Full Year Results

Summary by AI ^BETAClose X

Capital Limited reported full-year results for the year ended 31 December 2025, with revenue slightly decreasing by 0.6% to $345.8 million, while Adjusted EBITDA saw a 1.1% increase to $79.5 million. Operating profit rose significantly by 23.0% to $46.6 million, driven by a substantial 445.5% increase in investment gains to $66.0 million, contributing to a Net Profit After Tax (NPAT) of $71.0 million, up 317.6% from the previous year. The company's investment portfolio grew by 221.8% to $97.5 million. Adjusted cash from operations increased by 20.5% to $92.9 million, and net debt decreased by 58.0% to $31.8 million. The company declared a final dividend of 1.3 cents per share, maintaining the total dividend for the year at 2.6 cents per share. Looking ahead to FY 2026, Capital Limited anticipates revenue between $410 million and $440 million.

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Capital Limited (DI) (CAPD)

UK 100

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	FY 2025	FY 2024⁹	FY 2025 vs FY 2024⁹
Revenue	345.8	348.0	(0.6%)
Adjusted EBITDA^1,2,3	79.5	78.6	1.1%
Operating Profit	46.6	37.9	23.0%
Investment Gain / (Loss)	66.0	12.1	445.5%
Net Profit After Tax (NPAT)	71.0	17.0	317.6%
Operational NPAT^1,4	12.4	12.9	(3.9%)

Earnings per share
Basic EPS (cents)	34.9	8.2	325.6%
Operational EPS (cents)^1,4	5.4	6.1	(11.6%)

Final Dividend per Share (cents)	1.3	1.3	-

Adjusted Cash from Operations^1,2	92.9	77.1	20.5%
Capex⁵	47.1	67.2	(29.9%)

Net Debt^1,6	31.8	75.7	(58.0%)
Investment portfolio⁷	97.5	30.3	221.8%

Margins
Adjusted EBITDA Margin^1,2,3	23.0%	22.6%
Operating Profit Margin	13.5%	10.9%
Operational NPAT Margin^1,4	3.6%	3.7%

	FY 2025	FY 2024	vs FY 2024
Closing fleet size (#)	137	130	5.4%
Fleet utilisation (%)	74%	73%	1.4%
Average utilised rigs (#)	100	92	8.7%
ARPOR¹ ($)	191,000	204,000	(6.4%)
⁽¹⁾ Average revenue per month per operating rig

CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025

		Audited	Audited
			As restated
	Notes	2025	2024
		US$'000	US$'000

Revenue	3	345,775	348,000
Cost of sales	4	(196,451)	(204,554)
Gross profit		149,324	143,446
Administration expenses	5	(58,726)	(56,945)
Depreciation, amortisation, and impairments		(44,031)	(48,562)
Operating profit	6	46,567	37,939
Interest income		47	38
Dividend income		2,217	-
Finance costs		(15,432)	(16,741)
Fair value gain on financial assets		65,993	12,097
Share of loss of associate		(5,849)	(387)
Profit before taxation		93,543	32,946
Taxation	7	(22,556)	(15,949)
Profit and total comprehensive income for the period		70,987	16,997


Profit attributable to:
Owners of the parent		69,354	15,994
Non-controlling interest		1,633	1,003
		70,987	16,997
Earnings per share:

Basic (cents per share)	8	34.86	8.20
Diluted (cents per share)	8	33.98	8.18

CAPITAL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2025
		Audited	Audited
			As restated
	Notes	2025	2024
ASSETS		US$'000	US$'000
Non-current assets
Property, plant and equipment	10	241,978	240,969
Right-of-use assets	11	36,271	32,062
Goodwill		1,296	1,296
Intangible assets		884	794
Other receivables	13	13,244	10,790
Investment in associate		503	6,300
Total non-current assets		294,176	292,211

Current assets
Inventories		64,777	61,912
Trade receivables	12	52,288	60,226
Other receivables	13	53,955	27,116
Investments at fair value		99,801	30,304
Current tax receivable		1,789	505
Cash and cash equivalents		63,376	40,526
Deferred tax		714	-
Total current assets		336,700	220,589

Total assets		630,876	512,800

EQUITY AND LIABILITIES
Equity
Share capital		23	20
Share premium		103,499	64,719
Equity-settled employee benefits reserve		5,279	3,972
Other reserve		190	190
Retained income		266,742	200,959
Equity attributable to owners of the parent		375,733	269,860
Non-controlling interest	11	12,957	11,813
Total equity		388,690	281,673

