Galaxy Entertainment Group (27) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenue reached $12.4 billion, up 11% year-over-year and down 10% quarter-on-quarter.

• Adjusted EBITDA was $3.6 billion, up 8% year-over-year and down 17% quarter-on-quarter; normalized EBITDA up 21% year-over-year and flat quarter-on-quarter after adjusting for luck.

• Macau GGR grew 14% year-over-year to $64.0 billion, with visitor arrivals up 14% year-over-year and 8% quarter-on-quarter.

• Major entertainment and sporting events, including over 80 shows and the ITTF World Cup, drove strong visitation.

• Capella at Galaxy Macau officially opened in February 2026, targeting the super-premium mass segment and expanding premium gaming offerings.

Financial highlights

• Group net revenue: $12.4 billion (+11% YoY, -10% QoQ).

• Adjusted EBITDA: $3.6 billion (+8% YoY, -17% QoQ); normalized EBITDA up 21% YoY and flat QoQ.

• Net gaming revenue $10.0 billion, non-gaming revenue $1.7 billion, construction materials revenue $666 million.

• Cash and liquid investments at $39.2 billion as of March 31, 2026; net position after debt $36.5 billion.

• Final dividend of $0.80 per share payable in June 2026.

Outlook and guidance

• Focused on completing Phase 4 development, adding 1,350 rooms, a 5,000-seat theater, and expanded non-gaming amenities, targeted for 2027.

• Premium mass and mass-market segments expected to remain key drivers amid competition.

• Additional events and promotions planned to offset potential World Cup impact on visitation and gaming revenue.

• Continued ramp-up of Capella, GICC, Galaxy Arena, Raffles, and Andaz Macau.

• Continued focus on operational efficiency, customer engagement, and regional marketing expansion.