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Nagacorp (3918) investor relations material

Nagacorp H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary26 Aug, 2025

Executive summary

  • Net profit reached US$148.8 million and EBITDA was US$200.3 million for 1H2025, reflecting strong operational recovery and business momentum year-over-year.

  • Revenue was US$341.8 million, up 17% from 1H2024, driven by growth in all gaming segments and a resilient domestic market.

  • Mass Market and Premium VIP Market accounted for over 90% of GGR and gross profit, with Mass Market GGR up 20.9% and Premium VIP GGR up 9.6%.

  • EBITDA margin expanded to 58.6%, and net profit margin to 43.5%.

  • Interim cash dividend of US$44.6 million (US cents 1.01 per share) declared, resuming distributions for the first time since 2021.

Financial highlights

  • Revenue increased 17% year-over-year to US$341.8 million; gross profit rose to US$275.9 million with an 81% margin.

  • Net profit of US$148.8 million, reversing a net loss of US$1.0 million in 1H2024 (excluding prior year impairment, adjusted net profit would have been US$88.1 million).

  • EBITDA reached US$200.3 million, up from US$55.5 million in 1H2024.

  • Administrative and other operating expenses (before impairment, depreciation, and amortisation) decreased by 9% YoY to US$77.4 million.

  • Cash and bank balances increased to US$245.3 million as of 30 June 2025.

Outlook and guidance

  • Positive market outlook with Cambodia's GDP growth forecasted at 4.0% for 2025, supported by tourism recovery and FDI inflows.

  • New Techo International Airport set to open in September 2025, expected to boost international arrivals and tourism.

  • Government initiatives aim to attract up to 7.5 million international arrivals in 2025.

  • The company remains optimistic about long-term growth, supported by economic and political stability.

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Frequently asked questions

NagaCorp Ltd. is a Hong Kong-listed company that specializes in the hotel, gaming, and leisure industry. Its flagship operation, NagaWorld, is the largest hotel and gaming resort in Cambodia and Phnom Penh's exclusive integrated hotel-casino entertainment complex. NagaCorp holds a significant position in the Cambodian gaming and hospitality sector with a 70-year casino license that extends until 2065 and an exclusive operating right within a 200-km radius of Phnom Penh until 2045, excluding certain areas. The Naga casino originally opened in 1995 and transitioned to a land-based facility in 2003. The company is headquartered in Phnom Penh, Cambodia, and its shares are listed on the Hong Kong Stock Exchange.

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