Galaxy Entertainment Group Limited · HKEX:27
Galaxy Entertainment — Q2 2025 Earnings Presentation
31 slides from Galaxy Entertainment's earnings presentation, Aug 12, 2025
Slide 1: Q2 & Interim Results 2025
Q2 & Interim Results 2025 12 August, 2025
Slide 2: Chairman's statement (1/2)
Mr. Francis Lui Yiu Tung, Chairman of GEG said: “Today I am pleased to report solid performance for the Macau market and GEG in Q2 and the first half of 2025. Despite global tariff disruptions, continued economic slowdown and regional competition, Macau remained resilient in Q2 2025 with Gross Gamin
Slide 3: Chairman's statement (2/2)
Mr. Francis Lui Yiu Tung, Chairman of GEG said: In June, GEG announced that the Waldo Casino will cease operation by the end of this year due to commercial considerations. GEG’s employees working at the Waldo Casino will be reallocated to its other properties and casinos. Related departments will di
Slide 4: Executive Summary: GEG Well Positioned for Future Growth
Executive Summary GEG: Well Positioned for Future Growth Q2 2025 • Q2 Group Net Revenue of $12.0 billion, up 10% year-on-year and up 8% quarter-on-quarter • Q2 Group Adjusted EBITDA of $3.6 billion, up 12% year-on-year and up 8% quarter-on-quarter • Normalized Q2 Adjusted EBITDA was $3.2 billion aft
Slide 5: Executive Summary: Galaxy Macau
Executive Summary Galaxy Macau : Primary Driver to Group Earnings Q2 2025 • Q2 Net Revenue of $10.0 billion, up 16% year-on-year and up 9% quarter-on-quarter • Q2 Adjusted EBITDA of $3.3 billion, up 20% year-on-year and up 10% quarter-on-quarter • Normalized Q2 Adjusted EBITDA was $2.9 billion after
Slide 6: Executive Summary: StarWorld Macau
Executive Summary StarWorld Macau: Continuing with Major Property Upgrades Q2 2025 • Q2 Net Revenue of $1.2 billion, down 11% year-on-year and down 6% quarter-on-quarter • Q2 Adjusted EBITDA of $303 million, down 22% year-on-year and down 13% quarter-on-quarter • Normalized Q2 Adjusted EBITDA was $3
Slide 7: Executive Summary: Broadway Macau, City Clubs and CMD
Executive Summary Broadway Macau , City Clubs and Construction Materials Division (“CMD”) • Broadway Macau : Q2 Adjusted EBITDA was $4 million, versus $8 million in Q2 2024 and $2 million in Q1 2025 • City Clubs: Q2 Adjusted EBITDA was $2 million, versus $5 million in Q2 2024 and $1 million in Q1 20
Slide 8: Executive Summary: Balance Sheet
Executive Summary Balance Sheet: Remained Healthy and Liquid • As at 30 June 2025, cash and liquid investments were $30.7 billion and the net position was $30.3 billion after debt of $0.4 billion GEG Dividends • Paid the previously announced final dividend of $0.50 per share in June 2025 • Announced
Slide 9: Executive Summary: Development Update
Executive Summary Development Update: Capella at Galaxy Macau offered exclusive private previews in May; Continue ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4 • Capella at Galaxy Macau offered exclusive private previews in May • Cotai Phase 3 – Ram
Slide 10: Interim Results 2025
Interim Results 2025 August 2025 10
Slide 11: GEG Revenue Summary 1H 2025
GEG Revenue Summary 1H 2025 Group Net Revenue in the first half of 2025 was up 8% YoY to $23.2 billion GEG Gross Revenue (HK$’m) GEG Net Revenue (HK$’m) $27,614 $26,090 $24,661 $23,246 $21,470 $21,962 $23,029 $19,718 $21,185 $19,149 $16,958 $17,546 BW, BW, BW, $100 $120 $97 BW, BW, BW, $120 $97 $100
Slide 12: GEG Revenue Summary 1H 2025
GEG Revenue Summary 1H 2025 Group Net Revenue in the first half of 2025 was up 8% YoY to $23.2 billion Gross Net Gross Net YoY Revenue Revenue HoH Revenue Revenue GEG Total +12% +8% GEG Total +6% +6% Galaxy Macau +17% +13% Galaxy Macau +9% +9% StarWorld (7)% (10)% StarWorld (7)% (8)% Broadway Macau
Slide 13: GEG Adjusted EBITDA Summary 1H 2025
GEG Adjusted EBITDA Summary 1H 2025 Group Adjusted EBITDA was $6.9 billion in the first half of 2025, up 14% YoY • Normalized 2025 1H Adjusted EBITDA was $6.1 billion after adjusting for good luck of $737 million, up 3% YoY GEG Adjusted EBITDA (HK$’m) YoY HoH $6,865 $6,011 $6,177 GEG Total +14% +11%
Slide 14: Q2 2025 Results
Q2 2025 Results August 2025 14
Slide 15: GEG Revenue Q2 2025
GEG Revenue Q2 2025 Q2 Group Net Revenue of $12.0 billion, up 10% YoY and up 8% QoQ GEG Net Revenue (HK$’m) $12,044 YoY QoQ $10,918 $11,202 GEG Total +10% +8% $10,000 Galaxy Macau +16% +9% $8,644 $9,149 BW, BW, BW, $46 $51 StarWorld Macau (11)% (6)% $54 CC, CC, CC, $1,323 $1,242 $1,171 $42 Broadway
