Hong Kong, 24 August 2026 - NagaCorp Ltd. ("NagaCorp" or the "Company", SEHK stock code: 3918), together with its subsidiaries (collectively referred to as the "Group") which owns, manages and operates NagaWorld, the entertainment centre of the Mekong Region, today announced the unaudited financial and operating results for the six months ended 30 June 2026 (the "Period" or "1H2026").
1) Gross Gaming Revenue ("GGR") of US$303.7 million
2) Mass Market GGR of US$238.3 million
3) VIP Market GGR of US$65.3 million
4) Mass Market segment with gross profit margin of 89.8% (net of gaming tax) accounted for 78.5% of GGR and 79.8% of total gross profit
5) Net Profit of US$144.0 million
6) Earnings Before Interest, Tax, Depreciation and Amortisation ("EBITDA") of US$195.4 million
7) An interim dividend of US cent 0.98 per share (or equivalent to HK cents 7.60) for the Period has been declared
BUSINESS REVIEW
The overall financial results and performance of the Group were attributed to the following:
1. Stable Growth in Mass Market: During the Period, despite global macro headwinds and geopolitical tensions, the Group recorded stable overall Mass Market's business volumes growth. The average daily business volumes comprising Public Floor Tables buy-ins and Electronic Gaming Machines bills-in increased by 6.2% year-on-year ("YoY"), growing from US$11.7 million to US$12.5 million in 1H2026. This growth translated into a 2.7% YoY increase in average daily Mass Market GGR. Notably, the Mass Market Tables' win rate increased to 23.4% in 1H2026, up from 22.9% in 1H2025. The ongoing enhancement of gaming product offerings continues to elevate player experiences and increase player engagement.
In 1H2026, the Premium VIP Market delivered improved profitability despite lower average daily business volumes, with a higher gross profit margin of 81.1% compared with 77.8% in the first half of 2025 ("1H2025"), supported by a higher win rate of 4.1% in 1H2026 compared 3.1% in 1H2025. Despite softer rollings, the Referral VIP Market recorded a higher win rate of 3.2% in 1H2026, which rose from 2.8% in 1H2025. The overall decline in the VIP Market performance generally reflected broader regional trends, as macroeconomic uncertainty, weaker business sentiment, subdued international travel demand and a reduction in the number of international direct flights to Cambodia disproportionately affected high-end customer activity. The VIP Market segment was more affected, given its greater reliance on cross-border business and premium leisure travelers and high-net-worth customers, whose spending patterns are more sensitive to economic conditions and travel disruptions.
During the Period, the Mass Market and Premium VIP Market collectively accounted for approximately 96.2% and 96.1% of the Group's GGR and gross profit, respectively.
2. Strategic Tourism Initiatives: Cambodia's tourism sector is adapting to external challenges as it seeks to regain regional competitiveness amid ongoing geopolitical uncertainty and disruptions to international air travel. The sector remains supported by the Royal Government of Cambodia's (the "RGC") strategic tourism initiatives to enhance the country's appeal as a world-class travel destination, including proactive efforts to expand air connectivity with key transit hubs, streamline visa facilitation and implement targeted marketing campaigns aimed at attracting high-value international visitors.
Cambodia's Ministry of Tourism (the "MOT") has launched a series of tourism promotion initiatives to showcase the country's diverse attractions and strengthen its position as a leading tourism destination. The "Visit Cambodia in the Green Season" campaign held from May to October 2026 aims to promote Cambodia as a year-round destination by showcasing its diverse cultural heritage and ecotourism. This will be supported by an augmented reality (AR) tourism app that further enhances digital engagement, modernizes the visitor experience through immersive destination discovery and encourages greater visitor interest (Source: Khmer Times, 18 May & 7 June 2026). Building on these initiatives, the year-long "Cambodia Travel Match 2026" campaign expands international market outreach, strengthens partnerships between international tour operators and local tourism businesses, encourages tourism investment and supports the growth of business travel and the broader hospitality sector (Source: Phnom Penh Post, 28 May 2026).
