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4Q’25 Results Presentation February 12, 2026
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Disclaimer 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. Studio City International Holdings 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, (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 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 https://ir.studiocity-macau.com/.
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Summary Financials Notes: 1. The Adjusted EBITDA of Studio City contained in the Studio City International Holdings press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melco Resorts’ earnings release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City included in Melco Resorts’ earnings release does not reflect certain gaming concession related costs and certain intercompany costs related to the table games operations at Studio City Casino. 2. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, and other non-operating income and expenses. (US$ millions) Dec’25 Dec’24 % Change Dec’25 Dec’24 % Change Total Operating Revenues 160 153 4.9% 695 639 8.7% Revenue from casino contract 69 64 8.5% 306 260 17.7% Non-Gaming 91 89 2.2% 389 379 2.5% Total Operating Costs & Expenses (153) (150) (1.8%) (625) (601) (3.9%) Operating Income 8 3 149.1% 70 38 83.6% Total Non-Operating Expenses, Net (31) (33) 7.5% (127) (137) 7.2% Net Loss (22) (30) 26.2% (64) (106) 39.2% Adjusted EBITDA(1)(2) 60 57 6.1% 285 245 16.0% 3 months ended 12 months ended
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Studio City International Holdings Total Operating Revenue and Studio City Casino Gross Gaming Revenue (US$ million) Studio City Adjusted EBITDA Breakdown (Trailing 12 Months, US$ million)(1)(2) Revenue and Adjusted EBITDA – 4Q’25 Notes: 1. The Adjusted EBITDA of Studio City contained in the Studio City International Holdings press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melco Resorts’ earnings release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City included in Melco Resorts’ earnings release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino. 2. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, and other non-operating income and expenses. 321.8 336.2 359.6 344.4 342.7 152.9 161.7 190.1 182.5 160.3 0 50 100 150 200 250 300 350 400 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Studio City Casino Gross Gaming Revenue SCIH Total Operating Revenue 245 249 271 281 285 96 102 105 107 109 341 351 377 388 394 - 50 100 150 200 250 300 350 400 450 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Intercompany charges paid to Melco Studio City International Holdings Adjusted EBITDA
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Adjusted EBITDA (US$ million)(1)(2)(3) Studio City Key Operating Metrics Key Operating Metrics – 4Q’25 Notes: 1. The Adjusted EBITDA of Studio City contained in the Studio City International Holdings press release includes certain intercompany charges that are not included in the Adjusted EBITDA for Studio City contained in Melco Resorts’ earnings release. Such intercompany charges include, among other items, fees and shared service charges billed between the Company and its subsidiaries and certain subsidiaries of Melco Resorts. Additionally, Adjusted EBITDA of Studio City included in Melco Resorts’ earnings release does not reflect certain gaming concession related costs and certain intercompany costs related to the gaming operations at Studio City Casino. 2. “Adjusted EBITDA” is net income/loss before interest, taxes, depreciation, amortization, pre-opening costs, property charges and other, and other non-operating income and expenses. 3. VIP operations at Studio City ceased since late October 2024. (US$m, unless otherwise stated) 4Q’25 Vs. 3Q’25 Vs. 4Q’24 Mass Table Drop 932 (1%) 4% Mass Table Hold (%) 33.7% 60 bps 159 bps Mass GGR 314 1% 10% Slots GGR 28 (11%) (3%) Total GGR 343 (1%) 7% Total Operating Revenues 160 (12%) 5% Adjusted EBITDA(1)(2) 60 (23%) 6% 56.7 69.9 76.4 78.1 60.2 37% 43% 40% 43% 38% 0.0 20.0 40.0 60.0 80.0 100.0 120.0 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Adjusted EBITDA Adjusted EBITDA margin
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2,172 2,172 2,062 2,030 1,921 110 1Q'25 2Q'25 3Q'25 Gross Debt Total Cash Net Debt Debt 4Q'25 110 120 229 Total Cash Availability under Revolving Credit Facilities Total Liquidity Liquidity Balance Sheet Debt Maturity Profile as of December 31, 2025 (US$ million) Liquidity and Debt Positions as of December 31, 2025 (US$ million)(1) Note: 1. Total Cash is calculated by summation of cash, cash equivalents and restricted cash and Net Debt is calculated by deducting T otal Cash from Gross Debt 2. Availability under Revolving Credit Facilities reflects covenants under existing bonds (1) (2) (1) 350 500 1,180 200 400 600 800 1,000 1,200 1,400 2025 2026 2027 2028 2029 (1)
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Appendices
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Studio City Event Center Indoor Waterpark Add photo of Epic room Epic Tower Room
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Thank You