Capital Limited - Full Year Results
19/03/2026 07:00
RNS Number : 2960X
Capital Limited
19 March 2026
Capital Limited
("Capital", the "Group" or the "Company")
Full Year Financial Results for the Year Ended 31 December 2025
Capital (LSE: CAPD), a leading mining services company, today provides its full year financial results for the year ended 31 December 2025.
| FY 2025 | FY 20249 | FY 2025 vs FY 20249 | |
| Revenue | 345.8 | 348.0 | (0.6%) |
| Adjusted EBITDA1,2,3 | 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 NPAT1,4 | 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 Operations1,2 | 92.9 | 77.1 | 20.5% |
| Capex5 | 47.1 | 67.2 | (29.9%) |
| Net Debt1,6 | 31.8 | 75.7 | (58.0%) |
| Investment portfolio7 | 97.5 | 30.3 | 221.8% |
| Margins | |||
| Adjusted EBITDA Margin1,2,3 | 23.0% | 22.6% | |
| Operating Profit Margin | 13.5% | 10.9% | |
| Operational NPAT Margin1,4 | 3.6% | 3.7% |
| All amounts are in US dollar millions unless otherwise stated |
| (1) Non-IFRS financial measures and should not be used in isolation or as a substitute for Capital Limited financial results presented in accordance with IFRS. Alternative performance measures are detailed on pages 22 - 23 of this results announcement (2) Adjustment for the cash cost of the IFRS 16 leases, which amounts to $15.1 million (2024: $13.1 million) (3) Exceptional items in 2025 include ERP implementation costs of $3.9 million and exceptional items in 2024 include ERP implementation costs of $2.7 million and provisions against VAT receivables of $2.5 million (4) Operational NPAT in 2025 excludes investment gains on portfolio of $66.0 million, dividend income of $2.2 million and exceptional items relating to ERP implementation costs of $3.9 million and impairments relating to investment in associate of $5.7 million (5) Operational NPAT in 2024 excludes investment gains on portfolio of $12.1 million and exceptional items relating to ERP implementation costs of $2.7 million, provisions against VAT receivables of $2.5 million and, impairments relating to MSALABS of $2.8 million (6) Capital expenditure (Capex) consists of cash capex, prepayments and financed capex (7) Net Debt / (Cash) excludes ROU liabilities (8) Investment portfolio excludes Capital Innovation investments of $2.3 million (9) Restated figures |
| FY 2025 | FY 2024 | vs FY 2024 | ||
| Closing fleet size (#) | 137 | 130 | 5.4% | |
| Fleet utilisation (%) | 74% | 73% | 1.4% | |
| Average utilised rigs (#) | 100 | 92 | 8.7% | |
| ARPOR1 ($) | 191,000 | 204,000 | (6.4%) | |
| (1) Averagerevenue 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. | |
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 2. Basis of presentation For the going concern period to 30 June 2027, the Group has prepared cash flow forecasts for a base case operating scenario, which shows that the Group has sufficient cash and liquidity, and does not breach covenants, at any point during the going concern period. The Group has then performed reverse stress testing on the cash flow forecasts by modelling reductions in Adjusted EBITDA to identify the point at which the Group's financial covenants would be breached. This analysis indicates that the first covenant breach would occur if Adjusted EBITDA immediately declined by approximately 48% and remained at that level thereafter. Given the strong market demand from existing high-quality clients and across a large tendering pipeline and the Group's increased service diversification, exposure to high-quality mine site operations and strong relationships with blue-chip customers, the Board considers the probability of such a scenario to be low and notes that the analysis excludes any operational responses, including the redeployment of equipment across the Group's operations. Furthermore, the reverse stress testing is undertaken prior to the application of any mitigating actions. The Group has a range of measures available that would provide additional headroom in a downside scenario. These include, among others, the liquidation of the investment portfolio, reductions in inventory levels and capital expenditure, the renegotiation of creditor payment terms and adjustments to the dividend pay-out policy. Based on its assessment of the forecasts, principal risks and uncertainties and mitigating actions considered available to the Group in the event of downside scenarios, the Board confirms that it is satisfied the Group will be able to continue to operate and meet its liabilities as they fall due over the going concern period to June 2027. Accordingly, the Board has concluded that the going concern basis in the preparation of the Financial Statements is appropriate and that there are no material uncertainties that would cast doubt on that basis of preparation. |
