Mitchell Services : FY22 Half Year Results Presentation

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HALF YEAR RESULTS

PRESENTATION

December 2021

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DISCLAIMER

This investor presentation has been prepared by Mitchell Services Limited ("the Company"). Information in this presentation is of a general nature only and should be read in conjunction with the Company's other periodic and continuous disclosure announcements to the ASX, which are available at: www.asx.com.au.

This presentation contains statements, opinions, projections, forecasts and other material ("forward-looking statements") with respect to the financial condition, business operations and competitive landscape of the Company and certain plans for its future management. The words anticipate, believe, expect, project, forecast, estimate, likely, intend, should, could, may, target, plan and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and include known and unknown risks, uncertainties, assumptions and other important factors which are beyond the Company's control and may cause actual results to differ from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward-looking statements contained in this document are qualified by this cautionary statement. The past performance of the Company is not a guarantee of future performance. None of the Company, or its officers, employees, agents or any other person named in this presentation makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statements or any of the outcomes upon which they are based.

The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, investors should consider their own needs and situation and, if necessary, seek independent professional advice.

Mitchell Services Limited's financial statements comply with International Financial Reporting Standards (IFRS). This presentation may include certain non-IFRS performance measures including EBITDA, EBIT, Gearing ratio, Gross Debt, Net Debt and Return on Invested Capital (ROIC). These measures are used internally by management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review and should not be considered as an alternative to an IFRS measure of profitability, financial performance or liquidity.

To the maximum extent permitted by law, the Company and its directors and advisers of both give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of the Company, it officers, agents or employees of accepts, to the extent permitted by law, any liability for any loss, claim, damages, costs or expenses arising from the use of this presentation or its contents or otherwise arising out of, or in connection with it. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein.

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MITCHELL SERVICES MARKET PROFILE

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ASX Information

ASX Stock Symbol	MSV
Shares Issued	224,948,905
Share Price (at 23/02/2022)	A$0.38
Market Capitalisation	A$85.48m

Board of Directors

Nathan Mitchell	Scott Tumbridge
Executive Chairman	Executive Director
Peter Miller	Robert Douglas
Non-Executive	Non-Executive
Director	Director
Neal O'Connor	Peter Hudson
Non-Executive	Non-Executive
Director	Director

Major Holders

Mitchell Group	18.4%
Dream Challenge Pty Ltd	7.2%
Washington H Soul Pattinson	6.0%

Executive Management Team

Andrew Elf

Chief Executive Officer

Greg Switala

CFO & Company Secretary

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1H22 FINANCIAL HIGHLIGHTS

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Revenue of $103m	EBITDA of $17.5m
↑ 3%	↑ 41%
from 1H21	from 1H21

Revenue guidance FY22	EBITDA guidance FY22
$200m-$220m	$40m-$44m

Net Debt of $22.2m

↑ 12%

reduction from June 21

Based on the size of the fleet post implementation of the growth strategy (expected 30 June 22) the business will have capacity to generate $50m- $60m EBITDA

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OPERATIONAL UPDATE

• Multiple contract wins and re-wins predominantly with Tier 1 global miners
• Whilst none of these contracts were material in their own right we expect operating rig count to be approximately 85 rigs by June 30
• COVID-19and wet weather impacted the business in H1 and risks remain in H2. Our teams did a wonderful job managing these challenges
• As at the end of December the lag indicator safety statistics for the business were the best they have ever been
• Inventory has been increased to manage supply chain challenges. Subject to supply chain improvement it's our intention to reduce inventory levels towards the end of June

5	www.mitchellservices.com.au