. Foreign exchange gains and losses relating to transactions are recognised in the profit or loss with the exception of gains and losses arising from cash flow hedges and net investment hedges that are recognised in other comprehensive income. Foreign operations The assets and liabilities of the Group’s foreign operations are translated at applicable exchange rates at 30 September. Income and expense items are translated at the average exchange rates for the period. Foreign exchange gains and losses arising on translation are recognised in the foreign currency translation reserve (FCTR). If and when the Group disposes of the foreign operation, these gains and losses are transferred from the FCTR to the profit or loss. Derivatives and hedging The Group uses contracts known as derivative financial instruments to hedge its financial risk exposures. On entering into a hedging relationship, the Group formally designates and documents details of the hedge, risk management objective and strategy for entering into the arrangement. The Group applies hedge accounting to hedging relationships that are expected to be highly effective in offsetting changes in fair value, i.e. where the cash flows arising from the hedge instrument closely match the cash flows arising from the hedged item. Hedge accounting is discontinued when: ࣵThe hedging relationship no longer meets the risk management objective. ࣵThe hedging instrument expires or is sold, terminated or exercised. ࣵThe hedge no longer qualifies for hedge accounting. Derivatives are measured at fair value. The accounting treatment applied to specific types of hedges is set out below. Cash flow hedges Changes in the fair value of effective cash flow hedges are recognised in equity, in the cash flow hedge reserve. To the extent that the hedge is ineffective, changes in fair value are recognised in the profit or loss. Fair value gains or losses accumulated in the reserve are taken to profit or loss when the hedged item affects profit or loss. When the hedged item is a non-financial asset, the amount recognised in the reserve is transferred to the carrying amount of the asset when the asset is purchased. Net investment hedges Hedges of a net investment in a foreign operation are accounted for in a similar way as cash flow hedges. Gains or losses on the effective portion of the hedge are recognised directly in equity (in the FCTR) while any gains or losses relating to the ineffective portion are recognised in the profit or loss. On disposal of the foreign operation, the cumulative value of gains or losses recognised in the FCTR are transferred to profit or loss. Fair value hedges The change in the fair value of the hedging instrument and the change in the hedged item are recognised in the profit or loss. Hedge ineffectiveness The Group aims to transact only highly effective hedge relationships, and in most cases the hedging instruments have a 1:1 hedge ratio with the hedged items. However, at times, some hedge ineffectiveness can arise and is recognised in profit or loss in the period in which it occurs. Key sources of hedge ineffectiveness for the Group are as follows: ࣵMaturity dates of hedging instruments not matching the maturity dates of the hedged items. ࣵCredit risk inherent within the hedging instrument not matching the movement in the hedged item. ࣵInterest rates of the Group’s financing facilities not matching the interest rates of the hedging instrument. ࣵForecast transactions not occurring. Classification of financial instruments Financial instruments are classified into the following categories: ࣵAmortised cost (cash and cash equivalents, interest bearing liabilities and trade and other receivables and payables). ࣵFair value through other comprehensive income (listed equity securities). ࣵFair value through profit or loss (derivative financial instruments except those that are in a designated hedge relationship). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: RISK MANAGEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 119 For personal use only 19. Share-based payments Incentive plans The Long Term Incentive Plans (LTIs) are designed to link reward with the key performance drivers that underpin sustainable growth in shareholder value. With regard to the 2022/25 LTI, the performance conditions comprise relative total shareholder return, the delivery of certain long term value metrics, return on invested capital and sustainability metrics. The 2023/26 LTI plan consists of two components being performance rights and share options, the performance measures attached to the performance rights comprise of relative total shareholder return and return on invested capital. The 2023/26 LTI share options are subject to an absolute total shareholder return measure. The performance measures attached to the 2024/27 LTI plan comprise of relative total shareholder return and absolute total shareholder return. Certain Executives have been awarded performance rights under Short Term Incentive Plans (STIs) based on financial, safety and strategic outcomes. These arrangements support the Company’s strategy for retention and motivation of its executives. Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows: 2025 $mill 2024 $mill Accounting value of performance rights and share options issued under the LTI and STI performance plans 5.0 3.8 2025 Number 2024 Number Number of performance rights outstanding under the LTI and STI performance plans 5,683,638 4,262,265 Number of performance share options outstanding under the LTI and STI performance plans 16,402,391 12,312,761 Details of the movements in LTI and STI performance rights are disclosed in the Remuneration Report for key management personnel. Key accounting policies The rights to shares granted to employees under the terms of the plans are measured at fair value. The fair value is recognised as an employee expense over the period that employees become unconditionally entitled to the rights. There is a corresponding increase in equity, which is reflected in the share based payments reserve. The amount recognised as an expense is adjusted to reflect the actual number of rights taken up, once related service and other non-market conditions are met. 20. Key management personnel disclosures Key management personnel remuneration 2025 $000 2024 $000 Short-term employee benefits 7,388 8,844 Post-employment benefits 219 212 Other long-term benefits 90 132 Termination benefits 550 – Share-based payments 2,356 1,200 10,603 10,388 Determination of key management personnel and detailed remuneration disclosures are provided in the Remuneration Report. Loans to key management personnel In the year ended 30 September 2025, there were no loans to key management personnel and their related parties (2024: nil). Other key management personnel transactions In the year ended 30 September 2025, there were no material transactions entered into during the year with key management personnel (including their related parties). 