| 3. | Revenue | 2025 | 2024 | ||||||||
| US$'000 | US$'000 | ||||||||||
| Revenue from the rendering of services comprises: | |||||||||||
| Drilling and associated revenue | 238,744 | 233,678 | |||||||||
| Revenue from Mining | 26,357 | 65,242 | |||||||||
| Laboratory services revenue | 73,495 | 43,647 | |||||||||
| Revenue from Surveying | 7,179 | 5,433 | |||||||||
| 345,775 | 348,000 | ||||||||||
| As restated | |||||||||||
| 4. | Cost of Sales | 2025 | 2024 | ||||||||
| US$'000 | US$'000 | ||||||||||
| Employee costs | 92,689 | 90,395 | |||||||||
| Consumables | 27,099 | 25,145 | |||||||||
| Repairs and maintenance | 19,554 | 28,819 | |||||||||
| Fuel | 3,989 | 3,647 | |||||||||
| Camp operational cost | 5,761 | 6,054 | |||||||||
| Other cost of sales | 5,620 | 7,877 | |||||||||
| Landed cost - Inventory | 11,631 | 11,622 | |||||||||
| Equipment hire | 3,667 | 4,235 | |||||||||
| Travel and accommodation | 4,600 | 5,707 | |||||||||
| Safety gear and equipment | 3,917 | 3,883 | |||||||||
| Mobilisation and amortisation | 5,545 | 7,783 | |||||||||
| Chrysos variable costs | 4,485 | 2,154 | |||||||||
| Insurance - Equipment | 2,006 | 2,048 | |||||||||
| Others | 5,888 | 5,185 | |||||||||
| 196,451 | 204,554 | ||||||||||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| 5. | Administration Expenses | 2025 | 2024 | ||||||||
| US$'000 | US$'000 | ||||||||||
| Employee costs | 24,913 | 22,381 | |||||||||
| Professional fees | 4,733 | 5,594 | |||||||||
| Insurance | 2,584 | 2,216 | |||||||||
| Rental cost | 1,764 | 1,921 | |||||||||
| Share based payment expenses | 3,089 | 539 | |||||||||
| Bad debts written off | 79 | 258 | |||||||||
| Expected credit loss provision | 99 | (160) | |||||||||
| Travel and accommodation | 2,928 | 3,788 | |||||||||
| Bank charges | 1,351 | 1,606 | |||||||||
| Foreign exchange loss / (gain) | (1,515) | 2,107 | |||||||||
| Software costs | 2,688 | 2,039 | |||||||||
| ERP implementation costs | 3,913 | 2,661 | |||||||||
| Other tax | 384 | 1,439 | |||||||||
| Provision for VAT recoverable | 1,430 | 2,545 | |||||||||
| Other expenses | 10,286 | 8,012 | |||||||||
| 58,726 | 56,945 | ||||||||||
| As restated | ||||||
| 6. | Profit from Operations | 2025 | 2024 | |||
| US$'000 | US$'000 | |||||
| The following items have been recognised as expenses in determining profit from operations: | ||||||
| Depreciation, amortisation and impairments | ||||||
| Depreciation and amortisation: | ||||||
| Land and buildings | 306 | 231 | ||||
| Right of use assets | 12,185 | 12,025 | ||||
| Computer software | 105 | 9 | ||||
| Drilling rigs | 11,837 | 10,573 | ||||
| Associated drilling equipment | 6,599 | 6,082 | ||||
| Vehicles and trucks | 5,805 | 4,716 | ||||
| Camp and associated equipment | 5,487 | 3,925 | ||||
| Mining equipment | 1,232 | 7,041 | ||||
| Total depreciation | 43,556 | 44,602 | ||||
| Impairment: | ||||||
| Right-of-use assets | - | 1,766 | ||||
| Drilling rigs | - | 226 | ||||
| Heavy Mining equipment | 475 | 907 | ||||
| Vehicles and trucks | - | - | ||||
| Camp and associated equipment | - | 1,061 | ||||
| Total impairment | 475 | 3,960 | ||||
| Total depreciation,amortisation and impairments | 44,031 | 48,562 | ||||
| Operating lease expense | ||||||
| Short term equipment rental | 2,956 | 6,046 | ||||
| Employee costs | ||||||
| Salaries, wages, bonuses and other benefits | 117,602 | 112,776 | ||||
| Share based compensation expense | 3,089 | 539 | ||||
| Total employee costs | 120,691 | 113,315 | ||||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) | ||||||
| For the year ended 31 December 2025 | ||||||
