NagaCorp has reported growth for the year ended 31 December 2025, supported by sustained growth across its mass market and VIP segments.
Gross gaming revenue rose 27.4% year-on-year to US$691.60m, compared with US$542.90m in 2024. Mass market GGR increased 22.8% to US$485m, while VIP GGR grew 39.7% to US$206.60m, driven by higher business volumes and improved customer mix. Excluding the non-cash impairment loss recorded in the previous year, net profit climbed 56.0% to US$309.90m.
Earnings before interest, tax, depreciation and amortisation increased 38.5% to US$404.40m, reflecting improved operational efficiency and margin expansion. EBITDA and net profit margins reached 57.0% and 43.7%, respectively, supported by stable operating costs and the introduction of higher-margin gaming products.
Cambodia’s favourable macroeconomic environment provided a strong backdrop for the group’s performance. The country welcomed 5.6 million international visitors in 2025, reflecting continued recovery in tourism and business travel.
The launch of the new Techo International Airport and expansion of direct international flight connectivity further strengthened Phnom Penh’s position as a regional hub. In addition, approved foreign direct investment projects reached US$10bn during the year, up 45% year-on-year, underscoring growing investor confidence and supporting economic expansion.
The premium VIP segment also delivered solid results, with average daily rollings increasing 52% to US$15.10m, supported by a rise in high-value business travellers. The group ended the year with cash and bank balances of US$372.30m and minimal leverage, enabling the board to propose a final dividend of US$1.09 per share.
Looking ahead, NagaCorp remains optimistic about its growth trajectory, supported by Cambodia’s expanding tourism sector, strengthening economic fundamentals and continued infrastructure development.
The mass market segment contributed 68.3% of total revenue, reinforcing its role as the primary engine of NagaCorp’s long-term growth