21. Retirement benefit obligation The Group operates a number of defined benefit plans in the Americas and Asia Pacific to provide benefits for employees and their dependants on retirement, disability or death. The Group also makes contributions to defined contribution schemes. Financial position and performance Net defined benefit obligation at 30 September 2025 $mil 2024 $mill Present value of obligations 71.2 78.4 Fair value of plan assets (51.4) (60.2) Net defined benefit obligation 19.8 18.2 Maturity profile of the defined benefit obligation The expected maturity analysis of the undiscounted defined benefit obligation is as follows: 2025 $mill 2024 $mill Within next 10 years 56.9 62.5 Within 10 to 20 years 55.7 57.4 In excess of 20 years 36.4 41.9 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: OTHER FOR THE YEAR ENDED 30 SEPTEMBER 2025 120 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Return on plan assets for the year ended 30 September 2025 $mill 2024 $mill Actual return on plan assets 6.1 5.9 Composition of plan assets at 30 September 2025 2024 The percentage invested in each asset class: Equities 43% 40% Fixed interest securities 32% 32% Property 20% 17% Other 5% 11% Movements in plan assets/liabilities Amounts recognised in Other Comprehensive Income Notes 2025 $mill 2024 $mill Loss arising from changes in acturial assumptions (4.1) (0.6) Return on plan assets greater than discount rate 2.9 2.7 Total (loss)/profit recognised in other comprehensive income (1.2) 2.1 Amounts recognised in Profit or Loss Net interest expense (2) (1.1) (1.3) Defined benefit superannuation expense (2) (1.1) (1.3) Key assumptions and sensitivities Principal actuarial assumptions 2025 2024 Discount rate (gross of tax) 3.8% - 9.4% 3.5% - 9.4% Future salary increases 2.5% - 5.0% 2.5% - 5.0% Sensitivity analysis The sensitivity analysis is based on a change in a significant actuarial assumption while holding all other assumptions constant. The following table summarises how the defined benefit obligation as at 30 September 2025 would have increased/(decreased) as a result of a change in the respective assumption by 1 percentage point: 1 percent increase 1 percent decrease Discount rate (7.0) 8.3 Rate of salary increase 0.9 (0.8) Key accounting policies All employees of the Group are entitled to benefits from the Group’s superannuation plan on retirement, disability or death or can direct the Group to make contributions to a defined contribution plan of their choice. The Group’s superannuation plan has a defined benefit section and a defined contribution section. The defined benefit section provides defined lump sum benefits based on years of service and final average salary. The defined contribution section receives fixed contributions from group companies and the Group’s legal or constructive obligation is limited to these contributions. The liability or asset recognised in the Consolidated Statement of Financial Position in respect of defined benefit superannuation plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Consolidated Statement of Changes in Equity and in the Consolidated Statement of Financial Position. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service costs. Contributions to the defined contribution section of the Group’s superannuation fund and other independent defined contribution superannuation funds are recognised as an expense as they become payable. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: OTHER FOR THE YEAR ENDED 30 SEPTEMBER 2025 Key estimates and judgements The present value of the defined benefit obligation at the reporting date is based on expected future payments arising from membership of the fund. This is calculated annually by independent actuaries considering the expected future wage and salary levels of employees, experience of employee departures and employee periods of service. Expected future payments are discounted using market yields on corporate bonds at the reporting date, which have terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Annual Report 2025 121 For personal use only 22. Deed of cross guarantee Entities that are party to a Deed of Cross Guarantee are included in note 16. The Statement of Profit or Loss and Other Comprehensive Income and the Statement of Financial Position for this closed group are shown below: Statement of Profit or Loss and Other Comprehensive Income 2025 $mill 2024(1) $mill Profit/(loss) before income tax 90.1 (775.5) Income tax (expense)/benefit (0.4) 215.6 Profit/(loss) for the year 89.7 (559.9) Retained profits at 1 October 423.7 1,453.5 New entities added to the Deed – (92.4) Profit/(loss) for the year 89.7 (559.9) Other movements in retained earnings 0.3 0.7 Dividend paid (162.3) (378.2) Retained profits at 30 September 351.4 423.7 Statement of Financial Position 2025 $mill 2024(1) $mill Current assets Cash and cash equivalents 469.0 917.7 Trade and other receivables 482.5 – Inventories 188.9 487.2 Other assets 36.2 42.3 Other financial assets 8.5 2.1 Current tax assets 25.7 68.3 Total current assets 1,210.8 1,517.6 Non-current assets Trade and other receivables 752.8 – Other assets 61.4 – Other financial assets 2,892.2 2,993.8 Property, plant and equipment 1,284.8 