SCIDEV LTD — Earnings Release 2026

Apr 19, 2026

SCIDEV

ASX Announcement

20th April 2026

3Q FY26 Trading Update

Unaudited (AS million)	1Q FY26	2Q FY26	3Q FY26	YTD FY26
Revenue	22.9	24.9	18.5	66.3
Reported EBITDA	-0.2	0.6	0.7	1.1
Underlying EBITDA	0.0	1.1	1.1	2.2
Underlying EBITDA Margin (%)	0%	4%	6%	3%

SciDev Ltd (ASX:SDV) ("the Company") provides its 3Q FY26 trading update for a quarter ending 31 March 2026. The Company achieved its third consecutive quarter of positive Underlying EBITDA, reaching $1.1 million in 3Q FY26 and $2.2 million YTD, with EBITDA margin improving to 6% in the quarter. Process Chemistry continued to perform well and remains on track for record full-year revenues in FY26. Cost reduction actions taken in 1H FY26 are fully implemented and will be wholly realised in FY27.

Against this backdrop, the Company experienced two specific headwinds that require a revision to FY26 revenue guidance. Continued cost-reduction pressure from upstream E&P companies is intensifying competition in commoditised friction reduction chemical sales, as well as tempering adoption of higher-value specialty chemical products, reducing volumes in the near term.

Separately, adverse weather events in the Northern Territory and global shipping disruptions have shifted a meaningful portion of Rum Jungle project revenues from FY26 into FY27. Critically, both factors are timing or cyclical in nature, and do not impair the underlying value of the Company's contract book or its FY27 earnings trajectory.

FY26 revenue guidance is revised to $82 to $87 million (previous guidance $100 to $110 million). FY26 underlying EBITDA is expected to be approximately $4 million.

Guidance History & Context

Date	Event	FY26 Revenue Guidance	Key Driver of Change
June 2025	Contract Awards	$120 to $140m	Initial FY26 guidance issued due to new contract awards
Nov 2025	Rum Jungle Award	$120 to $140m	Guidance reaffirmed; $19.5m contract added visibility
Feb 2026	1H FY26 Result	$100 to $110m	Revised down; xSlik customer disruption; FX impact
Apr 2026	3Q FY26 Update	$82 to $87m	Further revision; E&P cost pressures; RJ weather impact

The Company notes that each revision has been driven by distinct, identifiable factors. This revision reflects pressures in Energy Services which are largely cyclical or timing in nature, and a scheduling shift in Rum Jungle, with revenues deferred into FY27 rather than lost.

SciDev Limited

ABN: 25 001 150 849

e: info@scidevltd.com

w: scidevltd.com

Building G, 22 Powers Rd

Seven Hills

NSW 2147 AUSTRALIA

p: +61 2 9622 5185

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Managing Director & CEO Commentary

Managing Director and CEO, Seán Halpin, said, “Despite a challenging trading environment, our underlying business continues to make progress. We achieved improving EBITDA in every quarter this year, our cost base has been lowered, and Process Chemistry is on track to deliver a record year. These are not small achievements, and they give us confidence in the trajectory of the business.”

“Headwinds in our Energy Services business have persisted longer than anticipated, driven by increased cost reduction pressure amongst our upstream E&P client base. This has resulted in intensifying competition within our commoditised friction reduction chemical sales, as well as tempering adoption of our higher value specialty chemical products. Despite these headwinds we continue to aggressively pursue opportunities in our key target basins, broadening our customer base to reduce concentration risk. Positively, our pipeline of new customer trials continues to build and we remain confident in our ability to convert these into revenue generating accounts in FY27.”

“In Water Technologies, the impact of heavy rain and cyclone activity in the Northern Territory, alongside shipping delays on long-lead items caused by recent escalation in Middle East conflicts has shifted scheduling for our Rum Jungle mine rehabilitation project. While the project remains on track for successful delivery and on budget, we expect a meaningful portion of revenues to migrate from the current fiscal year into FY27. This is a deferral of recognised revenue and a not a change in project scope, budget, or our expected returns.”

“The cost actions we announced at the half-year are fully implemented. Corporate costs are down 19% year-on-year, and the transition of our International Water operations to a channel partner model is nearing completion, removing $3 million in annualised costs from FY27 onwards. As we look to FY27, we expect Rum Jungle revenues to be fully realised, Process Chemistry contract conversions to broaden our recurring revenue base, and Energy Services new accounts to reach full run rates. The Board and management team are focused on delivering a meaningful improvement in earnings in FY27.”

3Q FY26 Update by Business Unit

Energy Services

Despite recent improvements in oil prices, pressure to reduce costs remains a feature among upstream E&P companies. This has intensified competition in commoditised friction reduction sales, as well as tempered adoption of Energy Services’ higher-value specialty products.

Change from previous guidance:

• 80% of the total change in revenue guidance related to Energy Services
• 2/3rd due to lower sales of commoditised friction reducer
• 1/3rd due to lower sales of high value specialty chemicals to existing & new customers

Operational progress

• Successful delivery of a complete fluid system field trial for a blue-chip E&P customer in the Permian Basin. The trial included SciDev’s new high activity emulsion FR CarrySlik 7.6.
• Executed an MSA for the supply of CatChek® to a frac services company engaging two E&P companies in the Powder River Basin in Wyoming.
• Supplied CatChek® for the completion of a five well pad in the Permian Basin.

