• Net Profit After Tax pre significant items (NPAT pre-SI) ⁽¹⁾ of $541 million, up 32% from the prior corresponding period (pcp). Statutory NPAT ⁽²⁾ of $162 million, including $379 million of significant items ⁽³⁾ after tax, as previously disclosed
• EBIT ⁽⁴⁾ of $992 million, up 23% from the pcp, our highest earnings in 13 years
• Earnings increased across all segments, driven by strong demand for premium products, advanced technology solutions and ongoing commercial discipline
• Strong cash generation delivered net operating cash flow of $949 million (2024: $808 million), up 18% from the pcp
• Earnings per share (pre-SI) ⁽⁵⁾ of 111.8 cents, up 25.4 cents and 29% from the pcp
• Leverage (excluding leases) ⁽⁷⁾ at 1.39x, at the lower end of the target range of 1.25x – 2.00x
• Return on Net Assets (RONA) ⁽⁸⁾ at 13.8% (2024:12.8%)
• The on-market share buy-back of up to $400 million announced in March is substantially complete, and has been increased by up to an additional $100 million, to a total program of up to $500 million
• Final dividend of 32.0 cents per share; unfranked, bringing the full year dividend to 57.0 cents per share, up 10.0 cents and 21% from the pcp, representing a full year payout ratio ⁽⁶⁾ of 50%
• Gross Scope 1 and 2 emissions at 51% below 2019 levels; net emissions¹³ on track to achieve target of 45% reduction by 2030

CEO Commentary

Summarising the strong 2025 performance, Orica Managing Director and CEO Sanjeev Gandhi said:

SAFETY AND SUSTAINABILITY

“Safety is our top priority, supporting the wellbeing of our people, customers, and communities. This year, we had zero fatalities and our lowest-ever serious injury rate. Our vigilance and dedication to safety are non-negotiable as we empower our team to speak up and stop work if risks are identified.

“Across all our sites this year, we recorded zero significant environmental incidents. We remain deeply committed to environmental management in the communities we operate in.

“Our commitment to sustainability is delivering measurable emissions reductions. Gross Scope 1 and 2 emissions are now 51% below 2019 levels, and we are on track to meet our net emissions target of 45% reduction by 2030, as well as progressing towards our ambition of net zero emissions by 2050.

“We continue to explore emerging technologies such as renewable hydrogen, low-carbon feedstocks and carbon capture and utilisation. Renewable electricity procurement in Australia and Canada is supporting our goal of achieving 100% renewable electricity by 2040, with a 60% target by 2030."

STRATEGY AND PERFORMANCE

“In 2025, we delivered our highest EBIT performance in 13 years, reflecting the successful execution of our strategy, the collective efforts of our people and the growing strength of our business underpinned by the continued demand for our premium products and innovative technology solutions.

“Our Blasting Solutions business delivered consistently strong results, reflecting our global leadership, advanced blasting technologies, and robust global supply chain driving sustainable growth, and reinforcing Orica’s industry-leading position.

“Earnings in our Digital Solutions business had a significant uplift this year supported by improved exploration activity and higher customer adoption and recurring revenue.

“Robust gold market fundamentals and service excellence supported record sodium cyanide sales in our Specialty Mining Chemicals business.

“The successful integration of Terra Insights and Cyanco has established Orica as a global leader in Digital Solutions and Specialty Mining Chemicals, offering innovative, value driven solutions that enhance safety, efficiency and sustainability across the mining and infrastructure sectors.

“We have broadened our commodities and customer portfolios, expanded our global footprint and continued to diversify revenue streams while capturing opportunities in new markets.

“By optimising our global manufacturing and supply network, and completing strategic upgrades at Winnemucca and Kooragang Island, we are ensuring long-term asset sustainability and reliable supply for our customers across the globe.

“Orica remains strongly positioned to manage global challenges. Despite increasing volatility and geopolitical risks, our consistent performance demonstrates Orica’s adaptability and resilience, with our extensive global manufacturing and supply chain network remaining one of our key competitive advantages.”

CAPITAL MANAGEMENT

“We delivered strong net operating cashflow of $949 million, reflecting our continued focus on cash generation and trade working capital management.

“In 2025, we refreshed our capital management framework to provide greater clarity around how we allocate capital. For the first time in 10 years, Orica successfully launched and substantially completed a $400 million on-market share buy-back program, and this program has been increased by up to an additional $100 million, demonstrating our ongoing commitment to delivering value for our shareholders.

"We also adopted a new key balance sheet target this financial year, with leverage (excl. lease liabilities) at 1.39x, at the lower end of our target range of 1.25x – 2.00x.

“Return on Net Operating Assets (RONA) continues to improve achieving 13.8% this financial year.

“Maximising long-term shareholder value remains our priority, supported by a disciplined capital management framework and consistent improvement in our financial metrics.”

Share buy-back

On 12 March 2025, Orica announced to the Australian Securities Exchange an on-market share buy-back of up to $400 million (approximately 5% of issued capital at the date of announcement) to be conducted in the ordinary course of trading over up to 12 months.

The Board has approved an increase of up to an additional $100 million to the value of the existing on-market share buy-back to a total program of up to $500 million. All other terms of the on-market share buy-back remain as previously advised, including that the on-market share buy-back is being undertaken within the ‘10/12’ limit permitted under the Corporations Act and will conclude by 27 March 2026 (being 12 months after commencement of the on-market share buy-back in March 2025)¹⁴.

As at 30 September 2025, Orica bought back $399 million of shares (19.8 million shares purchased, representing 4.1% of issued share capital).

