Mitchell Services Limited · ASX:MSV
Mitchell Services — Investor Presentation (February 2026)
21 slides from Mitchell Services's investor presentation, Feb 19, 2026
Slide 1: Half Year Results Financial Year 2026
HALF YEAR RESULTS FINANCIAL YEAR 2026 ASX:MSV
Slide 2: Disclaimer
2 DISCLAIMER This investor presentation has been prepared by Mitchell Services Limited (“the Company”). The information contained in this presentation does not take into account the investment Information in this presentation is of a general nature only and should be read in conjunction with objecti
Slide 3: Agenda
3 AGENDA 1. MARKET PROFILE 2. 1H26 BUSINESS SUMMARY 3. CAPITAL MANAGEMENT PERFORMANCE 4. OVERVIEW 5. OPERATIONAL UPDATE 6. PROFIT AND LOSS 7. RETURN ON INVESTED CAPITAL 8. BALANCE SHEET 9. CASH FLOW 10. DEBT PROFILE 1H26 RESULTS PRESENTATION 11. CAPITAL EXPENDITURE 12. FY26 STRATEGY 13. SUMMARY 14.
Slide 4: Market Profile
4 MARKET PROFILE ASX INFORMATION BOARD OF DIRECTORS ASX Stock Symbol MSV Nathan Mitchell Executive Chairman Shares on Issue (at 18/02/2026) 211,962,408 Scott Tumbridge Non- Executive Director Share Price (at 18/02/2026) A$0.435 Peter Miller Non-Executive Director Market Capitalisation A$92.2m Robert
Slide 5: 1H26 Business Summary
5 1H26 BUSINESS SUMMARY REVENUE $102.4m EBITDA $21.4m PROFIT AFTER TAX $8.1m 3% FROM $99.4m in 1H25 69% FROM $12.7m in 1H25 28x FROM $0.3m loss in 1H25 OPERATING CASHFLOW $20.8m CAPITAL MANAGEMENT RETURN ON INVESTED CAPITAL 27.0% 97% 4.0cps 27% 1H26 RESULTS PRESENTATION FROM $10.6m in 1H25 FULLY FRA
Slide 6: Capital Management Performance
6 CAPITAL MANAGEMENT PERFORMANCE Net debt journey - $46m improvement in 3.5 years $42m $35m ▪ $73m in capital redeployed – debt eliminated, $28m shareholders rewarded $21m $14m ▪ In late FY22 the Company outlined a capital management $7m strategy to reduce leverage and maximise cash $0m returns to s
Slide 7: Overview
7 OVERVIEW ▪ Strong 1H26 profit drove balance sheet to a net cash position ▪ High quality revenue streams have enabled the Company to generate strong cash flow o 80% of revenue is from global mining majors o Revenue is split circa 50% surface drilling & 50% underground drilling o Gold represents cir
Slide 8: Operational Update
8 OPERATIONAL UPDATE ▪ In FY25 the Company significantly invested in newly won projects and service offerings, specifically: ▪ entering the PNG market; ▪ the provision of decarbonisation solutions via joint venture Loop Decarbonisation Solutions (Loop) and; ▪ the award of other material multi-rig, m
Slide 9: Operational Update
: OPERATIONAL UPDATE • Customer 1 • First project successfully completed in FY25 Q4 • Customer 2 • Initial feasibility and consulting work currently in progress • Contract executed for full in field management of the decarbonisation project to commence shortly • Multiple other customers • Initial fe
Slide 10: The Loop Full-Service Offering
THE LOOP FULL-SERVICE OFFERING From concept through to execution, our unique capabilities We integrate all aspects of the decarbonisation solution, allow us to manage the decarbonisation solution from end- including health, management systems, safety and to-end. environmental risk. Our extensive ope
Slide 11: Decarbonisation: An Opportunity in Disguise
