February 12, 2026 Disclaimer 4Q'25 Results Presentation Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the "Company") may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other writte ...

Financial Performance - Total Operating Revenues for 3Q'25 reached $183 million, a 4.5% increase compared to $175 million in 3Q'24[4] - Revenue from casino contracts increased by 14.8%, reaching $77 million in 3Q'25 compared to $67 million in 3Q'24[4] - Non-Gaming revenue slightly decreased by 1.9%, from $107 million in 3Q'24 to $105 million in 3Q'25[4] - Operating Income significantly increased by 49.7%, from $16 million in 3Q'24 to $24 million in 3Q'25[4] - Adjusted EBITDA increased by 14.5%, from $68 million in 3Q'24 to $78 million in 3Q'25[4] Key Operating Metrics - Mass GGR increased by 12% compared to 3Q'24, reaching $312 million, but decreased by 4% compared to 2Q'25[13] - Slots GGR increased by 14% compared to 3Q'24, reaching $32 million, but decreased by 6% compared to 2Q'25[13] - Total GGR increased by 3% compared to 3Q'24, reaching $344 million, but decreased by 4% compared to 2Q'25[13] - Adjusted EBITDA increased by 15% compared to 3Q'24, reaching $78 million, and increased by 2% compared to 2Q'25[13] - Mass Table Drop increased by 3% compared to 3Q'24, reaching $943 million, but decreased by 2% compared to 2Q'25[13]

Core Viewpoint - Studio City International Holdings Limited reported a positive financial performance for the third quarter of 2025, with increased revenues and improved operating income compared to the same period in 2024. Financial Performance - Total operating revenues for Q3 2025 were US$182.5 million, up from US$174.6 million in Q3 2024, primarily driven by better mass market operations [2][6] - Studio City Casino generated gross gaming revenues of US$344.4 million in Q3 2025, compared to US$335.5 million in Q3 2024 [2] - Revenue from casino contracts increased to US$77.3 million in Q3 2025 from US$67.3 million in Q3 2024 [5] - Total non-gaming revenues for Q3 2025 were US$105.2 million, slightly down from US$107.3 million in Q3 2024 [6] Gaming Operations - Mass market table games drop was US$942.5 million in Q3 2025, up from US$912.9 million in Q3 2024, with a hold percentage of 33.1% compared to 30.7% in the previous year [3] - Gaming machine handle for Q3 2025 was US$873.3 million, an increase from US$853.0 million in Q3 2024, with a win rate of 3.7% compared to 3.3% in Q3 2024 [3] Operating Income and EBITDA - Operating income for Q3 2025 was US$23.9 million, compared to US$16.0 million in Q3 2024 [7] - Adjusted EBITDA for Q3 2025 was US$78.1 million, up from US$68.2 million in Q3 2024, attributed to increased revenue from casino contracts [7] Net Loss - Net loss attributable to Studio City for Q3 2025 was US$18.6 million, or US$0.10 per ADS, an improvement from a net loss of US$21.0 million, or US$0.11 per ADS, in Q3 2024 [8] Non-Operating Expenses - Total net non-operating expenses for Q3 2025 were US$41.1 million, including interest expense of US$30.9 million and net foreign exchange losses of US$10.1 million [9] Financial Position - Total cash and bank balances as of September 30, 2025, were US$99.6 million, down from US$127.8 million at the end of 2024 [12] - Total debt at the end of Q3 2025 was US$2.06 billion, a reduction from US$2.16 billion at the end of 2024 [12] Capital Expenditures - Capital expenditures for Q3 2025 were US$9.7 million [13]

Financial Performance - Total operating revenues for Q2 2025 were US$190.1 million, up from US$161.5 million in Q2 2024, driven by improved mass market operations and higher non-gaming revenues [2][6] - Studio City Casino generated gross gaming revenues of US$359.6 million in Q2 2025, compared to US$339.3 million in Q2 2024 [2] - Adjusted EBITDA for Q2 2025 was US$76.4 million, an increase from US$54.2 million in Q2 2024, attributed to higher revenue from casino contracts and non-gaming revenues [7][26] Gaming Operations - Mass market table games drop was US$958.2 million in Q2 2025, slightly up from US$955.6 million in Q2 2024, with a hold percentage of 34.0% in Q2 2025 compared to 30.1% in Q2 2024 [3] - Gaming machine handle for Q2 2025 was US$916.1 million, an increase from US$842.4 million in Q2 2024, with a win rate of 3.7% in Q2 2025 compared to 3.3% in Q2 2024 [3] Revenue Breakdown - Revenue from casino contracts was US$83.8 million in Q2 2025, up from US$62.1 million in Q2 2024 [5] - Total non-gaming revenues for Q2 2025 were US$106.3 million, compared to US$99.4 million in Q2 2024 [6] Operating Income and Loss - Operating income for Q2 2025 was US$23.1 million, significantly higher than US$3.0 million in Q2 2024 [7] - Net loss attributable to Studio City for Q2 2025 was US$3.7 million, an improvement from a net loss of US$33.4 million in Q2 2024 [8] Financial Position - Total cash and bank balances as of June 30, 2025, were US$173.5 million, up from US$127.8 million at the end of 2024 [12] - Total debt at the end of Q2 2025 remained stable at US$2.16 billion [12] Capital Expenditures - Capital expenditures for Q2 2025 were US$16.3 million [13] Room and Gaming Statistics - Average daily rate for rooms in Q2 2025 was US$163, compared to US$157 in Q2 2024, with occupancy rates at 97% in Q2 2025 [28] - Average number of table games was 253 in Q2 2025, with gaming machines averaging 724 [29]

