Melco International Development (200) investor relations material

Executive summary

• Total operating revenues for Q1 2026 reached US$1.37 billion, up 11% year-over-year, driven by improved mass market operations.

• Operating income increased to US$179.0 million from US$144.9 million in Q1 2025.

• Net income attributable to shareholders was US$76.8 million, or US$0.20 per ADS, compared to US$32.5 million, or US$0.08 per ADS, in Q1 2025.

• Adjusted Property EBITDA rose to US$381.0 million from US$341.0 million year-over-year.

Financial highlights

• Casino revenues were US$1.15 billion, up from US$1.02 billion in Q1 2025.

• Total operating costs and expenses were US$1.19 billion, up from US$1.09 billion year-over-year.

• Depreciation and amortization costs totaled US$141.1 million, including US$5.0 million for land use rights.

• Total net non-operating expenses were US$101.0 million, mainly from interest expense of US$111.8 million, partially offset by net foreign exchange gains of US$8.8 million.

Outlook and guidance

• A new US$500 million share repurchase program was approved, effective immediately and in addition to the existing program.

• The new program allows for repurchases over a three-year period starting 30 April 2026.