Galaxy Entertainment Group 1Q26 Results Update

Galaxy Entertainment's 1Q26 results were stable, with a strong recovery in market share noted in April and May. The firm's net cash position of HK$36.5bn supports a robust dividend floor and future expansion plans in Macau.

Key Takeaways

• 1.1Q26 earnings were in line with expectations, with hold-adjusted group EBITDA growing 21% year-on-year.
• 2.GGR market share rebounded to approximately 21% in April after a dip to 20.2% in the first quarter.
• 3.Galaxy maintains a very strong balance sheet with HK$36.5bn in net cash, providing a floor for dividends.

Table of Contents

• Galaxy Entertainment Group (0027.HK)
• Asia Leisure
• Key Data
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (HK$ mn)
• Balance Sheet (HK$ mn)
• Cash Flow (HK$ mn)
• Exhibit 1: Galaxy 1Q26 results highlights (Part 1)
• Exhibit 2: Galaxy 1Q26 results highlights (Part 2)
• Exhibit 3: Macau gaming operators quarterly GGR market share summary (Part 1)
• Exhibit 4: Macau gaming operators quarterly GGR market share summary (Part 2)
• Exhibit 5: Macau gaming operators monthly GGR market share summary
• Price Target Risks and Methodology - Galaxy Entertainment Group
• Investment Thesis - Galaxy Entertainment Group
• Disclosure Appendix

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