Melco Resorts & Entertainment (MLCO) investor relations material

Executive summary

• Q1 2026 operating revenues reached $1.37 billion, up 11% year-over-year, with net income rising to $76.8 million and adjusted property EBITDA up 12% to $381 million, driven by mass market and non-gaming growth.

• Launched REM, a new luxury hotel at City of Dreams (CoD), with phased opening set for early Q3 2026; retail and F&B enhancements underway at CoD.

• Philippines property EBITDA grew 24% year-over-year and GGR increased 9% despite industry headwinds; Cyprus operations impacted by Middle East conflicts but saw recovery in April.

• Purchased key trademarks from Melco International for $375 million, granting full IP control and eliminating future royalty uncertainties.

• Continued to receive industry-leading awards for product excellence and launched new brand initiatives in Macau.

Financial highlights

• Group-wide adjusted property EBITDA for Q1 2026 reached $381 million, up 12% year-over-year; hold-adjusted EBITDA was $356 million.

• Gaming revenue grew 12.3% year-over-year to $1.15 billion, while non-gaming revenue increased 4.1% to $216 million.

• Macau property EBITDA margin increased to approximately 28%.

• Available liquidity stood at $2.36 billion, with $1.07 billion in consolidated cash on hand at Q1 end.

• Repaid $69.8 million in debt during the quarter; no material debt maturities in 2026.

Outlook and guidance

• REM hotel opening in Q3 2026 expected to drive revenue uplift and enhance product mix.

• May Golden Week bookings show improved occupancy and player quality year-over-year, benefiting from increased domestic travel.

• Total CapEx for 2026 reduced to $425 million, with $350 million remaining for the year.

• Q2 2026 guidance: depreciation and amortization of $140–$145 million, corporate expense of ~$30 million, and net interest expense of $115–$120 million.

• Management remains focused on increasing profitability and competitive positioning through key growth initiatives.