Annual report
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1. Results for announcement to the market (all comparisons to the year ended 30 June 2025 ) Results in accordance with Au stralian Accounting Standards Current period $m % change 1 Revenue from ordinary activities 1,306.2 0.5% Loss from ordinary activities after tax attributable to members of the parent (307.3) 28.2% Net loss after tax for the period attributable to members of the parent (307.3) 28.2% Current Period Normalised 2 $m % change 1 Current Period Statutory 3 $m % change 1 Revenue 4 1,101.0 (2.2%) 1,306.2 0.5% (16.1) 78.9% (16.1) 78.9% Depreciation and amortisation (59.9) (1.4%) (59.9) (1.4%) Earnings before interest and tax (76.0) 43.8% (76.0) 43.8% Share of associates' losses (1.2) 29.4% (1.2) 29.4% Net finance costs (83.8) (73.5%) (83.8) (73.5%) Significant items (net of tax) 5 -- (144.3) (37.7%) Discontinued operations (net of tax) 6 -- (4.1) 97.5% Income tax expense (excluding significant items) 7 2.1 (91.2%) 2.1 (91.2%) Net loss after tax (NLAT) (158.9) 1.6% (307.3) 28.2% 2. Dividend information Year ended Half year ended 30 June 2026 31 December 2025 Fully franked dividend (amount per share)1 N/A N/A Record Date N/A N/A Date Payable N/A N/A Dividend reinvestment plan The key terms of The Star Entertainment Group Limited's dividend reinvestment plan (DRP ) in operation for the final dividend are: N/A 3. Net tangible assets per share Net tangible asset backing per ordinary share1 $0.04 $0.11 1 Net tangible asset backing per ordinary share excludes right of use assets. 4. Supplementary comments 5. Independent auditor's report 7 Income tax expense (excluding significant items) relates solely to continuing operations. The Financial Statements of The Star Entertainment Group Limited for the year ended 30 June 2026 has been audited by the Company's independent externa la u d i t o r , 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 includ es material uncertainties relating to going concern and an emphasis of matter on regulatory and legal provisions, other creditors and contingent liabilities. Additional Appendix 4E disclosures a nd other significant information may be found in The Star Entertainment Gro up Limited's audited Directors' Rep ort and audited Financial Statements for the year ended 30 June 2026, and the media release lodged with the ASX on 31 August 2026. 1 Favourable/(unfavourable). 4 Normalised results present contracted costs net of revenue recoveries, these are presented on a gross basis in the Statutory results. See Note A2. 6 Comparatives have been restated for discontinued operations. The Appendix 4E should be read in conjunction with The Star Entertainment Group Limited's audited Directors' Report and audited Financial Statements lodged with the Australian Securities Exchange ( ASX ) on 31 August 2026. Appendix 4E Preliminary Final Report for the year ended 30 June 2026 Current period Previous corresponding period N/AThe last date for receipt of election notices for the dividend reinvestment plan is: Earnings before interest, tax, depreciation and amortisation 2 Normalised results exclude significant items and discontinued operations. 5 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. See Note A7. 1 No dividend was declared for the year ended 30 June 2026. 3 Statutory results include significant items.
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2026 ANNUAL REPORT
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Acknowledgement of Country We, The Star Entertainment Group, respectfully acknowledge the Traditional Owners of the Countries on which our properties are located, the Turrbal and Jagera People of the Brisbane region, the Yugambeh Speaking People of the Gold Coast region, and the Gadigal People of the Eora Nation in Pyrmont. The Star Entertainment Group acknowledges their deep and continuing connection to land, waters and skies. We pay our respect to Elders, past and present. ABOUT THE STAR Message from the Chairman 2 Message from the CEO 3 Operating and financial review 4 Our Business 4 Our People 8 Our Operations 10 Directors’ Report 26 Remuneration Report 44 Sustainability Report 64 Financial Report 80 Additional information 136 CONTENTS The Star Entertainment Group Limited, (“The Star”, “TSEG” or the “Company” and, together with its subsidiaries, the “Group”) is an ASX-listed company that owns and operates The Star Sydney and The Star Gold Coast. The Star also manages the Gold Coast Convention and Exhibition Centre, on behalf of the Queensland Government, and The Star Brisbane, on behalf of the Destination Brisbane Consortium (DBC) owned by Chow Tai Fook Enterprises (CTFE) and Far East Consortium International (FEC). Every year, The Star welcomes millions of customers across these properties in Sydney, the Gold Coast and Brisbane, and delivers unique and memorable experiences. We employ over 7,000 team members, while also indirectly contributing to downstream employment, and are proud to support the communities in which we operate. The Star continues its process of transformation as a transparent, accountable organisation, founded on a strong ethical framework and supported by robust leadership and governance. Our team members today care deeply about doing what is right and are strongly committed to ethical and compliant behaviour. About this Annual Report This Annual Report is a review of The Star’s operations, activities and financial performance for the financial year ended 30 June 2026. It includes The Star’s Directors’ Report (including the Remuneration Report), Sustainability Report, and audited Financial Report. Where appropriate, information is also provided in this Annual Report in relation to activities that have occurred after 30 June 2026. Please also see the Company’s website for specific matters disclosed to the ASX since 30 June 2026. THE STAR ENTERTAINMENT GROUP 2026 Annual Report