| 6. | Profit from Operations (Cont'd) | 2025 | 2024 | ||
| US$'000 | US$'000 |
| Other | |||||
| Loss on disposal of property, plant and equipment | 917 | 594 | |||
| Legal and professional fees | 4,733 | 5,594 | |||
| Stock write-off | 726 | 686 | |||
| Provision for inventory obsolescence | 1,135 | 385 | |||
| Allowance for credit losses | 99 | (160) | |||
| Bad debts written off | 79 | 258 | |||
| Other taxes | 384 | 1,439 | |||
| Provision for VAT recoverable | 1,430 | 2,545 | |||
| Increase in provisions for other taxes | 522 | 44 | |||
| 7. | Taxation | ||||
| Capital Limited is incorporated in Bermuda and tax resident in the United Kingdom and the Group operates in multiple countries jurisdictions with complex legal and tax regulatory environments. Taxation is calculated in accordance with local legislation and the prevailing tax rates. | |||||
| The Group has taken income tax positions that management believes are supportable and are intended to withstand challenge by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and the interpretation of income tax laws. The Group periodically reassesses its tax positions. Changes to the financial statement recognition, measurement, and disclosure of tax positions is based on management's best judgement given any changes in the facts, circumstances, information available and applicable tax laws. Considering all available information and the history of resolving income tax uncertainties, the Group believes that the ultimate resolution of such matters will not likely have a material effect on the Group's financial position, statements of operations or cash flows. | |||||
| 8. | Earnings per share | ||||
| As restated | |||||
| 2025 | 2024 | ||||
| Basic Earnings per share: | |||||
| The profit and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: | |||||
| Profit for the year used in the calculation of basic earnings per share (US$'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 | |||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| 8. | Earnings per share (Cont'd) |
| 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: $2.6 million). The payment of this final dividend will not have any tax consequences for the Group. | |||||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| 10. Property, plant and equipment |
| Cost | Drilling rigs | Heavy mining equipment | Associated Drilling & mining equipment | Vehicles and trucks | Camp and associated equipment | Land & Buildings | Computer software | Leasehold improvements | Total |
| US$'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 |
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| Land & Buildings | Machinery | Total | |
| Right of use assets | US$'000 | US$'000 | US$'000 |
| At 1 January 2024 | 5,105 | 24,579 | 29,684 |
| Additions | 778 | 15,391 | 16,169 |
| Depreciation | (1,618) | (10,407) | (12,025) |
| Impairment | - | (1,766) | (1,766) |
| At 31 December 2024 | 4,265 | 27,797 | 32,062 |
| Additions | 1,150 | 15,244 | 16,394 |
| Depreciation | (1,676) | (10,509) | (12,185) |
| At 31 December 2025 | 3,739 | 32,532 | 36,271 |
| Lease liabilities | |||
| At 1 January 2024 | 5,184 | 24,266 | 29,450 |
| Additions | 777 | 13,567 | 14,344 |
| Interest expense | 422 | 2,645 | 3,067 |
| Lease payments | (1,822) | (11,253) | (13,075) |
| At 31 December 2024 | 4,561 | 29,225 | 33,786 |
| Additions | 1,322 | 12,767 | 14,089 |
| Interest expense | 272 | 3,000 | 3,272 |
| Lease payments | (2,047) | (13,011) | (15,058) |
| At 31 December 2025 | 4,108 | 31,981 | 36,089 |
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| 2025 | 2024 | ||||||||||
| US$'000 | US$'000 | ||||||||||
| 12. | Trade receivables | ||||||||||
| Trade receivables | 52,387 | 64,762 | |||||||||
| Less: allowance for credit losses | (99) | (4,536) | |||||||||
| Total trade receivables | 52,288 | 60,226 | |||||||||
| Trade receivables have credit periods of between 30 to 45 days. The ageing of trade receivables is detailed below: | |||||||||||
| Current | 30,993 | 43,627 | |||||||||
| Past due 1 - 30 days | 9,853 | 6,293 | |||||||||
| Past due 31 - 60 days | 4,980 | 5,746 | |||||||||
| Past due 61 - 90 days | 2,008 | 1,330 | |||||||||
