- ComfortDelGro’s 9M25 results were largely in line with expectations. Overseas strength offset domestic softness as UK contract renewals, new Manchester/Victoria franchises and CMAC drove higher operating profit.
3Q25 largely in line with expectations.
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- While the UK/EU regions saw improvements, core PATMI marginally missed our expectations due to softer taxi & private hire segment results. Singapore margins declined due to a smaller taxi/PHV fleet and the Sep 24 loss of the Jurong West bus package.
- Excluding PPA amortisation from acquisitions, 9M25 core operating profit was S$265m (+16% y-o-y). Overseas contribution rose, with revenue and operating profit accounting for 55% and 47% of the group total respectively (9M24: 48%/33%).
Public transport: UK strength offsets Singapore softness.
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- The UK remained the key earnings driver, supported by higher-margin London contract renewals and new Manchester and Victoria contracts, with the latter to contribute about S$2.9m in 2025 operating profit.
- In Singapore, the 5-year Tampines bus package was awarded to Go-Ahead from Jul 26 for S$646m, which by our estimates, will result in a loss for ComfortDelGro of around S$4m/8m for 2026/27. The announced fare hike (+9-10 cents from Dec 25) is in line with our expectation.
- Australia is expected to normalise, with operating margin steady y-o-y at 4.6% (+0.3ppt q-o-q). The Stockholm E40 metro (45% JV stake) will commence in Nov 25, adding an estimated S$1m-2m to operating profit.
Taxi & private hire: Growth from acquisitions, but margins compressed.
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