Sands China (1928.HK): Lower 2Q26 EBITDA on win-rate factor. Better positioned to capture GGR recovery ahead. Buy

Research evidence excerpt

Sands China (1928.HK): Lower 2Q26 EBITDA on win-rate factor. Better positioned to capture GGR recovery ahead. Buy

.; in India by Goldman Sachs (India) Securities Private Ltd.; in Japan by

Goldman Sachs Japan Co., Ltd.; in the Republic of Korea by Goldman Sachs (Asia) L.L.C., Seoul Branch; in New Zealand by Goldman Sachs New Zealand

Limited; in Russia by OOO Goldman Sachs; in Singapore by Goldman Sachs (Singapore) Pte. (Company Number: 198602165W); and in the United States

of America by Goldman Sachs & Co. LLC. Goldman Sachs International has approved this research in connection with its distribution in the United

Kingdom.

Goldman Sachs International (“GSI”), authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority

(“FCA”) and the PRA, has approved this research in connection with its distribution in the United Kingdom.

European Economic Area: Goldman Sachs Bank Europe SE (“GSBE”) is a credit institution incorporated in Germany and, within the Single Supervisory

Mechanism, subject to direct prudential supervision by the European Central Bank and in other respects supervised by German Federal Financial

Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and Deutsche Bundesbank and disseminates research within the

European Economic Area.

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