Nagacorp (3918) H1 2026 earnings summary

Executive summary

• Net profit for 1H2026 was US$144.0 million and EBITDA US$195.4 million, with improved profitability margins despite global economic uncertainties and market volatility.

• Mass Market segment drove growth, with business volumes up 6.2% YoY and GGR from Mass Market up 2.7% YoY, accounting for 78.5% of GGR and 79.8% of gross profit.

• Premium VIP Market profitability improved with an 81.1% gross profit margin, despite lower business volumes and a 50.2% YoY drop in rollings.

• Interim cash dividend of US$43.2 million declared, representing a 30% payout ratio (US cent 0.98 per share).

• Continued recognition for workplace excellence, ESG initiatives, and inclusion in FTSE4Good Index Series.

Financial highlights

• Revenue for 1H2026 was US$313.2 million, down 8.4% YoY; net gaming revenue was US$282.2 million.

• Gross profit was US$268.4 million, with margin up to 85.7% from 80.7% YoY.

• EBITDA reached US$195.4 million, slightly down from US$200.3 million YoY, with margin rising to 62.4% from 58.6%.

• Net profit attributable to shareholders was US$144.0 million, compared to US$148.8 million in 1H2025.

• Basic EPS was US cents 3.26 (HK cents 25.27), versus US cents 3.36 (HK cents 26.04) in 1H2025.

Outlook and guidance

• Cambodia’s tourism sector expected to benefit from new infrastructure, visa exemptions, and regional partnerships, with recovery projected.

• Favorable business environment and economic growth underpin long-term prospects.

• Ongoing digital transformation and innovation initiatives to support future growth.

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