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ASX:MSV ANNUAL GENERAL MEETING 2026 21 October 2026
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2 Annual General Meeting 2026 CEO PRESENTATION Andrew Elf Chief Executive Officer
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3 Annual General Meeting 2026 DISCLAIMER This investor presentation has been prepared by Mitchell Services Limited (“the Company”). Information in this presentation is of a general nature only and should be read in conjunction with the Company’s other periodic and continuous disclosure announcements to the ASX, which are available at: https://www.asx.com.au/markets/trade -our-cash-market/announcements.msv This presentation contains statements, opinions, projections, forecasts and other material (“forward -looking statements”) with respect to the financial condition, business operations and competitive landscape of the Company and certain plans for its future management. The words anticipate, believe, expect, project, forecast, estimate, likely, intend, should, could, may, target, plan and other similar expressions are intended to identify forward -looking statements. Such forward -looking statements are not guarantees of future performance and include known and unknown risks, uncertainties, assumptions and other important factors which are beyond the Company’s control and may cause actual results to differ from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward -looking statements contained in this document are qualified by this cautionary statement. The past performance of the Company is not a guarantee of future performance. None of the Company, or its officers, employees, agents or any other person named in this presentation makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward -looking statements or any of the outcomes upon which they are based. The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, investors should consider their own needs and situation and, if necessary, seek independent professional advice. Mitchell Services Limited’s financial statements comply with International Financial Reporting Standards (IFRS). This presentation may include certain non -IFRS performance measures including EBITDA, EBIT, Gearing ratio, Gross Debt, Net Debt and Return on Invested Capital (ROIC). These measures are used internally by management to assess the performance of the business. Non -IFRS measures have not been subject to audit or review and should not be considered as an alternative to an IFRS measure of profitability, financial performance or liquidity. To the maximum extent permitted by law, the Company and its directors and advisers of both give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of the Company, its officers, agents or employees of accepts, to the extent permitted by law, any liability for any loss, claim, damages, costs or expenses arising from the use of this presentation or its contents or otherwise arising out of, or in connection with it. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein.
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4 Annual General Meeting 2026 1. MARKET PROFILE 2. FY26 OVERVIEW 3. CAPITAL MANAGEMENT PERFORMANCE 4. FY26 OPERATIONAL UPDATE 5. LOOP UPDATE 6. FY27 Q1 UPDATE 7. FY27 STRATEGY 8. SUMMARY AGENDA
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5 Annual General Meeting 2026 MARKET PROFILE ASX INFORMATION ASX Stock Symbol MSV Shares on Issue (at 19/10/2026) 212,450,530 Share Price (at 19/10/2026) A$0.60 Market Capitalisation A$127.5m SHAREHOLDERS 20.1% - Mitchell Group 21.3% - Institutional Investors 58.6% - Retail Investors BOARD OF DIRECTORS Nathan Mitchell Executive Chairman Peter Miller Non-Executive Director Robert Douglas Non-Executive Director Neal O’Connor Non-Executive Director Peter Hudson Non-Executive Director EXECUTIVE MANAGEMENT TEAM Andrew Elf Chief Executive Officer Greg Switala CFO & Company Secretary
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6 Annual General Meeting 2026 FY26 OVERVIEW ▪ Earnings were underpinned by high-quality clients that operate on sites that are generally lowest on the cost curve ▪ 75% of revenue was derived from global mining majors ▪ Gold represented circa 60% of revenue ▪ 80% of revenue was from production, development and resource definition drilling ▪ The Company increased its exposure to the metalliferous sector while expanding in new jurisdictions ▪ Industry leading safety performance driven by critical control verification processes ▪ A step change year, net cash and the capacity to grow ▪ Rig count will continue to increase in FY27
