Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ANNOUNCEMENT 2025 THIRD QUARTER AND YEAR-TO-DATE SELECTED UNAUDITED KEY PERFORMANCE INDICATORS The board of directors (the “ Board”) of SJM Holdings Limited (the “ Company”) hereby announces the selected unaudited key performance indicators of the Company and its subsidiaries (collectively the “ Group”) for the three months ended 30 September 2025 (“Q3 2025 ”) and the nine months ended 30 September 2025 to enable its shareholders, investors and the public to better appraise the position and business performance of the Group. 2025 THIRD QUARTER AND YEAR-TO-DATE HIGHLIGHTS (UNAUDITED) • Net gaming revenue Note 1 of the Group in Q3 2025 was HK$6,537 million, as compared with HK$6,995 million in Q3 2024, and for the nine months ended 30 September 2025, net gaming revenue was HK$20,165 million, as compared with HK$19,892 million in the first nine months of 2024. • Adjusted EBITDA Note 2 of the Group in Q3 2025 was HK$881 million, as compared with HK$1,037 million in Q3 2024, and for the nine months ended 30 September 2025, Adjusted EBITDA was HK$2,527 million, as compared with HK$2,771 million in the first nine months of 2024. • Adjusted EBITDA Margin Note 3 of the Group in Q3 2025 was 12.5%, as compared with 13.8% in Q3 2024, and for the nine months ended 30 September 2025, Adjusted EBITDA Margin was 11.7%, as compared with 13.0% in the first nine months of 2024. • Profit attributable to owners of the Company in Q3 2025 was HK$9 million, as compared with HK$101 million in Q3 2024, and for the nine months ended 30 September 2025, loss attributable to owners of the Company was HK$173 million, as compared with HK$61 million in the first nine months of 2024.
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– 2 – 2025 THIRD QUARTER AND YEAR-TO-DATE HIGHLIGHTS (UNAUDITED) (CONTINUED) • Grand Lisboa Palace Resort’s gross revenue in Q3 2025 was HK$1,909 million, including gross gaming revenue of HK$1,580 million and non-gaming revenue of HK$329 million, as compared with gross gaming revenue of HK$1,423 million and non-gaming revenue of HK$354 million in Q3 2024. Grand Lisboa Palace Resort’s Adjusted Property EBITDA Note 4 in Q3 2025 was HK$111 million, as compared with HK$165 million in Q3 2024. For the nine months ended 30 September 2025, Grand Lisboa Palace Resort’s gross revenue was HK$5,537 million, including gross gaming revenue of HK$4,516 million and non-gaming revenue of HK$1,021 million, as compared with gross gaming revenue of HK$3,748 million and non-gaming revenue of HK$985 million in the first nine months of 2024. For the nine months ended 30 September 2025, Grand Lisboa Palace Resort’s Adjusted Property EBITDA was HK$194 million, as compared with HK$357 million in the first nine months of 2024. • Grand Lisboa’s gross revenue in Q3 2025 was HK$2,002 million, including gross gaming revenue of HK$1,908 million and non-gaming revenue of HK$94 million, as compared with gross gaming revenue of HK$1,943 million and non-gaming revenue of HK$74 million in Q3 2024. Grand Lisboa’s Adjusted Property EBITDA in Q3 2025 was HK$471 million, as compared with HK$545 million in Q3 2024. For the nine months ended 30 September 2025, Grand Lisboa’s gross revenue was HK$5,762 million, including gross gaming revenue of HK$5,490 million and non-gaming revenue of HK$272 million, as compared with gross gaming revenue of HK$5,603 million and non-gaming revenue of HK$214 million in the first nine months of 2024. For the nine months ended 30 September 2025, Grand Lisboa’s Adjusted Property EBITDA was HK$1,334 million, as compared with HK$1,555 million in the first nine months of 2024. • The Group had HK$3,448 million of cash, bank balances, short-term bank deposits and pledged bank deposits and HK$27,312 million of debt as at 30 September 2025. • The Group’s syndicated banking facilities consist of a HK$9 billion term loan and a HK$10 billion revolving credit, of which HK$2.7 billion is undrawn as of 30 September 2025. Notes: 1 Net gaming revenue is gross gaming revenue less commissions and incentives. 2 Adjusted EBITDA is earnings or losses after adjustment for non-controlling interests and before accounting for interest income and expense, tax, depreciation and amortisation, donations, loss on disposal/write-off of property and equipment, bank charges for bank loans, gain/loss on modification of bank loans, gain on early repurchase of unsecured notes, gain on fair value changes of financial asset at fair value through profit or loss, dividend income and pre-opening expenses. 3 Adjusted EBITDA Margin is Adjusted EBITDA divided by total net revenue. 4 Adjusted Property EBITDA is earnings or losses before accounting for interest income and expense, tax, depreciation and amortisation, donations, loss on disposal/write-off of property and equipment, share-based payments, bank charges for bank loans, gain/loss on modification of bank loans, gain on early repurchase of unsecured notes, gain on fair value changes of financial asset at fair value through profit or loss, dividend income, pre-opening expenses and corporate costs, and before elimination of inter-company consumption.