Non-current liabilities
Loans and borrowings	14	76,275	86,925
Lease liabilities		24,678	22,226
Trade and other payables		5,004	7,511
Deferred tax		-	3,195
Total non-current liabilities		105,957	119,857

Current liabilities
Trade and other payables		92,886	60,608
Provisions		203	203
Current tax payable		13,188	10,640
Loans and borrowings	14	18,541	28,259
Lease liabilities		11,411	11,560
Total current liabilities		136,229	111,270

Total equity and liabilities		630,910	512,800

CAPITAL LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025

	Notes	2025	2024
		US$'000	US$'000

Cash flow from operating activities

Cash generated from operations	15	107,943	90,133
Interest income received		47	38
Finance costs paid		(11,617)	(12,097)
Interest paid on lease liabilities		(3,272)	(3,067)
Tax paid		(19,514)	(11,282)
Net cash from operating activities		73,586	63,725

Cash flow from investing activities

Purchase of property, plant and equipment		(17,820)	(34,469)
Proceeds from sale of property, plant and equipment		867	300
Purchase of intangible assets and cloud computing arrangements		(1,660)	(2,352)
Purchase of investments at fair value		(8,198)	(8,480)
Purchase of investment in associate		(52)	(6,688)
Proceeds on sale of investments at fair value		4,694	37,278
Cash paid in advance for property, plant and equipment		(16,036)	(3,970)
Advance payments on leases		(2,305)	(1,825)
Proceeds from dividends received		2,217	-
Loan advanced to associate		(1,268)	-
Net cash from investing activities		(39,561)	(20,206)

Cash flow from financing activities

Proceeds from loans and borrowings		30,000	30,000
Repayment of loans and borrowings		(64,011)	(47,262)
Repayment of principle on leases liabilities		(11,786)	(10,008)
Arrangement fees paid for new financing		(159)	(392)
Dividends paid		(5,120)	(7,686)
Proceeds from issuance of equity to non-controlling interests		-	719
Purchase of shares from non-controlling interest		(189)	(1,603)
Proceeds from issue of shares		38,249	-
Net cash from financing activities		(13,016)	(36,232)

Net increase in cash and cash equivalents		21,009	7,287

Cash and cash equivalents at the beginning of the period		40,526	34,366
Effect of exchange rate movement on cash balances		1,841	(1,127)
Cash and cash equivalents at the end of the period		63,376	40,526

CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2025

1.	General information

	Preparation of the condensed consolidated financial statements
	Capital Limited (the "Company") is incorporated in Bermuda. The Company and its subsidiaries (the "Group") provide drilling, mining (load and haul), crushing, mineral assaying and surveying services. The Group also has a portfolio of investments in listed and unlisted exploration and mining companies.

2.	Basis of presentation

	The condensed consolidated financial statements are prepared on the going concern basis under the historical cost convention, except for certain financial instruments which are measured at fair value. The directors are responsible for the preparation of the results announcement.
	The condensed consolidated financial statements included in this results announcement has been prepared in accordance with the measurement and recognition criteria of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Whilst the financial information included in this results announcement has been prepared in accordance with IFRS, this announcement does not itself contain sufficient information to comply with the disclosure requirements of IFRS. The Group's 2025 Annual Consolidated Financial Statements have been prepared in accordance with IFRS. The results announcement does not constitute a dissemination of the annual financial reports. A separate dissemination announcement in accordance with Disclosure and Transparency Rules (DTR) 6.3 will be made when the Annual Report and audited consolidated Financial Statements are available on the Company's website. The accounting policies are in terms of IFRS and consistent with those of the prior year.
	The financial information for the years ended 31 December 2025 and 2024 does not constitute the annual financial statements. The annual consolidated financial statements for the year ended 31 December 2025 and 2024 were completed and received an unmodified audit report from the Company's Auditors.

	Going concern

	As at 31 December 2025, the Group had a robust balance sheet with a low debt gearing with equity of $388.7 million and loans and borrowings of $94.8 million. Cash as at 31 December 2025 was $63.4 million, with net debt of $31.8 million. As at 31 December 2025, investments at fair value amounted to $97.51 million which provides additional flexibility as these investments could be converted into cash.

	The amount outstanding on the revolving credit facility as at 31 December 2025 was $59.2 million and at the year end this loan was due for repayment in April 2027, which falls within the going concern period to 30 June 2027. The revolving credit facility has since been refinanced in March 2026 with a term loan of $37.5 million, maturing in March 2029, and a revolving credit facility of $37.5 million, maturing in March 2030.

