Presentation of 2025 Q4 & Annual Results

Q4 and Annual Results 2025

26 February, 2026

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 Zhuhai residents and the multiple-entry visa for Hengqin residents, which enables more frequent travel to Macau. As a result, total visitation to Macau increased 15% to 40.1 million, setting an all-time record for arrivals. Visitation from Mainland China increased at an even faster pace, rising 18% to 29.0 million. Equally significant, international visitor arrivals increased 14% to 2.8 million, also setting a new record for overseas visitation. GEG has been actively working with Macao Government Tourism Office ('MGTO') to position Macau as a destination of choice, particularly across Asia. GEG remains fully committed to advancing this effort through our marketing teams and international offices in Seoul, Tokyo, Bangkok, and Singapore.

Turning to GEG's performance, we continued to drive growth across every segment of the business, with a particular focus in the premium mass and the super-premium mass segment. Capella soft launched in May 2025 and officially opened on 10 February 2026. With its ultra-luxury room product, Capella has allowed us to capture the super-premium mass segment more effectively at scale, further reinforcing our leadership in this high-value market.

From a financial perspective, GEG grew Adjusted EBITDA by 19% from $12.2 billion to $14.5 billion in 2025. Full year Net Profit Attributable to Shareholders ('NPAS') grew 22% to $10.7 billion.

Our balance sheet remains healthy and liquid, with cash and liquid investments of $36.3 billion. This solid financial foundation, together with healthy cash flow from operations enables us to return capital to shareholders, fund our development pipeline, pursue international expansion opportunities and ensure that we have a strong balance sheet in the event of unforeseeable circumstances such as economic shocks. During 2025, we paid two dividends of $0.50 and $0.70, totaling $1.20 per share. Today the Board recommends a final dividend of $0.80 per share. These dividends demonstrate our continued confidence in the longer-term outlook for Macau and for GEG.

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') have been tremendously successful, with mega events driving a significant increase in customer traffic. In 2025, GEG hosted around 350 concerts, entertainment shows, sporting and major events. Highlights included world-class tenor Andrea Bocelli's concert in March, the ITTF World Cup in April, performances by G Dragon, Jacky Cheung, and Eason Chan during summer, and the National Games in November which was the first time that they were jointly held in Macau. We also hosted the two-day iQIYI Scream Carnival which is an exclusive multi-year strategic partnership with Galaxy Arena. In addition, the '2025 Greater Bay Area Film and Music Gala - Bay Area Rising Moon', co-organized by the Film Channel Program Centre, the Cultural Affairs Bureau of the Macao SAR Government, Zijing Culture Group and Phoenix Television, was also successfully held at Galaxy Arena. These landmark events drew large audiences from both Mainland China and overseas markets, underscoring the power of entertainment to broaden Macau's appeal well beyond gaming. Each event not only strengthened the Galaxy brand but also generated incremental revenue across our resorts.

Looking ahead, 2026 promises another exciting calendar of entertainment. We will continue our partnerships with leading global entertainment companies to present marquee concerts, while expanding our collaboration with UFC to bring thrilling UFC Fight Nights to the city. We have also renewed a three-year cooperation agreement with Damai Entertainment, a member of Alibaba Group, and Macau Pass to enhance our events ticketing services. Together, these initiatives will deepen customer loyalty, attract new audiences, and firmly establish Macau as Asia's premier destination for leisure and entertainment.

GEG announced that Waldo Casino ceased operations on 31 October 2025. In alignment with Macau Government policies, GEG is committed to safeguarding local employment. In addition to being able to retain the same position, employees have also been offered the opportunity to explore a range of career paths if they wish to do so and they received support for their transition into a new working environment.

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 entertainment, and event venues, while also expanding international marketing. Together, these initiatives are helping Macau evolve into a globally competitive World Centre of Tourism and Leisure.

Looking ahead to 2026, we remain firmly focused on accelerating Phase 4 development, enhancing the appeal of our existing resorts, and further expanding our non-gaming offerings - from mega shows to international events

- to diversify Macau's offerings. We remain optimistic about GEG and the broader market landscape. We are confident that the Central Government will continue to support Macau through policies, and that the Macau Government will sustain its focus on stable development and economic diversification.

On a final note, I would like to express my heartfelt appreciation to our team members who deliver 'World Class, Asian Heart' service each and every day. Their professionalism and commitment have been instrumental in upholding GEG's reputation and driving the solid financial results we have achieved."