1,574.0 Right-of-use lease assets 11.4 123.5 Exploration and evaluation assets – 3.5 Intangible assets 73.3 67.6 Deferred tax assets 537.8 230.3 Total non-current assets 5,613.7 4,992.7 Total assets 6,824.5 6,510.3 Current liabilities Trade and other payables 374.8 598.7 Lease liabilities 21.9 18.6 Interest bearing liabilities 540.2 – Other financial liabilities 0.3 1.9 Provisions 195.7 115.3 Total current liabilities 1,132.9 734.5 Non-current liabilities Trade and other payables 152.6 123.9 Lease liabilities 46.7 129.8 Interest bearing liabilities 1,238.2 1,233.5 Other financial liabilities 30.5 39.7 Provisions 204.1 123.5 Deferred tax liabilities 516.8 226.6 Retirement benefit obligation (1.7) (1.1) Total non-current liabilities 2,187.2 1,876.0 Total liabilities 3,320.1 2,610.5 Net assets 3,504.4 3,899.9 Equity Issued capital 3,072.6 3,354.7 Reserves 80.4 121.5 Retained earnings 351.4 423.7 Total equity 3,504.4 3,899.9 (1) FY24 has not been restated for entities that were sold to Ridley Corporation Limited (ASX: RIC) during FY25. 23. Parent entity disclosure Throughout the financial year ended 30 September 2025 the parent company of the Group was Dyno Nobel Limited. Parent entity guarantees in respect of debts of its subsidiaries The parent entity is part of a Deed of Cross Guarantee, under which each entity guarantees the debt of the others. Statement of Profit or Loss and Other Comprehensive Income Results of the parent entity 2025 $mill 2024 $mill Profit for the year 105.7 23.8 Other comprehensive income 4.3 6.5 Total comprehensive profit for the year 110.0 30.3 Statement of Financial Position 2025 $mill 2024 $mill Current assets 825.2 1,604.3 Total assets 8,633.4 8,492.9 Current liabilities 1,288.9 847.1 Total liabilities 5,435.7 4,960.2 Net assets 3,197.7 3,532.7 Share capital 3,072.6 3,354.7 Reserves 3.5 (0.6) Retained earnings 121.6 178.6 Total equity 3,197.7 3,532.7 Parent entity contingencies and commitments Contingent liabilities of Dyno Nobel Limited are disclosed in note 17. Capital expenditure – commitments 2025 $mill 2024 $mill Contracted but not yet provided for and payable: Within one year 4.8 3.8 Tax consolidation The Company and its wholly-owned Australian resident entities have formed a tax consolidated group. As a result it is taxed as a single entity. The head entity of the tax consolidated group is Dyno Nobel Limited. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: OTHER FOR THE YEAR ENDED 30 SEPTEMBER 2025 122 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only 24. Auditor’s remuneration 2025 $000 2024 $000 Deloitte and related network firms Audit or review of financial reports Group 1,759.5 1,571.0 Subsidiaries and joint operations 695.0 698.5 2,454.5 2,269.5 Other assurance and agreed-upon procedures under other legislation or contractual arrangements not required to be provided by the auditor 169.0 488.0 Other services: Other consulting services – 80.0 Total remuneration 2,623.5 2,837.5 Non-Deloitte audit firms Audit services 429.6 285.0 Total remuneration of non-Deloitte audit firms 429.6 285.0 From time to time, the auditors provide other services to the Group. These services are subject to strict corporate governance procedures which encompass the selection of service providers and the setting of their remuneration. The Audit and Risk Management Committee must approve individual non audit assurance engagements provided by the Group’s auditor above a value of $100,000, as well as where the aggregate amount exceeds $250,000 per annum. 25. Events subsequent to reporting date On 10 November 2025, Dyno Nobel announced a final dividend of 9.5 cents per share, unfranked, to be paid on 16 December 2025. The record date for entitlement to this dividend is 2 December 2025. Based on the number of shares on issue at 30 September 2025, the total dividend payment will be $170.6m. Other than the matters reported on above, the directors have not become aware of any other significant matter or circumstance that has arisen since the end of the financial year, that has affected or may affect the operations of the Group, the results of those operations, or the state of affairs of the Group in subsequent years, which has not been covered in this report. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: OTHER FOR THE YEAR ENDED 30 SEPTEMBER 2025 Annual Report 2025 123 For personal use only The Consolidated Entity Disclosure Statement has been prepared in accordance with s.295(3A)(a) of the Corporations Act 2001 and includes information for Dyno Nobel Limited and each subsidiary of the Dyno Nobel Limited Group as at 30 September 2025.(1) Entity name Entity type Trustee, partner of participant in JV Country of incorporation % of share capital held Australian tax resident Foreign tax jurisdiction (if applicable) Dyno Nobel Limited(2) Body Corporate N/A Australia N/A Yes N/A Project Ceres Pty Ltd(2) Body Corporate N/A Australia 100% Yes N/A Southern Cross Operations Limited(2) Body Corporate N/A Australia 100% Yes N/A Dyno Nobel LTI Plan Company Pty Ltd Body Corporate Trustee Australia 100% Yes N/A Dyno Nobel Explosives Holdings Pty Ltd Body Corporate N/A Australia 100% Yes N/A Queensland Operations Pty Limited Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Investments 1 Pty Ltd Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Investments 2 Pty Ltd Body Corporate N/A Australia 100% Yes N/A Dyno Nobel US Holdings Pty Ltd(2) Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Finance Australia Pty Ltd Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Aust Pty Ltd(2) Body Corporate N/A Australia 100% Yes USA Dyno Nobel Europe Pty Ltd Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Management Pty Limited Body Corporate N/A Australia 100% Yes N/A Industrial Investments Australia Finance Pty Limited Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Asia Pacific Pty Limited Body Corporate N/A Australia 100% Yes N/A Dampier Nitrogen Pty Ltd Body Corporate N/A Australia 100% Yes N/A DNX Australia Pty Ltd Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Moranbah Pty Ltd Body Corporate N/A Australia 