Perenti (PRN) Investor Presentation summary

Company overview

• Employs over 11,000 people across 12 countries, operating more than 100 projects for 60+ clients in mining services, drilling, and technology solutions.

• Offers contract mining, drilling, and mining services, with a focus on underground hard-rock mining and a modern fleet of 302 rigs.

• Provides technical and technological solutions through idoba, integrating AI, data analytics, and mining expertise.

• Headquartered in Perth, with a global presence spanning Australia, Africa, North America, and Europe.

• Sustainability is embedded in operations, aiming to create enduring value for stakeholders.

Financial performance and growth

• Revenue and EBIT(A) have grown significantly, with leverage (net debt/EBITDA) reduced to a targeted 0.7–0.8x for FY24.

• FY24 revenue guidance is $3.3B–$3.4B, EBIT(A) $310M–$325M, capex ~$350M, and free cash >$100M.

• Diversified revenue base: 67% underground, 28% surface, 69% from investment grade jurisdictions, and 60% from contract mining.

• Recent DDH1 acquisition adds significant upside, with ~9 months contribution in FY24 and ongoing synergy extraction.

• High client retention rate (~95%) and successful reallocation of resources amid market changes.

Strategic initiatives and positioning

• DDH1 integration is complete, with all key management retained and synergies realized in cash, corporate, and tax areas.

• Drilling Services Division now includes DDH1 brands and Ausdrill, with further integration planned.

• Focus on operational excellence, margin improvement, and disciplined capital allocation.

• Ongoing contract wins and extensions support sustainable growth and shareholder returns via dividends and buybacks.

• Updated strategy to be delivered later in the year, maintaining commitment to 2025 targets.