Galaxy Entertainment Group (27) Q4 2025 earnings summary

Executive summary

• FY2025 Net Revenue rose 13% year-over-year to $49.2 billion (HK$49.2 billion); Adjusted EBITDA up 19% to $14.5 billion (HK$14.5 billion); Net Profit Attributable to Shareholders up 22% to $10.7 billion (HK$10.7 billion).

• Q4 2025 Net Revenue was $13.8 billion, up 22% year-over-year and 14% quarter-on-quarter; Adjusted EBITDA was $4.3 billion, up 33% year-over-year and 29% quarter-on-quarter.

• Macau's post-COVID recovery accelerated, with record visitation of 40.1 million (+15% YoY), driven by increased flexibility for mainland visitors and strong international arrivals.

• Major entertainment and sporting events at Galaxy Arena and GICC boosted non-gaming revenue and brand profile.

• Capella at Galaxy Macau soft launched in May 2025, officially opened February 2026, targeting the super-premium mass segment.

Financial highlights

• Galaxy Macau was the primary earnings driver: FY2025 Net Revenue $41.0 billion (up 19%), Adjusted EBITDA $13.4 billion (up 24%). Q4 Adjusted EBITDA $4.0 billion (up 41%).

• StarWorld Macau FY2025 Net Revenue $5.0 billion (down 7%), Adjusted EBITDA $1.4 billion (down 13%). Q4 Adjusted EBITDA $356 million (down 2%).

• Broadway Macau FY2025 Adjusted EBITDA $11 million (down 54%). City Clubs FY2025 Adjusted EBITDA $(7) million. Construction Materials Division FY2025 Adjusted EBITDA $877 million (up 2%).

• Q4 2025: Galaxy Macau Net Revenue $11.8 billion (up 29%), StarWorld Macau $1.3 billion (down 1%), Broadway Macau $46 million (down 21%), City Clubs $6 million (down 83%).

• Paid two dividends totaling $1.20 (HK$1.20) per share in 2025; Board recommends a final dividend of $0.80 (HK$0.80) per share.

Outlook and guidance

• Focus remains on accelerating Phase 4 development, enhancing non-gaming offerings, and expanding international marketing.

• Optimism for continued market recovery and support from government policies.

• Phase 4 to include 1,350 hotel rooms/suites, a 5,000-seat theater, extensive F&B, retail, non-gaming amenities, and a casino, targeted for completion in 2027.

• Strategic initiatives to deepen customer engagement and broaden audience reach through marquee events and international partnerships.

• Vigilance on global economic and geopolitical risks, with readiness to adapt as needed.