Orica Limited has reported an impressive half‐year performance for 2025, with robust earnings and strong operational momentum across its global operations. The company’s leadership underscored its commitment to safety and sustainability, highlighting that it achieved its lowest serious injury case rate to date and is well on track to meet its accelerated climate targets—with a notable milestone of eliminating one million tonnes of greenhouse gas emissions at its Kooragang Island site. Financial highlights show that key performance metrics were significantly positive over the prior corresponding period. Earnings before interest and tax (EBIT) climbed by 34% to A$472.3 million, driven by stronger customer demand for premium products in the Blasting Solutions segment and solid results in Digital Solutions and Specialty Mining Chemicals. Core financial metrics also include a 40% increase in net profit after tax before significant items to A$250.8 million; earnings per share increased from 38.8 cents to 51.5 cents; and a strengthened cash flow position, with net operating cash flow rising by 29% to A$244.9 million. An interim dividend was raised to 25 cents per share, and the company has announced an on-market share buy-back program of up to A$400 million, reinforcing its capital allocation strategy. The company’s strategic focus on a diverse business portfolio and a refreshed capital management framework has resulted in stable leverage, with a leverage ratio (excluding lease liabilities) of 1.45x, comfortably positioned within its target range. In addition, significant contributions from advanced technology offerings and strong performance across all regions—supported by a global manufacturing and supply chain network—have underpinned these impressive results. Looking ahead, Orica’s management is confident that the positive momentum will continue through FY2025 and into 2026. Expectations include further EBIT improvements across all regions, steadiness in capital expenditure levels, and a disciplined approach to navigating geopolitical uncertainties. The company also highlighted growth drivers for 2026, including ongoing demand for premium blasting solutions, enhanced production in Specialty Mining Chemicals, and the expanding role of digital technologies in its portfolio. Market sentiment appears mixed. On the bullish side, the strong earnings growth, disciplined capital management, elevated cash generation, and proactive sustainability initiatives are likely to reassure investors and drive confidence in the company’s future prospects. On the bearish side, the reported statutory net loss, which was influenced by significant restructuring and impairment costs—particularly in Latin America—along with the modest rise in net debt, may raise concerns about short-term operational challenges and the impact of ongoing geopolitical volatility.