ComfortDelGro Corporation (C52) H1 2025 earnings summary

Executive summary

• 1H2025 revenue rose 14.4% to $2,422.7m and PATMI increased 11.2% to $106.0m; operating profit rose 22.8% to $172.5m.

• Overseas revenue reached 54.3% of total for the first time, while overseas operating profit grew 67.8% YoY.

• Growth reflected UK public transport and full-period contributions from 2024 acquisitions; Singapore P2P competition and China economic softness persisted.

• Interim dividend of 3.91 cents per share was declared at an 80% PATMI payout ratio.

Financial highlights

• Revenue increased $305.2m YoY to $2,422.7m; acquisitions contributed $252.9m and existing businesses $83.0m, partly offset by $30.7m adverse FX translation.

• Operating costs rose 13.8% to $2,250.2m; profit before tax was $156.2m, profit after tax $124.9m and PATMI $106.0m.

• Basic and diluted EPS each increased 11.1% to 4.89 cents; EBITDA rose 16.1% to $364.9m.

• Investment income fell 42.7% to $11.0m on lower dividend income; finance costs rose 76.4% to $28.4m, mainly from higher borrowings.

• Cash from operating activities was $333.3m; net CAPEX was $497.0m, including Manchester and London EV bus fleets.

Outlook and guidance

• Singapore rail revenue is projected to grow with ridership; higher manpower costs are expected to be partly offset by easing fuel and energy costs.

• UK public bus renewals are expected to sustain improved margins; Stockholm E40 metro operations are scheduled to start in Nov 2025.

• Victoria zero-emission bus franchises began in Jul 2025, increasing market share there by 30%; driver shortages are easing, while pay talks could bring sporadic strikes.

• Premium and large B2B taxi demand is expected to remain stable; SME B2B demand is muted and B2C mass-market operations remain pressured by ride-hailing competition.

• Inspection & Testing revenue is expected to remain elevated during ERP 2.0 OBU installations; UK/EU private transport revenue is expected to benefit from the On The Beach contract.