SJM (880) Q2 2026 earnings summary

Executive summary

• Net revenue for the first half of 2026 declined 20.8% year-over-year to HK$11,590 million, mainly due to a 22.5% drop in net gaming revenue.

• Adjusted EBITDA rose 3.3% to HK$1,701 million, with margin improving to 14.7% from 11.2% year-over-year.

• Loss attributable to owners widened to HK$295 million from HK$182 million, with loss per share at HK(4.1) cents.

• The group completed its transition to a direct management model, focusing on asset productivity and premium customer segments.

• No interim dividend was declared for the period.

Financial highlights

• Net gaming revenue was HK$10,560 million, down 22.5% year-over-year.

• Adjusted EBITDA reached HK$1,701 million, up from HK$1,646 million, with margin at 14.7%.

• Loss per share increased to HK(4.1) cents from HK(2.6) cents.

• Cash and equivalents stood at HK$3,486 million, with total debt at HK$30,217 million as of 30 June 2026.

• Gearing ratio increased to 56.2% from 54.4% at year-end 2025.

Outlook and guidance

• Emphasis on converting revenue growth into sustainable earnings through cost management and operational efficiency.

• Ongoing portfolio enhancement and product upgrades expected to support profitability and long-term shareholder value.