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1 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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What a year for The Star. Since my appointment as Chairman in December 2025, I have focused on establishing a responsible and sustainable business for The Star. Properties that our great host cities of Sydney, Gold Coast and Brisbane are proud to call their own. At the heart of this is how we rebuild trust with our customers and the public while overseeing the three casinos with the utmost integrity. Together with more than 7,000 fantastic team members, our rebuilt Board and leadership teams are up to the task. Our Board now brings deep operational experience, strategic insights, global perspectives and financial expertise to The Star. Our leadership team have brought valuable experience in highly regulated casino resort environments and a strong commitment and passion to create a customer-focused culture, founded on integrity, accountability and operational excellence. While we are no strangers to casino turnarounds, The Star is one of the most complex challenges we have encountered. While far from complete, we are witnessing the first green shoots. During FY26 we achieved important milestones that have strengthened the foundations of the business: The Star’s liquidity and capital position has been strengthened through refinancing of The Star’s debt, completion of the divestment of its interest in Destination Brisbane Consortium and good progress towards the completion of the acquisition of the Destination Gold Coast Consortium interests rationalises our portfolio and has eliminated a large contingent liability. Most critically, monthly revenues are no longer declining year-on-year and the business is cash flow positive for the first time in years. The challenges that The Star has faced in the past years have not been easy for our team members, particularly those who directly engage with our customers. I would like to thank them for their professionalism, resilience and commitment throughout the past year. Their dedication to our customers and communities continues to be critical to The Star’s progress. While The Star’s journey is far from complete, I am confident that the progress achieved during FY26 has positioned The Star to move in the right direction. And this is just the beginning. On behalf of the Board, I would like to thank our shareholders for your continued support. We recognise the trust you place in us and remain focused on rebuilding a stronger and more sustainable organisation with a clear focus on serving and delighting our customers. Soo Kim Chairman The Star Entertainment Group MESSAGE FROM THE CHAIRMAN THE STAR ENTERTAINMENT GROUP 2026 Annual Report 2
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I have seen significant, positive change across the Group, its properties and its people since joining The Star as Group Chief Executive Officer & Managing Director in December 2025. This year, we have reshaped our operating model, strengthened our leadership teams and worked hard to create a culture where people take ownership of results and are empowered to make decisions. This enables accountability to be closer to the people serving our customers and running our properties every day – our property leadership teams – supported by oversight of the Property Boards. We have welcomed many new leaders to The Star, bringing fresh perspectives, deep industry experience and a shared commitment to performance and responsible operations. In particular I would like to welcome our new Property Chief Executive Officers – John Koster, at The Star Sydney, and Ameet Patel, at The Star Gold Coast and The Star Brisbane. Their experience will provide The Star with valuable leadership as we move forward into FY27. Our renewed focus on our customers can be seen through our focus on improving service standards, strengthening customer engagement, enhancing our offerings and creating more compelling reasons for people to choose The Star. While there is still significant work ahead, I am encouraged by improvements in visitation, customer engagement and operating performance across the business. The Group has also successfully refinanced its corporate debt, to continue the work of restoring its balance sheet. These achievements have provided greater stability and a stronger foundation for the future, allowing management to focus on improving performance and creating long term value. Returning to suitability remains critical to our future, and the work required to achieve that objective has and is being increasingly embedded in how we operate every day. We have made significant progress against our remediation commitments, which supported The Star’s submissions to the Queensland and New South Wales Governments on its suitability to hold casino licences in those jurisdictions, and we await the outcomes of those processes. We also await the outcome of the Australian Transaction Reports and Analysis Centre (AUSTRAC) penalty hearing. Both are significant for The Star. We understand that returning to suitability is not defined by a single milestone, but by consistently demonstrating the standards expected of a responsible and trusted operator, and continuing to work constructively with regulators and other key stakeholders. We are committed to earning confidence back through our actions and performance. I would like to acknowledge and thank our regulators and other key stakeholders for their ongoing engagement, guidance and collaboration throughout this period of significant transformation. Their commitment and constructive involvement have been important in supporting our ongoing remediation and progress towards returning The Star to suitability. Across all levels of the organisation, I see ongoing commitment and resilience from team members. I would like to thank our team for their continued hard work and support. I am confident we have the people and leadership capability required to lead this business successfully into its next chapter. Bruce Mathieson Jnr Group Chief Executive Officer & Managing Director The Star Entertainment Group MESSAGE FROM THE CEO 3 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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3 properties > 2,000 hotel rooms 70+ restaurants and bars > 12 million annual gaming visitors 730,000+ room nights per year Business overview OUR VISION To be the entertainment destination of choice. OUR BUSINESS 4 THE STAR ENTERTAINMENT GROUP 2026 Annual Report
