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Investor Presentation FY26 Results 26 August 2026 Mars is for quitters calix.global
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2 26 August 2026 FY26 Results Important Disclaimer This presentation has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”). SUMMARY INFORMATION This presentation contains summary information about the Company and its subsidiaries (“Calix”) and their activities current as at 26 August, 2026. The information in this presentation is a general background and does not purport to be complete. NOT FINANCIAL PRODUCT ADVICE This presentation is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Australian law or the law of any other jurisdiction. This presentation is not financial product or investment advice, a recommendation to acquire Calix securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Calix is not licensed to provide financial product advice in respect of Calix securities. Cooling off rights do not apply to the acquisition of Calix securities. FINANCIAL DATA All dollar values are in Australian dollars ($ or A$) and financial data is presented as at or for the year ended 30 June 2026 unless stated otherwise. PAST PERFORMANCE Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company's views on its future financial performance or condition. Investors should note that past performance, including past share price performance, of Calix cannot be relied upon as an indicator of (and provides no guidance as to) future Calix performance including future share price performance. FUTURE PERFORMANCE This presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan“, “target”, “aim” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements, including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward- looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Calix and its directors) which may cause the actual results or performance of Calix to be materially different from any future results or performance expressed or implied by such forward-looking statements. The forward-looking statements should not be relied on as an indication of future value or for any other purpose.. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Actual results, performance or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. The forward-looking statements in this presentation speak only as of the date of this presentation. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation will under any circumstances create an implication that there has been no change in the affairs of Calix since the date of this presentation. INVESTMENT RISK An investment in Calix securities is subject to investment and other known and unknown risks, some of which are beyond the control of Calix, including possible delays in repayment and loss of income and principal invested. Calix does not guarantee any particular rate of return or the performance of Calix, nor does it guarantee the repayment of capital from Calix or any particular tax treatment. Persons should have regard to the risks outlined in this presentation and appendices. NOT AN OFFER This presentation is not and should not be considered an offer or an invitation to acquire Calix securities or any other financial products and does not and will not form any part of any contract for the acquisition of Calix securities. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any 'U.S. person‘ (as defined in Regulation S under the U.S. Securities Act (“U.S. Person”)). Calix has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended (the "U.S. Investment Company Act") in reliance on the exception from the definition of “investment company” provided by Section 3(c)(7) thereof. This presentation may not be distributed or released in the United States or to any U.S Person. The distribution of this presentation in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. NO ADVICE None of Calix’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. For the avoidance of doubt, the advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents have not made or purported to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, Calix and its advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, Calix and its advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation and Calix’s advisers and its affiliates, related bodies corporate, directors, officers, partners, employees and agents, take no responsibility for any part of this presentation. The information in this presentation remains subject to change without notice.
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3 26 August 2026 FY26 Results • FY26 delivered stronger financial performance and lower cost intensity – it showed improved financial discipline and operating leverage. • A real revenue base exists today – Magnesia proves Calix can turn capability into recurring revenue. • FY26 also delivered strategic validation across iron/steel, alumina, lithium, and cement/lime. • Calix is prioritising a capital-light pathway to monetisation and financial sustainability Acknowledgement of Country Calix acknowledges the First Nations Peoples and Traditional Custodians of the lands on which we live and work, and recognises their deep, ongoing connection to the land, waters, and community. We pay our respects to Elders past and present and extend that respect to all First Nations Peoples. Calix’s head office is located on Kuring-gai land, our Myrtle Springs mine is located on Adnyamathanha land, our Bacchus Marsh Technology Centre is located on Wathaurong land, our Nerang plant is located on Yugambeh land, and our Caloundra Plant is located on Kabi-Kabi land. Sustainability statement Calix is committed to fostering fairness and belonging. We believe everyone should feel safe, respected and valued for who they are. Inclusivity is one of our core values and we actively work to create an environment where all people can feel safe and thrive, contribute meaningfully and feel a sense of belonging. Calix Limited Social inclusion statement At Calix, sustainability means meeting our own needs without compromising the ability of future generations to meet their own needs. Sustainability sits at the core of Calix’s purpose: solving global challenges in industrial decarbonisation and sustainability. Because Mars is for quitters. 3
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26 August 2026 FY26 Results FY26 results highlights • Achieved record revenues, continuing strong year- on-year growth • Delivered with operating cost discipline & focus • Reinforced approach to capital-light & technology licensing strategy • Achieved commercial milestones across multiple industries • Established strategic partnerships with global industry majors Rio Tinto, Hydro, Adani Group & others to support technology commercialisation in key target markets A year of solid financial & commercial progress 4