To further enhance tourism in the region, Cambodia, Laos and Vietnam introduced a joint regional tour package during the Association of Southeast Asian Nations ("ASEAN") National Tourism Organizations Meeting in July 2026 under the "Three Countries, One Destination" initiative. This tour package features a nine-day itinerary with three days in each country, aiming to promote multi-destination travel, encourage intra-regional tourism and strengthen the Mekong subregion as an integrated travel destination (Source: Khmer Times, 14 July 2026). Furthermore, the Cambodia Tourism Board (CTB) has introduced an integrated international marketing strategy across its four business (4B) channels, leveraging global media, digital platforms, influencers and film tourism to modernize Cambodia's destination image. This includes the "Matching Grant: Overseas Promotion of Events" program launched in May 2026, which offers grants of up to US$20,000 per event to support international marketing and promotion, with the objective of enhancing the global visibility of Cambodia's tourism events and offerings, thereby attracting greater international arrivals (Source: Khmer Times, 3 August 2026; Phnom Penh Post, 4 May 2026). Additionally, the ASEAN Tourism Sectoral Plan 2026-2030, launched in January 2026, aims to strengthen regional tourism integration, boost connectivity and promote multi-country travel within ASEAN, creating greater opportunities for Cambodia to broaden its international tourism reach as part of the region's collective tourism offering (Source: Khmer Times, 21 May 2026). In 1H2026, Cambodia welcomed 1.8 million international arrivals, of which 36.2% were ASEAN visitors, underscoring strong regional connectivity and deepening economic integration (Source: the MOT).
The "Cambodia-China Tourism Year 2026" continues to strengthen bilateral tourism cooperation, supporting growth in Chinese arrivals, tourism-related investment and cultural exchanges between the two countries. As part of these efforts, Cambodia has commenced a four-month trial visa exemption for Chinese citizens, allowing multiple entries and up to 14 days of stay starting from 15 June to 15 October 2026 (Source: Phnom Penh Post, 8 May 2026). In support of this objective, the MOT has actively promoted Cambodia's tourism offerings and visa-free initiatives in key Chinese markets, while broadening tourism cooperation with China through potential direct flight connectivity and joint promotional campaigns. China remained Cambodia's top source market in 1H2026, accounting for 26% of total international arrivals. Notably, leisure travels from China recorded an increase of 11% YoY (Source: the MOT).
Together with broader ASEAN tourism collaboration and investment in tourism infrastructure, these initiatives aim to attract higher-value international visitors, stimulate business and leisure travel, and reinforce the long-term growth outlook for Cambodia's tourism and hospitality sector.
Since the launch of Techo International Airport in September 2025, Cambodia's tourism infrastructure has further strengthened, enhancing regional connectivity, increasing passenger capacity and improving accessibility. Despite geopolitical tensions affecting international air travel, Cambodia's aviation sector has remained fairly resilient. As of 17 August 2026, weekly international direct flights reached 507 (Southeast Asia accounted for 59%, followed by Greater China 31%, Middle East 5%, rest of Asia 4% and others 1%) (Source: Cambodia Airports, airline websites and Company internal data). Meanwhile, Cambodia's local carriers continue to expand fleet capacity and route networks through extensive global networks, with a codeshare agreement between Etihad Airways and Air Cambodia that offers travelers seamless access to Siem Reap via Phnom Penh as a connecting hub and boosts tourist flows. Cambodia Airways has also introduced new domestic routes linking Phnom Penh, Siem Reap and Sihanoukville to increase daily service frequencies and improve flight connections for international visitors. Furthermore, the MOT continues to collaborate with world-renowned airlines, including Singapore Airlines and AirAsia Cambodia, on marketing campaigns and familiarization trips to promote Cambodia's diverse cultural attractions and stimulate international visitor demand between the countries and beyond (Source: Khmer Times, 29 April, 12 June & 2 July 2026).
