Slide 1: Master Drilling
m ee MASTER DRILLING
Slide 2: Full-Year Consolidated Results for the 12 Months Ended 31 December 2025
FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2025
Slide 3: Agenda
AGENDA 1 BUSINESS OVERVIEW 2 OPERATIONAL OVERVIEW 3 FINANCIAL OVERVIEW 4 CLOSING AND Q&A Danie Pretorius CEO Roelof Swanepoel COO André van Deventer CFO
Slide 4: Business Overview
BUSINESS OVERVIEW DANIE PRETORIUS, CEO
Slide 5: Key Highlights
Zero fatalities achieved, reinforcing a 01 strong safety culture A strong pipeline of USD 997.8 million, underpinned by a 02 healthy order book, provides clear visibility on future revenue and growth prospects KEY Revenue increased by 7.8% to USD292.0 million, HIGHLIGHTS 03 reflecting resilient oper
Slide 6: Strategy and Future Investment: Strategic Pillars
STRATEGY AND FUTURE INVESTMENT Disruptive technology and innovation Diversification Strategic pillars and growth Raise boring Slim Future mechanical Future and support drilling rock excavation digitalisation Operational services and cutting and smart mining excellence Positive sustainable impacts 6
Slide 7: Operational Overview
OPERATIONAL OVERVIEW ROELOF SWANEPOEL, COO
Slide 8: Safety
SAFETY LTIFR 1,65 1,55 0,83 0,81 0,50 2021 2022 2023 2024 2025 LTIFR – Lost Time Injury Frequency Rate | per 1 million hours 8 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 9: Our People
OUR PEOPLE R ESPECT Workforce Gender Diversity 3 294 21% A CCOUNTABILITY (2024: 3112) (2024: 20%) Investment I in training Differently abled NNOVATION employees: 3.89% USD2.1m (Industry best) (2024: USD1.8m) S AFETY Local Employment Leadership and 96% Apprenticeship training E FFICIENCY 95.2% 9 FULL
Slide 10: Revenue Contribution by Business Pillar
REVENUE CONTRIBUTION BY BUSINESS PILLAR RAISE BORING AND DIGITALISATION AND MECHANICAL ROCK SLIM DRILLING SUPPORT SERVICES SMART MINING EXCAVATION AND CUTTING 83% 11% 4% 2% vs 2024 vs 2024 vs 2024 vs 2024 82% 13% 4% 1% 10 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 11: Raise Boring and Support Services
RAISE BORING AND SUPPORT SERVICES RAISE BORING AND SUPPORT SERVICES Autonomous Drilling Next Generation Machines AI in Raise Boring 11 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 12: Digitalisation and Smart Mining
DIGITALISATION AND SMART MINING DIGITALISATION AND SMART MINING AI-Powered Cameras Underground networking – the last mile communication Missing Person Locator 12 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 13: Slim Drilling
SLIM DRILLING SLIM DRILLING Desert Elephant – Robotic Surface Rig Dragon Fly – Robotic Underground Rig 13 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 14: Mechanical Rock Excavation and Cutting
MECHANICAL ROCK EXCAVATION AND CUTTING MECHANICAL ROCK EXCAVATION AND CUTTING Mechanical Tunnelling (MTB) Mechanical Shaft Drilling (SBS) Non-Explosive Mining (Reef cutting) 14 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 15: Geographic Revenue Diversification
GEOGRAPHIC REVENUE DIVERSIFICATION 2025 7% 2024 13% Central & North America 2025 18% 2024 20% 21.1m Rest of the world 2025 32% 2024 52.2m 24% 2025 26% 2024 South America 28% 2025 92.9m 2024 17% FOOTPRINT 15% South TRAIN Africa MAINTAIN Operating profit margin 2025 2024 Africa 74.8m Central and North
