Perenti Limited · ASX:PRN
Perenti — H1 2026 Earnings Presentation
19 slides from Perenti's earnings presentation, Feb 23, 2026
Slide 1: 1H26 Results Presentation
1H26 Results Presentation February 2026
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation and these materials (together the “Presentation”) have been prepared by Perenti You should consult your own advisors as to legal, tax, financial and related matters and conduct Limited ABN 95 009 211 474 (ASX:PRN) (“Perenti”) as a summary of Perenti’
Slide 3: Our diversified portfolio
Our diversified portfolio At Perenti, our purpose is to create enduring value and certainty. We empower our diverse and talented people, care for our communities and collaborate with our clients to deliver smarter solutions for a better future. Ultimately our focus on our people, communities and cli
Slide 4: 1H26 | Consistent delivery and earnings growth
1H26 | Consistent delivery and earnings growth REVENUE EBITDA EBIT(A) • EBITDA for 1H26 saw a slight decrease following the conclusion of the $1.73B $317M $160M Botswana underground project at the end of FY25. In line with 1H25 q 2% on 1H25 p 3% on 1H25 • EBIT(A) increased to a new first half record
Slide 5: People | Safety of our people remains our first priority
People | Safety of our people remains our first priority Our people are central to the success of our business and we continue to strive for no adverse life-changing events to our people. This goal is supported by a continuous development approach. In 1H26, multiple safety and cultural initiatives w
Slide 6: Group Performance | Consistent earnings and improved margin
Group Performance | Consistent earnings and improved margin REVENUE EBITDA EBIT(A) EBIT(A) Margin $1,729M In line with 1H25 $317M ▼ 2% vs 1H25 $160M ▲ 3% vs 1H25 9.3% ▲ 29 bps vs 1H25 1,710 1,730 1,759 1,729 332 346 178 10.1% 323 317 166 9.7% 155 160 9.0% 9.3% 2H24 1H25 2H25 1H26 2H24 1H25 2H25 1H26
Slide 7: Contract Mining | Portfolio transition improves earnings quality
Contract Mining | Portfolio transition improves earnings quality REVENUE EBITDA EBIT(A) EBIT(A) Margin $1,216M ▼ 3% vs 1H25 $239M ▼ 5% vs 1H25 $135M ▲ 1% vs 1H25 11.1% ▲ 42 bps vs 1H25 1,247 1,250 1,269 1,216 268 270 152 153 12.2% 12.0% 252 135 239 134 11.1% 10.7% 2H24 1H25 2H25 1H26 2H24 1H25 2H25
Slide 8: Drilling Services | Demand increasing with margins set to follow
Drilling Services | Demand increasing with margins set to follow REVENUE EBITDA EBIT(A) EBIT(A) Margin $422M ▲ 9% vs 1H25 $81M ▲ 1% vs 1H25 $42M ▼ 2% vs 1H25 10.0% ▼ 1.1 % vs 1H25 422 80 81 11.1% 388 390 78 43 10.5% 363 41 42 10.0% 62 26 7.2% 2H24 1H25 2H25 1H26 2H24 1H25 2H25 1H26 2H24 1H25 2H25 1H
Slide 9: Mining and Technology Services | Improving in a competitive market
Mining and Technology Services | Improving in a competitive market REVENUE EBITDA EBIT(A) EBIT(A) Margin $90M ▼ 2% vs 1H25 $17M ▲ 40% vs 1H25 $5M ▲ 96% vs 1H25 5.8% ▲ 2.9 % vs 1H25 100 100 92 23 90 19 11.6% 17 12 8.8% 12 9 5.8% 5 3 2.9% 2H24 1H25 2H25 1H26 2H24 1H25 2H25 1H26 2H24 1H25 2H25 1H26 2H2
Slide 10: Financial Results | Underlying profit and loss
Financial Results | Underlying profit and loss $M1 1H25 1H26 Change • The improved EBIT(A) margin was underpinned by: Revenue 1,730 1,729 — 0% • improved performance in Contract Mining driven by the replacement of the underperforming contract in Botswana; EBITDA 323 317 q 2% • consistent delivery fr
Slide 11: Financial Results | Statutory reconciliation to underlying
Financial Results | Statutory reconciliation to underlying $M REVENUE EBITDA EBIT NPAT • Expected FY26 amortisation remains unchanged at circa $30 Statutory Results 1,728.7 308.6 131.8 70.5 million, reducing in 2H26 upon completion of the Yaramoko Amortisation of Customer Related Intangibles (CRI) —
Slide 12: Financial Results | Cash flow and cash conversion
Financial Results | Cash flow and cash conversion $M 1H25 1H26 Change 1H26 (A) • Normalised free cash flow of $33.1 million, representing cash conversion of 77% after adjusting for late debtors received in Operating cash flows (before interest and tax) 228.9 193.1 q (35.9) 243.4 p January 2026 of $5
Slide 13: Financial Results | Balance Sheet
Financial Results | Balance Sheet $M 30 JUNE 2025 31 DEC 2025 $M 31 DEC 2024 30 JUNE 2025 31 DEC 2025 Cash and cash equivalents 481 275 Gross Debt 863 786 660 Trade and other receivables 569 615 Cash (265) (481) (275) Inventories 289 285 Net Debt 598 305 385 Property, plant and equipment 1,200 1,200
Slide 14: Balanced approach to capital allocation
Balanced approach to capital allocation • Disciplined capital allocation remains a key focus to generating long-term returns for shareholders. • Multiple years of effective capital allocation has built the foundation for the strong free cash flow that the business is delivering. • Allocation to divi
Slide 15: Outlook | Work in hand and Pipeline
Outlook | Work in hand and Pipeline • Work in hand decreased in line with revenue during 1H26 but has been partially replaced by the Dalgaranga contract, expansion at existing projects and several smaller contract wins, particularly in Drilling Services. • The pipeline of opportunity remains strong
Slide 16: Evolving Portfolio | Strategy delivering scale and diversification
Evolving Portfolio | Strategy delivering scale and diversification FY19 FY26 Revenue: $1,638M Revenue: $3,500M1 • Strategic execution has transformed the Contract Mining Perenti portfolio since the combination of Service Drilling Services Mining and Tech Services Ausdrill and Barminco in 2019. • All
Slide 17: FY26 | Revised guidance, free cash flow to improve
FY26 | Revised guidance, free cash flow to improve • Scale of the portfolio has allowed for an evolution of the revenue mix, building a more resilient business. • The recent uplift in the AUD:USD exchange rate has reduced expectations at the top end of revenue and EBIT(A) guidance. • Delayed deploym
Slide 18: Thank you
Thank you Perenti is an ASX listed, diversified mining services group with interests in contract mining, drilling services and mining and technology services. Headquartered in Perth and with offices and operations across four continents, we are focused on creating enduring value and certainty for ou
Slide 19: Appendix: 1H26 revenue breakdown
Appendix: 1H26 revenue breakdown Revenue by Project (%) Group Contract Mining Drilling Services Mining & Technology Services1 Top Project 7% 9% 7% 65% Top 2-10 projects 45% 64% 34% 29% Top 11-20 projects 18% 22% 18% 6% All others 30% 5% 41% 1% Revenue by Country/Region (%) Group Contract Mining Dril