Corporate Strategy Global corporates are aligning decarbonisation DECARBONISATION:AN strategies to net zero by 2050 with interim targets by 2030. OPPORTUNITY IN DISGUISE WHAT’S DRIVING CHANGE? Safeguard Mechanism The Safeguard Mechanism has commenced, The transition toward a clean energy future is h
Slide 12: Profit and Loss
12 PROFIT AND LOSS Materially greater earnings due to improved operating conditions $25m $21.4m $15m $12.7m $10.2m $8.1m $5m ($0.5m) ($0.3m) 1H25 1H26 -$5m 1H26 RESULTS PRESENTATION EBITDA EBT NPAT ▪ 1H26 includes a non-cash impairment loss of approx. $1.4m relating to a drill rig and ancillary gear
Slide 13: Return on Invested Capital
13 RETURN ON INVESTED CAPITAL $80m 40.0% $60m $67.2m 30.0% $59.5m $40m 20.0% $20m 10.0% $19.8m $19.9m $21.4m ($0.1m) $0m 0.0% 1H25 1H26 -$20m -10.0% 1H26 RESULTS PRESENTATION PPE & Intangibles Working capital EBIT (annualised) ROIC (%) ▪ The material increase in earnings in 1H26 has realised a ROIC
Slide 14: Balance Sheet
14 BALANCE SHEET MATERIAL IMPROVEMENTS FROM ALREADY STRONG FY25 POSITION 31 Dec 25 30 Jun 25 Change • Overall increase in net asset position due to $000's $000's % the strong NPAT recorded in 1H26 Balance Sheet Summary Current assets 52,317 45,345 15.4 ▪ Net working capital has decreased 19.8% Non-c
Slide 15: Cash Flow
15 CASH FLOW OUTSTANDING CASH FLOW PERFORMANCE RELATIVE TO EARNINGS OPERATING CASH FLOW SUMMARY ▪ 1H26 Cash flow from operating activities is 1H26 1H25 Change 96.7% greater than 1H25 driven by improved $000's $000's % earnings in the current period. Receipts from customers 119,518 114,591 4.3 ▪ EBIT
Slide 16: Debt Profile
16 DEBT PROFILE NET CASH POSITION PROVIDES ULTIMATE FLEXIBILITY FACILITY ▪ The Company closed December 2025 in a net cash position of $7.2m 31 Dec 25 30 Jun 25 Movement ▪ Gross debt (comprising equipment finance only) $000's $000's $000’s reduced by a further 15% to $8.3m. Equipment finance (8,256)
Slide 17: Capital Expenditure
17 CAPITAL EXPENDITURE CONTINUATION OF DISCIPLINED CAPITAL ALLOCATION YEAR ON YEAR CAPITAL EXPENDITURE ▪ The Company remains committed to its Capital $24m Management Strategy which includes the application of sensible limits to capital expenditure $20m $16m ▪ 1H26 capex was largely restricted to ess
Slide 18: FY26 Strategy
18 FY26 STRATEGY ▪ The strategy is to optimise the long-term growth of the business and returns to shareholders by: ▪ Continuing to improve the profitability of the existing business ▪ Capitalising on the growing pipeline of drilling opportunities in the mining sector. ▪ With a strong balance sheet
Slide 19: Summary
19 SUMMARY ▪ Quality brand with long history and high-quality revenue streams ▪ Fundamental improvement across all financial metrics when compared to previous reporting period ▪ The strong financial performance drove balance sheet to a net cash position of $7.2m ▪ Operational leverage within the bus
Slide 20: Definitions
20 DEFINITIONS Capex Capital expenditure Cash Conversion The ratio of A to B; where A is the reported cash flows from operating activities and B is the reported EBITDA Ratio Earnings before interest, tax, depreciation and amortisation; calculated as NPAT plus income tax expense plus finance charges
Slide 21: Contact
CONTACT Andrew Elf Chief Executive Officer 112 Bluestone Circuit Seventeen Mile Rocks Qld 4073 PO Box 3250 Darra Qld 4076 P: 07 3722 7222 M: 0413 608 018 E: a.elf@mitchellservices.com.au
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