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ASX:MSV FULL YEAR RESULTS For the year ended 30 June 2026
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2 2026 FULL YEAR RESULTS 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: www.asx.com.au. 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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3 2026 FULL YEAR RESULTS INTRODUCTION OPERATIONS FINANCIALS OUTLOOK APPENDIX AGENDA
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4 2026 FULL YEAR RESULTS INTRODUCTION
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5 2026 FULL YEAR RESULTS MARKET PROFILE ASX INFORMATION ASX Stock Symbol MSV Shares on Issue (at 20/08/2026) 212,450,530 Share Price (at 20/08/2026) A$0.535 Market Capitalisation A$113.7m SHAREHOLDERS 19.9% - Mitchell Group 6.6% - Dream Challenge Pty Ltd 20.7% - Institutional Investors 52.8% - 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 2026 FULL YEAR RESULTS PROFIT AFTER TAX $15.2m 30x FROM $0.5m in FY25 FY26 BUSINESS SUMMARY REVENUE $207.4m 5% FROM $196.7m in FY25 EBITDA $42.8m 67% FROM $25.7m in FY25 RETURN ON INVESTED CAPITAL 25.2% 23% FROM 2.0% in FY25 OPERATING CASHFLOW $37.4m 109% FROM $17.9m in FY25 CAPITAL MANAGEMENT 6.0cps TOTAL FULLY FRANKED DIVIDENDS
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7 2026 FULL YEAR RESULTS OVERVIEW ▪ Earnings are underpinned by high-quality clients that operate on sites that are generally lowest on the cost curve ▪ 75% of revenue is derived from global mining majors ▪ Gold represents circa 60% of revenue ▪ 80% of revenue is from production, development and resource definition drilling ▪ The Company has 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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8 2026 FULL YEAR RESULTS 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 *Includes FY26 final dividend declared, which will be paid in FY27 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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9 2026 FULL YEAR RESULTS OPERATIONS
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10 2026 FULL YEAR RESULTS 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 1H FY27. ▪ Demand for drill rigs in the metalliferous sector remains strong while demand for rigs in the coal sector remains weak
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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 commenced in Q4 FY26 for a project that includes full in-field services. Initial indications are positive • 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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12 2026 FULL YEAR RESULTS FINANCIALS
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13 2026 FULL YEAR RESULTS PROFIT AND LOSS $25.7m $42.8m $0.7m $20.8m $0.5m $15.2m $0m $15m $30m $45m FY25 FY26 EBITDA EBT NPAT EARNINGS STEP -CHANGE AS FY25 INVESTMENTS CONVERT TO BUSINESS AS USUAL ▪ Revenue of $207.4m (up 5.4%) converted into EBITDA of $42.8m (up 66.5%) — an EBITDA margin of 20.7% against 13.1% in FY25 ▪ The improvement reflects FY25 mobilisation investment now operating on a business -as-usual basis, higher rig activity across the year ▪ Lower depreciation of $21.3m (FY25: $23.8m) and net finance costs of $0.7m carried the result through to NPAT of $15.2m (FY25 : $0.5m), or 7.2 cents per share.
