Star Entertainment Group Limited · ASX:SGR
Star Entertainment — H1 FY26 Earnings Presentation
26 slides from Star Entertainment's earnings presentation, Feb 28, 2026
Slide 1: H1 FY26 Results Presentation
H1 FY26 RESULTS PRESENTATION 27 February 2026 The Star Entertainment Group Limited ABN: 85 149 629 023
Slide 2: Disclaimer
DISCLAIMER This presentation (Presentation) contains summary information about The Star Entertainment Group and its subsidiaries (TSEG or the Group) and their current activities. It should be read in conjunction with the Group’s other periodic and continuous disclosure announcements lodged with the
Slide 3: Basis of Preparation
BASIS OF PREPARATION • Information in this presentation is provided as at the date of the presentation unless specified otherwise. It should be read in conjunction with The Star Entertainment Group Limited’s (TSEG, The Star or the Group) interim financial statements for the six months ended 31 Decem
Slide 4: Agenda
AGENDA 1. Business Update 2. H1 FY26 Financial Results 3. Trading Update 4. Appendices 4
Slide 5: Business update
Business update 5
Slide 6: Business Update
BUSINESS UPDATE • H1 FY26 normalised revenue was $585 million1, down 10% from H1 FY25. The reduction in revenue was due to: – Continued challenged operating conditions due to the impact of mandatory carded play and cash limits in NSW, and stricter regulatory requirements across all properties – The
Slide 7: Business Update – Strategic Investment & JVP Transaction
BUSINESS UPDATE – STRATEGIC INVESTMENT & JVP TRANSACTION • As announced to the ASX in April 2025, The Star entered into a strategic investment in the form of a multi-tranche convertible note and subordinated debt instrument for a principal value of $300 million with Bally’s Corporation (Bally’s) and
Slide 8: Business Update – Liquidity and Refinancing Process
BUSINESS UPDATE – LIQUIDITY AND REFINANCING PROCESS • The focus on liquidity remains a key priority for The Star, including management of the company’s existing debt facilities and refinance alternatives • On 30 September 2025, The Star confirmed its lenders agreed to provide covenant waivers for th
Slide 9: H1 FY26 Financial Results
H1 FY26 FINANCIAL RESULTS 9
Slide 10: H1 FY26 Financial Overview
H1 FY26 FINANCIAL OVERVIEW EBITDA (before significant items) NPAT (statutory) Normalised revenue H1 FY26 -$7.6m -$109.7m $584.9m1 H1 FY25 -$26.4M H1 FY25 -$301.9M H1 FY25 $649.6M EBITDA Margin (normalised) Significant items (after tax)2 8.6 40.2 -1.3% -$34.0m H1 FY25 -4.1% H1 FY25 -$166.2M EBIT (bef
Slide 11: Group Profit and Loss
GROUP PROFIT AND LOSS H1 FY26 $’million H1 FY25 $’million Variance % Commentary • Group revenue declined 10% to $584.9 million, due primarily to an 18% decline in gaming Domestic Gaming revenue 382.0 464.0 (17.7%) revenue which was impacted by continued challenging trading conditions (casino Non-gam
Slide 12: The Star Sydney Results Overview
THE STAR SYDNEY RESULTS OVERVIEW Normalised results H1 FY26 $’million H1 FY25 $’million Variance % COMMENTARY EGMs 109.5 113.3 (3.4%) Revenue Tables 147.5 174.3 (15.4%) • Domestic gaming revenue down 10.6% to $257.0 million, reflecting continued impact from implementation of uplifted controls, casin
Slide 13: The Star Gold Coast Results Overview
THE STAR GOLD COAST RESULTS OVERVIEW Normalised results H1 FY26 $’million H1 FY25 $’million Variance % COMMENTARY EGMs 89.9 92.9 (3.2%) Revenue Tables 35.1 37.7 (6.9%) • Domestic gaming revenue declined 4.3% to $125.0 million, reflecting the continued impact of the implementation of uplifted control