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26 August 2026 FY26 Results GROUP PRODUCT & SERVICES REVENUE $36.0M FY25: $28.2m MAGNESIA PRODUCT & SERVICES $34.0M FY25: $24.3m RECORD REVENUE FY26 financial highlights 5 28% GROUP REVENUE & INCOME $39.2M FY25: $33.9m 16% 40% REDUCED OPEX $30.0M FY25: $39.5m REDUCED CASH CAPEX1 $2.1M FY25: $10.3m1 DISCIPLINED EXECUTION -24% -80% 51. Cash Capex refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV. $2.0M LEILAC & SUSPRO REVENUES FY25: $3.9m
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26 August 2026 FY26 Results 1. Extract of Consolidated statement of profit or loss and other comprehensive income for the year ended 30 June 2026 2. Underlying operating result before D&A, impairment and share-based payments 3. Previously reported in 1H FY26, with no additional impairment recognised in 2H FY26 Strong revenue (↑28%) & gross profit (↑34%) growth Operating & administration costs down 24% and operating loss reduced by 46% Previously reported 1H FY26 one- off, non-cash impairment 3 relating to the PLS UJV Statement of profit & loss1 Net loss before UJV accounting reduced 41% YoY Record revenue, reduced costs, one-off previously reported non-cash impairment June 26 ($m’s) June 25 ($m’s) Revenue 36.0 28.2 Cost of sales (21.8) (17.5) Gross profit 14.2 10.7 Other income 3.1 5.8 Gross profit and other income 17.4 16.4 Sales & marketing expenses (10.0) (10.5) Research & development expenses (11.3) (17.8) Administration & other expenses (8.7) (11.2) Operating expenses (30.0) (39.6) Underlying operating result2 (12.6) (23.2) Depreciation, amortisation and impairment expenses (6.7) (9.8) Share based payment expenses (1.7) (2.6) Net result before UJV accounting (21.0) (35.6) Gain on contribution to the unincorporated joint venture - 15.1 Impairment of unincorporated joint venture (30.3) - 6
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26 August 2026 FY26 Results 7 Continued revenue growth 8.6 12.2 13.5 16.310 12 14.7 19.7 0 5 10 15 20 25 30 35 2023 2024 2025 2026 GROUP REVENUE TRAJECTORY Total 36.0 (+28%) $M’s AUD 1st half year 2nd half year Product & services revenue growth Total 24.2 (+30%) Total 28.2 (+17%) Total 18.6 Top-line growth translating into improved operating performance 26 August 2026 FY26 Results • Strong product and services growth, up 28%* • 40% gross margin (FY25: 39%) • $14.2m gross profit, up 34%* *Relative to the prior corresponding period
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26 August 2026 FY26 Results Continued growth in Magnesia 8.5 9.9 10.7 15.610 11.1 13.6 18.4 5 10 15 20 25 30 35 2023 2024 2025 2026 $M’s AUD Total 21.0 +14% Total 24.3 +15% Total 18.5 1st half year 2nd half year Magnesia revenue growth Total 34.0 +40% Fast-growing revenue base funding broader growth strategy 26 August 2026 FY26 Results 8 Magnesia FY26 achievements: • 40% revenue growth (FY25: $24.3m) • Contract executed with new customer for up to A$10m per annum, with first revenues received in 2H FY26 • Completed new Caloundra manufacturing plant, Sunshine Coast
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26 August 2026 FY26 Results 9 Cost management discipline -13.1 -18.6 -19.7 -22.2 -22.3 -17.1 -15.6 -14.4 -3.8 -6.1 -8.0 -7.1 -8.1 -2.2 -0.6 -1.5 -35 -30 -25 -20 -15 -10 -5 0 1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26 -16.9 -24.7 -27.7 -29.3 -30.4 -16.2 Cash operating expenses Cash Capex1 $M’s AUD Cash Opex and Capex spend profile -19.3 2023 1H 2H 2024 1H 2H 2025 1H 2H 2026 1H 2H -15.9 26 August 2026 FY26 Results Clear shift toward disciplined operating cost management and capital-light model • Opex reduced to $30.0m – Down 24% (FY25: $39.5m) – Enabled by focused business delivery & streamlined operating model • Cash Capex reduced to $2.1m 1 – Down 80% (FY25: $10.3m)1 – Enabled by a strengthened focus on a capital-light commercialisation strategy 1. Cash Capex refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV.
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10 FY25 Results 26 August 2026 FY26 Results • Operating cash outflow reduced 60% to $11.4m (FY25: $28.7m) • The Group held $9.8m in cash and cash equivalents at 30 June 2026 (30 June 2025: $23.0m) • After the balance date, Calix received a second and final cash payment of $5.7m from PLS under the terms of the Mid- Stream Project restructure Improved operating cash flow Revenue growth & cost discipline delivers healthy cash position Calix maintains its expectation that it will be cash flow neutral in the 2026 calendar year, enabled by: • Continued revenue and gross profit growth and disciplined cash management; • Inflows from contracted government grants, subject to project milestones being achieved; the expected receipt of UK R&D tax incentives; and the second payment from Rio Tinto under the JDA, subject to the achievement of project milestones; and • Excluding the $11.4m cash payment from PLS resulting from the restructure of the lithium Mid-Stream Project, which further enhances the cash and liquidity position of the Group. Calix will reinvest $3m of the $11.4m of capital released from the Mid- Stream Project to accelerate the development and commercialisation of its Zesty technology for the iron and steel market. 10 Cash flow outlook
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26 August 2026 FY26 Results 11 State of decarbonisation capital market and policy landscape Current market headwinds, enduring long-term tailwinds for industrial decarbonisation Global policy direction2 remains broadly towards net zero USA • Withdrew from the Paris Agreement in 2025 • Several U.S. states maintain legislated net-zero commitments and have introduced funding to support industrial decarbonisation2 Europe • CBAM enters Definitive Phase (Jan 2026) • Free ETS allowances continue to phase out • Additional funding introduced to support industrial electrification, competitiveness & decarbonisation Asia • China national ETS expanded to cement, steel, aluminium • Expected carbon cost exposure across heavy industry • Growing focus on CCUS, lower-carbon production, industrial efficiency Australia • Safeguard Mechanism: carbon price for heavy industry • AU$1.5b Future Made in Australia Innovation Fund, with AU$750m for Green Metals • AU$1b Green Iron Investment Fund • AU$15b National Reconstruction Fund, including $5bn Net Zero fund Global pressures continue to create a challenging clean-tech capital market… Annual Global Cleantech-, EV- And Sustainability-Related Funding1 Seed through growth stage, includes rounds of $200,000 or more Funding [$B] Rounds * YTD through July 1, 2026 1. Crunchbase. Sector Snapshot: Cleantech Startup Funding Stabilizes As Energy Demand Grows. https://news.crunchbase.com/venture/startup-funding-clean-energy-exits-ipo-q2-2026/ 2. 77% of global GDP is covered by a national net zero commitment, rising to at least 84% when including U.S. States. Source: https://zerotracker.net/ NEAR TERM LONGER TERM Source1:
