Mlg Oz Ltd · ASX:MLG
Mlg Oz — Investor Presentation (February 2026)
23 slides from Mlg Oz's investor presentation, Feb 17, 2026
Slide 1: Half Year Financial Results
HALF YEAR FINANCIAL RESULTS For the period ended 31 December 2025
Slide 2: Disclaimer
This release contains certain forward looking statements, including in relation to possible or assumed future performance, costs, dividends, rates, prices, revenue, potential growth of MLG Oz Limited, industry growth or other trend projections. Such forward looking statements are based on numerous a
Slide 3: Strong Financial Performance Across All Metrics
STRONG FINANCIAL PERFORMANCE ACROSS ALL METRICS Pro Forma Operating Performance 1H 2026 1H 2025 Variance Revenue1 $284.6m $268.6m +6.0% EBITDA2 $36.5m $29.3m +24.5% EBITDA2 Margin 12.8% 10.9% +17.4% EBIT2 $14.0m $8.7m +60.9% NPAT2 $7.8m $4.1m +90.2% NTA/Share $1.06 $1.02 +3.9% Gearing 0.84x 0.88x -4
Slide 4: EBITDA Margins Continue to Strengthen
EBITDA MARGINS CONTINUE TO STRENGTHEN Pro Forma EBITDA Margins 13.5% 12.8% 1. 12.8% 10.9% 10.9% 9.7% 9.0% H1-2023 H2-2023 H1-2024 H2-2024 H1-2025 H2-2025 H1-2026 Pro Forma Adjustments: 1. Excludes $750K fine for safety incident in 2022 4 HY2026 FINANCIAL RESULTS
Slide 5: Material Improvement in Safety Performance
MATERIAL IMPROVEMENT IN SAFETY PERFORMANCE • Safety is the foundation of LTIFR everything we do • Proactive and strategic approach to managing critical risks • Our systems align to industry leading practice and meet or exceed client expectations • Our safety management systems provide the tools to i
Slide 6: Providing Critical Infrastructure to Mineral Processing
PROVIDING CRITICAL INFRASTRUCTURE TO MINERAL PROCESSING Road maintenance Mine planning and design Tailings storage facility lifts Drill and blast services Rehabilitation work Ore extraction and removal Bulk earthworks Mine Mine Contract crushing mobile plant Client Build owned and
Slide 7: Our Significant Footprint
OUR SIGNIFICANT FOOTPRINT 7 HY2026 FINANCIAL RESULTS
Slide 8: Revenue Is Primarily Driven from the Gold Sector
Iron Ore, REVENUE IS PRIMARILY DRIVEN FY2025 5.3% Nickel, Revenue 0.7% FROM THE GOLD SECTOR Gold, 94.0% Key Highlights Gold Price at historical highs Greater demand for volume - driven by high gold prices CLIENTS Gold Processing Capacity Highly constrained outside of producers with owned plant, but
Slide 9: Significant Revenue Growth, Improving Share Price Performance
SIGNIFICANT IMPROVING SHARE REVENUE GROWTH PRICE PERFORMANCE Pro Forma1 Revenue MLG Share Price $540.4m $468.6m 32.4% CAGR $375.2m $286.8m $254.0m $199.6m $205.1m $132.7m FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1. Pro Forma revenue offsets fuel tax credits and other income against costs of sales 9 H
Slide 10: Financial Performance
FINANCIAL PERFORMANCE 10 HY2026 FINANCIAL RESULTS
Slide 11: Financial Performance
FINANCIAL PERFORMANCE $Million HY26 HY25 Variance Pro Forma Operating Results Notes Key Impacts Revenue 1 284.6 268.6 +6.0% Mine Site Services and Bulk Haulage 261.8 246.7 +6.1% Major Weather Impacts Crushing & Screening 22.8 21.9 +4.1% wet July and August limited revenue in Q1 – Strong Cost of Sale
