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FY26 RESULTS PRESENTATION 31 August 2026 The Star Entertainment Group Limited ABN: 85 149 629 023
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disclaimer This presentation (Presentation) contains summary information about The Star Entertainment Group and its subsidiaries (TSEG or t he Group) and their current activities. It should be read in conjunction with the Group’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at https://www.starentertainmentgroup.com.au/investors. The information contained in this Presentation is of a general nature and has been prepared by the Group in good faith and with due care, however no representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness or completeness of such information. This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under Australian or any other law. This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment. The information provided in this Presentation is not financial product advice or investment advice and has been prepared with out taking into account the investment objectives, financial circumstances or particular needs of any particular investor or potential investor. Neither the Group nor any other person warrants or guarantees the future performance of TSEG shares or any return on any investment made in TSEG securities. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, financial and taxation advice appropriate to their jurisdiction. This Presentation may contain certain ‘forward-looking statements’. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, financial position and performance are also forward-looking statements. Any forecasts or other forward looking statements contained in this Presentation are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judg ement and assumptions as to future events which may or may not be correct. Such forward- looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward- looking statements. Except as required by law or regulation (including the ASX Listing Rules), the Group undertakes no obligatio n to update these forward-looking statements. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future perfo rmance. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United St ates. TSEG securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United S tates except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. Investors should be aware that certain financial measures included in this Presentation are ‘Non -IFRS financial information’ under ASIC Regulatory Guide 230: ‘Disclosing non-IFRS financial information’ published by ASIC and ‘non-GAAP financial measures’ within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934, as amended, and are not recognised under AAS and IFRS. Non -IFRS financial information in this Presentation includes normalised results, EBITDA (before significant items), net debt, gross debt and NPAT (before significant items), and the various references to Comparable results information. Such non-IFRS financial information does not have a standardised meaning prescribed by AAS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled meas ures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Although the Group believes t hese non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non -IFRS financial information included in this Presentation. All dollar values are in Australian dollars (A$) unless otherwise stated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.
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BASIS OF PREPARATION • Information in t his presentation is provided as at the date of the presentation unless specified otherwise. It should be read in conjunction with The Star Entertainment Group Limited’s (TSEG, The Star or the Group) Appendix 4E for the twelve months ended 30 June 2026 (Preliminary Final Report and the Financial Report) and other disclosures made via the Australian Securities Exchange • The G roup’s results are reported under Australian Accounting Standards and International Financial Reporting Standards (IFRS). This presentation may include certain non-IFRS measures including normalised results, which are used internally by management to assess the performance of the business Independent auditor's report • The Fi nancial Statements of The Star Entertainment Group Limited for the year ended 30 June 2026 has been audited by the Company’s independent auditor, Ernst & Young. A copy of the Independent Auditor’s Report may be found on page 129 of the Financial Statements. The Independent Auditor’s Report includes material