Mitchell Services (ASX:MSV) FY26 Results: Revenue, EBITDA, Rig Count and Dividends

Sonal Goyal

14 September 2026 11:57 PM AEST

Mitchell Services (ASX:MSV) FY26 Results: Revenue, EBITDA, Rig Count and Dividends

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Highlights

Mitchell Services reported FY26 Revenue of A$207.4 million, EBITDA of A$42.8 million and NPAT of A$15.2 million.
The company ended FY26 with 65 operating rigs and a net cash position of A$3.5 million.
Total FY26 fully franked dividends were 6.0 cents per share, including a 2.0-cent final dividend.

Mitchell Services Limited (ASX:MSV) enters FY27 after reporting a substantial improvement in Earnings and balance-sheet position during FY26. Revenue was A$207.4 million, EBITDA was A$42.8 million and NPAT was A$15.2 million, while the company finished the year with A$3.5 million of net cash.

Operating activity also improved into year-end, with 65 rigs working at 30 June 2026. Management expects the rig count to continue increasing in FY27, making utilisation the most direct operating measure to watch.

Company Overview

Mitchell Services provides drilling services to exploration, Mining and civil construction customers across Australia and Papua New Guinea. Its earnings are influenced by rig utilisation, contract mix, mobilisation activity and customer exploration and production budgets.

Gold accounted for 61% of FY26 revenue and coal accounted for 30%, giving Mitchell Services Limited (ASX:MSV) meaningful exposure to activity levels in those Commodity markets.

Financial and Operational Position

FY26 revenue was A$207.4 million, EBITDA was A$42.8 million and NPAT was A$15.2 million. Operating Cash Flow was A$37.4 million and the company ended the year with A$3.5 million of net cash.

The board declared a 2.0-cent fully franked final dividend. Together with the FY26 interim dividend, total fully franked dividends for the financial year were 6.0 cents per share.

What Investors May Watch Next

Management expects the operating rig count to increase through FY27. Investors may therefore monitor quarterly rig numbers, contract awards and whether incremental rigs support revenue and Margin without creating excessive mobilisation costs.

The commodity mix is another relevant indicator. A high weighting to gold provides exposure to current exploration activity, while coal Demand remains sensitive to mine-level Capital decisions.

Risks

Drilling demand is cyclical and can change quickly with commodity prices and exploration budgets. Rig mobilisation can pressure margins in the short term, while labour availability, wage costs and contract concentration may affect profitability. The FY26 margin profile may not automatically carry into FY27.

Key Insights

Mitchell Services Limited (ASX:MSV) ended FY26 with higher earnings, 65 operating rigs and a net cash position, while returning 6.0 cents per share in fully franked dividends. The next financial test is whether the expected increase in rig utilisation can support further earnings without giving back margin through mobilisation and cost pressure.

FAQs

Q: What is the ASX ticker for Mitchell Services Limited?

A:Mitchell Services Limited trades under the ticker (ASX:MSV).

Q: What did Mitchell Services report for FY26 EBITDA?

A:FY26 EBITDA was A$42.8 million.

Q: What may investors monitor next for Mitchell Services?

A:Investors may monitor rig utilisation, contract awards, margins, cash generation and the gold and coal revenue mix.

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