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1 February 12, 2026 4Q’25 Results Presentation
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2 Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Melco Resorts & Entertainment Limited (the “Company”) may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) changes in the gaming market and visitations in Macau, the Philippines, the Republic of Cyprus and Sri Lanka, (ii) local and global economic conditions, (iii) capital and credit market volatility, (iv) our anticipated growth strategies, (v) risks associated with the implementation of the amended Macau gaming law by the Macau government, (vi) gaming authority and other governmental approvals and regulations, and (vii) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this presentation is as of the date of this presentation, and the Company undertakes no duty to update such information, except as required under applicable law. This presentation contains non-GAAP financial measures and ratios that are not required by, or presented in accordance with, U.S. GAAP, including Adjusted property EBITDA and Adjusted EBITDA. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies since they are not uniformly defined and have limitations as analytical tools and should not be considered in isolation or as a substitute for U.S. GAAP measures. Non-GAAP financial measures and ratios are not measurements of our performance under U.S. GAAP and should not be considered as alternatives to any performance measures derived in accordance with U.S. GAAP or any other generally accepted accounting principles. Reconciliations of such non-GAAP financial measures and ratios to their most directly comparable financial measures and ratios are included in our earnings releases that have been furnished with the SEC and are also available on our Investor Relations website at http://ir.melco-resorts.com. Disclaimer
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3 Key Investment Highlights 1 GLOBAL PRESENCE WITH HIGH-QUALITY ASSETS spanning Asia and Europe with ability to adapt and thrive in diverse market conditions 2 DIVERSE AWARD-WINNING PRODUCT PORTFOLIO offering a wide range of products and facilities to accommodate a broad spectrum of customers 3 PROVEN TRACK RECORD OF SUCCESSFUL DEVELOPMENT & GROWTH improving operational efficiencies & creating competitive advantages with innovative product offerings 4EXPERIENCED MANAGEMENT TEAM focused on returning value to stakeholders 5 COMMITTED TO A STRONG BALANCE SHEET AND LIQUIDITY PROFILE by reducing leverage and prioritizing performance and profitability
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4 Melco Resort’s Global Presence Melco Resorts is a developer, owner and operator of award-winning integrated resort facilities in Macau, the Philippines, Cyprus and Sri Lanka City of Dreams An integrated resort in Cotai that embodies high end luxury with a focus on the premium segment Studio City An integrated, cinematically-themed resort aimed at delivering a unique, entertainment-driven experience Altira Macau An integrated resort located in Taipa, Macau catering to the premium mass and mass segments Mocha Clubs (2) The only non- casino based operations of electronic gaming machines in Macau City of Dreams Manila An integrated resort located within Entertainment City, Manila City of Dreams Mediterranean An integrated resort located in Limassol, Cyprus An average of approximately 733 gaming tables, 2,459 gaming machines and 4,588 hotel rooms(1) in 4Q’25 An average of approximately 265 gaming tables, 2,264 gaming machines and 939 hotel rooms in 4Q’25 Europe’s premier integrated resort with an average of approximately 106 gaming tables, 902 gaming machines and 500 hotel rooms in 4Q’25 Macau Philippines Sri Lanka Notes: 1. Excludes The Countdown, which is closed for renovation as part of its rebranding 2. As part of the Company’s development strategy and in accordance with Macau law, Grand Dragon Casino and Mocha Kuong Fat ceased operations in September 2025 and Mocha Grand Dragon Hotel and Mocha Hotal Royal ceased operations during 4Q 2025. The gaming t ables and electronic gaming machines were reallocated to the Company’s other gaming areas in Macau. Prior to 4Q 2025, the Mocha and Other segment included the operation of the Grand Dragon Casino before its closure in September 2025. This segment has been referred to as the Mocha segment from 4Q 2025 onwards 3. Including 113 rooms managed by Melco Resorts under the N üwa brand Cyprus City of Dreams Sri Lanka An integrated resort located in Colombo, Sri Lanka The first integrated resort in Sri Lanka and South Asia with approximately 800 hotel rooms (3). Opened in Aug’25
