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SJM Holdings (880) investor relations material

SJM Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Aug, 2025

Executive summary

  • Net revenue rose 6.1% year-over-year to HK$14,639 million for the six months ended 30 June 2025, driven mainly by gaming revenue growth.

  • Adjusted EBITDA declined 5.1% to HK$1,646 million, with margin down to 11.2% from 12.6% year-over-year.

  • Loss attributable to owners increased to HK$182 million, compared to HK$162 million in the prior year period.

  • No interim dividend declared for the period.

Financial highlights

  • Net gaming revenue increased 5.7% year-over-year to HK$13,628 million; non-gaming revenue also increased.

  • Rolling gross gaming revenue fell 6.6%, but non-rolling and electronic gaming revenues rose 7.1% and 26.2%, respectively.

  • Grand Lisboa Palace Resort revenue rose 22.7% year-over-year to HK$3,626 million, but Adjusted Property EBITDA fell 57.3%.

  • Grand Lisboa revenue was HK$3,760 million, with Adjusted Property EBITDA down 14.6%.

  • Satellite casinos revenue grew 6.8% to HK$5,647 million.

Outlook and guidance

  • Strategic expansion into Hengqin with acquisition of a mixed-use property for RMB724 million, to be converted into a 250-room hotel targeting mid-market demand, with completion targeted within 24 months.

  • Planned cessation of operations at seven satellite casinos by end-2025, with redeployment of gaming assets to self-owned/core locations.

  • Ongoing refurbishment and expansion at Grand Lisboa and Hotel Lisboa to consolidate leadership on the Macau Peninsula.

  • Culinary and MICE facilities pipeline expected to drive future revenue and visitation.

  • Focus on sports and cultural tourism to attract diverse visitor segments.

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Frequently asked questions

SJM Holdings Limited is a Macau-based company engaged in the development, ownership, and operation of casinos and integrated entertainment resorts. The company’s properties include a variety of gaming facilities, hotels, and entertainment venues catering to both gaming and non-gaming customers. SJM Holdings is a significant player in Macau's tourism and hospitality sector, offering services that range from casino gaming to accommodation, dining, and retail. The company operates popular resorts, contributing to Macau’s status as a global gaming and leisure destination. The company is headquartered in Macau, China, and its shares are listed on the Hong Kong Stock Exchange.

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