Capital Ltd reported a substantial increase in net profit after tax for the 2025 fiscal year, with a 318% rise that resulted in headline net income of $71 million. Company officials attributed the jump primarily to gains realized in its investment portfolio, which materially boosted the bottom line.
While the top-line held relatively steady, revenue for the year edged down by 0.6%. Adjusted EBITDA improved by 1.1%, but several operating indicators pointed to softness across the firm’s core mining services business. Management noted that operational earnings per share declined 11.6% year on year, reflecting pressure on the underlying business despite the strong consolidated profit figure supported by investment returns.
The MSALABS segment stood out within the group, delivering a record annual performance and contributing positively to overall profitability. The company also secured new and expanded drilling contracts during the period, which supported core activity levels. However, the average revenue per rig fell over the year, indicating a deterioration in revenue mix or pricing per unit of equipment deployed.
On an earnings basis, Capital Ltd reported EBIT of $46.60 million for the fiscal year. Total capital expenditure came in at $47.10 million.
Looking forward, Capital Ltd provided guidance for fiscal 2026 that signals management expects a material rebound in sales. The company forecast revenue in a range of $410 million to $440 million, with the midpoint implying roughly a 23% increase versus the current year. Management also indicated plans to increase investment in the business, with expected capital expenditure of $55 million to $65 million for the upcoming year.
Within the MSALABS unit, the company set a revenue target of $85 million to $95 million for fiscal 2026.
Taken together, the results present a mixed picture: strong headline profitability driven by investment returns and a high-performing MSALABS segment, alongside signs of softening in core operating metrics such as average revenue per rig and operational earnings per share. The company’s guidance points to management confidence in a top-line recovery and willingness to raise capex, but the underlying business trends highlighted in the results suggest areas that will require attention as the group executes its 2026 plan.