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26 August 2026 FY26 Results 12 Business model and strategic focus • Prioritise largest target markets • Develop and prioritise customer value propositions that deliver immediate economic benefits & future decarbonisation upside • Establish strategic partnerships with industry leaders in each target market • Execute capital-light, customer funded commercialisation model • Prioritise projects with closest line of sight to licensing & royalty revenues • Continue targeting strong revenue growth in the Magnesia business • Maintain lean operating model Carbon Dioxide Removal ~64m t5 CO2 Cement ~4b tonnes (t)1 Iron ore ~2.6b t2 Lime ~400m t3 Alumina ~147m t4 Lithium ~240k t6 1. https://cementeurope.eu/media/ggokw25c/cement-europe-statistics-report-2025.pdf 2. https://www.usgs.gov/publications/mineral-commodity-summaries-2025 3. https://worldpopulationreview.com/country-rankings/lime-production-by-country 4. https://www.alcircle.com/news/2024-world-alumina-production-grows-2-6-supported-by-chinese-refineries-with-strong- profitability-to-afford-high-priced-bauxite-113164 5. Value of current CDR purchase agreements - https://climeworks.com/uploads/documents/202601_report_marketreview&buyerinsights2025_sap&hartford_.pdf 6. https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-lithium.pdf Industry sizes Targeting near-term deployment pathways in multiple major global markets
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26 August 2026 FY26 Results 13 Commercialisation milestones achieved in FY26 JAN FEB MAR APR MAY JUN $44.9m ARENA grant for Zesty Demo Plant, subject to matched funding Hydro partnership & testing for near- zero alumina Rio Tinto JDA to support development of the Zesty technology Rio Tinto due diligence complete, first $3m cash payment made Up to $10m p.a. contract won with U.S water customer Construction completion of the Mid- Stream Lithium Demonstration Plant Frontier contract for marine based carbon dioxide removal (CDR) development PLS JV restructure for Mid Stream Plant, releasing $11.4m cash and avoiding future costs Magnesia business H1 FY26 grows revenues 58% pcp First ARENA grant milestone complete, $2m cash payment Calcined clay toll agreement signed with Green360 Mid Stream Lithium Demonstration Plant commissioning commences ZETA Pre-FEED completed Paid pilot-scale material testing program for Hydro completed JDA signed with Adani’s Ambuja Cements to develop commercial scale project in India Paid engineering contract confirmed for East Asia cement project JUL AUG SEP OCT NOV DEC 1H FY26 2H FY26 13
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26 August 2026 FY26 Results 14 Iron & Steel Alumina Critical Minerals Clay Cement Lime Carbon Dioxide Removal Our focus on capital-light, licensing business model Project Stage Trial Work/Early Engineering Engineering EPCm Commissioning & Operations Revenue model Paid trials, studies Paid FEED Paid detailed engineering Licensing and/or service fees General timeframes1 6-12 months 12-18 months 18-24 months Ongoing 1. General timeframes – standard industry project lengths, based on assumption that no delays are caused by financing, permitting etc. Timelines are not specific to, or representative of, individual projects 2. Unannounced early-stage customers. Coy = company Leilac-2 Zesty ZETA Clay coy2 Black mass coy 1 & 22 East-Asia cement coy Lime coy2 Magnesia coy2 % CAPITAL REQUIRED FROM CALIX None =/< 50% > 50% Paused projects
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26 August 2026 FY26 Results 15 Magnesia business strengths and drivers Washington 1. Centralia 2. Pasco 3. Spokane (IER HQ) Iowa 4. Big Soo 5. Muscatine Wisconsin 6. Ripon Texas 7. Lufkin U.S. Operations Australian Operations South Australia 1. Myrtle Springs Mine Victoria 2. Bacchus Marsh (Calix Technology Centre, CFC1500 calciner, BatMn, Thors Hammer) New South Wales 3. Pymble, Sydney (Calix HQ) Queensland 4. Nerang 5. Caloundra 2 4 5 1 3 15 Broad network of water treatment plants & customers across Australia and USA Strong retention of customer base. Low annual churn rate of 5-6% Long-duration customers with high proportion of recurring revenue. 85% of current customers have been buying from us for over two years Magnesium hydroxide supply to U.S. customers, sourced from Baymag, Alberta, Canada 5 7 6 New manufacturing facilities commissioned in FY25 and FY26
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26 August 2026 FY26 Results FY26 summary & outlook FY26 FINANCIAL HIGHLIGHTS FY26 COMMERCIALISATION MILESTONES • Up to $10m p.a. contract with new U.S. customer • New QLD hydration facility opened • Iron & Steel: $35m JDA with Rio Tinto & $44.9m ARENA grant (subject to matched funding & milestones) • Alumina: Hydro strategic partnership established & pilot testing completed • Lithium: Mid-Stream Demonstration Plant complete and commissioning underway • Cement: JDA with Adani’s Ambuja Cements to develop commercial scale project in India & services contract secured for project in East Asia • Lime: ZETA Project Pre-FEED complete • Carbon Dioxide Removal: Contract with Frontier (Google, Stripe, Shopify) to develop marine CDR materials • Grow revenue and gross profit • Progress paid test campaigns and customer-funded development work and complete financing and a final investment decision for the Zesty Demonstration Plant • Prioritise customer-funded projects & partnerships for commercial-scale demonstration 16 Magnesia Sustainable Processing Leilac Record revenue • Group total revenue & income up 15% to $39.2m • Group product & services revenue up 28% to $36.0m • Magnesia revenue up 40% to $34.0m • Gross profit up 34% to $14.3m Costs reduced • Opex reduced 24% to $30.0m • Cash Capex1 reduced 80% to $2.1m Improved operating performance • Operating cash outflow reduced 60% to $11.4m (FY25: $28.7m) • $9.8m in cash and cash equivalents at 30 June 2026 (30 June 2025: $23.0m) • $5.7m cash payment received after the balance date • Balance sheet remains essentially debt free FY27 PRIORITIES 1. Cash Capex refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV.