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– 3 – GROUP OPERATING RESULTS Third Quarter Nine months ended 30 September 2025 2024 2025 2024 HK$ million HK$ million (Decrease) HK$ million HK$ million Increase/ (Decrease) Total net revenue 7,034 7,499 (6.2%) 21,674 21,300 1.8% Net gaming revenue 6,537 6,995 (6.5%) 20,165 19,892 1.4% Profit (loss) attributable to owners of the Company 9 101 (91.1%) (173) (61) (183.6%) Adjusted EBITDA 881 1,037 (15.0%) 2,527 2,771 (8.8%) Adjusted EBITDA Margin 12.5% 13.8% (1.3) pts 11.7% 13.0% (1.3) pts pts = points The Group’s total net revenue during Q3 2025 of HK$7,034 million included hotel, catering, retail, leasing and related services revenue of HK$497 million (Q3 2024: HK$504 million). Gaming revenue, net of commissions and incentives of HK$605 million (Q3 2024: HK$503 million), earned by SJM Resorts, S.A. (“ SJM”), a subsidiary of the Company, was HK$6,537 million in Q3 2025, a decrease of 6.5% from Q3 2024. During Q3 2025, the Group’s rolling gross gaming revenue was HK$712 million, a decrease of 8.5% from HK$778 million in Q3 2024; non-rolling gross gaming revenue was HK$5,742 million, a decrease of 5.9% from HK$6,100 million for the year-earlier period; and electronic game gross gaming revenue was HK$688 million, an increase of 11.0% from HK$620 million for the year-earlier period. The following tables summarise the results of Self-promoted Casinos, Satellite Casinos and hotel room activities: Third Quarter Nine months ended 30 September 2025 2024 2025 2024 HK$ million HK$ million Increase/ (Decrease) HK$ million HK$ million Increase/ (Decrease) Rolling Gross Gaming Revenue 712 778 (8.5%) 1,812 1,956 (7.4%) Non-Rolling Gross Gaming Revenue 5,742 6,100 (5.9%) 18,044 17,589 2.6% Electronic Game Gross Gaming Revenue 688 620 11.0% 2,107 1,744 20.8% Gross Gaming Revenue (“GGR”) 7,142 7,498 (4.7%) 21,963 21,289 3.2% Less: Commissions and Incentives (605) (503) 20.3% (1,798) (1,397) 28.7% Net Gaming Revenue 6,537 6,995 (6.5%) 20,165 19,892 1.4%
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– 4 – PROPERTY STATISTICS Grand Lisboa Palace Resort Statistics Third Quarter Nine months ended 30 September 2025 2024 Variance 2025 2024 Variance HK$ million HK$ million HK$ million %/pts HK$ million HK$ million HK$ million %/pts Revenues: Casino (GGR) 1,580 1,423 157 11.0% 4,516 3,748 768 20.5% Hotel 186 198 (12) (6.1%) 558 537 21 3.9% Food and Beverage, Mall and Other 143 156 (13) (8.3%) 463 448 15 3.3% Total Revenue 1,909 1,777 132 7.4% 5,537 4,733 804 17.0% Adjusted Property EBITDA 111 165 (54) (32.7%) 194 357 (163) (45.7%) Gaming Statistics Rolling Chip Volume 11,846 9,267 2,579 27.8% 37,172 27,791 9,381 33.8% Rolling Revenue 444 440 4 0.9% 1,156 1,134 22 1.9% Rolling Chip Win % 3.8% 4.7% — (0.9) pts 3.1% 4.1% — (1.0) pts Non-Rolling Volume 5,090 4,577 513 11.2% 14,911 12,469 2,442 19.6% Non-Rolling Revenue 911 813 98 12.1% 2,757 2,176 581 26.7% Non-Rolling Chip Win % 