	This balance sheet robustness is underpinned by stable cash flows generated by a diversified service offering and diversified contract portfolio. Whilst 2025 revenues were down 0.6% from the prior year, Net Profit After Tax and Adjusted Cash from Operations were up 288.0% and 20.5%, respectively.
	Commercially, the Group commenced a major new mining contract at Reko Diq and MSALABS achieved record results, both with revenue and divisional net profit. Furthermore, the Group continues to leverage its strong relationships across the mining sector with contract awards for grade control drilling services at Montage Gold's Kone Gold Project in Cote d'Ivoire, a restart of a waste mining contract at Sukari Gold Mine in Egypt, a waterbore drilling services contract at Reko Diq in Pakistan as well as several short-term exploration drilling contracts.

			As restated
6.	Profit from Operations	2025	2024
		US$'000	US$'000
	The following items have been recognised as expenses in determining profit from operations:

	Depreciation, amortisation and impairments

	Depreciation and amortisation:
	Land and buildings	306	231
	Right of use assets	12,185	12,025
	Computer software	105	9
	Drilling rigs	11,837	10,573
	Associated drilling equipment	6,599	6,082
	Vehicles and trucks	5,805	4,716
	Camp and associated equipment	5,487	3,925
	Mining equipment	1,232	7,041
	Total depreciation	43,556	44,602

	Impairment:
	Right-of-use assets	-	1,766
	Drilling rigs	-	226
	Heavy Mining equipment	475	907
	Vehicles and trucks	-	-
	Camp and associated equipment	-	1,061
	Total impairment	475	3,960

	Total depreciation, amortisation and impairments	44,031	48,562

	Operating lease expense
	Short term equipment rental	2,956	6,046

	Employee costs
	Salaries, wages, bonuses and other benefits	117,602	112,776
	Share based compensation expense	3,089	539
	Total employee costs	120,691	113,315
CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2025


Other
Loss on disposal of property, plant and equipment	917	594
Legal and professional fees	4,733	5,594
Stock write-off	726	686
Provision for inventory obsolescence	1,135	385
Allowance for credit losses	99	(160)
Bad debts written off	79	258
Other taxes	384	1,439
Provision for VAT recoverable	1,430	2,545
Increase in provisions for other taxes	522	44

7.	Taxation

	Capital Limited is incorporated in Bermuda and tax resident in the United Kingdom and the Group operates in multiple countries jurisdictions with complex legal and tax regulatory environments. Taxation is calculated in accordance with local legislation and the prevailing tax rates.
	The Group has taken income tax positions that management believes are supportable and are intended to withstand challenge by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and the interpretation of income tax laws. The Group periodically reassesses its tax positions. Changes to the financial statement recognition, measurement, and disclosure of tax positions is based on management's best judgement given any changes in the facts, circumstances, information available and applicable tax laws. Considering all available information and the history of resolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not likely have a material effect on the Group's financial position, statements of operations or cash flows.

8.	Earnings per share
			As restated
		2025	2024
	Basic Earnings per share:

	The profit and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:

	Profit for the year used in the calculation of basic earnings per share (US$'000)	69,354	15,994

	Weighted average number of ordinary shares for the purposes of basic earnings per share	198,925,655	195,112,329

	Basic earnings per share (cents)	34.86	8.20

			As restated
	Diluted earnings per share:	2025	2024

	The profit used in the calculations of all diluted earnings per share measures are the same as those used in the equivalent basic earnings per share measures, as outlined above. ($)	69,354	15,994

	Weighted average number of ordinary shares used in the calculation of basic earnings per share	198,925,655	195,112,329
	- Dilutive share options	5,192,484	465,154
	Weighted average number of ordinary shares used in the calculation of diluted earnings per share	204,118,139	195,577,483

	Diluted earnings per share (cents)	33.98	8.18



9.	Dividends During the 12 months ended 31 December 2025, a dividend of 1.3 cents (2024: 2.6 cents) per ordinary share, totalling to $2.6 million (2024: $5.1 million) was declared as the final dividend for 2024. This dividend was paid to the shareholders on 15 May 2025 (2024: 15 May 2024), followed by a further dividend of 1.3 cents (2024: 1.3 cents) per share which was declared as interim dividend for 2025 totalling $2.5 million (2024: $2.6 million) and paid on 6 October 2025 (2024: 3 October 2024). The total dividend paid is $5.1 million (2024: $7.7 million). In respect of the year ended 31 December 2025, the Directors propose that a final dividend of 1.3 cents (2024: 1.3 cents) per share be paid to shareholders on 12 May 2026 (2024: 15 May 2025). This final dividend has not been included as a liability in these Consolidated Financial Statements. The proposed final dividend is payable to all shareholders on the Register of Members on 17 April 2026 (2024: 22 April 2025). The total estimated final dividend to be paid is $2.9 million (2024: $2.6 million). The payment of this final dividend will not have any tax consequences for the Group.

