- ComfortDelGro (SGX:C52)'s FY25 revenue exceeded S$5bn (+13% y-o-y) for the first time, reflecting scale benefits from a larger overseas contract base.
- PATMI was S$230m (+9% y-o-y), 6% below our estimate, and was driven by stronger London bus margins, Manchester contract, full-year Addison Lee contribution, and peak ERP 2.0 OBU installations.
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FY25 PATMI was below expectations.
- Singapore Public Transport (PT) remains a headwind with Tampines roll-off from July 2026.
- VICOM (SGX:WJP)’s on-board unit (OBU) tailwind should also fade in 2026. Offsetting this, overseas momentum is building on UK bus renewals at higher margins, the Manchester ramp, and full-year Stockholm contribution in 2026.
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Public transport.
- Singapore profitability is pressured by the Jurong West bus package loss, with another step-down likely as Tampines hands over from July 2026. Rail fare hikes from Dec 2025 offer limited relief given the variable licence charge framework capping rail EBIT.
- ComfortDelGro remains active in bus tenders and the Jurong Regional Line is on track to enter service in 2027.
- UK/EU growth will be underpinned by London renewals at double-digit margins, the Manchester ramp up and full-year Stockholm E40 in 2026.
- Australia/New Zealand should benefit from easing driver shortages, full-year Victoria contributions in 2026, and Auckland rail expansion from 2H26.
Taxi & private hire remains mixed.
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