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THE GROUP’S STRATEGIC PRIORITIES FALL UNDER THREE CATEGORIES: Business priorities Sustainable business Improving operating performance, particularly through: • strategic reinvestment of capital into The Star’s operations • implementing technology to support better business decisions and enhance and automate business processes • maintaining cost discipline and identifying further opportunities for cost-outs. Transformation Demonstrating a return to suitability to hold casino licences by: • strengthening relationships with key stakeholders through transparent and constructive engagement • enhancing accountability of leadership and oversight of each Property, by embedding a decentralised operating model • delivering on our remediation plan and embed an uplift in standards for governance, risk management, regulatory compliance and safer gambling. Customer focus Improving engagement with and understanding of our customers through: • a customer-first focus driven by product investment, enhanced customer engagement initiatives and loyalty offers and more user-friendly technology • engaging directly with customers to better understand how they interact with The Star and opportunities to enhance customer experience • leveraging technology to better understand our customers, how they would like to engage with The Star and their risk profiles to support a responsible customer experience and sustainable business outcomes. 5 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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$621.3m THE STAR SYDNEY $420.0m THE STAR GOLD COAST $59.7m THE STAR BRISBANE OPERATOR FEE Financial performance In FY26, Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) (before significant items and discontinued operations) loss of $16.1 million was an improvement compared to the prior comparable period. Recent initiatives in 2H FY26 saw revenue growth achieved in the slots market at all properties, and reduced corporate overheads, including streamlining of the corporate office. FY26 Group net revenue was $1.1 billion, down 2% year on year, 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, partially offset by higher operator fees from The Star Brisbane. 1. Excludes $205.2 million of contracted cost recovery revenue from DBC and revenue from discontinued operations. Net Revenue FY261 $1,101.0m FY25 $1,125.2M EBITDA (before significant items and discontinued operations) NPAT (statutory) -$16.1m FY25 -$76.2M -$307.3m FY25 -$427.9M Significant Items (after tax) Gaming Taxes & Levies -$144.3m FY25 -$104.8M -$256.7m FY25 -$267.2M Our business continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 6
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THREE YEAR FINANCIAL RESULTS SUMMARY 1 2024⁵ 2025 2026 $m vs pcp⁶ $m vs pcp $m vs pcp Net revenue² 1,677.8 (10.2%) 1,125.2 N.M.⁷ 1,101.0 (2.2%) EBITDA³ 174.7 (45.0%) (76.2) N.M.⁷ (16.1) 78.9% EBIT³ 54.1 (55.7%) (135.3) N.M.⁷ (76.0) 43.8% NPAT⁴ 11.9 (71.2%) (161.5) N.M.⁷ (158.9) 1.6% Significant items (after tax) (1,696.5) N.M.⁸ (104.8) N.M.⁷ (144.3) (37.7%) Discontinued operations -⁵ - (161.6) N.M.⁷ (4.1) 97.5% Statutory NPAT (1,684.6) N.M.⁸ (427.9) N.M.⁷ (307.3) 28.2% Earnings Per Share (EPS) (cents) (66.8) N.M.⁸ (14.9) N.M.⁷ (6.0) 59.7% Full Year Dividend (cents) - - - - - - 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 $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 and withholding tax dispute with the Australian Taxation Office (ATO): $55.9 million • reorganisation and employment costs: $36.2 million • regulatory, fines, penalties, duty, consultant, legal and other costs: $25.4 million • debt refinancing costs: $17.3 million; and • JVP Transaction costs: $9.5 million. On 31 March 2026, The Star completed the first stage of the JVP Transaction, being the exit from DBC. The second stage of the JVP Transaction (including consolidation of Destination Gold Coast Consortium (DGCC) and disposal of the Treasury Brisbane Hotel and Car Park and The Star’s 50% interest in Charlotte Street Car Park) 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 CY26 and by no later than 31 March 2027. From 31 March 2026, the Treasury Brisbane Hotel and car park, Investment in Charlotte Street Car Park and Investment in DBC have been presented as discontinued operations, with comparatives for FY25 restated accordingly. 1. For further information, please refer to the financial report contained in the Annual Report for the relevant financial year. 2. Net revenue excludes contracted cost recovery revenue from DBC and revenue from discontinued operations. 3. EBITDA and EBIT are before significant items, discontinued operations and equity accounted investments profits/losses. 4. NPAT is before significant items and discontinued operations 5. 2024 results have not been restated for discontinued operations. 6. Prior comparable period. 7. Not meaningful given 2024 has not been restated for discontinued operations. 