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5 Diverse Award-Winning Product Offerings • To date, Melco Resorts has been recognized with over 1,400 local and international awards and accolades • Attained 19 Five-Star Awards in 2026 Forbes Travel Guide, topping the competition as the world’s integrated resort operator with the most FTG Five-Star Awards • Continued to lead in Macau with 8 stars granted by MICHELIN Guide Hong Kong & Macau 2025 Morpheus, Nüwa Macau Jade Dragon, Alain Ducasse at Morpheus, Yí, Sushi Kinetsu Ying, Tenmasa, AuroraAltira Macau Nüwa Manila World’s Most Beautiful Hotels Morpheus Star Tower, Epic Tower Pearl Dragon Leading Edge Award Studio City Water Park Macau Philippines Cyprus World’s Most Beautiful Hotels W Macau – Studio City Morpheus
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6 FY2025 Year in Review
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7 (US$ millions) Dec ’25 Dec ’24 % Change Total Operating Revenues 1,293 1,191 8.6% Gaming 1,066 972 9.6% Non-Gaming 228 219 3.9% Total Operating Costs & Expenses (1,147) (1,094) (4.8%) Operating Income 146 97 51.0% Total Non-Operating Expenses, Net (115) (132) 13.1% Net Income/(Loss) 46 (40) 216.0% Adjusted Property EBITDA(1) 331 295 12.2% City of Dreams Macau 194 140 38.3% Studio City 87 81 6.6% Altira (3) (0) (1,293.6%) Mocha(2) 4 6 (23.4%) City of Dreams Manila 33 57 (41.8%) City of Dreams Mediterranean and Other 21 12 78.4% Other Operations(3) (4) (0) NMF Corporate and Other Expenses (32) (25) (25.9%) Adjusted EBITDA (4) 300 270 11.0% Summary Financials Note: 1. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs (if any), property charges and other, share-based compensation, payments to the Philippine Parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses 2. As part of the Company’s development strategy and in accordance with Macau law, Grand Dragon Casino and Mocha Kuong Fat ceased operations in September 2025 and Mocha Grand Dragon Hotel and Mocha Hotal Royal ceased operations during 4Q 2025. The gaming tables and electronic gaming machines were reallocated to the Company’s other gaming areas in Macau. Prior to 4Q 2025, the Mocha and Other segment included the operation of the Grand Dragon Casino before its closure in September 2025. This segment has been referred to as the Mocha segment from 4Q 2025 onwards 3. “Other Operations” include the Company’s casino operations and management of the Nüwa hotel at City of Dreams Si Lanka, both of which commenced operations during the quarter ended September 30, 2025 4. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs (if any), property charges and other, share-based compensation, payments to the Philippine Parties, integrated resorts and casino rent, and other non-operating income and expenses 3 months ended Dec ’25 Dec ’24 % Change 5,163 4,638 11.3% 4,247 3,773 12.6% 916 866 5.9% (4,563) (4,154) (9.9%) 600 485 23.9% (452) (491) 7.9% 145 (28) 620.2% 1,430 1,219 17.3% 822 622 32.3% 394 341 15.4% (4) (2) (110.9%) 22 27 (17.8%) 133 181 (26.7%) 68 51 35.0% (5) (0) NMF (114) (79) (44.1%) 1,317 1,140 15.5% 12 months ended
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8 26.0 25.1 18.1 576.3 621.6 822.1 206.8 341.2 393.8 205.5 181.1 132.8 27.5 50.5 68.2 1,042.1 1,219.3 1,430.4 27.6% 26.4% 27.8% 0 200 400 600 800 1,000 1,200 1,400 2023 2024 2025 Altira + Mocha City of Dreams Macau Studio City City of Dreams Manila City of Dreams Mediterranean and Other Other Operations Adj. Property EBITDA Margin Melco Resorts Group-wide Adjusted Property EBITDA of US$1,430 million(1) and Hold- Adjusted Property EBITDA of US$1,345 million(5) Notes: 1. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs (if any), property charges and others, share-based compensation, payments to the Philippine Parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent, Corporate and Other expenses and othe r non-operating income and expenses 2. Adjusted Property EBITDA margin is Adjusted Property EBITDA divided by total operating revenues 3. As part of the Company’s development strategy and in accordance with Macau law, Grand Dragon Casino and Mocha Kuong Fat ceased operations in September 2025 and Mocha Grand Dragon Hotel and Mocha Hotal Royal ceased operations during 4Q 2025. The gaming tables and electronic gaming machines were reallocated to the Company’s other gaming areas in Macau. Prior to 4Q 2025, the Mocha and Other segment included the operation of the Grand Dragon Casino before its closure in September 2025. This segment has been referred to as the Mocha segment from 4Q 2025 onwards 4. “Other Operations” include the Company’s casino operations and management of the N üwa hotel at City of Dreams Si Lanka, both of which commenced operations during the quarter ended September 30, 2025 5. For "Hold-Adjusted Property EBITDA", normalized VIP win rate is assumed to be 3.00% , which represents the midpoint of our expected rolling chip win rate. Hold-Adjusted Property EBITDA is based on a normalized VIP win rate only. This figure is an estimate, not an actual figure, and is for illustrative purpose only. (US$ millions) 2023 2024 2025 City of Dreams Macau 624 656 733 Studio City 229 331 394 Altira and Mocha(3) 26 25 18 Macau Hold-Adjusted Property EBITDA 880 1,012 1,145 City of Dreams Manila 178 178 135 City of Dreams Mediterranean and Other 28 51 68 Other Operations(4) - (0) (3) Hold-Adjusted Property EBITDA(5) 1,086 1,241 1,345 Melco Resorts Hold-Adjusted Property EBITDA Margin 28.2% 26.6% 26.8% Macau Hold-Adjusted Property EBITDA Margin 27.2% 25.6% 26.7% Melco Resorts Group Adjusted Property EBITDA – Full Year 2025 Total Adjusted Property EBITDA & Margin (1) (2) (US$m) Hold-Adjusted Property EBITDA (5) (4.6)(0.2)
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9 Melco Resorts – Year in Review 2025 Highlights • Macau Property EBITDA +25% YoY • Group-wide Property EBITDA +17% YoY Property EBITDA Growth Margin Expansion • Macau Property EBITDA margin +266bps to 27.9% • Group-wide Property EBITDA margin +141bps to 27.8% Debt Reduction • US$413 million in debt repaid Shareholder Returns • US$165 million in share repurchased Milestone Achievements • Studio City 10th anniversary • City of Dreams Manila 10th anniversary Continued Enhancement of Product & Service • Re-launch of House of Dancing Water • Opening of Signature Club Clubhouse and other new gaming areas • Consistent programming of events and new property activations
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10 2025 Highlights City of Dreams Macau – Year in Review Relaunch of House of Dancing Water Relaunch of House of Dancing Water in May 2025 with an average occupancy of 97% since opening New & Enhanced Gaming Environment Increased Visibility & Accessibility Renovated South Entrance New Southeast Entrance with direct access to gaming area New premium gaming experience offered with the opening of the Signature Club Clubhouse in July 2025 New carpet, lighting and columns throughout the mass gaming floor New gaming area, directly accessible from new Southeast Entrance New Restaurants Futago Hei Kei Spiced Fried Crab
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11 2025 Highlights Studio City – Year in Review Concerts & Events In 2025, our Studio City Event Center hosted 59 unforgettable concerts and events, drawing over 178,000 visitors Studio City 10th Anniversary New & Enhanced Gaming Environment New F&B & Entertainment Outlets Expanded Signature Club gaming area at Epic tower New premium gaming experience offered with private salons opened in Epic tower in September 2025 Renovated high limit gaming area on the main gaming floor with refreshed F&B offerings New Retail Outlets Gala
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12 2025 Highlights Altira – Year in Review New & Enhanced Gaming Environment New F&B Outlets Newly curated dining offerings crafted to deliver convenience without comprising on luxury Reimagined the entire ground floor into an expansive, elegant table games area Expanded the gaming machine area now spanning the full second floor to deliver an unrivaled electronic gaming environment Unveiled an enhanced LTG stadium alongside a new high limit Signature Club table games area