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17 26 August 2026 FY26 Results Q&A 17
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18 26 August 2026 FY26 Results 18 Appendices UPDATE IMAGE? 18
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1926 August 2026 FY26 Results Statement of profit or loss For the full-year period ended 30 June 2026 June 26 ($m’s) June 25 ($m’s) Revenue, grants & other income 39.2 33.9 Cost of sales (21.8) (17.5) Gross profit and other income 17.3 16.4 Operating expenses (30.0) (39.6) Sales & marketing expenses (10.0) (10.5) Research & development expenses (11.3) (17.8) Administration & other expenses (8.7) (11.2) Net operating result (12.7) (23.2) Other items in profit & loss (38.9) 3.0 Non-cash gain on investment in UJV - 15.1 Impairment of UJV (30.3) - Other gains/(losses) (0.2) 0.3 Non-cash depreciation, amortisation & impairment expenses (6.7) (9.8) Non-cash share-based payments expense (1.7) (2.6) Loss from ordinary activities (51.6) (20.2) 19
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2026 August 2026 FY26 Results Statement of financial position As at 30 June 2026 Jun 26 ($m’s) Jun 25 ($m’s) Cash and cash equivalents 9.8 23.0 Trade, other receivables and other assets 12.2 6.3 Inventories 2.6 2.6 Current assets 24.6 31.9 Trade, other receivables, other assets & right of use asset 0.3 0.3 Inventories 1.4 1.8 Intangible assets 9.9 12.4 Goodwill 3.6 3.6 Right of use assets 3.4 2.6 Property, plant and equipment 17.8 57.7 Non-current assets 36.3 78.4 Trade & other payables 5.3 8.0 Borrowings 0.2 0.1 Current lease liabilities 1.1 0.8 Provisions 1.8 1.7 Deferred revenue 9.6 9.6 Other liabilities 3.0 - Current liabilities 20.8 20.2 Non-current lease liabilities 2.1 1.6 Provisions 0.5 0.5 Deferred tax 0.3 0.4 Non-current liabilities 3.0 2.5 Net Assets 37.1 87.6 20
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2126 August 2026 FY26 Results Statement of cash flows For the full-year period ended 30 June 2026 June 26 ($m’s) June 25 ($m’s) Receipts from customers 38.9 29.5 Receipts from government bodies 2.5 1.8 Payments to suppliers and employees (53.0) (60.8) Interest received 0.3 0.9 Interest paid (0.1) - Net cash used in operating activities (11.4) (28.7) Proceeds from sale of Midstream UJV (net of cash held) 5.2 - Purchases of property, plant & equipment (8.3) (10.3) Purchase of intangible assets (0.5) (0.6) Receipts of repayment of loans to directors - 0.2 Net cash used in investing activities (3.6) (10.6) Proceeds from issue of shares (net of costs) - 21.0 Payment for transaction costs related to issues of shares - (1.0) Payment for lease principal (1.3) - Proceeds under SAFE arrangements 3.0 - Proceeds from borrowings 0.8 0.1 Repayment of borrowings (0.7) (0.8) Net cash provided from financing activities 1.8 19.3 Net decrease in cash and cash equivalents (13.2) (20.0) Cash and cash equivalents at the beginning of the year 23.0 43.0 Cash and cash equivalents at the end of the year 9.8 23.0 21
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Calix Limited is an industrial technology company transforming the way the world’s essential materials are made. Designed to enable flexible energy use and electric heating, more efficient resource use, and the capture of unavoidable carbon dioxide emissions, Calix’s patented platform technology is being developed to enable more competitive metal and mineral processing today, and future-proof solutions for a more sustainable tomorrow. From cement and lime, to iron and steel, alumina, critical minerals, water treatment and carbon dioxide removal—and alongside a network of strategic partners—Calix is building multiple businesses to deliver positive global impact. Because Mars is for quitters Electrification of industrial processing Capture of unavoidable emissions Sustainable environmental solutions 25 PATENT FAMILIES 2020 BECAME UNGC PARTICIPANT 2005 COMPANY FOUNDED ~100 EMPLOYEES 11% SHAREHOLDING BY STAFF, EXEC TEAM & BOARD 2018 COMPANY LISTED ON THE ASX About Calix ONE PLATFORM TECHNOLOGY MULTIPLE OPPORTUNITIES Water Treatment Carbon Dioxide Removal Lithium & Critical Minerals Alumina Iron & Steel Cement & Lime SOLVING GLOBAL CHALLENGES 22
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23 Calix’s platform technology Hot tube radiates heat into raw material Externally heated using low cost & low- carbon fuel and/or renewable electricity Fine particles for processing Fine particle products Patent Protected Hot particles undergo chemical conversion to products Energy flexibility • Flexible heating enables renewables integration and grid balancing Gas separation • CO2 captured when processing limestone for cement and lime • Minimised hydrogen use for green iron • Keeps steam pure when processing alumina Simple operation • No complex machinery, easy to operate, temperature controlled What makes our technology different? Gas input (if required) Gas output 23 A new way to “heat stuff up”… 26 August 2026 FY26 Results
