Comfortdelgro Corporation Limited · SGX:C52
Comfortdelgro — FY2025 Earnings Presentation
28 slides from Comfortdelgro's earnings presentation, Feb 27, 2026
Slide 1: FY2025 Financial Results Presentation
FY2025 Financial Results Presentation 27 February 2026
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 FY2025 earnings growth year-on-year, driven by UK Public Transport performance, OBU installation project, 2024 Addison Lee acquisition and depot disposal gains FY2025 Financial Highlights 2H2025 Financial Highlights • Revenue of $5.1b, ↑13.0% from FY2024 • Revenue of $2.6b, ↑11.7%
Slide 6: 4Q2025 Key Business Updates
4Q2025 Key Business Updates Public Transport • Metroline London bus contract margins continued to improve • Operation of new 10-year Zero Emission Bus Franchise contracts in Victoria, Australia settling well • Stockholm rail JV commenced full operations on 2 November 2025 • Pre-operations phase of n
Slide 7: 4Q2025 Key Business Updates
4Q2025 Key Business Updates Other Recent Developments • Actively integrating Artificial Intelligence (“AI”) across our operations • Machine Learning and AI to optimize Point-to-Point (“P2P”) supply and demand matching • AI-assisted software deployed to improve passenger service quality in public bus
Slide 8: Review of Financial Results
REVIEW OF FINANCIAL RESULTS Page 8
Slide 9: Income Statement
Income Statement $’m FY2025 FY2024 Fav/(Adv) • FY2025 Revenue ↑$582.1m / 13.0%; and, Operating Profit ↑$50.1m / 15.5%, mainly due to: Revenue 5,058.6 4,476.5 582.1 / 13.0% • UK London Public Transport contract renewals at improved Operating Costs (4,309.8) (3,790.3) (519.5) / (13.7%) margins; new Ma
Slide 10: Income Statement
Income Statement $’m 2H2025 1H2025 2H2024 • 2H2025 PATMI ↑$18.3m or 17.3% vs 1H2025 Revenue 2,635.9 2,422.7 2,359.0 • Mainly due to: Operating Costs (2,252.0) (2,057.8) (1,987.2) • UK London Public Transport contract renewals Depreciation and Amortisation (192.4) (191.6) (191.7) • Net gain on dispos
Slide 11: Balance Sheet
Balance Sheet $’m Dec’25 Dec’24 Fav/(Adv) Cash and short-term deposit 868.4 892.4 (24.0) / (2.7%) • Increase in total assets was mainly due to the purchase of bus fleet for the Metroline Manchester contract and Other current assets 1,016.4 1,006.7 9.7 / 1.0% replacement EV buses in London. Total cur
Slide 12: Cashflow
Cashflow $’m FY2025 FY2024 Cash from Operating Activities 681.2 620.3 Utilisation of Cash: • FY2025 Net CAPEX includes fleet of 452 Dividends (220.3) (190.3) funded buses for Metroline Manchester contract and 271 EV buses in London Tax (73.8) (65.9) Payments under lease liabilities (61.9) (42.6) • R
Slide 13: Group Treasury Status
Group Treasury Status $’m Dec’25 Dec'24 Fav/(Adv) Cash and Short-Term Deposits 868.4 892.4 (24.0) / (2.7%) Borrowings + Finance Leases (1,598.5) (1,110.6) (487.9) / (43.9%) Net Debt (730.1) (218.2) (511.9) / (234.6%) Net Gearing (net debt / (net debt + equity)) 19.7% 6.7% Total Available Facilities
Slide 14: CAPEX Summary
CAPEX Summary FY2025 FY2024 $711.5m $445.1m Proceeds from disposals Proceeds from $ 72.1 m $ 129.6 m disposals Net CAPEX $ 206.5 m $ 373.0 m Net CAPEX $ 17.9 m $ 54.8 m $ 36.3 m Buses Taxis Other vehicles Land and buildings Others • Buses – fleet of 452 funded buses for Metroline Manchester contract
Slide 15: Revenue by Geographical Region
