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Mayfield Group to acquire SMEC Power & Technology Acquisition strengthens mining focus February 2026 1
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Acquisition of SMEC Power & Technology at a Glance Element Detail Target SMEC Power & Technology (Southern Mining Electrical Contractors) Transaction type Asset sale, acquiring all business assets and undertakings as a going concern Enterprise value $30million, to be paid with 70% cash and 30% scrip Acquisition multiple 5.0x EBITDA Upfront consideration (70%) $21M satisfied by $14.7M cash and $6.3M MYG scrip (2.5 million shares) Earn-out (30%) A maximum amount of $9.0M is contingent upon meeting the FY2026 actual EBITDA target of $6.0M. Satisfied by 70% cash and 30% MYG scrip (1.1 million shares) Escrow 24-month escrow on all shares issued (upfront and earn-out), escrowed from the date of issue Basis Cash-free, debt-free, normal levels of working capital Completion Scheduled completion of 31 March 2026, subject to conditions precedent 2
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Strategic Acquisition: SMEC Power & Technology 3 Leading Australian designer, manufacturer and installer of specialised underground mining electrical infrastructure, starter panels, switchboards and substations. Operates from Perth and Kalgoorlie. Purchased from the founder, Martin Law, retained on a long-term contract. Asset Sale Agreement signed, with acquisition completion expected 31 March 2026 Low double digit Revenue and EBITDA growth over the last two years 85% of top 20 WA gold producers serviced $41M FY26 forecast revenue $6.0M FY26 forecast EBITDA >20% MYG pro-forma EPS accretion for FY261 Underground Mining Entry Structural growth driven by gold & critical minerals. Surface deposits depleting; underground demand rising. International Exports Established export channel to Africa & Asia, international revenue without capital-intensive foreign operations. Kiosk Substation Synergies SMEC kiosk substation capability directly applicable to MYG renewables and data centre customers. 100+ employees across Perth & Kalgoorlie 1. The implied pro-forma FY26 EPS accretion of >20% includes the full-year earnings contribution from SMEC for FY26 on a pro-forma basis as if it had been owned for the entire financial year. This also takes into account the dilutive impact of the shares issued during the November 2025 placement and SPP to fund the cash component of the acquisition consideration, as well as the shares to be issued to SMEC vendors as the scrip component of the acquisition consideration..
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Strategic Rationale for the Acquisition of SMEC 4 New sector: Underground mining • SMEC opens a sector MYG has not previously served. Underground mining is experiencing structural growth as demand for critical minerals (lithium, copper, nickel, rare earths) increases and surface deposits are progressively depleted. Electrification of mining • SMEC supplies electrical componentry to leading mining companies and contractors, assisting with the industries transition to electrified operations to meet emissions reduction targets, regulatory requirements and improve operational economics Complementary to MYG's integrated model • SMEC's specialist electrical contracting capabilities extend MYG's value chain: design, manufacture, installation, commissioning and ongoing maintenance, all under one group. International export markets • SMEC's equipment is currently purchased by mining companies operating across Africa and Asia, providing MYG with its first meaningful international revenue exposure without the capital intensity of establishing overseas operations.
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Complete Lifecycle Solutions: Now Includes Mining Design → Install → Service & Maintain → Modernise → Replace 5
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Balance Sheet Remains Strong Post-Acquisition • Pro-forma cash of $28.2m post-acquisition demonstrates continued balance sheet strength. • MYG balance sheet strength enables selective gearing, including $8.4m in property funding post-half, while retaining a conservative risk profile. • The Company retains financial capacity for continued organic investment and further inorganic growth opportunities. 6 Balance Sheet ($m’s) 31-Dec-2025 Acquisition / Property Pro Forma Cash at bank $49.2 ($21.0) $28.2 Debt - $8.4 $8.4
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Second Strategic Acquisition in Twelve Months 7 Disciplined, value-accretive acquisitions of established, profitable businesses with complementary capabilities, acquired at reasonable multiples with aligned consideration structures. BE Switchcraft (August 2025) SMEC (February 2026) Sector Commercial electrical solutions Underground mining electrical infrastructure Strategic logic Expanded addressable market into commercial buildings, education, healthcare, retail Opened new sector (underground mining) and international export markets (Africa, Asia) Integration Proceeding ahead of plan Asset Sale Agreement signed, with acquisition completion expected 31st March 2026 Contribution Contributing positively to financial performance
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A Compelling, Value-Accretive Acquisition • New sector: Underground mining, a structurally growing market driven by critical minerals demand and the electrification of mining operations • Electrification alignment: SMEC powers the mines that produce the minerals that drive the electrification that creates demand for MYG's core products • International growth: Proven export channel into Africa and Asia, providing MYG's first meaningful international revenue exposure and opportunity for future cross-sell • Attractive valuation: 5.0x EBITDA with 30% earn-out protecting value • Aligned interests: 24-month escrow on all scrip, earn-out tied to ongoing performance • Management: Continued employment of senior management • Proven capability: Second strategic acquisition in twelve months, following successful BE Switchcraft integration 8
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ASX:MYG | mayfieldgroup.com.au 9