Master Drilling Group Ltd. · JSE:MDI
Master Drilling — H1 2026 Earnings Presentation
36 slides from Master Drilling's earnings presentation, Jun 1, 2026
Slide 1: Master Drilling Mining | Civil | Energy | Safety
MASTER DRICUNG MINING | CIVIL | ENERGY | SAFETY
Slide 2: Half-Year Consolidated Results for the 6 Months Ended 30 June 2026
HALF-YEAR CONSOLIDATED RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2026
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: Evolution of Mining
EVOLUTION OF MINING MANUAL SPECIALISED ADVANCED AUTOMATION & INTELLIGENT MINING MECHANISATION DRILLING MECHANISATION REMOTE MINING OPERATIONS 5 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 6: Industry Challenges
INDUSTRY CHALLENGES SAFETY SPEED DILUTION AI, DATA AND ZERO HARM TO ORE OF ORE INTELLIGENT MINING • Using of technology to • Shaft Boring System • Precision and • Will become increasingly remove people from • Mobile Tunnel Boring surgical mining important for he mining Hazardous areas and minimising
Slide 7: Operational Overview
OPERATIONAL OVERVIEW ROELOF SWANEPOEL, COO
Slide 8: Safety
SAFETY LTIFR 1,55 0,95 0,83 0,81 0,50 2022 2023 2024 2025 2026H1 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 3 341 20% A CCOUNTABILITY (2025H1: 2 986) (2025H1: 21%) Investment I in training Differently abled NNOVATION employees: 3.89% USD1.45m (Industry best) (2025H1: USD1.4m) S AFETY Local Employment Leadership and 97% Apprenticeship training E FFICIENCY 95.2
Slide 10: 2026H1 Revenue Contribution by Business Pillar
2026H1 REVENUE CONTRIBUTION BY BUSINESS PILLAR RAISE BORING AND DIGITALISATION AND MECHANICAL ROCK SUPPORT SERVICES SLIM DRILLING SMART MINING EXCAVATION AND CUTTING 78% 13% 4% 5% vs 2025H1 vs 2025H1 vs 2025H1 vs 2025H1 84% 11% 2% 3% 10 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEM
Slide 11: Raise Boring and Support Services
RAISE BORING AND SUPPORT SERVICES RAISE BORING AND SUPPORT SERVICES World record Raise bore shaft Autonomous drilling First remote operated Blind hole Machine 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 Robotic rigs - Desert Elephant and Dragon Fly Better information and faster decisions 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 Mechanical Shaft Drilling 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 2026H1 7% 2025H1 8% Central & North America 2026H1 17% 2025H1 19% 11.3m Rest of the world 2026H1 28% 2025H1 26.2m 32% 2026H1 South 30% 2025H1 America 23% 44.3m 2026H1 2025H1 FOOTPRINT 18% 18% South TRAIN Africa MAINTAIN Operating profit margin 2026H1 2025H1 Africa
Slide 16: Commodity Revenue Diversification
COMMODITY REVENUE DIVERSIFICATION 2026H1 2025H1 Gold Copper 29% 24% Copper Gold 22% 20% Silver/Lead/Zinc Silver/Lead/Zinc 21% 19% PGMs PGMs 17% 19% Civils Civils 5% 8% Chrome Diamonds 2% 3% Diamonds Chrome 2% 3% Coal Coal 1% 1% Other Commodities Other Commodities 1% 3% 16 FULL-YEAR CONSOLIDATED RESU
Slide 17: ARPOR Summary per Annum
ARPOR SUMMARY PER ANNUM 2026H1 2025 2024 Total Raise bore rigs 151 151 143 Utilisation % 64% 70% 73% Fleet Mix ARPOR (USD) 181 026 173 857 167 244 > Large Raise bore rigs 103 103 96 Utilisation % 70% 76% 79% ARPOR (USD) 200 888 198 641 192 742 < Large Raise bore rigs 48 48 47 Utilisation % 52% 59% 6
Slide 18: Orderbook Movement
ORDERBOOK MOVEMENT USDm 600 182 500 6 401 400 371 (155) (3) 300 200 100 0 Orderbook - 1 January 2026 New orders Revenue Lost Orders Foreign exchange differences Orderbook - 30 June 2026 18 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 19: Awarded Orders by Commodity
AWARDED ORDERS BY COMMODITY 2026H1 2025H1 Silver/Lead/Zinc Gold 38% 26% Silver/Lead/Zinc Copper 25% 20% PGMs 14% Gold 19% Copper 14% PMGs 15% Uranium 5% Diamond 4% Energy 3% Tin 3% Tin 2% Energy 3% Coal <1% Nickel 2% Diamond <1% Polimetalic 1% Nickel 0% Coal 0% Other 2% Other 2% 0% 10% 20% 30% 40% 0
Slide 20: Pipeline
