**Summary**
Capital Limited, a leading mining services company, reported its full-year financial results for 2025, showcasing a strong performance despite a slight revenue decline. Key highlights include
**Revenue and Profitability** Revenue decreased by 0.6% to $345.8 million, while Adjusted EBITDA increased by 1.1% to $79.5 million. Operating profit rose significantly by 23.0% to $46.6 million, and Net Profit After Tax (NPAT) surged by 317.6% to $71.0 million, primarily due to substantial investment gains.
**Investment Portfolio** The value of the investment portfolio grew by 221.8% to $97.5 million, contributing $66.0 million in investment gains, a notable increase from the previous year.
**Operational Performance** The company maintained exemplary safety standards with a 12-month trailing Total Recordable Injury Frequency Rate (TRIFR) of 1.20. Rig count increased to 137, and fleet utilization improved to 74%. However, Average Revenue Per Operating Rig (ARPOR) decreased by 6.4% to $191,000.
**Dividends and Cash Flow** A final dividend of 1.3 cents per share was declared, maintaining the total dividends for 2025 at 2.6 cents per share. Adjusted Cash from Operations increased by 20.5% to $92.9 million, while Net Debt decreased by 58.0% to $31.8 million.
**Strategic Highlights** Capital Limited secured several significant contracts, including a 5-year grade control drilling contract with Montage Gold and expanded its presence in various regions. The company also commenced major projects at Sukari Gold Mine and Reko Diq, with full run-rate operations expected in 2026.
**Outlook** The company provided optimistic guidance for 2026, with revenue expected to range between $410 million and $440 million, representing a 23% increase at the midpoint. Capital expenditure is projected to be $55-$65 million, supporting growth initiatives across drilling, mining, and laboratory services.
Overall, Capital Limited demonstrated resilience and growth in 2025, positioning itself well for future expansion in the mining services sector.