ComfortDelGro Corporation (C52) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 13.0% to S$5,058.6m and PATMI increased 9.4% to S$230.3m, supported by UK public transport, OBU installations, Addison Lee and disposal gains.

• Overseas operations contributed 55.3% of revenue, up from 49.1%; their share of operating profit rose to 44.7% from 34.9%.

Financial highlights

• Operating profit was S$373.0m versus S$322.9m, up 15.5%; adjusted operating profit excluding PPA amortisation and non-recurring items was S$364.8m, up 14.8%.

• EBITDA increased 8.8% to S$746.7m; 2H2025 revenue was S$2,635.9m, up 11.7% YoY, and PATMI of S$124.3m rose 7.9% YoY.

• FY2025 net disposal gain was S$25.9m; PPA amortisation was S$15.6m and goodwill impairment was S$2.1m.

Outlook and guidance

• London bus renewals are expected to sustain improved margins; Victoria zero-emission bus franchises and Stockholm metro operations are expected to contribute for a full year in 2026.

• Auckland City Rail Link services are expected to expand rail operations from 2H2026; tenders include Liverpool, West Yorkshire and Copenhagen.

• Inspection & Testing Services is expected to taper after substantial completion of ERP2 OBU installations in 2025; Other Private Transport and Other Segments are expected to remain stable.

• Point-to-Point B2B activity is expected to remain stable while B2C faces pressure; AV capabilities will be developed in China and Singapore, with London pilots under exploration.

• Priorities include integration, AV readiness and efficiency through technology and automation; the aim is to transition 10% of the point-to-point fleet to AVs by 2030.