Capital (CAPD) Q4 2025 TU earnings summary

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.