Annual report
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Mars is for quitters 2026 ANNUAL REPORT
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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. SOCIAL INCLUSION STATEMENT Calix is committed to fairness, safety and belonging across our global teams. We believe everyone should feel respected and valued for who they are. Our aim is to build inclusive environments where our people can thrive, contribute meaningfully and feel a genuine sense of belonging. SUSTAINABILITY 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. Mars is for quitters 2026 SUSTAINABILITY REPORT FY26 Corporate Governance Statement FY26 Sustainability Report For more information on Calix’s governance and sustainability, please visit our full reporting suite: Mars is for quitters 2026 CORPORATE GOVERNANCE STATEMENT Important note: This Report has been prepared by Calix Limited. It contains summary information about Calix Limited and its subsidiaries, and their activities current as at 26 August 2026. It should be read in its entirety, together with the Forward-Looking Statement Disclaimer at the back of this report. About Calix 2 Letter from Chair and CEO 8 FY26 financial highlights 10 FY26 operational highlights 12 Business updates 14 – Leilac 14 – Sustainable Processing 16 – Magnesia 18 Our approach to sustainability 20 Our approach to corporate governance 22 FY27 priorities 24 Directors’ report 28 Remuneration report (audited) 31 Auditor’s independence declaration 42 Financial report 43 Consolidated entity disclosure statement 76 Directors’ declaration 77 Independent auditor’s report 78 Shareholder information 82 Glossary 83 Contact information 85 Disclaimer 85 Transforming industries. More competitive today. Future-proof for a sustainable tomorrow. Letter from Chair and CEO FY26 Highlights About CalixCalix Limited — Annual Report 2026
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 1
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ABOUT CALIX Electrification of industrial processing | Capture of unavoidable emissions | Sustainable environmental solutions Transforming industries ONE PLATFORM TECHNOLOGY, MULTIPLE OPPORTUNITIES CEMENT & LIME IRON & STEEL ALUMINA CRITICAL MINERALS CARBON DIOXIDE REMOVAL WATER TREATMENT 2018 COMPANY LISTED ON ASX 2020 BECAME UNGC PARTICIPANT ~100 EMPLOYEES 2005 COMPANY FOUNDED 25 PATENT FAMILIES 11% SHAREHOLDING BY STAFF, EXEC TEAM & BOARD Calix Limited — Annual Report 2026 Letter from Chair and CEO FY26 Highlights 2 About Calix
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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. Calix Limited is an industrial technology company transforming the way the world’s essential materials are made. The Calix Technology Centre Bacchus Marsh, Victoria, Australia – Two electric calciners for customer material testing and technology development – A commercial production calciner with a production capacity of ~30,000 tonnes per year – A multi-purpose laboratory to support Calix’s research and development capabilities Magnesia – A raw material magnesium carbonate mine in Myrtle Springs, South Australia – Magnesium oxide hydration facilities in Victoria and Queensland, Australia – Six IER manufacturing facilities in the United States producing water treatment products for North American customers Leilac-1, Lixhe, Belgium A pilot demonstration facility for CO2 separation from lime and cement OUR OPERATIONS Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 3
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Calix’s platform technology is designed to enable low-cost, low-carbon and value-added processing of the world’s essential materials. Our patented indirect heating approach separates the heat source from the chemical reaction to create multiple potential benefits for metal and mineral processing. Together, these benefits aim to deliver economic and scalable pathways to future-proof heavy industry. TARGETED ECONOMIC AND ENVIRONMENTAL BENEFITS Reduced energy costs Designed to deliver high temperature processing with the lowest cost energy available, including electricity, conventional and/or alternative fuels. Flexible electrification Flexible operations aim to unlock access to low-cost intermittent renewable energy, avoid peak energy prices and enable potential grid balancing applications. Capture of unavoidable carbon Unavoidable carbon dioxide released directly from within raw materials when heated is efficiently separated, ready for use or storage. Resource efficiency Mineral resource efficiency may be enhanced by the processing of fines or dust that are often discarded as waste. Energy efficiency may be enhanced via electric heating and minimal hydrogen use in the making of green iron. Value-added products Processing raw materials into refined products at the mine site can add value to mineral exports and reduce transport costs. Lower-carbon products may avoid carbon liabilities and provide a competitive advantage for producers. Enhanced product performance Flash heating can produce high surface area materials with enhanced chemical or bioactivity, increasing product performance or utility relative to conventional materials. Gas outputFine particles for processing Gas input (if required) Fine particle products Hot tube radiates heat into raw material Externally heated using low-cost & low-carbon fuel and/or renewable electricity Hot particles undergo chemical conversion to products THE CALIX PLATFORM TECHNOLOGY ABOUT CALIX Technology Calix Limited — Annual Report 2026 Letter from Chair and CEO FY26 Highlights 4 About Calix
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One platform technology, multiple applications. Calix is developing multiple businesses to deliver positive global impact. A capital-light licensing model, with subsidiary businesses focused on a specific target market, aims to accelerate commercialisation and enable a flexible funding model to support growth. 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 Company structure Application Line of business Business / subsidiary Market size Industrial partners Revenue model SUSTAINABLE PROCESSING US$8 Bpa 4US$54.5 Bpa 3US$640 Bpa 2 Licence fees (as a % of customer revenues / market size) Iron & Steel Alumina Lithium CO2 MITIGATION 1.4 BTpa CO2 5 80-900 MT CO2 6 demand by 2040 Licence fees ($ per tonne CO2) Cement & Lime Carbon Dioxide Removal MAGNESIA Water Treatment ~US$100m 1 Multiple Growing direct / distributor sales Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 5
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OPERATING ENVIRONMENT OUR KEY RESOURCES OUR VALUES CALIX PLATFORM TECHNOLOGY TARGETED SUSTAINABILITY BENEFITS CREATING SHARED VALUE FOR Core Platform Technology Calix Limited — Annual Report 2026 Letter from Chair and CEO FY26 Highlights 6 About Calix
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OPERATING ENVIRONMENT OUR KEY RESOURCES OUR VALUES CALIX PLATFORM TECHNOLOGY TARGETED SUSTAINABILITY BENEFITS CREATING SHARED VALUE FOR Creating shared value and impact People Communities Helping balance economic, social & environmental sustainability in support of a just transition to net zero Shareholders Targeting shareholder returns through delivery to large addressable markets Our people Enabling impactful work and personal development in a fair & inclusive environment Partners Developing cost-effective low- carbon mineral processing for: Cement & lime Iron & steel Lithium & critical minerals Alumina Direct Air Capture Water Treatment Planet Targeting local & global environmental benefits including: Climate change mitigation Sustainable mineral production Effective water & wastewater treatment Sustainable development Sense of urgency We embrace the rate of change necessary to make a sustainable future a reality. Positive impact We are driven to use our unique skills to create truly sustainable industrial practices. Innovation Innovation reflects our ability to think from first principles, to challenge each other, and adapt quickly to new opportunities. Resolute We are purpose- driven and determined to make a positive difference for the long-term. Inclusive A fair, safe and inclusive culture provides the foundation for driving innovation and business success. Teamwork We are a down-to-earth, caring, honest, innovative and dedicated team of people working together to solve global challenges. People & Intellectual Property (IP) Raw materials Renewable energy Financial Partnerships Global licence agreements Net-zero commitments Public demandsDecarbonisation legislation, policy & funding Energy flexibility and electrification High activity material products Separation of process gases Value-added mineral products Greenhouse gas emissions avoided, captured or removed Reduced toxins & pollutants Reduced waste Energy efficient operations Safe & sustainable products Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 7
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Dear shareholders, partners and colleagues, The 2026 Financial Year (FY26) was a year of solid financial and commercial progress across the Group as we refined and continued to execute our strategy. A more complex global environment led to heightened competition for energy and critical minerals and a focus on competitiveness, flexibility and resilience for industrial customers. These conditions reinforced the need for solutions that can deliver practical economic benefits today, while also laying the foundations for lower-carbon production over time. Focused commercialisation Calix’s overarching strategy is to develop and commercialise its patented platform technology across multiple large markets through a capital-light licensing model, enabled by strategic partnerships and customer-funded project development. In response to market conditions in FY26, Calix refined this strategy by prioritising applications where the technology can deliver near-term economic value for customers, in addition to its potential impact on sustainability. Targeted customer benefits such as reduced energy costs or increased flexibility, productivity or resource efficiency aim to create a near-term business case for the technology, as well as the potential to cut carbon emissions in the medium to longer term. This approach is reflected across our businesses. In Leilac, we focused on cement and lime applications with the potential for flexible energy use, lower fuel costs and productivity benefits—as well as future potential to capture and remove carbon dioxide emissions. In Sustainable Processing, we progressed opportunities in iron, alumina, lithium and other mineral processing applications where electrification, resource efficiency and supply chain resilience are increasingly important. Calix will focus on applications that can improve industrial competitiveness today while enabling lower-emissions production over time—prioritising capital-light, customer funded projects. ALISON DEANS CHAIR LETTER FROM THE CHAIR AND CEO In Magnesia, we continued to build a growing business that provides more cost-effective as well as more sustainable water treatment products. Record revenues, reduced costs This shift in focus helped to deliver record revenue in FY26. Calix reported revenue, interest and other income of $39.2m, up 16% from $33.9m in FY25. Product and services revenue increased 28% to $36.0m. This result was driven by strong growth in Magnesia, which delivered $34.0m in product and services revenue, up 40% on FY25. Our Sustainable Processing and Leilac lines of business also made a material contribution to Group revenue, together delivering $2.0m from engineering and material testing services. In addition to delivering immediate revenue, these services also provide significant value in derisking the technology for customers and are a leading indicator for future growth. Across the Group, gross profit increased to $14.2m and gross margin improved to 40%. At the same time, the Group maintained disciplined cost management. Operating expenditure of $30.0m was down 24% following cost reduction and streamlining efforts implemented in FY25. Group cash capital expenditure was $2.1m, down 80% from FY25 1. Strong revenue growth, reduced operating costs and a focus on capital- light project delivery enabled the Group to improve its operating cash outflow to $11.4m, down 60% from $28.7m in FY25. Commercial milestones delivered FY26 was an important year in the commercialisation of our platform technology. In iron and steel, Calix secured up to $44.9m in matched funding from ARENA for the Zesty Green Iron Demonstration Plant and executed a non-exclusive Joint Development Agreement (JDA) with Rio Tinto. Under this agreement, Rio Tinto will contribute more than $35m in cash and in-kind support, subject to project milestones. The project advanced through due diligence and early grant milestones as it made progress toward a final investment decision and commercial demonstration of our Zesty technology. In alumina, Calix signed a Memorandum of Understanding and services agreement with Hydro to jointly develop the ZEAL technology for near-zero emissions alumina. Pilot-scale material testing was completed, providing important data for the design of commercial alumina plants. In lithium, construction of the Mid- Stream Demonstration Plant with PLS was completed and commissioning commenced. This marked the opening of Calix’s first electric plant at commercial scale and delivered an important proof point for the broader application of the platform technology. Importantly, the restructure with PLS ensured commissioning and operations of the Mid-Stream Demonstration Plant could proceed without requiring funding from Calix. After assuming full ownership and funding responsibility, PLS secured a grant of up to $38.1m from ARENA to help subsidise a two-year project to commission and operate, with an estimated total project cost of $139.2m. In Leilac, we progressed commercial project pathways in cement, lime and carbon dioxide removal. A successful Leilac-1 campaign in Belgium provided further evidence of the stability, flexibility and scalability of the technology. The business also advanced customer-funded project development, including a JDA with Adani Group’s Ambuja Cements for a commercial-scale project in India, a paid engineering study with a cement customer in East Asia, completion of pre-FEED for an electric lime project in Australia, and a contract from Frontier to develop zero-carbon lime for marine based carbon dioxide removal. 1. Cash capital expenditure refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV. Calix Limited — Annual Report 2026 About Calix FY26 Highlights 8 Letter from Chair and CEO
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In Magnesia, strong revenue growth was supported by expanded customer demand in both Australia and North America. During the year, Calix executed its largest-ever U.S. water treatment customer contract—expected to generate up to $10m in additional annual revenue—and strengthened its Australian customer base through new and expanded long-term contracts. These achievements demonstrate the ability of the Magnesia business to generate recurring revenues and gross profit while delivering practical environmental benefits for customers. Policy momentum amongst the volatility As noted earlier, the current environment may have shifted near-term focus away from decarbonisation towards security and economic pressures. However, many regions continued to implement carbon abatement policies. These developments continue to support the direction of travel towards a low-carbon industrial future. In Europe, the phase-out of free allowances for heavy industry under the EU Emissions Trading System began. At the same time, the Carbon Border Adjustment Mechanism (CBAM) began to be phased-in. Together, this marked the introduction of carbon-priced trade in cement, steel, and aluminium for producers in the EU and those seeking to export their products to the EU market—strengthening long- term incentives for lower-emissions production and sharpening the need for cost-effective, infrastructure-ready decarbonisation pathways. China expanded its national emissions trading system to include cement, steel and aluminium. This brought major industrial sectors into a national Chinese carbon market for the first time and reinforced China’s direction toward emissions monitoring, reporting and carbon cost exposure across heavy industry. Across the broader Asia-Pacific region, governments and customers continued to explore carbon capture, utilisation and storage, lower-carbon production and industrial electrification and efficiency measures, creating an increasingly relevant policy context for Calix’s technology deployment. In Australia, policy support for green metals, critical minerals processing and industrial decarbonisation recognised Australia’s opportunity to build globally leading industries based on its advantages in mineral resources, renewable energy and trade partnerships. In the United States, industrial policy and trade settings became less predictable, with reviews of funding programs contributing to slower timelines and greater uncertainty for first-of-a-kind decarbonisation projects. These changes created both opportunity and challenge for Calix. The opportunity is significant: the world still needs cement, lime, steel, alumina, lithium, clean water and other essential materials, but it increasingly needs them produced with greater efficiency and resilience, and with reduced emissions. The challenge is that industrial customers are seeking solutions that can deliver value today, as well as preparing for maturity in carbon markets and enabling low-carbon infrastructure. Calix is adapting its strategy to meet this challenge. Looking ahead We expect the external environment to remain dynamic. Carbon markets, hydrogen supply, carbon management infrastructure and critical minerals supply chains will develop at different speeds across regions. Against this backdrop, Calix will focus on applications that can improve industrial competitiveness today while enabling lower-emissions production over time—prioritising capital-light, customer funded projects. In FY27, our priorities are clear. We aim to continue to grow revenue and gross profit in Magnesia, with a focus on customer service, operational reliability, safety and disciplined expansion. In Sustainable Processing, we aim to continue to progress paid test campaigns and customer-funded development work, while seeking to advance financing and a final investment decision for the Zesty Green Iron Demonstration Plant. Leilac will continue to focus on commercialisation through capital- light pathways, prioritising customer- funded projects and partnerships that can demonstrate the technology at commercial scale while preserving Calix’s core intellectual property and future licensing potential. We thank our shareholders for their continued support, our partners and customers for their collaboration, and our people for their commitment, ingenuity and resilience. Calix’s mission remains urgent and the opportunity ahead remains significant. We are working to transform the way industry makes the world’s essential materials—more competitive today, and future-proof for a sustainable tomorrow. Alison Deans Non-Executive Chair Phil Hodgson Managing Director & Chief Executive Officer PHIL HODGSON MD & CEO GROUP OPERATING CASH OUTFLOW 60% REDUCED OPERATING COSTS 24% PRODUCT & SERVICES REVENUE GROWTH 28% Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 9
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RECORD REVENUES Calix achieved record revenues in FY26 with contributions from all lines of business. Total revenue and other income of $39.2m was driven by $34.0m in product and services revenue from its Magnesia line of business, up 40% from the previous year (FY25: $24.3m). In Leilac and Sustainable Processing, services revenue reflected a focus on customer-funded project development prior to targeted commercial operations and the onset of royalty revenue under technology licence agreements. With a gross margin of 40%, Calix’s gross profit increased to $14.2m, up 34% from $10.7m in FY25. FY26 PRODUCT & SERVICES REVENUE $36.0M (FY25: $28.2M) MAGNESIA PRODUCT & SERVICES REVENUE $34.0M (FY25: $24.3M) LEILAC & SUSTAINABLE PROCESSING SERVICES REVENUE $2.0M (FY25: $3.9M) FY26 REVENUE, INTEREST & OTHER INCOME $39.2M (FY25: $33.9M) FY26 GRANT FUNDING & TAX INCENTIVES $2.9M (FY25: $4.9M) FY26 GROSS MARGIN 40% (FY25: 39%) FY26 GROSS PROFIT $14.2M (FY25: $10.7M) FY26 FINANCIAL HIGHLIGHTS Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO 10 FY26 Highlights
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DISCIPLINED EXECUTION In FY26, Calix realised the benefits of the cost reduction and streamlining measures implemented during FY25, while continuing to deliver revenue and gross profit growth alongside commercial milestones. Operating costs were reduced by 24% relative to FY25, reflecting disciplined prioritisation of revenue-generating activities, lower non-priority expenditure and a more streamlined operating model across the Group. Calix’s Group cash capital expenditure in FY26 was $2.1m, down 80% from $10.3m in FY25 1, following a strengthened focus on a capital-light, customer funded commercialisation model. Together, continued strong revenue growth, reduced operating costs and a focus on capital-light project delivery enabled the Group to improve its operating cash outflow to $11.4m, down 60% from $28.7m in FY25. OPERATING EXPENDITURE $30.0M (FY25: $39.5M) CASH CAPITAL EXPENDITURE $2.1M (FY25: $10.3M) 1 OPERATING CASH OUTFLOW $11.4M (FY25: $28.7M) CASH ON HAND $9.8M (30 JUNE 2025: $23.0M) 1. Cash Capital Expenditure refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV. Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 11
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FY26 OPERATIONAL HIGHLIGHTS 2025 JULY 2025 Zesty Green Iron Project awarded ARENA funding Calix was awarded a grant of up to $44.9m, subject to matched funding, from ARENA to support the Zesty Green Iron Demonstration Plant. Designed for production of up to 30,000 tonnes per annum of hydrogen direct reduced iron (H2-DRI), the plant is intended to enable toll processing of iron ore of various grades and mineralogies from multiple partners. The project aims to support the viability of Australian iron ore in a low-emissions steel value chain, help develop a green iron industry in Australia, and advance the global deployment of Zesty. SEPTEMBER 2025 Partnership signed with Hydro for Zero Emissions Alumina Calix signed a Memorandum of Understanding and services agreement with Hydro to jointly develop its ZEAL technology for near- zero emissions alumina. The program includes pilot-scale material testing and a pre- FEED study, and is expected to deliver more than $1.0m in revenue while advancing electric calcination for smelter-grade alumina. NOVEMBER 2025 JDA with Rio Tinto for Zesty Calix executed a non- exclusive JDA with Rio Tinto to support the demonstration and commercialisation of Zesty in Kwinana, Western Australia. Under the agreement and subject to project milestones, Rio Tinto will contribute more than $35m in cash and in-kind support, helping progress the project toward a final investment decision. DECEMBER 2025 Rio Tinto completes due diligence for Zesty Demonstration Plant Completion of due diligence under the JDA cleared the way for the first $3m cash contribution from Rio Tinto to the Zesty Green Iron Demonstration Project. New U.S. water treatment customer contract Calix executed its largest-ever U.S. water treatment contract, expected to generate up to $10m in additional annual revenue. The three-year agreement, with options to extend, will be serviced through IER’s existing Mid-West production and distribution network. Construction of lithium Mid-Stream Demo Plant complete Construction of the lithium Mid- Stream Demonstration Plant developed with PLS was completed. The project marks Calix’s first electric plant at commercial scale and is intended to validate the application of its platform technology to the lithium market while providing an important proof point for broader deployment across metals and minerals processing. Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO 12 FY26 Highlights
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2026 JANUARY 2026 Frontier selects Leilac to develop zero carbon lime solution Frontier awarded a grant to Leilac to develop its zero- carbon lime technology for application to marine carbon dioxide removal. Frontier is an advance market commitment to accelerate permanent carbon removal and was founded by Stripe, Google, Shopify, and McKinsey Sustainability. Its members have committed to purchase over US$1 billion of permanent carbon removal by 2030. MARCH 2026 First ARENA grant milestone for Zesty complete Calix completed the first milestone under its ARENA grant agreement for the Zesty Green Iron Demonstration Project, triggering a $2m cash payment. The milestone was completed on schedule and reflected commercial and technical progress of the project, with further grant payments remaining subject to matched funding and future project milestones. APRIL 2026 Commissioning commences for the lithium Mid-Stream Demonstration Plant Commissioning commenced at the lithium Mid-Stream Demonstration Plant at PLS’s Pilgangoora Operation. The milestone is expected to generate important operating and performance data for the first commercial- scale deployment of Calix’s electric calcination technology and support broader commercialisation across critical minerals and other target markets. JUNE 2026 Leilac and Ambuja Cements partner for commercial-scale cement project in India Leilac executed a JDA with Adani Group’s Ambuja Cements to jointly develop a commercial-scale cement project at the Sanghi cement plant in Gujarat, India. The project aims to retrofit the Leilac technology to reduce coal use, increase renewable energy use, and capture unavoidable process carbon dioxide emissions. Subject to a successful go decision and commercial demonstration phase, the project could expand to capture more than 1 million tonnes of CO2 per annum. Leilac signs paid engineering study for East Asia cement project Leilac signed an agreement with a cement customer in East Asia to deliver a paid engineering study for a potential cement project. The study will assess the application of Leilac’s technology to capture and use approximately 100,000 tonnes of process CO2 per annum, further supporting Leilac’s capital-light commercialisation pathway and expanding its project pipeline in the Asia-Pacific region. Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 13
