• Normalised revenue of $584.9 million and normalised EBITDA loss of $7.6 million
• Statutory net loss of $109.7 million after significant items
• Trading conditions remain challenging with total revenue declining 10%

The Star Entertainment Group Limited (ASX: SGR) has released its unaudited results for the half year ended 31 December 2025 (H1 FY26). The company reported normalised revenue of $584.9 million and a normalised EBITDA loss (before significant items) of $7.6 million, in line with its quarterly reporting. The statutory net loss for the period was $109.7 million after significant items (post-tax) of $34.0 million and normalised loss after tax of $75.7 million before significant items. Trading conditions remain challenging, with total revenue declining by 10% compared to the prior comparable period. Gaming revenue, excluding the Treasury Brisbane Casino closure in the prior period, declined by 9%, reflecting the continued impact of regulatory reforms. The result for the period includes a fixed operator fee of $5 million per month from operating The Star Brisbane, as well as a further $10 million operator fee revenue true-up. The company continues to work with its Joint Venture Partners to exit its equity interest in the Destination Brisbane Consortium Integrated Resort joint venture and consolidate its position on the Gold Coast. The Star is also pursuing a range of initiatives to improve performance and enhance the Group's liquidity position, including driving revenue growth through customer-focused enhancements and cost-out initiatives. However, there remains material uncertainty regarding the Group's ability to continue as a going concern, with key interdependent events and initiatives in the near term being critical to the Group's liquidity and financial outlook.

The Star is committed to pursuing a transparent, practical and sustainable pathway that ensures its remediation plan is delivered to the standard expected, while supporting consistency, embedment and demonstrable maturity across the Group. The company is focused on driving revenue growth through customer-focused initiatives and implementing further cost-out measures during FY26.