Capital (CAPD) H2 2025 earnings summary

Executive summary

• FY 2025 revenue was $345.8m, essentially flat year-on-year, with a strong rebound in H2 after a weak H1, and MSALABS growth offsetting mining fleet redeployment.

• Adjusted EBITDA rose 1.1% to $79.5m, with a margin of 23.0%, and NPAT surged 317.6% to $71.0m, driven by a $66.0m investment gain.

• Investment portfolio delivered outstanding returns, valued at $97.5m at year-end, now constituting over a quarter of market capitalization.

• Completed a successful capital raise in December/November 2025, strengthening the balance sheet and funding growth initiatives, ending with net debt of $31.8m.

• Mining fleet fully utilized following new contracts at Reko Diq (Pakistan) and Sukari Gold Mine (Egypt).

Financial highlights

• Adjusted cash from operations increased 20.5% to $92.9m, aided by favorable working capital movements.

• Net debt at year-end was $31.8m, with leverage at 0.4x net debt to adjusted EBITDA.

• Shareholder equity rose 38.0% to $388.7m.

• Dividend maintained for the 12th consecutive year, totaling $0.026 per share for 2025, with a final dividend of 1.3cps declared.

• Adjusted EBITDA margin exceeded 25% in H2 2025, near record levels.

Outlook and guidance

• 2026 revenue guidance set at $410–$440m, representing over 20% year-on-year growth, with MSALABS revenue expected at $85–$95m and CapEx at $55–$65m.

• Multiple new long-term contracts announced, including lab and grade control contracts, with strong demand outlook across all business segments.

• Management believes the sector is at the front end of a multi-year demand cycle, supported by record client cash flows and robust commodity prices.