Gamuda (GAMUDA) Q4 2025 earnings summary

Executive summary

• FY25 revenue increased 11% year-over-year to RM16.4b, with net profit up 10% to RM1.0b, surpassing the RM1b milestone for the first time, driven by a 146% surge in domestic construction revenue and robust overseas property earnings.

• Construction order book reached a record RM38.4b, with RM25b in new job wins, including major data centre and infrastructure projects in Malaysia, Taiwan, and Australia.

• Group net margin remained stable at 6.1% (6.2% in FY24).

• Property sales moderated to RM4.05b, mainly due to timing of project approvals in Vietnam, but unbilled sales remain strong at RM8b, supporting future earnings.

Financial highlights

• EBIT rose 41% to RM1,337.2m; profit before tax up 19% to RM1,303.8m year-over-year.

• Fully diluted EPS increased to 17.2 sen from 16.2 sen; basic EPS for FY25 was 17.61 sen, up 6% year-over-year.

• Net assets per share at RM2.07; net gearing increased to 53% from 39%.

• Cash and marketable securities at RM3,708.5m; cash and cash equivalents at RM3.26b as of July 2025.

• Q4FY25 net profit grew 22% year-over-year to RM332m, and 34% sequentially from Q3FY25.

Outlook and guidance

• FY26 earnings expected to strengthen, supported by a higher share of Malaysian construction revenue and early-stage execution of major projects.

• Order book target of RM40-45b by end-CY25 remains on track, with new wins in water, data centres, renewables, and infrastructure.

• Recurring income from energy, water, and digital projects to enhance earnings resilience.

• Construction orderbook at RM38b and unbilled property sales at RM8b underpin earnings visibility.

• Gearing increased to 53% from 39% due to landbank acquisitions, still below the 70% self-imposed limit.