RGB’s 2H25 performance to remain muted

PETALING JAYA: RGB International Bhd’s financial performance for the second half of 2025 is expected to remain subdued, primarily due to the deferral of two major projects in the Philippines.

This, Phillip Capital Research said, has led to softer electronic gaming machine (EGM) order volumes for the year.

“The group delivered 1,200 EGMs in the first six months of 2025 and has revised down its full-year guidance to 2,000–2,500 units (from an earlier projection of 5,200 units), primarily driven by replacement demand.”

RGB is involved in the sales and marketing of gaming machines and equipment in Asia.

Phillip Capital Research said regional tensions near the Cambodia and Thailand border have temporarily disrupted its technical support and management operations, contributing to a slower-than-expected EGM uptake in the third quarter of 2025.

“Elsewhere, political uncertainty and heightened regulatory caution resulting from the May 2025 Philippines mid-term elections have led to further project delays and an extended decision-making timeline.

“Despite these headwinds, management remains positive of a sharp recovery in 2026, with our forecast assuming 5,200 to 5,500 units in 2026 to 2027, respectively, as demand rebounds.”

Phillip Capital Research said RGB’s growth trajectory remains anchored in the Philippines, supported by a sizeable gross gaming revenue of US$7bil.