Comfortdelgro Corporation Limited · SGX:C52
Comfortdelgro — H1 2025 Earnings Presentation
26 slides from Comfortdelgro's earnings presentation, Aug 13, 2025
Slide 1: 1H2025 Financial Results Presentation
1H2025 Financial Results Presentation 13 August 2025
Slide 2: Disclaimer
Disclaimer This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares (“Shares”) in ComfortDelGro Corporation Limited (the "Company"). The value of shares and the income derived from them may fall as well as rise. Shares are
Slide 3: Table of Contents
Table of Contents 01 Executive Summary 04 Business Outlook 02 Review of Financial Results 05 Dividend Payout 03 Performance by Business Segment Page 3
Slide 4: Executive Summary
EXECUTIVE SUMMARY comfortdelgro_
Slide 5: Executive Summary
Executive Summary Stronger 1H2025 earnings year-on-year, driven by UK Public Transport and 2024 acquisitions 1H2025 Financial Highlights • Overseas Revenues >50% of total revenues • Overseas Operating Profit grew ~67% y-o-y • Revenue of $2.42b, ↑14.4% from 1H2024 • 2024 private mobility acquisitions
Slide 6: Key Business Updates
Key Business Updates Public Transport • Metroline London contracts renewed at improved margins • Liverpool public bus franchise tender ongoing with further potential regional bus tenders anticipated • Australia Bus industrywide driver shortages slowly reducing • Metropolitan Victoria driver pay nego
Slide 7: Review of Financial Results
REVIEW OF FINANCIAL RESULTS Page 7
Slide 8: Income Statement – 1H2025 PATMI up $10.7m / 11.2% vs 1H2024
Income Statement – 1H2025 PATMI ↑$10.7m / 11.2% vs 1H2024 $’m 1H2025 1H2024 Fav/(Adv) • 1H2025 Revenue ↑$305.2m / 14.4%; and, Operating 2,422.7 2,117.5 305.2 / 14.4% Profit ↑$32.0m / 22.8%, mainly due to: Revenue • UK London Public Transport contract renewals at improved Operating Costs (2,057.8) (1
Slide 9: Balance Sheet – Remains Strong
Balance Sheet – Remains Strong $’m Jun’25 Dec’24 Fav/(Adv) Cash and short-term deposit 873.1 892.4 (19.3) / (2.2%) • Increase in total assets mainly due to purchase of bus fleet for Metroline Manchester contract Other current assets 1,024.8 1,006.7 18.1 / 1.8% Total current assets 1,897.9 1,899.1 (1
Slide 10: Cashflow – 1H2025 Net Cash Inflow
Cashflow – 1H2025 Net Cash Inflow $’m 1H2025 1H2024 Cash from Operating Activities 333.3 321.2 • 1H2025 Net CAPEX includes fleet of 452 funded buses for Metroline Manchester contract and 174 EV Utilisation of Cash: buses in London Net CAPEX* (497.0) (196.8) Dividends (119.4) (96.3) • Refer to CAPEX
Slide 11: Group Treasury Status
Group Treasury Status $’m Jun’25 Dec’24 Fav/(Adv) Cash and Short-Term Deposits 873.1 892.4 (19.3) / (2.2%) Borrowings + Finance Leases (1,476.8) (1,110.6) (366.2) / (33.0%) Net Debt (603.7) (218.2) (385.5) / (176.7%) Net Gearing (net debt / (net debt + equity)) 16.6% 6.7% (9.9%) points Total Availab
Slide 12: CAPEX Summary
CAPEX* Summary 1H2025 1H2024 $522.3m Proceeds from $213.0m $ 25.3 m disposals Proceeds from $ 16.2 m $ 308.5 m disposals $ 57.3 m $ 497.0 m Net CAPEX $ 109.2 m $ 196.8 m Net CAPEX $ 95.7 m $ 23.1 m $ 10.9 m $ 69.2 m $ 21.5 m $ 25.8 m $ 14.1 m Buses Taxis Other vehicles Land and buildings Others • Bu
Slide 13: Revenue by Geographical Region
Revenue by Geographical Region Revenue by Geographical Region ($’m) 1H2025 1H2024 SG 45.7% Overseas 46.3% 53.7% 2,422.7 54.3% 2,117.5 1H2025 1H2024 1,107.5 1,137.6 866.1 548.7 405.3 380.8 43.3 49.9 0.5 0.5 Total Singapore UK / EU Australia China Malaysia • 1H2025 overseas revenue contribution has in
