Good morning, and thank you for joining MLG's FY 2026 full-year results presentation. My name is Mark Hatfield, Chief Executive Officer of MLG.

Unfortunately, our Chief Financial Officer, Phil Mirams, is unable to attend today due to family matters. For this reason, our Chief Development Officer and long-term executive, Ton Gvozdenovic, is stepping in to present the financial results on Phil's behalf.

Murray Leahy, our Executive Chairman, together with members of the board, are also on the call today. FY 2026 has been a strong year for MLG, delivering improved profitability, stronger margins, continued investment in the business, and increased returns to shareholders.

Most pleasingly, these results were achieved while navigating a leadership transition, operational challenges, and broader market volatility. The outcome reflects the strength of our people, our business model, and our customer relationships.

Our central message today is straightforward. MLG has converted disciplined execution into stronger margins, increased shareholder returns, while continuing to invest for sustainable growth.

We will present the presentation before opening up for questions. FY 2026 was a strong year for MLG, delivering growth across all key profitability metrics and demonstrating the benefits of our focus on operational discipline and margin improvement.

While revenue increased by 3.9%, EBITDA grew 14.2%, EBIT increased 25.7%, and NPAT increased 34.7%, highlighting the quality of earnings growth achieved during the year. The improvement in profitability translated into stronger shareholder returns, with earnings per share increasing to 9 cents per to 9 cents, and the board declaring a fully franked final dividend of 1.3 cents per share, bringing the full-year fully franked dividend to 2.55 cents per share.

Importantly, we achieved these results while continuing to invest in the business, strengthened our balance sheet, and positioned MLG for future growth. The second-half EBITDA margin improved to 14.1%, contributing to a full-year EBITDA margin of 13.4%.

This demonstrates the ongoing momentum within the business and provides evidence that the margin improvements are becoming increasingly sustainable. While our business is influenced by factors such as weather events, ore availability, and project mobilization and demobilization cycles, this chart demonstrates a clear long-term improvement in profitability and provides confidence that the actions we have taken are delivering sustainable returns.

A major focus throughout the year was improving profitability through disciplined operational execution. I'm incredibly proud of how our people responded to that challenge, improving operational performance, supporting our customers, and increasing equipment utilization across the business.

We saw stronger margins driven by consistent haulage performance, increased crushing utilization, and disciplined cost control. Pleasingly, the crushing team was able to capitalize on growing market demand and secured a number of longer-term projects, contributing to improved utilization and performance during the year.

I would also like to recognize our haulage team, who delivered consistently and managed significant weather disruptions throughout the year, while maintaining strong operational performance and tight cost control. We also continued to improve employee engagement, reduced workforce turnover, and maintained a disciplined approach to capital allocation and equipment utilization.

As we can see here, we have remained disciplined on revenue growth while increasing EBIT at a compound annual growth rate of 35.6%, reflecting our focus on the quality of earnings rather than growth for growth's sake. In line with the strong growth in revenue and EBIT, MLG continued to deliver growth in earnings per share, with EPS increasing to 9 cents per share in FY 2026.

This reflects our continued focus on improving profitability and creating value for shareholders, while maintaining disciplined capital allocation and investing in future growth. In relation to fuel, the industry experienced significant fuel price volatility throughout FY 2026, particularly during the second half.

Pleasingly, MLG managed this exposure very effectively. Around 75% of MLG's fuel is supplied directly by our clients on a free-issue basis.

For the balance, we have contractual levies and other fuel recovery mechanisms in place, which were implemented quickly as prices increased during the second half. As a result, there was no material impact on group profitability associated with direct fuel costs.

For those who are not familiar with our service offerings, MLG provides integrated services across the mining value chain. This allows us to become a critical long-term partner to our customers while creating additional opportunities for growth and margin expansion.

Services span site establishment, mining support, haulage logistics, crushing, and aggregates. Our integrated model drives recurring revenue and deeper customer relationships.

We have the ability to provide multiple services, especially with our expansive haulage fleet, which differentiates MLG from our competitors. We create strong opportunities for organic growth and improved returns.

Looking at our client profile, MLG continues to derive the majority of its revenue from the gold sector, partnering with many of Australia's leading gold producers while also supporting a growing number of emerging mining companies. Our customer base remains one of the key strengths of the business, providing diversity across projects, commodities, and mine life cycles.

During the year, we successfully completed our first engagement with Rio Tinto at Western Turner Syncline, while also renewing several important long-term contracts with customers, including Evolution, Newmont, Northern Star, and Gold Fields. These outcomes reflect the confidence our customers have in MLG's ability to consistently deliver safe and reliable outcomes.

