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Capital (CAPD) investor relations material
Capital H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 revenue declined 6% year-over-year to $159.2 million, with adjusted EBITDA at $32.1 million (20.2% margin), reflecting mining contract transitions and offset by drilling and MSALABS growth.
Net profit after tax rose 54% to $14.8 million, driven by $19.2 million in investment gains; adjusted NPAT (excluding exceptionals and investment gains) fell 82% to $2.1 million.
Interim dividend maintained at 1.3¢ per share, with strong cash from operations and reduced net debt.
Operational turnaround in Q2, with management changes, improved capital discipline, and world-class safety performance.
Investment portfolio generated a $19.2M gain, with portfolio value at $49.5M as of June 30.
Financial highlights
Revenue: $159.2 million (down 6% year-over-year); adjusted EBITDA: $32.1 million (20.2% margin); operating profit: $16.2 million (down 35.2%).
Cash from operations increased to $54.7 million, up 6.8% year-over-year.
Net debt reduced to $55.4 million, with net debt/EBITDA at 0.8x; adjusted net debt position at $5.9 million.
CapEx for H1 2025 was $20.4 million, trending toward the lower end of annual guidance ($45–55 million).
Shareholder equity increased to $285.6 million from $267.9 million year-over-year.
Outlook and guidance
Group revenue guidance raised to $320–340 million for FY2025, with MSALABS guidance at $55–65 million, reflecting strong contract ramp-up and lab expansion.
Margins expected to recover toward 25% adjusted EBITDA in 2026, up from 20% in H1 2025.
CapEx expected at the lower end of guidance, with strong tendering pipeline and further growth anticipated in 2026.
Focus on operational delivery in drilling, ramp-up of Reko Diq mining contract, and MSALABS expansion.
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