Core Viewpoint - CICC has raised its adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has increased customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in 1Q25 despite the opening of the Capella hotel [3] - The company is focusing on transitioning the StarWorld Hotel towards mass gaming, emphasizing electronic gaming machines, with 100 out of 250 gaming tables relocated to the Galaxy Macau property [3] - Management expects the StarWorld Hotel to benefit from the retention demand of satellite casinos, which are set to close by the end of 2025 [3] - The company is interested in investing in a resort in Bangkok, Thailand, and will monitor potential changes in the external environment [3]

Core Viewpoint - CICC has raised the adjusted EBITDA forecasts for Galaxy Entertainment for 2025 and 2026 by 5% and 3% to HKD 14.524 billion and HKD 15.330 billion respectively, due to better-than-expected performance from the Capella hotel [1] Group 1: Financial Performance - Galaxy Entertainment reported 2Q25 net revenue of HKD 12.044 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of 8%, recovering to 91% of the 2Q19 level [2] - Adjusted EBITDA for 2Q25 was HKD 3.569 billion, up 12% year-on-year and 8% quarter-on-quarter, reaching 82% of the 2Q19 level, aligning closely with market expectations of HKD 3.540 billion [2] Group 2: Management Insights - The company declared an interim dividend of HKD 0.70 per share, corresponding to a payout ratio of approximately 60%, and plans to maintain this payout ratio [3] - The high-end mass gaming segment continues to outperform the standard mass segment, driven by the opening of the Capella hotel, which has led to strong growth in customer daily theoretical win and spending levels [3] - Management anticipates capital expenditures of HKD 7 billion for 2025, with HKD 3 billion spent in the first half of 2025, while maintaining daily operating costs at the same level as in Q1 2025 [3] - The company is focused on hosting large concerts and entertainment events in Macau, recognizing the sustainability and return potential of integrated resorts [3]

Q2 & Interim Results 2025 12 August, 2025 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 Gaming Revenue ('GGR') growing 8% year- on-year and 6% quarter-on-quarter to $59.3 billion. GEG delivered solid results and growth in market share under competitive market con ...

Group 1 - UBS report indicates that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, exceeding market expectations with a payout ratio of approximately 58%, compared to the expected 50%, which is viewed as a positive surprise [1] - The report states that Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion, and if adjusted for VIP room win rate factors, EBITDA grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - Despite an increase in market share, the EBITDA margin (excluding construction business) declined by 10 basis points quarter-on-quarter to 29.6% due to rising reinvestment rates [1] Group 2 - Mass gaming revenue grew approximately 7% quarter-on-quarter, outperforming the industry average growth of 4% [1] - VIP room betting volume increased by approximately 20% quarter-on-quarter, primarily driven by the soft opening of the Capella Hotel in early May [1] - Operating expenses for the period rose by 2% quarter-on-quarter, with reinvestment rates increasing by 120 basis points, reflecting increased promotional activities related to concerts and hotel openings in Q2 [1]

Core Viewpoint - UBS reports that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, exceeding market expectations with a payout ratio of approximately 58%, compared to the expected 50%, which UBS views as a positive surprise, maintaining a "Buy" rating with a target price of HKD 43.9 [1] Financial Performance - Galaxy Entertainment's adjusted EBITDA for Q2 increased by 12% year-on-year to HKD 3.6 billion; when adjusting for VIP room win rate factors, EBITDA grew approximately 7% quarter-on-quarter to HKD 3.2 billion [1] - Despite an increase in market share, the EBITDA margin (excluding construction business) declined by 10 basis points quarter-on-quarter to 29.6% due to rising reinvestment rates [1] Revenue Breakdown - Mass gaming revenue grew approximately 7% quarter-on-quarter, outperforming the industry average growth of 4% [1] - VIP room betting volume increased by approximately 20% quarter-on-quarter, primarily driven by the soft opening of the Capella Hotel in early May [1] Operating Expenses - The company's daily operating expenses rose by 2% quarter-on-quarter, with reinvestment rates increasing by 120 basis points, reflecting higher promotional activities related to concerts and hotel openings in Q2 [1]

