Nagacorp (3918) H1 2026 earnings summary

Executive summary

• Gross Gaming Revenue (GGR) declined 8.6% year-over-year to US$303.7 million, mainly due to a sharp drop in the VIP segment, while Mass Market GGR grew 2.7% to US$238.3 million.

• Net profit decreased by 3.2% to US$144.0 million, with EBITDA down 2.4% to US$195.4 million, but all key profitability margins improved, reflecting a higher quality of earnings.

• Mass Market accounted for 78.5% of GGR and 79.8% of total gross profit, with a gross profit margin of 89.8% (net of gaming tax).

• An interim dividend of US cent 0.98 per share was declared, maintaining a 30% payout ratio.

Financial highlights

• Revenue fell 8.4% year-over-year to US$313.2 million, with net gaming revenue down 3.4% to US$282.2 million.

• Gross profit decreased 2.7% to US$268.4 million, while gross profit margin improved to 85.7% from 80.7% year-over-year.

• EBITDA margin rose to 62.4% from 58.6%, and net profit margin increased to 46.0% from 43.5%.

• Basic earnings per share was US cents 3.26, down from US cents 3.36 year-over-year.

Outlook and guidance

• The company expects continued strength in the Mass Market segment, supported by tourism initiatives and regional economic integration.

• Cambodia’s tourism sector is projected to recover, with government efforts to boost air connectivity and digital transformation.

• The company is well positioned to capture demand from leisure and business travelers as the only integrated resort in Phnom Penh.