uncertainties relating to going concern and an emphasis of matter on regulatory and legal provisions, other creditors and contingent liabilities. Going Concern • Whilst The Star has made substantial progress resolving a number of previous matters, namely completion of the first stage of the JVP Transaction, which released the Group’s guarantee under the Queen’s Wharf debt facilities, and execution of the USD Term Facility, there continues to be material uncertainties in existence that cast sig nificant doubt as to the Group’s ability to remain a going concern. The key interdependent events and initiatives in the near term which are critical to the Group's liquidity and financial outlook include: • the q uantum and timing of the AUSTRAC penalty and other provisions and contingencies ; • the Group’s ability to successfully implement revenue growth and cost out initiatives in FY27 that returns the Group to a lev e l of profitability that is sufficient to satisfy its external debt covenants; • the Group's ability to return to suitability via the restoration of The Star Sydney’s casino licence, and the withdrawal by t he Queensland Government of the suspension of The Star Gold Coast’s casino licence; and • the Group’s ability to maintain its transactional banking services. • At the date of this release, there is no certainty that each of these matters can be satisfactorily resolved and in a sufficie ntly timely manner • The Group has included a detailed assessment of going concern considerations in Note G of its audited FY26 Financial Report w hi ch was lodged with the ASX on 31 August 2026 Regulatory and Legal Provisions and Contingent Liabilities • The Group is subject to ongoing regulatory and legal matters which may have a material impact on the Group's financial positio n. Further information is included in the Financial Report, note B6
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AGENDA 1. Business Update 2. FY26 Financial Results 3. Trading Update 4. Appendices
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BUSINESS UPDATE
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6 FY26 OVERVIEW • FY26 normalised revenue was $1,101 million1, down 2% from FY25. The reduction in revenue reflects the ongoing softness in the table games market, particularly in Sydney, partially offset by growth in slots across all properties. • FY26 EBITDA (excluding significant items and discontinued operations) was a loss of $16 million, an improvement of 79% compared to FY25, supported by significant reductions in corporate costs and higher operator fee revenue • Despite the ongoing challenges faced by the business, The Star is working on opportunities to improve revenue which, in conjunction with cost-out and efficiency initiatives and roll-off of remediation costs, are expected to support earnings improvement over the medium term • Cost out initiatives, including the streamlining of the corporate office, have been implemented during the period • The Bally’s Corporation and Investment Holdings strategic investment approved by shareholders in June 2025 has completed during the period • During the period, The Star completed the refinancing of the Group’s debt with a USD $390 million secured term loan from WhiteHawk Capital Partners (Refinancing). Following completion of the Refinancing, the Group increased available liquidity by approximately A$130 million • During the period, The Star exited its equity interest in Destination Brisbane Consortium (DBC) and is working towards consolidation of its position on the Gold Coast • The Star continues to prioritise a return to suitability, including delivering and embedding the key elements of the remediationplan. The reinstatement of Star’s casino licences is important to improving operating performance, attracting and retaining the best people and ensuring ongoing access to capital Liquidity & REFINANCING • In May 2026, The Star announced that it had completed the Refinancing of the Group’s debt. Further details of the Refinancing are contained in The Star’s ASX announcement on 7 May 2026. Following completion of the Refinancing, and net of the interest reserve account required to be f unded under the facility, the Group had additional liquidity of approximately A$130 million • At 30 June 2026, the Group had total cash and cash equivalents of $267 million. In addition, the Group had restricted deposits of $101m. BUSINESS UPDATE – FY26 overview & LIQUIDITY AND REFINANCING Notes: (1) Normalised revenue excludes contracted revenue from DBC of $205.2 million and revenue from discontinued operations.
