Wynn Macau Limited (1128.HK) Q4 2025 Earnings Report

Wynn Macau Limited delivered a solid QQ4 2025 performance, with revenue of HKD 8.5296 billion, up 21.8% year-over-year and a meaningful improvement in profitability metrics despite sequential seasonality. Adjusted EBITDA reached HKD 3.7992 billion, producing an EBITDA margin of approximately 44.5%, underscoring the company’s ability to generate cash from its premium Macau properties in a recovering market. Net income of HKD 1.3990 billion supported earnings per share of HKD 0.27, up about 80% vs. the prior-year period, while QoQ metrics show a typical seasonal decline in revenue (-37.4% QoQ). The quarter contributed to a strengthening operating profile, with operating income of HKD 2.5310 billion and an operating margin near 29.67%. The balance sheet remains highly leveraged, with total debt of HKD 45.18 billion and net debt of HKD 38.04 billion against cash and cash equivalents of HKD 7.14 billion and total cash plus short-term investments of HKD 11.82 billion. The company also reports a negative stockholders’ equity position on a year-end basis, reflecting substantial accumulated deficits and liability-heavy capitalization. Management commentary and market dynamics point to a Macau-market recovery tailwind but remain exposed to ongoing regulatory, visa, and VIP-vs-mass mix volatility. The earnings call cadence (if available) would likely underscore mass-market resilience and pricing power of Wynn’s premium properties as critical levers for near-term cash generation and longer-term deleveraging potential.