Slide 12: Balance Sheet Continues to Strengthen
BALANCE SHEET CONTINUES TO STRENGTHEN $Million 31 December 2025 30 June 2025 Key Highlights Cash and cash equivalents 9.7 9.2 Trade and other receivables 76.1 74.4 Increase in Net Assets Inventories 21.2 18.7 Total current assets 107.1 102.3 Up 5.6% to $153.4m Property, plant and equipment 216.6 211
Slide 13: Debt Funding Well Controlled – Gearing Reducing as Profit Rises
DEBT FUNDING WELL CONTROLLED – GEARING REDUCING AS PROFIT RISES Key Highlights $75.0m 2.50 Net Debt $61.3m 2.00 $60.0m Gearing Ratio declining 0.84x 1.50 $45.0m Average Net Debt 1.00 (FY22 to FY26) $60.5m $30.0m 0.50 Net Assets $153.5m $15.0m 0.00 H1 FY22 H2 FY22 H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 F
Slide 14: Cashflow and Capital Expenditure
CASHFLOW AND CAPITAL EXPENDITURE CAPITAL EXPENDITURE CASHFLOW - $Million HY26 HY25 1H 2026 1H 2025 Variance Sustaining $11.6m $13.1m -11.5% Underlying EBITDA 36.1 29.3 Growth $14.1m $19.6m -28.1% Receipts from customers 311.9 293.6 Payments to suppliers (284.0) (280.8) TOTAL $25.7m $32.7m -21.4% Fue
Slide 15: Outlook
OUTLOOK 15 HY2026 FINANCIAL RESULTS
Slide 16: Service Quality and Consistency Continues to Drive Client Demand
SERVICE QUALITY AND CONSISTENCY CONTINUES TO DRIVE CLIENT DEMAND Gold market continues to experience historical high prices which in turn is driving greater demand for MLG services. Our focus continues to be on the long-term sustainability of our profit margins. Second half of financial year is well
Slide 17: Thank You
HEAD OFFICE A 10 Yindi Way Kalgoorlie, Western Australia P (08) 9021 1011 CORPORATE OFFICE A Level 6, 905 Hay Street Perth, Western Australia P (08) 9022 7746 EMAIL info@mlgoz.com.au WEBSITE mlgoz.com.au ABN & ASX ABN 53 102 642 366 ASX MLG THANK YOU
Slide 18: Appendix
APPENDIX 18 HY2026 FINANCIAL RESULTS
Slide 19: Founder Led Business with Experienced Board and Executive Team
FOUNDER LED BUSINESS WITH EXPERIENCED BOARD AND EXECUTIVE TEAM 19 HY2026 FINANCIAL RESULTS
Slide 20: Large and Diverse Fleet $216.6M
LARGE AND DIVERSE FLEET $216.6M PROPERTY, PLANT AND EQUIPMENT (as at 31 December 2025) 20 HY2026 FINANCIAL RESULTS
Slide 21: Our Timeline
OUR TIMELINE Construction and Build, own, operate commissioning of fixed First sand quarry First hard rock quarry First contract-crushing fixed plant crusher at plant at Fortescue MLG founded by operation – 8 Mile established Tarmoola contract awarded to Fortescue Christmas Construction of Tails Dam
Slide 22: Contract Terms
CONTRACT • Must provide a “service” • No commitment to minimum tonnes TERMS • Fixed and variable rates • Client retains “termination for convenience” rights • Capital payout terms for early termination (specific contracts) SCOPE OF SCHEDULE WORKS OF RATES STANDARD COMMERCIAL RISE AND FALL TERMS FOR
Slide 23: Historic Financial Performance – Pro Forma
HISTORIC FINANCIAL PERFORMANCE – PRO FORMA1 Pro Pro Pro Pro Pro Forma Forma Forma Forma Forma Statutory Statutory Statutory Statutory Statutory $000’s Notes HY26 FY25 FY25H2 FY25H1 FY24 FY24H2 FY24H1 FY23 FY23H2 FY23H1 FY22 FY22H2 FY22H1 Revenue Mine Site Services and Bulk Haulage 1 261,795 494,886