100% Yes N/A Dyno Nobel Moura Pty Limited Body Corporate N/A Australia 100% Yes N/A PH Queensland Gas Pty Ltd(2) Body Corporate N/A Australia 100% Yes N/A Dyno Nobel US Investments Partnership N/A N/A N/A Yes USA Dyno Nobel Management LLC Body Corporate N/A USA 100% No USA Dyno Nobel Finance LLC Body Corporate N/A USA 100% Yes N/A(3) Dyno Nobel Australia LLC Body Corporate N/A USA 100% Yes N/A(3) Dyno Nobel SPS LLC Body Corporate N/A USA 100% Yes N/A(3) Dyno Nobel Holdings IV LLC Body Corporate N/A USA 100% No N/A(4) Dyno Nobel Holdings USA III, Inc. Body Corporate N/A USA 100% No USA Dyno Nobel Holdings USA II Partnership N/A N/A N/A Yes USA Dyno Nobel Holdings USA II, Inc. Body Corporate N/A USA 100% No USA Dyno Nobel Holdings USA, Inc. Body Corporate N/A USA 100% No USA Dyno Nobel Inc. Body Corporate N/A USA 100% No USA Dyno Nobel Transportation, Inc Body Corporate N/A USA 100% No USA Simsbury Hopmeadow Street LLC Body Corporate N/A USA 100% No N/A(4) Dyno Nobel Holdings V LLC Body Corporate N/A USA 100% No N/A(4) Tradestar Corporation Body Corporate N/A USA 100% No USA CMMPM, LLC Body Corporate N/A USA 100% Yes N/A CMMPM Holdings, L.P. Partnership N/A N/A N/A Yes N/A Dyno Nobel Louisiana Ammonia, LLC Body Corporate N/A USA 100% No N/A(4) Nobel Labs, LLC Body Corporate N/A USA 100% No N/A(4) Mine Equipment & Mill Supply Company Body Corporate N/A USA 100% No USA Controlled Explosives, Inc. Body Corporate N/A USA 100% No USA Drisk Insurance Inc. Body Corporate N/A USA 100% No USA Falconi Construction, Inc. Body Corporate N/A USA 100% No USA Alpha Dyno Nobel Body Corporate N/A USA 100% No USA Dyno Nobel Canada Inc. Body Corporate N/A Canada 100% No Canada Dyno Nobel Transportation Canada Inc. Body Corporate N/A Canada 100% No Canada Dyno Nobel Nunavut Inc. Body Corporate N/A Canada 100% No Canada Dyno Nobel Finance Canada Inc. Body Corporate N/A Canada 100% No Canada Polar Explosives 2000 Inc. Body Corporate N/A Canada 100% No Canada Dene Dyno Nobel (Polar) Inc. Body Corporate N/A Canada 100% No Canada Dyno Nobel Waggaman Inc. Body Corporate N/A Canada 100% No Canada Incitec Pivot Holdings (Hong Kong) Limited Body Corporate N/A Hong Kong 100% Yes Hong Kong Coltivi Insurance Pte Ltd Body Corporate N/A Singapore 100% No Singapore Consolidated Entity Disclosure Statement 124 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Entity name Entity type Trustee, partner of participant in JV Country of incorporation % of share capital held Australian tax resident Foreign tax jurisdiction (if applicable) Dyno Nobel Explosivos Chile Limitada Body Corporate N/A Chile 100% No Chile Dyno Nobel Peru S.A. Body Corporate N/A Peru 100% No Peru Dyno Nobel Mexico, S.A. de C.V. Body Corporate N/A Mexico 99.98% No Mexico DNX Papua New Guinea Ltd Body Corporate N/A Papua New Guinea 100% No Papua New Guinea PT DNX Indonesia Body Corporate N/A Indonesia 100% No Indonesia Nitromak Dnx Kimya Sanayii Anonim Sirketi Body Corporate N/A Türkiye 100% No Türkiye RomNitro Explosives SRL Body Corporate N/A Romania 100% No Romania Dyno Nobel Holdings Europe SA Body Corporate N/A Switzerland 100% No Switzerland Dyno Nobel Holdings France Sas Body Corporate N/A France 100% No France Explinvest SASU Body Corporate N/A France 100% No France Titanobel SASU Body Corporate N/A France 100% No France Société d’Explosifs du Centre-Est SA Body Corporate N/A France 99.9% No France Groupement Forestier Minez Clegueric Body Corporate N/A France 66% No France Titanobel-NPGM Equipment SAS Body Corporate N/A France 51% No France Nord-Sud Dynamitage-Sofiter SARL Body Corporate N/A New Caledonia 51% No New Caledonia Titanobel Benin SASU Body Corporate N/A Benin 100% No Benin Titanobel Cameroun SASU Body Corporate N/A Cameroon 100% No Cameroon Afrique Ouest Drilling Sofiter SARL Body Corporate N/A Senegal 100% No Senegal DNX Malaysia Sdn. Bhd. Body Corporate N/A Malaysia 100% No Malaysia Dyno Nobel Ghana Ltd Body Corporate N/A Ghana 100% No Ghana Dyno Nobel Guinee Body Corporate N/A Guinee 100% No Guinee Dyno Nobel Explosives Limited Body Corporate N/A Tanzania 80% No Tanzania (1) After the sale of the fertiliser distribution business to Ridley Corporation Limited on 30 September 2025, the following entities that were included in prior year Statement have been removed: • Australian Bio Fert Pty Ltd • Easy Liquids Pty Ltd • Incitec Pivot Pty Ltd (formerly TOP Australia Pty Limited) • Incitec Pivot Trading Pty Ltd (formerly Southern Cross International Pty Ltd) • Incitec Pivot Fertiliser (Singapore) Pte. Ltd • OZBIOFERT Pty Ltd Also due to the changes in the following entities during the year, they have not been included in the current year Statement: • Nitro Industria Kimike Shpk, Albania was sold; • Société Financière de Terrassement SAS, France merged into Titanobel SASU; • Titanobel Southern Africa (Pty) Ltd, South Africa was deregistered during the year; • Voluntary liquidation has commenced in respect of Enviro Blasting Services (Pty) Limited, South Africa during the year. (2) The following entities have undergone name change during the year: Current name Previous name Dyno Nobel Limited Incitec Pivot Limited Project Ceres Pty Ltd Incitec Fertilisers Operations Pty Ltd Southern Cross Operations Limited Incitec Pivot Fertilisers Limited Dyno Nobel US Holdings Pty Ltd Incitec Pivot US Holdings Pty Ltd Dyno Nobel Aust Pty Ltd. Dyno Nobel Pty Ltd PH Queensland Gas Pty Ltd Incitec Pivot Queensland Gas Pty Ltd (3) The entity is treated as “flow-through” for US federal income tax purposes and therefore, is not considered a tax resident of the US. However, it is treated as part of a US tax resident entity. For Australian tax purposes, the entity is treated as a partnership with Australian resident partners that are part of the Australian tax consolidated group. (4) This entity is treated as “flow-through” for US federal income tax purposes and therefore, not considered a tax resident of the US. For Australian tax purposes, the entity is treated as a partnership with Australian resident partners that are part of the Australian tax consolidated group. Consolidated Entity Disclosure Statement