Slide 1: Full Year Results Financial Year 2025
FULL YEAR RESULTS FINANCIAL YEAR 2025 rsonal use only ASX:MSV
Slide 2: Disclaimer
2 DISCLAIMER rsonal use only 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 conjunct
Slide 3: Agenda
3 1. MARKET PROFILE AGENDA 2. FY25 BUSINESS SUMMARY rsonal use only 3. OVERVIEW 4. OPERATIONAL UPDATE 5. OPERATIONAL HISTORY 6. PROFIT AND LOSS 7. RETURN ON INVESTED CAPITAL 8. BALANCE SHEET 9. CASH FLOW 10. DEBT PROFILE 11. CAPITAL EXPENDITURE 2025 FULL YEAR RESULTS 12. FY26 STRATEGY 13. SUMMARY 14
Slide 4: Market Profile
4 MARKET PROFILE rsonal use only ASX INFORMATION BOARD OF DIRECTORS ASX Stock Symbol MSV Nathan Mitchell Executive Chairman Shares on Issue (at 20/08/2025) 211,962,408 Scott Tumbridge Non- Executive Director Share Price (at 20/08/2025) A$0.28 Peter Miller Non-Executive Director Market Capitalisation
Slide 5: FY25 Business Summary
5 FY25 BUSINESS SUMMARY rsonal use only REVENUE EBITDA PROFIT AFTER TAX $196.7m $25.7m $0.5m 17% from FY24 36% from FY24 94% from FY24 OPERATING CASHFLOW SAFETY PERFORMANCE RETURN ON INVESTED CAPITAL $17.9m INDUSTRY LEADING 2.0% 2025 FULL YEAR RESULTS SAFETY CULTURE 58% from FY24 88% from FY24
Slide 6: Overview
6 OVERVIEW rsonal use only ▪ FY25 represented a transitional year for the company, with a significant investment into new projects to replace reduced utilisation ▪ All major FY25 expiring contracts re-won. ▪ The Company will enter FY26 ex mobilisations and ramp up ▪ Significant leverage within the b
Slide 7: Operational Update
7 OPERATIONAL UPDATE rsonal use only ▪ FY25 was impacted by a reduction in utilisation attributable to a variety of factors including: ▪ The underground fire event at Grosvenor mine ▪ Temporary shutdowns at Oaky Creek (water inrush event) and Moranbah North (underground gas incident) ▪ Mining indust
Slide 8: Operational History
8 OPERATIONAL HISTORY LEVERAGE TO THE UPSIDE WHEN UTILISATION NORMALISES rsonal use only HISTORICAL UTILISATION AND EBITDA $48m 60,000 ▪ High quality fleet ▪ Larger portion under utilised in FY25 $40m ▪ EBITDA exceeded $40m in FY23 and $32m 40,000 FY24 when shift count exceeded 40,000 ▪ Net debt dec
Slide 9: Operational Update: Loop
: OPERATIONAL UPDATE • 50/50 joint venture between MSV and Talisman rsonal use only • Two customers to date • Customer 1 • First project successfully completed • Customer 2 • Initial feasibility and consulting work currently in progress • Letter of Intent (LOI) issued to engage Loop for the full in
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 rsonal use only to-end. environmental risk. O
Slide 11: Decarbonisation: An Opportunity in Disguise
Corporate Strategy Global corporates are aligning decarbonisation DECARBONISATION:AN strategies to net zero by 2050 with interim rsonal use only targets by 2030. OPPORTUNITY IN DISGUISE WHAT’S DRIVING CHANGE? Safeguard Mechanism The Safeguard Mechanism has commenced, The transition toward a clean en
Slide 12: Profit and Loss
12 PROFIT AND LOSS Earnings impacted by reduced utilisation combined with mobilisation costs for newly won contracts rsonal use only $45m $40.4m $30m $25.7m $15m $13.3m $9.2m $0.7m $0.5m $0m FY24 FY25 2025 FULL YEAR RESULTS EBITDA EBT NPAT ▪ FY25 EBITDA of $25.7m is down on FY24 ($40.4m) primarily d
Slide 13: Return on Invested Capital
13 RETURN ON INVESTED CAPITAL rsonal use only $80m 20.0% 16.0% $60m $68.5m $65.0m 12.0% $40m 8.0% $20m $24.8m 4.0% $20.2m $14.8m $1.9m $0m 0.0% FY24 FY25 PPE & Intangibles Working capital EBIT ROIC (%) 2025 FULL YEAR RESULTS ▪ ROIC has decreased from 16.5% in FY24 to 2.0% in FY25 owing to the reduce
Slide 14: Balance Sheet
14 BALANCE SHEET BALANCE SHEET REMAINS STRONG rsonal use only 30-Jun-25 30-Jun-24 Change $000's $000's % ▪ Overall reduction in net asset position Balance Sheet Summary largely due to the modest FY25 NPAT and the Current assets 45,345 57,466 (21.1) $4.3m payment of a final FY24 dividend and Non-curr
Slide 15: Cash Flow
15 CASH FLOW CONSTRAINED RELATIVE TO EARNINGS IN FY25 rsonal use only OPERATING CASH FLOW SUMMARY ▪ Operating cashflows of $17.9m were constrained by FY25 FY24 Change reduced earnings as well as an increase in working capital, most notably inventories $000's $000's % ▪ EBITDA to cash conversion rati
Slide 16: Debt Profile
16 DEBT PROFILE LOW DEBT PROVIDES OPTIONALITY rsonal use only FACILITY ▪ Gross debt (comprising equipment finance only) reduced by a further 46% to $9.7m – the lowest level 30-Jun-25 30-Jun-24 Movement since 30 June 2015. $000's $000's $000's ▪ Current blended average cost of debt is approximately E
Slide 17: Capital Expenditure
17 CAPITAL EXPENDITURE DISCIPLINED ALLOCATION OF CAPITAL rsonal use only YEAR ON YEAR CAPITAL EXPENDITURE ▪ The Company remains committed to a capital management framework that includes the application of sensible limits on growth CAPEX. ▪ Maintenance CAPEX continues to support $15m high levels of a
Slide 18: FY26 Strategy
18 FY26 STRATEGY rsonal use only ▪ The overall strategy of the Company is to optimise the long-term growth of the business and returns to shareholders by: ▪ Maintaining and, where possible, improving the profitability of the existing business ▪ Continue to identify opportunities in the domestic mini
Slide 19: Summary
19 SUMMARY rsonal use only ▪ Quality brand with long history and high-quality revenue streams ▪ FY25 represented a transition period ▪ Successful entry into new markets including: ▪ PNG with a multi-rig, multi year contract with Tier 1 client ▪ Completion of decarbonisation project at first customer
Slide 20: Definitions
20 DEFINITIONS rsonal use only Capex Capital expenditure Cash Conversion The ratio of A to B; where A is the reported cash flows from operating activities (excluding interest and income tax paid) and B is the reported EBITDA Ratio Earnings before interest, tax, depreciation and amortisation; calcula
Slide 21: Contact
rsonal use only 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