Slide 14: Treasury Brisbane Results Overview
TREASURY BRISBANE RESULTS OVERVIEW Normalised results H1 FY26 $’million H1 FY25 $’million Variance % COMMENTARY EGMs - 25.2 (100.0%) • Decline in gaming revenue due to the Treasury Brisbane Casino closing on 25 August 2024 Tables - 20.6 (100.0%) ahead of the opening of The Star Brisbane on 29 August
Slide 15: The Star Brisbane Results Overview
The Star Brisbane RESULTS OVERVIEW COMMENTARY Revenue Normalised results H1 FY26 H1 FY25 Variance $’million $’million % • Revenue of $40.2 million reflects the operator fee revenue recognised by The Star for being the operator of The Star Brisbane Operator fee revenue 40.2 14.4 179.2% • As previousl
Slide 16: H1 FY26 - Cash Flow Bridge
H1 FY26 - Cash Flow Bridge Cash and Cash equivalents Position Asset Value ($m) Available cash 234 Asset Value ($m) Cage cash 33 Cash and cash equivalents 267 Available cash 130 400 Long term deposits - restricted1 97 Cage cash 41 Cash and cash deposits 364 Cash and cash equivalents 171 350 Long term
Slide 17: Trading Update
TRADING UPDATE 17 17
Slide 18: Trading Update
trading update Monthly Average Monthly Actual COMMENTARY Net revenue Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Jan-26 Jan-25 • Soft trading conditions continued during January 2026, particularly at The Star Sydney. The Star Sydney 53.8 53.8 53.7 54.2 52.4 55.7 • January 2026 Group revenue was $98.3 million wi
Slide 19: Appendices
APPENDICES 19 19
Slide 20: Group Balance Sheet
GROUP BALANCE SHEET December 2025 June 2025 $’million $’million COMMENTARY Cash and cash equivalents 171.0 267.0 • Cash and cash equivalents of $171 million, representing $130 million of Trade and other receivables 39.3 21.1 available cash and $41 million of cage cash. Inventories 11.4 10.7 • Net de
Slide 21: Corporate Allocation
Corporate Allocation Property normalised results ($m) The Star Sydney H1 FY26 H1 FY25 Net Revenue 323.8 362.2 Gaming taxes and levies (90.0) (99.1) Operating expenses (excl Corporate) (197.9) (206.1) • The Group operates a centralised corporate Property EBITDA 35.9 57.0 function, with corporate over
Slide 22: Normalised Results by Property
NORMALISED RESULTS BY PROPERTY The Star Sydney The Star Gold Coast Treasury Brisbane The Star Brisbane Group H1 FY26 H1 FY25 fav/(unfav) H1 FY26 H1 FY25 fav/(unfav) H1 FY26 H1 FY25 fav/(unfav) H1 FY26 H1 FY25 fav/(unfav) H1 FY26 H1 FY25 fav/(unfav) EGMs 109.5 113.3 (3.4%) 89.9 92.9 (3.2%) - 25.2 (10
Slide 23: Casino Licences and Remediation Plan Update
Casino Licences and Remediation Plan UPDATE • The current status of The Star’s casino licences is as follows: – The Star Sydney’s casino licence remains suspended with the Manager’s term currently set until 31 March 2026. CASINO LICENCE – The deferral of the suspension of The Star Gold Coast’s casin
Slide 24: Regulatory & Major Claims Update
REGULATORY & major claims UPDATE mandatory • The Star Sydney – Mandatory carded play and $5,000 daily cash limits were fully implemented across the entire gaming floor on 19 October 2024. Cash limits were due to reduce to $1,000 by 19 August 2025. On 5 August 2025 the NSW Government confirmed the da
Slide 25: Glossary of Terms
GLOSSARY OF TERMS Term Definition AML/CTF Anti-Money Laundering and Counter-Terrorism Financing AUSTRAC Australian Transaction Reports and Analysis Centre CAGR Compound Annual Growth Rate Capital expenditure (capex) Unless otherwise stated, capital expenditure is presented on an accruals basis and e
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