MITCHELL SERVICES LIMITED — Interim / Quarterly Report 2026

Feb 18, 2026

HALF YEAR RESULTS FINANCIAL YEAR 2026

ASX:MSV

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DISCLAIMER

This investor presentation has been prepared by Mitchell Services Limited (“the Company”). Information in this presentation is of a general nature only and should be read in conjunction with the Company’s other periodic and continuous disclosure announcements to the ASX, which are available at: www.asx.com.au.

This presentation contains statements, opinions, projections, forecasts and other material (“forward-looking statements”) with respect to the financial condition, business operations and competitive landscape of the Company and certain plans for its future management. The words anticipate, believe, expect, project, forecast, estimate, likely, intend, should, could, may, target, plan and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and include known and unknown risks, uncertainties, assumptions and other important factors which are beyond the Company’s control and may cause actual results to differ from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward-looking statements contained in this document are qualified by this cautionary statement. The past performance of the Company is not a guarantee of future performance. None of the Company, or its officers, employees, agents or any other person named in this presentation makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statements or any of the outcomes upon which they are based.

The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, investors should consider their own needs and situation and, if necessary, seek independent professional advice.

Mitchell Services Limited’s financial statements comply with International Financial Reporting Standards (IFRS). This presentation may include certain non-IFRS performance measures including EBITDA, EBIT, Gearing ratio, Gross Debt, Net Debt and Return on Invested Capital (ROIC). These measures are used internally by management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review and should not be considered as an alternative to an IFRS measure of profitability, financial performance or liquidity.

To the maximum extent permitted by law, the Company and its directors and advisers of both give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of the Company, its officers, agents or employees of accepts, to the extent permitted by law, any liability for any loss, claim, damages, costs or expenses arising from the use of this presentation or its contents or otherwise arising out of, or in connection with it. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein.

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AGENDA

1. MARKET PROFILE

2. 1H26 BUSINESS SUMMARY 3. CAPITAL MANAGEMENT PERFORMANCE 4. OVERVIEW

5. OPERATIONAL UPDATE 6. PROFIT AND LOSS 7. RETURN ON INVESTED CAPITAL 8. BALANCE SHEET 9. CASH FLOW 10. DEBT PROFILE 11. CAPITAL EXPENDITURE 12. FY26 STRATEGY 13. SUMMARY

14. DEFINITIONS

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MARKET PROFILE

ASX INFORMATION

ASX Stock Symbol MSV Shares on Issue (at 18/02/2026) 211,962,408 Share Price (at 18/02/2026) A$0.435 Market Capitalisation A$92.2m

SHAREHOLDERS

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19.9% - Mitchell Group

7.7% - Dream Challenge Pty Ltd

12.9% - Institutional investors

59.5% - Other

BOARD OF DIRECTORS

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Nathan Mitchell	Executive Chairman
Scott Tumbridge	Non- Executive Director
Peter Miller	Non-Executive Director
Robert Douglas	Non-Executive Director
Neal O’Connor	Non-Executive Director
Peter Hudson	Non-Executive Director

EXECUTIVE MANAGEMENT TEAM

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Andrew Elf Chief Executive Officer Greg Switala CFO & Company Secretary

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1H26 BUSINESS SUMMARY

REVENUE $102.4m

3%

FROM $99.4m in 1H25

OPERATING CASHFLOW $20.8m

97%

FROM $10.6m in 1H25

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EBITDA $21.4m
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69%

FROM $12.7m in 1H25

CAPITAL MANAGEMENT

4.0cps FULLY FRANKED DIVIDEND

PROFIT AFTER TAX $8.1m

28x

FROM $0.3m loss in 1H25

RETURN ON INVESTED CAPITAL 27.0%

27% FROM (0.1%) in 1H25

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CAPITAL MANAGEMENT PERFORMANCE

• $73m in capital redeployed – debt eliminated, shareholders rewarded

• In late FY22 the Company outlined a capital management strategy to reduce leverage and maximise cash returns to shareholders

• Since 30 June 2022 the Company has reduced net debt by $46m (from $39m net debt to $7m net cash)

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Net debt journey - $46m improvement in 3.5 years
$42m
$35m
$28m
$21m
$14m
$7m
$0m
-$7m
FY22 FY23 FY24 FY25 FY26
Net debt
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• Since the start of FY23 cash returns to shareholders (dividends and buy-backs) have been $27m which equals approximately 30% of the Company’s market

capitalisation.