PIPELINE USDm Total pipeline 2028 and USD1,062m 89 124 125 beyond 2027 148 154 135 2026 165 68 55 0 100 200 300 400 500 Awarded Work (100%) Awaiting Adjudication (>70%) Pipeline (>50%) 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 Revenue increased Healthy liquidity, Improved capital Focused strategic by 17.0% to with the current efficiency, with capital investment record high of ratio 1.92 ROCE (EBIT) supporting future USD155.8 million increasing to growth for an interim period 15.3% * Normalised 22
Slide 23: Headline Earnings per Share
HEADLINE EARNINGS PER SHARE HEPS (USDc) HEPS (ZARc) 2026H1 11.2 2026H1 183,9 2025 20.2 2025 329,0 2024 (Restated) 9.6 2024 (Restated) 176,0 2023 14.5 2023 267,7 2022 14.2 2022 232,5 23 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 24: EBITDA Margin
EBITDA MARGIN REVENUE (USDm) EBITDA (USDm) 2026H1 155.9 2026H1 33,6 2025 292.0 2025 57,2 EBITDA 2024 270.8 21.6% 2024 58,2 2023 (2025H1: 2023 50.4 242.8 21.1%) 2022 226.4 2022 50,3 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 2026H1* 5 117 8,4%** 2026H1* 1 102 2025 5 220 2025 1 023 2024 4 966 2024 1 067 2023 4 482 EBITDA 2023 934 2022 3 701 7,6%** 2022 822 * Annualised ** 2022 as a base 25 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER
Slide 26: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION 2026H1 2025 USDm USDm Comment Assets Total non-current assets 246.4 241.2 Total current assets 199.2 192.6 Current ratio of 1.92 (2025:1.69) Total assets 445.6 433.8 Working capital days below 100 days Equity and liabilities Equity 226.7 219.9 Non-controlling interest
Slide 27: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME 2026H1 2025H1 USDm USDm Comment Revenue 155.8 133.2 Revenue increased by 17.0% Cost of Sales (109.5) (92.9) Gross Profit 46.4 40.3 Other operating income 1.4 5.2 Other operating expenses (21.6) (18.9) ERP cost to the value of USD4.0 million Operating profit 26.2 26.
Slide 28: Impact of Currency on Profit Before Taxation
IMPACT OF CURRENCY ON PROFIT BEFORE TAXATION 2026H1 2025H1 100% 100% Operational impact 80% on profit 80% before taxation 47% 55% USD1.2m 67% 66% 60% 60% 40% 40% 53% 45% 20% 20% 33% 34% 0% 0% Costs Revenue Costs Revenue Hard currencies Emerging currencies 28 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12
Slide 29: Revenue Waterfall Breakdown
REVENUE WATERFALL BREAKDOWN USDm 160 3.2 155.8 3.8 1.8 8.1 5.7 140 133.2 120 100 80 60 40 20 0 Revenue - 2025H1 Industrial products Forex New rock-boring technology Addition to fleet Fleet Mix and Utilisation Revenue - 2026H1 29 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 30: Working Capital Breakdown
WORKING CAPITAL BREAKDOWN 2026H1 2025 USDm USDm Movement Inventory 56.6 54.1 (2.5) Trade and other receivables 93.0 85.5 (7.5) Trade and other payables 66.3 74.4 (8.1) Trade receivable ageing 3 and more months past due 15% 2 months past due 12% Normal terms 47% 1 month past due 26% 30 FULL-YEAR CONS
Slide 31: Balance Sheet Ratios
BALANCE SHEET RATIOS 2026H1 2025H1(*) 2025H1(**) 2025 Return on equity (PAT) 14.0% 16.3% 12.1% 10.0% Return on capital employed (EBIT) 15.3% 20.8% 17.5% 14.5% Return on capital employed (EBITDA) 20.6% 21.9% 21.9% 17.9% Working capital ratio (days) 97.5 71.2 71.2 81.5 Gearing ratio (net debt/equity)
Slide 32: Cashflow Waterfall
CASHFLOW WATERFALL USDm Cash at the beginning 38.8 Net cash inflow from operating activities (6.1) Investment in fixed assets (4.1) Investment in subsidiary, associates and joint venture (0.7) Repayment of debt (11.0) Drawdown of debt 18.3 Repayment of lease liabilities (0.9) Dividends (0.7) Effect
Slide 33: Capital Spend
CAPITAL SPEND Maintenance Expansion 56% 44% USD4.3m 33 FULL-YEAR CONSOLIDATED RESULTS FOR THE 12 MONTHS ENDED 31 DECEMBER 2024
Slide 34: Closing Q&A
CLOSING Q&A
Slide 35: 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 36: Corporate Information
CORPORATE INFORMATION MASTER DRILLING GROUP LIMITED Registration number: 2011/008265/06 Incorporated in the Republic of South Africa COMPANY SECRETARY JSE share code: MDI Andrew Beaven ISIN: ZAE000171948 6 Dwars Street LEI: 37890095B2AFC611E529 Krugersdorp 1739 REGISTERED AND CORPORATE OFFICE South
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