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13 2025 Highlights City of Dreams Manila – Year in Review COD Manila 10th Anniversary New & Enhanced Gaming Environment Premium gaming experience with the newly expanded Li Ying Club Introduced refined new carpeting throughout the mass gaming floor, bringing a refreshed, elevated ambiance
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14 2025 Highlights City of Dreams Mediterranean and Other – Year in Review New AwardsEntertainment & Events World Travel Awards 2025 for Europe’s Leading Casino Resort and Europe’s Leading Fully Integrated Resort World MICE Awards for Cyprus’ Best MICE Hotel 2025 Renu Spa named Cyprus’ Best Resort Spa 2025 by World Spa Awards Golden Chef’s Hat awarded to Amber Dragon Our unique attractions including sporting events, live entertainment and performances, have brought in over 120,000 visitors
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15 4Q 2025 Update
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16 5.5 6.1 6.1 5.1 0.9 140.1 195.9 225.6 206.9 193.7 81.2 97.3 105.2 104.7 86.6 56.8 30.1 28.4 41.3 33.111.8 11.6 12.4 23.2 21.0295.2 341.0 377.7 380.4 331.3 24.9% 27.7% 28.5% 29.2% 25.7% 0 50 100 150 200 250 300 350 400 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Altira + Mocha City of Dreams Macau Studio City City of Dreams Manila City of Dreams Mediterranean and Other Other Operations Adj. Property EBITDA Margin (0.1) Melco Resorts Group-wide Adjusted Property EBITDA of US$331 million(1) and Hold- Adjusted Property EBITDA of US$323 million(5) Notes: 1. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs (if any), property charges and others, share-based compensation, payments to the Philippine Parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent, Corporate and Other expenses and other non-operating income and expenses 2. Adjusted Property EBITDA margin is Adjusted Property EBITDA divided by total operating revenues 3. As part of the Company’s development strategy and in accordance with Macau law, Grand Dragon Casino and Mocha Kuong Fat ceased operations in September 2025 and Mocha Grand Dragon Hotel and Mocha Hotal Royal ceased operations during 4Q 2025. The gaming tables and electronic gaming machines were reallocated to the Company’s other gaming ar eas in Macau. Prior to 4Q 2025, the Mocha and Other segment included the operation of the Grand Dragon Casino before its closure in September 2025. This segment has been referred to as the Mocha segment from 4Q 2025 onwar ds 4. “Other Operations” include the Company’s casino operations and management of the N üwa hotel at City of Dreams Si Lanka, both of which commenced operations during the quarter ended September 30, 2025 5. For "Hold-Adjusted Property EBITDA", normalized VIP win rate is assumed to be 3.00% , which represents the midpoint of our expected rolling chip win rate. Hold-Adjusted Property EBITDA is based on a normalized VIP win rate only. This figure is an estimate, not an actual figure, and is for illustrative purpose only. (US$ millions) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 City of Dreams Macau 165 168 195 184 187 Studio City 81 97 105 105 87 Altira and Mocha(3) 5 6 6 5 1 Macau Hold-Adjusted Property EBITDA 251 271 306 294 274 City of Dreams Manila 49 31 35 39 30 City of Dreams Mediterranean and Other 12 12 12 23 21 Other Operations(4) (0) (0) (0) (1) (2) Hold-Adjusted Property EBITDA(5) 312 313 354 355 323 Melco Resorts Hold-Adjusted Property EBITDA Margin 25.6% 26.4% 27.6% 28.1% 25.3% Macau Hold-Adjusted Property EBITDA Margin 24.3% 26.4% 27.7% 27.6% 25.2% Melco Resorts Group Adjusted Property EBITDA – 4Q’25 Total Adjusted Property EBITDA & Margin (1) (2) (US$m) Hold-Adjusted Property EBITDA (5) (3.9)(0.6)
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17 City of Dreams Macau Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Macau Key Operating Metrics (US$m, unless otherwise stated) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 VIP Rolling Chip 6,280 12% 1% VIP Win Rate (%) 3.18% (50bps) 83bps Mass Table Drop 1,742 5% 14% Mass Table Hold (%) 31.0% 114bps (107bps) VIP GGR 200 (3%) 36% Mass GGR 539 9% 10% Slots GGR 25 (25%) (22%) Total GGR 764 4% 14% Total Operating Revenues 696 3% 18% Adjusted EBITDA 194 (6%) 38% Notes: 1. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs (if any), property charges and other, share-based compensation and other non-operating income and expenses 2. “Adjusted EBITDA margin” is Adjusted EBITDA divided by total operating revenues City of Dreams Macau recorded Adjusted EBITDA of US$194 million City of Dreams Macau – 4Q’25 140 196 226 207 194 23.7% 29.8% 31.8% 30.8% 27.8% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted EBITDA (US$m) Adjusted EBITDA margin (%)