Annual Report 2025 125 For personal use only Directors’ Declaration on the Consolidated Financial Statements set out on pages 80 to 125 In accordance with a resolution of the directors of Dyno Nobel Limited (the Company), we state that: 1. In the opinion of the directors: (a) the consolidated financial statements and notes, set out on pages 80 to 125, are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the financial position of the Company and the Group as at 30 September 2025 and of their performance for the year ended on that date; and (ii) complying with Accounting Standards in Australia (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; (b) the financial report also complies with International Financial Reporting Standards as disclosed on page 88; and (c) there are reasonable grounds to believe the Company and the Group will be able to pay their debts as and when they become due and payable. 2. There are reasonable grounds to believe that the Company and the controlled entities identified in note 16 will be able to meet any obligations or liabilities to which they are or may become subject by virtue of the Deed of Cross Guarantee between the Company and those subsidiaries pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/785. 3. The directors have been given the declaration by the Chief Executive Officer and the Chief Financial Officer as required by section 295A of the Corporations Act 2001 for the financial year ended 30 September 2025. 4. The consolidated entity disclosure statement set out on pages 124 to 125 required by section 295(3A) of the Corporations Act 2001 is true and correct. Greg Robinson Chair 10 November 2025 Mauro Neves CEO & Managing Director 10 November 2025 126 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports Financial Report For personal use only Liability limited by a scheme approved under Professional Standards Legislation Member of Deloitte Asia Pacific and the Deloitte organisation Deloitte Touche Tohmatsu A.B.N. 74 490 121 060 477 Collins Street Melbourne VIC 3000 Tel: +61 3 9671 7000 www.deloitte.com.au Independent Auditor’s Report to the members of Dyno Nobel Limited Report on the Audit of the Financial Report Opinion We have audited the financial report of Dyno Nobel Limited (the “Company”) and its subsidiaries (the “Group”), which comprises the consolidated statement of financial position as at 30 September 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information and other explanatory information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: • Giving a true and fair view of the Group’s financial position as at 30 September 2025 and of its financial performance for the year then ended; and • Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters The key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Annual Report 2025 127 For personal use only Key Audit Matter How the scope of our audit responded to the Key Audit Matter Incitec Pivot Fertilisers (‘IPF’) Distribution business divestment Refer to Note 2 Revenue and expenses, Note 14 Discontinued operations and Note 17 Provisions and contingencies. As at 30 September 2025, Dyno Nobel recognised the sale of the IPF Distribution assets to Ridley Corporation Limited which resulted in a net loss on sale of $145.4 million. The earnings attributable to IPF Distribution for the twelve months ended 30 September 2025 have been presented as discontinued operations. As at 30 September 2025, Dyno Nobel also recognised the sale of the Gibson Island land to Goodman Group. This resulted in the recognition of the provision for remediation of the Gibson Island land of $157.0 million. The divestment accounting is subject to a high level of judgement including but not limited to the recognition of deferred consideration, working capital and net debt adjustments, tax considerations and recognising and measuring the resulting net loss on sale Management’s estimate for the cost to remediate the Gibson Island land is subject to a high level of estimation uncertainty and is based on third party specialist cost estimates. Given the size of the transaction, the nature of the contracts entered into, the complexity of the accounting requirements and the level of management judgment involved, we consider this to be a Key Audit Matter. Our procedures to assess the divestment accounting included, but were not limited to: • Understanding the relevant controls and processes that management has undertaken to assess the divestment and discontinued operations accounting; • Reading the executed agreements to understand key terms and conditions; • Assessing the revenues and expenses recorded for the discontinued operations for the period ended 30 September 2025 in accordance with the accounting standards; • Assessing the timing of de-recognition of net assets disposed as of 30 September 2025 in line with the executed agreements; • Agreeing cash consideration received to bank statements; • Assessing the recognition and measurement of deferred consideration; • Testing transaction costs on a sample basis to supporting documentation; • Agreeing the working capital adjustment and net assets disposed amounts to underlying asset and liability values in the general ledger at 30 September 2025; • In conjunction with our tax specialists, assessing the CGT and tax treatments associated with each sale; and • Assessing the completeness and accuracy of the costs included and judgements applied to develop the estimates for remediation provisions, including: o Enquiring with management to understand the process undertaken to develop the estimate; o Reading and assessing the reasonableness of the external reports provided by third party specialists; and o Agreeing a sample of forecast costs to underlying budgets and supporting documentation, where applicable. We have also assessed the adequacy of the disclosures included in Notes 2, 14 and 17 in the financial statements. 