Cost	Drilling rigs	Heavy mining equipment	Associated Drilling & mining equipment	Vehicles and trucks	Camp and associated equipment	Land & Buildings	Computer software	Leasehold improvements	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
At 1 January 2024	148,242	81,860	41,377	47,018	27,043	-	52	1,654	347,246
Additions	35,785	4,350	1,672	9,895	9,906	6,348	20	-	67,976
Disposal	(4,034)	-	(4,328)	(2,029)	(1,865)	-	-	-	(12,256)
At 31 December 2024	179,993	86,210	38,721	54,884	35,084	6,348	72	1,654	402,966
Additions	12,279	3,446	5,458	7,405	5,142	847	-	-	34,577
Disposal	(18,623)	(4,310)	(5,626)	(1,048)	(1,603)	-	-	-	(31,210)
Transfer to Intangible assets	-	-	-	-	-	-	(72)	-	(72)
At 31 December 2025	173,649	85,346	38,553	61,241	38,623	7,195	-	1,654	406,261

Accumulated Depreciation
At 1 January 2024	72,897	26,078	9,860	19,421	10,215	-	20	97	138,588
Depreciation	10,573	7,041	6,082	4,716	3,925	231	9	-	32,577
Disposal	(3,754)	-	(4,100)	(1,653)	(1,855)	-	-	-	(11,362)
Impairment	226	907	-	-	1,061	-	-	-	2,194
At 31 December 2024	79,942	34,026	11,842	22,484	13,346	231	29	97	161,997
Depreciation	11,837	1,232	6,599	5,805	5,487	306	-	-	31,266
Disposal	(17,974)	(3,299)	(5,426)	(1,696)	(1,031)	-	-	-	(29,426)
Impairment	-	475	-	-	-	-	-	-	475
Transfer to Intangible assets	-	-	-	-	-	-	(29)	-	(29)
At 31 December 2025	73,805	32,434	13,015	26,593	17,802	537	-	97	164,283

Carrying amount at:
31 December 2024	100,051	52,184	26,879	32,400	21,738	6,117	43	1,557	240,969
31 December 2025	99,844	52,912	25,538	34,648	20,821	6,658	-	1,557	241,978

	Land & Buildings	Machinery	Total
Right of use assets	US$'000	US$'000	US$'000
At 1 January 2024	5,105	24,579	29,684
Additions	778	15,391	16,169
Depreciation	(1,618)	(10,407)	(12,025)
Impairment	-	(1,766)	(1,766)
At 31 December 2024	4,265	27,797	32,062
Additions	1,150	15,244	16,394
Depreciation	(1,676)	(10,509)	(12,185)
At 31 December 2025	3,739	32,532	36,271


Lease liabilities
At 1 January 2024	5,184	24,266	29,450
Additions	777	13,567	14,344
Interest expense	422	2,645	3,067
Lease payments	(1,822)	(11,253)	(13,075)
At 31 December 2024	4,561	29,225	33,786
Additions	1,322	12,767	14,089
Interest expense	272	3,000	3,272
Lease payments	(2,047)	(13,011)	(15,058)
At 31 December 2025	4,108	31,981	36,089

31 December 2025	Current	More than 30 days past due	More than 60 days past due	More than 90 days past due	Total
	US$'000	US$'000	US$'000	US$'000	US$'000
Expected loss rate	0.26%	0.11%	0.10%	0.03%	0.19%
Gross carrying amount	30,993	9,853	4,980	6,561	52,387
Loss provision	81	11	5	2	99

Movements in the impairment allowance for trade receivables are as follows:

	2025	2024
	US$'000	US$'000
Opening provision for impairment of trade receivables	4,536	4,697
Increase during the year	99	97
Receivables written off during the year as uncollectible	(4,536)	(258)
At 31 December	99	4,536

	In addition, CAPD (Mauritius) Limited is also required to comply with the Total Tangible Net Worth covenant.

	Security for the revolving credit facility comprise various pledges over the shares and claims of the Group's entities in Tanzania together with a debenture over the rigs in Tanzania and the assignment of material contracts and their collection accounts in each of Egypt, Tanzania and Mali.

	As at the reporting date and during the period under review, the Group has complied with all covenants attached to the loan facilities.

