• Q1 FY26 revenue of $284 million and EBITDA loss of $13 million
• Stabilised trading in Sydney, stronger volumes on Gold Coast, and higher operator fee for Brisbane
• Entered binding agreement to exit Brisbane Consortium Integrated Resort joint venture

The Star Entertainment Group Limited (ASX: SGR) released its unaudited quarterly activities report for the first quarter ended 30 September 2025. Q1 FY26 revenue was $284 million (up 5% compared to Q4 FY25) and EBITDA loss was $13 million (before significant items), compared to an EBITDA loss of $27 million for Q4 FY25. The result reflects stabilised trading in Sydney (although at historical lows), seasonally stronger volumes on the Gold Coast, and a higher operator fee for The Star Brisbane. Operating conditions remain challenging due to the impact of mandatory carded play and cash limits in NSW and stricter regulatory requirements across all properties. The company entered into binding long form documentation to exit the Destination Brisbane Consortium Integrated Resort joint venture, dispose of its interest in the Festival Car park joint venture, dispose of the Treasury Hotel and Car Park and consolidate its Gold Coast position. The Star also completed a $300 million strategic investment with Bally's Corporation and Investment Holdings. The Group's senior lenders agreed to provide covenant waivers for 30 September 2025, and the company will need to execute a refinancing of the existing senior lender facility to avoid a default. The Group's ability to continue as a going concern remains dependent on the outcome of numerous material uncertainties.