Sands China Ltd: 4Q 2025 Financial Performance and Market Reaction
Sands China Ltd. (Hong Kong Stock Exchange: 01928.HK) reported its 4Q 2025 financial results on 29 January 2026. The company, which develops and operates integrated resorts, hotels, restaurants, leisure facilities, and convention venues in Macao, announced the following key figures:
| Item | 4Q 2025 Result | YoY Change | Market Consensus |
|---|---|---|---|
| Net revenue | 16.4 % higher than 4Q 2024 | +16.4 % | Not specified |
| Adjusted property EBITDA | USD 608 million | +6.5 % | USD 628 million (consensus) |
| EBITDA margin | 29.6 % | –2.7 pts | 32.3 % (CLSA estimate) |
The adjusted property EBITDA missed market expectations by roughly 3 % and 10 % relative to UBS and CLSA forecasts, respectively. The miss was attributed to margin compression, with the company noting that promotional intensity had begun to stabilize but that further focus would be placed on improving EBITDA.
Analyst Coverage
- UBS issued a neutral rating, noting the 4Q EBITDA miss and maintaining its view that management’s target of USD 2.7 billion annual property EBITDA for 2025 is realistic.
- CLSA assigned an Outperform rating and a target price of HKD 22.9. The brokerage highlighted a 6 % YoY EBITDA growth and the positive impact of a USD 26 million VIP‑win‑rate boost, though it acknowledged the figure fell short of its own estimate.
- Citi reduced its target price to HKD 23, citing the EBITDA miss on margin compression.
Stock Market Reaction
- At open, the HSI fell 199 points (‑0.7 %) while the HSCEI dropped 60 points (‑0.6 %).
- Sands China shares opened 5 % lower at HKD 17.90, reflecting the earnings miss.
- By mid‑day, the share price had declined over 7 %, and the index had edged up 0.5 % to 27 975.
- The largest decline since April occurred when the parent company, Las Vegas Sands Corp., experienced a 10 % fall in its U.S. shares after the Macau unit’s weaker-than‑expected profit.
Company Fundamentals
| Attribute | Value |
|---|---|
| Close price (27 Jan 2026) | HKD 18.84 |
| 52‑week high (29 Sep 2025) | HKD 22.50 |
| 52‑week low (30 Jun 2025) | HKD 1.746 |
| Market capitalization | HKD 152 479 268 864 |
| P/E ratio | 21.32 |
| Sector | Consumer Discretionary – Hotels, Restaurants & Leisure |
| Primary exchange | Hong Kong Stock Exchange |
| Currency | HKD |
| Website | www.sandschina.com |
Sands China Ltd. remains a leading integrated resort developer in Macao, focusing on hotel, restaurant, leisure, and convention facilities. The 4Q 2025 results suggest continued revenue growth but also highlight pressure on profitability, which has prompted adjustments in analyst target prices and outlooks.
