• Quarterly revenue of $50.5m
• Quarterly EBITDA of $7.7m
• 40% net debt reduction since March 2025
• Loop Decarbonisation completes first project, receives LOI from second customer

Mitchell Services Limited (ASX: MSV) has delivered a solid fourth quarter financial and operational performance for the period ended 30 June 2025 (FY25 Q4). The company reported quarterly revenue of $50.5m and EBITDA of $7.7m, with a strong operating cash flow of $11.0m (143% EBITDA conversion rate). This strong cash flow performance has resulted in a 40% reduction in net debt from $14.2m at 31 March 2025 to $8.4m at 30 June 2025. The quarter was impacted by two separate incidents at mines where the company operates, which temporarily shut down production and restricted utilisation levels. However, these incidents have since been resolved, and drilling has commenced at both sites. For the full year FY25, the company reported revenue of $196.6m and EBITDA of $25.7m, with an EBITDA margin of 13.1%. The company's decarbonisation joint venture, Loop, has also made significant progress, completing its first project and receiving a Letter of Intent from a second customer. Loop offers end-to-end decarbonisation solutions and represents an exciting growth opportunity for the company in a new sector and drilling market. Looking ahead, the company expects market conditions within the coal sector to remain challenging, but it is well-positioned to take advantage of any normalisation in the market given its extensive client base of global, low-cost coal producers. The company also expects shareholder returns to recommence upon the performance of the business normalizing, potentially through the recently renewed share buyback program.

The company reported revenue of $196.6m and EBITDA of $25.7m for the full year FY25, with an EBITDA margin of 13.1%.

The company expects market conditions within the coal sector to remain challenging, but it is well-positioned to take advantage of any normalisation in the market given its extensive client base of global, low-cost coal producers. The company also expects shareholder returns to recommence upon the performance of the business normalizing, potentially through the recently renewed share buyback program.