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Capital (CAPD) investor relations material
Capital Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong FY 2025 finish, with group and MSALABS revenues at the upper end of revised guidance.
Record annual performance at MSALABS, driven by new labs and improved utilisation.
Reko Diq mining contract ramping up, with full earnings contribution expected from H2 2026.
Benefiting from record commodity prices and increased customer exploration and capex spend.
Financial highlights
FY 2025 group revenue: $345.8M, down 0.6% year-over-year, but at the upper end of revised guidance.
FY 2025 MSALABS revenue: $73.5M, up 68.2% year-over-year.
Q4 2025 group revenue: $92.7M, down 1.3% sequentially, up 9.2% year-over-year.
Q4 2025 drilling revenue: $60.2M, down 7.5% sequentially, down 4.3% year-over-year.
Q4 2025 mining revenue: $10.9M, up 39.7% sequentially, up 13.5% year-over-year.
Q4 2025 MSALABS revenue: $21.6M, up 2.9% sequentially, up 74.2% year-over-year.
Outlook and guidance
Group revenue guidance for 2026 to be provided at FY 2025 results.
Strong momentum expected to continue in 2026, supported by multi-year contracts and growth pipelines.
Improving MSALABS performance, Reko Diq ramp-up, and consistent drilling execution to drive growth.
Positioned to benefit from record commodity prices and increased capital markets activity.
- Revenue up 9.8%, margins down; growth expected from new contracts and US expansion.CAPD
H1 20242 Feb 2026 - 2024 revenue guidance is $355–$375 million, with key resolutions and growth across business pillars.CAPD
AGM 202431 Jan 2026 - Record revenue, lower profits; 2025 growth expected from Reko Diq and MSALABS.CAPD
H2 202426 Dec 2025 - $40 million capital raise approved to support growth and capitalize on strong market demand.CAPD
EGM 202511 Dec 2025 - 2025 guidance highlights growth in drilling, labs, and mining amid favorable market conditions.CAPD
AGM 202525 Nov 2025 - 2025 revenue guidance raised to $320–340m as net profit surged on investment gains.CAPD
H1 202523 Nov 2025 - Record Q3 revenue and raised 2025 guidance reflect robust growth across all business segments.CAPD
Q3 2025 TU21 Oct 2025 - Q2 2025 revenue surged 21.7% sequentially, prompting a raised 2025 outlook and guidance.CAPD
Q2 2025 TU17 Jul 2025 - Q3 revenue up 17.6% year-over-year; drilling strong, MSALABS guidance cut on delays.CAPD
Q3 2024 TU13 Jun 2025
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