• Significant improvement in key financial metrics compared to previous period
• Balance sheet transformed to net cash position of $7.2m
• Operational leverage provides substantial upside as activity levels normalize

Mitchell Services Ltd (ASX: MSV) has reported a strong 1H26 performance, with revenue of $102.4m (up 3% from 1H25), EBITDA of $21.4m (up 69% from 1H25), and net profit of $8.1m (compared to a $0.3m loss in 1H25). The company's balance sheet has been transformed, with net cash of $7.2m at 31 December 2025 (compared to $8.4m net debt at 30 June 2025). This was driven by a $46m reduction in net debt over the past 3.5 years and $27m in cash returns to shareholders. The strong financial performance was enabled by improved operating conditions, with 80% of revenue from global mining majors and a balanced portfolio of surface and underground drilling across the mining and energy sectors. The company remains focused on optimizing profitability, capitalizing on growth opportunities, and maintaining disciplined capital allocation. With a strong balance sheet and substantial operational leverage, Mitchell Services is well-positioned to benefit as activity levels normalize.