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BUSINESS OVERVIEW Leilac aims to deliver economic and flexible pathways for cement and lime producers to reduce costs and emissions, while enhancing productivity, resilience and competitiveness. Leilac is developing Calix’s patented indirect heating technology as a retrofittable process for cement and lime that can operate with a combination of electricity and conventional or alternative fuels, while efficiently separating unavoidable process carbon dioxide emissions ready for use or storage. By supporting lower-emissions cement and lime production, Leilac aims to also support decarbonisation pathways in other hard-to-abate sectors that rely on low carbon-intensity lime, including potential applications in carbon dioxide removal. MARKET TRENDS During FY26, policy and industry settings for cement and lime decarbonisation continued to evolve, particularly in Europe, the U.S. and Asia. In Europe, the policy environment continued to strengthen, with attention focused on reducing process emissions, supporting industrial competitiveness and developing enabling infrastructure for carbon capture, use and storage (CCUS). The EU’s Carbon Border Adjustment Mechanism entered its definitive regime from 1 January 2026, while the phase- out of free allocations under the EU Emissions Trading System commenced, reinforcing longer-term carbon cost signals for cement and lime producers. Europe also continued to progress broader industrial decarbonisation and carbon management measures, including funding and policy initiatives intended to support more competitive and lower- emissions production. LEILAC Future-proofing cement & lime Outside Europe, policy support was mixed. In the U.S., the 45Q tax credit continued to provide an important long- term incentive for carbon capture, use and storage, however reviews of awarded funding programs contributed to project uncertainty and slower timelines for first-of-a-kind industrial decarbonisation projects. In Asia, China expanded its national emissions trading system to include cement, while CCUS policy development continued across several Asia-Pacific markets. Notwithstanding these policy developments, commercial progress in cement and lime decarbonisation remained slow, reflecting continuing challenges around project funding, carbon management infrastructure and first-of-a-kind project execution against a backdrop of immediate economic pressures and decreasing demand in several regions. BUSINESS UPDATES Ambuja Cements’ Sanghi cement plant in Sanghipuram, Gujarat’s Kutch district. Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 14
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FY26 ACHIEVEMENTS In FY26, Leilac progressed its technology, operating model and commercial focus in response to evolving market conditions. Key developments included a successful Leilac-1 operations campaign in Belgium, a refined customer value proposition focused on more immediate economic benefits, a lower operating cost base, and progress with commercial projects across cement, lime and carbon dioxide removal. Repositioning Leilac’s customer value proposition During FY26, Leilac further refined its customer value proposition with the aim of delivering more immediate economic benefits of the technology for cement and lime producers. In addition to low- cost capture of unavoidable process CO2, the technology is being developed to support lower and more optimised energy costs through hybrid fuel and electric operation, greater operational flexibility, potential revenues from grid balancing services, and increased production capacity through the removal of process bottlenecks. This broader proposition is intended to improve project economics ahead of carbon markets and CO2 transport and storage infrastructure being more fully developed. Establishing capital-light commercial project deployment pathways Leilac further prioritised project development opportunities for customer- funded, capital-light, commercial scale deployment, marking a shift from R&D projects such as Leilac-1 and Leilac-2. In India, Leilac signed a JDA with the Adani Group’s Ambuja Cements to develop a commercial scale project at the Sanghi cement plant in Gujarat that aims to scale to capture over 1 million tonnes of unavoidable process carbon dioxide. Leilac also signed a contract with a cement customer in East Asia to deliver a paid engineering study for a potential project to capture and use ~100,000 tonnes of process CO2. In Australia, Project ZETA completed pre-FEED in September 2025. In Europe, Leilac continued to advance its pipeline for first-of-a-kind commercial deployment. Leilac-1 operations campaign Leilac completed a successful operations campaign at the Leilac-1 pilot plant at Heidelberg Materials’ cement plant in Lixhe, Belgium. Following installation and commissioning of a new calciner tube, Leilac-1 operated continuously for 21 days while responding flexibly to host plant requirements, achieved targeted calcination rates, and successfully separated unavoidable process CO2 at multiple tonnes per hour of material throughput. The campaign provided further evidence of the stability, flexibility and scalability of the Leilac technology. Progress with Frontier for carbon dioxide removal In January 2026, Frontier awarded an R&D grant to Leilac to support development of zero-carbon lime for ocean alkalinity enhancement (OAE), a form of marine carbon dioxide removal. The program supports production of OAE materials for testing and an engineering study aimed at developing low-cost pathways for zero-carbon lime supply. Reduced operating costs During FY26, Leilac took steps to establish a lower and more sustainable cost base. This reflected a disciplined response to project delays and funding uncertainty, while preserving core technical capability and prioritising revenue-generating business development activities. The lower cost base is intended to better align the business with near-term commercial opportunities and support capital- efficient progress toward commercial deployment and licensing outcomes. FY27 PRIORITIES Continue to commercialise the Leilac technology through capital-light pathways, prioritising customer-funded projects and partnerships that can demonstrate the technology at commercial scale while preserving Calix’s core intellectual property and future licensing potential. ALIGNMENT WITH THE SUSTAINABLE DEVELOPMENT GOALS Cement and lime are essential materials for modern society, with global demand supported by ongoing urbanisation and infrastructure development. At the same time, they are among the most emissions-intensive industrial sectors, with a large share of emissions arising unavoidably from the calcination of limestone. Cost-effective pathways to lower-emissions production are therefore important to support both industrial competitiveness and sustainable economic development. Leilac is being developed to support a three-part pathway for cement and lime producers that aims to improve resilience, competitiveness and emissions performance: – Avoiding fossil emissions through the use of low-carbon fuels and electricity, and the use of calcined clay as a supplementary cementitious material – Capturing unavoidable process carbon dioxide emissions – Removing excess atmospheric carbon dioxide through zero-carbon lime pathways This integrated pathway is designed to support a flexible and low-cost transition that aligns with economic and environmental goals. Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 15Business Updates
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Progress toward commercial deployment, however, remained measured, reflecting continued challenges around hydrogen cost and availability, project financing, infrastructure and access to reliable low-cost electricity. In particular, progress in green hydrogen development remained slower than previously anticipated, both in Australia and globally, with a number of proposed projects delayed, scaled back or discontinued. In turn, green iron deployment remained at an early stage, with limited commercial-scale production to date. Rising geopolitical tensions, conflicts and supply chain disruption also focused attention on security of supply and sovereign production capability for critical minerals, supporting policy measures aimed at onshore processing and supply chain diversification. BUSINESS OVERVIEW Calix’s Sustainable Processing applications are designed to enable low-carbon, low-waste and value- added metal and mineral products. Calix’s platform technology enables the electrification of mineral processing, including calcination in alumina refining and lithium production. In iron and steel, Calix’s Zesty technology combines electric heating with hydrogen as a reductant to produce green iron and, ultimately, green steel. By refining, concentrating or converting minerals into higher-value products, including fines material that may otherwise be discarded as waste, these applications are designed to support improved resource utilisation, simpler processing pathways, reduced waste and costs, and more efficient supply chains, alongside reduced carbon dioxide emissions. MARKET TRENDS During FY26, policy and industry settings continued to evolve in support of lower-emissions and higher-value metals processing, particularly in Australia, Europe and Asia. Across Calix’s target markets, this included continued emphasis on industrial competitiveness, domestic value-adding, supply chain resilience and electrification. In iron and steel, policy support for green iron and lower-emissions supply chains continued. In Australia, green metals remained a stated priority under the Future Made in Australia agenda, while in Western Australia the Made in WA plan aimed to help establish local production of green iron and steel. In Europe, the commencement of the EU CBAM definitive regime and the phase-out of free allocations under the EU ETS reinforced longer- term carbon cost signals, while China expanded its national emissions trading system to include steel and aluminium. SUSTAINABLE PROCESSING Mineral processing for the electric age BUSINESS UPDATES The Calix electric calciner at PLS’ Mid-Stream lithium plant in Western Australia Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 16
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Alumina In alumina, Calix advanced its ZEAL technology through a partnership with Hydro to develop electric calcination for near-zero emissions alumina. A paid pilot scale material testing program using feedstock from Hydro’s Alunorte refinery in Brazil was successfully completed. The completion of material testing provided important data to inform potential future commercial electric alumina calciner designs. Lithium In lithium, construction of the Mid-Stream Demonstration Plant developed with PLS was completed in December 2025, marking completion of Calix’s first electric plant at commercial scale. Commissioning commenced in April 2026 following the execution of a revised commercial structure for the Mid-Stream technology. Under the restructure, PLS assumed full ownership and operational responsibility for the plant, including its commissioning and operating costs. PLS executed a grant of up to $38.1m from ARENA to subsidise a two-year project to commission and operate the Mid-Stream Demonstration Plant, with an estimated total project cost of $139.2m.1 Following the restructure, Calix retained all core IP and continues to support commissioning via paid technical services. Calix provided PLS a royalty- free licence to use the Calix technology in primary lithium processing, while Calix retained up-side exposure to potential future third-party licensing of the lithium Mid-Stream technology. Other applications Calix continued to develop further prospective applications of its platform technology during FY26. This included customer test work in lithium battery recycling—known as ‘black mass’ processing—and the execution of a toll production agreement with Green360 Technologies (GT3) to produce commercial quantities of calcined clay for low- carbon cement. Together, these activities continued to broaden the range of potential applications for Calix’s electrified processing platform and generate near- term revenues for the Group. 1. ARENA. PLS Mid-Stream Demonstration Plant Project FY26 ACHIEVEMENTS During FY26, Calix progressed its Sustainable Processing business across iron and steel, alumina and lithium, while continuing to develop additional applications of its platform technology. Key developments included further progress toward commercial demonstration of Zesty with support from ARENA and a Joint Development Agreement with Rio Tinto, a new partnership in alumina with Hydro, completion of construction of the lithium Mid-Stream Demonstration Plant with PLS and continued paid development of other prospective applications of the platform technology. Iron and steel Calix’s Zesty technology made significant progress in moving from pilot to commercial demonstration scale during FY26. In July 2025, Calix executed a grant agreement for up to $44.9m from ARENA to support the development of a Zesty Green Iron Demonstration Plant, subject to matched funding and project milestones being achieved. The Zesty Demonstration Plant will have the capacity to produce up to 30,000 tonnes of H2-DRI per year and will be designed to provide an industry-wide facility to test the production of green iron from a range of ore types and producers. In November 2025, Calix executed a non- exclusive Joint Development Agreement with Rio Tinto, under which Rio Tinto will provide over $35m of value through a combination of cash and in-kind support, subject to project milestones being met. As part of its in-kind contribution, Rio Tinto will provide a site for the project in the Kwinana-Rockingham Strategic Industrial Area and provide up to 10,000 tonnes of Pilbara iron ore for plant commissioning and operations. Following these agreements, Calix completed the first ARENA grant milestone and successfully passed Rio Tinto’s due diligence process, with both milestones triggering first cash payments towards the Zesty Demonstration Project under the respective agreements. FY27 PRIORITIES Continue to progress paid test campaigns and customer-funded development work in Sustainable Processing, while seeking to advance financing and a final investment decision for the Zesty Demonstration Plant. ALIGNMENT WITH THE SUSTAINABLE DEVELOPMENT GOALS To support the Sustainable Development Goals, metals and critical minerals need processing pathways that are not only lower in emissions, but also more resource-efficient, economically resilient and compatible with increasingly electrified energy systems. Calix’s technology is designed to electrify mineral and metal processing, helping to reduce reliance on fossil-fuels. It also aims to improve resource recovery, reduce waste and transport costs, and support more resilient domestic supply chains. Across green iron, alumina and lithium, Calix is developing metal and mineral processing solutions that are both more environmentally and economically sustainable. Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 17Business Updates
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BUSINESS OVERVIEW Calix’s Magnesia business provides safe, sustainable and cost-effective solutions for wastewater treatment. Its magnesium hydroxide liquid products offer a more effective alternative to caustic soda and lime for alkalinity control, helping reduce chemical use, maintain water quality, reduce odour, prevent blockages and extend the life of wastewater networks. The Magnesia business is supported by an integrated production footprint spanning a magnesite mine in South Australia, a commercial calciner in Victoria to produce magnesium oxide, and magnesium oxide hydration facilities in Victoria and Queensland in Australia, and across six locations in the U.S. that produce magnesium hydroxide liquid for the North American market. BUSINESS UPDATES MAGNESIA Safe, sustainable & cost-effective water treatment solutions MARKET TRENDS Wastewater treatment remains critical across many jurisdictions. In FY26, tighter regulations and rising demand for more resilient, cost-effective treatment solutions continued to support demand. An increasing focus on nutrient removal and process stability continued to support demand for alkalinity control solutions that can maintain biological performance while helping utilities manage odour, corrosion and asset life. Utilities also continued to seek treatment products that are safer and easier to handle, operationally reliable and cost-effective over the life of the asset. Against this backdrop, magnesium hydroxide remained well positioned as an alternative to traditional alkalis in applications where water quality, operator safety, chemical efficiency and whole-of- system cost are increasingly important. Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 18
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FY27 PRIORITIES Continue to grow revenue and gross profit in Magnesia, with a focus on customer service, operational reliability, safety and disciplined expansion. ALIGNMENT WITH THE SUSTAINABLE DEVELOPMENT GOALS Conventional wastewater treatment products, such as caustic soda, can present significant environmental and operational challenges. Progress toward the Sustainable Development Goals requires treatment solutions that support more sustainable water management. Calix’s magnesium-based products are designed to help protect freshwater systems, oceans and human health by reducing the release of harmful pathogens, nutrients and other pollutants into the environment. They also provide a more cost-effective and sustainable alternative to conventional treatment methods. FY26 ACHIEVEMENTS The Magnesia line of business recorded revenue of $34.0m in FY26, up 40% from $24.3m in FY25. Record revenue was driven by increased revenue growth and market share in both the U.S. and Australia. In the U.S., Calix executed its largest-ever water treatment customer contract in December 2025, expected to generate up to $10m in additional annual revenue. The three-year agreement, with options to extend, is being serviced through Calix’s existing Mid-West production and distribution network, with first product delivered in the second half of FY26. This contract built on the expanded footprint created by the Ripon, Wisconsin and Lufkin, Texas hydration facilities, which added capacity and market reach following their commissioning in FY24. Calix’s U.S. water treatment products— which use magnesia from Canada as a feedstock—remained exempt from tariffs introduced by the Trump administration, as they are excluded from tariffs under the United States-Mexico-Canada Agreement (USMCA). In Australia, Calix executed a significant new contract with Unitywater to service the Sunshine Coast region and renewed and expanded its contract with the City of Gold Coast. Together, these outcomes secured long-term engagements with two of the largest consumers of magnesium hydroxide liquid in Australia. A new hydration facility in Caloundra, QLD and on-site dosing units helped increase capacity and support reliable customer service. Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 19Business Updates
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Sustainability sits at the core of Calix’s purpose and is the guiding force behind the Company’s strategy—shaping its innovations and operations. Calix is developing solutions designed to enable an economic transition to lower-carbon metal and mineral processing, in turn helping to support the competitiveness and sustainability of some of the world’s largest and most carbon-intensive industrial sectors, including cement, steel, alumina and critical minerals. OUR APPROACH TO SUSTAINABILITY Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 20
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While working to create scalable positive environmental impact globally, Calix is also advancing its own corporate sustainability ambitions. This includes strengthening its sustainability strategy, setting clear outcome-based targets, and building its ability to measure progress and impact. CALIX’S SUSTAINABILITY AMBITIONS Calix is working towards achieving five key sustainability ambitions within its operations: SUSTAINABILITY GOVERNANCE The Board is responsible for the oversight of all sustainability matters, with support from the Board committees, including the Sustainability Committee. This includes the Company’s sustainability strategy, policies and initiatives, and climate and regulatory- related risk management, in addition to embedding Environmental, Social and Governance considerations across the Company. Calix’s Executive Management Team is responsible for developing the sustainability strategy and integrating it into business activities and decision-making across the organisation. The Sustainability and Environmental Manager directs the day-to-day execution of the strategy, collaborating with other functions to ensure initiatives are aligned with the Company’s goals and effectively implemented. Collectively, the Board, Management, Calix’s sustainability resources and the Calix team are collaborating to ensure the Company’s sustainability strategy drives long-term, shared value creation for shareholders and other stakeholders. UNITED NATIONS GLOBAL COMPACT Calix has been a participant of the United Nations Global Compact (UNGC) since 2020. The Company is committed to embedding the Ten Principles of the UNGC on human rights, labour, environment and anti-corruption into Calix's operations. By embracing the Ten Principles, we strive to make a positive impact, be a catalyst for change and contribute to a sustainable future for all. The multi-year strategy of the UNGC drives business awareness and action to support the achievement of the Sustainable Development Goals by 2030. Calix continues to report its progress against the UNGC’s Ten Principles through an annual Communication on Progress, including in 2026. FY26 SUSTAINABILITY REPORTING Calix’s Sustainability Report has been published alongside the Company’s Annual Report and Corporate Governance Statement. This year’s Sustainability Report provides an overview of how the Company has progressed towards achieving the Company’s sustainability ambitions. The report is available in the Company’s investor centre on its website. Address the sustainability of the materials and resources we use in our operations Foster fairness and belonging Reduce emissions in line with the 1.5°C pathway Ensure safe and controlled operations Advance sustainable technology development Business Updates Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 21Sustainability
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Calix is committed to high standards of corporate governance and transparency with a focus on acting with integrity, mitigating risks and enhancing the Company’s long-term sustainability. This commitment supports the delivery of Calix's strategy, while meeting prevailing best practice governance standards. OUR APPROACH TO CORPORATE GOVERNANCE THE CALIX LIMITED BOARD OF DIRECTORS The Board is responsible for overseeing the overall operation and stewardship of Calix, including the Company’s strategies and financial objectives, monitoring progress against these objectives, and monitoring compliance with regulatory requirements and ethical standards. In performing these responsibilities, the Board aims to continue to build sustainable value for shareholders and operates in accordance with the duties and obligations required by the Calix Limited Constitution and by law. ASX PRINCIPLES AND RECOMMENDATIONS Calix’s compliance with the fourth edition of the ASX Corporate Governance Principles and Recommendations (Principles and Recommendations) and a checklist cross-referencing these Principles and Recommendations against the relevant disclosures are outlined within ASX Appendix 4G. Calix’s current ASX Appendix 4G has been lodged with the ASX and is also available in the investor centre on the Company’s website. CORPORATE GOVERNANCE STATEMENT In addition to the ASX Appendix 4G, Calix published a Corporate Governance Statement alongside the Company’s Annual Report and Sustainability Report. This year’s Corporate Governance Statement provides an overview of Calix’s corporate governance framework, policies and practices for effective decision- making and accountability. Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 22
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BOARD COMMITTEES BOARD DELEGATION OF AUTHORITY CHIEF EXECUTIVE OFFICER SENIOR LEADERSHIP TEAM SAFETY, QUALITY & SUSTAINABILITY TEAMS CHARTERS & POLICIES INDEPENDENT ASSURANCE VALUES AND CULTURE SHAREHOLDERSPARTNERS & CUSTOMERS EMPLOYEES & CONTRACTORS COMMUNITY GOVERNMENTS & REGULATORS STAKEHOLDERS PEOPLE, CULTURE & NOMINATIONS COMMITTEE AUDIT & RISK MANAGEMENT COMMITTEE TECHNOLOGY COMMITTEE SUSTAINABILITY COMMITTEE CALIX LIMITED GOVERNANCE FRAMEWORK Business Updates Sustainability FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 23Governance
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IN FY27, CALIX AIMS TO: FY27 PRIORITIES Convert strategic partnerships into funded, executable demonstration projects, including progressing Zesty financing and FID, advancing Leilac customer-funded commercial project pathways, and developing ZEAL from paid testing into designs for commercial alumina applications. Grow Magnesia as the Group’s near-term earnings and cash- generation engine, with a focus on revenue and gross profit growth, operational reliability, safety, customer service and disciplined expansion in Australia and North America. Continue to focus Calix’s portfolio around competitiveness as well as decarbonisation, prioritising applications that deliver customer value today through lower costs, flexible energy use, resource efficiency and supply-chain resilience, while preserving upside to future carbon markets, green premiums and other emissions reduction incentives. Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 24
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OUR FOCUS ON CAPITAL-LIGHT, LICENSING BUSINESS MODEL 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. Paused projectsNone =/< 50% > 50%% Capital required from Calix Revenue model Paid trials, studies Paid FEED Paid detailed engineering Licensing and/or service fees Project Stage Trial Work / Early Engineering Engineering EPCm Commissioning & Operations General timeframes1 6-12 months 12-18 months 18-24 months Ongoing Critical Minerals Alumina Iron & Steel Cement Lime Carbon Dioxide Removal Clay Leilac-2 Black Mass coy 1 & 2 2 Zeta Zesty East-Asia cement coy Lime coy 2 Magnesia coy 2 Clay coy 2 Business Updates Sustainability Governance Directors’ Report Remuneration Report Financial Report Other 25FY27 Priorities
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Our mission is urgent and the opportunity ahead is significant, as we work to transform the way industry makes the world’s essential materials. Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 26
