Slide 1: H1 2026 Results
RESULTS PRESENTATION H1 2026 Results AUGUST 2026
Slide 2: Disclaimer
Disclaimer Important Notice This document and any accompanying oral presentation (together the “Presentation”) does not constitute The Company’s securities have not been, and will not be, registered under the US Securities Act of 1933 or form part of any offer or invitation to sell or issue, or any
Slide 3: Integrated Mining Services Provider
Integrated Mining Services Provider • Five Key Pillars • End-to-end drilling • Load and haul services • Comprehensive • Investing in exploration services from exploration for mining operations geochemical analysis and mining companies through production • Modern, high-tech drill • Focused on niche •
Slide 4: H1 2026 Highlights
H1 2026 Highlights Strong H1 2026 Financial Performance • Group revenues increased 37.6% • Group Adjusted EBITDA margins increased to 25.0% • Strong balance sheet position with Net Debt / Adjusted EBITDA of 0.4x • Group price-to-book is 0.8x Record MSALABS Performance • Record H1 revenue of $44.7 mi
Slide 5: H1 2026 Financial Overview
H1 2026 Financial Overview Revenue $219.0m EBIT $31.8m H1 2025: $159.2m H1 2025: $16.2m 37.6% 96.3% Adjusted EBITDA1 $54.7m EBIT margin 14.5% H1 2025: $32.1m H1 2025: 10.2% 70.4% Adjusted EBITDA Adjusted Return On Capital margin1 25.0% Employed3 18.7% H1 2025: 20.2% H1 2025: 11.5% Adjusted Cas
Slide 6: Financial Results
Financial Results
Slide 7: H1 2026 Profit & Loss
H1 2026 Profit & Loss Margins improved on the back of strong operating results % CHANGE FROM Revenue STATEMENT OF PROFIT AND LOSS H1 2026 H1 2025 H1 2025 • Increase driven by strong performance across all three Revenue 219.0 159.2 37.6% divisions, led by record H1 revenues from MSALABS and contribut
Slide 8: H1 2026 Cash Flows
H1 2026 Cash Flows Poised to improve in H2 2026 % CHANGE FROM STATEMENT OF CASH FLOWS H1 2026 H1 2025 H1 2025 Operating Cash Flows Operating cash before working capital changes 65.5 38.7 69.3% • Decreased due to unfavourable working capital Working capital (16.0) 23.3 (168.7%) movements and higher t
Slide 9: H1 2026 Financial Position
H1 2026 Financial Position Healthy balance sheet capacity Net Debt Gross Debt and Net Debt • H1 2026 Net Debt excluding investments of 150 $43.3 million; – Increased due to unfavourable working capital movements; 100 – Increased due to participation in WIA Gold and Asara equity raises; and 50 – Decr
Slide 10: H1 2026 Dividend
H1 2026 Dividend Consecutive dividend payments since 2014 • 2026 interim dividend declared of 1.3 cps (2025: 1.3 cps) Returns to Shareholders Operational and Strategic (dividends / Investments • Capital has consistently delivered shareholder value through dividends since buybacks) 2014: • “…the Boar
Slide 11: Growth and Outlook
Growth and Outlook
Slide 12: Group Revenues Guidance Increased to $430 - $450 million
Group Revenues Guidance Increased to $430 - $450 million Strong growth across all divisions Diversified Offering Has Grown Revenues Annual Revenue 2020 – 2026E ($m) • Group revenue guidance increased to $430 - $450 million (from $410 - $440 million) 500 • Non-drilling revenue is 40% of Group revenue
Slide 13: Returns Rebounding
Returns Rebounding Returning to Growth Margins Returned to Target Levels Adjusted EBITDA ($m)1, Adjusted EBITDA margin (%) and ROCE (%)2 • Drilling business expanding across key growth areas and 60 40% consolidating into preferred markets 35% • MSALABS contributed to group profitability 50 • Mining
Slide 14: Trusted partner of the major mining companies
Trusted partner of the major mining companies Capital Continues to Provide a Best-in-Class Offering Blue Chip Customer Portfolio1 • Preferred partner on major projects: ability to mobilise at scale • Long history of renewals on Tier 1 projects: trusted, high-quality drilling, mining and laboratory s
Slide 15: MSALABS
MSALABS Fast growing division, improving profitability Exceptional Growth MSALABS revenue ($m) and Adjusted EBITDA margin (%) • H1 revenue of $44.7 million, up 44.7% on H1 2025 100 50% Adjusted EBITDA margin increased to 16.6% in H1 2026, up Millions • 90 45% from 4.8% in H1 2025 50% CAGR1 80 2020 –
Slide 16: Mining Venture Capital Fund