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14 2026 FULL YEAR RESULTS RETURN ON INVESTED CAPITAL 2.0% 25.2% $65.0m $62.7m $24.8m $22.4m $1.9m $21.5m 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% $0m $20m $40m $60m $80m FY25 FY26 ROIC (%) PPE & Intangibles Working capital EBIT ▪ The material increase in FY26 earnings has realised a ROIC of 25.2% compared to a return of 2.0% in FY25. (ROIC has averaged 8.0% p.a. between FY22 and FY25) ▪ The increase is mainly driven by FY26 earnings, although the invested capital base has also been decreased due to lower PPE a nd a reduced net working capital investment. MORE EARNINGS FROM LESS CAPITAL
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15 2026 FULL YEAR RESULTS BALANCE SHEET ▪ Overall increase in net asset position due to the strong NPAT achieved in FY26 ▪ Net working capital has decreased 9.4% relative to 30 June 2025, in large part due to a managed drawdown of inventories following the large increase during FY25 to service contracts won during that period. ▪ No intention to raise equity for any reason ▪ The strong balance sheet provides optionality and flexibility in relation to capital management and growth opportunities NET ASSETS UP 11.9% ON A SMALLER WORKING CAPITAL BASE 30-Jun-26 30-Jun-25 Change $000's $000's % Balance Sheet Summary Current assets 57,248 45,345 26.2 Non-current assets 66,216 65,926 0.4 Total assets 123,464 111,271 11.0 Current liabilities 47,598 38,632 23.2 Non-current liabilities 7,538 11,603 (35.0) Total liabilities 55,136 50,235 9.8 Net assets 68,328 61,036 11.9 Working Capital Summary Receivables 32,029 28,662 11.7 Prepayments & other assets 2,298 1,762 30.4 Inventories 10,777 13,576 (20.6) Trade & other payables (22,668) (19,236) 17.8 Working Capital Investment 22,436 24,764 (9.4)
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16 2026 FULL YEAR RESULTS CASH FLOW ▪ FY26 Cash flow from operating activities is 108.6% greater than FY25 driven by improved earnings in the current year ▪ EBITDA to cash conversion ratio in FY26 (even after allowing for income tax payments) was 87%. ▪ Cash outflows for interest/financing costs remain very low given the low gross debt level ▪ Free cash flow of $16.1m (or 7.6cps) vs an accounting profit of $15.2m (or 7.2cps) demonstrating real cash generation ability vs simply accounting profits OPERATING CASH FUNDED THE FLEET, THE DIVIDEND AND MOVE TO NET CASH FY26 FY25 Change $000's $000's % Receipts from customers 225,042 216,003 4.2 Payments to suppliers / employees (180,159) (197,116) 8.6 Cash generated from operations 44,883 18,887 137.6 Net interest & other financing costs (722) (965) 25.2 Income tax paid (6,777) - (100.0) Cash flow from operating activities 37,384 17,922 108.6 Capital expenditure* (21,241) (20,518) (3.5) Free Cash Flow 16,143 (2,596) n/m OPERATING CASH FLOW SUMMARY *represented by PPE additions for the year, irrespective of funding method. These numbers therefore won’t necessarily equal t o cash outflows per the cash -flow statement
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17 2026 FULL YEAR RESULTS DEBT PROFILE ▪ The Company closed June 2026 in a net cash position of $3.5m ▪ Gross debt, comprising equipment finance only, reduced by a further 11% to $8.7m ▪ Blended average cost of debt of approximately 7.0% p.a., with rates essentially fixed across all equipment finance agreements ▪ MSV has access to a $15m working capital facility (undrawn) to fund any working capital requirements with new or expanding contracts ▪ The existing equipment finance facility has over $20m in additional headroom to fund potential growth opportunities NET CASH POSITION PROVIDES ULTIMATE FLEXIBILITY 30-Jun-26 30-Jun-25 Movement $000's $000's $000's Equipment finance (8,658) (9,705) 1,047 $15m overdraft/working capital - - - Gross debt (8,658) (9,705) 1,047 Cash on hand 12,144 1,345 10,799 Net cash/(debt) 3,486 (8,360) 11,846 FACILITIES
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18 2026 FULL YEAR RESULTS CAPITAL EXPENDITURE ▪ The Company remains committed to a capital management framework that includes the application of sensible limits to capital expenditure ▪ FY26 spend was largely restricted to essential maintenance capex. ▪ Maintenance capex continues to support high levels of availability across all equipment ▪ The Company continually monitors the size and composition of its fleet against relative current market conditions ▪ The company will take advantage of growth opportunities where it makes sense to do so CONTINUATION OF DISCIPLINED CAPITAL ALLOCATION $5.0m $3.6m $1.3m $12.0m $16.9m $19.9m $0m $15m FY24 FY25 FY26 YEAR ON YEAR CAPITAL EXPENDITURE Growth Maintenance
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19 2026 FULL YEAR RESULTS OUTLOOK