We also expanded our service offerings through new contract awards with Endurance Mining, New Murchison, Greatland Gold, and Develop Mining. Importantly, much of our growth continues to come from existing customer relationships where we are increasing both the scope of our services provided and our involvement in customer operations.

Our footprint gives us operational flexibility and positions us closer to existing customers as they expand their operations. It provides customer diversification, operational flexibility, and a strong platform from which to continue growing alongside our clients.

MLG has now grown into a business generating more than $550 million in annual revenue, supported by a fleet and operating assets base exceeding $200 million. We continue to provide critical services to many of Australia's leading gold producers and remain embedded within our customers' supply chains.

Strong cash generation, a conservative debt structure, and continued investment in technology provide a solid platform for future growth. We are also proud of the role we play in regional and remote communities, including our partnerships with traditional owners and across a number of operations.

Importantly, our integrated service offering and recurring revenue streams continue to create opportunities to expand within existing customer relationships and drive long-term value. I'll now hand over to Ton to go through the financials.

Thanks, Mark, and good morning, everyone. Turning to the financial performance, as Mark mentioned in the earlier slides, the key call-out is the improvement in the quality of earnings that we've delivered this half and this financial year.

Our focus has been on profitable growth rather than simply growing the top-line revenue, generating the right margins and returns, and continuing to improve the performance of the portfolio. You can see that coming through in the result.

On a pro forma basis, revenue is up 4% to $561 million, whilst EBITDA is up 14% to $75.5 million, and EBIT is up more than 25%. If we look at margins in a little bit more detail, the improvement in the result is best captured in the uplift in the EBITDA margins, having increased from 12.2% in FY 2025 to 13.4% in FY 2026.

The second-half result is probably the most encouraging part of what we're delivering today. From H1 to H2, EBITDA increased from $36.5 million to $38.9 million, with the margin improving from 12.8% in the first half to 14.1% in the second half.

We delivered that uplift despite lower revenue following the completion of the Castle Hill haul road construction project and Western Turner Syncline project for Rio Tinto also coming to an end. What we're now seeing is the portfolio is performing more consistently month on month.

The key highlights in the second half include the stronger crushing activity, with all of our assets largely deployed at year-end, continued productivity improvements across the haulage and site services division, and continued discipline around cost control and commercial terms, which are delivering bottom-line savings. The FY 2026 result really is a testament to the teams on the ground delivering the operational outcomes for the business.

Turning to the balance sheet, it remains in a strong position. Net assets increased to just under $160 million.

Net debt increased to $75.5 million, up from $61 million at the half, and that reflects the deliberate capital we put back into the business in the second half. We continued to invest in our core fleet, but despite that continued investment, gearing remains modest at around 1 times EBITDA.

It's a level that we're really comfortable with. Moving on to the cash flow, underlying operating cash generation remains strong.

Pre-tax operating cash flow was approximately $68.5 million, representing approximately 91% conversion of EBITDA into cash. That's broadly consistent with what we delivered in FY 2025 and demonstrates that the increase in earnings is translating well into cash.

Statutory operating cash flow after tax was $51.9 million, down from $57.8 million in FY 2025, and you'll note the main movement there is a material increase in the cash tax paid in the year, which increased from $3 million in FY 2025 to $16.6 million in FY 2026. That increase in tax paid reflects the higher profitability of the business that we've delivered over the past few periods and has also been impacted by some timing of the cash payments throughout the year.

Moving to capex, total capex for the year was $63.6 million, with that investment directed towards maintaining the quality of the fleet, supporting profitable growth, and improving the economics of the existing business. That comprised of $30.6 million of sustaining capex, which included major components, technology, and end-of-life replacement, $24.5 million of growth capex, and a further $8.5 million invested to replace externally hired fleet, which will drive margin uplift for the business in future periods.

As I mentioned, despite the increase in the capital investment, gearing remains conservative at around 1 times EBITDA. It's important to note that we continue to have significant capacity within our existing facilities, with approximately $30 million of available liquidity at year-end.

That comprised of a $20 million working capital facility and approximately $10 million of cash on hand. That gives us the flexibility to continue to support the requirements of the business, whilst retaining capacity to consider strategic investments going forward.

Maintaining discipline around capital allocation remains a key focus for management. We've got capacity to invest, but we'll continue to deploy the capital where we see the right strategic fit and return for the business.