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Driven by a patented platform technology, strategic partnerships, targeted investment and a highly committed team, Calix is building a portfolio of technology solutions designed to help heavy industries become more competitive today and adopt future-proof processes for a more sustainable tomorrow. We thank our shareholders, partners, customers and collaborators for their support, and our people for the skill, determination and ingenuity they bring to this mission. For over 20 years, Calix has combined innovation with resilience in pursuit of solutions to some of the world’s most important industrial and environmental challenges. Because Mars is for quitters. Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 27
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 28 The directors present their report on Calix Limited and its controlled entities (the Group) (Calix) consisting of Calix Limited (the Company) and entities under its control as of, or during the year ended, 30 June 2026 (FY26). Directors The following persons were directors of the Company during the whole of FY26 and up to the date of this report: – Alison Deans – Peter Dixon – Helen Fisher – Dr Sarah Ryan – Dr Phil Hodgson Company Secretary The Company Secretary during FY26 and up to the date of this report was Darren Charles, B Com FCPA. He is also the Chief Financial Officer of Calix. Principal activities Calix Limited (ASX: CXL) is an industrial technology company. Calix’s patented platform technology is being developed to enable flexible energy use and electric heating, more efficient resource use, and the capture of unavoidable carbon dioxide emissions in metals and minerals processing. Calix is developing and applying its platform technology across the cement and lime, iron and steel, alumina, critical minerals, water treatment and carbon dioxide removal industries. Technology Calix’s platform technology is a reinvention of the kiln process that uses indirect heating to deliver multiple potential benefits: – Energy optionality: Designed to deliver high temperature metals and minerals processing with electricity, conventional and/or alternative fuels. – Flexible electrification: Flexible operations compatible with variable renewable energy sources and potential grid balancing applications. – Capture of unavoidable emissions: Unavoidable process carbon dioxide emissions, such as those from the making of cement and lime, remain uncontaminated by heating gases and air, enabling them to be captured at high purity for use or storage. – Value-added mineral products: Calix’s platform technology is well suited to the processing of fines or dust that may otherwise be discarded as waste. Processing at the mine site may reduce material transport volumes and add-value to refined mineral products. – Minimal hydrogen use: For the production of metallic iron from iron ore and other reduction reactions, hydrogen is used only as a reductant. It is not combusted as a fuel and unused hydrogen may be recycled. – Highly-active materials: Flash heating can produce high surface area materials with enhanced chemical or bioactivity. Operations The Group has operations, customers and distribution partners across Australia, New Zealand, Asia, Europe and the United States of America (U.S.). Its activities in FY26 were focused across three business segments, being: Leilac (CO2 mitigation), Sustainable Processing, and Magnesia. These “lines of business” are supported by research and development, engineering, operations, marketing, and finance and administration teams. The Group’s business activities are underpinned by: – The Calix Technology Centre, Bacchus Marsh, Victoria, Australia: – Two electric calciners for customer material testing and technology development. – A commercial calciner with a production capacity of approximately 30,000 tonnes per year. – A multi-purpose laboratory to support Calix’s research and development capabilities. – A raw magnesium carbonate mine in Myrtle Springs, South Australia. – Magnesium oxide hydration facilities in Victoria and Queensland. – Six U.S. manufacturing facilities producing water treatment products for North American customers. – The Leilac-1 pilot demonstration facility for CO2 separation from lime and cement in Lixhe, Belgium. Operating results The Group reported total revenue and other income in FY26 of $39.2m, up 16% from $33.9m in the 2025 Financial Year (FY25). Product and services revenues in FY26 were $36.0m, up 28% from $28.2m in FY25. This result was largely driven by strong revenue growth in the Magnesia line of business, both in the U.S. and Australia, as the benefits of new customer contracts and expanded production capabilities continued to be realised. The Leilac and Sustainable Processing lines of business also contributed engineering and material testing services revenue, reflecting a focus on customer-funded project development prior to the targeted commencement of royalty revenue under technology licence agreements. Gross profit increased to $14.2m (FY25: $10.7m). The Group’s operating expenses in FY26 were $30.0m, a 24% reduction on the prior year (FY25: $39.5m). Reduced operating costs were enabled by the realisation of cost reduction measures implemented in FY25, alongside ongoing cost management discipline. Group cash capital expenditure was reduced 80% to $2.1m (FY25: $10.3m 1), enabled by a capital-light, customer- funded commercialisation focus and the restructure of the lithium Mid-Stream Demonstration Plant arrangement with PLS (ASX: PLS). The Group recorded a one-off, non-cash impairment of $30.3m relating to the restructure agreement with PLS for the lithium Mid-Stream Project. Net-cash used in operating activities was reduced by 60% to $11.4m (FY25: $28.7m). DIRECTORS’ REPORT 1. Cash capital expenditure refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 29 Financial position The Group held $9.8m in cash and cash equivalents at 30 June 2026 (30 June 2025: $23.0m) and had a surplus of $3.8m of total current assets over total current liabilities (30 June 2025: $11.5m). Market conditions Geopolitical tensions, competition for energy and critical mineral supply chains, and the practical challenges of decarbonising essential industries continued to influence the pace of industrial decarbonisation and technology adoption in FY26. Despite current headwinds, global decarbonisation commitments and enduring policy continued to support a transition towards low- carbon intensity industrial processes. Going concern The financial report has been prepared on a going concern basis. Significant changes in the state of affairs On 19 February 2026, Calix announced it had executed a revised commercial structure with PLS for the lithium Mid-Stream Demonstration Plant, under which PLS assumed full ownership and operational responsibility for the plant. 1 There were no other significant changes in the state of affairs of the Group during the year. Dividends No dividends were paid or were payable during the year (2025: $NIL). After balance date events On 31 July 2026, Calix received a cash payment of $5.7m from PLS. This was the second of two cash payments totalling $11.4m under the terms of the restructure of the Mid-Stream Project. 2 No other matters or circumstances have arisen since the end of the 2026 financial year which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future years. Environmental regulation The Group’s operations are subject to local, state and federal environmental legislation and regulations in both the testing and operational areas. The Calix Limited Board of Directors (Board) is responsible for regular monitoring of environmental exposure and compliance with environmental regulations and is not aware of any breaches of these regulations during the year. The Group is committed to achieving a high standard of environmental performance. Indemnification and insurance of officers During FY26, the Company paid an insurance premium to insure the directors, officers and senior managers against certain liabilities that may be incurred whilst they perform their duties for the Company. This may include liabilities and costs associated with defending civil or criminal proceedings brought against the individuals in their capacity as officers of the entities in the Group. Options, warrants and rights At the date of this report, there were no unissued ordinary shares of the Company under option, no warrants on issue and 6,220,134 share options and 5,176,181 Performance Rights on issue. Refer to Note 21 of the financial statements for further details of the share options outstanding at balance date. The details of options, warrants and rights issued to Key Management Personnel as remuneration are set out in the Remuneration Report. Proceedings on behalf of the company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Group or intervene in any proceedings to which the Group is a party, for the purpose of taking responsibility on behalf of the Group for all or any part of those proceedings. Auditor KPMG continues in office in accordance with section 327 of the Corporations Act 2001. Non-audit services The Group may decide to employ the auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Company and/or Group are important. The Group has not paid any amounts nor had any amounts payable to the auditors for non-audit services during FY26. Auditor independence A copy of the auditor’s independence declaration as required under section 307c of the Corporations Act 2001 is set out on page 42 and forms part of the Directors Report. Rounding off The Group is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) instrument 2026/183 and in accordance with that instrument, amounts in the consolidated financial statements and directors’ report have been rounded off to the nearest thousand dollars unless otherwise stated. This report is signed in accordance with a resolution of the Board. Alison Deans Non-Executive Chair Calix Limited Sydney, Australia 26 August 2026 DIRECTORS’ REPORT 1 . Calix ASX announcement. Calix & PLS revised structure for lithium Mid-Stream Project. 19 Feb 2026. 2. Calix ASX announcement. Calix receives 2nd payment from PLS Mid-Stream restructure. 31 Jul 2026. Directors’ Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 30 Dear Shareholders, On behalf of the Board of Calix Limited, I am pleased to present the Remuneration Report for the year ended 30 June 2026 (FY26). This Remuneration Report sets out information on the remuneration of the directors of Calix Limited (Calix) and its controlled entities (the Group), and other Key Management Personnel (KMP), as well as a summary of FY26 performance outcomes and the resulting remuneration outcomes. Incentive alignment Calix’s remuneration framework is designed to align remuneration outcomes with performance, support delivery of the Group’s strategy, and promote long-term value creation for shareholders. The current employee incentive scheme was introduced at the start of FY25, replacing arrangements for KMP that had existed since the Company’s listing on the Australian Securities Exchange. The current scheme has now operated in both FY25 and FY26 placing greater emphasis on equity-based incentives and long-term value creation, while maintaining an appropriate focus on annual performance. Incentive scheme overview and outcomes This Remuneration Report sets out the operation of the current employee incentive scheme in FY26. As detailed further in the Remuneration Report, the scheme has both a short-term and a long-term incentive component. For the short-term incentive (STI) component of the current incentive scheme, the Board uses a KPI Scorecard to assess the Group’s performance against defined key performance indicators each year. These KPIs reflect the Company’s financial and strategic objectives, including revenue growth, operational cost efficiency, commercial progress, technology progress and de-risking, and performance against safety, health, quality and sustainability targets. Following an assessment by the Board, with support from the People, Culture and Nominations Committee (PCNC), the KPI Scorecard outcome for FY26 was determined to be 5.5 out of 10. A summary of the relative weighting of the performance of each business unit in determining STI achievement of the Group in FY26 is set out below. – Corporate KPI – 5% out of 10% weighting – Leilac KPI – 5% out of 30% weighting – Sustainable Processing KPI – 15% out of 30% weighting – Magnesia KPI – 30% out of 30% weighting This outcome is used to determine the short-term incentive (STI) awards for KMP and senior executives. Overall, the FY26 outcome reflected progress across the business, while recognising that a number of key targets were only partially achieved. The long-term incentive (LTI) component of the scheme is based on relative total shareholder return (TSR), measured against an appropriate benchmark index over a three-year performance period. Further details of the LTI component are set out in the Remuneration Report. Executive Team base pay During FY26, all members of Calix’s Executive Leadership Team voluntarily elected to maintain their base pay at FY25 levels. In addition, a small group, including the Managing Director & Chief Executive Officer, Phil Hodgson, continued to forgo a portion of their base pay until 1 March 2026. Following improved operating momentum, those executives resumed full base pay from 1 March 2026. Board fee-to-equity proposal At the 2025 AGM, shareholders approved a temporary arrangement under which non-executive directors may receive a portion of their fees in equity. The proposal received more than 99% support of votes cast. In FY26 non-executive director fees were sacrificed in exchange for the issue of ordinary shares to the non-executive directors. Further details are set out in the Remuneration Report. The Board intends to propose that a similar arrangement for non-executive directors to take a portion of fees in equity be put to shareholders for approval at the 2026 AGM for the FY26/27 fee period. Remuneration changes in FY27 As the Company looks to FY27 and beyond, the PCNC remains focused on ensuring remuneration practices continue to support Calix’s strategic objectives, attract and retain key talent, and align with shareholder interests. Following its annual review, the PCNC conducted a market based remuneration review for each member of Calix’s Executive Team and have made adjustments to individual’s base compensation accordingly, to take effect from 1 September 2026. In determining the relevant adjustments to base compensation the Board acknowledged that Calix’s Executive Team, including the Managing Director and Chief Executive Officer, had not had any base compensation increase since FY24. An additional outcome of that review included the Board approving, on the PCNC’s recommendation, a one-off additional LTI for Calix’s Managing Director & Chief Executive Officer, that is linked to the Group achieving certain significant operational milestones in FY27. This component of compensation will be put to shareholders at the Company’s 2026 AGM for approval. The PCNC will continue to review and refine remuneration structures to ensure they remain fit for purpose in a dynamic and competitive global environment. We thank shareholders for their continued engagement and feedback, which has informed the Board’s approach to remuneration. Peter Dixon Chair People, Culture and Nominations Committee LETTER FROM THE CHAIR OF THE PEOPLE, CULTURE AND NOMINATIONS COMMITTEE Peter Dixon Chair People, Culture and Nominations Committee
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 31 REMUNERATION REPORT (AUDITED) INTRODUCTION The information provided in the Remuneration Report for the year ended 30 June 2026 (FY26) has been audited as required by section 308(3C) of the Corporations Act 2001 (Cth). This Remuneration Report sets out the remuneration information for directors of Calix Limited and its controlled entities (the Group) (Calix) consisting of Calix Limited (the Company) and entities under its control and other Key Management Personnel (KMP). For the purposes of this report, KMP of the Group is defined as those people who have authority and responsibility for planning, directing and controlling major activities of the Company and the Group, directly or indirectly, including any director of the Company. REMUNERATION GOVERNANCE Board oversight The Calix Board of Directors (the Board) is responsible for the overall operation and stewardship of Calix. In performing these responsibilities, the Board aims to continue to build sustainable value for shareholders and operates in accordance with the duties and obligations required by the Calix Constitution and by law. As stated in the Company’s Board Charter, the Board approves Calix’s remuneration policies and framework, satisfying itself that Calix’s remuneration policies are aligned with the Company’s purpose, values, strategic objectives and risk appetite. Furthermore, the Board determines whether the remuneration and conditions of service of senior executives are appropriate and consistent with the approved remuneration policies and framework. People, Culture and Nominations Committee The Board has established committees as part of its governance framework to assist in the execution of its duties and to ensure important and complex issues are given the detailed consideration they require. The People, Culture & Nominations Committee (PCNC) assists the Board by monitoring and advising on matters including: – Calix’s key people, culture and organisational culture strategies, including recruitment, retention, and succession planning; – Board and Board committee appointments, development and succession planning; – Calix’s remuneration policy and its application, including as it applies to directors and senior executives’ remuneration packages and performance reviews; and – Calix’s performance against its policies associated with People and Culture. Advice from independent external advisers As outlined in the PCNC Charter, the PCNC is authorised to engage, at Calix’s expense, outside legal or other professional advice or assistance on any matters within its terms of reference. Additionally, the PCNC is authorised to seek any information it requires from any officer or employee of Calix. During the financial year ended 30 June 2026, the PCNC did not engage an external remuneration consultant to provide remuneration recommendations in relation to KMP. The PCNC had engaged an external remuneration consultant in the prior financial year to provide remuneration advice. Executive KMP service agreements The key terms for the employment of the MD & CEO with Calix are as follows: 1. Nature and term of employment: full-time employment 2. Termination for cause: if convicted of an offence, becomes bankrupt, breach of contract or commits willful misconduct 3. Termination on notice: six months by either party (or payment in lieu) For other executive KMP, the key terms of employment are as follows: 1. Nature and term of employment: full-time employment 2. Termination for cause: breach of contract or gross misconduct 3. Termination on notice: three months by either party (or payment in lieu) Share ownership requirements The Company’s Minimum Shareholding Policy for Directors stipulates that all directors of Calix should have and maintain a shareholding in Calix (directly or indirectly) that meets or exceeds the following minimum values, which are calculated using the share price at the time of purchase: – 25% of the director’s year 1 base director fee (after tax) – one year after their initial appointment; and – 50% of the director’s year 1 base director fee (after tax) – within two years after their initial appointment. The Minimum Shareholding Policy for directors is available in the investor centre on the Company’s website. As at the date of this Report, all directors meet the requirements of the Minimum Shareholding Policy. 31 INTRODUCTION 31 REMUNERATION GOVERNANCE 32 REMUNERATION STRATEGY AND FRAMEWORK 33 NON-EXECUTIVE DIRECTOR REMUNERATION OVERVIEW 33 EXECUTIVE KMP REMUNERATION OVERVIEW 34 EMPLOYEE INCENTIVE SCHEME 38 FY26 REMUNERATION OUTCOMES Remuneration Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 32 REMUNERATION REPORT (AUDITED) REMUNERATION GOVERNANCE CONTINUED Ordinary shares held by non-executive directors and executive KMP The number of ordinary shares in the Company held during the financial year by each director and executive KMP is set out in the following table: Received Balance at the as part of Disposals or Balance at start of the year remuneration Additions other changes 30 June 2026 Company directors Alison Deans 140,000 179,167 1 — — 319,167 Peter Dixon 722,162 112,500 1 — — 834,662 Helen Fisher 56,210 112,500 1 — — 168,710 Sarah Ryan 76,000 112,500 1 — — 188,500 Phil Hodgson 4,956,523 — — — 4,956,523 5,950,895 516,667 — — 6,467,562 Other KMP of the Group Darren Charles 1,628,440 — — (210,008) 1,418,432 Total Ordinary Shares 7,579,335 516,667 — (210,008) 7,885,994 1. At the 2025 AGM, Shareholders approved a resolution to enable the Non-Executive Directors to receive 50% of their annual fees to be paid as equity in a cash fee sacrifice arrangement. The Directors were issued fully paid ordinary shares in lieu of a portion of their cash fee compensation for the 12-month period from 1 December 2025 to 30 November 2026. The number of ordinary shares received as part of remuneration in the table above represents the issue of the cash fee sacrifice shares under this arrangement. Should any of the Directors cease to be a Director during the 12 months to 30 November 2026, the relevant Director is required to repay the Company in cash an amount equal to the issue price of the portion of the Shares representing fees that are yet to be earned at the time the relevant Director ceases to be a Director. The number of ordinary shares issued to Directors, as set out in the table above, was calculated using the Company’s 10-day VWAP on and from the first trading day immediately following the date of the AGM. REMUNERATION STRATEGY AND FRAMEWORK The Board is committed to ensuring Calix’s remuneration framework and its associated reward outcomes continue to align key executives with the Company’s business objectives, performance and shareholder expectations. The Board’s approach to developing the remuneration framework is designed to ensure significant alignment between senior executives and shareholders while ensuring that Calix remains competitive in the global market, attracting and retaining top talent despite the Company’s relatively small size. By benchmarking the Company’s compensation packages against industry standards, the Board and Company aim to offer fair and attractive salaries that reflect the value and expertise the Company’s employees bring to the Company, operating with a global footprint. The remuneration framework follows a typical structure applied by listed companies, and comprises a short-term and long-term performance component that can be earned by executive KMP and other senior executives, in addition to fixed pay. The following principles are embodied in the remuneration framework: – Alignment of employees’ interests with Company strategies and shareholders’ interests; – Attracts, retains and motivates the executives needed to deliver on Calix’s potential; – Fairly and adequately rewards individual and collective high performance; – Alignment of the framework with market practice; – Flexibility to allow adjustments based on market demand and future growth; and – Simplicity and transparency to ensure the framework can be easily explained and understood by all stakeholders.