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20 2026 FULL YEAR RESULTS 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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21 2026 FULL YEAR RESULTS AVERAGE RIG COUNT 62 of 90 Leverage within the idle fleet as rig count expected to increase in FY27 WHY MITCHELL SERVICES EBITDA, UP 67% $42.8m NPAT of $15.2m against $0.5m in FY25, with EBIT more than 10x higher EBITDA MARGIN 20.7% Up from 13.1% - approximately 750 basis points on revenue growth of 5% CAPITAL REDEPLOYED $73.5m Since FY22 – around 65% of market cap FY26 dividends 6.0cps fully franked FREE CASH FLOW $16.1m After $21.2m of capex and operating cashflow of $37.4m (87% conversion) AVAILABLE CAPITAL ~$38m Net cash $3.5m, $35m undrawn facilities (working cap and equipment finance)
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22 2026 FULL YEAR RESULTS ▪ Quality brand with long history and high -quality clients ▪ Fundamental improvement across all financial metrics when compared to previous reporting period ▪ The strong financial performance drove the balance sheet to a net cash position of $3.5m ▪ Operational leverage within the business remains substantial, positioning the Company to benefit strongly as utilisation and activity levels increase in FY27. ▪ Loop represents a material growth opportunity in time, validated by the FY26 investment by Sumitomo Corporation. ▪ Financial transformation following a five year, $73m redeployment of capital through debt reduction and cash returns to shareholders. SUMMARY
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23 2026 FULL YEAR RESULTS APPENDIX
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THE LOOP FULL-SERVICE OFFERING From concept through to execution, our unique capabilities allow us to manage the decarbonisation solution from end- to-end. Our extensive operational experience allows us to effectively manage the interactions between active mining and the decarbonisation activities to mitigate risk and maintain production. We integrate all aspects of the decarbonisation solution, including health, management systems, safety and environmental risk. From marginal abatement cost curves, to execution at the coal-face, and audit and assurance to national and global ESG standards – Loop is the trusted partner of choice. Diesel & Power Emissions Decarbonisation Strategy • Base case • Project definition • Prioritisation (MAC Curves) Alternative fuelsMine planning optimisation Data-driven improvement Electrification Operational readiness studies Gas reservoir characterisation & gas production model Drilling, drainage, project management & reporting Beneficial use & offtake Loop facilitated 3rd party Fugitive Emissions
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DECARBONISATION:AN OPPORTUNITY IN DISGUISE WHAT’S DRIVING CHANGE? The transition toward a clean energy future is here. This is being driven by investor demand, government regulation, and growing societal pressure. Regardless of the pace of change, the direction is all shifting towards net zero by 2050. Loop seeks to shift the narrative – this is an opportunity in disguise. Stakeholder sentiment is linked to long-term value and social licence. Why can’t it be risk adjusted return centric? Corporate Strategy Safeguard Mechanism State Compliance Global corporates are aligning decarbonisation strategies to net zero by 2050 with interim targets by 2030. The Safeguard Mechanism has commenced, with operations required to reduce emissions each year. NGERS is shifting to Method 2 across all Safeguard-covered facilities by FY26. All states require a GHG management plan for approvals and amendments, with exceptional detail required. NSW is the most stringent, with QLD not far behind.
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26 2026 FULL YEAR RESULTS DEFINITIONS Capex Capital expenditure Cash Conversion Ratio The ratio of A to B; where A is the reported cash flows from operating activities and B is the reported EBITDA EBITDA Earnings before interest, tax, depreciation and amortisation; calculated as NPAT plus income tax expense plus finance charges plus depreciation expense plus amortisation of intangibles EBITDA Margin EBITDA divided by reported revenue expressed as a percentage EBIT Earnings before interest and tax; calculated as NPAT plus income tax expense plus finance charges EBIT Margin EBIT divided by reported revenue expressed as a percentage Free cash flow Cashflows from operating activities less income tax paid less interest paid less PPE additions Gross Debt Total principal balances outstanding on all bank loans, equipment finance facilities, hire purchase agreements, working capital facilities and overdrafts Net Debt Gross Debt less cash and cash equivalents on hand NPAT Net profit after tax; calculated as statutory reported profit before income tax less income tax expense NPBT Net profit before tax; calculated as NPAT plus income tax expense ROIC EBIT divided by (net PPE plus intangibles plus working capital)
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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