• Quarterly EBITDA of $11.2m, up 110% vs FY25 Q3
• Quarterly EBT of $5.7m, up exponentially vs FY25 Q3
• FY26 YTD EBITDA of $32.6m, an 81% improvement

Mitchell Services Limited (ASX: MSV) has reported a strong quarterly performance for the quarter ended 31 March 2026 (FY26 Q3), with a dramatic improvement in financial results compared to the prior year period. Quarterly EBITDA increased by 110% to $11.2m, while quarterly EBT rose exponentially to $5.7m. For the first nine months of FY26, the company achieved EBITDA of $32.6m, an 81% improvement over the prior year period. The improved performance was driven by better weather conditions, the absence of client-initiated delays and scope decreases, and multiple projects that have now ramped up to normal operations. The company's balance sheet remains strong, with net debt of just $0.9m as of 31 March 2026, following an $8.5m dividend payment. The company's Loop decarbonisation business continues to see increasing client demand and revenue from advisory services, with drilling activities expected to commence in the fourth quarter of FY26.

For the full year FY26, Mitchell Services expects to deliver a significantly improved financial performance compared to FY25, driven by the continued strong operational and financial results experienced in the first nine months of the year.

The company remains optimistic about the outlook, with 88 rigs in the fleet providing material leverage to any increase in client demand. The company will continue to focus on maximizing cash returns for shareholders, capitalizing on growth opportunities, and maintaining sensible debt levels.