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 33 REMUNERATION REPORT (AUDITED) NON-EXECUTIVE DIRECTOR REMUNERATION OVERVIEW Non-executive directors The following people were non-executive directors of the Group in FY26 and unless otherwise indicated, were classified as non- executive directors for the entire year. – Alison Deans, Independent Director and Independent Chair – Peter Dixon, Independent Director – Helen Fisher, Independent Director – Dr Sarah Ryan, Independent Director Non-executive director remuneration The remuneration of non-executive directors reflects the demands and responsibilities of their role. Non-executive director fees are reviewed periodically by the PCNC and fee levels are set within the shareholder approved aggregate fee pool which is currently $900,000 per annum. Fees paid to non-executive directors for the year ended 30 June 2026 are summarised further in this Remuneration Report. There has been no change in FY26 fees from FY25. During the financial year, the Board approved a temporary special exertion fee for Peter Dixon in recognition of additional work undertaken in connection with specific matters primarily in support of subsidiary capital raising that were outside the ordinary scope of his role as a non-executive director and Chair of the PCNC. Mr Dixon abstained from the Board’s approval process for this arrangement. The fee was intended to compensate Mr Dixon for the additional time commitment associated with that work and the amount paid, and which was established with reference to similar third party and arm’s length arrangements in place with other consultants to the Group, is separately disclosed in the remuneration tables in this Report. EXECUTIVE KMP REMUNERATION OVERVIEW Executive KMP The following executives of the Group were classified as KMP during FY26 and, unless otherwise indicated, were classified as KMP for the entire year. – Dr Phil Hodgson, Managing Director & Chief Executive Officer – Darren Charles, Chief Financial Officer & Company Secretary Executive KMP remuneration mix The executive KMP receive a base salary which is based on factors such as experience, skills and competencies. The Board reviews executive KMP base salary levels annually by reference to the Group’s performance, individual performance and comparable information from industry sectors. The KMP, who are both Australian based employees, also receive a superannuation guarantee contribution, which for FY26 was 12.0% (FY25: 11.5%) up to the concessional contributions cap. They do not receive any other retirement benefits. KMP remuneration framework Fixed Pay Equity based Short Term Incentive (STI) Equity based Long Term Incentive (LTI) Fixed remuneration including base pay and superannuation Short term incentive, delivered as equity in the form of Performance Rights issued at the end of the performance period, depending upon the achievement of annual predetermined KPl’s Long-term incentive, delivered as equity in the form of Performance Rights issued at the start of the performance period, linked to a relative TSR hurdle measured at the end of a 3-year period Further details of the mechanisms by which the STI and LTI incentives operate are set out on pages 34. Remuneration Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 34 REMUNERATION REPORT (AUDITED) EMPLOYEE INCENTIVE SCHEME Background The Group’s remuneration policies and framework are designed to align the interest of the Board and Calix employees, including executive KMP, with the interests of shareholders, while also ensuring the Group’s remuneration structures are fair and reasonable. Furthermore, the policies and framework aim to balance the incentives to achieve annual short-term goals with incentives to create and execute opportunities that build longer-term shareholder value. In April 2018, at an extraordinary general meeting, Shareholders approved the Calix Officers and Employees Incentive Scheme (EIS) to operate once the Company was listed on the Australian Securities Exchange (ASX). It provided for the grant of Zero Exercise Priced Options or Performance Rights to eligible officers and employees (as determined by the Board). The EIS was re-approved at the 2021 AGM. The scheme was extended in 2022 with an additional round made available to employees, including KMP, with the ability to earn parcels of Zero Exercise Priced Options over the proceeding five-year period to 30 June 2027 (EIS 2). In FY25, the Board determined to replace the original employee incentive scheme with a simpler scheme involving the issue of short-term and long-term Performance Rights to the Company’s Executive Leadership Team including KMP. The rules governing how the Performance Rights would be issued, earned and vested, were based on advice and recommendations provided by an external remuneration consultant in FY25. These Performance Rights can be issued under the EIS Plan rules. This Remuneration Report contains detailed information on the Performance Rights and Zero Exercised Priced Options held by KMP. Current EIS overview The EIS combines both short-term and long-term incentives. It is designed to retain and motivate Calix’s senior executives including its KMP by building alignment of their interests with shareholders’ interests and linking outcomes to delivering long-term shareholder value, consistent with the nature and strategy of the Group. The number of Performance Rights is applied based upon performance of both the Group and individual Key Performance Indicators (KPI), of which achievement is measured with reference to the KPI scorecard. The Board sets yearly KPls for the Group to drive performance, appropriately balancing current and future value creation, and reflecting the nature and strategy of the Group. The actual performance against KPls is reviewed regularly and assessed at the end of the financial year by the PCNC to determine EIS outcomes. This assessment is summarised in the KPI Scorecard for FY26 which is set out to the right. Vesting Conditions for the Performance Rights Short term incentive a) 50% of the STI performance rights will vest subject to 12 months of continuous service; and b) the remaining 50% will vest from the date of issue of the Performance Rights, subject to: i) 24-months continuous service and engagement of the KMP; or ii) a shorter continuous service period only if a “qualifying event” occurs per the EIS Plan rules. A “qualifying event” includes instances where the KMP ceases to be an employee of the Group under involuntarily circumstances or in the event of a takeover. Where any STI Performance Rights are to be issued to a KMP who is also a Director of the Company, the Board will seek shareholder approval for the STI awards at the subsequent Annual General Meeting (AGM). Long term incentive The LTI Performance Rights are subject to SHEQ performance gateway, as well as a long-term financial performance metric in the form of a Relative Total Shareholder Return (TSR) vesting condition and a continued service vesting condition. All conditions must be satisfied for the LTI Performance Rights to vest. SHEQ performance gateway If the SHEQ Action Plan KPIs are not met within the first year, the awards will not vest even if other vesting conditions are met. For further details - refer to Gateway 1 that also apply to legacy plans. Relative TSR vesting condition The hurdle for Relative TSR vesting is that the TSR of Calix shares must at least equal the median TSR of other companies in the ASX Emerging Companies Index calculated over the 3-year performance period (for example, 1 July 2025 to 30 June 2028 for the FY26 LTI) using a 30-day Volume-Weighted Average Price (VWAP). TSR is defined as total shareholder return in the form of capital appreciation and dividends. The percentage of LTI Performance Rights that senior executives are entitled to is determined on a straight-line basis between the median TSR of the index (at which 0% of LTI Performance Rights will vest) to the bottom of the top quartile of TSR of companies in that index (at which and beyond, senior executives are entitled to 100% of LTI Performance Rights). The Company has chosen Relative TSR as the most appropriate vesting condition metric, and the ASX Emerging Companies Index as the most appropriate peer comparison group because they provide a clear and objective measure of performance, relative to companies that are in a similar stage of development to Calix, ensuring that the vesting conditions are aligned with shareholder interests and market expectations.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 35 REMUNERATION REPORT (AUDITED) EMPLOYEE INCENTIVE SCHEME CONTINUED Continued service vesting condition Vesting is also conditional upon: i) the continuous service and engagement of the KMP Performance Right’s holder in their capacity as a director or executive of the Company for the duration of the relevant 3 year performance period; or ii) a “qualifying event” occurring per the EIS Plan rules. A “qualifying event” includes instances where the KMP ceases to be an employee of the Group under involuntarily circumstances or in the event of a takeover. Details of the Performance Rights on issue are set out in the Remuneration Outcomes section of this Report. Overview of legacy EIS 1 and EIS 2 The EIS outlined above, replaced legacy EIS schemes that had been in operation since 2018 with Zero Exercise Priced Options being earned and exercisable through to the end of June 2027. The operation of EIS 1 concluded in FY25 with all Zero Exercise Priced Options issued under that program having been exercised or lapsed and EIS 1 is no longer in operation. A tranche of Zero Exercise Priced Options issued to the Executive Leadership Team, including KMP, remain on-foot and are subject to the following vesting conditions. EIS 2 EIS 2 was referred to as a hybrid scheme that provided both short-term and long-term incentives to all employees, including KMP, aligning employees’ remuneration and interests with shareholders’ interests. EIS 2 applied to KMP and senior executives by granting participants Zero Exercise Priced Options. Vesting of the granted Zero Exercise Priced Options was subject to a series of three Performance Gateways. If Gateway 1 (SHEQ performance) is met within the first year of the award being made, at the end of each year of the 3-year performance period, the award is tested against Gateway 2 (relative TSR hurdle). If the award meets Gateway 2, the award will vest and the actual amount of awards is determined based on a percentage of the maximum potential award and the outcome of Gateway 3 (KPI scorecard) that applies to that year. Zero Exercise Priced Options that did not meet Gateway 2 are subject to re-testing in the following year and can continue to be retested up until the final year of the performance period. This means that any un-vested Zero Exercise Priced Options that did not meet Gateway 2 at their initial testing date of 30 June in year 1, could be re-tested annually up until year 3. The maximum potential award under EIS 2 for each executive was based on a percentage of gross annual salary, with the proportion of total remuneration ‘at risk’ increasing with executive responsibility. The maximum potential award per year for senior executives was 40% of their gross salary, 50% for the Chief Financial Officer, and 60% for the Chief Executive Officer. Performance Gateways Gateway 1 – SHEQ performance Gateway 1 is achieving the Company’s Safety, Health, Environment, and Quality (SHEQ) Action Plan KPls as agreed with the Board each year. If the SHEQ Action Plan KPls are not met, then Zero Exercise Priced Options cannot be awarded. Gateway 2 – Share price performance Gateway 2 assesses absolute share price performance over the year as measured by TSR, as described below. TSR is measured as Calix’s share price performance, being the 30-day VWAP over the 15 days preceding, and the 15 days after, June 30 in the prior financial year (Baseline Share Price) as compared with the 30-day VWAP over the 15 days preceding and the 15 days after 30 June in the current financial year (Measured Share Price). If the Measured Share Price for a particular financial year is not higher than the Baseline Share Price for that period of measurement, any Zero Exercise Priced Options remain unvested. However, such unvested Zero Exercise Priced Options may vest at a future point in time, if Gateway 2 is met in subsequent testing periods up until the end of the performance period relevant to the award. This mechanism is designed to ensure that shorter-term goals or advances do not dominate over more significant, longer-term value creation opportunities, so that KMP continue to balance shorter term outcomes with a longer-term view of outcomes for a multi-year, multi-application value opportunity. Gateway 3 – Performance against KPls Gateway 3 measures company and executive performance against KPls agreed each year with the Board. These KPls reflect the corporate milestone targets set for each line of business. Gateway 3 helps to drive achievement of annual performance metrics that balance both short-term and long-term shareholder value creation. Further performance testing of unvested Zero Exercise Priced Options at the end of each year of the three- year performance period Tranches of EIS 2 Zero Exercise Priced Options that remain unvested at the end of each performance period are subject to further performance testing. Tranches of unearned Zero Exercise Priced Options from FY22 and FY23 have all lapsed having failed their final vesting conditions on 30 June 2025 and 30 June 2026 respectively. A remaining tranche of EIS 2 Options that were issued in FY24 are able to be awarded by the Board if the team delivers a TSR performance measured as follows: EIS 2 (relating to FY24 awards) Zero Exercise Priced Options where the 1 July 2023 Baseline TSR was $4.22: – 50% of the remaining unvested Zero Exercise Priced Options can be awarded if the Measured TSR at on 30 June 2027 has exceeded the Baseline TSR by 75%, being $7.38; and – The remaining 50% of the unvested Zero Exercise Priced Options can be awarded if the Measured TSR on 30 June 2027 has exceeded the Baseline TSR by 125%, being $9.50. A total of 280,752 EIS 2 Zero Exercise Priced Options remain unearned and subject to this final test as at the date of this report. Remuneration Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 36 REMUNERATION REPORT (AUDITED) EMPLOYEE INCENTIVE SCHEME CONTINUED Clawback provision In the event of fraud, dishonesty, or other material breaches of Company policy, the Board reserves the right to reassess and reduce or immediately lapse all unexercised Zero Exercise Priced Options or Performance Rights, issued under the Company’s EIS, whether vested or not. Takeover or change of control If the Board recommends that a takeover bid be accepted by the Company’s shareholders or the Board determines that a transaction has occurred that results in a change of control, the Board may, at its discretion, determine that any unvested Zero Exercise Priced Options and Performance Rights issued under the Company’s Employee Incentive Scheme can vest and be exercised, and included in the change of control transaction. Executive Remuneration Framework Target mix KMP Fixed (Base) STI opportunity LTI opportunity Total variable Fixed STI LTI Phil Hodgson – MD & CEO 100% 30% 30% 60% of Base 62.5 18.75 18.75 Darren Charles – CFO 100% 30% 30% 60% of Base 62.5 18.75 18.75 Details of the key terms of the STI plan are set out below. Feature Approach Eligibility Executive KMP and senior executives participate in the annual STI plan, with an earning opportunity that is ‘at risk’ subject to the achievement of annual predetermined KPIs. Performance period used in assessing the KPI scorecard outcome 1 year (1 July 2025 to 30 June 2026). Opportunity The maximum STI opportunity levels for FY26 are shown in the table below. Delivery of award STI is delivered as Performance Rights issued at the end of the performance period. 50% of the STI Performance Rights vest at the end of the performance period but cannot be exercised until the end of the subsequent 12 month period (regardless of employment status); the remaining 50% vest subject to a further 12 months’ continued service. Allocation methodology Maximum STI opportunity Salary Approved STI % (30%)= X Actual STI awarded Maximum STI opportunity KPI achievement %= X Number of rights Actual STI award 30-day VWAP at 30 June 2026= ÷ Performance measures Achievement against the annual Company KPI scorecard for FY26. Leaver provisions An executive who leaves before the end of the relevant performance/service period forfeits the unvested entitlement. The Board retains the right to vary this provision at its discretion. Dividend entitlements There are no dividend entitlements on vested and unexercised or unvested Performance Rights. Director approval Where STI Performance Rights are to be issued to a KMP who is also a Director, shareholder approval is sought at the AGM (Phil Hodgson’s FY26 STI is subject to approval at the 2026 AGM). FY26 STI opportunity Maximum STI Maximum Executive KMP (% of base salary) STI value ($) Phil Hodgson – MD & CEO 30% $160,284 Darren Charles – CFO & Company Secretary 30% $114,986 The awarded STI value (and the resulting number of Performance Rights) is determined at the 30 June 2026 VWAP and FY26 KPI scorecard outcome. Percentages are of base salary, excluding superannuation. For Phil Hodgson, the 30% STI of base salary is set against his full salary level and not at the level of foregone salary that he temporarily and voluntarily reduced his base salary to during the period.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 37 REMUNERATION REPORT (AUDITED) EMPLOYEE INCENTIVE SCHEME CONTINUED Details of the key terms of the FY26 LTI plan are set out below. Feature Approach Eligibility Executive KMP are invited to participate in an annual grant of LTI Performance Rights that is ‘at risk’ subject to specific performance conditions being met. Performance period 3 years (1 July 2025 to 30 June 2028). Opportunity The maximum LTI opportunity levels for FY26 are shown in the table below. Delivery of award Performance Rights, which convert to fully paid ordinary shares in Calix at the end of the performance period where the vesting conditions are met. Allocation methodology Number of Performance Rights granted = 30-day VWAP of Calix shares up to 30 June 2025 Maximum LTI dollar opportunity (Salary X 30%) Performance measure Relative Total Shareholder Return (TSR) against the ASX Emerging Companies Index, measured over the 3-year period. Threshold = median TSR of the index (0% vest); Maximum = bottom of the top quartile (100% vest); straight-line vesting between threshold and maximum. Additional conditions A safety threshold condition (all high-risk SHEQ action-plan items completed within agreed timeframes) and a continued-tenure condition to 30 June 2028 must also be satisfied. Leaver provisions Unvested Performance Rights lapse on cessation of employment before the vesting date. Dividend entitlements There are no dividend entitlements on vested and unexercised or unvested Performance Rights. Director approval Phil Hodgson’s FY26 LTI Performance Rights were approved by shareholders at the 2025 AGM. FY26 LTI opportunity Maximum LTI Maximum LTI value LTI Performance Executive KMP (% of base salary) ($) Rights granted Phil Hodgson – MD & CEO 30% $160,284 486,445 Darren Charles – CFO & Company Secretary 30% $114,986 348,971 The maximum number of LTI Performance Rights granted was calculated at the 30-day VWAP to 30 June 2025. Percentages are of FY26 base salary, excluding superannuation. For Phil Hodgson, the 30% LTI of base salary is set against his full salary level and not at the level of foregone salary that he temporarily and voluntarily reduced his base salary to during the period. Remuneration Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 38 REMUNERATION REPORT (AUDITED) FY26 REMUNERATION OUTCOMES Non-executive director and executive KMP remuneration Details of the remuneration of the directors and the executive KMP are set out in the following tables: Short term benefits Post- employment benefits Other long-term benefits Value of equity benefits granted % of performance Salary Super– Long Director Short term Long term related & fees annuation service leave Shares incentive Incentive Total remuner ($) ($) ($) ($) ($) ($) ($) -ation 30 June 2026 Company directors Alison Deans 135,975 16,317 — 62,708 1 — — 215,000 — Peter Dixon 115,425 2 — — 39,375 1 — — 154,800 — Helen Fisher 105,625 — — 39,375 1 — — 145,000 — Sarah Ryan 95,625 — — 39,375 1 — — 135,000 — Phil Hodgson 463,041 30,000 10,548 — 76,461 65,510 645,560 22% 915,691 46,317 10,548 180,833 76,461 65,510 1,295,360 11% Other KMP of the group Darren Charles 383,287 30,000 7,567 — 60,370 48,431 529,655 21% Total KMP compensation 1,298,978 76,317 18,115 180,833 136,831 113,941 1,825,015 14% 30 June 2025 Company directors Peter Turnbull, AM 3 53,750 — — — — — 53,750 — Alison Deans 168,162 19,338 — — — — 187,500 — Peter Dixon 135,000 — — — — — 135,000 — HelenFisher 145,000 — — — — — 145,000 — Sarah Ryan 134,464 — — — — — 134,464 — Phil Hodgson 463,041 29,932 11,049 — 40,071 28,594 572,687 12% Mark Sceats 4 159,703 14,829 3,569 — — 17,088 195,189 9% 1,259,120 64,099 14,618 — 40,071 45,682 1,423,590 6% Other KMP of the group Darren Charles 383,287 29,932 7,990 — 28,747 17,088 467,044 10% Total KMP compensation 1,642,407 94,031 22,608 — 68,818 62,770 1,890,634 7% 1. At the 2025 AGM, Shareholders approved a resolution to enable the Non-Executive Directors to receive 50% of their annual fees to be paid as equity in a cash fee sacrifice arrangement. The Directors were issued fully paid ordinary shares in lieu of a portion of their cash fee compensation for the 12-month period from 1 December 2025 to 30 November 2026. The value of the equity benefits granted in the table above represents the issue of the cash fee sacrifice shares under this arrangement. Should any of the Directors cease to be a Director during the 12 months to 30 November 2026, the relevant Director is required to repay the Company in cash an amount equal to the issue price of the portion of the Shares representing fees that are yet to be earned at the time the relevant Director ceases to be a Director. The value of equity benefits granted in the table above accords with 7-month worth of fees sacrificed. 2. Included in the short-term benefits amount paid to Peter Dixon as set out above was a special exertion fee of $19,800. During the financial year, the Board approved a temporary special exertion fee for Peter Dixon in recognition of additional work undertaken in connection with specific matters that were outside the ordinary scope of his role as a non-executive director and Chair of the People, Culture and Nominations Committee. 3. Peter Turnbull, AM retired from the Board on 30 September 2024. 4. Mark Sceats retired from the Board on 22 November 2024 and ceased to be a KMP at that time. Remuneration is to the date that he ceased to be a KMP.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 39 REMUNERATION REPORT (AUDITED) FY26 REMUNERATION OUTCOMES CONTINUED Additional disclosures relating to KMP Loans provided to KMP There were no loans made to directors of the Company and other KMP of the Group, including close family members and entities related to them at the end of the year or at any time during the year. FY26 company performance KPI Dashboard for FY26 Corporate Affairs, Sustainability, People and Culture Corporate: 10% Achieved Significant/Material progress Not achieved Leilac 30% Leilac-2 – Ennigerloh – EPCm commenced At least 3 x 3rd party contracted/paid studies FEED complete for Project ZETA Sustainable Processing 30% At least 3 x 3rd party contracted/paid studies Iron & Steel Zesty Demonstrator – commence EPCm (1st ARENA milestone achieved, industry partner secured, Kwinana site selected) Spodumene PLS Mid Stream lithium Project successful b-Spod (commissioning commenced, successful 1st heat-up) 30% Magnesia Continued growth – exceed total budgeted revenue and gross margin Successful feasibility study leading to Pre-FEED/FEED Completion of all Top Priority SHEQS action items is the Gateway requirement. The Board assessed the Group’s overall FY26 KPI performance at 55%, reflecting a year in which the Group performed strongly against its targeted safety and financial objectives for the financial year and delivered some of its targeted project milestones, while other milestones were delayed or missed. The relative weighting of the performance of each segment in determining the STI achievement is: - Corporate KPI - 5% out of 10% weighting - Leilac KPI - 5% out of 30% weighting - Sustainable Processing - 15% out of 30% weighting - Magnesia - 30% out of 30% weighting The Company exceeded its budgeted revenue and gross margin targets and delivered lower than budgeted operating expenditure, demonstrating continued disciplined execution. Revenue, interest and other income was up 16% to $39.2m and product and services revenue up 28% to $36.0m, led by Magnesia and with contributions from all lines of business. Operating expenditure fell 24% to $30.0m, and Group capital expenditure was minimal. Against its project priorities, the Group completed construction of the lithium Mid-Stream Demonstration Plant with PLS and commenced commissioning. Significant progress on the Zesty Demonstration Plant was achieved, with a matched funding grant of up to $44.9m awarded by ARENA and a Joint Development Agreement with Rio Tinto to deliver over $35m of cash and in-kind support executed. However, financing of the Zesty Demonstration plant was not completed. Permitting and funding of Leilac-2 and completion of Project ZETA’s FEED were also not achieved during the financial year. Accordingly, an overall KPI outcome of 55% was considered a balanced assessment that recognises a successful year for the Company while maintaining appropriate accountability for targets that were only partially achieved or deferred beyond FY26. During FY26, the Group also signed strategic partnership agreements with Hydro and the Adani Group’s Ambuja Cements and signed a contract with Frontier partners Stripe, Google and Shopify to develop applications of its platform technology for carbon dioxide removal. These milestones marked new potential project development pathways for the commercial deployment of the Calix technology into major global market opportunities. Remuneration Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 40 REMUNERATION REPORT (AUDITED) FY26 REMUNERATION OUTCOMES CONTINUED Vesting of Performance Rights or Zero Exercise Priced Options for performance to 30 June 2026 Vesting of Performance Rights With the assessed weighted average KPI score for the Group for 2026 as 5.5 out of 10 (55.0%), KMP are eligible to earn 55.0% of their STI Performance Rights for FY26 and the detail of the Performance Rights granted to KMP are set out in the table below. As set out in the Report above, 50% of these Performance Rights vest immediately, but are unable to be exercised until 30 June 2027 and 50% will vest on 30 June 2027, subject to continued service of the KMP. The FY26 STI Performance Rights issued to Calix’s Managing Director & CEO, Phil Hodgson, are subject to approval of shareholders at the 2026 AGM. The LTI performance rights vest based on achievement of relative TSR. As this is not determined until a future date, the LTI expense incorporate an analysis of the share price volatility of the period from 1 July 23 to 30 June 25 in determining the expense for FY26 as well as the likelihood that the executive remains employed up to the vesting date. Vesting of Zero Exercise Priced Options In addition to the STI Performance Rights for FY26, testing was undertaken on unearned Zero Exercise Priced Options from the EIS 2 for the 2022-2024 period. The EIS 2 gateway 2 performance test was measured on 30 June 2026 and was not passed. As a result of this, 172,490 Zero Exercise Priced Options that were issued to KMP lapsed. This included 111,152 Zero Exercise Priced Options held by MD & CEO, Phil Hodgson and 61,338 Zero Exercise Priced Options held by CFO & Company Secretary, Darren Charles. A further 172,490 Zero Exercise Priced Options were forfeited. A further and final amount of 280,752 EIS 2 tranche 3 Zero Exercise Priced Options will be retested on 30 June 2027 as per the legacy EIS mechanism which was superseded in FY25. The table below details certain measures in respect of the current financial year and previous four financial years that are monitored as indicators of performance of the Group. KMP performance is measured against KPls set at the start of each year and the TSR share price is used as a gateway to determine vesting of KMP Zero Exercise Priced Options and Performance Rights. 2026 2025 2024 2023 2022 Loss attributable to owners of the Company ($51,028,000) ($19,172,000) ($25,262,000) ($23,186,000) ($16,338,000) 30 June VWAP share price $0.43 1 $0.33 $1.36 $4.22 $7.33 1. 30 June 2026 VWAP share price is calculated based on 30 days up to and including 30 June 2026. EIS Zero Exercise Priced Options and Performance Rights issued to KMP The tables below show the Performance Rights and Zero Exercise Priced Options (ZEPOs) held during the financial year by Executive KMP, by the financial year of grant and by plan type. Phil Hodgson – Managing Director & CEO At Forfeited/ At Vested & FY Plan 1 Jul 2025 Granted Exercised lapsed 30 Jun 2026 exercisable Unearned Legacy ZEPO 305,667 — — (222,304) 83,363 83,363 — FY25 LTI 117,856 — — — 117,856 — 117,856 FY26 LTI — 486,445 — — 486,445 — 486,445 FY25 STI 160,527 — — — 160,527 160,527 — FY26 STI — 207,182 — — 207,182 — 207,182 Darren Charles – CFO & Company Secretary At Forfeited/ At Vested & FY Plan 1 Jul 2025 Granted Exercised lapsed 30 Jun 2026 exercisable Unearned Legacy ZEPO 168,680 — — (122,676) 46,004 46,004 — FY25 LTI 70,457 — — — 70,457 — 70,457 FY26 LTI — 348,971 — — 348,971 — 348,971 FY25 STI 115,160 — — — 115,160 115,160 — FY26 STI — 148,630 — — 148,630 — 148,630 The fair value of Zero Exercise Priced Options exercised by KMP during the year was $NIL (FY25: $1,244,557). The fair value of STI Performance Rights and LTI Performance Rights exercised by KMP during the year was $NIL (FY25: $NIL).
