Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 49.2 billion for the fiscal year ending December 31, 2025, representing a 13% year-on-year increase [1] Financial Performance - Adjusted EBITDA for the group was HKD 14.5 billion, up 19% year-on-year [1] - The gaming business's net win rate was high, contributing an additional HKD 1.482 billion to adjusted EBITDA, which would normalize to HKD 13 billion, reflecting a 5% year-on-year increase [1] - Shareholders' profit attributable to the group was HKD 10.7 billion, a 22% increase year-on-year, with a proposed final dividend of HKD 0.80 per share [1] Quarterly Performance - In Q4, the group achieved a net revenue of HKD 13.8 billion, a 22% year-on-year increase and a 14% quarter-on-quarter increase [1] - Adjusted EBITDA for Q4 was HKD 4.3 billion, up 33% year-on-year and 29% quarter-on-quarter [1] - The high net win rate in Q4 added approximately HKD 731 million to adjusted EBITDA, which would normalize to HKD 3.6 billion, showing a 9% year-on-year and 7% quarter-on-quarter increase [1] Strategic Focus - The company continues to drive growth across its business segments, particularly focusing on the premium mass and ultra-high-end mass markets [1] - The opening of the Capella resort is set for trial operations in May 2025 and official opening on February 10, 2026, aimed at capturing a larger share of the ultra-high-end market [1]

Core Viewpoint - Galaxy Entertainment reported a significant increase in adjusted EBITDA and net profit for the year 2025, indicating strong financial performance and growth potential in the gaming and entertainment sector [1] Financial Performance - The adjusted EBITDA for the year 2025 is projected to be HKD 14.5 billion, representing a year-on-year increase of 19% [1] - The net profit attributable to shareholders is expected to reach HKD 10.7 billion, reflecting a year-on-year growth of 22% [1] Dividend Announcement - The company plans to declare a final dividend of HKD 0.8 per share [1]

根据公开资料整理，银河娱乐在2025年持续受益于澳门博彩市场的复苏，带动整体盈利能力提升。公司 管理层表示，未来将继续优化非博彩业务布局，以巩固综合度假村的竞争优势。 来源：观点地产网 观点网讯：2月26日，银河娱乐公布2025年度业绩，集团经调整EBITDA为145亿港元，同比上升19%； 全年股东应占溢利107亿港元，同比增长22%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公佈日期，董事會成員包括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；非執行董事為張惠彬博 士；以及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。 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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告的內容概不負責，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 | | | --- | --- | | 公告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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 銀河娛樂集團有限公司 | | 股份代號 | 00027 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年2月26日 | | 公告狀態 | 新公告 ...

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） （股份代號：27） 截至二零二五年十二月三十一日止年度 之全年業績公佈 銀河娛樂集團有限公司（「銀娛」或「本公司」）主席的信 在二零二五年，澳門從疫情後復甦的勢頭持續，全年博彩收益總額增長9%至2,402億港 元。年內中央政府進一步放寬了赴澳旅遊的靈活性，包括容許珠海居民「一周一行」及橫 琴居民「一簽多行」等，讓內地遊客可更頻繁地前往澳門。因此，訪澳旅客人數總額上升 15%，達到4,010萬人次，創歷史新高。來自中國內地的旅客數量增長速度更快，增加了 18%，達到2,900萬人次。同樣重要的是，訪澳國際旅客人數也創下紀錄新高，較去年上升 14%，達到280萬人次。銀娛一直積極與澳門旅遊局合作，將澳門打造為首選的旅遊目的 地，尤其是在亞洲區。銀娛將繼續努力不懈，透過我們的營銷團隊及於首 ...

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% t ...

