Galaxy Entertainment Group Limited · HKEX:27
Galaxy Entertainment — FY2025 Earnings Presentation
33 slides from Galaxy Entertainment's earnings presentation, Feb 26, 2026
Slide 1: Q4 and Annual Results 2025
Q4 and Annual Results 2025 26 February, 2026
Slide 2: Chairman's statement: Mr. Francis Lui Yiu Tung
Mr. Francis Lui Yiu Tung, Chairman of GEG said: “In 2025 Macau continued its post Covid recovery, with Gross Gaming Revenue (‘GGR’) increasing 9% to $240.2 billion. During the year, the Central Government further increased flexibility for mainland visitors, including the one- trip-per-week visa for
Slide 3: Chairman's statement: Mr. Francis Lui Yiu Tung
Mr. Francis Lui Yiu Tung, Chairman of GEG said: GEG continues to support the Macau Government's goal to develop Macau into a ‘City of Performing Arts’ and ‘City of Sports’ by hosting world-class events across various categories. The Galaxy Arena and Galaxy International Convention Center (‘GICC’) ha
Slide 4: Chairman's statement: Mr. Francis Lui Yiu Tung
Mr. Francis Lui Yiu Tung, Chairman of GEG said: Macau’s 2025 Policy Address reaffirmed the importance of balancing reliance on gaming with diversified tourism and cultural development. In response, concessionaires continued to invest heavily in non-gaming facilities such as hotels, retail, family en
Slide 5: Executive Summary: GEG Well Positioned for Future Growth
Executive Summary GEG: Well Positioned for Future Growth Q4 2025 • Q4 Group Net Revenue of $13.8 billion, up 22% year-on-year and up 14% quarter-on-quarter • Q4 Group Adjusted EBITDA of $4.3 billion, up 33% year-on-year and up 29% quarter-on-quarter • Played lucky in Q4 which increased Adjusted EBIT
Slide 6: Executive Summary: Galaxy Macau
Executive Summary Galaxy Macau : Primary Driver to Group Earnings Q4 2025 • Q4 Net Revenue of $11.8 billion, up 29% year-on-year and up 17% quarter-on-quarter • Q4 Adjusted EBITDA of $4.0 billion, up 41% year-on-year and up 31% quarter-on-quarter • Played lucky in Q4 which increased Adjusted EBITDA
Slide 7: Executive Summary: StarWorld Macau
Executive Summary StarWorld Macau: Continuing with Major Property Upgrades Q4 2025 • Q4 Net Revenue of $1.3 billion, down 1% year-on-year and up 1% quarter-on-quarter • Q4 Adjusted EBITDA of $356 million, down 2% year-on-year and down 4% quarter-on-quarter • Played lucky in Q4 which increased Adjust
Slide 8: Executive Summary: Broadway Macau, City Clubs and Construction Materials
Executive Summary Broadway Macau , City Clubs and Construction Materials Division • Broadway Macau : Full Year Adjusted EBITDA of $11 million, down 54% year-on-year. Q4 Adjusted EBITDA was $4 million, versus $1 million in Q4 2024 and $1 million in Q3 2025 • City Clubs: Full Year Adjusted EBITDA of $
Slide 9: Executive Summary: Balance Sheet
Executive Summary Balance Sheet: Remained Healthy and Liquid • As at 31 December 2025, cash and liquid investments were $36.3 billion and the net position was $35.0 billion after debt of $1.3 billion • Paid two dividends totaling $1.20 per share in 2025 • The GEG Board recommends a final dividend of
Slide 10: Executive Summary: Development Update
Executive Summary Development Update: Continue to ramp up Capella at Galaxy Macau, GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4 • Cotai Phase 3 – Continue to ramp up Capella at Galaxy Macau, GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau • Cotai
Slide 11: 2025 Annual Results
2025 Annual Results February 2026 11
Slide 12: GEG Revenue Summary FY2025
GEG Revenue Summary FY2025 Fiscal 2025 Net Revenue increased 13% YoY to $49.2 billion Full Year GEG Net Revenue (HK$’m) $49,242 $43,432 Net Revenue YoY GEG Total +13% $41,014 $34,504 Galaxy Macau +19% BW, BW, $220 $205 StarWorld Macau (7)% CC, CC, $5,318 $209 $109 $4,951 Broadway Macau (7)% $3,181 $
Slide 13: GEG Adjusted EBITDA FY2025
GEG Adjusted EBITDA FY2025 Full Year Group Adjusted EBITDA of $14.5 billion, up 19% YoY Full Year GEG Adjusted EBITDA (HK$’m) $14,502 $12,188 Adjusted EBITDA YoY GEG Total +19% BW, $13,429 BW, $10,794 $24 $11 Galaxy Macau +24% CC, $14 StarWorld Macau (13)% $1,584 $1,378 $857 $877 Broadway Macau (54)
Slide 14: GEG FY2025 NPAS
GEG FY2025 NPAS FY2025 Net Profit Attributable to Shareholders of $10.7 billion, up 22% YoY (HK$’m) FY2024 FY2025 YoY% Net Revenue $43,432 $49,242 +13% Adjusted EBITDA $12,188 $14,502 +19% Net Profit Attributable to Shareholders $8,759 $10,674 +22% February 2026 14
Slide 15: Cash and Debt Update