Finally, just briefly on the structure of our debt, the majority of our borrowings are asset-backed equipment finance loans rather than conventional corporate debt. The facilities are predominantly fixed rate, secured against the equipment, structured over 3 to 5 years, and spread across multiple lenders and maturities.

There's really no significant refinancing cliff coming at us at any point. Importantly, what you'll note is that debt is self-amortizing, with principal repaid monthly over the life of the loans.

What you see listed as current financial liabilities on our balance sheet simply represents the scheduled repayments for the next 12 months, rather than any near-term refinancing requirement. To close out, we finished FY 2026 with stronger earnings, improved margins, strong underlying cash generation, whilst maintaining balance sheet flexibility.

The 1.3 cent fully franked dividend, taking the full-year dividend to 2.55 cents, reflects the strength of the result whilst retaining capacity to continue to invest in the business. Overall, MLG enters FY 2027 with improved earnings quality, a more efficient business, and clear momentum across the portfolio.

With that, I'll hand back to Mark to take us through the outlook.

Thanks, Ton. We enter FY 2027 from a position of strength, supported by profitability, a strong customer base, and a growing pipeline of opportunities.

Recent contract wins, including the mobilization of Develop Mining's Pioneer Dome project, provide confidence in our near-term outlook while we continue to see opportunities for growth from existing customer relationships. The improvement in profit margins achieved during FY 2026 has been a major focus, and we believe these margins are now sustainable, with further opportunities for improvement through operational efficiencies and technology.

During FY 2027, we will continue investing in technology and operational capability to improve productivity, scalability, and customer outcomes. Growth remains a priority through both organic opportunities and selective acquisitions that strengthen our service offering and improve returns.

Mineral processing remains an area of strategic focus for MLG, and we continue assess suitable opportunities that would allow us to expand our capability in a disciplined and a value-accretive manner. In closing, FY 2026 has been a year of change, challenge, and achievement for MLG.

I'm incredibly proud of how our people responded, continuing to deliver safely for our customers while improving profitability and strengthening the business. Those outcomes give us the confidence as we enter FY 2027 with stronger margins, a growing pipeline of opportunities, and a clear focus on sustainable growth.

I would like to sincerely thank Murray, the board, our leadership team, and every member of MLG for their support throughout the year and since my appointment as CEO. Thank you for your continued support of MLG.

We look forward to answering your questions, and with that, to ask a question, please raise your virtual hands and I will call your name. To start speaking, you'll need to first unmute yourself, and once finished, please put yourself back on mute.

Max.

Thanks, Mark and Ton. Congrats on a really good result you've put out.

The first one for me, just on the crushing, sounds like you're exiting the year really strongly there with all your gear mobilized. Just do you have any line of sight on how long these assets could be mobilized for coming into FY 2027?

As it stands, we were successful in securing a number of longer-term projects, so that sort of secures half the fleet for the next sort of 2 years to 36 months, and then the shorter campaigns that we've got going, we're seeing that pipeline extend. We're quite bullish in the sense that we think that we're going to be fully occupied for FY 2027 with hopefully some opportunities to secure some other larger jobs, which will justify an expansion of the fleet.

Excellent. That's great.

On the EBITDA margins, good step-up there in the second half. Are you expecting in FY 2027 to build on the second half '26 EBITDA margin or just the full-year margin?

The challenge with the businesses is that we are susceptible to peaks and troughs if there's weather events or if there's any ore shortages or if we're moving or demo'ing different projects. We're confident that we're going to see a continued growth in EBITDA margin over the next 12 months, but there may be something that occurs in either half that might have some small hiccup, but the overall expectation is to see that continued growth.

Excellent. Maybe just one more, just on the civils pipeline.

I don't know if you could just talk to that, what you're seeing there, is it any potential wins to come?

Like we said at the half, the order book for civils is really expanding. We're really pleased to be able to secure Develop Mining's Pioneer Dome and we're in the process of mobilizing that.

We've got another two large jobs that we're hoping that are not too far away from being awarded, and we are quite confident that with the pipeline that we got at the moment that we should see a number of wins come through in the year. Our expectation is that we should see civil to be a growth year for FY

2027. If we do look at that year-on-year, Mark, what you'll see is that we entered FY 2026 with a soft order book across civils, the Develop, being a $70 million contract, and it's hit the ground running from the start of this financial year.

It's really going to start to deliver a strong profile moving forward into the full year.

Excellent. Thanks for the color, guys, and well done on the result.

Thanks as well. Really appreciate that, Max.

Thanks, Max.

Gavin.

Good morning, team. Thanks for that.

