Melco Resorts & Entertainment Ltd. · NASDAQ:MLCO
Melco Resorts & Entertainment — Q4 2025 Earnings Presentation
39 slides from Melco Resorts & Entertainment's earnings presentation, Feb 12, 2026
Slide 1: 4Q'25 Results Presentation
4Q’25 Results Presentation February 12, 2026 1
Slide 2: Disclaimer
Disclaimer Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking state
Slide 3: Key Investment Highlights
Key Investment Highlights 1 GLOBAL PRESENCE WITH HIGH-QUALITY ASSETS spanning Asia and Europe with ability to adapt and thrive in diverse market conditions 2 DIVERSE AWARD-WINNING PRODUCT PORTFOLIO offering a wide range of products and facilities to accommodate a broad spectrum of customers 3 PROVEN
Slide 4: Melco Resort's Global Presence
Melco Resort’s Global Presence Melco Resorts is a developer, owner and operator of award-winning integrated resort facilities in Macau, the Philippines, Cyprus and Sri Lanka Macau Philippines An average of approximately 733 gaming tables, 2,459 gaming machines and 4,588 hotel An average of appro
Slide 5: Diverse Award-Winning Product Offerings
Diverse Award-Winning Product Offerings • To date, Melco Resorts has been recognized with over 1,400 local and international awards and accolades • Attained 19 Five-Star Awards in 2026 Forbes Travel Guide, topping the competition as the world’s integrated resort operator with the most FTG Five-Star
Slide 6: FY2025 Year in Review
FY2025 Year in Review 6
Slide 7: Summary Financials
Summary Financials 3 months ended 12 months ended (US$ millions) Dec ’25 Dec ’24 % Change Dec ’25 Dec ’24 % Change Total Operating Revenues 1,293 1,191 8.6% 5,163 4,638 11.3% Gaming 1,066 972 9.6% 4,247 3,773 12.6% Non-Gaming 228 219 3.9% 916 866 5.9% Total Operating Costs & Expenses (1,147) (1,094)
Slide 8: Melco Resorts Group Adjusted Property EBITDA – Full Year 2025
Melco Resorts Group Adjusted Property EBITDA – Full Year 2025 Melco Resorts Group-wide Adjusted Property EBITDA of US$1,430 million(1) and Hold- Adjusted Property EBITDA of US$1,345 million(5) Total Adjusted Property EBITDA & Margin (1) (2) (US$m) Hold-Adjusted Property EBITDA (5) Altira + Mocha Cit
Slide 9: Melco Resorts – Year in Review
Melco Resorts – Year in Review 2025 Highlights Property EBITDA • Macau Property EBITDA +25% YoY Growth • Group-wide Property EBITDA +17% YoY • Macau Property EBITDA margin +266bps to 27.9% Margin Expansion • Group-wide Property EBITDA margin +141bps to 27.8% Debt Reduction • US$413 million in debt r
Slide 10: City of Dreams Macau – Year in Review
City of Dreams Macau – Year in Review 2025 Highlights Relaunch of House of Increased Visibility New & Enhanced Gaming Dancing Water & Accessibility Environment New premium gaming experience offered with the opening of the Signature Club Clubhouse in July 2025 New carpet, lighting and columns through
Slide 11: Studio City – Year in Review
Studio City – Year in Review 2025 Highlights Concerts & Events Studio City New & Enhanced 10th Anniversary Gaming Environment New premium gaming experience offered with private salons opened in Epic tower in September 2025 Expanded Signature In 2025, our Studio City Event Center hosted 59 Club gamin
Slide 12: Altira – Year in Review
Altira – Year in Review 2025 Highlights New F&B Outlets New & Enhanced Gaming Environment Newly curated dining offerings crafted to deliver Reimagined the entire ground floor into an Expanded the gaming machine area now convenience without comprising on luxury expansive, elegant table games area spa
Slide 13: City of Dreams Manila – Year in Review
City of Dreams Manila – Year in Review 2025 Highlights COD Manila New & Enhanced 10th Anniversary Gaming Environment Introduced refined new carpeting throughout the mass gaming floor, bringing a refreshed, elevated ambiance Premium gaming experience with the newly expanded Li Ying Club 13
Slide 14: City of Dreams Mediterranean and Other – Year in Review
City of Dreams Mediterranean and Other – Year in Review 2025 Highlights Entertainment & Events New Awards World Travel Awards 2025 for World MICE Awards Golden Chef’s Hat Europe’s Leading Casino Resort and for Cyprus’ Best MICE awarded to Europe’s Leading Fully Integrated Hotel 2025 Amber Dragon Res
Slide 15: 4Q 2025 Update
4Q 2025 Update 15
Slide 16: Melco Resorts Group Adjusted Property EBITDA – 4Q'25
Melco Resorts Group Adjusted Property EBITDA – 4Q’25 Melco Resorts Group-wide Adjusted Property EBITDA of US$331 million(1) and Hold- Adjusted Property EBITDA of US$323 million(5) Total Adjusted Property EBITDA & Margin (1) (2) (US$m) Hold-Adjusted Property EBITDA (5) Altira + Mocha City of Dreams M
Slide 17: City of Dreams Macau – 4Q'25
City of Dreams Macau – 4Q’25 City of Dreams Macau recorded Adjusted EBITDA of US$194 million City of Dreams Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Macau Key Operating Metrics (US$m, unless otherwise 4Q’25 Vs. 3Q’25 Vs. 4Q’24 stated) 23.7% 29.8% 31.8% 30.8% 27.8% VIP R