Slide 16: Commodity Revenue Diversification
COMMODITY REVENUE DIVERSIFICATION 2025 2024 Copper Copper 32% 24% Gold Gold 21% 20% PGMs Silver/Lead/Zinc 18% 19% Silver/Lead/Zinc PGMs 14% 13% Civils Civils 4% 8% Diamonds Diamonds 3% 3% Hydro Cobalt 3% 3% Coal Iron Ore 1% 2% Cobalt Fluorite 0% 2% Flurite Nickel 0% 2% Nickel Uranium 0% 1% Iron Ore
Slide 17: ARPOR Summary per Annum
ARPOR SUMMARY PER ANNUM 2025 2024 2023 Total Raise bore rigs 151 143 136 Utilisation % 70% 73% 72% Fleet Mix ARPOR (USD) 173 857 167 244 147 185 > Large Raise bore rigs 103 96 89 Utilisation % 76% 79% 81% ARPOR (USD) 198 641 192 742 171 391 < Large Raise bore rigs 48 47 47 Utilisation % 59% 62% 58%
Slide 18: Orderbook Movement
ORDERBOOK MOVEMENT USDm 700 324 600 500 400 9 371 332 (292) (2) 300 200 100 0 Orderbook - 1 Jan 2025 New orders Revenue Cancelled orders Foreign exchange differences Orderbook - 31 Dec 2025 18 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 19: Awarded Orders by Commodity
AWARDED ORDERS BY COMMODITY 2025 2024 Silver/Lead/Zinc Gold 29% 30% Copper 26% Copper 25% Silver/Lead/Zinc Gold 23% 20% PGMs 11% PGMs 11% Tin 3% Diamond 5% Nickel 2% Civils 2% Diamond 2% Nickel 1% Civils 2% Tin 1% Hydro 1% Coal <1% Iron Ore <1% Hydro <1% Coal <1% Iron Ore 0% Other 3% Other 1% *Total
Slide 20: Pipeline
PIPELINE USDm Total pipeline 2028 and USD998m 37 132 46 beyond: 2027 87 120 118 2026 247 126 85 0 100 200 300 400 500 Awarded (100%) Awaiting adjudication (>70% probability) Proposal (>50% probability) 20 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 21: Financial Overview
FINANCIAL OVERVIEW ANDRÉ VAN DEVENTER, CFO
Slide 22: Highlights for the Period
HIGHLIGHTS FOR THE PERIOD 7.8% increase Liquidity strengthened Improved capital Partial reversal of efficiency, with Strategic capital in revenue to significantly, with impairment loss of ROCE (EBIT) investment programme record high of the current ratio USD4.5 million increasing to supporting future
Slide 23: Headline Earnings per Share
HEADLINE EARNINGS PER SHARE HEPS (USDc) HEPS (ZARc) 2025 18.4 2025 329,0 2024 (Restated) 17.5 2024 (Restated) 320,9 2023 14.5 2023 267,7 2022 14.2 2022 232,5 2021 13.6 2021 201,2 23 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 24: EBITDA Margin
EBITDA MARGIN REVENUE (USDm) EBITDA (USDm) 2025 292.0 2025 57.2 2024 270.8 2024 (Restated) 58.2 EBITDA 2023 242.8 19.6% 2023 50.4 (2024 restated: 2022 226.4 21.5%) 2022 50.3 2021 171.8 2021 39.1 24 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 25: Compounded Annual Growth Rate
COMPOUNDED ANNUAL GROWTH RATE REVENUE (ZARm) EBITDA (ZARm) REVENUE 2025 5 220 19.7%* 2025 1 023 2024 4 966 2024 1 067 2023 4 482 2023 934 2022 3 701 EBITDA 2022 822 2021 2 541 15.5%* 2021 575 *2021 as a base 25 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 26: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION 2025 2024 Restated USDm USDm Comment Assets Total non-current assets 241.2 209.5 Impairment reversal of property, plant and equipment Total current assets 192.6 163.5 Current ratio 1.69 (2024: 1.22) Total assets 433.8 373.0 Working capital days 81.5 days (65.3 days) E