| Past due over 90 days | 4,553 | 7,766 | |||||||||
| 52,387 | 64,762 | ||||||||||
| The expected loss rates have been based on current and forward-looking information on micro and macroeconomic factors affecting the Group's customers. The Group has identified the metals and mining sector's credit loss probability rates as the key macroeconomic factor in countries where the Group operates. | |||||||||||
| The lifetime expected loss provision for trade receivables is as follows: | |||||||||||
| 31 December 2025 | Current | More than 30 days past due | More than 60 days past due | More than 90 days past due | Total |
| US$'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 | |||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) | |||||||||||||||
| For the year ended 31 December 2025 | |||||||||||||||
| As restated | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| US$'000 | US$'000 | ||||||||||||||
| 13. | Other receivables | ||||||||||||||
| Prepayments | 22,254 | 10,474 | |||||||||||||
| Capitalised contract costs | 7,944 | 7,082 | |||||||||||||
| VAT recoverable | 9,863 | 6,411 | |||||||||||||
| Amounts due from non-controlling interest | 5,685 | 5,685 | |||||||||||||
| Accounts receivable - Sundry | 3,840 | 4,020 | |||||||||||||
| Prepayment for fixed assets | 16,036 | 3,970 | |||||||||||||
| Others | 1,577 | 265 | |||||||||||||
| 67,199 | 37,906 | ||||||||||||||
| Current | 53,955 | 26,116 | |||||||||||||
| Non-current | 13,244 | 10,790 | |||||||||||||
| 67,199 | 37,906 | ||||||||||||||
| 14. | Loans and borrowings | ||||||||||||||
| Loans and borrowings consist of: | |||||||||||||||
| (a) US$75 million revolving credit facility ("RCF") provided by Standard Bank (Mauritius) Limited and Nedbank Limited | |||||||||||||||
| The Company entered into a revolving credit facility agreement on 28 March 2023 as borrower together with Standard Bank (Mauritius) Limited and Nedbank Limited (acting through its Nedbank Corporate and Investment banking division) as lenders and arrangers, with Nedbank acting as agent and security agent to borrow a revolving credit facility for an aggregate amount of $50 million with the Company being able to exercise an accordion option to request an increase of the facility under the terms and conditions of the Facility Agreement. The full accordion of $25 million was exercised and completed April 2024 along with an extension of the facility to April 2027. The revolving credit facility has been refinanced in March 2026 with a term loan of $37.5 million, maturing in March 2029, and revolving credit facility of $37.5 million, maturing in March 2030. The total available amount of the facility is currently $75 million. The interest rate on the RCF is the prevailing three-month Secured Overnight Financing Rate (SOFR, payable in arrears) plus a margin of 5.5%, and an annual commitment fee of 1.925% per annum is charged on any undrawn balances. The amount utilised on the RCF was $57 million as at 31 December 2025 (2024: $60 million). Under the terms of the RCF, the group is required to comply with certain financial covenants relating to: | |||||||||||||||
| · Interest coverage | |||||||||||||||
| · Gross debt to EBITDA ratio | |||||||||||||||
| · Debt to equity ratio | |||||||||||||||
| · Tangible net worth | |||||||||||||||
| 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. |
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) | |||||||||||
| For the year ended 31 December 2025 | |||||||||||
| 14. | Loans and borrowings (continued) | ||||||||||
| (b) US$40.5 million term loan provided by Macquarie Bank Limited (London Branch) | |||||||||||
| On 15 September 2022, the Group refinanced the senior secured, asset backed term loan facility with Macquarie Bank Limited. The term of the loan is three years repayable in quarterly instalments with an interest rate on the facility of the prevailing three- month SOFR plus a margin of 6.5% per annum (payable quarterly in arrears). The loan is secured over certain assets owned by the Group and currently located in Egypt together with guarantees provided by Capital Limited, Capital Drilling Egypt LLC. The Group drew an additional $8.0 million in 2023. As at 31 December 2025, the amount outstanding on the term loan was $0.7 million (2024: $13.1 million). During the year under review, the Group has complied with all covenants (same as RCF) attached to the term loan. | |||||||||||
