Melco International Development (200) Q4 2025 earnings summary

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.