SJM (880) Q3 2025 earnings summary

Executive summary

• Net gaming revenue for Q3 2025 was HK$6,537 million, down 6.5% year-over-year; nine-month net gaming revenue rose 1.4% to HK$20,165 million.

• Adjusted EBITDA for Q3 2025 was HK$881 million, a 15% decrease year-over-year; nine-month Adjusted EBITDA fell 8.8% to HK$2,527 million.

• Profit attributable to owners in Q3 2025 was HK$9 million, down from HK$101 million in Q3 2024; nine-month loss widened to HK$173 million.

Financial highlights

• Total net revenue for Q3 2025 was HK$7,034 million, a 6.2% decrease year-over-year; nine-month total net revenue increased 1.8% to HK$21,674 million.

• Adjusted EBITDA margin for Q3 2025 was 12.5%, down from 13.8% in Q3 2024; nine-month margin was 11.7%, down from 13.0%.

• Cash, bank balances, and deposits totaled HK$3,448 million, with debt at HK$27,312 million as of 30 September 2025.

Outlook and guidance

• Syndicated banking facilities include a HK$9 billion term loan and HK$10 billion revolving credit, with HK$2.7 billion undrawn.