Core Viewpoint - Sands China (01928) experienced a low opening but saw a rise of nearly 3% during trading, closing at HKD 18.87 with a transaction volume of HKD 1.29 billion [1] Financial Performance - For the year 2025, Sands China reported total net revenue of USD 7.44 billion, an increase of 5.1% year-on-year [1] - The net profit for the company was USD 896 million, reflecting a decrease of 14.3% compared to the previous year [1] - Adjusted property EBITDA was USD 2.31 billion, showing a slight decline of 0.7% year-on-year [1] - Earnings per share stood at USD 0.1108, with a final dividend of HKD 0.50 per share, which is a 100% increase year-on-year [1] Market and Operational Insights - Despite an increase in revenue and market share in gaming gross revenue, the company faced higher sales and marketing costs to attract customers, as well as increased wage costs due to competitive pressures, leading to an overall decline in adjusted property EBITDA [1]