Skycity Entertainment Group Limited · NZX:SKC
Skycity Entertainment — 1H26 Earnings Presentation
31 slides from Skycity Entertainment's earnings presentation, Feb 19, 2026
Slide 1: First Half 2026 Results Investor Presentation
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Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER - All information included in this presentation is provided as at 19 February 2026. This disclaimer applies to this document and the verbal or written comments of any person presenting it. - The information in this presentation has been prepared by SkyCity with due ca
Slide 3: Agenda
GROUP FINANCIAL OPERATING AERA E SY RESULTS PERFORMANCE OUTLOOK APPENDICES CHIEF EXECUTIVE OFFICER SEE CHIEF FINANCIAL OFFICER CHIEF OPERATING OFFICER CHIEF EXECUTIVE OFFICER Page 4 Page 13 Page 17 Page 21 Page 24
Slide 4: Chief Executive Officer
ENTERTAINMENT GROUP
Slide 5: 1H26 Results Overview
1H26 RESULTS OVERVIEW REPORTED/UNDERLYING " REPORTEDEBITDA REPORTED REPORTED REVENUE NPAT EARNINGS PER SHARE $411.7m $72.1m $12.1m 1.2cps ' (36.3%) pep (2.4%) Reported & Underlying 99.0% pcp 50.0%pcp revenue pep UNDERLYING" UNDERLYING" UNDERLYING" EBITDA NPAT EARNINGS PER SHARE (28.4%) pcp (67.5%) p
Slide 6: 1H26 in Review
1H26 IN REVIEW Progress made on key initiatives during a transitional first half * 1H26 result in line with expectations and reiterating the FY26 guidance provided in August 2025 * Strong focus on cost saving initiatives - delivered 1H targeted savings, balance to flow through in 2H + 99 Albert Stre
Slide 7: Business Transformation Progress
BUSINESS TRANSFORMATION PROGRESS OBJECTIVE CURRENT FOCUS Core business optimisation Strategic daygiat-@ Customer focus Online Gaming Make the most of our existing assets to help grow market share and invest in our future Engage our customers with amazing experiences, driving preference and loyalty U
Slide 8: Asset Monetisation
ASSET MONETISATION Committed to $200m of asset monetisation proceeds * We continue to target releasing in the order of $200m from asset monetisations over the next 12 months to achieve <2.0x! net debt / EBITDA * CBRE have formally commenced the marketing of 99 Albert Street office tower * Advisers e
Slide 9: NZICC
NZICC Officially open, first live-event held 12 February 2026 + Strong pipeline of events for FY26 and beyond: + FY26 confirmed events will generate ~110k visitations, with additional events in the sales pipeline to attract a further ~35k visitations + FY27 confirmed events attracting ~150k visitati
Slide 10: Carded Play Implementation
CARDED PLAY IMPLEMENTATION Impact of carded play in line with our expectations and guidance * Carded play rolled out across New Zealand in July 2025 alongside a refresh of our loyalty programme SHOW by SkyCity with minimal impact to customer satisfaction levels * Gaming customers with accounts incre
Slide 11: Visitation and Spend
VISITATION AND SPEND Stable visitation and improved spending visibility following carded play implementation 1H26 1H25 Group Visitation! 5.2m 5.4m Group Underlying EBITDA2 $85.5m $119.53 Group Underlying EBITDA/Visitation ~$16.50 ~$22 Difference ~($5.50)/visitation * The reduction in EBITDA per visi
Slide 12: Online Gaming Regulation Update
Market now likely to go-live from 1 December 2026 : ar are CLAIM YOUR > Regulation Update: f WELCOME L~——e ] New Zealand DIA announced revised timeline for regulation of online gaming market * Online Casino Gambling Act expected to be passed into law with effect from from 1 May 2026 Details of licen
Slide 13: Group Financial Results
ENTERTAINMENT GROUP GROUP FINANCIAL RESULTS PETER FREDRICSON | CHIEF FINANCIAL OFFICER
Slide 14: 1H26 Group Results
1H26 GROUP RESULTS $M 1H26 1H25° % Change Total revenue impacted by a reduction in Gaming revenue due to: Total Underlying Revenue! ‘47 422.0 (2.4%) + Implementation of carded play in New Zealand casinos Ongoing changes in VIP activity levels and Premium play below prior period Auckland ez) Week) (1
Slide 15: Balance Sheet
BALANCE SHEET AS AT31 DECEMBER 1H26 1H25 Total net debt! $594.4m — $722.4m Available liquidity (cash and undrawn facilities) $343.7m — $308.6m Average borrowing cost 5.41% 5.96% Average debt maturity (yrs) 3.4yrs 43 yrs Interest rate hedging % 83% 67% USPP hedging to NZD 100% 100% Net debt to Covena
