4Q25 Earnings Presentation January 28, 2026 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipates," "believes ...

Financial Performance - Net revenue for Q4 2025 was $3.65 billion, a 25.9% increase from $2.90 billion in Q4 2024[5] - Net income for Q4 2025 was $448 million, compared to $392 million in Q4 2024, reflecting a 14.3% year-over-year growth[5] - Full year 2025 net income attributable to Las Vegas Sands was $1.63 billion, or $2.35 per diluted share, compared to $1.45 billion, or $1.96 per diluted share, in 2024[6] - Operating income for the year ended December 31, 2025, was $2,818 million, up 17% from $2,402 million in 2024[29] - Net income attributable to Las Vegas Sands Corp. for Q4 2025 was $395 million, compared to $324 million in Q4 2024, representing a 22% increase[34] - Adjusted net income attributable to Las Vegas Sands Corp. for the year ended December 31, 2025, was $2,083 million, compared to $1,673 million in 2024[34] Adjusted Property EBITDA - Consolidated adjusted property EBITDA for Q4 2025 was $1.41 billion, up from $1.11 billion in the prior year quarter, representing a 27% increase[6] - Adjusted Property EBITDA for the year ended December 31, 2025, was $5,232 million, a 19% increase from $4,379 million in 2024[33] - Adjusted Property EBITDA for Marina Bay Sands increased to $806 million, up 50% from $537 million in 2024[52] - Adjusted Property EBITDA for Sands Macao was $4 million, down from $20 million, reflecting a decline of 80%[50] - Adjusted Property EBITDA for The Venetian Macao was $243 million, down from $250 million, resulting in an EBITDA margin decrease of 4.4 percentage points to 32.3%[41] - The total adjusted Property EBITDA margin as a percentage of net revenues for Q4 2025 was 38.8%, slightly up from 38.3% in Q4 2024[30] Revenue Breakdown - Sands China Ltd. total net revenues for Q4 2025 increased 16.4% to $2.05 billion, while net income was $213 million, down from $237 million in Q4 2024[7] - The Venetian Macao generated net revenues of $752 million in Q4 2025, up from $682 million in Q4 2024[30] - Marina Bay Sands reported net revenues of $1,603 million for Q4 2025, a 41% increase from $1,137 million in Q4 2024[30] - The Londoner Macao's casino revenues increased by $137 million to $524 million in Q4 2025, up from $387 million in the same period last year[43] - The Plaza Macao and Four Seasons Macao achieved net revenues of $264 million, reflecting a $41 million increase from $223 million in 2024[48] - Sands Macao reported net revenues of $76 million for the three months ended December 31, 2025, a decrease of 10% from $86 million in 2024[50] Capital Expenditures and Share Repurchase - Capital expenditures for Q4 2025 totaled $274 million, including $149 million at Marina Bay Sands and $121 million in Macao[16] - The company repurchased $500 million of common stock during Q4 2025, with a remaining authorization of $1.56 billion under the share repurchase program[10] Cash and Debt Position - As of December 31, 2025, unrestricted cash balances were $3.84 billion, and total debt outstanding was $15.63 billion[12][13] Gaming Metrics - Marina Bay Sands saw table games win per unit per day rise to $23,730 in Q4 2025, compared to $16,914 in 2024, marking a significant increase of 40.5%[39] - Rolling Chip volume at The Londoner Macao surged to $3,543 million, an increase of $1,694 million from $1,849 million in 2024[43] - Rolling Chip volume at Marina Bay Sands rose to $13,403 million, a significant increase of 66% from $8,068 million[52] - Non-Rolling Chip drop at Marina Bay Sands increased to $2,881 million, up 23% from $2,342 million[52] - Slot machine win per unit per day at The Parisian Macao was $323, slightly up from $322 in 2024[45] Room Rates and Occupancy - The average daily room rate (ADR) at The Londoner Macao decreased to $269, down from $290, a decline of $21[43] - The average daily room rate (ADR) at Sands Macao decreased to $167, down 4% from $174[50] - The average daily room rate (ADR) at Marina Bay Sands increased to $978, up 5.5% from $927[52] - The overall occupancy rate at The Venetian Macao was 98.8%, a slight decrease from 99.5% in the previous year[41]

Core Viewpoint - Jefferies reported that the average daily gaming revenue in Macau reached 695 million MOP as of January 25, reflecting an 18% year-on-year increase, but a slight week-on-week decline of 1% [1] Group 1: Revenue Insights - The estimated average daily gaming revenue for the remaining days of the month is projected to be between 650 million and 720 million MOP, indicating a total monthly revenue of 21.7 billion to 22.1 billion MOP, which represents a year-on-year growth of 19% to 21% [1] Group 2: Market Sentiment - The firm anticipates that the upcoming fourth-quarter earnings reports from gaming companies will restore short-term market confidence and holds a positive outlook for the performance during the Lunar New Year [1] Group 3: Company Outlook - Jefferies continues to favor stocks of Wynn Macau, Sands China, Galaxy Entertainment, Las Vegas Sands, and Wynn Resorts [1]

Let's do some calls of the day. So Goldman has an interesting gaming call today. They say expect another tough quarter for Vegas.They still name Las Vegas Sands their top pick. They reiterate their buy. 80 bucks is the price target there.However, they do lower winds target to 140 from 148 and they reiterate the buy there as well. Jimmy, we go to you first because I've ended on win and that's your big winner. >> Yeah.Well, it >> has been one. >> It it has been. I mean, it's come off a little bit.Um, I'm thin ...