Slide 27: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME 2025 2024 Restated USDm USDm Comment Revenue 292.0 270.8 Cost of sales (209.4) (186.9) Gross profit 82.6 84.0 Other operating income 12.0 2.5 2025: Partial Impairment reversal of USD4.5m, forex gain of USD6.2m Other operating expenses (48.1) (56.9) 2024: Impairment
Slide 28: Normalised Statement of Comprehensive Income
NORMALISED STATEMENT OF COMPREHENSIVE INCOME 2025 2024 Restated USDm USDm Comment Revenue 292.0 270.8 Cost of sales (209.4) (186.9) Gross profit 82.6 84.0 Other operating income 7.5 2.5 2025: Partial Impairment reversal of USD4.5m Other operating expenses (43.7) (43.0) 2024: Impairment of USD13.9m 2
Slide 29: Impact of Currency on Profit Before Taxation
IMPACT OF CURRENCY ON PROFIT BEFORE TAXATION 2025 2024 100% 100% Impact 80% on profit 80% before taxation 53% 52% USD2.1m 65% 66% 60% 60% 40% 40% 47% 49% 20% 20% 35% 34% 0% 0% Costs Revenue Costs Revenue Hard currencies Emerging currencies 29 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31
Slide 30: Revenue Waterfall Breakdown
REVENUE WATERFALL BREAKDOWN USDm 350 17.2 300 292.0 12.3 1.2 270.8 3.9 (11.0) (2.4) 250 200 150 100 50 0 Revenue - 2024 Industrial products Forex Addition to fleet New Business Support services Fleet Mix and Utilisation Revenue - 2025 30 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECE
Slide 31: Working Capital Breakdown
WORKING CAPITAL BREAKDOWN 2025 2024 Restated USDm USDm Movement Inventory 54.1 46.9 -7.2 Trade and other receivables 85.5 71.2 -14.3 Trade and other payables 74.4 69.6 4.8 Trade receivable ageing 3 and more months past due 21% 2 months past due Normal terms 14% 48% 1 month past due 17% 31 FULL-YEAR
Slide 32: Balance Sheet Ratios
BALANCE SHEET RATIOS 2025 2025 (*) 2024 (Restated) 2023 Return on equity (PAT) 10.0% 10.0% 7.6% 10.7% Return on capital employed (EBIT) 14.5% 14.5% 12.4% 12.2% Return on capital employed (EBITDA) 17.9% 19.3% 24.4% 18.2% Working capital ratio (days) 81.5 81.5 65.3 91.3 Gearing ratio (net debt/equity)
Slide 33: Cashflow Waterfall
CASHFLOW WATERFALL USDm Cash at the beginning 34.6 Net cash inflow from operating activities 17.9 Investment in fixed assets (16.5) Investment in subsidiary, associates and joint venture (1.4) Repayment of debt (6.0) Drawdown of debt 15.3 Repayment of lease liabilities (2.3) Dividends (6.7) Effect o
Slide 34: Capital Spend
CAPITAL SPEND Maintenance 34% USD20.5m Expansion 66% 34 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 35: Closing Q&A
CLOSING Q&A
Slide 36: Disclaimer
DISCLAIMER This document has been compiled from information provided by the Directors of Master Drilling Group Limited(“Master Drilling”, “Master Drilling Group” or the “Company”) and from publicly available sources, and involves elements of subjective judgment and analysis, which may or may not be
Slide 37: Corporate Information
CORPORATE INFORMATION MASTER DRILLING GROUP LIMITED Registration number: 2011/008265/06 COMPANY SECRETARY Incorporated in the Republic of South Africa Andrew Beaven JSE share code: MDI 6 Dwars Street ISIN: ZAE000171948 Krugersdorp LEI: 37890095B2AFC611E529 1739 South Africa REGISTERED AND CORPORATE