SJM (880) Q1 2026 earnings summary

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.