• Quarterly EBITDA of $11.8m, up 68% vs FY25Q1
• Quarterly EBT of $6.1m, up exponentially vs FY25Q1
• Net debt reduced by 93% to $0.9m since 30 June 2025

Mitchell Services Limited (ASX: MSV) has reported a strong financial performance in the first quarter of the 2026 financial year (FY26 Q1), with significant improvements across key metrics compared to the same period in the previous year (FY25 Q1). The company's quarterly EBITDA increased by 68% to $11.8m, while quarterly EBT grew exponentially to $6.1m. Operating cashflow also improved by 70% to $9.8m. The material improvement in financial performance was driven by improved weather conditions, a reduction in delays due to client-related incidents, and multiple projects that had previously incurred ramp-up costs now operating on a business-as-usual basis. The company also benefited from a $0.7m equity accounting gain related to its investment in the Loop Decarbonisation joint venture, which received a $1.5m equity investment from Sumitomo Corporation during the quarter. Mitchell Services' diversified revenue base, strong balance sheet, and proven operating capability have positioned the company well to capitalize on any increase in operating rig count. The company's net debt position has been significantly reduced, down 93% to $0.9m since 30 June 2025, providing a pathway to net cash and additional financial flexibility.