17.9% 17.8% — 0.1 pts 18.5% 17.5% — 1.0 pts Electronic Game Handle 8,084 6,053 2,031 33.6% 20,892 15,298 5,594 36.6% Electronic Game Revenue 225 170 55 32.4% 603 438 165 37.7% Electronic Game Hold % 2.8% 2.8% — — 2.9% 2.9% — — Hotel Statistics * HK$ HK$ HK$ HK$ HK$ HK$ Occupancy % 94.9% 98.9% — (4.0) pts 97.0% 96.2% — 0.8 pts Average Daily Rate (ADR) 1,244 1,185 59 5.0% 1,229 1,166 63 5.4% Revenue per Available Room (RevPAR) 1,180 1,171 9 0.8% 1,193 1,121 72 6.4% * Grand Lisboa Palace Resort included three hotel towers — the Grand Lisboa Palace Macau, THE KARL LAGERFELD and the Palazzo Versace Macau. pts = points
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– 5 – PROPERTY STATISTICS (CONTINUED) Grand Lisboa Statistics Third Quarter Nine months ended 30 September 2025 2024 Variance 2025 2024 Variance HK$ million HK$ million HK$ million %/pts HK$ million HK$ million HK$ million %/pts Revenues: Casino (GGR) 1,908 1,943 (35) (1.8%) 5,490 5,603 (113) (2.0%) Hotel 52 43 9 20.9% 149 124 25 20.2% Food and Beverage, Mall and Other 42 31 11 35.5% 123 90 33 36.7% Total Revenue 2,002 2,017 (15) (0.7%) 5,762 5,817 (55) (0.9%) Adjusted Property EBITDA 471 545 (74) (13.6%) 1,334 1,555 (221) (14.2%) Gaming Statistics Rolling Chip Volume 7,399 6,216 1,183 19.0% 18,420 20,550 (2,130) (10.4%) Rolling Revenue 254 321 (67) (20.9%) 597 760 (163) (21.4%) Rolling Chip Win % 3.4% 5.2% — (1.8) pts 3.2% 3.7% — (0.5) pts Non-Rolling Volume 7,450 6,928 522 7.5% 22,366 21,151 1,215 5.7% Non-Rolling Revenue 1,508 1,509 (1) (0.1%) 4,448 4,503 (55) (1.2%) Non-Rolling Chip Win % 20.2% 21.8% — (1.6) pts 19.9% 21.3% — (1.4) pts Electronic Game Handle 4,254 2,421 1,833 75.7% 12,026 7,269 4,757 65.4% Electronic Game Revenue 146 113 33 29.2% 445 340 105 30.9% Electronic Game Hold % 3.4% 4.7% — (1.3) pts 3.7% 4.7% — (1.0) pts Hotel Statistics HK$ HK$ HK$ HK$ HK$ HK$ Occupancy % 98.0% 98.9% — (0.9) pts 98.4% 98.6% — (0.2) pts Average Daily Rate (ADR) 1,385 1,181 204 17.3% 1,393 1,211 182 15.0% Revenue per Available Room (RevPAR) 1,356 1,167 189 16.2% 1,371 1,194 177 14.8% pts = points
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– 6 – PROPERTY STATISTICS (CONTINUED) Other Self-promoted Casinos, Jai Alai Hotel, Kam Pek Market and Sofitel at Ponte 16 Statistics Third Quarter Nine months ended 30 September 2025 2024 Variance 2025 2024 Variance HK$ million HK$ million HK$ million %/pts HK$ million HK$ million HK$ million %/pts Revenues: Casino (GGR) 1,305 1,383 (78) (5.6%) 3,961 3,904 57 1.5% Hotel 38 40 (2) (5.0%) 110 111 (1) (0.9%) Food and Beverage, Mall and Other 36 36 — — 107 99 8 8.1% Total Revenue 1,379 1,459 (80) (5.5%) 4,178 4,114 64 1.6% Adjusted Property EBITDA * 300 343 (43) (12.5%) 952 992 (40) (4.0%) Gaming Statistics Non-Rolling Volume 8,131 8,464 (333) (3.9%) 24,295 24,965 (670) (2.7%) Non-Rolling Revenue 1,201 1,304 (103) (7.9%) 3,656 3,685 (29) (0.8%) Non-Rolling Chip Win % 14.8% 15.4% — (0.6) pts 15.1% 14.8% — 0.3 pts