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18 Studio City Adjusted EBITDA and Adjusted EBITDA margin(1) (2) (3) Studio City Key Operating Metrics (US$m, unless otherwise stated) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 Mass Table Drop 932 (1%) 4% Mass Table Hold (%) 33.7% 60bps 159bps Mass GGR 314 1% 10% Slots GGR 28 (11%) (3%) Total GGR 343 (1%) 7% Total Operating Revenues 360 (4%) 5% Adjusted EBITDA 87 (17%) 7% Notes: 1. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs (if any), property charges and other, share-based compensation and other non-operating income and expenses 2. “Adjusted EBITDA margin” is Adjusted EBITDA divided by total operating revenues 3. VIP operations at Studio City ceased since late October 2024 Studio City recorded Adjusted EBITDA of US$87 million Studio City – 4Q’25 81 97 105 105 87 23.8% 27.5% 27.1% 27.9% 24.0% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted EBITDA (US$m) Adjusted EBITDA margin (%)
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19 Altira Adjusted EBITDA and Adjusted EBITDA margin(1) (2) Altira Key Operating Metrics (US$m, unless otherwise stated) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 Mass Table Drop 153 36% 22% Mass Table Hold % 15.6% (383bps) (714bps) Mass GGR 24 9% (16%) Slots GGR 5 32% 46% Total GGR 29 12% (9%) Total Operating Revenues 25 (1%) (19%) Adjusted EBITDA (3) (395%) (1,294%) Notes: 1. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs (if any), property charges and other, share-based compensation and other non-operating income and expenses 2. “Adjusted EBITDA margin” is Adjusted EBITDA divided by total operating revenues Altira recorded Negative Adjusted EBITDA of US$3 million Altira – 4Q’25 (0) (1) 1 (1) (3) (0.8%) (2.5%) 3.0% (2.8%) (13.8%) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted EBITDA (US$m) Adjusted EBITDA margin (%)
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20 City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Manila Key Operating Metrics (US$m, unless otherwise stated) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 VIP Rolling Chip 469 (9%) (39%) VIP Win Rate (%) 4.47% 9bps (4bps) Mass Table Drop 129 (11%) (23%) Mass Table Hold (%) 32.4% (354bps) (181bps) VIP GGR 21 (7%) (40%) Mass GGR 42 (19%) (28%) Slots GGR 47 (6%) (17%) Total GGR 110 (12%) (26%) Total Operating Revenues 100 (9%) (25%) Adjusted EBITDA 33 (20%) (42%) Notes: 1. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs (if any), property charges and other, share-based compensation, payments to the Philippine parties under the cooperative arrangement (the “Philippine Parties”), integrated resort and casino rent and other non- operating income and expenses 2. “Adjusted EBITDA margin” is Adjusted EBITDA divided by total operating revenues 3. Premium Leisure Corporation’s (PLC) share represents payments made to the Philippine Parties while Belle Corporation’s share represents cash payments made to Belle Corporation for building and land rent City of Dreams Manila - Share of Adjusted EBITDA (US$ million)(3) City of Dreams Manila recorded Adjusted EBITDA of US$33 million City of Dreams Manila – 4Q’25 City of Dreams Manila Adjusted EBITDA and Adjusted EBITDA margin(1) (2) 57 30 28 41 33 42.5% 29.6% 28.8% 37.3% 33.0% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted EBITDA (US$m) Adjusted EBITDA margin (%) 38 14 13 25 18 12 9 9 10 9 7 7 7 7 6 57 30 28 41 33 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Belle Corp. PLC Melco
