Mitchell Services (MSV) AGM 2026 presentation summary

Market profile

• ASX symbol MSV; 212,450,530 shares on issue, share price A$0.60 and market capitalisation A$127.5m as at 19 Oct 2026.

• Shareholder mix: retail investors 58.6%, institutional investors 21.3% and Mitchell Group 20.1%.

FY26 overview

• Global mining majors generated 75% of revenue; gold represented ~60%, and production, development and resource definition drilling contributed 80%.

• Exposure to the metalliferous sector increased, alongside expansion into new jurisdictions; safety performance was supported by critical control verification processes.

• FY26 was described as a step-change year, with net cash and capacity to grow; rig count was expected to increase in FY27.

Capital management performance

• Net debt improved by $42.5m over four years, moving from $39m net debt to $3.5m net cash.

• Since late FY22, $73.5m of capital was redeployed; $31m went to shareholder returns through dividends and buy-backs, equal to ~30% of market capitalisation.

• FY26 fully franked dividends were 6cps, with an ~85% payout ratio; FY26 EPS was 7.2cps versus a 2.0cps average in FY22–FY25.