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Mitchell Services (MSV) investor relations material
Mitchell Services H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary21 Aug, 2025
Executive summary
FY25 was a transitional year with lower financial performance due to reduced utilization, project transitions, and significant investment in new projects, but all major expiring contracts were successfully renewed.
Operational challenges included client incidents, mining sector corporate activity, and adverse weather, particularly impacting coal sector performance.
Over 80% of revenue is from global mining majors, with a balanced split between surface and underground drilling; gold accounts for over 45% of revenue.
New project wins, especially in PNG and multi-year contracts with large miners, are ramping up and expected to deliver returns in FY26.
The Loop JV, focused on decarbonization, completed its first project and secured a second client, representing a strong growth opportunity.
Financial highlights
Revenue reached $196.7m, up 17% from FY24, but profitability and EBITDA declined due to lower utilization and mobilization costs.
Profit after tax was $0.5m, a 94% decrease from FY24.
Operating cash flow and conversion rates were lower, driven by reduced earnings and increased working capital for new projects.
Gross debt reduced by 46% to $9.7m, the lowest since June 2015, with significant interest payment reductions.
Net assets decreased, impacted by modest FY25 earnings and a $4.3M dividend payment related to FY24.
Outlook and guidance
FY26 begins with all major mobilizations complete, a stable operational base, and expectations for improved utilization, earnings, and cash flow.
Working capital and cash conversion rates are expected to normalize, supporting stronger financial performance.
CapEx is anticipated to decrease in FY26, with growth CapEx dependent on new opportunities, particularly in the Loop JV.
Shareholder returns are expected to recommence upon normalization of business performance, likely via share buy-back.
Income tax payments will commence in FY26 as legacy tax losses are now fully utilized.
Loop JV's potential to drive future earnings
Shareholder return strategy for FY26
How to achieve normalized utilization in FY26?
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Next Mitchell Services earnings date
Q1 2026 TU21 Oct, 2025
Next Mitchell Services earnings date
Q1 2026 TU21 Oct, 2025
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Frequently asked questions
Mitchell Services Limited is a drilling services company that provides exploration and mine development drilling solutions to the mining and resources sector. Its services include surface and underground drilling, including diamond and reverse circulation drilling, across a range of commodities such as gold, copper, coal, and other minerals. The company supports clients throughout various stages of the mining lifecycle, from early exploration to production. Mitchell Services Limited operates primarily in Australia, serving mining companies of various sizes. The company is headquartered in Brisbane, Australia, and its shares are listed on the ASX.
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