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7 $300m strategic investment • As announced to the ASX in April 2025, The Star entered into a strategic investment in the form of a multi-tranche convertible note and subordinated debt instrument for a principal value of $300 million with Bally’s Corporation (Bally’s) and Investment Holdings Pty Ltd (Investment Holdings) • The Star received a total of $233 million before 30 June 2025 with the final instalment of $67 million received from Bally’s in October 2025 • On 21 November 2025, The Star announced that the NSW Independent Casino Commission (NICC) and the Queensland Office of Liquor and Gaming Regulation (OLGR) provided the necessary approvals to permit the strategic investment to be implemented, enabling the conversion of Bally’s and Investment Holdings’ investment in The Star into ordinary equity and the subsequent appointment of nominee Directors to The Star Board • Bally’s holds approximately 38% of the issued capital in The Star and Investment Holdings holds approximately 23% Exit of dbc and consolidation of gold coast assets • On 12 August 2025, The Star announced to the ASX that it had entered into binding long form documentation with Chow Tai Fook Enterprises Limited and Far East Consortium International Limited (Joint Venture Partners or JVPs) to exit its equity interest in DBC, dispose of its interest in the Festival Car Park joint venture, dispose of the Treasury Hotel and Car Park, and consolidate its position on the Gold Coast (JVP Transaction) • On 31 March 2026, The Star completed the first stage of the JVP Transaction, being the exit from DBC. The Group’s parent company guarantee previously provided in respect of The Star’s 50% of DBC’s $1.4 billion debt facilities was fully released as part of the completion of the first stage of the JVP Transaction • The second stage of the JVP Transaction is subject to a separate set of conditions precedent. The parties continue to work towards completion of the second stage of the JVP Transaction and currently expect to satisfy the conditions precedent during 2H CY2026 and by no later than 31 March 2027 • In connection with completion of the first stage of the JVP Transaction, The Star and the JVPs agreed to vary the casino operator fee payable to The Star under the DBC Casino Management Agreement (CMA). With effect from 1 April 2026, the casino operator fee payable to The Star under the CMA will be a fixed annual fee of $18 million payable monthly, plus performance-based incentive fees, comprising two components, each based on EBITDAM for the gaming and resort operations at The Star Brisbane • The Star continues to work with its joint venture partners to satisfy the outstanding conditions and remains committed to completing the second stage of the JVP Transaction in a timely manner BUSINESS UPDATE – STRATEGIC INVESTMENT & JVP TRANSACTION
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FY26 FINANCIAL RESULTS
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Normalised revenue FY26 $1,101.0m1 FY25 $1,125.2M 9 Gaming Taxes & Levies -$256.7m EBITDA (before significant items and discontinued operations) -$16.1m Significant items (before discontinued operations) (after tax)2 -$144.3m NPAT (statutory) -$307.3m FY25 -$267.2M Notes: (1) Normalised revenue excludes $205.2 million of contracted revenue from DBC and revenue from discontinued operations. Following the exit of The Star's equity interest in DBC, Treasury Brisbane operations has been classified and disclosed separately as a discontinued operation, and FY25 comparative information has been restated accordingly (2) Significant items include settlement of GST & WHT dispute; reorganisation and employment costs; regulatory, fines, penalties, duty, consultant, legal and other costs; debt refinancing costs and JVP transaction costs FY25 -$427.9M FY25 -$104.8M FY26 FINANCIAL OVERVIEW 621.3 420.0 59.7 The Star Sydney The Star Gold Coast The Star Brisbane Operator Fee FY25 -$76.2M