128 Independent Auditor’s Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Carrying value of goodwill and non-current assets Refer to Note 9 Property, plant and equipment, Note 10 Leases, Note 11 Intangibles and Note 12 Impairment of goodwill and non-current assets in the financial statements. As at 30 September 2025, the Group held goodwill of $1,778.5 million, intangible assets of $847.7 million, property, plant and equipment of $2,203.7 million and right-of-use lease assets of $149.2 million, which are allocated to the Group’s cash generating units (CGUs). As disclosed in Note 12, an impairment charge of $245.4 million was recognised against property, plant and equipment, right-of-use lease assets and inventories. Goodwill is monitored and tested annually for impairment. An assessment is made for indicators of impairment for each CGU, including the individual operating asset CGUs. The assessment of the recoverable amount is subject to a high level of judgement and is based on management’s view of key variables and market conditions. The Group has prepared a value-in-use model to determine the recoverable amount of each CGU with goodwill or where an indicator of impairment was identified. The Group’s Phosphate Hill model is sensitive to changes in key assumptions, including natural gas prices, commodity prices and discount rate. The Group’s Dyno Nobel Asia Pacific (‘DNAP’) model is sensitive to changes in terminal value assumptions, including natural gas prices, growth rate and discount rate. The Group’s Dyno Nobel Americas (‘DNA’) model is sensitive to changes in terminal value assumptions, including growth rate and discount rate. Given the sensitivities of the assumptions in the Phosphate Hill, DNAP and DNA models, we consider the carrying value of goodwill and non- current assets to be a Key Audit Matter. Our procedures to assess the recoverable amounts of the CGUs included, but were not limited to: • Understanding the relevant controls and processes that management has undertaken to assess the recoverable amounts; • In conjunction with our valuation specialists: o Evaluating the appropriateness of the models used and the valuation techniques applied by management; o Testing the mechanics of the models; and o Comparing the discount rates applied with an independently developed rate. • Assessing and challenging the key assumptions in the models and terminal values by: o Corroborating the key independent market based assumptions to external analysts’ reports, published industry growth rates and industry reports; o Corroborating the key non-market based assumptions by comparing Board approved forecasts to historical performance to test the accuracy of management’s forecasts; o Agreeing contracted volumes and pricing assumptions in the models to the Board approved forecasts; and o Performing a range of sensitivity analyses on the key assumptions including discount rates, growth rates, natural gas prices and commodity prices used in the cash flow forecasts. We have also assessed the adequacy of the disclosures included in Notes 9, 10, 11, and 12 in the financial statements. Other Information The directors are responsible for the other information. The other information comprises the Directors’ Report, which we obtained prior to the date of the auditor’s report, and also includes the following information which will be included in the Group’s annual report (but does not include the financial report and our auditor’s report thereon): About Us, Performance and Outlook, Being a Sustainability Business, Governance, and Additional Information, which is expected to be made available to us after that date. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. Annual Report 2025 129 For personal use only In connection with our audit of the financial report, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. When we read the About Us, Performance and Outlook, Being a Sustainability Business, Governance, and Additional Information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the directors and use our professional judgement to determine the appropriate action. Responsibilities of the Directors for the Financial Report The directors are responsible: • For the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group in accordance with Australian Accounting Standards; and • For such internal control as the directors determine is necessary to enable the preparation of the financial report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. 130 Independent Auditor’s Report About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 59 to 78 of the Directors’ Report for the year ended 30 September 2025. In our opinion, the Remuneration Report of Dyno Nobel Limited, for the year ended 30 September 2025, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. DELOITTE TOUCHE TOHMATSU Suzana Vlahovic Partner Chartered Accountants Melbourne, 10 November 2025 Annual Report 2025 131 For personal use only Shareholder Information As at 10 November 2025 Distribution of ordinary shareholder and shareholdings Size of holding Number of shareholders Number of shares Percentage of issued capital 1 – 1,000 10,515 4,705,214 0.26 1,001 – 5,000 17,895 52,301,205 2.91 5,001 – 10,000 5,825 42,803,752 2.39 10,001 – 100,000 5,223 113,151,886 6.3 100,001 and over 131 1,582,409,965 88.14 Total 39,589 1,795,372,022 100.00 The number of shareholders holding less than a marketable parcel of shares ($500) was 1,858 (based on the closing market price on 10 November 2025 of $3.460). The holdings of the 20 largest holders of fully paid ordinary shares represents 86.60% of that class of shares. Twenty largest ordinary fully paid shareholders Number of shares Percentage of issued capital HSBC Custody Nominees (Australia) Limited 601,860,785 33.52 Citicorp Nominees Pty Limited 309,717,463 17.25 J P Morgan Nominees Australia Pty Limited 309,354,757 17.23 Merrill Lynch (Australia) Nominees Pty Limited 133,332,787 7.43 Merrill Lynch (Australia) Nominees Pty Ltd <NOM1 A/C> 47,588,843 2.65 BNP Paribas Noms Pty Ltd 40,972,945 2.28 BNP Paribas Nominees Pty Ltd <Agency Lending A/C> 40,248,414 2.24 HSBC Custody Nominees (Australia) Limited - A/C 2 27,080,391 1.51 HSBC Custody Nominees (Australia) Limited <NT-Comnwlth Super Corp A/C> 15,012,180 .84 HSBC