In today’s briefing:
- SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics
SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics
- SJM Holding’s H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).
- The top line continued to expand, in line with the ramp-up of Grand Lisboa Palace (GLP).
- That said, EBITDA unexpectedly contracted due to unfavourable win rates (particularly at GLP). FCF was likely negative, owing to the reduced profitability. Positively, the planned reorganisation of gaming assets will likely raise the properties’ margins and provide the company with operational flexibility to optimise its assets going forward.
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