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 EBITDA by approximately $731 million, normalized Q4 Adjusted EBITDA of $3.6 billion, up 9% year-on-year and up 7% quarter-on-quarter

  Fiscal 2025

• Full Year Group Net Revenue of $49.2 billion, up 13% year-on-year

• Full Year Group Adjusted EBITDA of $14.5 billion, up 19% year-on-year

• Played lucky for FY2025 which increased Adjusted EBITDA by approximately $1,482 million, normalized FY2025 Adjusted EBITDA was $13.0 billion, up 5% year-on-year

• Full Year Group NPAS of $10.7 billion, up 22% year-on-year

  
  
  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 by approximately $729 million, normalized Q4 Adjusted EBITDA of $3.3 billion, up 15% year-on-year and up 8% quarter-on-quarter

• Hotel occupancy for Q4 across the nine hotels was 99%

  Fiscal 2025

• Full Year Net Revenue of $41.0 billion, up 19% year-on-year

• Full Year Adjusted EBITDA of $13.4 billion, up 24% year-on-year

  
  
  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 Adjusted EBITDA by approximately $2 million, normalized Q4 Adjusted EBITDA of $354 million, down 5% year-on-year and down 5% quarter-on-quarter

• Hotel occupancy for Q4 was 100%

  Fiscal 2025

• Full Year Net Revenue of $5.0 billion, down 7% year-on-year

• Full Year Adjusted EBITDA of $1.4 billion, down 13% year-on-year

  
  
  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 $(7) million, versus $14 million in 2024. Q4 Adjusted EBITDA was $(4) million, versus $(1) million in Q4 2024 and $(6) million in Q3 2025. Waldo Casino ceased operations on 31 October 2025

• Construction Materials Division: Full Year Adjusted EBITDA of $877 million, up 2% year-on-year. Q4 Adjusted EBITDA was $248 million, down 10% year-on-year and up 20% quarter-on-quarter

  
  
  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 $0.80 per share payable in June 2026

  
  
  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 Phase 4 - Our efforts are firmly focused on the development of Phase 4 which has a strong focus on non-gaming, primarily targeting entertainment, family facilities and also includes a casino

• International - Continuously exploring opportunities in overseas markets

2025 Annual Results

GEG Revenue Summary FY2025

Fiscal 2025 Net Revenue increased 13% YoY to $49.2 billion

Full Year GEG Net Revenue (HK$'m)

$43,432

$5,318

BW,

$220

$209

CC,

$49,242

$4,951

BW,

$205

CC,

$109

Net Revenue YoY

GEG Total +13%

Galaxy Macau +19%

StarWorld Macau (7)%

Broadway Macau (7)%

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

2024 2025

,

CC,

$(7)

Adjusted EBITDA YoY

GEG Total +19%

Galaxy Macau +24%

StarWorld Macau (13)%

Broadway Macau (54)%

City Clubs NM

Galaxy Macau™ StarWorld Macau Broadway Macau™ City Clubs Construction Materials Corporate Costs

Construction Materials +2%

GEG FY2025 NPAS

FY2025 Net Profit Attributable to Shareholders of $10.7 billion, up 22% YoY

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 $0.80 per share payable in June 2026

Cash and Liquid Investments and Net Position after Debt (HK$ billion)

Cash & liquid investments Net position after Debt

$31.3 $30.7

$27.1

$30.3

$36.3

$35.0

Dec 31, 2024 Jun 30, 2025 Dec 31, 2025

Q4 2025 Results

GEG Revenue Q4 2025

Q4 Group Net Revenue of $13.8 billion, up 22% YoY and up 14% QoQ

$11,294

GEG Net Revenue (HK$'m)

$12,163

$13,833

BW,

$58

CC,

$36

BW,

$62

CC,

$19

BW,

$46

CC,

$733

$727

$1,275

$1,263

$1,289

$6

$771

2024 Q4 2025 Q3 2025 Q4

Galaxy Macau™ StarWorld Macau Broadway Macau™ City Clubs Construction Materials

Construction Materials

(5)% +1%

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)

  $3,068

$3,237 $3,341

$4,296

BW,

$1

CC,

$(1)

BW,

$206

$369

$1

CC,

$(6)

BW,

$248

$356

$4

CC,

$(4)

2024 Q4 2025 Q3 2025 Q4

Galaxy Macau™ StarWorld Macau Broadway Macau™ City Clubs Construction Materials Corporate Costs

Construction Materials

(10)% +20%

Galaxy Macau™

Galaxy Macau™ Q4 2025

Galaxy Macau Q4 Adjusted EBITDA of $4.0 billion, up 41% YoY and up 31% QoQ

Net Revenue of $11.8 billion, up 29% YoY and 17% QoQ

• VIP win of $3.1 billion, up 103% YoY and 53% QoQ

• Mass win of $8.7 billion, up 17% YoY and 6% QoQ

• Non-gaming revenue of $1.6 billion, up 7% YoY and 2% QoQ, including

  $360 million of net rental revenue

• Hotel occupancy for Q4 across the nine hotels was 99%

  Adjusted EBITDA of $4.0 billion, up 41% YoY and up 31% QoQ

• Played lucky in Q4 which increased Adjusted EBITDA by approximately

  $729 million

• Normalized Q4 Adjusted EBITDA was $3.3 billion excluding the luck factor, up 15% year-on-year and up 8% quarter-on-quarter

$4,000

$3,000

$2,000

$1,000

Adjusted EBITDA (HK$'m) and Adjusted EBITDA Margin (%)

$4,020

60%

40%

20%

February 2026

$0 0%

31%

30%

34%

2024 Q4 2025 Q3 2025 Q4 20

$2,842

$3,068