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Capital Q4 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 TU earnings summary20 Jan, 2026

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.

Reconcile Q4 drilling dip with FY25 success
MSALABS growth drivers beyond new labs
Investment portfolio's strategic contribution?
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H2 202527 Mar, 2026
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