The Star Entertainment Group (SGR) Q3 2026 TU earnings summary

Executive summary

• Q3 FY26 revenue was $266 million, down 12% from Q2 FY26 and 1% from Q3 FY25, reflecting seasonal softening and reduced gaming visitation in Sydney.

• Q3 FY26 EBITDA loss was $1 million (before significant items), a 96% improvement from the $24 million loss in Q3 FY25, but down from a $6 million profit in Q2 FY26, which included an $11 million prior period operator fee true-up.

• Cost-saving initiatives and higher operator fee revenue contributed to improved EBITDA versus the prior comparable period.

• The first stage of the JVP Transaction, including exit from the DBC joint venture, was completed on 1 April 2026; the second stage is expected to complete by 31 March 2027.

Financial highlights

• Group revenue for Q3 FY26 was $266 million, down 12% sequentially and 1% year-over-year.

• EBITDA loss of $1 million in Q3 FY26, a significant improvement from a $24 million loss in Q3 FY25.

• Operating expenses were $206 million, down 11% from Q2 FY26 and 10% from Q3 FY25, reflecting cost reduction efforts.

• Net cash used in operating activities was $47 million for the quarter.

• Available cash at 31 March 2026 was $90 million, with total cash and deposits of $180 million.

Outlook and guidance

• The second stage of the JVP Transaction is expected to close in 2H CY2026, no later than 31 March 2027.

• The company is working to complete refinancing of its debt by 15 May 2026 to avoid default under its Senior Facility Agreement.

• Ongoing cost reduction initiatives are expected to further strengthen the financial position.