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Commentary • Group revenue declined 2.2% to $1,101.0 million, due primarily to a 5.3% decline in gaming revenue which was largely impacted by challenging trading conditions in The Star Sydney’s Table Games segment. Non-gaming and other revenue increased by 5.4% due to higher operator fee revenue from The Star Brisbane during the financial year • Operating expenses decreased 7.9% to $860.4 million, reflecting cost out initiatives including the streamlining of the corporate office and a reduction in volume related expenses • Net funding costs increased by $35.5 million (excluding Group funding costs in significant items), reflecting higher levels of average debt and interest rates and unfavourable movements in the AUD USD exchange rate used to revalue USD denominated net debt at 30 June 2026 • Significant items include: - settlement of GST & WHT dispute with ATO - reorganisation and employment costs - regulatory, fines, penalties, duty, consultant, legal and other costs - debt refinancing costs and - JVP Transaction costs FY26 $’million FY251 $’million Variance % Gaming revenue 756.2 798.2 (5.3%) Non-gaming and other revenue 344.8 327.0 5.4% Net revenue2 1,101.0 1,125.2 (2.2%) Gaming taxes and levies (256.7) (267.2) 3.9% Operating expenditure (860.4) (934.2) 7.9% EBITDA (before significant items)3 (16.1) (76.2) 78.9% D&A (59.9) (59.1) (1.4%) EBIT (before significant items) (76.0) (135.3) 43.8% Share of net profit/(loss) of associate (1.2) (1.7) 29.4% Statutory EBIT (before significant items) (77.2) (137.0) 43.6% Net funding costs (before significant items) (83.8) (48.3) (73.5%) Tax (before significant items)4 2.1 23.8 (91.2%) NPAT (before significant items) (158.9) (161.5) 1.6% Significant items (after tax) (144.3) (104.8) (37.7%) Discontinued operations1 (4.1) (161.6) 97.5% Statutory NPAT (307.3) (427.9) 28.2% EPS (cents) (6.0) (14.9) 59.7% EPS for continuing operations (cents) (5.8) (9.3) 37.6% 10Notes: (1) Treasury Brisbane operations have been classified and disclosed separately as a discontinued operation. FY25 comparative information has been restated accordingly (2)Normalised revenue excludes $205.2 million of contracted revenue from DBC and revenue from discontinued operations(3) EBITDA is before equity accounted investments and before significant items (4) Tax on significant items is considered as part of the disclosure of significant items. GROUP PROFIT AND LOSS
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Normalised results FY26 $’million FY25 $’million Variance % EGMs 225.8 222.1 1.7% Tables 274.0 327.6 (16.4%) Non-gaming 117.4 130.1 (9.8%) Other 4.1 5.2 (21.2%) Net revenue 621.3 685.0 (9.3%) Gaming taxes and levies (176.8) (191.1) 7.5% Operating expenditure (excl Corporate) (380.8) (402.1) 5.3% Property EBITDA 63.7 91.8 (30.6%) Corporate allocation (96.4) (139.5) 30.9% Segment EBITDA (32.7) (47.7) 31.4% Depreciation and amortisation (35.7) (38.6) 7.5% EBIT (68.4) (86.3) 20.7% 11 COMMENTARY Revenue • Gaming revenue down 9.1% to $499.8 million, reflecting softer table games driven by the ongoing impact of uplifted regulatory controls and casino operation reforms in New South Wales (including mandatory carded play and restrictions on the use of cash) • Non-gaming and other revenue down 10.2% to $121.5 million, reflecting the sale of the Event Centre and a decline in restaurant and bar revenue, partially offset by growth in hotel revenue driven by strong occupancy rates TAXES, LEVIES & OPERATING EXPENSES • Gaming taxes and levies declined 7.5%, reflecting lower gaming revenues • Operating expenditure and corporate allocations decreased by $64.4 million reflecting on- going cost-out initiatives and a reduction in volume related expenses THE STAR SYDNEY RESULTS OVERVIEW
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Normalised results FY26 $’million FY25 $’million Variance % EGMs 186.9 176.5 5.9% Tables 69.5 72.0 (3.5%) Non-gaming 158.0 157.7 0.2% Other 5.6 4.4 27.3% Net revenue 420.0 410.6 2.3% Gaming taxes and levies (79.9) (76.1) (5.0%) Operating expenditure (excl Corporate) (260.3) (254.9) (2.1%) Property EBITDA 79.8 79.6 0.3% Corporate allocation (42.8) (57.8) 26.0% Segment EBITDA 37.0 21.8 69.7% Depreciation and amortisation (19.8) (19.5) (1.5%) EBIT 17.2 2.3 647.8% COMMENTARY Revenue • Gaming revenue increased 3.2% to $256.4 million, reflecting strong growth in electronic gaming machines • Non-gaming and other revenue of $163.6 million was largely in-line with pcp TAXES, LEVIES & OPERATING EXPENSES • Gaming taxes and levies increased 5.0% to $79.9 million, reflecting the increase in gaming revenue • Operating expenditure and corporate allocations decreased by $9.6 million reflecting on- going cost-out initiatives 12 THE STAR GOLD COAST RESULTS OVERVIEW
