Palasino Holdings (2536) H2 2026 earnings summary

Executive summary

• FY2026 revenue rose 7.6% to HK$611.1m, led by gaming; reported net profit fell to HK$13.8m, while adjusted net profit and Adjusted EBITDA increased.

• Palasino Mikulov completed its soft-opening period with a grand opening on 21 March 2026, adding capacity to the Czech casino portfolio.

Financial highlights

• Revenue was HK$611.1m, up 7.6% YoY; gaming revenue rose 9.6% to HK$448.1m and revenue after gaming tax increased 7.0% to HK$449.1m.

• Net profit declined 10.2% to HK$13.8m from HK$15.4m; adjusted net profit rose to HK$22.8m from HK$16.8m.

• Adjusted EBITDA increased 15.6% to HK$60.7m from HK$52.5m; adjusted property EBITDA was HK$75.8m versus HK$75.4m.

• Profit before tax was HK$25.3m versus HK$29.9m; income tax expense fell to HK$11.5m from HK$14.5m.

• Employee costs increased to HK$212.2m from HK$196.2m; operating expenses rose 7.2% to HK$425.5m, including HK$4.7m of Mikulov pre-opening costs.

Outlook and guidance

• Phase Two expansion at Palasino Mikulov is planned following completion of Phase One; asset rejuvenation will also upgrade gaming facilities and hospitality and conference offerings.

• Investment priorities include gaming portfolio opportunities in the Czech Republic and Central Europe, plus slot machines and electronic gaming terminals to broaden appeal and increase visitation.