Cash and Debt Update Balance Sheet: Remained Healthy and Liquid • As at 31 December 2025, cash and liquid investments were $36.3 billion and net position was $35.0 billion after debt of $1.3 billion • Paid two dividends totaling $1.20 per share in 2025 • The GEG Board recommends a final dividend of
Slide 16: Q4 2025 Results
Q4 2025 Results February 2026 16
Slide 17: GEG Revenue Q4 2025
GEG Revenue Q4 2025 Q4 Group Net Revenue of $13.8 billion, up 22% YoY and up 14% QoQ GEG Net Revenue (HK$’m) $13,833 $12,163 YoY QoQ $11,294 GEG Total +22% +14% $11,773 $10,092 BW, Galaxy Macau +29% +17% $9,140 BW, BW, $46 $58 $62 CC, CC, CC, StarWorld Macau (1)% +1% $36 $19 $6 $1,289 $1,263 $1,275
Slide 18: GEG Adjusted EBITDA Q4 2025
GEG Adjusted EBITDA Q4 2025 Q4 Group Adjusted EBITDA of $4.3 billion, up 33% YoY and up 29% QoQ • Normalized Q4 Adjusted EBITDA of $3.6 billion, after adjusting for good luck of approximately $731 million, up 9% year-on-year and up 7% quarter-on-quarter GEG Adjusted EBITDA (HK$’m) YoY QoQ $4,296 GEG
Slide 19: Galaxy Macau
Galaxy Macau February 2026 19
Slide 20: Galaxy Macau Q4 2025
Galaxy Macau Q4 2025 Galaxy Macau Q4 Adjusted EBITDA of $4.0 billion, up 41% YoY and up 31% QoQ Galaxy Macau YoY QoQ Net Revenue of $11.8 billion, up 29% YoY and 17% QoQ Total Gross Revenue +27% +14% • VIP win of $3.1 billion, up 103% YoY and 53% QoQ Total Net Revenue +29% +17% Adjusted EBITDA +41
Slide 21: StarWorld Macau
StarWorld Macau February 2026 21
Slide 22: StarWorld Macau Q4 2025
StarWorld Macau Q4 2025 StarWorld Macau Q4 Adjusted EBITDA of $356 million, down 2% YoY and down 4% QoQ StarWorld Macau YoY QoQ Net Revenue of $1.3 billion, down 1% YoY and up 1% QoQ Total Gross Revenue +2% +1% • VIP win was $15 million, down 12% YoY and 38% QoQ Total Net Revenue (1)% +1% Adjusted E
Slide 23: Broadway Macau and City Clubs Q4 2025
Broadway Macau and City Clubs Q4 2025 Broadway Macau Q4 Adjusted City Clubs Q4 Adjusted EBITDA EBITDA was $4 million Vs $1 was $(4) million, Vs $(1) million in million in Q4 2024 and $1 million in Q4 2024 and $(6) million in Q3 2025 Q3 2025 • Net Revenue of $6 million, down 83% YoY and • Net Revenue
Slide 24: Construction Materials Q4 2025
Construction Materials Q4 2025 Construction Materials Q4 Adjusted EBITDA decreased 10% YoY and increased 20% QoQ to $248 million Concrete precast factory located at Shajing, Shenzhen Adjusted EBITDA (HK$’m) $277 $248 $206 2024 Q4 2025 Q3 2025 Q4 February 2026 24
Slide 25: Selected Major Awards in 2025
Selected Major Awards in 2025 Award Presenter Global Gaming Awards Asia-Pacific 2025 - Casino Operator of the Year Gambling Insider 11th Outstanding Corporate Social Responsibility Award Ceremony - Outstanding Corporate Mirror Post of Hong Kong Social Responsibility Award 2025 IAG Academy IR Awards
Slide 26: Selected Major Awards in 2025
Selected Major Awards in 2025 Award Presenter The MICHELIN Guide Hong Kong Macau 2025 MICHELIN One-Star Restaurant - 8½ Otto e Mezzo BOMBANA - Lai Heen - Sushi Kissho by Miyakawa One MICHELIN Key MICHELIN Guide - Banyan Tree Macau MICHELIN Selected Restaurants - The Ritz-Carlton, Macau - Saffron - T
Slide 27: Selected Major Awards in 2025
Selected Major Awards in 2025 Award Presenter Tatler Best Hong Kong and Macau Awards 2025 - Best New Hotel - Raffles at Galaxy Macau Tatler Best 20 Restaurants - Best Service Bar - The Macallan Whisky Bar & Lounge (Macau) Tatler Asia - Best New Restaurant - Sushi Kissho by Miyakawa - 8½ Otto e Mezzo
Slide 28: 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, lifestyle and retail offerings at Galaxy Macau . • Capella at Galaxy Macau soft l
Slide 29: GEG Development Update: Capella at Galaxy Macau
GEG Development Update Capella at Galaxy Macau Capella Penthouse Entrance Driveway February 2026 29
Slide 30: GEG Development Update: Cotai - The Next Chapter
GEG Development Update Cotai - The Next Chapter • We are progressing well with the fitting out of the approximately 600,000 sqm Phase 4 development. We continued to research the market and received customer feedback. All the feedback leads us to conclude that customers want premium products – larger
Slide 31: Summary: Positioned for Growth
Summary Positioned for Growth Corporate – Well Positioned for Future Growth • FY2025 Net Revenue of $49.2 billion, up 13% year-on-year and Adjusted EBITDA of $14.5 billion, up 19% year-on-year • Q4 2025 Adjusted EBITDA of $4.3 billion, up 33% year-on-year and up 29% quarter- on-quarter • FY2025 Grou
Slide 32: 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 33: Q4 and Annual Results 2025
Q4 and Annual Results 2025 26 February, 2026
Galaxy Entertainment Group — FY2025 Earnings Presentation on 6ix