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Normalised results FY26 $’million FY25 $’million Variance % Operator fee revenue 59.7 29.6 101.7% Operating expenditure (excl Corporate) (5.2) (0.6) (766.7%) Property EBITDA 54.5 29.0 87.9% Corporate allocation (74.9) (79.3) 5.5% Segment EBITDA (20.4) (50.3) 59.4% Depreciation and amortisation (4.4) (1.0) (340.0%) EBIT (24.8) (51.3) 51.7% COMMENTARY Revenue • Revenue of $59.7 million reflects the operator fee revenue recognised by The Star for being the operator of The Star Brisbane • Operator fee revenue of $59.7 million recognised during the year comprised - $10.2 million related to FY25 operator fees held in escrow pending completion of Stage 1 of the JVP Transaction, which occurred in March 2026 - $45.0 million recognised for the 9 months to 31 March 2026 under the previous fee arrangement of $5.0 million per month and - $4.5 million recognised in the June 2026 quarter under the revised CMA arrangement Operating expenditure • Operating expenditure and corporate allocations of $80.1 million relates to The Star’s 35% corporate cost allocation to the property since it was opened plus direct costs incurred • The Star Brisbane commenced operations in August 2024. Consequently, the comparative period represents 10 months of operations. 13 The Star BrisbaneRESULTS OVERVIEW
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Group Corporate COSTS COMMENTARY • Between FY22 and FY24, The Star's corporate costs increased by $86 million, largely driven by higher expenditure on transformation and remediation activities • Under the new leadership team, The Star has continued to deliver significant reductions in corporate costs, supported by a range of cost-out initiatives, including the streamlining of the corporate office, decentralisation of functions into the properties, and a more disciplined approach to discretionary spending • Annualised 4Q FY26 corporate costs of $178 million represents a reduction of $111 million, or 38%, compared to FY25, demonstrating substantial progress in reducing the Group's overhead cost base and improving operating efficiency. Group Corporate Overhead Expenses ($m) 14 FY23 FY24 FY25 FY26 1Q26 Annualised 4Q26 Annualised 215 255 301 289 214 237 178 FY22 +19% +18% -4% -26% -25%
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15 Cash and Cash equivalents Position Asset Value ($m) Cash at bank 234 Cage cash 33 Cash and cash equivalents 267 Long term deposits - restricted1 97 Cash and cash deposits 364 Notes: (1) At 30 June 2026 the Group held $101 million (30 June 2025: $97 million) of restricted deposits. Restricted deposits comprises $69 million (30 June 2025: nil)held in an interest reserve account to fund the first year of interest payments on the Refinancing facility, cash backed bank guarantees (property leases and transactional banking facilities), and security relating to workers compensation cover. FY26 - Cash Flow Bridge Asset Value ($m) Cash at bank 250 Cage cash 17 Cash and cash equivalents 267 Long term deposits - restricted1 32 Interest reserve account - restricted1 69 Cash and cash deposits 368 267 267 67 61 66 0 50 100 150 200 250 300 350 400 Opening cash (30 Jun-25) (44) Net cash outflow from operations (33) Net capex (18) Other JV cash flow Proceeds from issue of convertible debt securities Net proceeds from interest bearing liabilities Net drawdown of restricted deposits (98) Finance costs (8) Leases 8 Net foreign exchange gain Closing cash (30 Jun-26)
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TRADING UPDATE
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COMMENTARY Improved trading results in July 2026 driven by strong YOY Slots revenue growth at both The Star Sydney and The Star Gold Coast, partially offset by declines in Table Games and Non-Gaming revenues. Total combined revenues at the two properties reached a nadir in Q3 FY26 and July FY26 is now 12% higher than the average monthly revenue rate in Q3 FY26 and the highest since Q2 FY25, reflecting an improved shift in operating momentum and increased marketing investment. THE STAR SYDNEY • The Star Sydney has arrested recent trading deceleration trends for H2 FY26 and has achieved 8% sequential revenue growth in July 2026 compared to the Q4 FY26 monthly average. • July 2026 revenue of $54.2 million also reflects 3% YOY growth compared to pcp and set the foundation for revenue growth recovery. • Monthly average now improving following a significant decline in net revenue from Q1 FY25 to a low in Q3 FY26, driven by impact of implementing regulatory reforms and remediation program and a loss in market share. THE STAR GOLD COAST • The Star Gold Coast achieved 10% revenue growth in July 2026 compared to the pcp and 7% sequential revenue growth compared to the Q4 FY26 monthly average. • July 2026 revenue of $38.2 million is the best result in the last two years (comparing to monthly average) and reflects 10% YOY growth from pcp. • Monthly average net revenue was at its lowest in Q4 FY25, driven by the impact of The Star’s remediation program. 17 trading TRENDS update TOTAL (TSS and TSGC) Monthly Average Month Net revenue Q1 Q2 Q3 Q4 FY26 88.6 90.1 82.6 85.7 July-26 92.4 FY25 98.2 95.4 86.0 85.7 July-25 87.3 THE STAR SYDNEY Monthly Average Month Net revenue Q1 Q2 Q3 Q4 FY26 53.7 54.2 49.0 50.1 July-26 54.2 FY25 62.3 58.5 53.8 53.8 July-25 52.5 THE STAR GOLD COAST Monthly Average Month Net revenue Q1 Q2 Q3 Q4 FY26 34.9 35.9 33.6 35.6 July-26 38.2 FY25 35.9 36.9 32.2 31.9 July-25 34.8
