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Major Drilling Group International (MDI) investor relations material
Major Drilling Group International Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Dec, 2025
Executive summary
Achieved record quarterly revenue of CAD 244.1 million for Q2 2026, up 29% year-over-year, led by strong Canadian and Peruvian growth and strategic market positioning.
Maintains low-risk exposure through diversification by commodity, geography, and customer base, with 92% of revenue from senior/intermediate mining companies.
Net earnings were CAD 13.9 million (CAD 0.17/share), down from CAD 18.2 million (CAD 0.22/share) last year, reflecting margin pressures and a temporary operational shutdown in Indonesia.
Ended the quarter with CAD 14.3 million net cash and over CAD 149 million in available liquidity, after increasing the cash position by CAD 17.6 million.
Announced a Normal Course Issuer Bid to repurchase up to 5% of shares over 12 months, aiming to capitalize on share price weakness.
Financial highlights
Q2 2026 revenue was CAD 244.1 million, up 7.8% sequentially and 29% year-over-year.
Adjusted gross margin (excluding depreciation) was 26.0%, down from 30.5% a year ago due to competitive pricing and training costs.
EBITDA was CAD 37.7 million, slightly down from CAD 38.7 million last year; net earnings were CAD 13.9 million (CAD 0.17/share) vs. CAD 18.2 million (CAD 0.22/share) last year.
Capital expenditures totaled CAD 11.8 million, with two new rigs added and four older rigs disposed; total rig count at 707.
Cash position increased by CAD 17.6 million, ending with CAD 14.3 million net cash and over CAD 149 million in available liquidity.
Outlook and guidance
Q3 is expected to be seasonally weak due to holiday shutdowns and ongoing training/maintenance, with margins slightly impacted.
Positive outlook for 2026, supported by high gold and copper prices, increased junior financings, and rising demand for critical minerals.
Labor shortages may temporarily pressure costs, but industry demand is expected to drive pricing and margin recovery.
Exploration budgets remain below prior peaks, indicating further upside potential.
Increased free cash flow and depleted reserves among producers expected to drive demand for drilling.
Explomin's impact on segment operating margin
Australasia Q4 full capacity confidence
Future fleet expansion or M&A plans
Explain Q3 margin impact from 2026 readiness efforts
Outlook for junior activity given financing lag
Fleet deployment strategy for 2026 demand
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Next Major Drilling Group International earnings date
Q3 20266 Mar, 2026
Next Major Drilling Group International earnings date
Q3 20266 Mar, 2026
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Major Drilling Group International Inc. provides contract drilling services. The company offers surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, deep exploration drilling and related services
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