• Normalised revenue declined 10% to $584.9 million
• EBITDA loss of $8 million, an improvement of 71% from H1 FY25
• Focused on liquidity management and refinancing options

The Star Entertainment Group Ltd reported a 10% decline in normalised revenue to $584.9 million in H1 FY26, primarily due to an 18% decline in gaming revenue impacted by continued challenging trading conditions, including the implementation of casino industry reforms and loss of market share. Operating expenses decreased 11.2% to $463.6 million, driven by a reduction in volume-related expenses, the closure of the Treasury Brisbane Casino, and lower corporate costs. EBITDA was a loss of $8 million, an improvement of 71% from H1 FY25, reflecting lower corporate costs and an increase in The Star Brisbane operator fee. Despite the significant challenges, the company is working on opportunities to improve revenue, which, combined with cost-out initiatives and the roll-off of remediation costs, are expected to support earnings improvement over the medium term. The focus on liquidity remains a key priority, including management of the company's existing debt facilities and refinancing alternatives. The company has appointed MA Moelis Australia as a financial advisor to assist with the evaluation and execution of financing options, and has executed a non-binding term sheet with WhiteHawk Capital Partners for a proposed refinancing of the group's debt.