Slide 16: GEG Adjusted EBITDA Q2 2025
GEG Adjusted EBITDA Q2 2025 Q2 Group Adjusted EBITDA of $3.6 billion, up 12% YoY and up 8% QoQ • Normalized Q2 Adjusted EBITDA of $3.2 billion, after adjusting for good luck of approximately $407 million, down 1% YoY and up 7% QoQ GEG Adjusted EBITDA (HK$’m) YoY QoQ $3,569 $3,176 $3,296 GEG Total +1
Slide 17: Galaxy Macau
GALAXY Galaxy Macau™ RAR August 2025 17
Slide 18: Galaxy Macau Q2 2025
Galaxy Macau Q2 2025 Galaxy Macau Q2 Adjusted EBITDA of $3.3 billion, up 20% YoY and up 10% QoQ Galaxy Macau YoY QoQ Net Revenue of $10.0 billion, up 16% YoY and up 9% QoQ Total Gross Revenue +19% +11% • VIP win of $2.4 billion, up 86% YoY and up 23% QoQ Total Net Revenue +16% +9% Adjusted EBITDA
Slide 19: StarWorld Macau
StarWorld Macau August 2025 19
Slide 20: StarWorld Macau Q2 2025
StarWorld Macau Q2 2025 StarWorld Macau Q2 Adjusted EBITDA of $303 million, down 22% YoY and down 13% QoQ StarWorld Macau YoY QoQ Net Revenue of $1.2 billion, down 11% YoY and down 6% QoQ Total Gross Revenue (9)% (4)% • VIP win was $22 million, down 79% YoY and down 41% QoQ Total Net Revenue (11)% (
Slide 21: Broadway Macau and City Clubs Q2 2025
Broadway Macau and City Clubs Q2 2025 Broadway Macau Q2 Adjusted City Clubs Q2 Adjusted EBITDA EBITDA of $4 million, versus $8 was $2 million, versus $5 million in million in Q2 2024 and $2 million in Q2 2024 and $1 million in Q1 2025 Q1 2025 • Net Revenue of $42 million, down 26% YoY • Net Revenue
Slide 22: Construction Materials Q2 2025
Construction Materials Q2 2025 Construction Materials Q2 Adjusted EBITDA down 7% YoY and up 29% QoQ to $238 million Tseung Kwan O Area 137 Concrete Batching Plant Adjusted EBITDA (HK$’m) $256 $238 $185 2024 Q2 2025 Q1 2025 Q2 August 2025 22
Slide 23: Cash and Debt Update
Cash and Debt Update Balance Sheet: Remained Healthy and Liquid • As at 30 June 2025, cash and liquid investments were $30.7 billion and the net position was $30.3 billion after debt of $0.4 billion • Announced an interim dividend of $0.70 per share payable on or about on 31 October 2025 Cash and Li
Slide 24: Selected Major Awards in 1H 2025
Selected Major Awards in 1H 2025 Award Presenter Casino Operator of the Year Global Gaming Awards Asia-Pacific 2025 11th Outstanding Corporate Social Responsibility Award Ceremony - Outstanding Mirror Post of Hong Kong Corporate Social Responsibility Award GEG Macau Fair & Trade Association and 2025
Slide 25: Selected Major Awards in 1H 2025
Selected Major Awards in 1H 2025 Award Presenter SCMP 100 Top Tables 2025 - 8½ Otto e Mezzo BOMBANA - Lai Heen South China Morning Post - Sushi Kissho by Miyakawa Galaxy MacauTM - Teppanyaki Shou - Yamazato Environmental Protection Bureau of the Macau Green Hotel Awards – Gold Award – Hotel Okura Ma
Slide 26: GEG Development Update
GEG Development Update Galaxy Macau and StarWorld Macau • We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests including adding new F&B and retail offerings at Galaxy Macau . We are also ramping up GICC, Galaxy Arena,
Slide 27: GEG Development Update: Capella at Galaxy Macau
GEG Development Update Cotai - The Next Chapter Capella at Galaxy Macau August 2025 27
Slide 28: GEG Development Update: Cotai Phase 4
GEG Development Update Cotai - The Next Chapter • On the development front we are progressing well with the construction of Phase 4. Construction of the Super Structure and the external facade has been completed and we are progressing to the next stage of development which is fitting out the buildin
Slide 29: Summary: Positioned for Growth
Summary Positioned for Growth Corporate – Well Positioned for Future Growth • 1H Group Adjusted EBITDA of $6.9 billion, up 14% YoY and up 11% HoH • Q2 Group Adjusted EBITDA of $3.6 billion, up 12% YoY and up 8% QoQ • Announced an interim dividend of $0.70 per share payable on or about on 31 October
Slide 30: Disclaimer
Disclaimer This document and any verbal presentation or discussion have been prepared by Galaxy Entertainment Group Limited (the “Company”) solely for your personal reference. The information provided has not been independently verified. No representation or warranty express or implied is made as to
Slide 31: Q2 & Interim Results 2025
Q2 & Interim Results 2025 12 August, 2025
Galaxy Entertainment Group — Q2 2025 Earnings Presentation on 6ix