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APPENDICES
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COMMENTARY • Cash and cash equivalents of $267 million, representing $250 million of cash at bank and $17 million of cage cash • Net debt position of $189 million1 (including restricted deposits and excluding lease liabilities) representing a decrease in net debt of $18 million from the June 2025 net debt position of $207 million • Assets held for sale comprises the Treasury Brisbane Hotel and Carpark and investment in Festival Carpark, to be disposed in Stage 2 of the JVP Transaction • Restricted deposits of $101 million comprises the interest reserve account, cash backed bank guarantees (property leases and transactional banking facilities), and security relating to workers compensation cover • Non-current interest bearing liabilities comprises the USD Term Facility, net of unamortised borrowing costs ($545 million), PIK Liability ($11 million) and lease liabilities ($8 million). In the pcp comprises the Syndicated Facility ($404 million), convertible notes and subordinated debt ($167 million) and lease liabilities ($20 million) • Provisions and regulatory mattersof $462 million primarily relate to regulatory and legal provisions and other creditors of $375 million and $87 million of employee benefits and other provisions • Settlement of GST & WHT dispute during the period the Group settled disputes over GST & WHT with the Commissioner of Taxation (Commissioner). The Group has recognised a receivable of $33 million in other assets (current), representing amounts previously paid to the Commissioner to be refunded. ATO deposits of $65 million in other assets (non-current) were derecognised, along with $23 million of the Group’s income tax receivable. The remaining $18 million of the income tax receivable was refunded to The Star during the year June 2026 $’million June 2025 $’million Cash and cash equivalents 267.1 267.0 Trade and other receivables 17.2 21.1 Inventories 10.8 10.7 Assets held for sale 83.1 - Restricted deposits 68.8 - Other assets 86.5 42.6 Total current assets 533.5 341.4 Restricted deposits 31.7 96.8 Property, plant and equipment 909.5 1,007.5 Intangible assets 87.8 89.9 Investment in associates and joint venture entities 136.6 153.9 Income tax receivable - 41.2 Other assets 20.8 91.6 Total non-current assets 1,186.4 1,480.9 Total assets 1,719.9 1,822.3 Trade and other payables 159.4 170.8 Interest bearing liabilities 7.6 7.8 Provisions and regulatory matters 462.3 463.2 Liabilities held for sale 5.3 - Other liabilities 129.2 125.9 Total current liabilities 763.8 767.7 Interest bearing liabilities 564.0 590.5 Provisions 8.0 8.3 Other liabilities 6.6 9.0 Total non-current liabilities 578.6 607.8 Total liabilities 1,342.4 1,375.5 Net assets 377.5 446.8 Share capital 4,980.0 4,697.1 Accumulated losses (4,607.2) (4,299.9) Reserves 4.7 49.6 Total equity 377.5 446.8 19Notes: (1) Net debt shown as interest bearing liabilities (excluding lease liabilities and other loans) less cash and cash equivalents and restricted deposits GROUP BALANCE SHEET
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COMMENTARY • Following the opening of The Star Brisbane in August 2024, the Group revised its corporate cost allocation methodology effective September 2024, allocating: – 45% to The Star Sydney (previously 60%) – 20% to The Star Gold Coast – 35% to The Star Brisbane (previously 20% to Treasury Brisbane) • From FY27, the Group will transition from a fixed corporate cost allocation methodology to a direct attribution approach, apportioning corporate shared costs to the respective properties on a directly attributable basis, and reflecting expected decentralised operations • Corporate costs that cannot be reasonably attributed to a specific property’s operations will be retained at the Group level and reported as Unallocated Corporate costs, providing greater transparency and a clearer view of underlying segment performance • FY26 results have been recast to illustrate the impact of the revised attribution methodology on segment property performance and unallocated corporate costs • No impact on total Group earnings