SJM (880) Q4 2025 earnings summary

Executive summary

• Net gaming revenue declined 2.4% year-over-year to HK$26,203 million, with total net revenue down 2.1% to HK$28,170 million.

• Adjusted EBITDA fell 15.0% to HK$3,198 million, and the year ended with a net loss attributable to owners of HK$429 million versus a small profit last year.

• No final dividend was recommended for 2025.

• The year was marked by the closure of most satellite casinos, redeployment of resources, and targeted acquisitions to strengthen the core portfolio.

Financial highlights

• Adjusted EBITDA margin decreased to 11.4% from 13.1% year-over-year.

• Rolling gross gaming revenue dropped 10.7%, while electronic game revenue rose 14.4%.

• Grand Lisboa Palace Resort revenue grew 12.1% to HK$7,373 million, but Adjusted Property EBITDA dropped 66.9%.

• Grand Lisboa revenue fell 1.8% to HK$7,697 million, with Adjusted Property EBITDA down 16.0%.

• Satellite casino revenue declined 9.5% to HK$9,768 million.

Outlook and guidance

• Management expects improved operating efficiency and margin growth in 2026, following the absorption of satellite closures and redeployment initiatives.

• Continued focus on cost discipline, reinvestment management, and customer portfolio optimisation.