Capital (CAPD) Q2 2025 TU earnings summary

Executive summary

• Q2 2025 group revenue rose 21.7% sequentially to $87.4 million, with strong momentum across all divisions and record MSALABS performance.

• Mining division ramped up at Reko Diq; MSALABS commissioned new labs in the USA and Saudi Arabia, driving growth.

• 2025 group revenue guidance increased to $320–340 million, and MSALABS guidance to $55–65 million.

Financial highlights

• Q2 2025 revenue: $87.4 million, up 21.7% from Q1 2025, down 2.0% from Q2 2024.

• Drilling revenue: $63.0 million, up 9.2% sequentially, up 4.8% year-over-year.

• Mining revenue: $7.0 million, up 1,066.7% from Q1 2025, down 61.3% year-over-year.

• MSALABS revenue: $17.4 million, up 28.9% sequentially, up 58.2% year-over-year.

• H1 2025 group revenue: $159.2 million, down 6.0% from H1 2024.

Outlook and guidance

• Group revenue guidance for 2025 raised to $320–340 million from $300–320 million.

• MSALABS revenue guidance for 2025 raised to $55–65 million from $50–60 million.

• Anticipates improved H2 performance, supported by strong demand and new contracts.

• Robust tendering activity and focus on US drilling returns expected to drive further growth.