Financial Performance - The Group reported Q2 2025 Adjusted EBITDA of $3.6 billion, representing a 12% increase year-on-year and an 8% increase quarter-on-quarter [1][3][28] - For the first half of 2025, the Group's Net Revenue was $23.2 billion, up 8% year-on-year, and Adjusted EBITDA was $6.9 billion, up 14% year-on-year [3][21] - The Group's balance sheet remains strong with cash and liquid investments of $30.7 billion as of June 30, 2025, and minimal debt [4][36] Market Overview - Macau's Gross Gaming Revenue (GGR) grew 8% year-on-year and 6% quarter-on-quarter in Q2 2025, reaching $59.3 billion [2][19] - Visitor arrivals to Macau increased by 15% year-on-year in the first half of 2025, totaling 19.2 million [20][63] Business Segments - Galaxy Macau™ was the primary driver of the Group's earnings, with Net Revenue of $19.1 billion in 1H 2025, up 13% year-on-year [37] - StarWorld Macau's Adjusted EBITDA decreased by 21% year-on-year to $653 million in 1H 2025, attributed to bad luck in gaming operations [41][42] - Broadway Macau™ reported a Net Revenue of $97 million for 1H 2025, down 3% year-on-year [45] Development and Future Outlook - The Group is progressing with the construction of Phase 4, which includes multiple high-end hotel brands and is targeted for completion in 2027 [12][53] - The Capella at Galaxy Macau has received positive feedback during its exclusive previews and is expected to attract ultra-high value customers [11][60] - The Group remains optimistic about mega events tourism in the second half of the year, with several high-profile entertainment events planned [6][59] Awards and Recognition - Galaxy Macau™ won the 'Integrated Resort of the Year' and the Group was recognized as 'Casino Operator of the Year' at the Global Gaming Awards Asia-Pacific 2025 [10][54] - Four restaurants within the Group earned five MICHELIN stars in the MICHELIN Guide Hong Kong Macau 2025 [10]

1Q25 Earnings Presentation April 23, 2025 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipates," "believes," ...