DIVIDEND

The Board has declared an unfranked final ordinary dividend of 32.0 cents per share, bringing the full year dividend to 57.0 cents per share, representing a full year payout ratio of 50 per cent. The final dividend is payable to shareholders on 22 December 2025, and shareholders registered as at the close of business on 24 November 2025 will be eligible for the final dividend.

Orica maintains a dividend policy with the expected total payout ratio to be in the range of between 40% and 70%. It is also expected that the total dividend paid each year will be weighted towards the final dividend.

As announced on 12 March 2025, the Orica Dividend Reinvestment Plan is suspended.

OUTLOOK

Commenting on the 2026 outlook and beyond, Mr Gandhi said:

“Building on the strong performance in 2025, we have started the new financial year with good momentum. Looking forward, Orica is well-positioned to continue to deliver profitable growth across all three business segments and create value for our customers and shareholders.”

2026 OUTLOOK

EBIT growth is expected across all segments:

• Blasting Solutions: earnings growth supported by improved mix and margin, commercial discipline and recontracting benefits, partly offset by lower demand in Indonesia and the U.S thermal coal sector, the planned Carseland turnaround and non-repeat of the $15 million carbon credit benefit.
• Digital Solutions: earnings growth from increasing adoption of digital offerings, recurring revenue and continued rise in exploration activities.
• Specialty Mining Chemicals: earnings growth supported by the positive gold outlook and higher output from our manufacturing assets.
• Cost management: increased focus on cost management across the business.

Depreciation and amortisation: to be between $520 million and $540 million.

Net finance costs and effective tax rate: to be broadly in line with 2025.

Significant items: considerable progress has been made on the sale of unused land at Deer Park (Stage 2) with completion expected during 2026; ongoing litigation costs to be in the range of $50 million to $60 million (as previously announced).

Capital expenditure: to be broadly in line with 2025.

Capital management: increased on-market share buy-back of up to $100 million to be completed by March 2026.

On 10 November 2025, Orica received a notice from CF Industries claiming force majeure that will impact some of its contractual obligations and indicating that it is presently unable to produce industrial ammonium nitrate. We are assessing the notice, and we will leverage our global manufacturing and supply network to minimise potential impacts⁽ⁱ⁾.

Looking Beyond 2026

Key drivers for ongoing earnings growth and accelerated shareholder value:

• Blasting Solutions: projected to deliver ‘GDP plus’ EBIT growth through the mining cycle, driven by blasting technologies, improved product mix and margin expansion.
• Digital Solutions: increased forecast from low-double digit to mid-teen EBIT growth over the medium-term, reflecting accelerating customer adoption and recurring revenue, and improved exploration activity.
• Specialty Mining Chemicals: increased forecast from mid-single digit to high-single digit EBIT growth over the medium term, supported by strong gold fundamentals and high asset effectiveness in the business.
• Deliver increased three-year average RONA in the range of 13.5% to 15.5% (ii) (previous range: 13% to 15% (iii)).
• Strong balance sheet with a targeted leverage ratio of 1.25x-2.00x and a sustainable dividend policy with a 40%-70% payout ratio.

^{(i) For further information refer to Note 22 on page 101 of the financial statements in the FY2025 Annual Report. (ii) FY2026 – FY2028 three-year average RONA (iii) FY2025 – FY2027 three-year average RONA.}
 

MARKET BRIEFING

Orica will provide a market briefing at 11:00am (AEST) today, 13 November 2025. A webcast of the briefing will be available at https://edge.media-server.com/mmc/p/8fvgavgx

View the full Orica FY2025 Reporting Suite at Annual Reporting Suite

<sub>Footnotes
The following footnotes apply to this results announcement:
1. Equivalent to profit after income tax expense before individually significant items attributable to shareholders of Orica Limited, as disclosed in Note 2(a) in the financial statements in the FY2025 Annual Report.
2. Equivalent to net profit/(loss) for the year attributable to shareholders of Orica Limited, as disclosed in the Income Statement in the financial statements in the FY2025 Annual Report.
3. Individually significant items as disclosed in Note 3(c) in the financial statements in the FY2025 Annual Report.
4. Earnings before interest and tax (EBIT) or 'earnings' is equivalent to profit/loss before financing costs and income tax, excluding individually significant items, as disclosed in Note 2(a) in the financial statements in the FY2025 Annual Report.
5. Basic earnings per share excluding individually significant items as disclosed in Note 5 in the financial statements in the FY2025 Annual Report.
6. Dividend payout ratio = Dividend amount / NPAT before individually significant items.
7. Leverage calculated as Net Debt (pre-IFRS16) divided by 12-month EBITDA (pre-IFRS16).
8. 12 Month EBIT divided by rolling 12-month average net operating assets. Net operating assets include property, plant and equipment; intangible assets; investments in equity-accounted investees; trade working capital and non-trade working capital, excluding environmental provisions.
9. EBIT before depreciation and amortisation expense.
10. Comprises inventories, trade receivables and trade payables.
11. Comprises other receivables, other payables, and provisions.
12. Net debt is defined as the sum of interest-bearing liabilities, excluding lease liabilities less cash and cash equivalents, as disclosed in Note 6 in the financial statements in the FY2025 Annual Report.
13. Net Scope 1 and 2 emissions at 41% below 2019 baseline due to ACCUs originated and received during the period, as a result of Orica's industrial abatement activity.
14. There can be no guarantee that Orica will repurchase any additional shares under the on-market share buy-back. Orica reserves the right to vary, suspend or terminate the share buy-back at any time.</sub>