Financial Performance - Q1 2025 - Total Operating Revenues increased to $162 million, a 7.7% increase compared to $150 million in Mar'24 [4] - Revenue from casino contracts grew to $76 million, a 13.5% increase from $67 million in Mar'24 [4] - Non-Gaming revenue reached $86 million, a 3.0% increase from $83 million in Mar'24 [4] - Total Operating Costs & Expenses increased to $(146) million, a 9.2% increase from $(134) million in Mar'24 [4] - Operating Income decreased to $15 million, a 5.0% decrease from $16 million in Mar'24 [4] - Net Loss increased to $(17) million, a 9.6% increase from $(16) million in Mar'24 [4] - Adjusted EBITDA increased to $70 million, a 5.6% increase from $66 million in Mar'24 [4] Key Operating Metrics - Q1 2025 - Mass Table Drop was $924 million, a 4% increase compared to 4Q'24 and 0% compared to 1Q'24 [13] - Mass Table Hold was 32.8%, a 68 bps increase compared to 4Q'24 and a 335 bps increase compared to 1Q'24 [13] - Mass GGR was $303 million, a 6% increase compared to 4Q'24 and 11% increase compared to 1Q'24 [13] - Slots GGR was $33 million, a 12% increase compared to 4Q'24 and 23% increase compared to 1Q'24 [13] - Total GGR was $336 million, a 4% increase compared to 4Q'24 and 6% increase compared to 1Q'24 [13]

Core Viewpoint - Studio City International Holdings Limited reported a year-over-year increase in total operating revenues for Q1 2025, driven by improved gaming and non-gaming operations, despite a net loss attributable to the company. Financial Performance - Total operating revenues for Q1 2025 were US$161.7 million, up from US$150.2 million in Q1 2024, reflecting a growth of approximately 11.0% [2] - Studio City Casino generated gross gaming revenues of US$336.2 million in Q1 2025, compared to US$318.4 million in Q1 2024, marking an increase of about 5.5% [2] - Revenue from casino contracts was US$75.9 million in Q1 2025, up from US$66.9 million in Q1 2024, indicating a growth of approximately 13.4% [5] - Total non-gaming revenues for Q1 2025 were US$85.8 million, compared to US$83.3 million in Q1 2024, showing an increase of about 3.0% [6] Gaming Operations - Mass market table games drop was US$923.9 million in Q1 2025, slightly up from US$923.3 million in Q1 2024, with a hold percentage of 32.8% in Q1 2025 compared to 29.5% in Q1 2024 [3] - Gaming machine handle for Q1 2025 was US$871.5 million, an increase from US$824.3 million in Q1 2024, with a win rate of 3.8% in Q1 2025 compared to 3.2% in Q1 2024 [3] Operating Income and Loss - Operating income for Q1 2025 was US$15.3 million, down from US$16.1 million in Q1 2024 [7] - Adjusted EBITDA for Q1 2025 was US$69.9 million, compared to US$66.2 million in Q1 2024, reflecting an increase of approximately 4.0% [7] - Net loss attributable to Studio City for Q1 2025 was US$16.0 million, or US$0.08 per ADS, compared to a net loss of US$14.6 million, or US$0.08 per ADS, in Q1 2024 [8] Non-Operating Expenses - Total net non-operating expenses for Q1 2025 were US$30.8 million, primarily due to interest expenses of US$32.5 million, partially offset by net foreign exchange gains of US$2.0 million [9] Financial Position - Total cash and bank balances as of March 31, 2025, were US$98.0 million, down from US$127.8 million as of December 31, 2024 [12] - Total debt at the end of Q1 2025 remained stable at US$2.16 billion [12] - Capital expenditures for Q1 2025 were US$16.1 million [12] Room and Gaming Statistics - Average daily rate for rooms was US$169 in Q1 2025, up from US$159 in Q1 2024 [29] - Occupancy per available room was 99% in Q1 2025, compared to 96% in Q1 2024 [29] - Average number of table games increased to 253 in Q1 2025 from 246 in Q1 2024 [29]