Nagacorp (3918) H1 2025 earnings summary

Executive summary

• Net profit reached US$148.8 million and EBITDA was US$200.3 million for 1H2025, reflecting strong operational recovery and business momentum year-over-year.

• Revenue was US$341.8 million, up 17% from 1H2024, driven by growth in all gaming segments and a resilient domestic market.

• Mass Market and Premium VIP Market accounted for over 90% of GGR and gross profit, with Mass Market GGR up 20.9% and Premium VIP GGR up 9.6%.

• EBITDA margin expanded to 58.6%, and net profit margin to 43.5%.

• Interim cash dividend of US$44.6 million (US cents 1.01 per share) declared, resuming distributions for the first time since 2021.

Financial highlights

• Revenue increased 17% year-over-year to US$341.8 million; gross profit rose to US$275.9 million with an 81% margin.

• Net profit of US$148.8 million, reversing a net loss of US$1.0 million in 1H2024 (excluding prior year impairment, adjusted net profit would have been US$88.1 million).

• EBITDA reached US$200.3 million, up from US$55.5 million in 1H2024.

• Administrative and other operating expenses (before impairment, depreciation, and amortisation) decreased by 9% YoY to US$77.4 million.

• Cash and bank balances increased to US$245.3 million as of 30 June 2025.

Outlook and guidance

• Positive market outlook with Cambodia's GDP growth forecasted at 4.0% for 2025, supported by tourism recovery and FDI inflows.

• New Techo International Airport set to open in September 2025, expected to boost international arrivals and tourism.

• Government initiatives aim to attract up to 7.5 million international arrivals in 2025.

• The company remains optimistic about long-term growth, supported by economic and political stability.