Revenue by Geographical Region Revenue by Geographical Region ($’m) FY2025 FY2024 SG 44.7% 5,058.6 49.1% 50.9% Overseas 55.3% 4,476.5 FY2025 FY2024 2,259.8 2,279.4 1,865.9 1,286.3 846.3 811.3 85.5 98.4 1.1 1.1 Total Singapore UK / EU Australia China Malaysia • FY2025 overseas revenue contribution ha
Slide 16: Operating Profit by Geographical Region
Operating Profit by Geographical Region • Singapore OP decrease mainly due to smaller Taxi/PHV fleet and Jurong West bus package handed over to new operator (from Sep’24) • UK / EU public bus recovery continues on track; Metroline Manchester contract commenced Jan’25; Addison Lee acquired in Nov’24
Slide 17: Performance by Business Segment
PERFORMANCE BY BUSINESS SEGMENT Page 17
Slide 18: Public Transport
Public Transport • Main components: Public Bus, Public Rail, Scheduled Bus $’m 1Q2025 2Q2025 3Q2025 4Q2025 FY2025 FY2024 Revenue 760.1 811.0 865.4 857.3 3,293.8 3,107.5 Operating Costs (723.7) (776.4) (825.2) (819.0) (3,144.3) (2,977.6) 36.4 34.6 40.2 38.3 149.5 129.9 4.8% 4.3% 4.6% 4.5% 4.5% 4.2% N
Slide 19: 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 1Q2025 2Q2025 3Q2025 4Q2025 FY2025 FY2024 Revenue 258.1 261.6 258.5 254.1 1,032.3 748.7 Operating Costs (222.9) (222.5) (22
Slide 20: Other Private Transport
Other Private Transport • Main components: Private Bus, Non-Emergency Patient Transport (“NEPT”), Corporate Vehicle Leasing, CMAC (acquired Feb’24) $’m 1Q2025 2Q2025 3Q2025 4Q2025 FY2025 FY2024 Revenue 94.2 120.3 141.6 108.6 464.7 406.2 Operating Costs (93.4) (116.0) (134.1) (103.0) (446.5) (391.1)
Slide 21: Inspection & Testing Services
Inspection & Testing Services • Main components: Vehicle and Non-Vehicle Inspection $’m 1Q2025 2Q2025 3Q2025 4Q2025 FY2025 FY2024 Revenue 32.8 35.8 41.1 55.3 165.0 117.0 Operating Costs (23.8) (25.9) (29.0) (32.3) (111.0) (82.4) 9.0 9.9 12.1 23.0 54.0 34.6 27.4% 27.7% 29.4% 41.6% 32.7% 29.6% Impairm
Slide 22: Other Segments
Other Segments • Main components: Driving Centre, Bus Station, Insurance, Media, Logistics, EV Charging, Corporate Overheads $’m 1Q2025 2Q2025 3Q2025 4Q2025 FY2025 FY2024 Revenue 24.5 24.3 25.5 28.5 102.8 97.1 Operating Costs (21.5) (23.3) (24.4) (28.2) (97.4) (90.9) 3.0 1.0 1.1 0.3 5.4 6.2 12.2% 4.
Slide 23: Business Outlook
BUSINESS OUTLOOK comfortdelgro_
Slide 24: Business Outlook
Business Outlook • Public Transport • Singapore Public Transport • Rail fare increases were granted by the Public Transport Council from December 2025. • Scheduled handover of Tampines bus package to new operator from July 2026, continued active participation in upcoming domestic bus tenders. • UK /
Slide 25: Business Outlook
Business Outlook • Taxi & Private Hire • B2B segment is expected to remain stable, while B2C segment is expected to remain under pressure with the intense competition from ride hailing companies. • Commission and fee structures will be reviewed to continually optimise supply and demand. • The Group
Slide 26: Dividend Payout
DIVIDEND PAYOUT comfortdelgro_
Slide 27: Financial Year 2025 Dividend Payout
Financial Year 2025 Dividend Payout Increase / FY2025 FY2024 (decrease) EPS (Cents) 10.63 9.72 0.91 / 9.4% • Interim dividend declared at 80% payout ratio on PATMI • Final dividend proposed at 80% payout ratio on Interim Dividend 3.91 3.52 0.39 / 11.1% PATMI Final Dividend 4.59 4.25 0.34 / 8.0% • Di
Slide 28: Thank You
comfortdelgro_