Softer VIP and Premium Mass Segments Weigh on EBITDA, Declines 39% YoY to P10.2 Billion

FY2025 HIGHLIGHTS:

• Bloomberry’s Gross Gaming Revenue (GGR) was P59.8 billion, representing a decrease of 3% from P61.7 billion in 2024. The decline was mainly due to persistent industry-wide weakness in the VIP and premium mass segments, partly offset by the GGR contributed by Solaire Resort North (SN)
• The continued ramp-up of SN pushed the combined performance of mass table games and electronic gaming machines across two properties higher by 12%
• Consolidated non-gaming & other revenue increased by 21% to P12.9 billion from P10.7 billion in 2024
• Consolidated net revenue was P52.5 billion, representing a decrease of 1% from P53.1 billion in the previous year
• GGR at Solaire Resort Entertainment City (SEC) was P41.2 billion, representing a decline of 23% from P53.2 billion in 2024. SEC’s EBITDA was P7.1 billion, down 59% compared to the previous year. EBITDA was impacted by lower GGR and P1.9 billion of MegaFUNalo operating expenses
• SN generated GGR of P18.5 billion and EBITDA of P3.8 billion in 2025
• Consolidated EBITDA was P10.2 billion, representing a decrease of 39% from P16.6 billion in 2024. The decline was mostly due to lower EBITDA contributed by SEC
• Consolidated net loss was P2.6 billion for the year, compared to net income of P2.6 billion in 2024. The net loss in 2025 was partly off-set by a P2.9 billion one-time, non-cash refinancing gain relating to the refinancing of the P40.0 billion Syndicated Loan Facility

4Q2025 HIGHLIGHTS:

• The Group’s GGR was P14.1 billion, lower by 13% year-on-year
• Consolidated net revenue was P12.8 billion, representing a decrease of 12% year-over-year
• Consolidated EBITDA was P1.3 billion, declining by 67% year-over-year. EBITDA was impacted by P723.9 million of MegaFUNalo operating expenses
• Consolidated net loss was P2.8 billion, compared to net loss of P920.2 million in the fourth quarter of 2024

Bloomberry Resorts Corporation (“Bloomberry”, “the Company”, “the Group”), whose subsidiaries own and operate Solaire Resort Entertainment City (SEC), Solaire Resort North (SN) and Jeju Sun Hotel & Casino (Jeju Sun), reported audited consolidated financial results for the year ended December 31, 2025.

Mr. Enrique K. Razon Jr., Bloomberry Chairman and CEO, said, “2025 was a challenging year, marked by softer inbound tourism and the residual effects of the July 2024 POGO ban, which weighed on revenues across VIP and premium mass. Regulatory uncertainty in the online space also tempered the rollout of our newest digital platform. Bloomberry’s Philippine gaming revenue declined by 3%; however, we outperformed the broader integrated resort market, supported by the continued ramp-up of Solaire Resort North and the resilience of our domestic mass-market business.”

“In response to softer revenues, we introduced gaming and resort enhancements to both Solaire properties as well as implemented expense management measures across our business. Our debt refinancing activites in October 2024 and February 2025 have and continue to contribute cost savings as benchmark rates on our floating-rate loans continue to ease. We anticipate further gains from these initiatives in 2026. In the online segment, we remain confident in the long-term opportunity as we await greater regulatory clarity and continue strengthening the competitiveness and user experience of our digital platforms.”

Consolidated Results

For fiscal year 2025, Bloomberry’s Gross Gaming Revenue (GGR) was P59.8 billion, representing a decrease of 3% from P61.7 billion in 2024. The decline was mainly due to persistent industry-wide weakness in the VIP and premium mass segments, partly offset by the GGR contributed by SN. The continued ramp-up of SN pushed the combined performance of mass table games and electronic gaming machines across two properties higher by 12%.

In the fourth quarter of 2025, consolidated GGR was P14.1 billion, lower by 13% compared to the same period in the previous year.

Contra-revenue accounts in 2025 decreased by 4% year-over-year to P13.0 billion. This represents 22% of consolidated GGR, consistent with the level reported in 2024.

Non-gaming revenue was P12.9 billion for the year, representing an increase of 21% from P10.7 billion generated the year prior. In the fourth quarter of 2025, non-gaming revenue was P3.4 billion, higher by 2% year-over-year.

Net revenue in 2025 was P52.5 billion, representing a decrease of 1% from P53.1 billion in the previous year. Net revenue declined by 12% in the fourth quarter to P12.8 billion.

Cash operating expenses for the year reached P42.3 billion, higher by 16% compared to P36.5 billion in 2024. The increase in cash operating expenses is due to the full year impact of SN’s operations and costs incurred by MegaFUNalo, the Company’s broad-mass online gaming platform. Operating expenses attributable to MegaFUNalo was P723.9 million and P1.9 billion in the fourth quarter and the full year 2025, respectively. The Company made no provisions for bad debt in 2025.

The Group recorded consolidated EBITDA of P10.2 billion, representing a decrease of 39% from P16.6 billion in the previous year. For comparative purposes, in 2024, a one-off item that impacted EBITDA was SN pre-operating expense which amounted to P1.1 billion. In the fourth quarter of 2025, Bloomberry’s EBITDA was P1.3 billion, lower by 67% year-over-year.