			As restated
4.	Cost of Sales	2025	2024
		US$'000	US$'000
	Employee costs	92,689	90,395
	Consumables	27,099	25,145
	Repairs and maintenance	19,554	28,819
	Fuel	3,989	3,647
	Camp operational cost	5,761	6,054
	Other cost of sales	5,620	7,877
	Landed cost - Inventory	11,631	11,622
	Equipment hire	3,667	4,235
	Travel and accommodation	4,600	5,707
	Safety gear and equipment	3,917	3,883
	Mobilisation and amortisation	5,545	7,783
	Chrysos variable costs	4,485	2,154
	Insurance - Equipment	2,006	2,048
	Others	5,888	5,185
		196,451	204,554

14.	Loans and borrowings (continued)

		2025	2024
		US$'000	US$'000

	Bank loans	59,835	76,388
	Supplier credit facilities	31,805	36,288
	Vendor financed mortgage	3,511	3,599
		95,151	116,275
	Less: Unamortised debt arrangement costs	(335)	(1,091)
	Total loans and borrowings	94,816	115,184

	Current	18,541	28,259
	Non-current	76,275	86,925
	Total loans and borrowings	94,816	115,184

Reconciliation of alternative performance measures to the financial statements:

	2025		2024
	US$'000		US$'000
ARPOR can be reconciled from the financial statements as per the below:
Revenue per financial statements (US$)	345,775	348,000
Non-drilling revenue (US$)	(118,135)	(123,671)
Revenue used in the calculation of ARPOR (US$)	227,640	224,329

Monthly Average active operating Rigs	100	92
Monthly Average operating Rigs	134	126

ARPOR (rounded to nearest US$10,000)	191	204

	As previously reported	Adjustment	As restated
Statement of financial position	US$'000	US$'000	US$'000
1 January 2024
Accounts receivable - sundry	4,025	303	4,328
Other receivables	24,055	303	24,358
Total current assets	217,750	303	218,053
Total assets	467,748	303	468,051

Profit for the year	38,530	(394)	38,136
Retained income	195,515	(394)	195,121
Equity attributable to owners of the parent	263,877	(394)	263,483
Total equity	273,147	(394)	272,753
Other payables - employee related liabilities	9,649	697	10,346
Trade and other payables	50,685	697	51,382
Total current liabilities	95,880	697	96,577
Total liabilities	194,601	697	195,298

Total equity and liabilities	467,748	303	468,051

31 December 2024
Accounts receivable - sundry	2,948	1,072	4,020
Other receivables	26,044	1,072	27,116
Total current assets	219,517	1,072	220,589
Total assets	511,728	1,072	512,800

Retained income	202,674	(1,715)	200,959
Equity attributable to owners of the parent	271,575	(1,715)	269,860
Total equity	283,388	(1,715)	281,672
Other payables - employee related liabilities	14,227	2,787	17,014
Trade and other payables	57,821	2,787	60,608
Total current liabilities	108,483	2,787	111,270
Total liabilities	228,340	2,787	231,127

Total equity and liabilities	511,728	1,072	512,800

CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED)

The Group presents various Alternative Performance Measures (APMs) as management believes that these are useful for users of the financial statements in helping to provide a balanced view of, and relevant information on, the Group's financial performance in the year. The following terms and alternative performance measures are used in the full year results release for the year ended 31 December 2025.

ARPOR		Average revenue per operating rig
Operating profit (pre-exceptional items)		Earnings before interest, taxes, fair value gain/loss on financial assets and exceptional items
EBITDA		Earnings before interest, taxes, depreciation, amortization, fair value gain/loss on financial assets and exceptional items.
EBITDA (adjusted for IFRS 16 leases)		EBITDA net of cash cost of the IFRS 16 leases
NPAT		Net Profit After Tax
Operational NPAT		Net profit after tax before fair value gain/loss on investments and exceptionals
Operational EPS		Net profit after tax before fair value gain/loss and exceptionals over weighted average number of ordinary shares
Net Cash (Debt)		Cash and cash equivalents less loans and borrowings

Operating profit (EBIT)	46,567	37,939
Depreciation, amortisation and impairments	44,031	48,562
EBITDA	90,598	86,501

Operational NPAT	12,383	12,932
Non-controlling interest	(1,633)	(1,003)
	10,750	11,928

Weighted average number of ordinary shares	198,925,655	195,112,329

Operational EPS	5.40	6.11
Diluted Operational EPS	5.27	6.10

	2025 US$'000	2024 US$'000
Capex can be reconciled from the financial statements as per the below:
Purchase of property, plant and equipment	17,820	34,469
Cash paid in advance for property, plant and equipment	16,036	3,970
Supplier credit facility received	13,259	25,008
Vendor financed mortgage	-	3,680
Capex	47,115	67,127

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