In the third quarter of 2025, SJM Holdings Limited recorded total net revenue of HK$7,034 million, a 6.2% decrease compared with HK$7,499 million in the same period of 2024. Net gaming revenue stood at HK$6,537 million (down 6.5% year-on-year), while adjusted EBITDA reached HK$881 million, compared with HK$1,037 million in the previous year. The adjusted EBITDA margin declined to 12.5% from 13.8% in the same quarter of 2024. Profit attributable to owners of the company was HK$9 million, down from HK$101 million previously.

For the nine months ended 30 September 2025, net gaming revenue was HK$20,165 million, a 1.4% increase year-on-year, while adjusted EBITDA totaled HK$2,527 million, down from HK$2,771 million in the first nine months of 2024. The adjusted EBITDA margin declined to 11.7% from 13.0% one year earlier, and the period recorded a loss attributable to owners of HK$173 million, compared with a HK$61 million loss last year.

Grand Lisboa Palace Resort brought in HK$1,909 million of gross revenue in Q3 2025, comprising HK$1,580 million in gross gaming revenue and HK$329 million in non-gaming revenue. Adjusted property EBITDA in this segment was HK$111 million, compared with HK$165 million a year earlier. Over the first nine months of 2025, it generated HK$5,537 million of gross revenue, of which HK$4,516 million came from gaming, with adjusted property EBITDA of HK$194 million.

Grand Lisboa reported HK$2,002 million in gross revenue during Q3 2025, including HK$1,908 million from gaming. Adjusted property EBITDA was HK$471 million, down from HK$545 million in Q3 2024. Over the first nine months of 2025, Grand Lisboa earned HK$5,762 million of total revenue, with adjusted property EBITDA of HK$1,334 million.

As of 30 September 2025, the group held HK$3,448 million in cash, bank balances, short-term deposits, and pledged bank deposits, alongside total debt of HK$27,312 million. SJM Holdings Limited’s syndicated banking facilities include a HK$9 billion term loan and a HK$10 billion revolving credit, with HK$2.7 billion remaining undrawn as of the same date.