Palasino Holdings (2536) H2 2025 earnings summary

Executive summary

• FY2025 revenue before gaming tax rose 1% YoY to HK$568.1m, led by gaming growth; profit increased to HK$15.4m from HK$9.5m.

• Adjusted net profit fell to HK$16.8m from HK$41.0m; Adjusted EBITDA declined to HK$52.5m from HK$85.5m, reflecting FX and cost pressures.

• Operations span casinos in the Czech Republic and hotels in Germany and Austria; gaming contributed 72% of revenue and hospitality 28%.

Financial highlights

• Revenue was HK$568.1m vs HK$564.3m; gaming tax rose 5% to HK$148.4m, leaving net revenue of HK$419.7m vs HK$422.8m.

• Profit before tax was HK$29.9m vs HK$28.2m; income tax expense was HK$14.5m vs HK$18.7m; basic and diluted EPS were HK1.91 cents vs HK1.19 cents.

• Adjusted net profit was HK$16.8m vs HK$41.0m; Adjusted EBITDA was HK$52.5m vs HK$85.5m; adjusted property EBITDA was HK$75.4m vs HK$106.3m.

• Total operating expenses fell 3% to HK$397.0m; lower listing expenses and inventories consumed partly offset 25% growth in other operating expenses.

Outlook and guidance

• FY2026 macro conditions expected to remain challenging amid tariff uncertainty, geopolitical tensions, market volatility and highly regulated gaming markets; easing inflation and interest rates are positive trends.

• Preparations continue for a fourth casino at Mikulov in FY2026; plans include casino and hotel asset rejuvenation, more slot machines and exploration of gaming expansion opportunities.

• Management plans to maintain cost discipline and operational efficiency while preparing the Mikulov property for conversion into a casino.