Bloomberry reported a net loss of P2.6 billion for the year, compared to net income of P2.6 billion in 2024. For comparative purposes, notable one-off items that impacted net income were as follows: 1) a P706.3 million one-off Gross Receipts Tax (GRT) charge relating to the P72.0 billion Syndicated Refinancing Facility in the fourth quarter of 2024, 2) a P175 million of GRT charge and 3) P2.9 billion one-time, non-cash refinancing gain relating to the P40.0 billion Syndicated Refinancing Facility in the first quarter of 2025, as well as 4) a P383.3 million impairment of investment in Aviation Concepts Technical Services, Inc.. Net loss in the fourth quarter was P2.8 billion, compared to a loss of P920.2 million in the fourth quarter of 2024.

In 2025, the Company reported Basic Earnings per Share (EPS) loss of P0.250, which compares to a gain of P0.242 in 2024. EPS loss in the fourth quarter of 2025 was P0.265, compared to the EPS loss of P0.086 reported in the fourth quarter of 2024.

Solaire Resort Entertainment City (SEC)

For the year, total GGR at SEC was P41.2 billion, representing a decline of 23% from P53.2 billion in 2024.

VIP rolling chip volume was P274.8 billion, representing a year-over-year decline of 37%. The VIP hold rate was 2.56% against 3.50% in the previous year. VIP GGR was P7.0 billion, declining by 54% from P15.2 billion in 2024.

Mass table drop was P33.2 billion, representing a year-over-year decline of 19%. The mass table hold rate was 49.9%, compared to 42.9% in the previous year. Mass table GGR was P16.5 billion, lower by 6% compared to P17.6 billion in 2024.

EGM coin-in was P319.3 billion, lower by 10% compared to the previous year. The EGM hold rate was 5.5% compared to 5.7% in 2024. EGM GGR was P17.7 billion, lower by 13% compared to P20.4 billion in the previous year.

Non-gaming revenue was P8.2 billion, representing a 2% decline from the previous year. Net revenue was P34.5 billion, down 22% from P44.5 billion in the previous year.

SEC generated EBITDA of P7.1 billion which was lower by 59% compared to P17.2 billion in 2024.

Solaire Resort North (SN)

In 2025, SN generated GGR of P18.5 billion, representing a 120% increase from P8.4 billion it generated in 221 operating days in 2024. SN opened on May 25, 2024.

VIP rolling chip volume was P22.7 billion which compares to P6.4 billion in the same period last year. At a VIP hold rate of 4.74%, VIP GGR was P1.1 billion, increasing by P824.1 million from the P253.3 million recorded in 2024.

Mass table drop was P25.5 billion, representing a year-over-year increase of 72%. The mass table hold rate was 30.3%, compared to 24.7% in the same period last year. Mass table GGR was P7.7 billion, higher by 111% compared to P3.7 billion in 2024.

EGM coin-in was P162.2 billion, recording a 125% year-on-year increase. The EGM hold rate was 6.0% compared to 6.2% in 2024. EGM GGR was P9.7 billion, higher by 116% compared to P4.5 billion in the previous year.

Non-gaming revenue was P4.2 billion, up 125% from P1.9 billion in the previous year. Net revenue was P17.5 billion, rising by 118% from P8.0 billion in 2024.

SN generated EBITDA of P3.8 billion, P2.5 billion more than the P1.3 billion in 2024.

Jeju Sun Resort & Casino (Jeju Sun)

Solaire Korea’s Jeju Sun recorded GGR of P17.3 million, declining by 61% from the previous year as the property prepared for the divestment of its gaming operations. Following a downpayment received in the fourth quarter of 2025, the transaction to spin-off and sell the casino business is scheduled for closing was completed on March 4, 2026.

Non-gaming revenue was P502.0 million, up 7% from P470.0 million in 2024. Net revenue was P516.3 million, higher by 1% year-over-year.

Jeju Sun generated Loss Before Interest, Taxes, Depreciation, and Amortization (LBITDA) of P153.8 million which compares to LBITDA of P249.0 million recorded in 2024.

Balance Sheet and Other Items

As of December 31, 2025, Bloomberry had a consolidated cash and cash equivalents balance of P26.5 billion. Total outstanding long-term debt was P105.4 billion, which represents the balance of the current and non-current portions of the P72.0 billion and P40.0 billion Syndicated Refinancing Facilities. Total equity attributable to equity holders of the parent company was P59.2 billion.

Bloomberry had P1.3 billion in net receivables as of December 31, 2025, lower by P1.1 billion from the beginning of the year. Total allowances cover 85% of receivables over 90 days.

About Bloomberry Resorts Corporation

Listed on the Philippine Stock Exchange (PSE: BLOOM), Bloomberry Resorts Corporation is a leader in developing world-class destinations, comprising luxurious accommodations, premier gaming facilities, and exceptional dining options. The company’s portfolio includes Solaire Resort Entertainment City and Solaire Resort North in the Philippines, and Jeju Sun Hotel & Casino in South Korea.

Beyond its resorts, Bloomberry offers trusted, high-quality digital experiences through Solaire Online and the newly launched MegaFUNalo! online gaming entertainment platforms.

For further details, please visit www.bloomberry.ph and www.solaireresort.com. For Bloomberry’s digital gaming offerings, visit www.solaireonline.com and www.megafunalo.com.

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