The Star Entertainment Group (SGR) investor relations material

Executive summary

• Group revenue declined 29% year-over-year to $1.2 billion, driven by a 37% drop in gaming revenue and loss of market share.

• Statutory NPAT loss was $471.5 million, and normalized EBITDA loss before significant items was $77 million.

• Trading conditions deteriorated due to regulatory reforms, remediation costs, and competitive pressures.

• $300 million strategic investment from Bally's and Investment Holdings, with $233 million received and $67 million pending regulatory approval.

• Cost-out target of $100 million achieved, reducing annualized corporate costs by 32% from Q1 FY25 to Q4 FY25.

Financial highlights

• Gaming revenue dropped 37% year-over-year, while non-gaming revenue remained relatively stable.

• EBITDA loss before significant items was $77 million; group NPAT before significant items was a loss of $259 million.

• Statutory NPAT loss was $471.5 million, including $212 million in significant items (impairments, funding, regulatory costs).

• Operating expenditure reduced by $109 million, aided by cost-out programs and property closures.

• Group EBITDA margin (normalised) was -6.5%, down from 10.4% in FY24.

Outlook and guidance

• July 2025 group revenue was $92.1 million with an EBITDA loss of $7.4 million, showing slight improvement over Q4 FY25 averages.

• Ongoing focus on cost reduction, operational improvements, and revenue growth initiatives.

• Near-term priorities include regulatory approvals, covenant waivers, and completion of asset transactions.

• Focus on resolving AUSTRAC penalty and restoring casino licences.