The Star Entertainment Group (SGR) Q4 2025 TU earnings summary

Executive summary

• Q4 FY25 revenue was $270 million, flat sequentially, with an EBITDA loss of $27 million before significant items, reflecting continued operational softness and regulatory impacts.

• Strategic investments of $300 million were secured from Bally's and Investment Holdings, with $233 million received by quarter-end and a further $67 million pending regulatory approval.

• Sale of the Sydney Event Centre completed for $60 million, with $58 million released from escrow after shareholder approval.

• Ongoing negotiations regarding exit from the Destination Brisbane Consortium, with the HoA termination extended to 31 July 2025.

Financial highlights

• Q4 FY25 revenue of $270 million, up 1% from Q3 FY25 but down 31% year-over-year; EBITDA loss of $27 million, compared to a $24 million loss in Q3 and $23 million EBITDA in Q4 FY24.

• Operating expenses for Q4 FY25 were $232 million, up 2% sequentially but down 15% year-over-year.

• Net cash used in operating activities for the quarter was $74 million; cash and cash equivalents at quarter-end were $269 million.

Outlook and guidance

• The Group's ability to continue as a going concern depends on key financial and operational matters, to be reviewed with FY25 results.

• Regulatory reforms, including further reductions in cash limits and ongoing licence reviews, are expected to continue impacting performance.