Cumulative shareholder returns – 30% of market cap over 4 years

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$30m
$25m
$20m
$15m
$10m
$5m
$0m
FY23 FY24 FY25 FY26
Cumulative Cash Returns
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*Includes 1H26 dividend declared, not yet paid

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OVERVIEW

• Strong 1H26 profit drove balance sheet to a net cash position

• High quality revenue streams have enabled the Company to generate strong cash flow

• 80% of revenue is from global mining majors

• Revenue is split circa 50% surface drilling & 50% underground drilling

• Gold represents circa 60% of revenue

• 80% of revenue is from production, development and resource definition drilling

• Fundamental improvement across all financial metrics when compared to previous reporting period

• Increased inquiry levels and other positive indicators for increased demand given high commodity prices (including gold and copper)

• Demand within the coal sector was subdued throughout 1H26 but coal price increases in early 2H26 may be catalyst for improvement

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OPERATIONAL UPDATE

• In FY25 the Company significantly invested in newly won projects and service offerings, specifically:

• entering the PNG market;

• the provision of decarbonisation solutions via joint venture Loop Decarbonisation Solutions (Loop) and;

• the award of other material multi-rig, multi-year contracts.

• The above projects operated on a business-as-usual basis throughout 1H26 .

• In addition, improved weather conditions and the absence of clientinitiated scope decreases and operational delays drove the material improvement in financial performance.

• The strong financial result was delivered with only 62 rigs (from a fleet of 88) providing material leverage to the upside should demand increase .

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• Industry leading safety culture

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: OPERATIONAL UPDATE
•
Customer 1
•
First project successfully completed in FY25 Q4
•
Customer 2
•
Initial feasibility and consulting work currently in progress
•
Contract executed for full in field management of the decarbonisation project to commence shortly
•
Multiple other customers
•
Initial feasibility and consulting work in progress
•
Strategic equity investment in Loop by Sumitomo Corporation
•
Sumitomo to acquire up to 25% of the equity in Loop
•
The investment validates the business strategy and service offering
•
Provides a strong platform to accelerate growth on a capital light basis for MSV
•
Values the Loop business at approximately $24million
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Mitchell Services Limited (ASX: MSV) is a leading
provider of drilling services to the global
exploration, mining and energy industries. Our
state-of-the-art fleet is currently positioned in key
exploration and mining centres throughout
Australia. We are the largest provider of
underground gas drainage and directional drilling
services in Australia.
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Talisman Technical focuses on providing comprehensive solutions for the resources sector, including ESG, decarbonisation, safety and critical control management, reservoir engineering, and mining advisory. Our approach involves understanding the challenges faced by their clients and offering industry-leading solutions to support their journey towards a sustainable future.

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THE LOOP FULL-SERVICE OFFERING
We integrate all aspects of the decarbonisation solution,
From concept through to execution, our unique capabilities
including health, management systems, safety and
allow us to manage the decarbonisation solution from end-
to-end. environmental risk.
Our extensive operational experience allows us to From marginal abatement cost curves, to execution at the
effectively manage the interactions between active mining coal-face, and audit and assurance to national and global
and the decarbonisation activities to mitigate risk and
ESG standards – Loop is the trusted partner of choice.
maintain production.
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Mine planning optimisation
Alternative fuels Electrification
Diesel & Data-driven improvement
Power
Emissions
Decarbonisation
Loop facilitated 3 [rd] party
Strategy
• Base case
•
Project definition Gas reservoir Drilling,
Operational Beneficial
• Prioritisation characterisation & drainage, project
readiness use &
(MAC Curves) gas production studies management & offtake
Fugitive model
reporting
Emissions
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DECARBONISATION:AN OPPORTUNITY IN DISGUISE WHAT’S DRIVING CHANGE?

The transition toward a clean energy future is here. This is being driven by investor demand, government regulation, and growing societal pressure. Regardless of the pace of change, the direction is all shifting towards net zero by 2050.

