Ge Long Hui·2026-02-27 23:07Core Viewpoint - The company reported a strong performance in Q4 2025, with net revenue reaching HKD 138.3 billion, a year-on-year increase of 22.5%, and adjusted EBITDA of HKD 43.0 billion, up 32.7%, meeting market expectations [1] Group 1: Financial Performance - The company's net revenue for Q4 2025 was HKD 138.3 billion, reflecting a year-on-year growth of 22.5% and a quarter-on-quarter increase of 13.7% [1] - Adjusted EBITDA reached HKD 43.0 billion, with a profit margin of 31.1%, which is an increase of 2.4 percentage points year-on-year [3] - The contribution from gaming and non-gaming segments was HKD 113.6 billion and HKD 17.4 billion, respectively, with year-on-year changes of +28.4% and +3.8% [1] Group 2: Gaming Revenue Breakdown - The company's gross gaming revenue was HKD 139.5 billion, a year-on-year increase of 26.5%, surpassing the industry growth rate of 15% [2] - VIP gaming revenue saw a significant increase of 102.0% year-on-year, reaching HKD 31.1 billion, driven by higher win rates and betting amounts [2] - The actual net win rate for Q4 2025 was 5.14%, compared to 3.0% in Q4 2024, indicating a strong performance in the VIP segment [2] Group 3: Market Share and Future Projections - The company's market share in Q4 2025 was 21.8%, an increase from 20.2% in Q3 2025 and 19.8% in Q4 2024 [3] - Future projections estimate net revenue for 2026 and 2027 at HKD 52,483 million and HKD 56,712 million, respectively, with expected growth rates of 6.6% and 8.1% [4] - The company is projected to maintain an adjusted EBITDA margin of approximately 28.7% in 2026 and 29.1% in 2027 [4]