| (c) Epiroc Financial Solutions AB credit agreements | |||||||||||
| The Group has a number of credit agreements with Epiroc, drawn down against the purchase of rigs. The term of the agreements is four years repayable in 46 monthly instalments. The rate of interest on most of the agreements is three-month SOFR plus a margin of 4.8%, with a fixed rate of interest of the remaining agreements of 8.5% and 9.50%. As at 31 December 2025, the total drawn under these credit agreements was $20.9 million (2024: $24 million). No covenants are attached to this facility | |||||||||||
| (d) US$8.5 million term loan facility with Sandvik Financial Services AB (PUBL) | |||||||||||
| The Group has term loan facility agreement with Sandvik Financial Services AB (PUBL). The facility is for the purchase of equipment from Sandvik AB, available in not more than four tranches. Interest is payable quarterly in arrears at 5.45% per annum on the drawn amount. As at 31 December 2025 the balance outstanding was $0.9 million (2024: $2.5 million) and the facility is no longer available to be drawn. Additionally, the Group entered into a further $10 million facility agreement on 23 October 2023. The rate of interest on this agreement is fixed at 8.15%. As at 31 December 2025, the balance outstanding was $7.4 million (2024: $6.3 million). The balance amortises over four-years from the date of drawdown of each tranche. No covenants are attached to these facilities. | |||||||||||
| (e) US$5.0 million facility with Caterpillar Financial Services | |||||||||||
| The Group entered into a $5 million facility agreement with Caterpillar Financial Services Corporation on 25 July 2023. The rate of interest on this agreement is three-month SOFR plus a margin of 5.25%. The term of the agreement is 2 years repayable in 8 quarterly instalments. All repayments can be subsequently redrawn. As at 31 December 2025, the balance outstanding was $0.4 million (2024: $3.2 million). During the year under review, the Group has complied with all covenants (same as RCF) attached to the facility. | |||||||||||
| (f) US$3.7m Mortgage with Byington Family Trust | |||||||||||
| The Group entered into a$3.7m mortgage with Byington Family Trust on 8 January 2024. The property in Elko serves as collateral for the mortgage. The rate of interest is fixed at 7.50% until maturity on 31 December 2034. As at 31 December 2025, the balance outstanding was $3.5 million. No covenants are attached to this facility. (g)$1.6m Business Loan Facility Agreement with Northrim Bank The Group entered into a $1.6m Loan Facility Agreement with Northrim Bank on 27 August 2024. The property in Fairbanks, Alaska serves as collateral for this loan. The rate of interest is three-month SOFR plus a margin of 3% until maturity in January 2030. As at 31 December 2025, the balance outstanding was $1.4 million. During the period under review, the Group has complied with all covenants (same as RCF) attached to the facility. | |||||||||||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) | |||||||||||
| For the year ended 31 December 2025 | |||||||||||
| 14. | Loans and borrowings (continued) | ||||||||||
| 2025 | 2024 | ||||||||||
| US$'000 | US$'000 | ||||||||||
| Bank loans | 59,835 | 76,388 | |||||||||
| Supplier credit facilities | 31,805 | 36,288 | |||||||||
| Vendor financed mortgage | 3,511 | 3,599 | |||||||||
| 95,151 | 116,275 | ||||||||||
| Less: Unamortised debt arrangement costs | (335) | (1,091) | |||||||||
| Total loans and borrowings | 94,816 | 115,184 | |||||||||
| Current | 18,541 | 28,259 | |||||||||
| Non-current | 76,275 | 86,925 | |||||||||
| Total loans and borrowings | 94,816 | 115,184 | |||||||||
| As restated | |||||||
| 15. | Cash generated from operations | 2025 | 2024 | ||||
| US$'000 | US$'000 | ||||||
| Profit before taxation | 93,543 | 32,946 | |||||
| Adjusted for: | |||||||
| - Depreciation, amortisation and impairments | 31,846 | 34,771 | |||||
| - ERP costs expensed | 183 | 676 | |||||
