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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.
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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