Electronic Game Handle 3,152 1,816 1,336 73.6% 8,945 4,709 4,236 90.0% Electronic Game Revenue 104 79 25 31.6% 305 219 86 39.3% Electronic Game Hold % 3.3% 4.4% — (1.1) pts 3.4% 4.7% — (1.3) pts Hotel Statistics HK$ HK$ HK$ HK$ HK$ HK$ Jai Alai Hotel: Occupancy % 97.7% 99.9% — (2.2) pts 98.5% 99.8% — (1.3) pts Average Daily Rate (ADR) 235 195 40 20.5% 242 205 37 18.0% Revenue per Available Room (RevPAR) 230 195 35 17.9% 238 205 33 16.1% Sofitel at Ponte 16: Occupancy % 87.7% 90.8% — (3.1) pts 86.8% 86.9% — (0.1) pts Average Daily Rate (ADR) 1,041 1,060 (19) (1.8%) 1,034 1,043 (9) (0.9%) Revenue per Available Room (RevPAR) 913 962 (49) (5.1%) 897 906 (9) (1.0%) * Casino Lisboa, Casino Oceanus at Jai Alai (including the gaming area in the Jai Alai Building), and Jai Alai Hotel, Kam Pek Market (which opened in December 2024), share of Ponte 16 and other non-gaming area. pts = points
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– 7 – PROPERTY STATISTICS (CONTINUED) Satellite Casinos Statistics Third Quarter Nine months ended 30 September 2025 2024 Variance 2025 2024 Variance HK$ million HK$ million HK$ million % HK$ million HK$ million HK$ million % Casino Revenue (GGR) 2,349 2,749 (400) (14.6%) 7,996 8,034 (38) (0.5%) Adjusted Property EBITDA* 53 35 18 51.4% 206 6 200 3,333% * As at 30 September 2025, SJM operated eight satellite casinos. (As at 30 September 2024, SJM operated nine satellite casinos.) Unrealised fair value loss in investment in equity securities designated at fair value through other comprehensive income amounting to HK$7.4 million in Q3 2025 has been recognised in other comprehensive expense and accumulated under investment revaluation reserve. Capital expenditure of the Group during Q3 2025 was HK$412 million, which was primarily for furniture, fixtures and equipment, and leasehold improvements. IMPORTANT NOTE Shareholders and potential investors of the Company should be advised that the above financial data relates only to certain parts of the Group’s operations and is based on the Group’s internal records and management accounts. The above financial data has not been reviewed or audited by independent auditor and is not a forecast of the performance of the Group as a whole. The Board cautions shareholders and potential investors of the Company not to rely unduly on such data and to exercise caution when dealing in the securities of the Company. By order of the Board SJM Holdings Limited Ho Chiu Fung, Daisy Chairman and Executive Director Hong Kong, 12 November 2025 As at the date of this announcement, the executive directors of the Company are Ms. Ho Chiu Fung, Daisy, Mr. Fok Tsun Ting, Timothy, Deputada Leong On Kei, Angela, Dr. Chan Un Chan and Mr. Shum Hong Kuen, David; the non-executive director of the Company is Mr. Tsang On Yip, Patrick; and the independent non-executive directors of the Company are Mr. Ho Hau Chong, Norman, Ms. Wong Yu Pok, Marina and Mr. Yeung Ping Leung, Howard.