Industry Revenues:

• Gambling and Entertainment: approx. 80%
• Hotel and Catering: approx. 15%
• Other Services: approx. 5%

TOP 3 Markets:

1. Macau: approx. 70%
2. Mainland China: approx. 20%
3. Hong Kong: approx. 5%

SJM Holdings Limited generates the majority of its revenues from the gambling and entertainment sector, which is typical for companies in Macau, one of the world's largest gambling centers. The market share in Macau is dominant, as the region serves as the main location for SJM's gambling activities.

The proximity to Mainland China and Hong Kong allows SJM to also benefit from these markets, with Mainland China accounting for a significant share of visitors and revenues. Hong Kong also contributes to the income, albeit to a lesser extent compared to the other two markets.

Production Sites: Macau, China

SJM Holdings Limited is a leading company in the field of gambling and casino management. It mainly operates its casinos and hotels in Macau, a Special Administrative Region in China known as one of the largest gambling centers in the world. The company does not produce physical products, but offers services in the gambling and entertainment sector. Therefore, the main locations of its operations are based in Macau.

Strategy for Future Growth:

1. Diversification of Revenue Sources: SJM Holdings Limited plans to further diversify its revenue sources to reduce its dependence on the traditional gambling business. This includes investments in entertainment and leisure offerings as well as expanding non-gaming activities.

2. Expansion of Market Presence: The company aims to strengthen its market presence in Macau, particularly through the development of new resorts and the modernization of existing facilities. The goal is to attract a broader audience and increase attractiveness for tourists.

3. Sustainability Initiatives: SJM Holdings is focusing on sustainability by integrating environmentally friendly practices into its operations. This includes energy-efficient construction and the use of renewable energies to reduce long-term operating costs and enhance the company's image.

These strategies are intended to secure the growth of SJM Holdings in an increasingly competitive market environment and to tap into new customer segments.

Main Imported Raw Materials/Supplies:

• Building and furnishing materials
• Electronic devices and systems
• Food and beverages for the hospitality sector

Main Importing Countries:

• China: Main supplier of building and furnishing materials as well as electronic devices.
• USA and Europe: High-quality electronic systems and specialized equipment.
• Australia and New Zealand: Food and beverages, especially for the premium hospitality sector.

SJM Holdings Limited, as an operator of casinos and hotels in Macau, imports a variety of materials necessary for the construction, maintenance, and operation of their facilities. Due to geographical proximity and trade relationships, China is the most significant trading partner. High-quality and specialized products are often sourced from the USA and Europe to meet the high standards of international clientele. Food and beverages are frequently imported from Australia and New Zealand to meet the demand for high-quality products in the hospitality industry.

Market share in Macau: 15% (estimated 2026)
EBITDA margin: 18% (2025)
Debt ratio: 1.2 (2025)

SJM Holdings Limited is one of the leading casino operators in Macau, one of the largest gambling markets in the world. The company's competitive advantage lies in its strong brand presence and its historical roots in Macau, which secure a stable customer base for it.

Nevertheless, SJM Holdings faces significant challenges from intense competition in Macau, especially from competitors such as Sands China and Galaxy Entertainment. These companies have invested significantly in their infrastructure and offerings in recent years, increasing the pressure on SJM.

Another advantage of SJM is its strategic location and license, allowing it to operate in a regulated market. However, the company must continuously invest in its facilities and customer experiences to maintain and expand its market share.

Institutional Investor Share: Estimated at 45% (2026)

Insider Buys/Sells: No significant transactions in the last year (2025)

The institutional investor share in SJM Holdings Limited is estimated to be around 45%. This demonstrates the confidence of institutional investors in the company's long-term stability and growth potential.

In 2025, there were no significant insider transactions, indicating that the management and insiders are currently not making any significant changes to their stake in the company. This could be interpreted as a sign of stability and confidence in the current corporate strategy.

Market share of SJM Holdings Limited: 14% (2026, estimated)

Main competitors and their market shares:

1. Galaxy Entertainment Group: 21%
2. Sands China Ltd: 20%
3. Melco Resorts & Entertainment: 16%
4. Wynn Macau: 15%
5. SJM Holdings Limited: 14%
6. MGM China Holdings: 10%
7. Others: 4%

SJM Holdings Limited has a market share of approximately 14% and therefore ranks behind the industry's leading companies. The biggest competitor, Galaxy Entertainment Group, holds a market share of 21%, followed by Sands China Ltd with 20%.

The moat of SJM Holdings is historically based on its long-standing presence and the license it obtained as one of the first companies in Macau. However, competitors, especially Galaxy Entertainment and Sands China, have developed a stronger moat through significant investments in modern infrastructure and a wider range of entertainment and leisure options.

These companies benefit from a diversified customer base and an extensive portfolio of resorts and casinos, giving them a significant competitive advantage. Therefore, SJM Holdings must strategically invest to maintain and expand its market position, especially through the modernization of its facilities and the expansion of its offerings.

Revenue Growth: 8% (2025) EBITDA Growth: 10% (2025) Market Share in Macau: 15% (2025)

SJM Holdings Limited recorded a revenue growth of 8% in 2025, attributed to the recovery of tourism and an increased number of visitors in Macau. The 10% EBITDA growth indicates an improvement in operational efficiency and successful cost control.

SJM Holdings' market share in Macau is approximately 15%, making the company a significant player in this region. The recovery of the gambling market in Macau after the pandemic-related declines continues to offer growth opportunities.

In the long term, SJM Holdings could benefit from the recovery of the Asian gambling market, especially if international travel restrictions are further eased. However, investors should consider regulatory risks and competition in Macau before making an investment decision.

Dividend Yield: 3.5% (estimated for 2026)
Dividend History: Regular payouts in recent years

SJM Holdings Limited has regularly distributed dividends to its shareholders in the past. The dividend yield is estimated to be around 3.5% for 2026, based on the latest available data and general market conditions.

The reliability of dividend payments heavily depends on the financial stability of the company and the development of the gambling market in Macau. In recent years, SJM Holdings has maintained its dividend policy, indicating a certain level of stability. However, investors should keep an eye on the economic conditions and regulatory changes in Macau, as these factors can significantly impact the company's earnings.