1H FY2022 Financial Performance Review

Gradual and Satisfactory Recovery in All Business Segments

EBITDA in Q2 increase 13.2% QoQ achieved US$130m in 1H
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1H FY2022 Financial Performance
Positive QoQ Growth across all Financial Parameters
Business volume continues to recover while operating cost remains stable
Q2 2022 Q1 2022 QoQ 1H 2022
US$ million
Actual Actual Growth Actual

Gross Gaming Revenue (“GGR”) 127.1 110.3 15.3% 237.4

Net Gaming Revenue (“NGR”) 106.3 97.3 9.2% 203.6

Gross Profit 100.7 91.6 10.0% 192.2

EBITDA 69.1 61.0 13.2% 130.1

Net Profit 30.7 22.0 39.4% 52.7

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1H FY2022 Financial Performance
Solid Recovery QoQ across All Business Segments

Average Daily Business Volume Q2 2022 Q1 2022 QoQ

(US$ million) Actual Actual Growth

Mass Market (Bills-in + Buy-ins) 9.69 8.36 15.9%

Premium Mass Rollings 8.63 7.54 14.5%

Referral VIP Rollings 3.91 1.97 98.5%

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Mass Market Business Volume (Bills-in + Buy-ins)
Continuation of Recovery and Positive Trend Remains

• Daily Average Business Volume (Bills-in + Buy-ins) in Q2 2022 was 15.9% higher than Q1 2022
• Q2 2022 reported the highest Mass Market Business Volume since Jan 2020
* Sept 2021 only includes 15 – 30 Sept 2021 5
 Premium Mass Business Volume
Gradual Recovery in Premium Mass Rollings

• Daily Average Rolling in Q2 2022 was the highest since Q1 2020

• The growth of the local captive expatriate market remains robust as local business environment
normalized * Sept 2021 only includes 15 – 30 Sept 2021
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 Referral VIP Business Volume
Improvement in Referral VIP Rollings despite low base

• Daily Average Rolling in Q2 2022 increased 98.5% as compared to Q1 2022 as international flights and
international travellers continue to increase
* Sept 2021 only includes 15 – 30 Sept 2021 7
Q2 FY2022 Financial Performance
Mass and Premium Mass Recovered Significantly from FY2019

Average Daily Business Volume Q2 2022 Recovery

FY2019
(US$ million) Actual Percentage

Mass Market (Bills-in + Buy-ins) 9.69 12.07 80.3%

Premium Mass Rollings 8.63 12.02 71.8%

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Net Gaming Revenue (“NGR”)
Improving NGR and Margins driven by Mass and Premium Mass

• GP margin for 1H 2022 were 79% vs 49% & 64% in 2020 & 2021 respectively.
• Mass Market and Premium Mass NGR accounted for 96.3% of total NGR in 2Q2022, which allowed the
Group to record significantly higher profit margins with lower risk. * Sept 2021 only includes 15 – 30 Sept 2021 9
Positive Cumulative Net Profit during the Pandemic Period
Ranks 2nd Best among Asian Gaming Peers

Net Profit/(Loss) were based on FY2020 and FY2021 Actuals & FY2022 Estimates as sources from Bloomberg on 30 Jun 2022.

• Naga’s cumulative Net Profit during the pandemic period (FY2020A to FY2022E) is expected to be US$102m
whereas the average of the Asian gaming peers is Net Loss of US$1,155m
• Naga stands out mainly due to depth and strength of the local market, low labour cost, tight Opex control,
disciplined CAPEX and very manageable gearing ratio 10
Balance Sheet (unaudited)
Improved Financial Strength
As of As of
US$ million Remarks
30 Jun 2022 31 Dec 2021
Cash and Deposits 212.9 125.1

EBITDA / Interest Expense 4.9X 0.26x All indicators

improved from
Net Debt / EBITDA 1.3X 27.2X last reported
period
Net Debt / Equity 0.19X 0.26X
EBITDA ratios were based on annualized 1H 2022 and FY2021 actual

• Cash and deposits increased from US$125.1m as of 31 Dec 2021 to US$212.9m as of 30 Jun 2022
despite continuous CAPEX in Naga3 development. This is mainly due to continued recovery of business
volumes and prudent cash expenditures

• Both Moody’s and S&P Global have reaffirmed our B1 & B+ credit rating in Feb 2022 and Apr 2022
respectively despite wide spread credit downgrading among Asian gaming peers in the past year (e.g.
SJM, Sands China, Melco, Wynn Macau, Genting Malaysia) 11
Relatively Resilient Bond Price
Stable Credit Rating, Improving EBITDA and Liquidity

Bonds Price information sources from Bloomberg on 30 Jun 2022.

• Naga's 2024 bond price remains relatively resilient since Jan 2021 despite waves of credit downgrade among
Asian gaming peers. The yield spreads between our bond and the average Macau gaming peers dropped to the
lowest point in Jun 2022 12
COVID-19 Relatively Well-Managed in Cambodia
Ranked 1st in Nikkei Recovery Index

• Cambodia ranked 1st out of 121 countries worldwide on Nikkei's COVID-19 Recovery Index, with a
score of 78.0 points (31 May 2022: 2nd with a score of 76.0 points).
• The Nikkei COVID-19 Recovery Index was launched in July 2021. The Index ranks more than 120
countries and regions on infection management, vaccine rollouts and social mobility at the end of
each month.
• A higher ranking indicates that a country/region is closer to recovery with its low numbers of
confirmed COVID-19 cases, better vaccination rates, and less stringent social distancing measures.
The index calculates a score between 0 and 90 for each country or region. 13
Post COVID-19 Period
Direct Weekly Flights continued to grow healthily

• Direct Weekly Flights to Cambodia increase 5.1X since 1 Dec 2021 to 208 flights on 15 Jul 2022
• Thailand, Singapore, Vietnam and Malaysia have the most flights to Phnom Penh
• Ministry of Tourism expected 1 million of international tourists by end of 2022 14
Post COVID-19 Period
Daily Visitation Number to our Properties continued to rise

• Daily average visitation to Naga increased by 20.1% in Q2 as compared to Q1 2022 reaching

5,500 headcount per day
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Thank You

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