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SJM (880) investor relations material
SJM Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net gaming revenue fell 22.8% year-over-year to HK$5,364 million in Q1 2026.
Adjusted EBITDA decreased 4.3% to HK$917 million, but margin improved to 15.5% from 12.8%.
Loss attributable to owners was HK$62 million, reversing a profit of HK$31 million in Q1 2025.
Financial highlights
Total net revenue declined 21.1% year-over-year to HK$5,903 million.
Hotel, catering, retail, leasing, and related services revenue was HK$539 million, up slightly from HK$531 million.
Cash and equivalents stood at HK$3,414 million, with total debt at HK$30,209 million as of March 31, 2026.
Outlook and guidance
Syndicated banking facilities include a HK$10.9 billion term loan and HK$11.5 billion revolving credit, with HK$3.4 billion available.
- Revenue and EBITDA declined amid satellite casino closures and portfolio consolidation.880
Q4 20255 Mar 2026 - Revenue and EBITDA surged, losses narrowed, and non-gaming and tourism expansion support growth.880
H1 20244 Dec 2025 - Q3 2025 saw lower gaming revenue and profit, with mixed segment results and higher capex.880
Q3 202512 Nov 2025 - Revenue up 6.1% but EBITDA and losses worsened; major expansion and restructuring ongoing.880
Q2 202522 Sep 2025 - Revenue and EBITDA rose year-over-year, with a return to profit and strong segment growth.880
Q1 202510 Sep 2025 - Q3 2024 profit turned positive as gaming revenue and margins surged across key properties.880
Q3 202413 Jun 2025 - SJM Holdings returned to profit in 2024, driven by strong gaming and hospitality growth.880
H2 20245 Jun 2025
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