Just a sort of a bigger-picture question for me. You did mention that you can see growth from your existing customer relationships, which is terrific, but I'm just wondering how we think about overall top-line growth in '27.

Is there some manner you can kind of guide us? We run rate 20- to the second half, and perhaps as a segue just tying into civils as an opportunity to extend customer relationships.

Absolutely. I guess with the basis of how we've forecasted FY 2027, we'd expect to see similar sort of growth as this year with the work that we have in hand at the moment and a continued growth in profitability.

With the order book that we've got for civil work, that's our opportunity at the moment, and if we can secure one or two of those, we should be able to see a much bigger top-line growth from there. The work that the BD team has put into the last 12 months, we are quite optimistic, but some of these projects have just taken longer than we'd expect to actually go from the tender process to execution.

Got it. Just, maybe just one follow-up to that, just on the civils side, which you made good inroads on, how have you found the competitive environment on that front?

It is. There is quite a lot of new competitors in the civil space, especially in that smaller scale.

You would have noted that in the last month we announced the JV partnership with Marlinyu Ghoorlie for the TO area for the Kalgoorlie region. We believe with partnerships with some of the traditional owner groups, that's going to open the door to more of those smaller end of the civil opportunities, and we think that that's a real opportunity for us.

Then in the bigger end, we think that civil opportunities that lead into our broader service offering is also a good way to differentiate ourselves against our competitors. We've sort of taken a two two-step approach, and we think that that's a good differentiation versus our peer group.

Yes, there is a bit of competition in that market, and there's definitely a lot of parties showing up to the tenders.

Thank you very much, guys. Congratulations.

Thank you. Is there any more questions?

Sam Turner.

Oh, g'day, Sam.

Morning, guys. Great result, well done.

Interested in your thoughts on the replacement of hire kit, just incremental earnings we can get from that, and then the investment in technology as well, just where's that targeting, what are you looking to generate out of it, and how should we think about investment going forward?

Look, the hire equipment,

that's a strategic opportunity that we looked at this year, and the first time we've looked at it at the scale that we did invest at $8.5 million. As Mark mentioned, there are peaks and troughs in our business, we can't entirely move away from hire equipment, but there is intrinsic margin that we do give away by having assets on hire.

Where we can actually deploy assets and capital into the business on a sustaining basis, we'll continue to do so. That'll be sort of reflected in FY 2027 as well.

The margin uplift, it does depend on where those assets are deployed. Obviously from a haulage perspective, they're slightly different to a crushing and to a civil perspective, but we'll absolutely be looking at deploying them appropriately to get an increase in margins, and that's got to be one of the factors driving what we believe is got to be continued growth in the margin into FY 2027.

To answer the technology piece, Sam, obviously, in the last couple of months we announced the JV with McMurray Welding, our trailer provider. We believe that hybrid road train opportunity is going to open more doors into the iron ore opportunities, and hopefully securing some of these bigger haulage opportunities back with Rio Tinto and the Tier 1 iron ore providers.

We think that we have the first prototype rolling out in October, and we're really excited about seeing that. If we can present an opportunity where we go from 240-ton payloads up to the 400 400-plus, we think that that's a real differentiator, and that's going to drive the business forwards and create efficiencies what should contribute to profitability as well.

Separately to that, we have got to that size and scale with sort of circa 1,500 people on the books that our HR systems are no longer adequate to manage the quantity of people and resources that we've got. It's the right time to sort of reinvest, upgrade with a plan of being able to provide a quicker onboarding experience for our employees, but also helping us to deliver our different payroll structures and actually monitor our employees better.

We think that now is the right time to make those investments.

No, fantastic, guys. One more if I can, just crushing, can you talk around the run rate through FY 2026?

Kind of looks like it's fully deployed now, I'm guessing there should be some more margin growth coming through off the back of crushing into '27 as well.

We are pretty excited about the crushing part of the business. With the assets all deployed at the moment, we're certainly expecting an increased year against '26, and we think that the pipeline there would show that there could be an opportunity to invest into another plant given if we can get the right tenure and the opportunity looks good.

Absolutely. We'd expect to be seeing crushing have a larger contribution in FY 2027.

What you'll see, Sam, on the crushing, period on period, first half to second half, from a revenue perspective, it did go up $3 million, but that was largely back-ended into the second half of the second half, the last 3-4 months. We'll continue to grow that portfolio, and there is also opportunity to increase utilization across that fleet into double shifting the assets, and driving additional revenue on the existing fleet in addition to, like Mark mentioned, securing new projects.