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26 August 2026 FY26 Results Calix applications, markets, partners & revenue models One core technology with multiple applications for global industries 1. US magnesium hydroxide market value estimated on the basis of reports by Market Research Future and MarketResearch.com. Caustic replacement market likely several multiples of this. 2. Estimated as US$400 per tonne of iron @ 1.6BTpa https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-iron-ore.pdf 3. Alumina global market revenue estimated at https://www.persistencemarketresearch.com/market-research/alumina-market.asp 4. Estimated as 50% of total lithium market as measured by lithium carbonate equivalent (LCE) derived from spodumene - Fastmarkets, https://www.lithiumtracker.com/data/, DiscoveryAlert 5. GCCA 2050 Net Zero Global Industry Roadmap 6. https://www.bcg.com/publications/2023/the-need-and-market-demand-for-carbon-dioxide-removal 24 Lithium Cement & Lime Carbon Dioxide Removal AluminaIron & SteelWater Treatment 1.4 BTpa CO2 5 80-900 MT CO2 6 demand by 2040 Licence fees ($ per tonne CO2) US$640 Bpa2 US$54.5 Bpa3 US$8 Bpa4 Licence fees (as a % of Customer Revenues / Market Size) US$100m1 Multiple Growing direct / distributor sales CO2 MitigationSustainable ProcessingMagnesia Application Business / subsidiary Market size Industrial partners Revenue model Line of business
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25 Magnesia Industry Water Treatment 26 August 2026 FY26 Results Objectives • Grow revenue and gross profit of Magnesium Hydroxide Liquid (MHL) products for sustainable water & wastewater treatment Status • Successful direct-sales-to-customers business model • 40% revenue growth versus FY25, blended between U.S. and Australia operations • 3-year contract signed with U.S. customer worth up to A$10m p.a. in additional revenue, with option to extend a further 2 yrs • Renewed and expanded contracts with City of Gold Coast and Unitywater • New manufacturing facility completed at Caloundra Targeted next steps • Continue ramp up of sales to new U.S. customer • Continued revenue and gross profit growth Locations USA IER manufacturing plants • Ripon, Wisconsin • Muscatine, Iowa • Sioux City, Iowa • Pasco, Washington • Centralia, Washington • Lufkin, Texas AU manufacturing plants • Bacchus Marsh, Victoria • Caloundra, Queensland • Nerang, Queensland Magnesium mine • Myrtle Springs Mine, South Australia 8.5 9.9 10.7 15.6 10 11.1 13.6 18.4 5 10 15 20 25 30 35 2023 2024 2025 2026 $M’s AUD Upward YoY revenue trajectory Total 21.0 +14% Total 24.2 +15% Total 34.0 +40% 25
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26 Zesty Green Iron Demonstration Plant Partner(s) Objectives Status Targeted next steps • Develop industry leading Hydrogen Direct Reduced Iron (H- DRI) technology • Demonstrate H-DRI production from wide range of Australian and international iron ores with different minerology, grade and compositions • Minimise hydrogen use • Demonstrate benefits of energy flexibility • Enable multiple decarbonisation pathways for iron & steel • Rio Tinto: Joint Development Agreement (JDA) executed November 2025: Rio to provide over $35m in cash and in-kind support for the Zesty H-DRI Commercial Demonstration Plant, subject to project milestones 1 • December 2025: first cash contribution of $3m to the project2 following due diligence • ARENA: July 2025 - $44.9m grant (subject to matched funding) from ARENA executed to support construction & commissioning of the project to build the Zesty H-DRI Commercial Demonstration Plant 3 • March 2026: The first milestone under the grant agreement was completed, triggering a $2m cash payment4 • Secure remaining financing required via a subsidiary capital round from strategic and/or financial investors • Subject to financing, reach Final Investment Decision (FID) • Achieve 2 nd Rio Tinto cash injection of A$5m • Progress engineering, procurement, and construction management (EPCm) Industry Iron & Steel 26 August 2026 FY26 Results 1. ASX Announcement. Calix and Rio Tinto execute Joint Development Agreement for Zesty. 17 November 2025 2. ASX Announcement. Rio Tinto completes due diligence for Zesty Demo Plant. 15 December 2025 3. ASX Announcement. ARENA funding for ZESTY Demonstration Plant . 24 July 2025 4. ASX Announcement. First ARENA grant milestone for Zesty complete. 16 March 2026 26
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27 Near-zero emissions alumina Partner(s) Objectives Status Targeted next steps • Jointly develop electric calcination for near-zero emissions alumina • ZEAL technology aims to reduce costs for alumina producers as electric calcination has the potential to be more energy efficient • ZEAL’s precise and indirect heating approach may also reduce particle breakage and control the temperature to maximise yields, providing further benefits to both quality and process efficiency • MOU and services agreement signed with Hydro 1 • The MOU establishes the intention to jointly develop designs to apply the ZEAL technology in integrated and scalable electric alumina calcination systems • A paid pilot-scale material testing program using feedstock from Hydro’s Alunorte refinery program was completed • Complete the pre-FEED study for a commercial alumina calciner • Move into FEED study stage Industry Alumina 26 August 2026 FY26 Results 1. ASX Announcement. Calix signs MOU, material testing and engineering study agreement with global aluminium major. 3 September 2025 27