As the only Integrated Resort in Phnom Penh, NagaWorld is well-positioned to capture demand from a broad base of leisure and business travelers seeking premium hospitality and entertainment experiences.
3. Foreign Direct Investment ("FDI") and Diversified International Trade Drive Cambodia's Economic Expansion: Cambodia's economic growth continues to benefit from FDI inflows and strengthening collaboration with global partners across key sectors, including agriculture, manufacturing and tourism. Regional trade frameworks such as the ASEAN Free Trade Area (AFTA) and the Regional Comprehensive Economic Partnership (RCEP), the world's mega trade bloc comprising 15 Asia-Pacific economies and accounting for around 30% of global GDP, have enhanced economic integration, supported trade and investment flows, and facilitated export expansion. Cambodia is pursuing further trade diversification through expanded free trade agreements and bilateral partnerships, including ongoing discussions with Turkey, the Middle East, the United Kingdom, the European Free Trade Association and the Eurasian Economic Union, focused on broadening export markets and enhancing economic resilience (Source: Khmer Times, 16 July, 20 & 23 June 2026). Reflecting these positive developments, Cambodia's total trade volume rose 20% YoY to US$37 billion in 1H2026 (Source: Phnom Penh Post, 10 July 2026). As global integration intensifies, Cambodia is strategically positioned to attract further investment and to support sustainable, inclusive economic development.
According to the Council for the Development of Cambodia (CDC), total approved investment projects, including both new and expansion initiatives, reached US$4.7 billion in 1H2026, with China maintaining the dominant source, accounting for approximately 36% of total approved investments (Source: Khmer Times, 15 July 2026). During a recent meeting between Cambodia's Prime Minister Hun Manet and President Xi Jinping in July 2026, China and Cambodia reaffirmed their ironclad ties and commitment to further deepening the strategic partnership and to building a Cambodia-China community with a shared future through the Diamond Hexagon Cooperation Framework. This strengthened multilateral partnership between the two countries is expected to expand multi-sector cooperation across trade, investment, infrastructure, agriculture, manufacturing, digital development, security, and cultural and people-to-people exchanges, as well as in other emerging sectors such as new energy and artificial intelligence ("AI"), further reinforcing bilateral economic mechanisms and supporting long-term development objectives (Source: Khmer Times, 20 July 2026).
4. Increasing Shareholdings via Southbound Trading under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (the "Stock Connect") Continue to Improve Share Liquidity: The Company's shares traded through Southbound trading under Stock Connect have shown significant growth since its initial inclusion in Stock Connect on 13 March 2023. As of 17 August 2026, the total shareholdings of the Company held through Stock Connect amounted to 179.4 million shares, accounting for approximately 4.1% of the Company's total issued shares. This upward trend underscores growing interest from Mainland China investors in trading the Company's shares via Southbound trading. As the only foreign gaming operator eligible for Southbound trading, the Company expects continued improvement in share liquidity, supported by greater access to a broad base of domestic investors in Mainland China.
5. Corporate Awards and Sustainability and Corporate Social Responsibility ("SCSR"): In recognition of its unwavering commitment to leadership excellence, corporate governance and investor engagement, the Company continued to deliver outstanding performance in Extel's 2026 Asia Executive Team rankings survey, under the newly expanded Consumer Services (including Hotels, Restaurants & Leisure) sector and new attribute-led survey approach. The Company was awarded the coveted Most Honored Company across all categories for Small & Mid-Cap, Rest of Asia, and Asia (ex-Japan/ANZ), including "Best Investor Relations Program", "Best Investor Relations Team", "Best Chief Executive Officer", "Best Chief Financial Officer", "Best Investor Relations Professional", "Best Overall Environmental, Social and Governance" and "Best Company Board of Directors". These rankings are voted on by the buy-side and sell-side investment community and are regarded as the financial industry's leading global benchmark for corporate excellence.
For more information, please visit https://doc.irasia.com/listco/hk/nagacorp/interim/2026/intpress.pdf.
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