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21 (US$m, unless otherwise stated) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 VIP Rolling Chip 0 (91%) (98%) VIP Win Rate (%) (27.65%) (3,459bps) (3,071bps) Mass Table Drop 163 (14%) 29% Mass Table Hold (%) 25.6% 376bps 371bps VIP GGR (0) (135%) (121%) Mass GGR 42 1% 50% Slots GGR 37 2% 26% Total GGR 79 1% 37% Total Operating Revenues 83 (3%) 41% Adjusted EBITDA 21 (9%) 78% Notes: 1. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs (if any), property charges and other, share-based compensation and other non-operating income and expenses 2. Adjusted EBITDA margin” is Adjusted EBITDA divided by total operating revenues City of Dreams Mediterranean and Other recorded Adjusted EBITDA of US$21 million City of Dreams Mediterranean and Other – 4Q’25 City of Dreams Mediterranean and Other Adjusted EBITDA and Adjusted EBITDA margin(1) (2) City of Dreams Mediterranean and Other Key Operating Metrics 12 12 12 23 21 19.9% 19.8% 17.2% 27.0% 25.2% 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted EBITDA (US$m) Adjusted EBITDA margin (%)
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22 Guidance on Key Non-Operating Items Depreciation & Amortization Approximately US$140-145 million for 1Q 2026 Corporate Expenses Approximately US$35 million for 1Q 2026 Consolidated Net Interest Expense Approximately US$115-120 million for 1Q 2026, including ‒ Finance liability interest of approximately US$6 million relating to fees payable to the Macau gaming concession and the Cyprus gaming license ‒ Finance lease interest of approximately US$5 million relating to City of Dreams Manila Select Upcoming Projects Renovation and rebranding of the Countdown Hotel at City of Dreams Macau Revamp of the retail area at City of Dreams Macau
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23 1. Excluding Studio City, Philippines, Cyprus, and Sri Lanka 2. Cash & cash equivalents include the cash at Studio City Casino and availability under Credit Facilities reflects covenants under existing bonds 3. Includes restricted cash 4. Subsequent to the year end, Melco Resorts repaid an additional HK$272.0 million (equivalent to US$3 4.8 million) principal amount outstanding under its revolving credit facilities and plans to repay a further HK$195.0 million (equivalent to US$25.0 million) within February 2026 Liquidity & Balance Sheet Actual as of December 31, 2025 (US$m, unless otherwise stated) Melco Resorts(1, 4) Studio City (2) Philippines Cyprus Sri Lanka Melco Resorts Group Cash & Cash Equivalents (3) 550 260 261 53 23 1,148 Availability Under Credit Facilities 1,072 120 40 - - 1,231 Total Liquidity 1,622 380 301 53 23 2,380 Debt maturity profile as of December 31, 2025 (US$ million) Declining total debt position (US$ million) Studio City Bonds Melco Resorts Bonds Credit Facilities Melco Group (ex. Studio City) 4,850 4,850 3,850 3,850 5,618 2,172 2,172 2,172 1,950 1,950 159 158 1,157 1,209 967 1,148 5,618 7,180 7,180 7,179 7,367 6,767 4Q'24 1Q'25 2Q'25 3Q'25 Gross Debt Total Cash Net Debt 4Q'25 4,208 US$413m in debt reduction in FY2025 887 600 850 1,150 750 500 350 500 1,100 1,837 1,350 2,330 750 2026 2027 2028 2029 2030 2031 2032 2033 500 80
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24 • From 2016, approximately US$4.1 billion has been returned to shareholders in the form of dividends and share repurchases. • In August 2022 and March 2023, the Company repurchased approximately US$323 million of shares from a subsidiary of Melco International Development Limited. • During the period from January 1, 2025 to February 11, 2026, Melco Resorts repurchased 32.3 million ADS (representing approximately 97.0 million ordinary shares) from the open market at an aggregate purchase price of approximately US$165 million, under its US$500 million share repurchase program. • 18.5 million ADS were canceled in 4Q 2025 • The Company currently has remaining authority to repurchase up to approximately US$223 million of ordinary shares. Melco Resorts Capital Return Schedule (US$ million) (US$m, unless otherwise stated) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 to 2025 Special Dividend 350 650 - - - - - - - - 1,000 Regular Dividend 84 200 287 313 - - - - - - 883 Total Dividend 434 850 287 313 - - - - - - 1,883 Share Repurchase 801 - 656 - 45 52 189 170 112 165 2,189 Total 1,235 850 943 313 45 52 189 170 112 165 4,073 Returned approximately US$4.1bn to shareholders from 2016 Shareholder Return
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25 Melco Resorts’ Sustainability Goals & Achievements
