Galaxy Entertainment Group (27) Q2 2026 earnings summary

Executive summary

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

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

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

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

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

• Mass GGR in 1H 2026 was HK$19.1 billion, up 12% YoY; VIP GGR was HK$4.0 billion, down 9%.

• Cash and liquid investments as of 30 June 2026: $37.7 billion (HK$37.7 billion); net position after debt: $35.9 billion (HK$35.9 billion).

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.

• International customer development and technological innovation remain strategic priorities.

• Expect continued competition and focus on premium products, entertainment, and non-gaming amenities.