Full Year 2025 Capital Ltd Earnings Call Transcript
Key Points
- Capital Ltd (CAPFF) experienced a strong second half of 2025, with improved performance in its mining business and a return to profitability for MSALABS.
- The company successfully completed a capital raising event in December 2025, enhancing its balance sheet capacity for future growth.
- Capital Ltd (CAPFF) reported a significant gain from its investment portfolio, contributing positively to its financial performance.
- The company announced new long-term contracts, including a mining contract with AngloGold Ashanti, ensuring full utilization of its mining fleet.
- Capital Ltd (CAPFF) is experiencing a strong demand cycle for its services, driven by high commodity prices and increased client budgets for mine-site development and exploration.
- The company's revenue and adjusted EBITDA were flat year-on-year, indicating a lack of growth in overall financial performance.
- Capital Ltd (CAPFF) faced a high effective tax rate of over 60% in 2025, primarily due to increased revenue-tax rates in Tanzania.
- The first half of 2025 was weak, impacting the overall annual performance despite a strong second half.
- There was a prior-year restatement due to incorrect payroll-tax calculations, resulting in a downward adjustment to the 2024 EBITDA.
- The company faces uncertainty regarding Barrick's review of the Reko Diq project, although it does not currently see it as a contractual risk.
Good morning, and welcome to Capital Limited fullâyear 2025 results. Later, we will conduct a questionâandâanswer session. (Operator Instructions)
I will now hand over to Jamie Boyton, Executive Chair, and Rick Robson, CFO, to start their presentation. Please go ahead, Jamie.
Thank you very much, and thank you everyone for dialing in for the 2025 fullâyear results presentation. If I could just please turn the slide immediately to the introduction slide. I'm just going to give a brief overview of Capital. If there are people on the call today, excuse me, that are not familiar with the company, weâre a multiâdiscipline service provider, providing a range of drilling, laboratory, and mining services to exploration and mining companies, with a focus on Africa, the Middle East, and, more recently, North America.
The business has got three operating divisions specifically a drilling, mining, and laboratory business. Very broadly speaking, in terms of our operating revenue, the splits are
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