Galaxy Entertainment Group (27) Q2 2026 earnings summary

Executive summary

• Group Net Revenue for 1H 2026 was HK$24.2 billion, up 4% year-over-year; Adjusted EBITDA was HK$7.0 billion, up 1% year-over-year; Net Profit Attributable to Shareholders was HK$5.3 billion, up 1% year-over-year.

• Q2 2026 Net Revenue was HK$11.8 billion, down 2% year-over-year and 5% quarter-on-quarter; Adjusted EBITDA was HK$3.4 billion, down 5% year-over-year and quarter-on-quarter.

• Macau's tourism remained robust with 20.9 million visitor arrivals in 1H 2026, up 9% year-over-year, and record single-day visitation during Golden Week.

• Major sporting events, notably the FIFA World Cup, temporarily impacted gaming revenue, but recovery was seen toward the end of the quarter.

• Continued ramp-up of new luxury offerings, including Capella at Galaxy Macau and expanded premium gaming areas.

Financial highlights

• Q2 2026 Net Revenue: HK$11.8 billion (down 2% YoY, down 5% QoQ); Adjusted EBITDA: HK$3.4 billion (down 5% YoY, down 5% QoQ).

• 1H 2026 Net Revenue: HK$24.2 billion (up 4% YoY); Adjusted EBITDA: HK$7.0 billion (up 1% YoY); Net Profit: HK$5.3 billion (up 1% YoY).

• Normalized 1H 2026 Adjusted EBITDA (excluding bad luck): HK$7.0 billion, up 14% YoY.

• Galaxy Macau Q2 Net Revenue: HK$9.9 billion (down 1% YoY, down 4% QoQ); Adjusted EBITDA: HK$3.2 billion (down 4% YoY, down 4% QoQ).

• StarWorld Macau Q2 Net Revenue: HK$1.2 billion (up 4% YoY, down 9% QoQ); Adjusted EBITDA: HK$303 million (flat YoY, down 21% QoQ).

Outlook and guidance

• Continued focus on ramping up new luxury hotels and non-gaming amenities, with Phase 4 development targeting completion in 2027.

• Strategic partnerships and enhanced entertainment offerings expected to drive further growth and support Macau's positioning as a global tourism hub.

• Management remains confident in long-term prospects, as reflected by increased interim dividend and ongoing investment in premium products and international customer development.