UBS released a research report stating that Las Vegas Sands (LVS) reported Q4 2025 adjusted EBITDA for its Macau properties at $608 million, representing a year-on-year increase of approximately 6%. However, after adjusting for the win rate in the VIP segment, the EBITDA was $582 million, falling short of the market consensus forecast of $628 million. The bank has assigned Sands China Ltd. (01928) a "Neutral" rating with a target price of HK$22.4. UBS noted that the quarter's profit margin was below expectations, primarily reflecting increased costs and a revenue mix shifting towards the lower-margin premium mass segment. Management reaffirmed its target of achieving $2.7 billion in annual EBITDA for the Macau properties, which the bank believes will be supported by improvements in asset utilization. Management is of the view that enhancements to marketing plans since Q2 and the launch of new facilities have set gaming revenue growth on the right track, with a focus on optimizing promotional efficiency in 2026. Management also pointed out that per capita spending in the base mass segment has remained stagnant, and the shift towards the premium segment could impact its margin structure.