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26 Restoring our World * Reduction has not accounted for the renewable energy certificates purchased to offset Scope 2 emissions since 2019, and represents actual carbon reductions from grid decarbonization and energy efficiency measures Environmental Performance 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 2019 2020 2021 2022 2023 2024 MWh/m² Fuel & Electricity Intensity -19% 0.000 0.002 0.004 0.006 0.008 0.010 0.012 0.014 2019 2020 2021 2022 2023 2024 tonnes/m² Waste Intensity 0.00 0.50 1.00 1.50 2.00 2.50 3.00 2019 2020 2021 2022 2023 2024 m³/m² Water Intensity -30% 28% reduction Our RISE sustainability strategy guides us to go “Above & Beyond” in achieving our commitments. Restoring our World focuses on goals in Energy & Climate Resilience and Material Use and Waste 0.00 0.05 0.10 0.15 0.20 0.25 0.30 2019 2020 2021 2022 2023 2024 tCo2/m² Carbon Emissions Intensity -40%* -12%
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27 Sustaining our Supply Chain COTTON CHEMICALS SEAFOOD EGGS OEKO-TEX certification guarantees textile products are tested and free from harmful substances, ensuring they are safe for human health and the environment Chemicals are categorized in traffic-light rating system— Green, Amber or Red—based on the extent that these substances are persistent, bioaccumulative and toxic to human health and ecosystems Seafood is prioritized that is certified by international bodies such as MSC, ASC, Global BAP, GLOBAL G.A.P Aquaculture and other standards. Cage-free eggs are produced by hens that are free to roam in barns and natural environments, rather than being confined to small cages Sustaining our Supply Chain under our RISE strategy embodies what we aim to achieve across our entire value chain. Prioritizing where we can effect change, we focus on building the capacity of our local partners to innovate and to deliver items and services with reduced environmental impact. We strive to source sustainably across our key target areas 100% OEKO-TEX Certified bed & bath linen in 2024 Against goal of sourcing 100% by 2030 86% Green or Amber Chemicals procured in 2024 Against goal of 50% Green or Amber rated chemicals by 2025 Against goal of sourcing 20% Sustainable seafood by 2025 18% Sustainable Seafood procured in 2024 Against goal of sourcing 100% cage-free eggs by 2025 100% Cage-free Eggs procured in 2024
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28 Melco Resorts’ Key Environmental Sustainability Highlights Energy & Climate Energy efficiency measures • Annualized savings of over 62.5 million kWh, equivalent to the electricity consumption of over 8,700 homes Water efficiency measures • Annualized savings of over 510,000m³, equivalent to saving 204 Olympic-sized swimming pools of water Solar panels • Installed across properties generate close to 10,000MW annually, equivalent to powering 1,900 households per year Electric vehicles • EVs represent 59% of total fleet • 165 electric charging stations across all properties Waste Waste diversion • Diversion rate from recycling and composting increased from 4% to 13% since 2019 Compost • Composted over 1,100 tonnes of food waste with on-site composters since 2019 Playing card recycling • Working with local vendors to increase recycling of playing cards by 50% in 2024 Food waste • Installed Winnow AI technology to track food waste in employee dining rooms Ratings Corporate Sustainability Assessment (CSA) • Announced Jan 2026: S&P Global 2025 CSA score of 66/100, increased of 9 points from previous year • 96th percentile in industry group • Named “Industry Mover” within the Casinos & Gaming industry of published S&P Global Sustainability Yearbook for 2024 CSA score CDP • 2026: Achieved B score for Climate and A- for Water MSCI • Achieved A rating BREEAM “Excellent” ratings • Design stage for both Studio City Phase 2 and City of Dreams Mediterranean. Construction stage for Studio City Phase 2 Reporting Strategy Materiality • Since 2023, updated materiality assessment process to integrate the concept of double materiality • Impact materiality assessment is guided by the GRI Standards and includes a distinct consideration of financial impact by integrating the financial materiality approach of the IFRS S1 and SASB standards Verification • Scope 1, 2 & 3 GHG emissions are externally verified TCFD • Expanded our climate-related risk assessment under the TCFD framework to guide our carbon neutral resort commitments and to address physical and transition risks Awards & Certifications ESGBusiness Awards 2025 – Waste Reduction Award Melco Resorts & Entertainment Gold Award for Sustainable Impact, Cyprus Tourism Awards 2025 City of Dreams Mediterranean Green Key Award & Green Hotel Award Studio City, NÜWA, Morpheus and The Countdown BDO ESG Awards Best in ESG Awards (Small Market Capitalisation), Melco International
