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Melco International Development (200) investor relations material
Melco International Development Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net revenues rose 11.2% year-over-year to HK$40.24 billion, driven by improved casino and hospitality performance.
Adjusted EBITDA increased 17.6% to HK$10.62 billion, reflecting operational recovery and margin expansion.
Profit attributable to owners reached HK$1.06 billion, reversing a loss of HK$0.78 billion in 2024.
No final dividend was recommended for 2025.
Financial highlights
Casino revenues grew 12.5% to HK$33.12 billion; non-gaming revenues also increased.
Basic earnings per share was HK$0.50, compared to a loss per share of HK$0.40 (restated) in 2024.
Net asset value per share rose to HK$0.8 from HK$0.02.
Gearing ratio improved to 69.1% from 71.6%.
Outlook and guidance
Macau tourism and gaming markets showed strong recovery, with visitor arrivals up 14.7% and gross gaming revenue up 9.1%.
Positive momentum expected to continue in 2026, supported by new luxury hotel REM and retail upgrades.
International operations in the Philippines, Cyprus, and Sri Lanka expected to contribute meaningfully.
- Q4 2024 revenues up 8.9% YoY; full-year net income $43.5M; segment performance improved.200
Q4 20245 Feb 2026 - Revenue and EBITDA surged, net income turned positive, and liquidity remains strong.200
Q3 20245 Feb 2026 - Q2 2024 revenue up 22%, EBITDA growth, net income $21.4M, mass market 85% of GGR.200
Q2 20245 Feb 2026 - Revenue and EBITDA rose, returning to profit amid expansion, refinancing, and strong liquidity.200
Q2 20255 Feb 2026 - Q3 2025 revenue and net income surged, with strong EBITDA and new Sri Lanka resort launch.200
Q3 20255 Feb 2026 - Net revenues and EBITDA rose strongly, with profit recovery and strategic expansion driving growth.200
H1 20258 Dec 2025 - Q1 2025 revenue up 11% to $1.23B, net income and EBITDA surged, $165M in shares repurchased.200
Q1 20258 Dec 2025 - Revenue and EBITDA surged on Macau recovery, with losses narrowing and global expansion advancing.200
H1 20248 Dec 2025 - Revenue up 22.5% and losses narrowed, with strong Macau recovery and global expansion.200
H2 20245 Jun 2025
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