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 41 REMUNERATION REPORT (AUDITED) FY26 REMUNERATION OUTCOMES CONTINUED Phil Hodgson – Managing Director & CEO % vested % forfeited Financial years in Maximum value Instrument Number Grant date in year in year which grants vest yet to vest ($) FY22 ZEPO 83,363 1 July 2021 0% 0% 2022 — FY23 ZEPO 111,152 1 July 2022 0% 100% 2023 — FY24 ZEPO 111,152 1 July 2023 0% 100% 2024 — FY25 LTI Rights 1 117,856 1 July 2024 0% 0% 2027 28,594 FY25 STI Rights 2 160,527 30 June 2025 50% 0% 2025, 2026 — FY26 LTI Rights 3 486,445 18 November 2025 0% 0% 2028 65,510 FY26 STI Rights 4 207,182 30 June 2026 50% 0% 2026, 2027 38,231 1. FY25 LTI Rights were approved at the 2024 AGM. 2. FY25 STI Rights were approved at the 2025 AGM. 3. FY26 LTI Rights were approved at the 2025 AGM. 4. FY26 STI Rights is to be approved at the 2026 AGM. Darren Charles – CFO & Company Secretary % vested % forfeited Financial years in Maximum value Instrument Number Grant date in year in year which grants vest yet to vest ($) FY22 ZEPO 46,004 1 July 2021 0% 0% 2022 — FY23 ZEPO 61,338 1 July 2022 0% 100% 2023 — FY24 ZEPO 61,338 1 July 2023 0% 100% 2024 — FY25 LTI Rights 70,457 1 July 2024 0% 0% 2027 17,088 FY25 STI Rights 115,160 30 June 2025 50% 0% 2025, 2026 — FY26 LTI Rights 348,971 23 October 2025 0% 0% 2028 48,431 FY26 STI Rights 148,630 13 August 2025 50% 0% 2026, 2027 30,185 Performance Rights granted to KMP during the year Number of Fair value LTI Rights Rights granted per right at granted during the year Vesting conditions Grant date grant date ($) Expiry date Phil Hodgson 486,445 Relative TSR measured over 3-year period & ongoing tenure to 30 June 2028 Note 1 0.26 30 June 2030 Darren Charles 348,971 Relative TSR measured over 3-year period & ongoing tenure to 30 June 2028 1 July 2025 0.26 30 June 2030 Number of Fair value STI Rights Rights granted per right at granted during the year Vesting conditions Grant date grant date ($) Expiry date Phil Hodgson 207,182 Achievement of annual KPls and tenure to 30 June 2027 Note 1 0.43 30 June 2031 Darren Charles 148,630 Achievement of annual KPls and tenure to 30 June 2027 30 June 2026 0.43 30 June 2031 Note 1 – The FY26 LTI Performance Rights issued to Phil Hodgson during the year were approved by shareholders at the 2025 AGM. The FY26 STI Performance Rights granted to Phil Hodgson will be subject to approval by shareholders at the 2026 AGM. FY26 STI outcome Included in remuneration Amount yet Maximum STI in FY26 to vest Executive KMP (% of base salary) STI outcome ($) ($) Phil Hodgson 30% 16.5% 38,231 38,231 Darren Charles 30% 16.5% 30,185 30,185 The amount included in the financial year represents the amount awarded by the PCNC on 22 July 2026. Remuneration Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 42 AUDITOR’S INDEPENDENCE DECLARATION KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Calix Limited I declare that, to the best of my knowledge and belief, in relation to the audit of Calix Limited for the financial year ended 30 June 2026 there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit. KPMG Daniel Camilleri Partner Sydney 26 August 2026
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Other 43Financial Report FINANCIAL REPORT Consolidated Financial Statements 44 Consolidated Statement of Profit or Loss and other Comprehensive Income 45 Consolidated Statement of Financial Position 46 Consolidated Statement of Cash Flows 47 Consolidated Statement of Changes in Equity Notes to the Financial Report 48 1 Summary of material accounting policies 50 2 Segment information 52 3 Revenue and other income 53 4 Expenses 54 5 Employee benefit expense 54 6 Income tax 55 7 Current assets – cash and cash equivalents 56 8 Trade, other receivables and other assets 57 9 Inventory 57 10 Non-current assets – intangibles 58 11 Goodwill 59 12 Non-current assets – property, plant and equipment 60 13 Current liabilities – trade and other payables 61 14 Borrowings 61 15 Right of use assets and lease liabilities 62 16 Provisions 63 17 Deferred revenue 63 18 Other liabilities 64 19 Issued capital 65 20 Reserves 65 21 Share based payments 68 22 Loss per share 69 23 Financial risk management 72 24 Capital management 72 25 Subsidiaries 73 26 Joint arrangements 73 27 Parent entity financial information 74 28 Auditors remuneration 74 29 Key management personnel (kmp) compensation 75 30 Cash flow information 75 31 Contingent liabilities and capital commitments 75 32 Non-controlling interests 75 33 After balance date events 76 Consolidated entity disclosure statement 77 Directors’ declaration 78 Independent auditor’s report 82 Shareholder information
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 44 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2026 June 2026 June 2025 Note $’000 $’000 Revenue 3 36,020 28,173 Cost of sales (21,785) (17,520) Gross profit 14,235 10,653 Other income 3 2,859 4,888 Gross profit and other income 17,094 15,541 Sales and marketing expenses (10,064) (10,542) Research and development expenses (11,267) (17,818) Administration and other expenses (8,667) (11,242) Depreciation, amortisation and impairment expenses 4 (6,729) (9,796) Interest income 279 885 Finance costs (341) (241) Foreign exchange (losses)/gains (23) 513 Share based payment expense 21 (1,675) (2,589) Gain on contribution to the unincorporated joint venture 26 — 15,066 Impairment of unincorporated joint venture 4, 26 (30,295) — Loss from ordinary activities before income tax (51,688) (20,223) Income tax benefit 6 79 77 Loss for the year (51,609) (20,146) Total loss for the year is attributable to: Owners of Calix Limited (51,028) (19,172) Non-controlling interests (581) (974) (51,609) (20,146) Other comprehensive income Items that may be reclassified to profit or loss: Exchange differences on translation of foreign operations (844) 43 Total comprehensive income for the year (52,453) (20,103) Total comprehensive income for the year is attributable to: Owners of Calix Limited (51,924) (19,150) Non-controlling interests (529) (953) (52,453) (20,103) Basic and diluted earnings per share (cents) 22 (23.69) (9.61) The consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 45 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 June 2026 June 2025 Note $’000 $’000 Assets Current assets Cash and cash equivalents 7 9,769 22,975 Trade, other receivables and other assets 8 12,240 6,279 Inventories 9 2,626 2,628 Total current assets 24,635 31,882 Non-current assets Trade, other receivables and other assets 8 283 296 Inventories 9 1,397 1,825 Intangible assets 10 9,878 12,410 Goodwill 11 3,638 3,638 Right of use asset 15 3,386 2,586 Property, plant and equipment 12 17,732 57,739 Total non-current assets 36,314 78,494 Total assets 60,949 110,376 Liabilities Current liabilities Trade and other payables 13 5,252 8,017 Borrowings 14 217 136 Current lease liabilities 15 1,052 845 Provisions 16 1,771 1,733 Deferred revenue 17 9,552 9,636 Other liabilities 18 3,000 — Total current liabilities 20,844 20,367 Non-current liabilities Non-current lease liabilities 15 2,144 1,644 Provisions 16 541 467 Deferred tax 271 351 Total non-current liabilities 2,956 2,462 Total liabilities 23,800 22,829 Net assets 37,149 87,547 Equity Issued capital 19 180,169 17 7,932 Reserves 20 29,601 30,679 Accumulated losses (171,350) (120,322) Capital and reserves attributable to the owners of Calix Limited 38,420 88,289 Non-controlling interests 32 (1,271) (742) Total equity 37,149 87,547 The consolidated statement of financial position should be read in conjunction with the accompanying notes. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 46 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2026 June 2026 June 2025 Note $’000 $’000 Cash flows from operating activities Receipts from customers 38,878 29,553 Receipts from government bodies 2,500 1,753 Payments to suppliers and employees (52,932) (60,822) Interest received 279 885 Interest paid (101) (42) Income taxes paid — 1 Net cash used in operating activities 30 (11,376) (28,672) Cash flows from investing activities Receipts from sale of property, plant and equipment 47 56 Proceeds from sale of Midstream UJV (net of cash held) 26 5,204 — Purchase of property, plant and equipment 12 (8,327) (10,279) Receipts of repayment of loans to directors — 220 Purchase of intangible assets 10 (516) (641) Net cash used in investing activities (3,592) (10,644) Cash flows from financing activities Proceeds from issues of shares — 22,094 Payment for transaction costs related to issues of shares — (1,107) Payment for lease principal 15 (1,319) (1,030) Proceeds under SAFE arrangements 18 3,000 — Proceeds from borrowings 768 136 Repayments of borrowings (687) (760) Net cash provided from financing activities 1,762 19,333 Net decrease in cash and cash equivalents (13,206) (19,983) Cash and cash equivalents at the beginning of the year 22,975 42,958 Cash and cash equivalents at the end of the year 7 9,769 22,975 The consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 47 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2026 Total Non– Issued Accumulated Parent Entity Controlling Capital Reserves losses Interest Interest Total $’000 $’000 $’000 $’000 $’000 $’000 Balance at 30 June 2024 154,226 30,717 (101,150) 83,793 211 84,004 Net losses for the year after tax — — (19,172) (19,172) (974) (20,146) Other comprehensive income for the year Net movement in foreign currency translation reserve — 22 — 22 21 43 Total comprehensive income for the year — 22 (19,172) (19,150) (953) (20,103) Other transactions New issues of shares (net of transaction costs) 21,057 — — 21,057 — 21,057 Fair value of EIS rights granted — 2,589 — 2,589 — 2,589 Fair value of EIS rights issued 2,649 (2,649) — — — — Balance at 30 June 2025 177,932 30,679 (120,322) 88,289 (742) 87,547 Net losses for the year after tax Other comprehensive income for the year — — (51,028) (51,028) (581) (51,609) Net movement in foreign currency translation reserve — (896) — (896) 52 (844) Total comprehensive income for the year — (896) (51,028) (51,924) (529) (52,453) Other transactions New issues of shares (net of transaction costs) 380 — — 380 — 380 Fair value of EIS rights granted — 1,675 — 1,675 — 1,675 Fair value of EIS rights issued 1,857 (1,857) — — — — Balance as at 30 June 2026 180,169 29,601 (171,350) 38,420 (1,271) 37,149 The consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 48 NOTES TO THE FINANCIAL REPORT 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial report are set out below. The financial report covers the consolidated group of Calix Limited (the Company) and its controlled entities (the Group). Accounting policies are selected and applied in a manner that ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. Other material accounting policies are contained in the notes to the consolidated financial statements to which they relate. The accounting policies have been consistently applied to all years presented, unless otherwise stated. a) Basis of preparation The financial report is a general purpose financial report that has been prepared in accordance and compliance with Australian Accounting Standards (including Australian Accounting Interpretations) of the Australian Accounting Standards Board (AASB) and Corporations Act 2001 as appropriate for profit oriented entities; and therefore this financial report also complies with the International Financial Reporting Standards as issued by the International Accounting Standards Board. The financial report was approved by the Calix Limited Board of Directors on 26 August 2026. i) Historical cost convention The financial report has been prepared on an accrual basis and is based on historical costs, modified, where applicable by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. ii) Critical accounting estimates The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 1(h). b) Going concern The financial statements have been prepared on the going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. The Group incurred a loss after tax for the year ended 30 June 2026 of $51.6m (30 June 2025: $20.1m), which included a one off non-cash impairment charge of ($30.3m) associated with the disposal of its share of the Midstream unincorporated joint venture; had net assets of $37.1m (30 June 2025: $87.5m), including a cash balance of $9.8m (30 June 2025: $23.0m), and reported operating cash outflows of $11.4m (30 June 2025: $28.7m). Management has prepared an 18-month cashflow forecast to 31 December 2027 supporting the Director’s assessment for the preparation of the financial statements on a going concern basis. The cash flow forecast for the Group, approved by the Board, includes the following key assumptions: – Continued sales volume growth at slightly reduced margins in the Magnesia line of business, supported by executed contracts and long-term repeat orders; - Focused management of operating expenditures in the Leilac line of business; - Continued focus and prioritisation of externally funded projects, such as the ZETA, Frontier and Zesty; - Focused management of corporate administrative and sales and marketing expenditure; - Focused management of capital expenditure; - The $5.7m received after the balance sheet date in relation to the disposal of the Midstream unincorporated joint venture with PLS, refer to Note 8. Based on the above cash flow forecasts and assumptions, the directors of Calix consider that the Group will continue to fulfil all obligations as and when they fall due for the foreseeable future and accordingly consider that the Group’s financial statements should be prepared on a going concern basis. c) Rounding of amounts The Company is of a kind referred to in ASIC Legislative Instrument 2026/183, relating to the ‘rounding off’ of amounts in the directors’ report. Amounts in the directors’ report and financial report have been rounded off to the nearest thousand dollars, unless otherwise stated, in accordance with the instrument.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 49 NOTES TO THE FINANCIAL REPORT d) Goods and services tax Revenues, expenses, and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. e) New or amended accounting standards and interpretations The group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. f) New accounting standards and interpretations not yet mandatory or early adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2026 and effective from 1 July 2027. AASB 18 Presentation and disclosure in Financial Statements AASB 18 will replace AASB 101 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements. – Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. – Entities are also required to present a newly defined operating profit subtotal; Entities’ net profit will not change. – Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. – Enhanced guidance is provided on how to group information in the financial statements. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and any additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements. The following new and amended accounting standards are not expected to have an impact on the Group’s consolidated financial statements: – Classification and Measurement of Financial Instruments (Amendments to AASB 9 and AASB 7). 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED g) Foreign currency transactions and balances Functional and presentation currency The functional currency of each of the Group’s entities is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian Dollars which is the Company’s functional and the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items are recognised in the profit or loss, except where deferred in equity as a qualifying cash flow or net investment hedge. Group companies The financial results and position of foreign operations whose functional currency is different from the Group’s presentation currency are translated as follows: – assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; and – income and expense are translated at average exchange rates for the year. Exchange differences arising on translation of foreign operations are transferred directly to the Group’s foreign currency translation reserve in the statement of financial position. These differences are also recognised in the statement of comprehensive income as other comprehensive income. The foreign currency reserve is recognised in profit or loss when the foreign operation is disposed of. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 50 NOTES TO THE FINANCIAL REPORT 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES CONTINUED h) Critical accounting estimates and judgments The directors evaluate estimates and judgements using historical knowledge and the best information currently available, including external and internal trend and economic data. Information on material estimates and judgements used in applying the accounting policies can be found in the following notes: Note Income tax 6 Goodwill impairment test 11 Share-based payment transactions 21 2 SEGMENT INFORMATION The Group identifies its operating segments based on the internal reports that are reviewed and used by the Group’s chief operating decision makers (CODM). The CODM consists of the Executive KMP as disclosed in the Remuneration Report on pages 31-41. The CODM assesses performance and allocates resources on the basis of four operating segments: Magnesia, Leilac, Sustainable Processing (SusPro) and Corporate (which encompasses all other operations not solely focused on the three named segments). Magnesia Leilac SusPro Corporate Total For the period ended June 2026 $’000 $’000 $’000 $’000 $’000 Segment Revenue 34,328 715 959 18 36,020 Gross profit 12,580 708 929 18 14,235 Net profit/(loss) 1,303 (8,336) (30,696) (13,880) (51,609) The following items are included in the above net loss but warrant separate disclosure: Operational expenses Sales and marketing (7,642) (780) (1,120) (522) (10,064) Research and development (1,140) (3,467) (664) (5,996) (11,267) Administrative and other (307) (1,728) — (6,632) (8,667) Total operational expenses (9,089) (5,975) (1,784) (13,150) (29,998) Share based payments — — — (1,675) (1,675) Interest expense (269) (3) — (69) (341) Depreciation and amortisation (2,263) (2,866) (662) (938) (6,729) Impairment of unincorporated joint venture — — (30,295) — (30,295) Interest revenue 6 — 89 184 279 Other income 263 937 1,016 643 2,859 Income tax benefit/(expense) 79 — — — 79 Capital Expenditure 1 3,107 228 7,072 305 10,712 1. Includes right of use assets, intangible assets and property, plant and equipment. The aggregation criteria under AASB 8 has been applied to include the results of each region for all segments in which they operate. APAC (incl-Australia) 1 EMEA Americas 2 Total For the period ended June 2026 $’000 $’000 $’000 $’000 Segment Revenue Products sold 8,262 — 25,372 33,634 Revenue from rental agreements 353 — 148 501 Engineering services 635 — 1,250 1,885 Intersegment revenues — — — — Total Segment Revenue 9,250 — 26,770 36,020 1. All revenues relate to Australia. 2. All revenues relate to the US.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 51 NOTES TO THE FINANCIAL REPORT 2 SEGMENT INFORMATION CONTINUED Magnesia Leilac SusPro Corporate Total For the period ended June 2025 $’000 $’000 $’000 $’000 $’000 Segment Revenue 24,320 3,843 10 — 28,173 Gross profit 9,618 1,034 1 — 10,653 Net profit/(loss) (1,874) (14,146) 11,856 (15,982) (20,146) The following items are included in the above net loss but warrant separate disclosure: Operational expenses Sales and marketing (7,686) (1,326) (1,016) (514) (10,542) Research and development (1,411) (9,129) (2,382) (4,896) (17,818) Administrative and other (343) (3,159) (64) (7,676) (11,242) Total operational expenses (9,440) (13,614) (3,462) (13,086) (39,602) Share based payments — — — (2,589) (2,589) Interest expense (199) — — (42) (241) Depreciation and amortisation (2,002) (5,141) (657) (941) (8,741) Impairment — (1,056) — — (1,056) Midstream UJV gain — — 15,066 — 15,066 Interest revenue 11 8 302 564 885 Other income 60 4,190 640 (2) 4,888 Income tax benefit/(expense) 79 (2) — — 77 Capital Expenditure 1,694 3,111 20,666 109 25,580 1 1. $20,491,000 of the $25,580,000 is not represented by cashflow from the Group but is instead reflected in the gain on the Midstream UJV. APAC (incl-Australia) 1 EMEA Americas 2 Total For the period ended June 2025 $’000 $’000 $’000 $’000 Segment Revenue Products sold 4,710 — 19,029 23,739 Revenue from rental agreements 307 — 126 433 Engineering services 223 379 3,399 4,001 Intersegment revenues — — — — Total Segment Revenue 5,240 379 22,554 28,173 1. All revenues relate to Australia, except for $225,000 of products sold and $200,000 of engineering services that relate to the rest of the APAC region. 2. All revenues relate to the US, except for $27,000 that are from outside the US. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 52 NOTES TO THE FINANCIAL REPORT 3 REVENUE AND OTHER INCOME Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows: Magnesia Leilac SusPro Corporate Total For the period ended June 2026 $’000 $’000 $’000 $’000 $’000 Primary geographical markets APAC (including Australia) 8,802 — 434 14 9,250 EMEA — — — — — Americas 25,527 715 528 — 26,770 Total Segment Revenue 34,329 715 962 14 36,020 Segment Revenue Products sold 33,554 — 80 — 33,634 Revenue from rental agreements 499 — 3 — 502 Engineering services 276 715 879 14 1,884 Intersegment revenues — — — — — Total Segment Revenue 34,329 715 962 14 36,020 Other Income 263 937 1,016 643 2,859 All revenue is recognised at a point in time in the 2026 financial year. During the year the Group had revenues for two customers, in the Magnesia business line, that each exceeded 10% of the Group’s revenues. Magnesia Leilac SusPro Corporate Total For the period ended June 2025 $’000 $’000 $’000 $’000 $’000 Primary geographical markets APAC (including Australia) 5,030 200 10 — 5,240 EMEA 135 244 — — 379 Americas 19,155 3,399 — — 22,554 Total Segment Revenue 24,320 3,843 10 — 28,173 Segment Revenue Products sold 23,739 — — — 23,739 Revenue from rental agreements 433 — — — 433 Engineering services 148 3,843 10 — 4,001 Intersegment revenues — — — — — Total Segment Revenue 24,320 3,843 10 — 28,173 Other Income 60 4,190 640 (2) 4,888 All revenue is recognised at a point in time in the 2025 financial year, except for revenue from rental agreements and $3,084,000 of Leilac’s engineering services revenue. Recognition and Measurement The Group primarily generates revenue from the sale of magnesium hydroxide liquid (MHL) to customers. Additionally, the Group sells and rents MHL dosing units and equipment for dispersing MHL into customers’ applications. Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer, reflecting the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is recognised and disclosed net of trade allowances, duties, and taxes. The Group follows the five-step approach to revenue recognition, which requires: (i) identifying contracts, (ii) identifying separate performance obligations, (iii) determining the transaction price, (iv) allocating the transaction price to each performance obligation, and (v) recognising revenue as each performance obligation is satisfied.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 53 NOTES TO THE FINANCIAL REPORT 3 REVENUE AND OTHER INCOME CONTINUED Product sales (MHL, Dosing Unit, and Equipment Sales) Revenue is recognised when control of the product has passed to the customer and the product is ready for its intended use. Virtually all product sales constitute a single performance obligation at this point of intended use. Payment terms are typically 30 days after receipt of the goods. Rentals Revenue from rental activities is recognised as customers obtain the benefit of the service over time. Rental income is recognised on a straight-line basis over the corresponding rental period. If payments are received in advance, the income is deferred to the period when the service is delivered. Engineering services The Group provides engineering services to clients in the lime, cement, and sustainable processing industries, related to the application of the Calix Group’s calcination technology to their specific requirements. The terms of individual contracts determine when the revenue is recognised. For contracts where the main performance obligation is delivery of a bespoke report or technical specifications, revenue is recognised at the point in time the deliverable is provided, in line with the contract terms or purchase order. For contracts where a service is being delivered over a period of time, the time and materials are recharged to the customer as they are performed, and the associated revenue is recognised during the period of service. Payment terms depend on contract specifics and usually range from 30 to 60 days. Grant income Government grants are recognised when received or when the right to receive payment is established. Government grants related to costs are deferred and recognised in the profit or loss over the period necessary to match them with the costs that they are intended to compensate. R&D incentive income R&D incentive income relates to eligible research expenditure incurred for current projects. The claimed amounts were prepared and reviewed externally to ensure compliance with the requirements of HM Revenue & Customs. Other income Other income includes gains on disposal of items of property, plant and equipment and other receipts. The amount of income is determined as the difference between the net disposal proceeds and the carrying amount of the item. 4 EXPENSES The Group has identified several expense items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group: June 2026 June 2025 Note $’000 $’000 Employee benefit expenses 23,396 30,337 Changes in inventories of finished goods and work in progress (129) (1,213) Financing costs 341 241 Depreciation and amortisation expense 10, 12 5,744 8,033 Depreciation of right of use asset 15 985 707 Loss on disposal of PPE 25 114 Impairment expense 1 10, 12 30,295 1,056 1. The 30 June 2026 impairment expense relates to the unincorporated joint venture. See Note 26 for details of the event and circumstances that led to this impairment. In FY25, the impairment expense was allocated between Intangibles (Note 10) and Property Plant and Equipment (Note 12). Employee benefit expenses Employer contributions to defined contribution superannuation plans are recognised as an expense in the profit or loss as they are paid or payable. Refer to Note 16 and Note 21 for details on provisions for employee benefits and details of share-based payments. Financing costs Finance costs includes interest relating to borrowings, lease liabilities and vehicle financing facilities. Interest is recognised over the life of the facilities calculated using the effective interest rate method. Refer to Note 14 and Note 15 for details on borrowings, vehicle financing facilities and leases. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 54 NOTES TO THE FINANCIAL REPORT 5 EMPLOYEE BENEFIT EXPENSE June 2026 June 2025 $’000 $’000 Wages and salaries 17,892 22,401 Social security contributions 2,167 2,850 Contributions to defined contribution plans 1,233 1,479 Expenses related to long service leave 74 (85) Redundancy settlements 355 1,103 Equity settled share-based payments 1,675 2,589 Total employee benefit expenses 23,396 30,337 6 INCOME TAX June 2026 June 2025 $’000 $’000 Current tax Current tax on profits for the year — — Adjustments for current tax of prior periods — 2 Total current tax benefit/(expense) — 2 Deferred income tax (Decrease) in deferred tax liabilities (79) (79) Total deferred tax benefit (79) (79) Income tax benefit attributable to the Group (79) (77) Numerical reconciliation of income tax to prima facie tax payable: June 2026 June 2025 $’000 $’000 Prima facie income tax expense/(benefit) on loss from ordinary activities (25%) (12,922) (5,056) Effect of tax rates in foreign jurisdictions (59) (2) Amortisation of intangibles (79) (79) Adjustments for current tax of prior periods — 2 Expenses not deductible for tax purposes (89) 203 Temporary differences not recognised 2,374 (1,620) Utilisation of prior period tax losses (345) (3) Tax losses not recognised 1 11,041 6,478 Income tax benefit attributable to the Group (79) (77) 1. The tax losses for which no deferred tax asset was recognised do not expire. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following items, because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom. June 2026 June 2025 $’000 $’000 Tax losses Unused tax losses for which no deferred tax asset has been recognised 87,597 64,654 Potential income tax benefit @ 25% 1 21,899 16,164 1. The tax losses for which no deferred tax asset was recognised do not expire.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 55 NOTES TO THE FINANCIAL REPORT 6 INCOME TAX CONTINUED Recognition and Measurement Current tax The income tax benefit for the year comprises current income tax benefit and deferred tax benefit. Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period together with the research and development claim submitted for the reporting period. Current tax liabilities/assets are therefore measured at the amounts expected to be paid to/recovered from the relevant taxation authority. Deferred tax Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense/(benefit) is charged or credited directly to equity instead of the profit or loss when the tax relates to items that are credited or charged directly to equity. Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss or does not give rise to equal taxable and deductible temporary differences. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Where the temporary difference exists in relation to investments in subsidiaries, branches, associates and joint ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled and it is not probable that the reversal will occur in the foreseeable future. Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists and they relate to income taxes levied by the same taxation authority on the same or different taxable entities that intend either to settle on a net basis or to realise the asset and settle the liability simultaneously, in future periods when material balances are expected to be recovered or settled. 7 CURRENT ASSETS – CASH AND CASH EQUIVALENTS June 2026 June 2025 $’000 $’000 Cash at bank and on hand 9,769 22,975 Cash at bank and on hand bears floating interest rates. The interest rate relating to cash and cash equivalents for the year across all bank accounts was between 0.00% and 3.35% (2025: between 0.00% and 3.3%). Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 56 NOTES TO THE FINANCIAL REPORT 8 TRADE, OTHER RECEIVABLES AND OTHER ASSETS June 2026 June 2025 $’000 $’000 Current Trade receivables 4,012 3,565 Other receivables 7,418 1,884 Prepayments 551 559 Deposits 259 271 Total current trade, other receivables and other assets 12,240 6,279 Non-current Deposits 274 274 Other 9 22 Total non-current trade, other receivables and other assets 283 296 Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. They are presented as current assets unless collection is not expected for more than 12 months after the reporting date. Trade receivables are generally due for settlement within 30 or 60 days. Recoverability of trade receivables Credit risk management processes Refer to Note 23a for the Group’s credit risk management process. Recognition and measurement of expected credit losses The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. Trade receivables and contract assets have shared credit risk characteristics and, as such, the expected loss rates for trade receivables are a reasonable approximation of loss rates for contract assets. Losses incurred in the last 3 years represent less than 1% of receivables and are immaterial. Therefore, no provision for expected credit losses has been recorded. Other receivables are recognised at amortised cost, less any provision for expected credit losses. Due to the short-term nature of the receivables, their carrying amount is assumed to approximate fair value. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of receivables mentioned above. Refer to Note 23 for more information on the risk management policy of the Group and credit quality of the receivables. Other receivables The Company’s $5.7 million receivable outstanding on the disposal of the Midstream UJV was received after the reporting date. Refer to Note 26 for further disclosure. The Company was eligible, in prior years, for an R&D grant which was receivable after the HM Revenue & Customs processes the Company’s tax return. The amount of R&D grant receivable had been accrued based on eligible expenses incurred during the prior financial years. Deposit paid The balance of deposits paid comprise prepayment associated with supply of utilities for Bacchus Marsh; a bank guarantee on the office sites at Pymble; deposits for an overseas employer of record; and a bond paid to the Department of Energy & Mining in South Australia for future mine rehabilitation work.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 57 NOTES TO THE FINANCIAL REPORT 9 INVENTORY June 2026 June 2025 $’000 $’000 Current Raw materials and consumable 2,372 2,245 Work-in-progress 254 352 Finished goods and goods for resale — 31 Total current inventory 2,626 2,628 Non-current Raw materials and consumables 1,397 1,825 Total non-current inventory 1,397 1,825 Inventories are measured at the lower of cost and net realisable value. Costs including material and freight are assigned on the basis of weighted averages. Net realisable value represents the estimated selling price less estimated costs necessary to make the sale. 10 NON-CURRENT ASSETS – INTANGIBLES June 2026 June 2025 $’000 $’000 Customer contracts 2,091 2,091 Less: accumulated amortisation (1,377) (1,167) Intellectual property 1,359 1,359 Less: accumulated amortisation (895) (759) Brand names 329 329 Less: accumulated amortisation (217) (184) Capitalised development costs 7,062 8,876 Less: accumulated amortisation and impairment 1 (1,459) (884) Patents and trademarks 3,996 3,565 Less: accumulated amortisation (1,011) (816) Total intangibles 9,878 12,410 1. Refer to Note 26 for further disclosure. Movement in the carrying amounts for intangible assets between the beginning and the end of the period: June 2026 June 2025 $’000 $’000 Opening balance 12,410 12,637 Additions during the period Capitalised development costs 85 289 Patents and trademarks 431 352 Less amortisation during the period (1,357) (1,338) Less disposals — (93) Less impairment 1 (1,235) (25) Foreign exchange gain/(loss) (456) 588 Closing balance 9,878 12,410 1. Refer to Note 26 for further disclosure. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 58 NOTES TO THE FINANCIAL REPORT 10 NON-CURRENT ASSETS – INTANGIBLES CONTINUED Intangibles Intangible assets are measured at cost less any accumulated amortisation and any impairment losses. Amortisation is recognised on a straight line basis and systematically allocated over the useful life of each identifiable asset with a finite life. The useful lives are set out in the table below. Customer contracts, Intellectual property and brand names Customer contracts, intellectual property and brand names were acquired as part of a business combination. They are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives. Capitalised development costs The capitalised development costs intangible asset relates to expenditure incurred on the development, design and construction of cement and lime manufacturing; the development, design and construction of sustainable processing minerals; and BOOSTER-Mag technologies. The costs were recognised on the basis that they were incurred in the development phase, in accordance with AASB 138, through the demonstration of technical feasibility of completion, the intention to complete and use or sell the assets, the clear path to economic benefits, the availability of technical and financial resources, and reliable measurement of expenditure. The capitalised development costs are not amortised until the associated product and service are demonstrated to be available for commercial use and an appropriate amortisation period set. Patent and trademarks Patents and trademarks are recognised at cost of acquisition and have a finite life. They are subsequently carried at cost less any accumulated amortisation and any impairment losses. Useful lives In calculating amortization, the following useful lives are applied to each class of intangible asset: – Customer contracts, intellectual property and brand names: 10 years – Capitalised development costs: 10 years – Patents: 20 years – Trademarks: 10 years 11 GOODWILL June 2026 June 2025 $’000 $’000 Goodwill 3,638 3,638 Total goodwill 3,638 3,638 Accounting for goodwill Goodwill arises on the acquisition of a business where the fair value of the consideration exceeds the fair value of the net assets acquired. Goodwill is not amortised, instead it is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried as cost less accumulated impairment losses. The cash generating unit (CGU) to which the goodwill relates is the US Magnesia business. Goodwill is tested for impairment by comparing the recoverable amount to the carrying value of the asset. For the current period, the recoverable amount was determined based on fair value less costs of disposal calculations which required the use of assumptions. To calculate the recoverable amount, cash flows of the US operations (the CGU to which the goodwill was assigned) were forecasted over a 5 years horizon. The current budget is the primary source of assumed values. – The growth rate used in the cash flow forecast for the terminal value was 3%, based on the long term US inflation rate. – The revenue forecast assumes a compound annual growth rate of 4% over the 5-year forecast period. – The discount rate used in the cash flow forecast was 11.4% (pre-tax, 9.9% post-tax), being an internally sourced rate based on an a CAPM analysis. The growth rate of 3% and the discount rate were also used to determine the terminal value subsequent to the fifth year. Using these inputs the recoverable amount exceeds the carrying amount. A sensitivity analysis was performed on the key assumptions of the cash flow forecast to determine how much each of the assumptions would have to move in order for the recoverable amount to drop below the carrying amount of the goodwill. Leaving all other assumptions unchanged, the revenue growth would need to decline 24% annually over the forecast period before an impairment would need to be recognised. In the case of the discount factor, this would need to rise above 24% before an impairment would need to be recognised. Impairment losses on goodwill are taken to the profit or loss and not subsequently reversed.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 59 NOTES TO THE FINANCIAL REPORT 12 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT June 2026 June 2025 $’000 $’000 Office furniture, fittings & equipment 2,806 2,852 Less: accumulated depreciation (2,407) (2,176) Bacchus Marsh Calciner and R&D facilities 26,613 26,628 Less: accumulated depreciation (21,779) (20,410) Slurry manufacturing and application assets 14,138 13,652 Less: accumulated depreciation (6,907) (6,511) Mining tenements 1,174 1,174 Less: accumulated amortisation (54) (50) LEILAC plants 28,629 30,910 Less: accumulated impairment and depreciation (25,946) (26,150) SusPro Project 627 — Midstream UJV project 1 — 36,982 Land 838 838 Total property, plant and equipment 17,732 57,739 1. The Midstream UJV project is part of an unincorporated joint operation (UJV) with Pilbara Minerals Limited. The above represents Calix’s 41% share of the work in progress on the plant and equipment of this UJV. Refer to Note 26 for disclosure regarding disposal of Midstream UJV interest. The below table shows the movement in the carrying amounts (dollars) for each class of plant and equipment between the beginning and the end of the year: Bacchus Office Marsh Mid– furniture, Calciner stream fittings & & R&D Slurry Mining LEILAC UJV equipment facilities assets tenements plants SusPro Project 1 Land Total $’000 $’000 $’000 $’000 $’000 Project $’000 $’000 $’000 Balance as at 30 June 2024 968 7,570 7,026 1,127 6,601 — 16,492 838 40,622 Additions 19 105 863 — 2,738 — 20,490 — 24,215 Transfers — — — — — — — — — Disposals (3) (11) (84) — — — — — (98) Depreciation and amortisation expense (364) (1,442) (735) (3) (4,151) — — — (6,695) Impairment expense — (32) — — (999) — — — (1,031) Exchange rate adjustment 56 28 71 — 571 — — — 726 Balance as at 30 June 2025 676 6,218 7,141 1,124 4,760 — 36,982 838 57,739 Additions 100 92 1,195 — 73 627 6,240 — 8,327 Transfers — — — — — — — — — Disposals (5) (4) (88) — — — (13,081) — (13,178) Depreciation and amortisation expense (345) (1,391) (761) (4) (1,886) — — — (4,387) Impairment expense — (63) — — — — (30,142) — (30,205) Exchange rate adjustment (27) (18) (256) — (264) — — — (565) Balance as at 30 June 2026 399 4,834 7,231 1,120 2,683 627 — 838 17,732 At Cost 2,806 26,613 14,138 1,174 28,629 627 — 838 74,825 Accumulated depreciation & amortisation (2,407) (21,779) (6,907) (54) (25,946) — — — (57,093) Net 399 4,834 7,231 1,120 2,683 627 — 838 17,732 1. $nil (2025: $13,938,000) of the $8,327,000 (2025: 24,215,000) additions relates to the gain on the Midstream UJV, that is not represented by cashflow from the Group, $nil (2025: $10,279,000) of this total relates to cash outflow of the Group. Refer to Note 26 for further disclosure on the disposal of this non-current asset. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 60 NOTES TO THE FINANCIAL REPORT 12 NON-CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT CONTINUED Recognition and measurement Each class of plant and equipment is carried at cost, any accumulated depreciation and impairment losses. Plant and equipment are measured on the cost basis less depreciation and impairment losses. The cost of plant and equipment constructed includes the cost of materials, direct labour, borrowing costs and an appropriate proportion of fixed and variable overheads. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, 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. All other repairs and maintenance expenses are charged to the income statement during the financial period in which they are incurred. Property, plant and equipment, other than freehold land, is depreciated or amortised on a straight-line basis over the expected useful life for the asset. Estimated useful lives and depreciation methods are reviewed at the end of the reporting period. The depreciation rates used for each class for depreciable assets are shown in the list below. Land is carried at cost and is not subject to depreciation. – Office, furniture, fittings and equipment: 10%-25% – Bacchus Marsh calciner and R&D facilities: 5%-25% – Slurry manufacturing and application assets: 2%-20% – LEILAC plants: 20-50% – Mining tenements: extraction rate of ore – Midstream UJV Project: work in progress – not depreciated and disposed of during the reporting period The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. SusPro Project The Zesty Green Iron Demonstration Project was not being depreciated during the year as it was not ready for use. Midstream UJV Project The Midstream UJV was not being depreciated during the year as it was not ready for use. The project was disposed of during the period refer to Note 26. Mining tenements and associated mineral resources The costs of acquiring mining tenements and associated mineral resources are capitalised as part of property plant and equipment and amortised over the estimated productive life of each applicable resource. Amortisation commences when extraction of the mineral resource commences. The tenement is expected to be retired in 2044. 13 CURRENT LIABILITIES – TRADE AND OTHER PAYABLES June 2026 June 2025 $’000 $’000 Trade payables 4,312 5,609 Other payables & accrued expenses 940 2,408 Total trade and other payables 5,252 8,017 Recognition and measurement Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the Group during the reporting period which remains unpaid. The balance is recognised as a current liability with the amount being normally paid within 30 days of recognition of the liability. The carrying amounts of the Group’s trade and other payables are denominated in Australian dollars. Due to the short-term nature of the payables, their carrying amount is assumed to approximate fair value. For an analysis of the financial risks associated with trade and other payables refer to Note 23.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 61 NOTES TO THE FINANCIAL REPORT 14 BORROWINGS June 2026 June 2025 $’000 $’000 Current borrowings Asset financing facilities 217 136 Total current borrowings 217 136 Recognition and measurement Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds and the redemption amount is recognised as profit or loss over the period of the borrowings using the effective interest rate method. Where there is an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. 15 RIGHT OF USE ASSETS AND LEASE LIABILITIES This note provides information for leases where the group is a lessee. June 2026 June 2025 $’000 $’000 Right of use assets At the beginning of the period 2,586 2,481 Additions 1,869 724 Depreciation (985) (707) Disposal — (89) Foreign exchange movements (84) 177 Balance at the end of the period 3,386 2,586 Lease liabilities At the beginning of the period 2,489 2,498 Additions 1,869 724 Interest expense 240 199 Lease payments (1,319) (1,030) Disposal — (81) Foreign exchange movements (83) 179 Balance at the end of the period 3,196 2,489 Current 1,052 845 Non-current 2,144 1,644 Balance at the end of the period 3,196 2,489 Undiscounted lease payment maturity Within 1 year 1,314 1,015 2-5 years 2,301 1,822 5 or more years 31 59 3,646 2,896 Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 62 NOTES TO THE FINANCIAL REPORT 15 RIGHT OF USE ASSETS AND LEASE LIABILITIES CONTINUED Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated straight-line over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. The Group leases office facilities and warehouses within which it manufactures products. It also leases vehicles predominantly associated with the delivery for and in support of servicing customers in the Magnesia business. The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of assets whose fair value is less than $10,000. Lease payments on these assets are expensed to profit or loss as incurred. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index, or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. 16 PROVISIONS June 2026 June 2025 $’000 $’000 Current provisions Employee benefits 1,777 1,739 Provision for income tax (6) (6) Total current provisions 1,771 1,733 Non-current provisions Employee benefits 243 171 Mine rehabilitation provision 298 296 Total non-current provisions 541 467 Total provisions 2,312 2,200 Movement in the carrying amounts of the mine rehabilitation provision for provisions between the beginning and the end of the year: Mine rehabilitation provision $’000 Balance as at 30 June 2025 296 Increase to provisions 2 Balance as at 30 June 2026 298 Recognition and measurement Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the reporting date. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised in finance costs.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 63 NOTES TO THE FINANCIAL REPORT 16 PROVISIONS CONTINUED Employee benefits Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Those cash flows are discounted using market yields on high quality corporate bonds with terms to maturity that match the expected timing of cash outflows. Rehabilitation provision The Group recognises a mine rehabilitation provision on the basis that it has an obligation to restore the site of the mine in Myrtle Springs to its original condition and the cost to do so is uncertain. The measurement of the provision is the present value of the best estimate of the expenditure required to settle the obligation as at the end of the reporting period. A bond of $274,000 was lodged on 9 October 2014 with the South Australia Department of State Development to be applied to rehabilitation of the area at cessation of mining activity, on the basis of a Program for Environmental Protection and Rehabilitation (PEPR) which was approved by the South Australia Department of State Development. This bond appears in Note 8 under deposits paid. 17 DEFERRED REVENUE June 2026 June 2025 $’000 $’000 Current deferred revenue 9,552 9,636 Total deferred revenue 9,552 9,636 Recognition and measurement Deferred revenue primarily consists of Government grants received but not yet recognised as other income when conditions related to the grant have not yet been met. Refer to Note 3 for further information regarding the other income recognition associated with government grants. 18 OTHER LIABILITIES June 2026 June 2025 $’000 $’000 Financial liability 3,000 — Total other liabilities 3,000 — Financial liability The Group has received a $3m Simple Agreement for Future Equity Fee (SAFE Fee) from Rio Tinto as part of the Joint Development Agreement for the Zesty Green Iron Demonstration Project (Zesty Project). The Group has classified the SAFE Fee as a financial liability at amortised cost. The SAFE Fee was classified as a financial liability as it may be required to be settled in a variable number of shares or cash depending on whether certain contractually specified events outside of the control of Calix occur. At initial recognition, the SAFE Fee was measured at $3,000,000, being the cash consideration received. Management has determined that the transaction price represents the best available evidence of fair value at initial recognition. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 64 NOTES TO THE FINANCIAL REPORT 19 ISSUED CAPITAL June 2026 June 2025 $’000 $’000 Fully paid ordinary shares 188,627 186,390 Costs of fund raising recognised (8,458) (8,458) Total issued capital 180,169 17 7,932 a) Fully paid ordinary shares 2026 2025 Number Number of shares of shares At the beginning of the year 214,747,101 181,922,776 Issued during the year 1,176,459 32,824,325 Balance at the end of year 215,923,560 214,747,101 2026 2025 $’000 $’000 At the beginning of the year 186,390 161,577 Issued during the year 2,236 24,813 Balance at the end of year 188,626 186,390 b) Costs of fund raising recognised 2025 2026 $’000 $’000 At the beginning of the year 8,458 7,351 Incurred during the year — 1,107 At the end of the year 8,458 8,458 c) Movements in ordinary share capital Number of shares $ 30 June 2024 – Opening balance 181,922,776 161,576,360 EIS withdrawals 3,271,718 2,648,911 Other 93,824 70,000 Placement 29,458,783 22,094,000 30 June 2025 – Closing Balance 214,747,101 186,389,271 EIS withdrawals 507,979 1,857,212 Other 668,480 380,000 30 June 2026 – Closing Balance 215,923,560 188,626,483 Ordinary Shares Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of and amounts paid on the shares held. On a show of hands, every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Ordinary shares have no par value and the Company does not have a limited amount of authorised capital. Ordinary shares are classified as equity. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received. EIS withdrawals Calix Officers & Employee Incentive Scheme (EIS) withdrawals are vested Zero Exercise Priced Options (ZEPO’s) that have been exercised by the employee into ordinary capital. The share-based payment reserve is reversed for the amount of the shares and the shares are transferred to the recipient. During the year ended 30 June 2026, $1,857,212 in shares were issued (2025: $2,589,240).
