Compagnie du Cambodge (CBDG) H1 2025 earnings summary

Executive summary

• Revenue reached €66.2 million for H1 2025, up sharply from €0.1 million in H1 2024, mainly due to the consolidation of Financière Moncey and Société Industrielle et Financière de l'Artois following mergers in late 2024.

• Operating income was -€9.5 million, down from -€0.6 million, reflecting losses at IER and a less favorable geographic mix.

• Net financial income rose 45% year-over-year to €41.5 million, driven by higher dividends and interest income.

• Net income was €26.2 million, up from €22.4 million, while group share net income was €20.7 million, slightly down from €21.2 million.

Financial highlights

• Equity attributable to the group stood at €5,008 million at June 30, 2025, down €371 million from December 2024, mainly due to lower market values and a €109 million dividend payout.

• Net financial debt was -€1,370 million, reflecting a strong net cash position.

• Dividends received totaled €23.4 million, with significant contributions from Socfin, Compagnie de l'Odet, and Plantations des Terres Rouges.

• Earnings per share (basic and diluted) were €0.3 for H1 2025, compared to €0.4 in H1 2024.

Outlook and guidance

• Additional acquisitions of Financière Moncey and Société Industrielle et Financière de l'Artois shares occurred in July 2025 for €8 million.

• The group continues to focus on managing its portfolio and maintaining liquidity.