• Q2 FY26 revenue of $301 million (up 6% vs Q1 FY26) and EBITDA profit of $6 million
• Stabilised trading in Sydney, seasonally stronger volumes on the Gold Coast, and higher operator fee for The Star Brisbane
• Ongoing challenges due to mandatory carded play and cash limits in NSW and stricter regulatory requirements

The Star Entertainment Group Limited (ASX: SGR) has released its unaudited quarterly activities report for the second quarter ended 31 December 2025. The key highlights include:- Q2 FY26 revenue of $301 million, up 6% compared to Q1 FY26, and Q2 FY26 EBITDA profit of $6 million (before significant items), compared to an EBITDA loss of $13 million for Q1 FY26. - The result reflects stabilised trading in Sydney (although trading levels remain 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 Star has entered into a binding agreement with Chow Tai Fook Enterprises Limited and Far East Consortium International Limited 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.- Bally's Corporation and Investment Holdings Pty Ltd have completed $300 million strategic investments in The Star, now holding approximately 38% and 23% of the issued capital respectively.- The Star is currently conducting a refinancing process and engaging with existing and potential new lenders, as it may not meet certain financial covenants under its Senior Facility Agreement for the period ending 31 December 2025.- The Group's ability to continue as a going concern remains dependent on the outcome of numerous material uncertainties, some of which are interdependent and outside The Star's control.

The Star has not provided any high-importance, price-sensitive forward-looking financial metrics or guidance.