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APAC Water Technologies

The impact of heavy rain and cyclone activity in the Northern Territory has altered scheduling for our Rum Jungle groundwater mine remediation project. The project has also been impacted by delayed shipping of long-lead-time items due to disruption to global shipping routes and vessel availability. While the project remains on track for successful delivery, and on budget, a meaningful portion of revenues are anticipated to migrate from the current fiscal year into FY27.

Change from previous guidance:

• 20% of the total change in revenue guidance related to APAC Water Technologies
• 2/3rd due to weather events shifting revenue from Rum Jungle into FY27
• 1/3rd due to project phasing and delays to contracts up for tender

Operational progress

• Execution and delivery of a contract to supply and operate a BOO water treatment plant for a major infrastructure project in Sydney. Approx. $0.5m delivered over Q4 FY26 with potential to extend the end of Q1 FY27.
• Delivered the 90% design for a D&C PFAS treatment plant for a blue-chip mining client in WA. Award of construction contract expected in Q4 FY26.
• Engaged to complete treatability testing and design of a water treatment plant to treat storm water for an industrial client in QLD. Construction component valued at approx. $1.5m will be awarded in Q4 FY26 with construction works due to commence in Q2 FY27.
• Secured a 3-year service contract for the operation and maintenance (O&M) of a SciDev built Leachate Treatment Plant in Sydney.
• Continued engagement with several Tier 1 Data Centre companies delivering a number of preliminary design packages and budgetary pricing for sewer harvesting and water recycling plants for planned Data Centres in VIC & NSW.

Process Chemistry

Performance from Process Chemistry continues to meet or exceed the Company's expectations, with the business on track to deliver record revenues for the full year FY26. New customer field trials have progressed to schedule, and the Company remains optimistic these will convert into longer-term contracts in FY27.

Change from previous guidance:

• Modest improvement.

Operational progress

• Successful delivery of full-scale on-plant trials across four plants for a major water utility in NSW, anticipated to convert to long-term supply in Q4 FY26.
• Secured the ongoing supply of Maxiflox® to a major sand mine operator in west Texas.
• Resumed supply to major WA mineral sands operator that had paused operations in Q3 FY25.
• Secured a 3-year contract extension with a major mineral sands producer operating multiple operations across WA and SA.
• Executed a new supply agreement with a Chemical Handling & Processing company to service multiple sites in QLD and NSW.
• Continued supply of Maxiflox and MaxiDry to a number of major infrastructure projects VIC, NSW & WA.

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International Water Technologies

The transition of the US and UK based Water Technologies operations to a channel partner model is expected to be completed in April. These actions have removed $3 million in annualised costs from the Company relative to 1H FY26.

Operational progress

• Secured a contract for a paid 12-month trial of FluorofIX® & RegenIX® at a municipal drinking water treatment plant in the Channel Islands. Mobilisation to site is scheduled for early Q4 FY26, with on-site works to be managed and completed by the regional channel partner.

Corporate costs

Cost reductions implemented during 1H FY26, lower annual spend by 19%, have been maintained and are expected to be fully realised in FY27.

Cash and Liquidity

The Company maintains total available liquidity of $7.2 million as at 31 March 2026, comprising a net cash position of $1.1 million and $6.1 million of unutilised debt facilities. This provides ample liquidity for business operations for the foreseeable future.

The net cash position decreased from $4.4 million at 31 December 2025 to $1.1 million at 31 March 2026. The majority of this movement relates to working capital timing expected to normalise over Q4 FY26, together with a $1.0 million security deposit lodged in connection with the Rum Jungle project, which is fully refundable upon successful project completion.

FY26 Guidance Update

Revenue & Earnings:

FY26 Revenue guidance revised to between $82 million and $87 million (from $100m to $110m), reflecting:

• Intensified competition in commodity friction reducer sales and continued focus on cost reduction from upstream E&P companies.
• Alterations to Rum Jungle scheduling due to adverse weather events and shipping delays, resulting in the deferral of a portion of revenues into FY27.
• Ongoing strong performance in Process Chemistry.

FY26 Underlying EBITDA expected to be approximately $4 million, supported by:

• Continued EBITDA profitability across all business units before corporate costs.
• Benefits from full implementation of announced cost reduction initiatives.

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FY27 Outlook

The Company enters FY27 with a meaningfully improved cost structure and a set of identifiable revenue recovery drivers. The Board and management team has confidence in a material improvement in earnings in FY27 relative to FY26.

Operational Outlook

Energy Services

• Continued expansion of target sales opportunities in the Permian and Haynesville Basins.
• Onboarding of new CatChek customers in Q4 and into FY27.
• Completion of field trials with a number of new E&P customers and conversion into full scale accounts in FY27.

Water Technologies

• Successful delivery of the Rum Jungle project, with the anticipated award of an initial O&M contract to operate and maintain the plant following completion.
• Progression of recent design and front-end engineering engagements to progress into construction activity, supporting revenues in FY27.

Process Chemistry

• Ongoing delivery of field trials and successful conversion into long term supply arrangements during FY27.

Strategic Review

The Board and management team continue to review the Company's corporate strategy with the objective of maximising long-term shareholder value. This review encompasses the Company's business unit portfolio, capital allocation priorities, and positioning for the next phase of growth. An update will be provided to the market in the coming months.

The Board of SciDev Limited authorises this announcement.

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For Further Information

| Investor Relations
info@scidevltd.com
+61 2 9622 5185 | About SciDev Ltd
SciDev is a leader providing innovative solutions for complex water problems, delivering world-leading chemistry and water treatment technology to the oil & gas, mining, construction, and water treatment sectors. |
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