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 65 NOTES TO THE FINANCIAL REPORT 20 RESERVES June 2026 June 2025 $’000 $’000 Foreign currency translation reserve (382) 514 Share-based payment reserve 8,701 8,883 Transactions with NCI reserve 21,282 21,282 Total reserves 29,601 30,679 Foreign currency translation reserve (FCTR) At the beginning of the year 514 493 Non-controlling interest movement of FCTR (52) (21) Revaluations of the foreign currency translation reserve (844) 42 At the end of the year (382) 514 Share-based payment reserve At the beginning of the year 8,883 8,942 Fair value of EIS instruments granted 1,675 2,589 Fair value of EIS instruments issued (1,857) (2,648) At the end of the year 8,701 8,883 Transactions with NCI reserve At the beginning of the year 21,282 21,282 At the end of the year 21,282 21,282 Foreign currency translation reserve Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income as described in Note 1(g) and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. Share-based payment reserve The share-based payment reserve is used to recognise ZEPO’s and Performance Rights earned by employees and officers as part of the EIS. The ZEPO’s and Performance Rights which are as part of the EIS are valued using options valuation models which take into account vesting criteria, market price and the exercise windows. See Note 21 for more information on share-based payments. Transactions with NCI reserve The transactions with NCI reserve is the historical value of the consideration paid by external investors into subsidiary entities less associated legal and professional fees. 21 SHARE-BASED PAYMENTS Calix Officers & Employees Incentive Scheme The Calix Officers & Employees Incentive Scheme was approved by the shareholders in April 2018 and provides for the grant of rights and/or options to eligible officers and employees (as determined by the Board); and is intended to provide competitive, performance- based remuneration supporting retention, incentive and reward, and alignment with shareholders. Non-executive and independent directors are not invited to participate in the EIS. Overview of the EIS The EIS currently operates as two parallel arrangements: – a Performance Rights plan (introduced FY25) comprising Short-Term Incentive (STI) and Long-Term Incentive (LTI) Performance Rights, applicable to the executive management team and KMP; and – a Zero Exercise Priced Options (ZEPO) plan, applicable to other employees, which is a continuation of the historical EIS arrangement. The Board typically limits the number of shares over which ZEPO’s and Performance Rights will be issued under the EIS to 2% of the total number of shares on issue (i.e. undiluted) in any one year. Subject to limitations under the Corporations Act 2001 and ASIC class order relief, there is no statutory limit on the number of ZEPO’s or Performance Rights that may be issued under the EIS. The actual percentage of ZEPO’s on issue will fluctuate as a result of changes in staffing levels. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 66 NOTES TO THE FINANCIAL REPORT 21 SHARE-BASED PAYMENTS CONTINUED EIS ZEPO Performance Gateways Three Performance Gateways are used to determine performance-vesting for ZEPO’s each year and these are applied sequentially. Vesting of the granted Zero Exercise Priced Options was subject to a series of three Performance Gateways. If Gateway 1 (SHEQ performance) is met within the first year of the award being made, at the end of each year of the 3-year performance period, the award is tested against Gateway 2 (relative TSR hurdle). If the award meets Gateway 2, the award will vest and the actual amount of awards is determined based on a percentage of the maximum potential award and the outcome of Gateway 3 (KPI scorecard) that applies to that year. Zero Exercise Priced Options that did not meet Gateway 2 are subject to re-testing in the following year and can continue to be retested up until the final year of the performance period. This means that any un-vested Zero Exercise Priced Options that did not meet Gateway 2 at their initial testing date of 30 June in year 1, could be re-tested annually up until year 3. For employees who are not members of the executive management team or KMP, the 2nd performance gateway, relating to share price performance, does not apply. For employees who are not members of the executive management team or KMP the ZEPO’s vest over 2 years, not 3. Gateway 1 – SHEQ performance Gateway 1 is achieving the Company’s Safety, Health, Environment, and Quality (“SHEQ”) Action Plan KPls as agreed with the Board each year. If the SHEQ Action Plan KPls are not met, then Zero Exercise Priced Options cannot be awarded. Gateway 2 – Share price performance Gateway 2 assesses absolute share price performance over the year as measured by TSR, as described below. TSR is measured as Calix’s share price performance, being the 30-day VWAP over the 15 days preceding, and the 15 days after, June 30 in the prior financial year (“Baseline Share Price”) as compared with the 30-day VWAP over the 15 days preceding and the 15 days after 30 June in the current financial year (“Measured Share price”). If the Measured Share Price for a particular financial year is not higher than the Baseline Share Price for that period of measurement, any Zero Exercise Priced Options remain unvested. However, such unvested Zero Exercise Priced Options may vest at a future point in time, if Gateway 2 is met in subsequent testing periods up until the end of the performance period relevant to the award. This mechanism is designed to ensure that shorter-term goals or advances do not dominate over more significant, longer-term value creation opportunities, so that KMP continue to balance shorter term outcomes with a longer-term view of outcomes for a multi- year, multi-application value opportunity. Gateway 3 – Performance against KPls Gateway 3 measures company and executive performance against KPls agreed each year with the Board. These KPls reflect the corporate milestone targets set for each line of business. Gateway 3 helps to drive achievement of annual performance metrics that balance both short-term and long-term shareholder value creation. Further performance testing of unvested Zero Exercise Priced Options at the end of each year of the three-year performance period Tranches of EIS 2 Zero Exercise Priced Options that remain unvested at the end of each performance period are subject to further performance testing. Tranches of unearned Zero Exercise Priced Options from FY22 and FY23 have all lapsed having failed their final vesting conditions on 30 June 2025 and 30 June 2026 respectively. A remaining tranche of EIS 2 Options that were issued in FY24 are able to be awarded by the Board if the team delivers a TSR performance measured as follows: EIS 2 (relating to FY24 awards) Zero Exercise Priced Options where the 1 July 2023 Baseline TSR was $4.22: – 50% of the remaining unvested Zero Exercise Priced Options can be awarded if the Measured TSR at on 30 June 2027 has exceeded the Baseline TSR by 75%, being $7.38; and – The remaining 50% of the unvested Zero Exercise Priced Options can be awarded if the Measured TSR on 30 June 2027 has exceeded the Baseline TSR by 125%, being $9.50. The EIS 3 ZEPOS are only subject to Gateway 1 and Gateway 3 as previously disclosed, and are subject to a 2 year service condition. During the year ended 30 June 2026, the Group recognised a share-based payment expense related to the number of ZEPO’s vesting and to be vested in connection with the fulfilment of the vesting conditions related to these financial periods as well as the forecasted value of those ZEPO’s at their expected exercise date. For non-executive management team or KMP employees, the fair value of the ZEPO’s was determined to be the share price on the date the offer was given to the employees, this value was determined using a Black-Scholes formula.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 67 NOTES TO THE FINANCIAL REPORT 21 SHARE-BASED PAYMENTS CONTINUED June 2026 ’000 June 2025 ’000 EIS 3 EIS 2 EIS 3 EIS 2 EIS 1 Opening balance 1,909 1,733 — 2,359 3,381 Granted 8,939 — 2,506 — — Exercised (152) (356) — (261) (3,011) Lapsed/forfeited (1,335) (671) (597) (365) (370) Closing balance 9,361 706 1,909 1,733 — Exercisable at year-end 161 429 — 853 — All of the outstanding ZEPO’s granted and exercisable have an exercise price of $NIL. The ZEPO’s, that were exercised during the year were exercised at a weighted average share price of $0.65. ZEPO’s expire 12 months after cessation of employment if unexercised. The fair value of the unexercised EIS 2 and EIS 3 options is $2,311,000. An expense of $961,000 was recognised during the year (2025: $2,234,000) for the EIS 2 and EIS 3 options that have been granted. Performance Gateways for the EIS LTI and STI Performance Rights The Performance Rights plan combines short-term (STI) and long-term (LTI) incentives, designed to retain, motivate and align participants’ interests with shareholders, consistent with the Group’s strategy. The Board sets annual KPls for the Group , and actual performance against KPls is reviewed by the People, Culture & Nominations Committee of the Board at year-end. Gateways and Vesting Conditions for the Performance Rights Short term incentive a) 50% of the STI performance rights will vest subject to 12 months of continuous service; and b) the remaining 50% will vest from the date of issue of the Performance Rights, subject to: i) 24-months continuous service and engagement of the KMP; or ii) a shorter continuous service period only if a “qualifying event” occurs per the EIS Plan rules. A “qualifying event” includes instances where the KMP ceases to be an employee of the Group under involuntarily circumstances or in the event of a takeover. Where any STI Performance Rights are to be issued to a KMP who is also a Director of the Company, the Board will seek shareholder approval for the STI awards at the subsequent Annual General Meeting (AGM). Long term incentive The LTI Performance Rights are subject to SHEQ performance gateway, as well as a long-term financial performance metric in the form of a Relative Total Shareholder Return (TSR) vesting condition and a continued service vesting condition. All conditions must be satisfied for the LTI Performance Rights to vest. SHEQ performance gateway If the SHEQ Action Plan KPIs are not met within the first year, the awards will not vest even if other vesting conditions are met. For further details - refer to Gateway 1 that also apply to legacy plans. Relative TSR vesting condition The hurdle for Relative TSR vesting is that the TSR of Calix shares must at least equal the median TSR of other companies in the ASX Emerging Companies Index calculated over the 3-year performance period (for example, 1 July 2025 to 30 June 2028 for the FY26 LTI) using a 30-day Volume-Weighted Average Price (VWAP). TSR is defined as total shareholder return in the form of capital appreciation and dividends. The percentage of LTI Performance Rights that senior executives are entitled to is determined on a straight-line basis between the median TSR of the index (at which 0% of LTI Performance Rights will vest) to the bottom of the top quartile of TSR of companies in that index (at which and beyond, senior executives are entitled to 100% of LTI Performance Rights). The Company has chosen Relative TSR as the most appropriate vesting condition metric, and the ASX Emerging Companies Index as the most appropriate peer comparison group because they provide a clear and objective measure of performance, relative to companies that are in a similar stage of development to Calix, ensuring that the vesting conditions are aligned with shareholder interests and market expectations. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 68 NOTES TO THE FINANCIAL REPORT 21 SHARE-BASED PAYMENTS CONTINUED Continued service vesting condition Vesting is also conditional upon: i) the continuous service and engagement of the KMP Performance Right’s holder in their capacity as a director or executive of the Company for the duration of the relevant 3 year performance period; or ii) a “qualifying event” occurring per the EIS Plan rules. A “qualifying event” includes instances where the KMP ceases to be an employee of the Group under involuntarily circumstances or in the event of a takeover. During the year ended 30 June 2026, the Group recognised a share-based payment expense relating to the number of Performance Rights vesting and to be vested in connection with the fulfilment of the vesting conditions related to these financial periods as well as the forecasted value of those Performance Rights at their expected exercise date. For the STI Performance Rights, their fair value is determined as the relative percentage of executive and KMP base salary on the date the offer was granted. Valuation model inputs EIS 3 STI LTI Model Black-Scholes None Monte-Carlo Grant date 1 July 2025 30 June 2026 1 July 2025 Exercise price $NIL $NIL $NIL Expiry date maximum 30 June 2031 30 June 2031 30 June 2029 Expected volatility 76% n/a 76% Dividend yield 0% n/a 0% Average risk-free interest rate 3.85% n/a 3.85% Share price at grant date $0.37 $0.41 $0.37 Fair value per option for KMP and senior executives n/a $0.43 $0.26 Reconciliation of the number of outstanding LTI and STI Performance Rights granted: June 2026 ’000 June 2025 ’000 LTI STI LTI STI Opening balance 548 855 — — Granted 2,655 1,131 548 855 Exercised — — — — Lapsed — — — — Closing balance 3,203 1,986 548 855 Exercisable at year-end — 421 — — All of the outstanding LTI and STI Performance Rights granted have an exercise price of $NIL. The fair value of the unexercised LTI and STI Performance Rights is $139,000; an expense of $714,000 was recognised during the year (2025: $355,000) for LTI and STI Performance Rights. 22 LOSS PER SHARE June 2026 June 2025 $’000 $’000 a) Earnings used to calculate basic and diluted EPS from continuing operations (51,029) (19,172) Number Number b) Weighted average number of ordinary shares during the year used in calculating: Basis and diluted EPS 1 215,361,947 199,508,458 c) Earnings per share (cents per share) Basic and diluted EPS 1 (23.69) (9.61) 1. Basic EPS is calculated as the profit/(loss) attributable to equity holders of the Company, excluding any costs of servicing equity other than ordinary shares, divided by the weighted average number of ordinary shares outstanding during the financial year, adjusted for any bonus elements in ordinary shares issued during the year. The effects of potential ordinary shares are only reflected in diluted EPS if they are dilutive, only when their conversion to ordinary shares would decrease EPS or increase the loss per share.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 69 NOTES TO THE FINANCIAL REPORT 23 FINANCIAL RISK MANAGEMENT The Group’s activities expose it to a variety of financial risks, including market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. The Group’s Treasury function is responsible for managing the liquidity requirements of the Group and mitigating these financial risks through continuous monitoring and evaluation. The Group adheres to a set of policies approved by the Board of Directors, which provide written principles on liquidity risk, foreign exchange risk, interest rate risk, credit risk and the use of derivative financial instruments, as required, for hedging purposes. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. There have been no changes to the Group’s exposure to financial risks or the manner in which it manages and measures these risks from the prior year. The Group holds the following financial instruments, all of which are measured at amortised cost: June 2026 June 2025 $’000 $’000 Financial assets Cash and cash equivalents 9,769 22,975 Current trade and other receivables 11,689 5,720 Non-current trade and other receivables 283 296 Total financial assets 21,741 28,991 Financial liabilities Trade and other payables 4,361 5,426 Current borrowings 217 136 Current lease liabilities 1,052 845 Current other liabilities 3,000 — Non-current lease liabilities 2,144 1,644 Total financial liabilities 10,774 8,051 a) Credit risk Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss to the Group. Credit risk is managed through the maintenance of procedures ensuring to the extent possible, that customers and counterparties to transactions are of sound credit worthiness. Such monitoring is used in assessing receivables for impairments. Where the Group is unable to ascertain a satisfactory credit risk profile in relation to a customer or counterparty, the risk may be further managed through obtaining security by way of personal or commercial guarantees over assets of sufficient value which can be claimed against in the event of any default. Where a debtor is more than 60 days overdue, and there is no agreed payment plan in place, the debt shall be considered impaired. Where a debtor is more than 90 days overdue, and there is no agreed payment plan in place, the debt shall be defined to be in default on the basis that there is a low expectation of recoverability of the amount. Risk is also minimised through investing surplus funds in financial institutions that maintain a high credit rating, or in entities that the Audit and Risk Management Committee (ARMC) has otherwise cleared as being financially sound. Where the Group is unable to ascertain a satisfactory credit risk profile in relation to a customer or counterparty, the risk may be further managed through obtaining security by way of personal or commercial guarantees over assets of sufficient value which can be claimed against in the event of any default. Credit risk exposure The maximum exposure to credit risk by class of recognised financial assets at balance date, excluding the value of any collateral or other security held, is equivalent to the carrying value of the trade and other receivables (net of any provisions). The Group has a concentration of credit risk in relation to the $5.7m deferred consideration receivable from PLS Group Limited following the disposal of the Midstream UJV interest (refer Note 26). The associated credit risk was assessed as low given the previous experience associated with this customer and after reviewing its financial position; the remaining $5.7m was received subsequent to the reporting date. There is no significant concentration of credit risk with any single counter party or group of counter parties. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 70 NOTES TO THE FINANCIAL REPORT 23 FINANCIAL RISK MANAGEMENT CONTINUED Past due but not impaired As at 30 June 2026, trade receivables of $5,735 were 60 days past due but not impaired (2025: $253,572). These relate to a number of independent customers for whom there is no recent history of default. The aging analysis of trade receivables is as below: June 2026 June 2025 $’000 $’000 Current 3,615 2,524 Less than 30 days 388 651 Less than 60 days 3 136 More than 60 days 6 254 Total trade receivables 4,012 3,565 The other classes within trade and other receivables do not contain impaired assets and are not past due. Based on the credit history of these other classes, it is expected that these amounts will be received when due. The Group does not hold any collateral in relation to theses receivables. b) Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents and the availability of funding through adequate amount of credit facilities to meet obligations when due. Management monitors the Groups liquidity levels (comprising undrawn borrowing facilities (Note 14) and cash and cash equivalents (Note 7) on the basis of expected cash flows. The SAFE Fee liability is not subject to a fixed contractual maturity. Subject to contractually specified events occurring, the SAFE Fee liability may be settled through conversion to equity in Zesty or cash repayment. The Group does not anticipate any cash outflow in respect of the SAFE Fee and accordingly it has not been included in the maturity analysis below. The following table details the Group’s remaining contractual maturity for its non-derivative financial assets and liabilities. The table has been drawn up based on the cash flows expected to continue to be received/paid by the Group. Contractual cash flows Carrying 3 months 4-12 1-5 More than amount Total or less months years 5 years $’000 $’000 $’000 $’000 $’000 $’000 2026 Financial liabilities Trade and other payables 5,252 5,252 5,252 — — — Current borrowings 217 217 107 110 — — Lease liabilities 3,196 3,646 338 976 2,301 31 8,665 9,115 5,697 1,086 2,301 31 2025 Financial liabilities Trade and other payables 8,017 8,017 8,017 — — — Current borrowings 136 136 — 136 — — Lease liabilities 2,489 2,896 279 736 1,849 32 10,642 11,049 8,296 872 1,849 32
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 71 NOTES TO THE FINANCIAL REPORT 23 FINANCIAL RISK MANAGEMENT CONTINUED c) Interest rate risk Exposure to interest rate risk relates to cash and cash equivalents and borrowings, details of which are set out in Notes 7 and 14. Profit or loss is sensitive to higher/lower interest income from cash and cash equivalents and interest expenses on borrowings as a result of changes in interest rates. The following analysis shows the impact on post tax profit as a result of a movement in interest income and expense from variable interest rate deposit and borrowing facilities. Impact on Impact on post tax profit post tax profit 2026 2025 $’000 $’000 Increase by 100 basis points 215 269 Decrease by 100 basis points (215) (269) d) Foreign exchange risk Exposure to foreign exchange risk may result in the fair value of future cash flows of a financial instrument fluctuating due to movement in foreign exchange rates of currencies in which the Group holds financial instruments other than the Australian Dollar (AUD) functional currency of the Group. With instruments being held by overseas entities, fluctuations in US Dollars (USD), UK Pound Sterling (GBP) and Euro (EUR) may impact on the Group’s financial results unless those exposures are appropriately hedged. The following table shows the foreign currency risk on the significant financial assets and liabilities held in denominations of currencies other than the functional currency of the Group. June 2026 June 2025 USD USD $’000 $’000 Cash 1,022 1,075 Trade and other receivables 2,226 1,146 Trade and other payables (1,817) (628) Foreign exchange exposure 1,431 1,593 GBP GBP £’000 £’000 Cash 74 153 Trade and other receivables 4 — Trade and other payables (5) (8) Foreign exchange exposure 73 145 EUR EUR €’000 €’000 Cash 213 189 Trade and other receivables 74 133 Trade and other payables (1) (169) Foreign exchange exposure 286 153 Sensitivity analysis The table below illustrates the sensitivity of the Group’s exposures to changes in USD, GBP and EUR. The table indicates the impact on how the profit/loss reported at balance date would have been affected by changes in the relevant risk variable that management considers to be reasonably possible. June 2026 June 2025 $’000 $’000 +/- 5% in AUD/USD 209 244 +/- 5% in AUD/GBP 14 30 +/- 5% in AUD/EUR 47 28 Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 72 NOTES TO THE FINANCIAL REPORT 24 CAPITAL MANAGEMENT The Group’s objectives when managing capital are to: a) Safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and b) Maintain an optimal capital structure to reduce the cost of capital. June 2026 June 2025 $’000 $’000 Net debt 217 136 Total equity 38,419 88,289 Net debt to equity ratio < 1% < 1% 25 SUBSIDIARIES The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 1 (a). Country of % owned % owned Subsidiaries incorporation 2026 2025 Calix Lithium Pty Ltd Australia 100% 100% Calix Technology Pty Ltd Australia 100% 100% MS Minerals Pty Ltd Australia 100% 100% Zesty Technology Pty Ltd Australia 100% 100% Leilac Australia Pty Ltd Australia 93% 93% LEILAC Limited UK 93% 93% Calixhe SA Belgium 96% 96% Leilac Sarl France 93% 93% Leilac Germany GmbH Germany 93% 93% Calix (North America) LLC USA 100% 100% Inland Environmental Resources, Inc. USA 100% 100% LEILAC US, Inc USA 93% 93% Consolidation accounting policies Business combinations occur where an acquirer obtains control over one or more businesses and results in the consolidation of assets and liabilities. A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control. The acquisition method requires that for each business combination one of the combining entities must be identified as the acquirer (i.e. parent entity). The business combination will be accounted for as at the acquisition date, which is the date that control over the acquiree is obtained by the parent entity. At this date, the parent shall recognise, in the consolidated accounts, and subject to certain limited exceptions, the fair value of the identifiable assets acquired and liabilities assumed. In addition, contingent liabilities of the acquiree will be recognised where a present obligation has been incurred and its fair value can be reliably measured. The acquisition may result in the recognition of goodwill or a gain from a bargain purchase. The method adopted for the measurement of goodwill will impact on the measurement of any non-controlling interest to be recognised in the acquiree where less than 100% ownership interest is held in the acquiree. The acquisition date fair value of the consideration transferred for a business combination plus the acquisition date fair value of any previously held equity interest shall form the cost of the investment in the separate financial statements. Consideration may comprise the sum of the assets transferred by the acquirer, liabilities incurred by the acquirer to the former owners of the acquiree and the equity interest issued by the acquirer. Included in the measurement of consideration transferred is any asset or liability resulting from a contingent consideration arrangement. Any obligation incurred relating to contingent consideration is classified as either a financial liability or equity instrument, depending upon the nature of the arrangement. All transaction costs incurred in relation to the business combination are expensed to the consolidated income statement.