• Revenue up 3% to $102.4 million
• EBITDA up 69% to $21.4 million
• Profit after tax surges 2,634% to $8.1 million
• Interim dividend of 4 cents per share declared

Mitchell Services Ltd, a leading provider of exploration, mine site and geotechnical drilling services in Australia and Papua New Guinea, has reported a robust set of financial results for the half-year ended 31 December 2025 (1H26). Revenue from continuing operations increased by 3% to $102.4 million, driven by a 6% rise in operating shifts despite a relatively low average rig count of 61.7. EBITDA surged 69% to $21.4 million, reflecting improved operating conditions, reduced delays, and several projects transitioning to a business-as-usual basis after incurring significant mobilisation and ramp-up costs in the prior year. Profit after tax attributable to members skyrocketed 2,634% to $8.1 million. The company's financial position also strengthened, with net assets increasing by 13.6% to $69.3 million and a net cash position of $7.2 million recorded at the end of the period. The Board has declared a fully franked interim dividend of 4 cents per share, payable on 17 March 2026. Mitchell Services remains focused on safety, training, and diversifying its revenue streams across different commodities and drilling types to manage the cyclical nature of the industry.

Mitchell Services expects revenue, EBITDA and profit after tax to continue growing in the 2026 financial year compared to the prior year, driven by improved operating conditions and the transition of several projects to a business-as-usual basis.

The company is optimistic about the outlook for the remainder of fiscal year 2026, with a strong pipeline of opportunities across the mining and civil construction sectors. Mitchell Services remains focused on delivering safe and efficient drilling services to its diverse client base.