SJM Holdings (00880) fell more than 3% in trading. As of the latest update, the stock declined 3.45% to HK$2.24, with a turnover of HK$21.5862 million.

The decline follows the release of the company's full-year results for the period ending December 31, 2025. The group reported net gaming revenue of HK$26.203 billion, a decrease of 2.4% compared to the previous year. Total net revenue was HK$28.17 billion, down 2.08% year-on-year. Adjusted EBITDA amounted to HK$3.198 billion, representing a decline of 15.04%. The company reported a loss attributable to owners of HK$429 million, a swing from profit to loss compared to the prior year. Basic loss per share was HK$0.0604.

In a research note, Goldman Sachs stated that it had previously anticipated a significant decline in SJM Holdings' performance for the fourth quarter of 2025. This was attributed to operational disruptions and lost gross gaming revenue resulting from the closure of satellite casinos, additional costs associated with taking over approximately 3,000 employees, and the persistently volatile performance of the Grand Lisboa Palace integrated resort. Based on the earnings results, Goldman Sachs has lowered its EBITDA forecasts for SJM for the 2026 and 2027 fiscal years by 1%.