Mitchell Services (MSV) investor relations material

Executive summary

• FY26 Q4 revenue reached $56.5m, up 12% year-over-year, with EBITDA of $10.2m, up 32% year-over-year.

• FY26 full-year revenue was $207.4m, a 5.5% increase from FY25, and EBITDA rose 67% to $42.8m.

• NPAT is expected to be AUD 15.2 million, pending final tax adjustments.

• Maintained a net cash position as of June 30, providing flexibility for future growth and capital management.

• Operating rig count ended FY26 at 65, with gold contributing 61% and coal 30% of annual revenue.

Financial highlights

• FY26 EBT was $20.8m, up from $0.7m in FY25, and profit after tax is expected to be approximately $15.2m.

• EBITDA margin improved to 20.6%, with a return on capital exceeding 25%.

• Operating cash flow for FY26 was $37.4m, up 109% year-over-year, with a cash conversion ratio of 87.4%.

• Maintenance CapEx for the year was AUD 21.3 million, similar to the prior year, with a small portion allocated to growth.

• Net cash position at 30 June 2026 was $3.5m, a 142% improvement from net debt of $8.4m at the prior year-end.

Outlook and guidance

• Rig count is expected to continue rising through the first half, supported by a healthy tender pipeline and increased client activity, especially in gold.

• No significant rebound in coal sector revenue anticipated for FY27; growth is expected to come from minerals, particularly gold.

• Loop Decarbonisation business commenced drilling for a second customer, with positive early indications and growing client interest.

• The Board anticipates distributing a portion of FY26 earnings to shareholders via fully franked dividends.