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28 Mid-Stream Demonstration Plant with PLS Partner(s) Objectives Status Targeted next steps • Demonstrate lower capex & opex for spodumene processing with electric calcination • Create a concentrated & low-carbon lithium product at the mine site • Demonstrate the ability to simplify supply chains and unlock logistically challenging ore deposits by transporting concentrated lithium product and leaving waste rock at the mine site • Construction of Demonstration Plant completed in December 2025 1 • Revised Joint Venture agreement executed February 20262, under which PLS will acquire Calix’s ownership in the existing Demonstration Plant joint venture for a sum of A$11.4m in cash and will assume full funding and operational responsibility • Commissioning began in April 2026 3 and successful full heat cycles of the Calix electric calciner have been completed. First spodumene calcination and lithium phosphate production is expected in the September quarter 2026 4 • Continue to explore opportunities to scale and deploy Calix technology to the global spodumene industry • Ongoing testing of spodumene feedstocks from lithium producers Industry Lithium 26 August 2026 FY26 Results 1. ASX Announcement: Construction of lithium Mid-Stream Demonstration Plant completed. 23 December 2025 2. ASX Announcement. Calix & PLS revised structure for lithium Mid-Stream Project. 19 February 2026 3. Media release. Commissioning commences of lithium Mid-Stream Demonstration Plant. 23 April 2026 4. ASX Announcement: Calix receives second $5.7m cash payment from PLS as Mid-Stream plant commissioning progresses. 31 July 2026 28
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29Leilac Deep Dive 2026 Adani Group’s Ambuja Cements Partner(s) Objectives Status Targeted next steps • Enable commercial deployment of the Leilac technology through a large-scale cement project in India with Adani Group’s Ambuja Cement • Reduce emissions, lower fuel consumption and increase the use of renewable electricity in cement manufacturing • Subject to successful demonstration, achieve a staged, modular scale-up to capture more than 1 million tonnes of carbon dioxide per annum • Agreement executed between Leilac and Ambuja Cements to jointly develop the project 1 • No capital contribution is required from Calix or Leilac. Leilac will support the initial engineering study up to a go/no-go decision from existing internal resources. Adani will support the study from its own internal, as well as external engineering resources • Initial phase underway: engineering study progressing toward a go/no-go decision • Complete initial engineering study leading to a go/no-go decision. Decision targeted in 2027 (back-stop date June 2028) • Negotiate and finalise a technology licensing agreement prior to the go/no- go decision point • Progress planning for scalable deployment pathway, contingent on study outcomes and decision approval Industry Cement 1. ASX Announcement. Leilac-and-Ambuja-Cements-JDA-for-commercial-scale-project. 23 June 2026 26 August 2026 FY26 Results 29
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30Leilac Deep Dive 2026 Cement contract in East Asia Partner(s) Objectives Status Targeted next steps East Asia partner identity remains confidential • Undertake an engineering study to assess the technical and economic viability of deploying the Leilac technology at a cement plant owned by the East Asia cement company • A services agreement has been signed to deliver a paid engineering study in support of a potential commercial project • The study will assess the technical and economic viability of retrofitting the Leilac technology at the identified cement plant to take advantage of the technology’s “hybrid” energy flexibility and to capture ~100,000 tonnes per annum of process carbon dioxide and enable its use by local industry • Complete the engineering study in 1H FY27 • Determine further project phases, subject to mutual agreement following completion of the initial engineering study Industry Cement 1. ASX Announcement. New cement contract in East Asia & Leilac priorities update. 29 June 2026 26 August 2026 FY26 Results 30
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31Leilac Deep Dive 2026 Ocean Alkalinity Enhancement (OAE) with Frontier Partner(s) Objectives Status Targeted next steps Frontier is an advance market commitment to buy US$1.8 billion of permanent carbon removal by 2030. Founded by Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability, participating buyers include Anthropic, Google, Stripe, Salesforce, Shopify and H&M. • Develop solutions for atmospheric carbon dioxide removal by ocean alkalinity enhancement • Ocean alkalinity enhancement (OAE) is an emerging solution to remove atmospheric carbon dioxide and improve local ocean health 1 by adding alkaline substances like lime to seawater • Support the scale up of OAE at the lowest possible cost using Leilac’s patented electric calcination and carbon capture technology to process limestone • Leilac signed a contract with Frontier in January 2026 2 to deliver: • Ocean alkalinity enhancement materials for testing • An engineering study in support of a potential large-scale commercial roll out of OAE • The initial material testing and techno- economic analysis has indicated the potential of the approach for scalable carbon removal projects 3 • Completion of the initial project with Frontier will inform next steps for commercialisation and is due to be completed in 1H FY27 Industry Carbon Dioxide Removal 1. Frontier. A primer on Ocean Alkalinity Enhancement (OAE) 2. Media release: www.leilac.com/news/frontier-selects-leilac-to-develop-zero-carbon-lime-solution/ . 22 Jan 2026 3. ASX Announcement. New cement contract in East Asia & Leilac priorities update. 29 June 202626 August 2026 FY26 Results 31
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32 Project ZETA Partner(s) Objectives Status Targeted next steps • Build a commercial electric calciner for near zero emissions lime • Sell captured process CO2 emissions • Sell decarbonised lime products in collaboration with partners • Develop a novel zero emissions cement making process that reduces cost, energy consumption & footprint • Project is paused pending matching funding to $15m grant by the Australian Government 1 being secured • Pre-FEED study completed • Commercial arrangements for financing & lime and CO 2 off-take being progressed • Secure remaining project finance • FEED is planned to commence once third-party matched funding is secured • Reach a Final Investment Decision (FID) 1. ASX Announcement. Calix announces $15m grant for zero emissions plant. 23 Jul 2024 Industry Lime 26 August 2026 FY26 Results 32
