Capral Ltd (ASX:CAA, FRA:CBZ) has reported audited FY25 results showing higher earnings and revenue despite softer volumes and subdued conditions across key end markets.
The aluminium extruder and distributor delivered revenue of $686 million for the 12 months to 31 December 2025, up 6% from $650 million in FY24. The increase was driven by higher average London Metal Exchange (LME) prices and an improved sales mix, offsetting a 4% decline in volumes to 65,000 tonnes (FY24: 67,800 tonnes).
Underlying EBITDA rose 2% to $59.6 million, while underlying EBIT increased 4% to $35.8 million from $34.3 million a year earlier. Reported net profit after tax (NPAT) climbed 10% to $35.6 million, compared with $32.5 million in FY24.
FY25 NPAT includes the resolution of a long-outstanding insurance claim of $3.0 million and a $2.5 million tax benefit following recognition of additional deferred tax assets.
Basic earnings per share increased 14% to $2.15 (FY24: $1.88), while net tangible assets per share rose 13% to $12.72 (FY24: $11.25).
Capral declared an unfranked final dividend of $0.30 per share, bringing total shareholder distributions, including buy-backs, to $0.85 per share for FY25, up 12% from $0.76 in FY24.
“Capral has again delivered a strong result in 2025, particularly given the slower-than-expected recovery in residential construction and the challenges that persisted in the external operating environment. Our diversified business model and disciplined operational focus has protected our margins and lifted underlying earnings despite lower volumes.
“Industrial demand softened during the year, led lower by transport, infrastructure and manufacturing, while the marine and cladding sector s remained stable. Residential construction, which represents around 4 0 % of our volume, remained subdued; however, we are seeing signs of improvement in approvals and commencements.
“We remain focused on productivity, disciplined cost control, retaining market share against imports and progressing our lower-carbon aluminium offering. ”
Market conditions and segment performance
The company said earnings were delivered in a challenging trading environment, with subdued residential construction activity and softer industrial demand partly offset by disciplined cost management, operational efficiency initiatives and an improved sales mix.
Capral’s diversified exposure across residential, commercial and industrial markets continued to provide resilience across cycles.
In its industrial segment, demand softened during FY25 and remains mixed. Marine markets have remained steady, while transport, infrastructure and general manufacturing have moderated from recent highs.
Residential construction was subdued for most of the year. However, industry forecasts point to an improvement in housing commencements through 2026, supported by an anticipated lift in building approvals.
Outlook and guidance
Subject to market conditions and absent unforeseen events, Capral expects FY26 earnings to be slightly above FY25 levels. Performance is expected to be weighted to the second half, reflecting normal seasonality and a forecast recovery in residential activity.