Core Viewpoint - Morgan Stanley expresses concerns over the profitability pressure from promotional activities in Macau casinos, despite a moderate performance during the Lunar New Year and ongoing hopes for a spring effect in the casino sector [1] Group 1: Industry Performance - Macau's gaming revenue is performing better than other Chinese consumer stocks, with no risks related to artificial intelligence [1] - Total gaming revenue is expected to see low single-digit growth year-on-year this month, with a projected 13% year-on-year growth for the first two months of the year [1] Group 2: Visitor Trends - Strong growth in the number of visitors to Macau is noted, but there is a decline in per capita spending [1] - There is a bottleneck in hotel room supply, which may impact overall visitor experience [1] - The average age of gamblers is decreasing over time [1] Group 3: Company Preferences - Morgan Stanley favors Galaxy Entertainment (00027) as an industry representative and Sands China (01928) for its high dividends [1] - Wynn Macau (01128) and Melco Resorts (MLCO.US) are considered undervalued, while SJM Holdings (00880) may experience significant EBITDA fluctuations by 2026 [1]

Core Viewpoint - Morgan Stanley expresses concerns about the profit pressure from promotional activities in Macau casinos, despite hopes for a strong performance during the Lunar New Year. The overall gaming revenue in Macau is performing better than other Chinese consumer stocks, with continuous growth in cash flow and dividends making gaming stocks attractive [1]. Group 1: Industry Performance - Macau's gaming revenue is expected to show low single-digit growth year-on-year for the current month, with a projected 13% year-on-year growth for the first two months of the year [1]. - Visitor numbers to Macau are increasing significantly; however, there is a decline in per capita spending, and there are bottlenecks in hotel room supply [1]. - The average age of gamblers is decreasing over time, indicating a shift in the demographic profile of casino visitors [1]. Group 2: Company Preferences - Morgan Stanley favors Galaxy Entertainment (00027) as a representative of the industry and Sands China (01928) for its high dividends [1]. - Wynn Macau (01128) and Melco Resorts (MLCO.US) are considered undervalued, while SJM Holdings (00880) may experience significant EBITDA fluctuations by 2026 [1].

根据该行的查验，2月首22天澳门博彩总收益为143亿澳门元(下同)，即日均6.5亿元。上周的日均收益， 涵盖农历新年假期的淡静及高峰时段为7.85亿元，低于该行预期的8.5亿元。该行表示，假期开始时表现 呆滞，首4至5天日均收益约4.5亿元，同比录得双位数跌幅。但从第6天起，活动急升，每日博彩总收益 突破12亿元，意味着同比增长10%至15%。假期尚未结束，未来数天至关重要，此假期后的"尾随需 求"阶段通常是高端玩家加速消费的时候。该行将于周末取得全月数据后全面了解情况。 鉴于农历新年表现好坏参半，该行微调2月博彩总收益预测至同比持平至增长2%(此前预测增长2%至 5%)。撇除季节性及日历因素后，料2026年首两个月博彩总收益增长12%至13%(此前预测增长13%至 14%)，与该行及市场的行业预测一致。 摩根大通发布研报称，更新对澳门博彩股的最新偏好次序。首选为银河娱乐(00027)，给予"增持"评级; 其次为美高梅中国(02282)，同样获"增持"评级; 金沙中国(01928)与永利澳门(01128)则紧随其后，两者均 获"增持"评级。新濠博亚娱乐(MLCO.US)的评级为"中性"，而新濠国际发展(002 ...

Group 1 - Morgan Stanley updates its preference order for Macau gaming stocks, with Galaxy Entertainment (00027) as the top pick rated "Overweight" [1] - MGM China (02282) is also rated "Overweight," followed by Sands China (01928) and Wynn Macau (01128), both rated "Overweight" [1] - Melco Resorts (MLCO.US) receives a "Neutral" rating, while SJM Holdings (00200) and Australia’s Amax Holdings (00880) are rated "Underweight" [1] Group 2 - For the first 22 days of February, Macau's total gaming revenue reached MOP 14.3 billion, averaging MOP 650 million per day [1] - The average daily revenue during the previous week, which included the Lunar New Year holiday, was MOP 785 million, lower than the expected MOP 850 million [1] - The initial days of the holiday showed weak performance with an average daily revenue of MOP 450 million, reflecting a double-digit year-on-year decline [1] Group 3 - The forecast for February's gaming revenue has been adjusted to a year-on-year growth of 0% to 2%, down from the previous estimate of 2% to 5% [2] - Excluding seasonal and calendar factors, the expected growth for total gaming revenue in the first two months of 2026 is revised to 12% to 13%, slightly down from the earlier forecast of 13% to 14% [2] - This revised forecast aligns with both the company's and market's industry expectations [2]