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7 Annual General Meeting 2026 CAPITAL MANAGEMENT PERFORMANCE ▪ In late FY22, after a material organic growth strategy, the Company outlined a capital management strategy to reduce leverage and maximise cash returns to shareholders whilst continuing to grow the business ▪ Since then $73.5m in capital has been redeployed – debt eliminated, shareholders rewarded ▪ Net debt has reduced by $42.5m (from $39m net debt to $3.5m net cash) ▪ Cash returns to shareholders (dividends and buy -backs) have been $31m which equals approximately 30% of the Company’s market capitalisation. ▪ FY26 fully franked dividends of 6cps (payout ratio of approximately 85%) ▪ FY26 EPS 7.2cps – a step change vs 2.0cps average between FY22 – FY25. -$7m $0m $7m $14m $21m $28m $35m $42m FY22 FY23 FY24 FY25 FY26 Net debt Cumulative shareholder returns – ~30% of market cap over 4 years Net debt journey - $42.5m improvement in 4 years $0m $5m $10m $15m $20m $25m $30m $35m FY23 FY24 FY25 FY26* Cumulative Cash Returns
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8 Annual General Meeting 2026 FY26 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 average of 62 rigs (from a fleet of 90) providing material leverage to the upside should demand increase . ▪ Operating rig count exited FY26 at 65 rigs ▪ Operating rig count is expected to continue increasing during FY27. ▪ Demand for drill rigs in the metaliferous sector remains strong while demand for rigs in the coal sector remains soft
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Mitchell Services Limited (ASX: MSV) is a leading provider of drilling services to the global exploration, mining and energy industries. Our state-of-the-art fleet is currently positioned in key exploration and mining centres throughout Australia. We are the largest provider of underground gas drainage and directional drilling services in Australia. Talisman Technical focuses on providing comprehensive solutions for the resources sector, including ESG, decarbonisation, safety and critical control management, reservoir engineering, and mining advisory. Our approach involves understanding the challenges faced by their clients and offering industry-leading solutions to support their journey towards a sustainable future. : OPERATIONAL UPDATE • Customer 1 • First project successfully completed in FY25 • Customer 2 • Initial feasibility and consulting completed • Drilling is almost complete and has been a success so far – intersected a vertical well some 1,540 metres away – a world first • Multiple other customers • Initial feasibility and consulting work in progress • Strategic equity investment in Loop by Sumitomo Corporation • Sumitomo to acquire up to 25% of the equity in Loop • The investment validates the business strategy and service offering • Provides a strong platform to accelerate growth on a capital light basis for MSV • Values the Loop business at approximately $24 million
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10 Annual General Meeting 2026 EBT $13.3m 118% FROM $6.1m IN FY26 Q1 FY27 Q1 UPDATE REVENUE $66.5m 25% FROM $53.4m IN FY26 Q1 EBITDA $18.7m 58% FROM $11.8m IN FY26 Q1 AVE OPERATING RIGS 66 6% FROM 62 IN FY26 Q1 RETURN ON INVESTED CAPITAL 41% 37% FROM 30% IN FY26 Q1 CASH BALANCE $11.8m 44% FROM 8.2m IN FY26 Q1 Pathway to 80 operating rigs before the end of FY27 positions MSV well to deliver a further step change in earnings
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11 Annual General Meeting 2026 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 and the relative fixed nature of a large portion of the Company’s costs, the overall leverage within the business is substantial. ▪ Capital management will remain a priority with a focus on ensuring an appropriate mix between maximising cash returns for shareholders, capitalising on growth opportunities amid an increasing opportunity pipeline and operating within sensible debt levels.
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12 Annual General Meeting 2026 ▪ Quality brand with long history and high -quality clients ▪ Fundamental improvement across all financial metrics when compared to previous reporting period ▪ Financial transformation following a five year, $73m redeployment of capital through debt reduction and cash returns to shareholders. ▪ The momentum the business carried as it exited FY26 has continued throughout FY27 Q1 ▪ Pathway to 80 rigs operating before the end of FY27 based on recent executed contracts and strong opportunity pipeline ▪ With the operating leverage inherent in the business, the Company is well-positioned to deliver a further step change in earnings in FY27 and in FY28 assuming utilisation levels remain high ▪ Loop represents a material growth opportunity in time, validated by the FY26 investment by Sumitomo Corporation. SUMMARY