Slide 16: Cash flow
• • $403.6 $56.1 -$295.2 -$26.4 -$36.5 -$25.9 Receipts Payments Gaming taxes and Levies Income tax paid 1H26 Cashflow BAU capex
Slide 17: Operating Performance
ENTERTAINMENT GROUP OPERATING PERFORMANCE
Slide 18: Auckland
AUCKLAND + Auckland site visitation was up 2.3% with growth in Food & Beverage and Hotel the key drivers. Gaming visitation now uses carded play to calculate customer numbers * Operational efficiency initiatives continually being implemented across the precinct, with new marketing initiatives to dri
Slide 19: Hamilton and Queenstown
HAMILTON AND QUEENSTOWN Gaming * Change in customer visitation methodology with the introduction of carded play + Results in line with expectations, with carded play in Queenstown marginally better than expected and Hamilton in line with expectations * Opening of outdoor balcony in December in Hamil
Slide 20: Adelaide
ADELAIDE + Increased costs in IH26 came primarily from compliance, gaming tax, and legal (one-off) + Significant cost out programme underway, including workforce reduction, with benefits in 2H26 + B3 programme operationally on-track, some costs pulled forward from FY27, remain comfortable with $60m
Slide 21: Outlook
ENTERTAINMENT GROUP
Slide 22: FY26 Outlook
FY26 OUTLOOK FY26 remains a transitional year as SkyCity completes major initiatives, absorbs near-term impacts, and positions the business for improved performance beyond FY26 * Based on the 1H26 result and the outlook for the remainder of the financial year, we are confirming the FY26 earnings gui
Slide 23: Well positioned after period of transition
As the business completes this period of transition, SkyCity will be well positioned Regional gaming leader delivering connected customer experiences across entertainment precincts and Online Gaming, driving sustainable earnings growth and strong shareholder returns in the future Connected approach
Slide 24: Appendix
effeye sk CITY @ ENTERTAINMENT GROUP sherry \ ~~“ APPENDIX
Slide 25: Underlying Operating Results by Segment
UNDERLYING OPERATING RESULTS BY SEGMENT HAMILTON CORES) AUCKLAND ND QUEENSTOWN ADELAIDE ONLINE CORPORATE TOTAL $M 1H26.0«1H25.—«1H26 1H25 1H26-1H25«1H26.—1H25—sTH26.—sTH25.—sTH26—sTH25 1H26 1H25 Gaming machines Tl09 1183 248 26.0 50.2 503 00 0.0 0.0 0.0 185.9 194.5 444 45.8 Tablegames 545 571 70 7.0
Slide 26: Operating Profit to Statutory Result Reconciliation
OPERATING PROFIT TO STATUTORY RESULT RECONCILIATION 1H26 1H25 (RESTATED) $M REVENUE EBITDA EBIT NPAT REVENUE EBITDA EBIT NPAT Reported Results 411.7 721 22.2 12.1 422.0 13.1 67.8 61 Remove impact of Adelaide B3 costs _ 13.4 13.4 13.4 _ 64 64 64 Remove impact of derecognition of Australian tax - - -
Slide 27: Group Debt and Liquidity
GROUP DEBT AND LIQUIDITY GROUP DEBT FACILITIES LIQUIDITY PROFILE MATURITY JQTAL_——“FACILITY AMOUNT” UNDRAWN FAGIMIT. AMOUNT LIQUIDITY $M $M $M TYPE DATE $M NZ$M NZ$M NZ$M Facilities due within 12 months 0.0 UsPP Feb 30 75.0 US 129.0 129.0 _ Facilities due post 12 months 8259 5509 275.0 usPP Sep31 15
Slide 28: Facilities and Covenants
FACILITIES AND COVENANTS EBITDA RECONCILIATION ‘Amount drawn (NZ$m) a 30 June 30 June Dec 25 Maturity Totalamount 2025 Offer 2025 (pro ec (reported) forma) Bank facility Jul-27__NZ$S57.5m - - - Reported EBITDA 175] Bank facility Sep-27 NZ$80.0m —$50.0m _$(50.0)m - Bank facility Sep-28 _NZ$137.5m - -
Slide 29: SkyCity Overview
SKYCITY OVERVIEW Operated since HAMILTON AND QUEENSTOWN 2002 & 2000 ADELAIDE 2000 ONLINE (MALTA) a 2048 2027 Hamilton 2085 (exclusive to 30 June 2035) NZ market regulating in late 2026 Gaming licence expiry - 2040 Queenstown Pursuing Malta licence 1,877 EGMs! 425 EGMs! 1,080 EGMs ~2,400 Games Gaming
Slide 30: Important Information
IMPORTANT INFORMATION RECONCILIATION OF GROUP RESULTS. Guide to understanding the basis of underlying earnings The Group's objective in preparing underlying financial information is to enable the investment community to better understand the Group's underlying operational performance The Group achie
Slide 31: Investor Relations contact
shiva @ ENTERTAINMENT GROUE Craig Brown Head of Investor Relations
SkyCity Entertainment Group — 1H26 Earnings Presentation on 6ix