Nagacorp (3918) H2 2025 earnings summary

Executive summary

• Gross Gaming Revenue (GGR) rose 27.4% year-over-year to US$691.6 million, driven by strong Mass Market and VIP segment growth.

• Net profit surged 56.0% to US$309.9 million, excluding the prior year's non-cash impairment loss related to the Vladivostok Project.

• EBITDA increased 38.5% to US$404.4 million, with EBITDA margin expanding to 57.0%.

• Final dividend of US cents 1.09 per share proposed, totaling US cents 2.10 per share for the year.

• Celebrated 30th anniversary and received multiple workplace and CSR accolades.

Financial highlights

• Mass Market GGR up 22.8% to US$485.0 million; VIP Market GGR up 39.7% to US$206.6 million.

• Net Gaming Revenue increased 27.2% to US$611.0 million; Gross Profit up 26.3% to US$576.9 million.

• Basic EPS rose to US cents 7.01 from US cents 2.48 year-over-year.

• Total cash and bank balances (including fixed deposits) reached US$372.3 million, up 208.8%.

Outlook and guidance

• Positive long-term growth outlook supported by Cambodia’s robust GDP growth, infrastructure development, and tourism recovery.

• New Techo International Airport and visa exemptions for Chinese citizens expected to boost international arrivals.

• Ongoing digital transformation and expanded direct flight connectivity to further support growth.