SkyCity Entertainment Group (SKC) AGM 2026 summary

Opening remarks and agenda

• The 32nd annual meeting opened at NZICC with a quorum; shareholders could participate and vote in person or online, and the agenda covered addresses, resolutions and Q&A.

• Opening remarks included Māori cultural references and a blessing, emphasizing listening, shared responsibility and collective commitment.

Financial performance review

• FY26 underlying revenue was NZD 822.7m, broadly flat YoY; gaming revenue fell 5.9% and non-gaming revenue rose 13.4%, led by NZICC’s February opening.

• Underlying EBITDA was NZD 181.6m, down 22.3%; reported EBITDA was NZD 120.5m, down 44.2%, and reported NPAT was NZD 18.2m, down 37.6%.

• Operating cash flow was NZD 121.7m, up 169.2%; net debt was NZD 591m and net debt/EBITDA was 3.1x on the bank covenant basis.

• Auckland precinct underlying EBITDA was NZD 179.8m; non-gaming revenue rose 16%, hotel room nights increased 8.8% to ~270,000, and non-gaming reached 36% of precinct revenue from 30%.

• FY27 Q1 revenue tracked in line with expectations and trading matched FY26 Q4; cost savings were ahead of schedule, with ~25% of annual target benefits achieved.

Board and executive committee updates

• David Attenborough and Donna Cooper stood for reelection; the Board unanimously recommended votes in favour of both.

• A seventh director was expected in the coming weeks, with customer, marketing and brand expertise identified as a priority.

• The Transformation subcommittee was wound up as land-based transformation became embedded; an Online subcommittee and a Structured Review subcommittee were established.