- ComfortDelGro (SGX:C52) delivered a record-high 2025 revenue of S$5,058.6m (+13% y-o-y), marking the first time the group has crossed the S$5b threshold. This was in line with our expectations, while core PATMI rose 4% y-o-y to S$214m to beat our forecast by 4%.
Core PATMI beat on strong overseas execution.
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Higher dividend.
- ComfortDelGro proposed a final dividend of 4.59 cents/share (2H24: 4.25 cents/share), taking total 2025 dividends to 8.5 cents/share. This translates to an 80% payout ratio and annualised yield of around 5.5%.
Public transport: Margin expansion from UK renewals.
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- The segment also benefitted from S$25.9m in net gains from Victorian depot disposals, with proceeds redeployed to acquire an incumbent operator and 86 additional buses, increasing ComfortDelGro’s market share in Victoria.
- In Singapore, rail fare adjustments from Dec 25 will support 2026 revenue, although the Tampines bus package will be handed over in Jul 26. Australia operating margins remained stable at around 4.5%, as labour shortages began to ease.
Taxi & private hire: Acquisition-led growth amid competitive pressures.
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