Loop seeks to shift the narrative – this is an opportunity in disguise. Stakeholder sentiment is linked to long-term value and social licence. Why can’t it be risk adjusted return centric?

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Corporate Strategy
Global corporates are aligning decarbonisation
strategies to net zero by 2050 with interim
targets by 2030.
Safeguard Mechanism
The Safeguard Mechanism has commenced,
with operations required to reduce emissions
each year. NGERS is shifting to Method 2
across all Safeguard-covered facilities by FY26.
State Compliance
All states require a GHG management plan for
approvals and amendments, with exceptional
detail required. NSW is the most stringent, with
QLD not far behind.
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PROFIT AND LOSS

Materially greater earnings due to improved operating conditions

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$25m
$21.4m
$15m
$12.7m
$10.2m
$8.1m
$5m
($0.5m) ($0.3m)
1H25 1H26
-$5m
EBITDA EBT NPAT
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• 1H26 includes a non-cash impairment loss of approx. $1.4m relating to a drill rig and ancillary gear destroyed by a bushfire in Western Australia in late December. The assets are fully insured, and 2H26 will include an insurance claim receipt of at least $1.4m given accounting standards preclude this benefit being recognised until the conditions to the claim become unconditional.

• In addition to the improvement vs 1H25, the 1H26 result represents a material improvement vs 1H24 ($4.3m NPAT) as depreciation and interest continue to fall.

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RETURN ON INVESTED CAPITAL

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$80m 40.0%
$60m $67.2m 30.0%
$59.5m
$40m 20.0%
$20m 10.0%
$21.4m
$19.8m $19.9m
($0.1m)
$0m 0.0%
1H25 1H26
-$20m -10.0%
PPE & Intangibles Working capital EBIT (annualised) ROIC (%)
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▪ The material increase in earnings in 1H26 has realised a ROIC of 27.0% compared to a negative return of 0.1% in 1H25.

▪ In addition to the improvement vs 1H25, the 1H26 ROIC represents a material improvement vs 1H24 (15.1%) and 1H23 (2.7%) as EBIT increases and the carrying value of PPE (driven by lower capex) continues to decrease

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BALANCE SHEET

MATERIAL IMPROVEMENTS FROM ALREADY STRONG FY25 POSITION

• Overallincrease in net asset positiondue to the strong NPAT recorded in 1H26 ▪Net working capitalhas decreased 19.8% relative to 30 June 2025, driven by a combination of strong customer collections and a managed drawdown of inventories given the large increase during FY25 to service contracts won during that period. ▪No intention to raise equityfor any reason ▪The strong balance sheet providesoptionality and flexibilityin relation to capital management and growth opportunities.	31 Dec 25 30 Jun 25 Change
	$000's $000's % Balance Sheet Summary Current assets 52,317 45,345 15.4 Non-current assets 61,946 65,926 (6.0)
	Total assets 114,263 111,271 2.7
	Current liabilities 37,253 38,632 (3.6) Non-current liabilities 7,702 11,603 (33.6)
	Total liabilities 44,955 50,235 (10.5)
	Net assets 69,308 61,036 13.6 Working Capital Summary Receivables 22,655 28,662 (21.0) Prepayments & other assets 2,119 1,762 20.3 Inventories 12,073 13,576 (11.1) Trade & other payables (16,977) (19,236) (11.7)
	Working Capital Investment 19,870 24,764 (19.8)

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CASH FLOW

OUTSTANDING CASH FLOW PERFORMANCE RELATIVE TO EARNINGS

OPERATING CASH FLOW SUMMARY

• 1H26 Cash flow from operating activities is 96.7% greater than 1H25 driven by improved earnings in the current period.

• EBITDA to cash conversion ratio in 1H26 (even after allowing for income tax payments) was 97.0%.