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33 Leilac-2 Partner(s) Objectives Status Targeted next steps • Demonstrate a replicable module that can efficiently capture up to 100ktpa of unavoidable process emissions • Successfully retrofit the Leilac module to an operational cement plant with minimal downtime • Demonstrate the ability to use low- cost and low-carbon fuels • Permitting process at Heidelberg Materials’ Ennigerloh cement plant and financing remains delayed with no line of sight to a timeline for completion - hence project has been paused 1 • Leilac and Leilac-2 project consortium are seeking alternative options for a build with faster timelines and lower capital requirements 1. ASX Announcement. New cement contract in East Asia & Leilac priorities update. 29 June 2026 Industry Cement 26 August 2026 FY26 Results 33
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34Leilac Deep Dive 2026 Project Cypress Partner(s) Objectives Status Targeted next steps • Develop an integrated and scalable design for Heirloom’s DAC process powered by the Leilac technology • Build Leilac’s electric calcination and carbon capture technology at Heirloom DAC facilities in Shreveport, Louisiana, USA, scaling to 300,000 tons per year of CO 2 removal capacity as a part of Project Cypress 1 • Following conclusion of the U.S. DOE review into funding for Project Cypress 2, Leilac has not received further information regarding potential next steps for the Heirloom-Leilac project. The project remains paused • Under the licence agreement for DAC applications 3, Heirloom was required to meet certain conditions to maintain exclusive use of Leilac technology. As these conditions have not been met, Leilac has removed Heirloom’s exclusivity relating to use of its technology in DAC 4 • Calix and Leilac remain well-placed to restart and deploy resourcing towards this project should it resume • Explore alternative commercial pathways for direct air capture and carbon dioxide removal 1. U.S. DOE: Biden-Harris Administration Announces Up To $1.2 Billion For Nation’s First Direct Air Capture Demonstrations in Texas and Louisiana . 11 Aug 2023 2. https://carboncredits.com/u-s-doe-restores-carbon-capture-hub-funding-texas-and-louisiana-projects-approved/ 3. ASX Announcement. Calix announces Heirloom licence agreement. 30 Oct. 2023 4. ASX Announcement. New cement contract in East Asia & Leilac priorities update. 29 June 2026 Industry Direct Air Capture 26 August 2026 FY26 Results 34
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35Leilac Deep Dive 2026 Clay tolling agreements Partner(s) Objectives Status Targeted next steps • Develop an alternative scalable pathway to reduce the carbon intensity of cement and concrete production • Toll process calcined clay for use in low-carbon cement products • Acquire revenues from tolling agreements with customers, with no additional capital input required to service contracts • Demonstrate the technology to enable its further deployment under licence • Toll production agreement signed with Green360 Technologies (GT3) for up to 30k tonnes of clay p.a. 1 with first revenues delivered in FY26 • Successful production of calcined clay completed for use by Boral Limited2 • Product testing and field trials of low- carbon cement successfully completed by Boral, using clay calcined by Calix • Deliver tolling campaign with Green360 Technologies over initial 2-year term at Bacchus Marsh • Continue to build pipeline for commercial calcined clay production Industry Clay 26 August 2026 FY26 Results 1. ASX Announcement. Calix to produce commercial calcined clay for GT3. 23 March 2026 2. Media Release. Boral reach commercial concrete milestone with Calix’s calcined clay. 18 Feb 2026 35
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26 August 2026 FY26 Results Sustainability FY26 highlights Advance sustainable technology development Build four commercial demonstration plants that validate Calix’s leading low-carbon technology for industry by 2030. AMBITION Decarbonise operations Reduce emissions in line with a 1.5°C pathway. Ensure safe and controlled operations Maintain zero significant injuries year on year. Address resource consumption Addressing the sustainability of the materials and resources we use in our operations. FY26 HIGHLIGHTS Completed construction of the Mid-Stream Lithium Demonstration Plant with PLS in Western Australia and commenced commissioning. Progressed group-wide Safety Management training focused on critical-risk procedures. Established our GHG emissions target baseline. Foster fairness and belonging Launch an executive sponsorship program to accelerate the advancement of high-potential talent by 2027. Achieve gender balance of 40:40:20 at all levels of the organisation. Continued community engagement through participation at STEM events to connect students to real-world applications of science and technology. Introduced waste recycling at key U.S. production site. Environmental Aspect and Impacts assessed at operational sites. Improved circularity through material recovery: the introduction of a materials recovery and container re- use program. 36