Property normalised results ($m) 20 The Star Sydney FY26 recast FY26 Net Revenue 621.3 621.3 Gaming taxes and levies (176.8) (176.8) Operating expenses (excl Corporate) (380.8) (380.8) Corporate allocation1 (50.2) (96.4) Property EBITDA 13.5 (32.7) The Star Gold Coast Net Revenue 420.0 420.0 Gaming taxes and levies (79.9) (79.9) Operating expenses (excl Corporate) (260.3) (260.3) Corporate allocation1 (26.7) (42.8) Property EBITDA 53.1 37.0 The Star Brisbane Net Revenue 59.7 59.7 Operating expenses (5.2) (5.2) Corporate allocation1 (20.9) (74.9) Property EBITDA 33.6 (20.4) The Star Group Net Revenue 1,101.0 1,101.0 Gaming taxes and levies (256.7) (256.7) Operating expenses (excl Corporate) (646.3) (646.3) Corporate allocation1 (97.8) (214.1) Property EBITDA 100.2 (16.1) Unallocated Corporate costs (116.3) - EBITDA (16.1) (16.1) Corporate Allocation Notes: (1) FY26 corporate allocation per the recast results above reflect corporate costs that are directly attributable to asegment
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21 CASINO LICENCE updates • The current status of The Star’s casino licences is as follows: – The Star Sydney’s casino licence remains suspended and the Manager’s term of appointment for The Star Sydney currently extends to 30 September 2026. The Star Sydney lodged a submission on its suitability to hold a casino licence with the NICC in August 2026 – The deferral of the suspension of The Star Gold Coast’s casino licence and the Special Manager’s term of appointment currently extends to 30 September 2026. The Star Gold Coast lodged a submission on its suitability to hold a casino licence with the OLGR in July 2026 – The Star Brisbane's External Adviser’s appointment currently extends to 30 September 2026 • The Star continues to engage with regulators and government in respect of the above casino licences Remediation plan • As of 31 July 2026, 493 milestones have been completed from the Remediation Plan. 487 of these have been submitted, having been reviewed and independently verified where appropriate, of which the Manager / Special Manager / External Adviser has accepted 453. Substantial progress has been made across all 14 workstreams including priority remediation areas of Risk Management, Compliance, Financial Crime and Safer Gambling mandatory carded play and cash limits • The Star Sydney – Mandatory carded play and $5,000 daily cash limits were fully implemented across the entire gaming floor on 19 October 2024. Daily cash limits were due to be further reduced to $1,000 by 19 August 2025. On 5 August 2025 the NSW Government confirmed that the daily cashlimit of $5,000 will be maintained until 19 August 2027 • The Star Gold Coast and The Star Brisbane – Mandatory carded play and cash limits have been legislated but implementation remains subject to regulations by the Queensland Government, which have not been made to date MAJOR LITIGATION AND CLAIMS • AUSTRAC – Civil penalty proceedings commenced in the Federal Court of Australia in November 2022. The penalty hearing was heard in June2025, with judgement reserved • Class Action – Shareholder class action commenced in the Supreme Court of Victoria in December 2022. The Star continues to defend the proceedings Casino Licences, Remediation Plan, REGULATORY & major claimsUPDATE
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22 Term Definition AML/CTF Anti-Money Laundering and Counter-Terrorism Financing AUSTRAC Australian Transaction Reports and Analysis Centre D&A Depreciation and Amortisation DBC Destination Brisbane Consortium DGCC Destination Gold Coast Consortium Tables Tables includes main gaming floor table games and private gaming room table games EGM Electronic gaming machine F&B Restaurants and bars JV Joint venture MGF Main gaming floor MTGM Multi-terminal gaming machine or electronic table game NMR Net revenue per machine Normalised/Normalisation Normalised results are non-IFRS/non-GAAP financial measures that management believes reflect the underlying performance of the business. Significant items and discontinued operations are excluded from the normalised results. PCP Prior comparable period PGR Private gaming room Significant items Items of income or expense which are, either individually or in aggregate, material to The Star Entertainment Group and: • Outside the ordinary course of business (e.g. the cost of significant reorganisations or restructuring); or • Part of the ordinary activities of the business but unusual due to their size and nature (e.g. impairment of assets) YOY Year on year GLOSSARY OF TERMS
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