Custody Nominees (Australia) Limited 7,935,247 .44 Warbont Nominees Pty Ltd <Unpaid Entrepot A/C> 3,968,714 .22 BNP Paribas Nominees Pty Ltd <HUB24 Custodial Serv Ltd> 3,155,272 .18 Neweconomy com au Nominees Pty Limited <900 Account> 2,508,313 .14 BNP Paribas Noms (NZ) Ltd 2,442,765 .14 Netwealth Investments Limited <Wrap Services A/C> 2,157,320 .12 BNP Paribas Nominees Pty Ltd <Cowen and Co LLC> 2,100,622 .12 UBS Nominees Pty Ltd 1,896,329 .11 Dyno Nobel LTI Plan Company Pty Ltd <DNL LTI Company Plan A/C> 1,361,541 .08 Netwealth Investments Limited <Super Services A/C> 1,104,051 .06 BNP Paribas Nominees Pty Ltd <Agency Lending Collateral> 1,000,000 .06 Total 1,554,798,739 86.60 Substantial shareholders The number of shares to which each substantial holder and the substantial holders’ associates have a relevant interest, as disclosed in substantial holding notices given to Dyno Nobel under the Corporations Act, are as follows: Name Date Notice Received Votes/Number of shares Percentage of issued capital Janchor Partners Limited 7 November 2025 157,489,475 8.77 Allan Gray Australia Pty Ltd 14 October 2025 131,185,566 7.31 Vanguard Group 9 August 2024 119,559,181 6.156 State Street Corporation 15 October 2024 114,436,327 6.05 Schroder Investment Management Australia Ltd 13 May 2025 102,804,834 5.52 Bank of America Corporation 7 August 2025 91,624,470 5.01 Voting Rights for Ordinary Shares Votes of shareholders are governed by the Company’s Constitution. In broad summary, but without prejudice to the provisions of these rules, the Constitution provides for votes to be cast: (a) on a show of hands, one vote for each shareholder; and (b) on a poll, one vote for each fully paid share. Unquoted Equity Securities As at 10 November 2025, there were 22,133,865 of Rights and Options on issue, comprising of: ࣵ5,683,634 performance rights with 12 holders were on issue pursuant to Dyno Nobel employee incentive plans; ࣵ47,840 share rights with 4 holders were on issue pursuant to Non-executive Director minimum shareholding plan; and ࣵ16,402,391 options with 11 holders were on issue pursuant to Dyno Nobel employee incentive plans. Performance rights, share rights and options do not carry any voting rights. On-Market Share Purchases During the 2025 financial year, 800,000 ordinary shares were purchased on-market for the purposes of awards under Dyno Nobel employee incentive plans and the Non-executive Director minimum shareholding plan. On 15 November 2022, Dyno Nobel announced its intention to undertake an on-market share buyback of up to $400m. On 13 November 2023, Dyno Nobel announced its intention to undertake an additional on-market share buyback of up to $500m, which amounts to a total planned on-market buyback of up to $900m. The $400m on-market share buyback commenced on 10 July 2024, and was completed on 17 September 2025. The $500m on-market share buyback commenced on 18 September 2025. To date, 146,853,007 shares have been purchased on-market by Dyno Nobel to the value of $430.6m. On 10 November 2025, Dyno Nobel announced that it will continue the on-market share buyback program during financial year 2026. 132 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Dyno Nobel Limited and its controlled entities(1) 2025 $mill 2024 $mill 2023 $mill 2022 $mill 2021 $mill Revenue 5,345.2 5,364.9 6,008.1 6,315.3 4,348.5 Earnings before depreciation, amortisation, net borrowing costs, individually material items (IMIs) and tax 1,012.4 924.8 1,215.4 1,857.7 934.9 Depreciation and amortisation (excluding IMI's) (298.3) (345.0) (335.6) (372.5) (368.5) Earnings before net borrowing costs, IMIs and tax (EBIT) 714.1 579.8 879.8 1,485.2 566.4 Net borrowing costs (excluding IMIs) (136.1) (104.4) (148.7) (107.2) (112.8) IMIs before tax (537.8) (748.6) (30.8) (19.2) (293.4) Taxation (expense)/benefit (92.3) (38.6) (140.5) (345.0) (11.1) Operating (loss)/profit after tax and IMIs (52.1) (311.8) 559.8 1,013.8 149.1 Operating profit/(loss) after tax and IMIs attributable to non-controlling interest 1.1 (0.9) (0.2) 0.1 – Operating (loss)/profit after tax and IMIs attributable to shareholders of Dyno Nobel Limited (53.2) (310.9) 560.0 1,013.7 149.1 IMIs after tax (476.6) (711.7) (22.1) (13.4) (209.5) Operating profit after tax before IMIs (net of tax) 423.4 400.8 582.1 1,027.1 358.6 Dividends paid 162.3 378.2 524.4 355.4 19.4 Current assets 2,122.7 2,672.3 4,253.2 2,654.3 1,819.4 Property, plant and equipment 2,203.7 2,435.9 3,191.4 4,246.9 3,928.9 Equity accounted investments 457.7 417.9 404.8 379.4 324.8 Intangible assets 2,626.2 2,545.7 2,394.4 3,281.4 3,000.9 Other non-current assets 419.6 326.6 301.5 301.7 316.6 Total assets 7,829.9 8,398.4 10,545.3 10,863.7 9,390.6 Current borrowings, payables and other liabilities 1,369.0 1,191.9 1,198.6 1,658.6 1,427.1 Current provisions 222.3 140.0 108.8 166.7 101.3 Non-current borrowings, payables and other liabilities 1,574.7 2,065.7 2,678.5 2,578.1 2,284.6 Non-current provisions 231.0 155.9 132.7 170.6 209.0 Total liabilities 3,397.0 3,553.5 4,118.6 4,574.0 4,022.0 Net assets 4,432.9 4,844.9 6,426.7 6,289.7 5,368.6 Shareholders’ equity 4,431.1 4,845.9 6,426.8 6,289.6 5,368.6 Equity attributable to non-controlling interest 1.8 (1.0) (0.1) 0.1 – Total shareholders’ equity 4,432.9 4,844.9 6,426.7 6,289.7 5,368.6 Ordinary shares thousands 1,795,372 1,892,102 1,942,225 1,942,225 1,942,225 Number of shares on issue at year end thousands 1,795,372 1,892,102 1,942,225 1,942,225 1,942,225 Weighted average number of shares on issue (investor and ordinary) thousands 1,855,344 1,935,814 1,942,225 1,942,225 1,942,225 Earnings per share before IMIs cents 22.8 20.7 30.0 52.9 18.5 including IMIs cents (2.9) (16.1) 28.8 52.2 7.7 Dividends (announced) cents 11.9 20.8 15.0 27.0 9.3 Dividends (paid) cents 8.7 19.5 27.0 18.3 1.0 Dividend franking % – – 40 100 24 Share price range High $3.24 $3.20 $4.14 $4.06 $2.94 Low $2.23 $2.63 $2.62 $2.97 $1.92 Year end $3.10 $3.11 $3.14 $3.51 $2.94 Stockmarket capitalisation at year end $mill 5,565.7 5,884.4 6,098.6 6,817.2 5,710.1 Net tangible assets per share $ 1.01 1.22 1.60 1.55 1.22 Net debt/EBITDA