Mining Venture Capital Fund Achieved CAGR of 59.9%, IRR of 44.4% and MOIC of 2.5x since 2019 33 10 2 Demonstrable Record Of Identifying Opportunities • Trusted mining and exploration partner • Proprietary deal flow driven by extensive site presence Significant Holdings: Total invested over Minor Hol
Slide 17: Supportive Commodity Prices
Supportive Commodity Prices Supportive Commodity Prices Market Conditions To Drive Exploration Spend 500 160 Last Cycle Peak 55% - 65% lower than 16 140 previous cycle peak 14 Mining Exploration Budget ($bn) 400 Top 30 Miner’s Capex ($bn) 120 12 300 100 10 80 8 200 60 6 100 40 4 20 2 - 2010 2011 201
Slide 18: Guidance and Outlook
Guidance and Outlook Group revenue guidance increased Mining Sector – Free Cash Flow 2026 Group Guidance 20 15 $430 - $450 million Group Revenue 10 (increased from $410 - $440 million) $bn 5 - MSALABS Revenue $85 - $95 million (5) (10) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Slide 19: Q&A
Q&A
Slide 20: Appendices
~ | Appendices
Slide 21: Investment Case
Investment Case Integrated Tier-one Strong Strategic Valuation Business Client Growth And Positioning In Upside Model Portfolio Returns Mining Cycle • Full-cycle mining services • Long-term relationships • High growth and margin • Exposure across all stages of • Current market valuation platform spa
Slide 22: Established Global Operations
Established Global Operations 3,250 employees globally1 17 operating countries2 131 rigs drilling fleet size1 33 no. of labs2 90 Operations productive mining fleet1 MSALABS Franchises Corporate Offices 22 1. 2. As at 30 June 2026 Excluding five MSALABS franchises
Slide 23: Shareholding Overview
Shareholding Overview Shareholding Breakdown LSE Information LSE stock symbol CAPD Directors Shares on issue (at 30 June 2026) 225,701,590 Other Share price (at 19 August 2026) 107.75p Market Capitalisation £243.2m | US$330.9m Aberforth Partners Share Performance Since 2015 (100 = 31 Dec 2014) 1,000
Slide 24: Peer Group
Peer Group Market Net Debt / Enterprise Performance1 Cash Debt2 EV / EBIT (x) P / Book1 Div. Yield1 Company Cap1 (Cash)2 Value (12M) ($m) ($m) ($m) ($m) ($m) 2025a 2026e 2027e (x) (%) (%) DRILLING CONTRACTORS Major Drilling Group 960 46 32 (14) 945 50.3x 12.0x 6.9x 2.4x 0.0% 79% Foraco International
Slide 25: H1 2026 Revenue Diversification
H1 2026 Revenue Diversification Region Services Activity Location 6% 15% 16% 21% 40% 40% 25% 28% 20% 60% 17% 17% 11% 84% MENA Drilling Exploration Mine Site CAF / WAF Non-drilling Development Non-mine Site S/EAF Production NAM Underground MSALABS Mining 25
Slide 26: Non-Statutory Metrics
Non-Statutory Metrics Reconciliation to underlying results Adjusted EBITDA % CHANGE FROM Reconciliation to Non-Statutory Metrics H1 2026 H1 2025 H1 2025 • Adjusted EBITDA metric is used as a proxy for operating EBITDA 61.6 37.7 63.4% cash generated by the business Cash cost of leases (8.1) (7.3) 11.
Slide 27: Historical Financials
Historical Financials FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Revenue 119.4 116.0 114.8 135.0 226.8 290.3 318.4 348.0 345.8 Adjusted EBITDA1 24.3 28.3 27.0 33.4 72.4 86.4 91.8 78.6 79.5 Operating Profit 11.7 14.8 16.6 21.6 51.9 59.7 60.3 37.9 46.6 Investment Gain / (Loss) - (0
Slide 28: Capital Innovation Initiatives
Capital Innovation Initiatives Leading innovation and technology adoption • Invested in Eco Detection, a real-time, in-situ water monitoring technology. Real Time Water • Exclusive distribution rights for the mining industry Quality Monitoring Rig Site • Supplying directional drilling and geophysica
Slide 29: Board of Directors
Board of Directors Extensive Industry Experience, Solid Complement of Skills Executive Non-Executive Jamie Boyton Brian Rudd Michael Rawlinson Graeme Dacomb Catherine (Cassie) Anu Dhir Alex Davidson Boggs • Over 30 years’ experience • Over 40 years’ experience • Over 30 years’ investment • Appointed
Slide 30: Company Contact Details
Company Contact Details Capital Limited UK Brokers UK Public Relations Jamie Boyton Tamesis Partners LLP FTI Consulting Executive Chairman 125 Old Broad Street, London EC2N 1 AR 200 Aldersgate Street London EC1A 4HD jamie.boyton@capdrill.com Telephone: +44 20 3882 2868 Telephone: +44 20 3727 1000 Ri