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26 August 2026 FY26 Results Term Meaning Aluminium (Al) Chemical element with the symbol Al ARENA The Australian Renewable Energy Agency ASX The Australian Securities Exchange ASRS Australian Sustainability Reporting Standards BATMn An electric and renewably powered pilot-scale calciner at the Calix Technology Centre used for various material testing and project development purposes. Originally named for testing manganese based battery materials. BOD Basis of Design BOS Basic Oxygen Steelmaking Black Mass Spent battery materials for recycling (typically lithium battery cathode material) CAGR Compound Average Growth Rate (%) Calcium (Ca) Chemical element with the symbol Ca Carbonation The capture of carbon dioxide by contacting with lime (calcium oxide), to form limestone (calcium carbonate) CBAM Carbon Border Adjustment Mechanism CCS Carbon Capture and Storage CCU Carbon Capture and Use CCUS Carbon Capture, Utilisation and/or Storage CDR Carbon Dioxide Removal CO2 Carbon Dioxide Coy Company CRC Cooperative Research Centre – Australian Government supported industry-led collaborative research centres DAC Direct Air Capture – the extraction of carbon dioxide directly from the atmosphere DOE Department of Energy EAF Electric arc furnace – a furnace that heats material by means of an electric arc between two electrodes Glossary 37
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26 August 2026 FY26 Results Term Meaning EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation EIS Employee Incentive Scheme ESF Electric Smelting Furnace – Used to convert Direct Reduced Iron (DRI) to iron suitable for a Basic Oxygen Steelmaking (BOS) process. ESG Environment, Social and Governance considerations EU European Union ETS Emissions Trading System FEED Front-End Engineering Design FID Final Investment Decision Fines Small particles, which can be difficult to handle in mineral processing and are often discarded as waste FY Financial Year GHG Greenhouse gas, often measured in tonnes of CO2 equivalent (tCO2e) Green Hydrogen Hydrogen that is produced from an electrolyser using renewable energy Goethite A mineral that is an ore of iron HBI Hot Briquetted Iron – “bricks” of relatively high purity iron ready for steel-making H2-DRI The process of directly reducing iron ore to metallic iron with hydrogen as the reductant Hematite A mineral that is an ore of iron HILT CRC Heavy Industry Low-carbon Transition Cooperative Research Centre IBCs Intermediate Bulk Containers IER Inland Environmental Resources, a Calix business Glossary 38
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26 August 2026 FY26 Results Term Meaning IP Intellectual Property IFRS International Financial Reporting Standards Iron (Fe) The chemical element, represented by “Fe” on the periodic table Iron Ore Iron oxide mixed with various other minerals, as mined and “pre-processed” (purified) as best as possible JDA Joint Development Agreement JV Joint venture LCA Lifecycle Assessment or Lifecycle Analysis, is a methodology for assessing environmental impacts associated with all the stages of a product or process Leilac Calix’s core calciner technology for Low Emissions Intensity Lime and Cement production with CO2 capture of process emissions Lithium (Li) Chemical element with the symbol Li Lithium-phosphate / Lithium Salt / “Mid- Stream” Lithium A form of lithium that is high in lithium content, to be shipped and utilised by battery producers Lithium ion The ionic form of lithium (Li+) – a positively charged atom of lithium Magnesium (Mg) Chemical element with the symbol Mg Magnetite A mineral that is an ore of iron Metallurgical Coal Very high carbon coal MgO Magnesium Oxide MHL Magnesium Hydroxide Liquid MOU Memorandum of Understanding Nanoporous A material with a regular, porous structure, with a pore size generally less than 100 nanometres. Glossary 39
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26 August 2026 FY26 Results Term Meaning Pelletisation The formation of pellets from finer materials to aid in handling PLS PLS Group, an Australian lithium mining company Process emissions Process emissions are inherent to the chemical reaction and are released directly and unavoidably from the chemical processing of raw material. SDGs The UN’s Sustainable Development Goals designed to serve as a "shared blueprint for peace and prosperity for people and the planet, now and into the future.” Siderite A mineral that is an ore of iron Spodumene A high lithium-containing ore, and the source of the majority of the world’s lithium supply α-Spodumene A tight Li-crystal formation, from which extraction of Li is difficult β-Spodumene A loose Li-crystal formation, from which extraction of Li is much easier than the alpha-form Reduce / Reduction The process by which oxygen is removed Reductant A material that, through its chemical properties, carries out reduction RDF Refuse-derived fuel – a fuel produced from various types of waste Sponge Iron Iron Ore that has been reduced (had the oxygen removed) to form metallic iron Steel Mainly iron, with some carbon and other trace metals such as nickel, manganese etc depending upon the grade of steel being made TAM Total Addressable Market Tpa Tonnes per annum TRL Technology Readiness Level, as measured on the NASA scale UJV Unincorporated Joint Venture UNGC The United Nations Global Compact, the world’s largest corporate sustainability initiative Wh / kWh Watt-hours / kilowatt-hours – a measure of energy ZEAL Calix’s Zero Emissions ALumina technology Zesty Calix’s Zero Emissions Steel TechnologY Glossary 40
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26 August 2026 FY26 Results Investor relations Investorrelations@calix.global Media enquiries media@calix.global Subscribe to our Newsletter calix.global Mars is for quitters