MITCHELL SERVICES LIMITED — Earnings Release 2026

Apr 20, 2026

Mitchell
SERVICES

21 April 2026

Mitchell Services Limited (ASX: MSV)

Quarterly Investor Update

Strong quarterly performance with 1H26 tailwinds continuing throughout Q3

• Quarterly EBITDA of $11.2m – up 110% vs FY25 Q3
• Quarterly EBT of $5.7m – up exponentially vs FY25 Q3
• FY26 YTD EBITDA of $32.6m
• FY26 YTD EBT of $15.9m
• Continued balance sheet strength (net debt $0.9m) post $8.5m dividend payment

Dear Shareholder

I am pleased to provide the following investor update for the quarter ended 31 March 2026 (FY26 Q3) for Mitchell Services Limited (the Company) based on the Company's un-audited consolidated management accounts.

Quarterly results

Pleasingly, the material improvement in operating conditions and financial performance experienced in 1H26 has continued throughout FY26 Q3. As a result, the FY26 Q3 financial performance represents a dramatic improvement vs FY25 Q3 and provides a strong foundation to deliver a significantly improved full year FY26 result versus FY25.

Following from my FY26 Q2 update, and very much in line with that commentary:

Improved weather conditions and the absence of client-initiated delays and scope decreases were the primary drivers for the improvement in financial performance. In addition, multiple projects that mobilised and incurred ramp up costs in FY25 are now operating on a business-as-usual basis.

The tables below summarise the un-audited financial and operating results for FY26 Q3 and FY25 Q3.

	FY26 Q3	FY25 Q3	Movement	Movement %
Average operating rigs	60.7	62.3	(1.6)	(2.6)
Number of shifts	8,702	8,736	(34)	(0.4)
Revenue ($'000s)	48,543	46,802	1,741	3.7
EBITDA ($'000s)	11,177	5,315	5,862	110.3
EBITDA margin (%)	23.0	11.4	11.6
EBT ($'000s)	5,673	(541)	6,214	n/m
Operating cash flow ($'000s)	4,303	(3,660)	7,963	n/m
Operating cash conversion ratio (%)	38.5	(68.9)	107.4
Capital Expenditure ($'000s)	5,718	4,220	1,498	35.5

$n/m =$ not meaningful due to prior period negative base.

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Monthly Number of Rigs Operating (over the past 24 months)

Monthly Number of Shifts Worked (over the past 24 months)

In relation to the operating cash flow performance, the below table has been included to provide additional context, demonstrating the additional working capital requirements in FY26 Q3 that drove a softer cash conversion (albeit still significantly improved vs FY25 Q3).

	31 Mar 26	31 Dec 25	Movement	Note
Trade and other receivables ($'000s)	31,546	24,774	6,772	1
Inventories ($'000s)	10,503	12,073	(1,570)	2
Trade and other payables ($'000s)	(18,172)	(16,977)	(1,195)	3
Net working capital ($'000s)	23,877	19,870	4,007

1. The increase in trade and other receivables is largely due to the gradual increase in monthly revenue, from $12.2m in December 2025 to$ 18.8m in March 2026
2. A positive movement in working capital investment – the $1.6m inventory reduction reflects lower mobilisation activities and the fact that jobs which were mobilising in FY25 are now operating on a business-as-usual basis
3. A positive movement in working capital investment – the increase in payables reflects larger costs in March 2026 vs December 2025 following increases to shift numbers and revenue

Year to date results

The table below summarises the un-audited financial and operating results for the nine months ended 31 March 2026 (FY26 YTD) and the corresponding nine months ended 31 March 2025 (FY25 YTD).

	FY26 YTD	FY25 YTD	Movement	Movement %
Average operating rigs	61.3	62.7	(1.4)	(2.2)
Number of shifts	26,875	25,885	990	3.8
Revenue ($'000s)	150,941	146,166	4,775	3.3
EBITDA ($'000s)	32,597	17,967	14,630	81.4
EBITDA margin (%)	21.6	12.3	9.3
EBT ($000's)	15,910	(1,040)	16,950	n/m
Annualised ROIC (%)	26.3	(0.4)	26.7
Operating cash flow ($000s)	25,090	6,905	18,185	263.4
Operating cash conversion ratio (%)	77.0	38.4	38.6
Capital Expenditure ($'000s)	13,477	14,491	(1,014)	(7.0)

Importantly, the YTD EBITDA of $32.6m (an 81\%$ improvement) was delivered with an average operating rig count of 61.3. With 88 rigs in the fleet, this provides material leverage to the upside should client demand for rigs increase.

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Capital Management

In February 2026 the Company outlined a capital management strategy centering around an appropriate mix between maximising cash returns for shareholders, capitalising on growth opportunities amid an increasing opportunity pipeline and operating within sensible debt levels. The below charts (from the 1H26 results presentation) demonstrate the capital management performance since FY22 in line with that strategy which delivered $73m in redeployment of capital between 30 June 2022 and 31 December 2025.

Net debt journey

Shareholder returns

Pleasingly, post the latest dividend payment in March 2026 of approx. $8.5m (or 4cps), the balance sheet remains strong with a modest net debt figure at 31 March 2026 of $0.9m.

Loop decarbonisation business update

There are no significant updates in relation to the Loop decarbonisation business. The client base and revenues from initial advisory services continue to increase. In relation to the contract for in-field services with customer number two, mobilisation, inductions and onboarding activities are well progressed with drilling expected to take place later in FY26 Q4.

In closing, I would like to again thank all employees for their hard work and dedication and all shareholders for their ongoing support.

Yours faithfully,

Andrew Elf
Chief Executive Officer
Mitchell Services Limited