Slide 1: Full Year Results
FULL YEAR RESULTS For the year ended 30 June 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 INTRODUCTION OPERATIONS FINANCIALS OUTLOOK APPENDIX 2026 FULL YEAR RESULTS
Slide 4: Introduction
4 2026 FULL YEAR RESULTS INTRODUCTION
Slide 5: Market Profile
5 MARKET PROFILE ASX INFORMATION BOARD OF DIRECTORS ASX Stock Symbol MSV Nathan Mitchell Executive Chairman Shares on Issue (at 20/08/2026) 212,450,530 Peter Miller Non-Executive Director Share Price (at 20/08/2026) A$0.535 Robert Douglas Non-Executive Director Market Capitalisation A$113.7m Neal O’
Slide 6: FY26 Business Summary
6 FY26 BUSINESS SUMMARY REVENUE $207.4m EBITDA $42.8m PROFIT AFTER TAX $15.2m 5% 67% 30x FROM $196.7m in FY25 FROM $25.7m in FY25 FROM $0.5m in FY25 OPERATING CASHFLOW $37.4m CAPITAL MANAGEMENT RETURN ON INVESTED CAPITAL 25.2% 109% 6.0cps 23% 2026 FULL YEAR RESULTS FROM $17.9m in FY25 TOTAL FULLY FR
Slide 7: Overview
7 OVERVIEW ▪ Earnings are underpinned by high-quality clients that operate on sites that are generally lowest on the cost curve ▪ 75% of revenue is derived from global mining majors ▪ Gold represents circa 60% of revenue ▪ 80% of revenue is from production, development and resource definition drilli
Slide 8: Capital Management Performance
8 CAPITAL MANAGEMENT PERFORMANCE Net debt journey - $42.5m improvement in 4 years $42m ▪ In late FY22, after a material organic growth strategy, the $35m Company outlined a capital management strategy to $28m $21m reduce leverage and maximise cash returns to $14m shareholders whilst continuing to gr
Slide 9: Operations
9 2026 FULL YEAR RESULTS OPERATIONS
Slide 10: Operational Update
10 OPERATIONAL UPDATE ▪ High level of operational execution delivered an EBITDA margin above 20% with fewer rigs running vs previous year ▪ Operating rigs reached a low of 59 following the final anticipated Queensland coal related demobilisation. ▪ The strong financial result was delivered with an a
Slide 11: Operational Update
: OPERATIONAL UPDATE • Customer 1 • First project successfully completed in FY25 • Customer 2 • Initial feasibility and consulting completed • Drilling commenced in Q4 FY26 for a project that includes full in-field services. Initial indications are positive • Multiple other customers • Initial feasi
Slide 12: Financials
2026 FULL YEAR RESULTS 12 FINANCIALS
Slide 13: Profit and Loss
13 PROFIT AND LOSS EARNINGS STEP-CHANGE AS FY25 INVESTMENTS CONVERT TO BUSINESS AS USUAL $45m $42.8m $30m $25.7m $20.8m $15m $15.2m $0.7m $0.5m $0m FY25 FY26 2026 FULL YEAR RESULTS EBITDA EBT NPAT ▪ Revenue of $207.4m (up 5.4%) converted into EBITDA of $42.8m (up 66.5%) — an EBITDA margin of 20.7% a
Slide 14: Return on Invested Capital
14 RETURN ON INVESTED CAPITAL MORE EARNINGS FROM LESS CAPITAL $80m 30.0% 25.2% 25.0% $60m $65.0m $62.7m 20.0% $40m 15.0% 10.0% $20m $24.8m $22.4m $21.5m 5.0% 2.0% $1.9m $0m 0.0% FY25 FY26 ROIC (%) PPE & Intangibles Working capital EBIT 2026 FULL YEAR RESULTS ▪ The material increase in FY26 earnings
Slide 15: Balance Sheet
15 BALANCE SHEET NET ASSETS UP 11.9% ON A SMALLER WORKING CAPITAL BASE 30-Jun-26 30-Jun-25 Change $000's $000's % Balance Sheet Summary ▪ Overall increase in net asset position due Current assets 57,248 45,345 26.2 to the strong NPAT achieved in FY26 Non-current assets 66,216 65,926 0.4 ▪ Net workin
Slide 16: Cash Flow
16 CASH FLOW OPERATING CASH FUNDED THE FLEET, THE DIVIDEND AND MOVE TO NET CASH OPERATING CASH FLOW SUMMARY FY26 FY25 Change ▪ FY26 Cash flow from operating activities is 108.6% greater than FY25 driven by improved earnings in the $000's $000's % current year Receipts from customers 225,042 216,003
Slide 17: Debt Profile
17 DEBT PROFILE NET CASH POSITION PROVIDES ULTIMATE FLEXIBILITY ▪ The Company closed June 2026 in a net cash position FACILITIES of $3.5m 30-Jun-26 30-Jun-25 Movement ▪ Gross debt, comprising equipment finance only, $000's $000's $000's reduced by a further 11% to $8.7m Equipment finance (8,658) (9,
Slide 18: Capital Expenditure
18 CAPITAL EXPENDITURE CONTINUATION OF DISCIPLINED CAPITAL ALLOCATION ▪ The Company remains committed to a capital management framework that includes the application YEAR ON YEAR CAPITAL EXPENDITURE of sensible limits to capital expenditure ▪ FY26 spend was largely restricted to essential maintenanc
Slide 19: Outlook
2026 FULL YEAR RESULTS 19 OUTLOOK
Slide 20: FY27 Strategy
20 FY27 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 21: Why Mitchell Services
21 WHY MITCHELL SERVICES EBITDA, UP 67% EBITDA MARGIN AVERAGE RIG COUNT $42.8m 20.7% 62 of 90 NPAT of $15.2m against $0.5m in FY25, Up from 13.1% - approximately 750 basis Leverage within the idle fleet as rig count with EBIT more than 10x higher points on revenue growth of 5% expected to increase i
Slide 22: Summary
22 SUMMARY ▪ Quality brand with long history and high-quality clients ▪ Fundamental improvement across all financial metrics when compared to previous reporting period ▪ The strong financial performance drove the balance sheet to a net cash position of $3.5m ▪ Operational leverage within the busines
Slide 23: Appendix
2026 FULL YEAR RESULTS 23 APPENDIX
Slide 24: 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 25: 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 26: Definitions
26 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 27: 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