Compagnie du Cambodge (CBDG) H2 2025 earnings summary

Executive summary

• Consolidated revenue surged to €137.1M in 2025 from €31.3M in 2024, driven by new consolidations following mergers and acquisitions.

• Operating income dropped to -€16.7M from €2.5M in 2024, reflecting losses from newly consolidated entities.

• Net income fell to €36.2M from €45.7M year-over-year; group share at €30.0M versus €40.3M.

Financial highlights

• Revenue increased more than fourfold year-over-year due to expanded consolidation scope.

• Financial result rose 15% to €62.5M, mainly from dividends and interest income.

• Equity decreased by €926M, largely from a €773M drop in fair value of holdings, especially Compagnie de l'Odet.

• Net group debt improved to -€1,325.5M from -€1,515.0M.

• Proposed dividend remains stable at €1.80 per share, totaling €109.3M.

Outlook and guidance

• Dividend proposal for 2025 is unchanged from 2024, indicating stable shareholder returns.