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 73 NOTES TO THE FINANCIAL REPORT 26 JOINT ARRANGEMENTS During the year, the Company held a 41% participating interest (2025: 45%) in the Midstream UJV, an unincorporated joint venture. Under the joint venture agreement, major decisions –including approval of annual budgets and work programs, and the appointment of the manager or auditor – required a 75% supermajority of participating interests. The joint venturers held the venture’s assets as tenants in common and were jointly and severally liable for its liabilities. Accordingly, the Midstream UJV was classified as a joint operation, and the consolidated entity recognised its 41% share of the jointly held assets and liabilities, together with the related revenues and expenses, on a line-by-line basis in the Group’s financial statements. On 14 April 2026, the Company sold its 41% interest to its joint venture partner for total consideration of $11.4 million. Of this amount, $5.7 million was received on completion, with the remaining $5.7 million received after the reporting date. The cash inflow reported on the statement of cash flows reflects the cash received up to 30 June 2026, is net of the $0.5m cash held by the Midstream UJV. Before the disposal, the carrying amount of the interest was reduced to its recoverable amount, resulting in an impairment expense of $30.3 million. The recoverable amount was based on consideration received less costs of disposal. After the impairment, no further gain or loss from the disposal arose on completion. Concurrently with the sale of its 41% interest, the Company completed a restructure of its licensing arrangements, granting PLS Group (PLS) a perpetual royalty-free license for use of the Calix technology in primary lithium processing at plants PLS owns or controls. The Company also adjusted its royalty split arrangement to 20:80 between Calix and PLS for any third party use of the Calix technology for primary lithium processing. There are no associated provisions, contingent liabilities or assets that require recognition from this event. 27 PARENT ENTITY FINANCIAL INFORMATION The individual financial statements for the parent entity show the following aggregate amounts: June 2026 June 2025 $’000 $’000 Financial Position of parent entity at year end: Current assets 15,788 24,273 Total assets 68,937 110,778 Current liabilities 10,019 8,738 Total liabilities 11,195 9,383 Total equity of parent entity comprising of: Equity Issued capital 180,169 17 7,932 Share option reserve 7,658 7,840 Accumulated losses (130,084) (84,377) Total equity 57,743 101,395 Result of parent entity: Loss for the year (45,707) (5,623) Total comprehensive (loss) for the year (45,707) (5,623) Contingent liabilities The parent entity and other controlled group companies had no contingent liabilities as at 30 June 2026 (2025: $NIL). Capital commitments The parent entity and other controlled group companies had $NIL of capital commitments for property, plant and equipment at as 30 June 2026 (2025: $NIL). Parent company investment in subsidiary companies Investments in subsidiaries are carried at cost in the individual financial statements of Calix Limited. An impairment loss is recognised whenever the carrying amount of the investment exceeds its recoverable amount. Recoverable amount is the higher of value in use and fair value less costs of disposal. The carrying value of the parent’s investment in subsidiaries as at 30 June 2026 was $12.2m (2025: $12.2m). Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 74 NOTES TO THE FINANCIAL REPORT 28 AUDITORS REMUNERATION During the year ended 30 June 2026, the following fees were paid or payable for services provided by the auditor of the Group, its related practices and non-related audit firms: June 2026 June 2025 ($) ($) Audit and review of financial statements KPMG 342,800 322,000 Other services KPMG — — Total auditor remuneration 342,800 322,000 29 KEY MANAGEMENT PERSONNEL (KMP) COMPENSATION For the year ended June 2026 June 2025 ($) ($) Short-term employee benefits – Salary & fees 1,298,978 1,642,407 Post-employment benefits – Superannuation 76,317 94,031 Other long-term benefits – Long service leave 18,115 22,608 Share based payments Director shares 180,833 — Short-term incentive 136,831 68,818 Long-term incentive 113,941 62,770 Total 1,825,015 1,890,634 Additional information relating to KMP share based payments: a) Director shares At the 2025 AGM, Shareholders approved a resolution to enable the Non-Executive Directors to receive 50% of their annual fees to be paid as equity in a cash fee sacrifice arrangement. The Directors were issued fully paid ordinary shares in lieu of a portion of their cash fee compensation for the 12-month period from 1 December 2025 to 30 November 2026. The value of the equity benefits granted in the table above represents the issue of the cash fee sacrifice shares under this arrangement for the period to 30 June 2026. Should any of the Directors cease to be a Director during the 12 months to 30 November 2026, the relevant Director is required to repay the Company in cash an amount equal to the issue price of the portion of the Shares representing fees that are yet to be earned at the time the relevant Director ceases to be a Director. b) Short-term incentive (FY26 STI opportunity) For FY26, the maximum STI opportunity for both Phil Hodgson (Managing Director & CEO) and Darren Charles (CFO) was 30% of base salary, representing a maximum STI value of $160,284 for Phil Hodgson and $114,986 for Darren Charles The awarded STI value (and the resulting number of Performance Rights) is determined at the 30 June 2026 VWAP and FY26 KPI scorecard outcome. Percentages are of base salary, excluding superannuation. For Phil Hodgson, the 30% STI of base salary is set against his full salary level and not at the level of foregone salary that he temporarily and voluntarily reduced his base salary to during the period. c) Long-term incentive (FY26 LTI opportunity) For FY26, the maximum LTI opportunity for both Phil Hodgson and Darren Charles was 30% of base salary, equating to a maximum LTI value of $160,284 and $114,986 respectively. Based on the 30-day VWAP to 30 June 2025, the maximum number of LTI Performance Rights that could be granted was 486,445 for Phil Hodgson and 348,971 for Darren Charles. Percentages are of FY26 base salary, excluding superannuation. For Phil Hodgson, the 30% LTI of base salary is set against his full salary level and not at the level of foregone salary that he temporarily and voluntarily reduced his base salary to during the period. Further information regarding the key terms of the STI and LTI plans can be found in the Remuneration Report on page 34 of the Annual report. There were no other related party transactions with KMP or their related parties during the year, other than the remuneration and equity arrangements disclosed.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 75 NOTES TO THE FINANCIAL REPORT 30 CASH FLOW INFORMATION Reconciliation of cash flows from operating activities with loss after income tax: June 2026 June 2025 $’000 $’000 Loss after income tax (51,609) (20,146) Add back: Depreciation, amortisation and impairment expense 37,024 9,797 Interest classified as financing cash flows 242 199 Foreign exchange losses/(gains) 203 (1,246) Share based payment expense 2,055 2,659 Loss on sale of property, plant and equipment 521 122 Gain on Midstream UJV within property, plant and equipment — (13,938) Changes in balance sheet items Decrease/(Increase) in trade & other receivables (248) (2,174) Increase in inventory 429 981 Increase in trade and other payables (2,764) (4,154) Accrual of provisions 111 (229) (Decrease)/Increase in deferred revenue 1 2,741 (464) Decrease in deferred tax liabilities (81) (79) Net cash used in operating activities (11,376) (28,672) 1. The decrease in deferred revenue excludes movements relating to capital expenditure, which is captured under cash flows from investing activities. 31 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS There are no contingent liabilities and capital commitments beyond 30 June 2026. 32 NON-CONTROLLING INTERESTS Equity – non-controlling interests June 2026 June 2025 $’000 $’000 Reserves 1,460 1,409 Retained profit (2,731) (2,151) (1,271) (742) The Group applies a policy of treating transactions with non-controlling interests as transactions with equity owners of the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position respectively. Carbon Direct’s share of the loss since disposal, $2,883,934 (2025: $2,303,351), is disclosed as part of non-controlling interest in the income statements. 33 AFTER BALANCE DATE EVENTS As referenced in Note 26, the $5.7m deferred consideration for the Midstream UJV disposal was received on 31 July 2026. No matters or circumstances have arisen since the end of the year which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future years. Financial Report
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 76 CONSOLIDATED ENTITY DISCLOSURE STATEMENT As at 30 June 2026 Country of % owned directly Australian or Jurisdiction of Entity name incorporation/formation or indirectly foreign resident foreign resident Calix Limited Australia n/a Australian n/a Calix Lithium Pty Ltd Australia 100% Australian n/a Calix Technology Pty Ltd Australia 100% Australian n/a MS Minerals Pty Ltd Australia 100% Australian n/a Zesty Technology Pty Ltd Australia 100% Australian n/a Leilac Australia Pty Ltd Australia 93% Australian n/a Leilac Limited UK 93% Foreign UK Calixhe SA Belgium 96% Foreign Belgium Leilac Sarl France 93% Foreign France Leilac Germany GmbH Germany 93% Foreign Germany Calix (North America) LLC USA 100% Foreign USA Inland Environmental Resources, Inc. USA 100% Foreign USA Leilac US, Inc USA 93% Foreign USA All of the above entities are body corporates. Determination of Tax Residency Section 295 (3A) of the Corporations Acts 2001 requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure Statement (CEDS) be disclosed. In the context of an entity which was an Australian resident, “Australian resident” has the meaning provided in the Income Tax Assessment Act 1997. The determination of tax residency involves judgment as the determination of tax residency is highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. Branches (permanent establishments) Foreign branches of Australian subsidiaries are not separate legal entities and therefore do not have a separate residency for Australian tax purposes. Generally, the Australian subsidiary that the branch is a part of will be the relevant tax resident, rather than the branch operations.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 77 DIRECTORS’ DECLARATION 1. In the opinion of the Directors of Calix Limited (the ‘Company’): a. the consolidated financial statements and notes that are set out on pages 43 to 75 and the Remuneration Report on pages 31 to 41 in the Directors’ report, are in accordance with the Corporations Act 2001, including: i. giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the financial year ended on that date; and ii. complying with Australian Accounting Standards and the Corporations Regulations 2001; b. the consolidated entity disclosure statement as at 30 June 2026 set out on page 76 is true and correct; and c. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. 2. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive Officer and the Chief Financial Officer for the financial year ended 30 June 2026. 3. The Directors draw attention to Note 1(a) to the consolidated financial statements, which includes a statement of compliance with International Financial Reporting Standards. Signed in accordance with a resolution of Directors: Alison Deans Chair Sydney 26 August 2026 Other
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 78 INDEPENDENT AUDITOR’S REPORT KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the shareholders of Calix Limited Report on the audit of the Financial Report Opinion We have audited the Financial Report of Calix Limited (the Company). In our opinion, the accompanying Financial Report of the Company gives a true and fair view, including of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises: Consolidated Statement of financial position as at 30 June 2026; Consolidated Statement of profit or loss and other comprehensive income, Consolidated Statement of changes in equity, and Consolidated Statement of cash flows for the year then ended; Consolidated entity disclosure statement and accompanying basis of preparation as at 30 June 2026; Notes, including material accounting policies; and Directors’ Declaration. The Group consists of the Company and the entities it controlled at the year-end or from time to time during the financial year. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 fulfilled our other ethical responsibilities in accordance with these requirements.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 79 Key Audit Matter Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was 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. Going Concern Refer to Note 1b to the Financial Report The key audit matter How the matter was addressed in our audit The Group’s use of the going concern basis of accounting and the associated extent of uncertainty is a key audit matter due to the high level of judgement required by us in evaluating the Group’s assessment of going concern and the events or conditions that may cast significant doubt on their ability to continue as a going concern. These are outlined in Note 1b. The Directors have determined that the use of the going concern basis of accounting is appropriate in preparing the financial report. Their assessment of going concern was based on cash flow projections. The preparation of these projections incorporated a number of assumptions and significant judgements, and the Directors have concluded that the range of possible outcomes considered in arriving at this judgement does not give rise to a material uncertainty casting significant doubt on the Group’s ability to continue as a going concern. We critically assessed the levels of uncertainty, as it related to the Group’s ability to continue as a going concern, within these assumptions and judgements, focusing on the following: • The Group’s significant cash inflow assumptions particularly, the forecast revenue growth and focus on externally funded projects; • The Group’s planned levels of research and development, operational and capital expenditures, and the ability of the Group to manage cash outflows within available funding; Our procedures included: We analysed the cash flow projections by: • Evaluating the underlying data used to generate the projections. We specifically looked for their consistency with the Group’s intentions, as outlined in Directors minutes and strategy documents, and their comparability to past practices. • Analysing the impact of reasonably possible changes in projected cash flow and their timing, to the projected periodic cash positions. Assessing the resultant impact to the ability of the Group to pay debts as and when they fall due and continue as a going concern. The specific areas we focused on were informed from our test results of the accuracy of previous Group cash flow projections and sensitivity analysis on key cash flow projection assumptions. • Assessing the Group’s significant cash inflow assumptions and judgements for feasibility and timing. We used our knowledge of the Group, its industry, and customers trends and executed contracts to assess the level of associated uncertainty. • Assessing the planned levels of research and development, operating and capital expenditures for consistency of relationships and trends to the Group’s historical results, our understanding of the business, industry and economic conditions of the Group. We evaluated the Group’s going concern disclosures in the financial report by comparing them to our understanding of the matter, the INDEPENDENT AUDITOR’S REPORT Other
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 80 INDEPENDENT AUDITOR’S REPORT In assessing this key audit matter, we involved senior audit team members who understand the Group’s business, industry, and the economic environment it operates in. events or conditions incorporated into the cash flow projection assessment, the Group’s plans to address those events or conditions, and accounting standard requirements. Other Information Other Information is financial and non-financial information in Calix Limited’s annual report which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we 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. We are required to report if we conclude that there is a material misstatement of this Other Information and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: preparing 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 in compliance with Australian Accounting Standards and the Corporations Regulations 2001 implementing necessary internal control to enable the preparation of a 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 that is free from material misstatement, whether due to fraud or error assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so.
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 81 INDEPENDENT AUDITOR’S REPORT Auditor’s responsibilities for the audit of the Financial Report Our objective is: 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 Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They 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 the Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our Auditor’s Report. Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Calix Limited for the year ended 30 June 2026, complies with Section 300A of the Corporations Act 2001. Directors’ 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 responsibilities We have audited the Remuneration Report included in pages 31 to 41 of the Annual report for the year ended 30 June 2026. Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001, based on our audit conducted in accordance with Australian Auditing Standards. KPMG Daniel Camilleri Partner Sydney 26 August 2026 Other
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 82 SHAREHOLDER INFORMATION a) Distribution of shareholders Number of shares held Number of ordinary shareholders % of shares 1-1,000 2,201 0.44 1,001-5,000 1,767 2.16 5,001-10,000 679 2.41 10,001-100,000 1,150 16.25 100,001-9,999,999,999 192 78.74 Total 5,989 100.00 There were 1346 holders of less than a marketable parcel of ordinary shares, based on the closing market price on 17 August 2026 of $0.36. b) Class of shares and voting rights All shares are ordinary shares. Each ordinary share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands. c) Substantial shareholders Investor Number of ordinary shares AustralianSuper Pty Ltd 37,425,884 Tiga Trading Pty Ltd and Thorney Technologies Ltd 23,212,872 Nicholas Merriman & Associates 10,966,455 d) Twenty largest shareholders Number of % of Shareholder ordinary shares issued capital J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 39,762,961 18.415% CITICORP NOMINEES PTY LIMITED 17,246,790 7.987% HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 12,750,087 5.905% NICHOLAS MERRIMAN 8,108,286 3.755% THORNEY INTERNATIONAL PTY LTD 6,986,416 3.236% MR PAUL CROWTHER 5,150,000 2.385% UBS NOMINEES PTY LTD 4,526,536 2.096% DR MARK GEOFFREY SCEATS 3,701,268 1.714% MARK GEOFFREY SCEATS <SCEATS SUPERANNUATION FUND> 2,847,344 1.319% MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED <NO 1 ACCOUNT> 2,605,377 1.207% PIGEONS SUPER PTY LIMITED <THE HODGSON FAMILY S/F A/C> 2,461,597 1.140% BNP PARIBAS NOMINEES PTY LTD <HUB24 CUSTODIAL SERV LTD> 2,446,777 1.133% PHIL HODGSON 1,888,309 0.875% MR SAMUEL THOMAS GRECH 1,800,050 0.834% BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 1,719,280 0.796% MR JACOB SHIELDS ULRICH 1,703,133 0.789% JENEIL SUPER PTY LTD <JENEIL SUPER FUND A/C> 1,266,388 0.586% CY CAPITAL PTY LTD 1,240,000 0.574% MR JOHN ANDREW HAMILTON 1,223,639 0.567% MR TIMOTHY JOHN REED & MS KAROLA BRENT <THE PRIVATE FUND S/F A/C> 1,169,000 0.541% Total 120,603,238 55.855%
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 83 GLOSSARY Term Meaning Aluminium (Al) Chemical element with the symbol Al AGM Annual General Meeting ARENA The Australian Renewable Energy Agency ASX The Australian Securities Exchange ARMC Audit and Risk Management Committee ASRS Australian Sustainability Reporting Standards AASB Australian Accounting Standards Board 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 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, relating to the removal of carbon dioxide from the atmosphere 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 EAP Employee Assistance Program 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 GT3 Green 360 Technologies 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 IP Intellectual Property IFRS International Financial Reporting Standards Other
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Calix Limited — Annual Report 2026 About Calix Letter from Chair and CEO FY26 Highlights 84 GLOSSARY Term Meaning 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 KPI Key Performance Indicator KMP Key Management Personnel 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 LTI Long term incentive 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 OAE Ocean Alkalinity Enhancement, a technique to remove atmospheric carbon dioxide via the ocean PCNC People, Culture and Nominations Committee 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 STI Short term incentive Reduce / Reduction The process by which oxygen is removed Reductant A material that, through its chemical properties, carries out reduction. In ironmaking, reduction removes oxygen from iron oxide RDF Refuse-derived fuel – a fuel produced from various types of waste SHE or SHEQ Safety, Health and Environment or Safety, Health, Environment and Quality 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 TSR Total Shareholder Return UJV Unincorporated Joint Venture UNGC The United Nations Global Compact, the world’s largest corporate sustainability initiative USMCA United States-Mexico-Canada free trade agreement VWAP Volume Weighted Average Price ZEAL Calix’s Zero Emissions ALumina technology Zesty Calix’s Zero Emissions Steel Technology
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Business Updates Sustainability Governance FY27 Priorities Directors’ Report Remuneration Report Financial Report Other 85 CONTACT INFORMATION & DISCLAIMER Calix Limited Suite 201, Building 1 20 Bridge St, Pymble NSW 2073 Australia Phone: +61 (2) 8199 7400 General email: enquiries@calix.global Investor email: investorrelations@calix.global Website: calix.global ABN: 36 117 372 540 Auditor KPMG Level 38, Tower Three, International Towers 300 Barangaroo Avenue Sydney NSW 2000 Australia Phone: +61 (2) 9335 7000 Securities Exchange listing Calix Limited shares are listed on the Australian Securities Exchange (ASX). ASX code: CXL Share registry Boardroom Pty Ltd Street address: Level 8, 210 George Street, Sydney NSW 2000 Postal address: GPO Box 3993, Sydney NSW 2001 Australia phone: 1300 737 760 International phone: +61 (2) 9290 9600 Email: enquiries@boardroomlimited.com Website: boardroomlimited.com.au Disclaimer This Report has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”). Summary information This Report contains summary information about the Company and its subsidiaries (“Calix”) and their activities current as at 26 August 2026. The information in this report is general background and does not purport to be complete. Future Performance This Report contains certain “forward-looking statements”. The words “expect”, “future”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” 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 report 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 report 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 report speak only as of the date of this report. 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 report 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 report will under any circumstances create an implication that there has been no change in the affairs of Calix since the date of this report. designdavey Contact us to learn more, join, partner or contribute in another way. Visit: calix.global Email: enquiries@calix.global You can subscribe to Calix’s newsletter and company updates via our website, and follow Calix on LinkedIn, Twitter/X and YouTube. Calix is committed to sustainable practices. This means we try to reduce printing where possible or we print on 100% recycled paper if printing is necessary. We appreciate your support in this important initiative. Other
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Calix is committed to sustainable practices. This means we try to reduce printing where possible or we print on 100% recycled paper if printing is necessary. We appreciate your support in this important initiative.