MASTER DRILLING GROUP LIMITED - Trading Statement

Trading Statement

Master Drilling Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2011/008265/06)
JSE share code: MDI
ISIN: ZAE000171948
("Master Drilling" or the "Company" or "Group")

Trading Statement

In terms of the Listings Requirements of the JSE Limited relating to trading statements, a listed company
is required to publish a trading statement as soon as it becomes reasonably certain that the financial
results for the next period to be reported on will differ by at least 20% from those of the corresponding
prior period.

Shareholders are advised that the Company's:

    •    Earnings per share ("EPS") for the year ended 31 December 2025 ("current period") in ZAR
         terms are expected to be between 343,90 and 364,70 cents per share compared to the EPS
         of 210,80 cents per share for the year ended 31 December 2024 ("comparative period"), which
         is between 63,1% and 73,0% higher than the EPS of the comparative period as reported in
         ZAR. These higher EPS for the current period were largely the result of non-cash adjustments
         (* refer note below) deemed appropriate in the current period results
    •    Headline earnings per share ("HEPS") for the current period in ZAR terms are expected to be
         between 302,00 and 334,10 cents per share compared to the HEPS of 324, 50 cents per share
         for the comparative period, which is between 6,9% lower and 3,0% higher than the HEPS for
         the comparative period as reported in ZAR.

Shareholders are further advised that the Company's:

    •    EPS for the current period in USD terms are expected to be between 19.20 and 20.40 cents
         per share compared to the EPS of 11.50 cents per share for the comparative period, which is
         between 66.9% and 77.4% higher than the EPS in the comparative period as reported in USD.
         These lower EPS for the current period were largely the result of non-cash adjustments (* refer
         note below) deemed appropriate in the current period results
    •    HEPS for the current period in USD terms are expected to be between 16.90 and 18.70 cents
         per share compared to the HEPS of 17.70 cents per share for the comparative period, which
         is between 4.5% lower and 5.6% higher than the HEPS for the comparative period as reported
         in USD.

(*) Non-cash adjustments thus excluded from HEPS relate to the following two items:


During 2024, the Group provided for an impairment loss on the Mobile Tunnel Boring Machine as no
formal agreement was in place to project future cash flows from the application of this machine, due to
uncertainty over commodity prices within the machine's target industry. During the first half of 2025, the
Group finalised a contract to commence operating the Mobile Tunnel Boring machine. This change in
circumstances necessitates that a reversal of the impairment be considered. Thus, the Group has
reassessed the recoverable amount from the asset based on the contract's projected discounted cash
flows, and such recoverable amount resulted in a partial impairment reversal of USD4.7 million from
the impairment loss of USD7.8 million recognised in the prior year. The potential reversal of the
remainder of the impairment will be assessed on a continuous basis.

The financial information on which this trading statement is based has not been reviewed or reported
on by the Company's auditors. Master Drilling's full year results are expected to be released on SENS
on or about Tuesday, 31 March 2026


Fochville
18 March 2026

Sponsor
Investec Bank Limited

Date: 18-03-2026 04:05:00
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