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29 Appendix 1
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30 Average Number of VIP Gaming Tables Daily Average Win Per VIP Table (US$) Average Number of Mass Gaming Tables Daily Average Win Per Mass Table (US$) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 City of Dreams Macau 76 76 83 83 83 Studio City(1) 15 - - - - City of Dreams Manila 97 102 105 105 106 City of Dreams Mediterranean and Other(3) - - - - - 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 City of Dreams Macau 20,995 33,082 28,566 27,235 26,178 Studio City(1) 13,459 - - - - City of Dreams Manila 3,887 1,140 1,489 2,342 2,156 City of Dreams Mediterranean and Other(3) - - - - - 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 Altira 37 37 30 29 29 City of Dreams Macau 354 354 354 354 368 Studio City 253 253 253 253 253 Mocha(2) 15 15 15 15 - City of Dreams Manila 169 166 159 157 160 City of Dreams Mediterranean and Other(3) 105 106 106 106 106 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 Altira 8,363 7,321 9,277 8,188 8,966 City of Dreams Macau 15,071 15,076 16,606 15,322 15,929 Studio City 12,546 13,320 14,143 13,572 13,505 Mocha(2) 6,399 6,894 6,115 6,884 - City of Dreams Manila 3,708 3,174 3,556 3,587 2,843 City of Dreams Mediterranean and Other(3) 2,896 3,093 3,684 4,231 4,258 Notes: 1. VIP operations at Studio City ceased since late October 2024 2. Grand Dragon Casino ceased operations in September 2025 and 15 tables were re- allocated to City of Dreams Macau 3. Average number of Mass Gaming Tables and Daily Average Win Per Mass Table covered VIP operation as well Continue to optimize table allocation across our portfolio of Integrated Resorts Melco Resorts: Table Yield Analysis
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31 Melco Resorts: Last 12 Months Total Adjusted Property EBITDA(1) (US$ million) Melco Resorts: Last 12 Months Macau-only VIP Rolling Volume (US$ million) Melco Resorts: Last 12 Months Macau-only VIP & Mass GGR (US$ million) Melco Resorts: Last 12 Months Macau-only Mass Table Drop (US$ million) Notes: 1. “Adjusted Property EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, development costs (if any), property charges and other, share-based compensation, payments to the Philippine Parties, integrated resort and casino rent, Corporate and Other expenses and other non- operating income and expenses. Melco Resorts: Historic Revenue and Adjusted Property EBITDA (400%) (200%) - 200% 400% 600% 800% 1000% (500) - 500 1,000 1,500 2,000 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted Property EBITDA YoY% (Right-axis) (150%) (100%) (50%) - 50% 100% 150% 200% 250% 300% 350% - 20,000 40,000 60,000 80,000 100,000 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 VIP Roll (Macau only) YoY% (Right-axis) 20% 30% 40% 50% 60% 70% 80% 90% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 VIP Gross Gaming Revenue Mass Gross Gaming Revenue Mass as % of Total Gross Gaming Revenue (Right-axis) (100%) (50%) - 50% 100% 150% 200% 250% 300% 350% 400% - 2,000 4,000 6,000 8,000 10,000 12,000 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Mass table drop (Macau Only) YoY% (Right-axis)
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32 Appendix 2
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33 City of Dreams Macau Morpheus Club Lounge Morpheus Standard Room Morpheus Lobby
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34 Studio City Event Center Indoor Waterpark Add photo of Epic room Epic Tower Room
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35 Altira Macau Altira Spa Ying Restaurant Panoramic Lobby
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36 City of Dreams Manila Spa at Nüwa Nüwa Premier King Room Pool at the Hyatt
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37 City of Dreams Mediterranean Panoramic Suite Olea Restaurant Outdoor Pool
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38 City of Dreams Sri Lanka Nüwa Deluxe Room Crystal Lounge Nüwa Dragon Suite
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39 Thank You