Key Highlights

  • Capral reported FY25 revenue of about AUD 686 million and statutory net profit of AUD 35.6 million.
  • Underlying EBITDA increased 2% to AUD 59.6 million despite a decline in sales volumes.
  • The company ended FY25 with net cash of AUD 60.5 million and NTA of AUD 12.72 per share.
  • Management guided FY26 earnings to be slightly above FY25, subject to an expected second-half recovery.

Capral Limited (ASX:CAA) ended FY25 with higher profit, substantial net cash and continued shareholder returns despite softer aluminium volumes. The Australian extruder’s financial position provides resilience, but its earnings remain closely connected to residential construction, commercial demand and movements in aluminium input prices.

An Aluminium Business Tied to Construction

Capral manufactures and distributes aluminium extrusions and rolled products used in windows, doors, facades, solar mounting, transport, marine and industrial applications.

Residential building represented about half of FY25 demand, commercial building contributed roughly 41% and industrial uses formed the balance. This mix gives Capral significant exposure to Australian construction activity.

FY25 Profit Rises as Volumes Ease

FY25 revenue increased 6% to about AUD 686 million. Underlying EBITDA rose 2% to AUD 59.6 million, underlying EBIT increased 4% to AUD 35.8 million and statutory net profit climbed approximately 10% to AUD 35.6 million.

Underlying net profit was around AUD 32.6 million. Statutory earnings per share reached AUD 2.15, while underlying EPS was AUD 1.88.

Sales volumes declined to about 65,000 tonnes from 67,800 tonnes. A roughly 12% increase in the average London Metal Exchange aluminium price supported revenue but also lifted input costs requiring recovery through pricing.

Net Cash Supports Capital Returns

Capral finished FY25 with net cash of about AUD 60.5 million, net assets of AUD 243.8 million and net tangible assets of AUD 12.72 per share.

The company declared a 30-cent unfranked final dividend, taking total cash returns for the year to 85 cents per share. It also bought back and cancelled 859,140 shares, while its broader on-market buy-back was temporarily paused during 2026.

FY26 Depends on a Demand Recovery

Management guided first-half FY26 earnings to remain broadly in line with FY25 and full-year earnings to be slightly higher. The outlook assumes stronger second-half residential activity and remains sensitive to construction volumes.

What May Be Watched Next

Housing approvals, sales volumes, aluminium prices, margins, capital management and anti-dumping developments may indicate whether Capral can maintain earnings through the cycle.

Key Risks

A delayed housing recovery could pressure volumes and profit. Aluminium-price movements can affect revenue, working capital and margins, while import competition remains persistent. Thin share trading may also amplify price movements.

What does Capral manufacture?

Capral produces aluminium extrusions and distributes aluminium products for construction, transport, marine and industrial uses.

What profit did Capral report for FY25?

Statutory net profit was approximately AUD 35.6 million, while underlying net profit was about AUD 32.6 million.

How much net cash did Capral hold?

Capral ended FY25 with approximately AUD 60.5 million in net cash.

What is Capral’s FY26 guidance?

Management guided first-half earnings broadly in line with FY25 and full-year earnings slightly above the prior year.