times 1.4 0.8 1.2 0.5 1.1 Interest cover times 10.7 12.5 9.9 20.3 9.7 Net capital expenditure on plant and equipment (cash flow) $mill 464.4 348.3 418.8 428.3 349.3 Net capital expenditure on acquisitions (cash flow) $mill – – – 143.9 8.5 Return on average shareholders funds before IMIs % 9.1 7.1 9.2 17.6 6.8 including IMIs % (1.1) (5.5) 8.8 17.4 2.8 (1) The above results include continuing and discontinued operations for the consolidated Group. Five Year Financial Statistics Annual Report 2025 133 For personal use only Our Company Board Board of directors of Dyno Nobel Limited DNA Dyno Nobel Americas DNAP Dyno Nobel Asia Pacific IPF Incitec Pivot Fertilisers Dyno Nobel or the Company Dyno Nobel Limited LOMO Dyno Nobel Americas' Louisiana, Missouri ammonium nitrate manufacturing facility The Group, We, Us or Our Dyno Nobel Limited and its subsidiaries Titanobel Titanobel, France WALA DNA’s Ammonia manufacturing facility located in Waggaman, Louisiana sold to CF Industries Holdings, Inc. on 1 December 2023 Financial and Remuneration AASB Australian Accounting Standards Board CGU Smallest identifiable group of assets that generate independent cash flows CPI Consumer Price Index DAP Diammonium Phosphate DRP Dividend Reinvestment Plan EBIT Earnings Before Interest and Tax EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation EPS Earnings Per Share FAR Fixed Annual Remuneration FCTR Foreign Currency Translation Reserve IFRS International Financial Reporting Standards IMI Individually Material Items ISSB International Sustainability Standards Board KMP Key Management Personnel KPI Key Performance Indicator LTI Long Term Incentive MAP Mono-Ammonium Phosphate MSR Minimum Shareholding Requirement NPAT Net Profit After Tax PCP Previous Calendar Period PP&E Property Plant and Equipment ROE Return On Equity ROIC Return On Invested Capital STI Short Term Incentive TSR Total Shareholder Return TWC Trade Working Capital VWAP Volume Weighted Average Price Other AN Ammonium Nitrate ARENA Australian Renewable Energy Agency ASIC Australian Securities and Investments Commission ASX Australian Securities Exchange CCS Carbon Capture and Storage CDP Carbon Disclosure Project CO2 Carbon Dioxide Corporations Act Corporations Act 2001 (Cth) DEI Diversity, Equity and Inclusion ESG Environmental, Social and Governance EEF Enhanced Efficiency Fertiliser FEED Front End Engineering Design FTSE Financial Times Stock Exchange GEI Gender-Equity Index GHG Greenhouse Gas GRI Global Reporting Initiative IBP Integrated Business Planning LTIFR Lost Time Injury Frequency Rate MPU Mobile Processing Unit N2O Nitrous Oxide S&P Global CSA Standard & Poor's Global Corporate Sustainability Assessment (previously Dow Jones Sustainability Index – DJSI) SSP Single Super Phosphate TNFD Taskforce on Nature-related Financial Disclosures TRIFR Total Recordable Injury Frequency Rate TCFD Task Force on Climate-Related Financial Disclosures Glossary 134 About Us Performance and Outlook Being a Sustainable Business Governance Financial and Statutory Reports For personal use only Corporate Directory Registered Office Dyno Nobel Limited Level 8, 28 Freshwater Place Southbank Victoria 3006 Australia Telephone: +61 3 8695 4400 Facsimile: +61 3 8695 4419 Website: www.dynonobel.com.au Company Secretary: Richa Puri Auditor Deloitte Touche Tohmatsu 477 Collins Street Melbourne Victoria 3000 Australia Securities Exchange Listing Dyno Nobel Limited shares are listed on the Australian Securities Exchange (ASX: DNL). Dyno Nobel Limited ordinary shares are traded in the US in the form of American Depository Receipts (ADR) issued by the Bank of New York Mellon as Depositary. Share Registry and Other Enquiries If you have any enquiries in relation to your shareholding, share transfers or dividends, please contact our share registry: MUFG Corporate Markets (AU) Limited Locked Bag A14 Sydney South New South Wales 1235 Australia Telephone: +61 1300 303 780 General Facsimile: +61 2 9287 0303 Proxy Facsimile: +61 2 9287 0309 Email: support@cm.mpms.mufg.com Website: https: www.mpms.mufg.com For enquiries about American Depositary Receipts: Computershare Investor Services 150 Royall Street, Suite 101 Canton, MA 02021 United States of America Telephone: 1-888-269-2377 International: +1-201-680-6825 Email: shrrelations@cpushareownerservices.com Website: www-us.computershare.com/investor For enquiries about the operations of the Company, please contact our Investor Relations team: Dyno Nobel Limited Level 8, 28 Freshwater Place Southbank Victoria 3006 Australia Email: investor.relations@dynonobel.com Website: www.dynonobel.com.au Shareholder Information The Company has an online share registry facility, where shareholders can: ࣵcheck their previous or current holding balances; ࣵupdate their address and contact details; ࣵupdate their bank details; ࣵreview their transaction and dividend history; ࣵconfirm whether they have lodged a TFN/ABN exemption; ࣵelect to receive electronic communciations and other Company information eletroncially; ࣵdownload commonly used forms, including change of name, change of address, consolidation of holdings, off market transfers, appointment of corporate representatives and deceased estate holdings; and ࣵsubscribe to email announcements and alerts. The online share registry can be accessed at https://investors. dynonobel.com.au/shareholder-information/shareholder- services. For security reasons, shareholders will be required to verify their identity before being able to access their records. Annual General Meeting Dyno Nobel Limited’s 2025 Annual General Meeting will be held on 17 December 2025. Location: Dexus Place Brisbane, Level 4, 480 Queen St, Brisbane Annual Report 2025 135 For personal use only This report is printed on Sovereign Silk stock which contains mixed fibre and is FSC® Mix Certified, which ensures that pulp is derived from well-managed forests. Sovereign Silk is manufactured by an ISO 14001 certified mill. Dyno Nobel Limited ABN: 42 004 080 264 Level 8 28 Freshwater Place Southbank Victoria 3006 Australia For personal use only

Disclosure Devil - Summary