Slide 14: Operating Profit by Geographical Region
Operating Profit by Geographical Region 1H2025 Overseas 1H2024 39.1% 29.4% 70.6% SG 60.9% • Improved Singapore OP across segments from cost control and internal efficiencies • UK / EU public bus recovery continues on track; Metroline Manchester contract commenced Jan’25; Addison Lee acquired in Nov’
Slide 15: Performance by Business Segment
PERFORMANCE BY BUSINESS SEGMENT Page 15
Slide 16: Public Transport
Public Transport • Main components: Public Bus, Public Rail, Scheduled Bus $’m 1H2025 1H2024 • 1H2025 OPE ↑$16.2m or 29.6% vs 1H2024 Revenue 1,571.1 1,515.7 • UK Metroline London public bus contract renewals at improved margins Operating Costs (1,500.1) (1,460.9) • UK Metroline Manchester contracts
Slide 17: Taxi & Private Hire
Taxi & Private Hire • Main components: Taxi Rental, PHV Rental, Platform Services, Engineering Services, Fuel Sales, A2B (acquired Apr’24) and Addison Lee (acquired Nov’24) $’m 1H2025 1H2024 Revenue 519.7 327.5 • 1H2025 OPE ↑$12.7m or 20.6% vs 1H2024 • Includes Addison Lee OPE $13.6m Operating Costs
Slide 18: Other Private Transport
Other Private Transport • Main components: Private Bus, Non-Emergency Patient Transport (“NEPT”), Corporate Vehicle Leasing, CMAC (acquired Feb’24) $’m 1H2025 1H2024 Revenue 214.5 173.5 • 1H2025 OPE ↑$3.6m or 240.0% vs 1H2024 • Mainly due to higher volumes from Singapore private Operating Costs (209
Slide 19: Inspection & Testing Services
Inspection & Testing Services • Main components: Vehicle and Non-Vehicle Inspection $’m 1H2025 1H2024 Revenue 68.6 55.1 • 1H2025 OPE ↑$2.1m or 12.5% vs 1H2024 • Mainly due to higher On-Board Unit installations for the Electronic Road Pricing 2.0 Operating Costs (49.7) (38.3) 18.9 16.8 27.6% 30.5% Ne
Slide 20: Other Segments
Other Segments • Main components: Driving Centre, Bus Station, Insurance, Media, Logistics, EV Charging, Corporate Overheads $’m 1H2025 1H2024 Revenue 48.8 45.7 • 1H2025 OPE ↑$1.0m or 33.3% vs 1H2024 • Mainly due to lower business development costs for overseas rail tenders Operating Costs (44.8) (4
Slide 21: Business Outlook
BUSINESS OUTLOOK comfortdelgro_
Slide 22: Business Outlook
Business Outlook • Public Transport • Singapore Public Transport • Rail revenue is projected to increase with a steady growth in ridership. • Renewal of Tampines bus package awaiting results of tender. • Manpower costs are anticipated to rise in a tight labour market, partially offset by the easing
Slide 23: Business Outlook
Business Outlook • Taxi & Private Hire • Premium and large B2B business segments are expected to remain stable. • SME B2B business demand is expected to remain muted as economic uncertainties persist. • B2C mass market segment is expected to remain under pressure with the intense competition from ri
Slide 24: Dividend Payout
DIVIDEND PAYOUT comfortdelgro_
Slide 25: Financial Year 2025 Dividend Payout
Financial Year 2025 Dividend Payout FY2025 FY2024 Increase / (cents) (cents) (decrease) Interim Dividend 3.91 3.52 0.39 / 11.1% Dividend yield 5.5%(a) 5.3%(b) • Interim dividend declared at 80% payout ratio on PATMI a) ComfortDelGro share price of $1.43 as at 30 Jun 2025 b) ComfortDelGro share price
Slide 26: Thank You
comfortdelgro_