SJM (880) Q3 2026 earnings summary

Executive summary

• Q3 2026 total net revenue was HK$5,287 million, down 24.8% YoY; net gaming revenue was HK$4,758 million, down 27.2%.

• Q3 2026 loss attributable to owners was HK$397 million, versus a HK$9 million profit in Q3 2025; 9M loss was HK$692 million versus HK$173 million.

Financial highlights

• 9M 2026 total net revenue was HK$16,877 million, down 22.1% YoY; net gaming revenue was HK$15,318 million, down 24.0%.

• Adjusted EBITDA was HK$705 million in Q3, down 20.0% YoY, and HK$2,406 million in 9M, down 4.8%.

Segment performance

• Grand Lisboa Palace Resort Macau Q3 revenue was HK$1,712 million, including HK$1,368 million gaming and HK$344 million non-gaming; Adjusted Property EBITDA was negative HK$38 million versus HK$111 million.

• Grand Lisboa Macau Q3 revenue was HK$1,808 million; Adjusted Property EBITDA was HK$357 million, down from HK$471 million. 9M EBITDA was HK$1,217 million versus HK$1,334 million.

• Other properties Q3 revenue rose 77.4% YoY to HK$2,447 million and Adjusted Property EBITDA rose 46.0% to HK$438 million; 9M revenue increased 82.2% to HK$7,613 million.

• 9M 2026 Grand Lisboa Palace Resort Macau revenue was HK$5,650 million, up 2.0% YoY, while Adjusted Property EBITDA was negative HK$16 million versus HK$194 million.