| - Share of loss in associate | 5,849 | 387 | |||||
| - Loss on disposals | 917 | 594 | |||||
| - Depreciation of right-of-use assets | 12,185 | 13,791 | |||||
| - Share-based payment | 3,089 | 539 | |||||
| - Fair value loss/(gain) on financial assets | (65,993) | (12,097) | |||||
| - Interest income | (47) | (38) | |||||
| - Dividend income | (2,217) | - | |||||
| - Finance costs | 15,432 | 16,741 | |||||
| - Other non-cash items | 1,133 | 339 | |||||
| - Unrealised foreign exchange (gain) / loss on foreign cash held | (1,831) | 1,623 | |||||
| - (Decrease)/Increase in expected credit loss provision | 99 | (160) | |||||
| - Bad debts written off | 79 | 258 | |||||
| Operating profit before working capital changes | 94,268 | 90,370 | |||||
| Adjustments for working capital changes: | |||||||
| - Increase in inventories | (3,998) | (375) | |||||
| - Increase in trade and other receivables | (7,045) | (14,441) | |||||
| - Increase in trade and other payables | 24,718 | 14,862 | |||||
| - Decrease in provisions | - | (283) | |||||
| 107,943 | 90,133 | ||||||
| CAPITAL LIMITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| 16. | PRIOR PERIOD RESTATEMENTS |
| As previously reported | Adjustment | As restated | |
| Statement of financial position | US$'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 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) |
| For the year ended 31 December 2025 |
| 16. | PRIOR PERIOD RESTATEMENTS (Cont'd) |
| As previously reported | Adjustment | As restated | |
| Income Statement | US$'000 | US$'000 | US$'000 |
| 31 December 2024 | |||
| Cost of sales | (203,233) | (1,322) | (204,555) |
| Gross profit | 144,767 | (1,322) | 143,445 |
| Operating profit | 39,260 | (1,322) | 37,938 |
| Profit before taxation | 34,267 | (1,322) | 32,945 |
| Profit for the year and other comprehensive income | 18,318 | (1,322) | 16,996 |
| Profit and other comprehensive income attributable to: | |||
| Owners of the parent | 17,315 | (1,322) | 15,993 |
| Earnings per share | |||
| Basic earnings per share | 8.87 | (0.67) | 8.20 |
| Diluted earnings per share | 8.85 | (0.67) | 8.18 |
| 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 | ||||||||||
| 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$10,000) | 191 | 204 | |||||||||
| US$'000 | US$'000 | ||
| Profit for the year | 70,987 | 16,997 | |
| Depreciation | 44,031 | 48,562 | |
| Taxation | 22,556 | 15,949 | |
| Interest income | (47) | (38) | |
| Dividend income | (2,217) | - | |
| Finance charges | 15,432 | 16,741 | |
| Share of loss in associates | 5,849 | 387 | |
| Fair value adjustments on financial assets | (65,993) | (12,097) | |
| EBITDA | 90,598 | 86,501 |
| Operating profit (EBIT) | 46,567 | 37,939 | |
| Depreciation, amortisation and impairments | 44,031 | 48,562 | |
| EBITDA | 90,598 | 86,501 |
| CAPITAL LIMITED APPENDIX: GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES (UNAUDITED) |
| 2025 | 2024 | ||
| US$'000 | US$'000 |
| Operating profit (EBIT) | 46,567 | 37,939 | |
| Depreciation, amortisation and impairments | 44,031 | 48,562 | |
| Cash cost of IFRS 16 leases | (15,058) | (13,075) | |
| Exceptional items (ERP costs and provision for VAT receivables) | 3,913 | 5,206 | |
| Adjusted EBITDA | 79,453 | 78,632 | |
| Adjusted EBITDA Margin | 23.0% | 22.6% |
| Net Profit After Tax | 70,987 | 16,997 | |
| Dividend income | (2,217) | - | |
| Fair value gain on financial assets | (65,993) | (12,097) | |
| Exceptional items | 9,606 | 8,032 | |
| Operational NPAT | 12,383 | 12,932 |
| Operational NPAT | 12,383 | 12,932 | |
| Non-controlling interest | (1,633) | (1,003) | |
| 10,750 | 11,928 | ||
| Weighted average number of ordinary shares | 198,925,655 | 195,112,329 | |
| Operational EPS | 5.40 | 6.11 | |
| Diluted Operational EPS | 5.27 | 6.10 |
| Cash generated from operations | 107,943 | 90,133 | |
| Cash cost of IFRS 16 leases | (15,058) | (13,075) | |
| Adjusted Cash from Operations | 92,885 | 77,058 |
| 2025 US$'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 |
| Cash and cash equivalents | 63,376 | 40,526 | |
| Loans and borrowings | (95,151) | (116,275) | |
| Net (debt)/ cash | (31,775) | (75,749) |