Group 1 - Morgan Stanley reported that Galaxy Entertainment (00027) declared an interim dividend of HKD 0.7 per share, a 40% increase year-on-year, exceeding the bank's expectation of HKD 0.6 per share [1] - The dividend yield stands at 3.5%, which is less attractive compared to a payout ratio of 59%, up from the previous 50% [1] - Adjusted EBITDA for the second quarter was HKD 3.162 billion, a 1% decrease year-on-year but a 7% increase quarter-on-quarter, representing 79% of the EBITDA from the second quarter of 2019, falling short of both the bank's and market expectations [1] Group 2 - The reported EBITDA for Galaxy Entertainment was HKD 3.569 billion, reflecting an 8% quarter-on-quarter increase and a 12% year-on-year increase, which is 82% of the EBITDA from the second quarter of 2019, benefiting from a 4.4% increase in VIP room win rate [1] - Excluding the City Club, the mass gaming revenue increased by 7% quarter-on-quarter, reaching 130% of the second quarter of 2019, with market share increasing by 20 basis points to 19% [1] - Due to a business mix favoring VIP rooms and rising operating costs, the EBITDA margin was weak, with the reinvestment rate for mass gaming increasing by 150 basis points to 19.8% [1]

Core Viewpoint - UBS research report indicates that Galaxy Entertainment's adjusted EBITDA for the second quarter increased by 12% year-on-year, reaching HKD 3.6 billion [1] Financial Performance - Adjusted EBITDA, excluding the impact of VIP room win rates, grew approximately 7% quarter-on-quarter, amounting to HKD 3.2 billion [1] - Daily operating expenses for Galaxy Entertainment increased by 2% quarter-on-quarter [1] - Reinvestment rate rose by 120 basis points, indicating an increase in promotional activities related to concerts and hotel openings during the second quarter [1] Dividend Announcement - Galaxy Entertainment announced an interim dividend of HKD 0.7 per share, exceeding market expectations, with a payout ratio of approximately 58% [1] Analyst Rating - UBS maintains a "Buy" rating for the company, with a target price set at HKD 43.9 [1]

Group 1 - The core point of the article is the announcement of a change in company secretary at Galaxy Entertainment [1] - Ms. Sin Li Mei Wah will resign as the company secretary and authorized representative effective from August 13, 2025 [1] - Mr. Chuang Hui Sheng will be appointed as the new company secretary and authorized representative effective from August 13, 2025 [1]

Group 1 - The core point of the article is the announcement of a change in the company secretary position at Galaxy Entertainment Group [1] - Xian Li Mei Hua will resign as the company secretary and authorized representative effective from August 13, 2025 [1] - Zhuang Hui Sheng will be appointed as the new company secretary and authorized representative effective from August 13, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 （於香港註冊成立之有限公司） 於本公佈日期，銀娛之執行董事為呂耀東先生（主席）、徐應強先生、鄧呂慧瑜女士 及呂慧玲女士；銀娛之非執行董事為張惠彬博士；以及銀娛之獨立非執行董事為顏志 宏先生、葉樹林博士、黃龍德教授及萬卓祺先生。 冼女士已確認，彼與董事會並無意見分歧，亦無知悉有任何與彼退任有關的事宜須促請聯 交所及銀娛股東注意。 董事會並宣佈莊惠生先生（「莊先生」）將獲委任為銀娛之公司秘書及根據上市規則第3.05 條所規定之授權代表，由二零二五年八月十三日起生效。 莊先生為香港合資格律師及於公司及商業法律諮詢及對香港上市公司合規事宜以及公司秘 書實務方面擁有逾二十年的豐富經驗。 董事會謹藉此機會感謝冼女士於其任內對銀娛作出之服務及寶貴貢獻，並對莊先生之委任 表示歡迎。 承董事會命 銀河娛樂集團有限公司 主席 呂耀東 ...