Slide 18: Studio City – 4Q'25
Studio City – 4Q’25 Studio City recorded Adjusted EBITDA of US$87 million Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) (3) Studio City Key Operating Metrics (US$m, unless otherwise 27.5% 27.9% 4Q’25 Vs. 3Q’25 Vs. 4Q’24 23.8% 27.1% 24.0% stated) 105 105 Mass Table Drop 932 (1%) 4% 97
Slide 19: Altira – 4Q'25
Altira – 4Q’25 Altira recorded Negative Adjusted EBITDA of US$3 million Altira Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics (0.8%) (2.5%) 3.0% (2.8%) (US$m, unless otherwise (13.8%) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 stated) Mass Table Drop 153 36% 22% 1 Mass Table Hold % 15
Slide 20: City of Dreams Manila – 4Q'25
City of Dreams Manila – 4Q’25 City of Dreams Manila recorded Adjusted EBITDA of US$33 million City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics 42.5% 37.3% (US$m, unless otherwise 29.6% 28.8% 33.0% 4Q’25 Vs. 3Q’25 Vs. 4Q’24 stated) 57
Slide 21: City of Dreams Mediterranean and Other – 4Q'25
City of Dreams Mediterranean and Other – 4Q’25 City of Dreams Mediterranean and Other recorded Adjusted EBITDA of US$21 million City of Dreams Mediterranean and Other Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Mediterranean and Other Key Operating Metrics (US$m, unless otherwis
Slide 22: Guidance on Key Non-Operating Items
Guidance on Key Non-Operating Items Depreciation & Approximately US$140-145 million for 1Q 2026 Amortization Corporate Expenses Approximately US$35 million for 1Q 2026 Approximately US$115-120 million for 1Q 2026, including Consolidated Net ‒ Finance liability interest of approximately US$6 mi
Slide 23: Liquidity & Balance Sheet
Liquidity & Balance Sheet Actual as of December 31, 2025 Melco Resorts Melco Resorts(1, 4) Studio City (2) Philippines Cyprus Sri Lanka (US$m, unless otherwise stated) Group Cash & Cash Equivalents (3) 550 260 261 53 23 1,148 Availability Under Credit Facilities 1,072 120 40 - - 1,231 Total Liquidit
Slide 24: Shareholder Return
Shareholder Return Returned approximately US$4.1bn to shareholders from 2016 • From 2016, approximately US$4.1 billion has been returned to shareholders in the form of dividends and share repurchases. • In August 2022 and March 2023, the Company repurchased approximately US$323 million of shares fro
Slide 25: Melco Resorts' Sustainability Goals & Achievements
Melco Resorts’ Sustainability Goals & Achievements 25
Slide 26: Restoring our World
Restoring our World Our RISE sustainability strategy guides us to go “Above & Beyond” in achieving our commitments. Restoring our World focuses on goals in Energy & Climate Resilience and Material Use and Waste Environmental Performance Carbon Emissions Intensity Fuel & Electricity Intensity 0.30 0.
Slide 27: Sustaining our Supply Chain
Sustaining our Supply Chain Sustaining our Supply Chain under our RISE strategy embodies what we aim to achieve across our entire value chain. Prioritizing where we can effect change, we focus on building the capacity of our local partners to innovate and to deliver items and services with reduced e
Slide 28: Melco Resorts' Key Environmental Sustainability Highlights
Melco Resorts’ Key Environmental Sustainability Highlights Energy & Climate Waste Reporting Strategy Ratings Energy efficiency measures Waste diversion Materiality Corporate Sustainability • Annualized savings of over 62.5 • Diversion rate from recycling and • Since 2023, updated materiality Assessm
Slide 29: Appendix 1
Appendix 1 29
Slide 30: Melco Resorts: Table Yield Analysis
Melco Resorts: Table Yield Analysis Continue to optimize table allocation across our portfolio of Integrated Resorts Average Number of VIP Gaming Tables Average Number of Mass Gaming Tables 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 Altira 37 37 30 29 29 City of Dreams Macau 76 76 8
Slide 31: Melco Resorts: Historic Revenue and Adjusted Property EBITDA
Melco Resorts: Historic Revenue and Adjusted Property EBITDA Melco Resorts: Last 12 Months Total Adjusted Property EBITDA(1) (US$ million) Melco Resorts: Last 12 Months Macau-only VIP & Mass GGR (US$ million) 4,000 VIP Gross Gaming Revenue 90% Mass Gross Gaming Revenue 2,000 Adjusted Property EBITDA
Slide 32: Appendix 2
Appendix 2 32
Slide 33: City of Dreams Macau
City of Dreams Macau Morpheus Standard Room Morpheus Club Lounge Morpheus Lobby 33
Slide 34: Studio City
Studio City Add photo of Epic room Epic Tower Room Event Center Indoor Waterpark 34
Slide 35: Altira Macau
Altira Macau Panoramic Lobby Ying Restaurant Altira Spa 35
Slide 36: City of Dreams Manila
City of Dreams Manila Nüwa Premier King Room Spa at Nüwa Pool at the Hyatt 36
Slide 37: City of Dreams Mediterranean
City of Dreams Mediterranean Panoramic Suite Outdoor Pool Olea Restaurant 37
Slide 38: City of Dreams Sri Lanka
City of Dreams Sri Lanka Nüwa Deluxe Room Nüwa Dragon Suite Crystal Lounge 38
Slide 39: Thank You
(40 MELCO Thank You
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