The Star Entertainment Group (SGR) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a welcome, introduction of the Board, and confirmation of a quorum, with hybrid attendance options and webcast availability.

• Outlined meeting procedures, voting processes, and opportunities for shareholder questions both in-person and online.

Financial performance review

• FY 2025 saw a material deterioration in financial performance, with a 30% revenue decline at Sydney and 19% at Gold Coast since FY 2023.

• Non-gaming revenue remained stable, but significant costs from remediation led to a combined EBITDA decline of AUD 260 million over two years.

• Q1 FY 2026 showed early signs of improvement, with revenue up 5% from the previous quarter and a reduced EBITDA loss.

• Liquidity challenges addressed through asset sales, cost reductions, and a strategic AUD 300 million investment from Bally's and Investment Holdings.

Board and executive committee updates

• Michael Issenberg retired; Don Pasquariello to join as non-executive director pending approvals.

• Anne Ward to retire following completion of the share conversion; Bruce Mathieson Jr. and Bally's nominees joining the Board.

• Board renewal and governance changes implemented, with new independent directors at property boards.