From a crushing perspective, it's definitely in an exciting place for MLG to be at, because, again, similar to civils, we started the first half of FY 2026 in a very different position, where we had a big BD pipeline in crushing, but we hadn't actually converted those. There was a lot of work done by the team, John Antulov, the GM of Crushing and his team, to secure those projects.

We're entering into FY 2027 in a much healthier position from crushing perspective.

Sounds good. Thanks, guys.

Thanks, Sam.

Pip.

Hi, guys. Just on capex, so, obviously a bit of an uptick year on year.

I'm just wondering going forward if that's something that you are expecting or whether it's remaining flat going forward.

Look, on capex, if you do unwind the $8.5 million of the lease-hire equipment, which we made a strategic decision to make that investment because it was the right return on on the capital deployed, it is largely largely flat. From a looking-forward perspective, there'll be a few things that that we take into the into the mix.

The the the expectation in the business, based on the current run rate and the opportunities we've got ahead of us, it's largely it's got to be line in line with with this year. The mix itself will likely be a little bit different.

As we mentioned, Develop hitting the ground running in the first couple of months of this financial year and being a 12-month project in the civil and mining space, does give us the opportunity to make some investment into that space and generate the appropriate returns. The mix will be a bit different than than this year.

Equally with our crushing division being fully deployed from an asset perspective, which which hasn't happened in the prior years, it does give us a and having a solid pipeline of BD opportunities in that space, it does give us again opportunity sort of to invest the capital into the crushing division and and potentially sort of a way of other parts of of the business and and continue to draw those strong returns. Year on year at this stage, we're we're expecting it to be largely in line, and we'll continue to also, subject to the appropriate capacity and the appropriate returns being generated, look at opportunities to convert hired fleet into company-owned, where it's supported by a longer-term contract, that we can get those sustaining returns.

That's great. Then just one more from me.

Can you share anything around mineral processing and whether that M&A or something else you're going to be doing in that space?

In regards to the mineral processing, we are still committed to finding a suitable location. A part of the structural change with Murray moving into the Executive Chair role is obviously to provide support and governance to the business, but allows him to focus on the transformational change sort of opportunities, and front and center for his deliverables is to find a suitable mill option.

What we've found over the last 2 years is finding the right options is actually quite challenging, and finding a willing seller is a process that you need to work through. It's definitely something that we think that will add value to our business.

It's complementary service, we think there's still a big need for that in the Goldfields, and we are committed to finding the right location and getting that secured. The challenge at the moment is we just can't give you a timeframe of what that looks like.

Separately to that, and it'd be a good chance for Ton to give a bit of instruction, but he's focused on the acquisition portion of our strategy.

Pip, good question. As Mark touched on, with Murray moving into his exec chair role and Mark taking on the CEO role formally, there obviously was a bit of a change in the executive structure.

Previously I spent 4 or 5 years in the Chief Commercial Officer role looking on the client side of the business, and it's created an opportunity for the business to put some investment into looking at and supporting both what Mark is doing from a growth and leadership perspective, and what Murray's accountable for from a strategic growth perspective. My role is very much focused on looking at both organic growth opportunities that sort of sit outside of our wheelhouse of what we do today, but would be a complementary plug-and-play into our business, and then also looking at other M&A opportunities, joint venture opportunities, like we've recently announced, to then deliver back to the business more sustainable sort of earnings and improved margins over the journey.

It's the first time in MLG's sort of 24, just shy of 25 years, that the business has really put some significant investment behind going down that path. Historically it's always grown organically, and we'll continue to have a strong focus on the business growing organically, growing the margins, and now we're putting a bit of focus on also looking at what opportunities exist outside of the market.

Between myself, Murray, and Mark, we'll be looking at all those opportunities very closely.

That's great. Thanks, guys.

Thanks, Pip.

Any more questions?

If I can jump in with one more, guys, just interested in the general level of inquiry in the space, activity you're seeing, and probably we've gone through a bit of a permitting backlog. Are you starting to see that permitting sort of, I guess, let work start to flow through to you guys?

We are seeing progression. It's still quite a bit slower than what we would like, but I do think we're at that point with the civil pipeline being so big at the moment, we are actually starting to see that the clients are at that point of execution.

It's been quite interesting. We had a job that we sort of felt like we were going to get cracking on in May, and we only just started in August.

There is delays still there, but it does seem to be speeding up.

Great. Thank you.

Thanks very much, everyone. If there's no more questions, we'll close the meeting off now.

Thanks.