Core Viewpoint - Las Vegas Sands Corp. (LVS) is experiencing strong business performance in Singapore while facing challenges in Macao, leading to a mixed overall performance. Despite this, the shares are considered relatively undervalued, and the article aims to identify key drivers for potential investment opportunities [1]. Group 1: Business Performance - The company is showing strength in Singapore, indicating a positive trend in that market [1]. - Conversely, there is a noted weakness in Macao, which may impact overall performance [1]. Group 2: Investment Potential - The shares of LVS are viewed as undervalued, suggesting potential for growth and investment opportunities [1].

Group 1 - Las Vegas Sands Corp. (LVS) is experiencing strong business performance in Singapore while facing challenges in Macao [1] - Despite the mixed performance, LVS shares are considered relatively undervalued [1] - The article aims to identify important drivers influencing LVS's performance [1]

Core Viewpoint - AXA XL has appointed Liz Rychling as Head of Broker Relations for the Americas, aiming to enhance broker partnerships and market presence in the region [1][5]. Group 1: Appointment Details - Liz Rychling will be based in New York and report to Matt O'Malley, Chief Client and Distribution Officer for AXA XL in the Americas [2]. - In her role, Rychling will design and implement distribution programs, liaise with broker partners, analyze performance data, and collaborate with internal teams to improve productivity and service quality [2]. Group 2: Professional Background - Rychling has over 25 years of experience in risk management, insurance, legal, and strategic leadership, starting her career in law with a focus on insurance defense [2]. - Prior to this role, she served as Senior Vice President of Risk Management at MGM Resorts International, overseeing global insurance programs and legal teams [3]. Group 3: Leadership Perspective - Matt O'Malley highlighted Rychling's unique perspective and hands-on experience across various areas of the insurance industry, emphasizing her suitability for the role [4]. - The company expressed excitement about Rychling leading broker management initiatives to strengthen market position and drive growth [5].

Core Points - Rep. Julia Letlow (R-La.) reportedly violated the STOCK Act by failing to disclose 224 stock and bond trades within the required 45-day reporting window [2][5] - The value of these trades ranges between $225,000 and $3.3 million, including shares of major companies like Alphabet, Amazon, Apple, and Meta [3][4] - Letlow's office acknowledged the violation, stating that the trades were managed by Merrill Lynch without her direct involvement [5] Legislative Context - There is a bipartisan movement to ban members of Congress and their families from owning or trading individual stocks, highlighted by the introduction of the Restore Trust in Congress Act [6] - The STOCK Act, signed into law in 2012, mandates that members of Congress disclose transactions over $1,000 within 45 days, with penalties for violations [7] - Recent scrutiny of congressional trades has been fueled by instances of late disclosures from other lawmakers, indicating a broader issue of compliance with the STOCK Act [8][9]

Core Viewpoint - The article emphasizes the investment philosophy focused on identifying mispriced securities through understanding the financial drivers of companies, often revealed by DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is centered on small cap companies across US, Canadian, and European markets [1]. - The methodology is flexible, not confined to traditional value, dividend, or growth investing, but considers all prospects of a stock to assess risk-to-reward [1].

Core Viewpoint - Las Vegas Sands has significantly outperformed its competitors in the casino and gambling sector over the past year, and this trend is expected to continue due to favorable market conditions and strategic positioning [1]. Group 1: Stock Performance - Las Vegas Sands' stock price has increased approximately 28% over the past 12 months, reaching $60, compared to an 18% growth in the S&P 500 [2]. - Analysts have set a median price target of $69 per share for the next 12 months, with recent upgrades from Jefferies to $78 and Bank of America to $70, indicating potential upside of 15% to 30% [2]. Group 2: Market Dynamics - Las Vegas Sands does not operate any casinos in Las Vegas, which has been beneficial as tourism in Las Vegas declined significantly last year [4]. - Visitor volume to Las Vegas dropped by 7.4% last year, with room occupancy falling by 3% and average daily rates decreasing by 5% [5]. - Competitors MGM and Caesars, which have significant operations in Las Vegas, have seen their stock prices rise only 6% and fall 22% respectively, with both companies reporting declines in casino and room revenues [6]. Group 3: Growth in Key Markets - Las Vegas Sands operates exclusively in Macau and Singapore, where the markets are experiencing substantial growth [8]. - Macau recorded a record 40 million visitors in 2025, a 15% increase year-over-year, surpassing pre-pandemic levels, with expectations for further growth in 2026 [9]. - Revenue from Las Vegas Sands' Macau properties increased by 8% year-over-year to $1.9 billion in the latest quarter [9].