Master Drilling Group (MDI) Trading update summary

Earnings performance

• EPS for the year ended 31 December 2025 is expected to rise by 63.1% to 73.0% in ZAR terms, reaching between 343.90 and 364.70 cents per share, mainly due to non-cash adjustments.

• HEPS in ZAR terms is expected to range from 302.00 to 334.10 cents per share, between 6.9% lower and 3.0% higher than the prior year.

• EPS in USD terms is projected to increase by 66.9% to 77.4%, reaching between 19.20 and 20.40 cents per share.

• HEPS in USD terms is expected to be between 16.90 and 18.70 cents per share, ranging from 4.5% lower to 5.6% higher than the previous year.

Non-cash adjustments and asset impairment

• Higher EPS is largely attributed to non-cash adjustments, specifically a partial reversal of a prior impairment on the Mobile Tunnel Boring Machine.

• The reversal followed the finalization of a contract to operate the machine, resulting in a USD4.7 million impairment reversal from a previous USD7.8 million loss.

• The remaining impairment will be reassessed continuously based on future cash flows.

Reporting and outlook

• Full year results are expected to be released on or about 31 March 2026.