Major Drilling Group International Inc. 2027 Q1 - Results - Earnings Call Presentation (TSX:MDI:CA) 2026-09-04

Major Drilling Group International Inc. 2027 Q1 - Results - Earnings Call Presentation (TSX:MDI:CA) 2026-09-04

2026-09-04. The following slide deck was published by Major Drilling Group International Inc.

Major Drilling Group International Inc. (TSX:MDI) - Record Q1/27 Revenue as North America Leads Margin Recovery - Research Portal

Major Drilling (MDI) announced financial results for FYQ1 2027, ending July 31, 2026. Q1/27 EPS of $0.18 was above both RCS and consensus estimates of $0.14 and $0.16, respectively. Revenue increased 22.4% YoY to a record $277.3M (vs. RCS est. of $267.6M) with higher utilization rates of 58% (vs. 53% in Q4/26). EBITDA rose to $37.2M (+16% YoY). While Q1/27 was MDI's first earnings beat in several quarters, we caution that the revenue upside was mostly FX, and the EPS beat was partly tax driven. What we have really been paying attention to is the margin recovery underneath, and Q1 delivered the first real data point on the inflection we’ve been waiting on, though a single quarter does not make a trend. Looking ahead, management's outlook remains unchanged: rigs will continue to be deployed gradually at incrementally higher prices as seniors grow their programs and juniors ramp up on stronger financing, with margins expected to improve through FY’27. Labour remains the key challenge and will keep weighing on productivity near term, although the macro backdrop continues to be supportive with gold and copper prices staying firm. The critical question for FY’27 is whether margin recovery broadens beyond North America, but for now we anticipate margins to remain under pressure through Q2/27, with margin expansion expected to take hold starting in H2/27.