• Excluding income tax payments, operating cash generated totalled $26.0m, a generation rate of 121.5% relative to EBITDA

• Cash outflows for interest/financing costs remain very low given the low gross debt level

	1H26	1H25	Change
	$000's	$000's	%
Receipts from customers	119,518	114,591	4.3
Payments to suppliers / employees	(93,038)	(103,638)	10.2
Cash generated from operations	26,480	10,953	141.8
Net interest & other financing costs	(456)	(387)	(17.8)
Income tax paid	(5,237)	-	(100.0)
Cash flow from operating activities	20,787	10,566	96.7
EBITDA	21,420	12,652	69.3
Cash Conversion Ratio (CCR)	97.0%	83.5%

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DEBT PROFILE

NET CASH POSITION PROVIDES ULTIMATE FLEXIBILITY

FACILITY

• The Company closed December 2025 in a net cash position of $7.2m

• Gross debt (comprising equipment finance only) reduced by a further 15% to $8.3m.

• Current blended average cost of debt is approximately 6.8% p.a. with all interest rates fixed on equipment finance agreements

• MSV has access to a $15m working capital facility (undrawn) to fund any working capital requirements with new or expanding contracts

	31 Dec 25	30 Jun 25	Movement
	$000's	$000's	$000’s
Equipment finance	(8,256)	(9,705)	1,449
$15m overdraft/working capital	-	-	-
Gross debt	(8,256)	(9,705)	1,449
Cash on hand	15,471	1,345	14,126
Net cash/(debt)	7,215	(8,360)	15,575

• The existing equipment finance facility has over $20m in additional headroom fund potential growth to

opportunities

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CAPITAL EXPENDITURE

CONTINUATION OF DISCIPLINED CAPITAL ALLOCATION

YEAR ON YEAR CAPITAL EXPENDITURE

• The Company remains committed to its Capital Management Strategy which includes the application of sensible limits to capital expenditure

• 1H26 capex was largely restricted to essential maintenance capex. The greater spend in 1H25 was associated with the transitional nature of that period with new contracts being won requiring capex investment

• Maintenance CAPEX continues to support high levels of availability across all equipment

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$24m
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$20m
$16m
$10.3m
$12m
$8m
$10.2m
$4m $7.8m
$0m
FY25 FY26
1st half 2nd half
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FY26 STRATEGY

• The strategy is to optimise the long-term growth of the business and returns to shareholders by:

• Continuing to improve the profitability of the existing business

• Capitalising on the growing pipeline of drilling opportunities in the mining sector.

• With a strong balance sheet and the relative fixed nature of a large portion of the Company’s costs, the overall leverage within the business is substantial.

▪ Capital management will remain a priority with a focus on ensuring an appropriate mix between maximising cash returns for shareholders, capitalising on growth opportunities amid an increasing opportunity pipeline and operating within sensible debt levels.

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SUMMARY

• Quality brand with long history and high-quality revenue streams

• Fundamental improvement across all financial metrics when compared to previous reporting period

• The strong financial performance drove balance sheet to a net cash position of $7.2m

• Operational leverage within the business remains substantial, positioning the Company to benefit strongly as utilisation and activity levels normalise.

• Loop represents a material growth opportunity in time, validated by the 1H26 investment by Sumitomo Corporation.

• Financial transformation following a five year, $73m redeployment of capital through debt reduction and cash returns to shareholders.

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DEFINITIONS

Capex	Capital expenditure
Cash Conversion Ratio	The ratio of A to B; where A is the reported cash flows from operating activities and B is the reported EBITDA
EBITDA	Earnings before interest, tax, depreciation and amortisation; calculated as NPAT plus income tax expense plus finance charges plus depreciation expense plus amortisation of intangibles
EBITDA Margin	EBITDA divided by reported revenue expressed as a percentage
EBIT	Earnings before interest and tax; calculated as NPAT plus income tax expense plus finance charges
EBIT Margin	EBIT divided by reported revenue expressed as a percentage
Gross Debt	Total principal balances outstanding on all bank loans, equipment finance facilities, hire purchase agreements and overdrafts
Net Debt	Gross Debt less cash and cash equivalents on hand
NPAT	Net profit after tax; calculated as statutory reported profit before income tax less income tax expense
NPBT	Net profit before tax; calculated as NPAT plus income tax expense
ROIC	EBIT divided by (net PPE plus intangibles plus working capital)

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CONTACT

Andrew Elf Chief Executive Officer 112 Bluestone Circuit Seventeen Mile Rocks Qld 4073

PO Box 3250 Darra Qld 4076

P: 07 3722 7222 M: 0413 608 018

E: a.elf@mitchellservices.com.au