8. Not meaningful. 7 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Board of Directors OUR PEOPLE Soo Kim Chairman Non‑Executive Director Appointed to the Board on 28 November 2025. Appointed as Chairman on 16 December 2025. Bruce Mathieson Jnr Group Chief Executive Officer and Managing Director Joined the Board as an Observer on 1 September 2025. Appointed as a Non-Executive Director on 10 October 2025. George Papanier Non‑Executive Director Appointed as a Non-Executive Director on 28 November 2025. Don Pasquariello Independent Non‑Executive Director Joined the Board as an Observer on 11 November 2025. Appointed as a Non-Executive Director on 30 April 2026. Brooke Lindsay Board Observer Joined the Board as an Observer on 1 April 2026. Grant Bowie Board Observer Joined the Board as an Observer on 16 April 2026. Further information on Directors’ qualifications, experience and special responsibilities can be found in section 5 of the Directors’ Report, at page 38–39 of this Annual Report THE STAR ENTERTAINMENT GROUP 2026 Annual Report 8
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Executive Team Bruce Mathieson Jnr Group Chief Executive Officer and Managing Director Appointed Group Chief Executive Officer and Managing Director effective 16 December 2025. Charlie Diao Group Chief Financial Officer and Interim Group Chief Risk Officer Appointed as Group Chief Financial Officer effective 16 May 2026 and as Interim Group Chief Risk Officer effective 10 June 2026. Sarah Derry Group Chief People Officer Appointed effective 31 March 2025. Peter Meliniotis Group Chief Information Officer Appointed as Group Chief Information Officer effective 23 June 2025. Tom Boyd Interim Group Chief Legal Officer Appointed effective 23 February 2026. John Koster Chief Executive Officer The Star Sydney Appointed effective 12 March 2026. Ameet Patel Chief Executive Officer The Star Gold Coast and The Star Brisbane Appointed effective 16 June 2026. 9 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Our Areas of Focus OUR OPERATIONS At The Star, we are committed to delivering the best possible customer experience to every single customer, every single day in a safe and responsible manner across our integrated resorts. MATERIAL FOCUS AREAS FOR OUR BUSINESS Responsible Business Responsible business operations • Regulatory engagement and environment • Remediation and transformation Culture and accountability • Leadership and culture • Decentralisation • Governance Risk management • Risk management approach • Management committees and property embedment • Financial crime • Privacy and cyber security People and Community Our customers • Customer experience • Safer gambling • Harm minimisation Our communities • Community wellbeing and trust • Engagement initiatives Our people • Developing our people • Diversity, equity and inclusion • Employee health, safety and wellbeing Sustainable Operations Sustainable business performance • Return to profitability • Technology opportunities Sustainable assets • Minimising environmental impacts • Climate resilience Sustainable and ethical supply chain • Modern slavery risk management • Responsible sourcing Our material areas of focus which provide the foundation for our voluntary sustainability reporting and guide our approach in managing sustainability-related risks. These material areas sit under three strategic pillars: Responsible Business, People & Community, and Sustainable Operations. The Star reviews its approach to business and sustainability to ensure they continue to reflect the Company’s strategic focus areas, key business risks, evolving operating environment, regulatory commitments and stakeholder expectations. Given the nature, scale and complexity of our operations, sustainability matters are broad and interconnected, touching many areas of our business. They encompass the way we govern and operate the business, manage risk, support our people, deliver safe and responsible experiences for our customers, engage with our communities, manage our assets and work with suppliers. These matters influence strategic decision-making, operational performance, stakeholder confidence and our ability to create long-term value. In FY26, The Star refined and streamlined its material topics to better align with the issues that are currently most significant to the business, including those with the greatest relevance to long-term value creation and sustainable business performance. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 10
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11 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Responsible Business RESPONSIBLE BUSINESS OPERATIONS Regulatory engagement and environment The Star operates within one of Australia’s most highly regulated industries and recognises that strong corporate governance, robust risk management and regulatory compliance practices, and constructive engagement with regulators is fundamental to responsible business operations. The Star maintains regular engagement with casino regulators and government stakeholders across New South Wales and Queensland. This engagement supports regulatory oversight, provides transparency on the progress achieved across key transformation initiatives, facilitates constructive dialogue on key operational and strategic matters, and assists The Star to identify, manage and respond to emerging regulatory developments and expectations. New South Wales – NICC Oversight The Star Sydney (TSS) continues to operate under the oversight of the NSW Independent Casino Commission (NICC) and Liquor & Gaming NSW (L&G NSW) and is subject to ongoing regulatory monitoring and suitability assessments. Throughout FY26, TSS continued to engage extensively with the NICC and L&G NSW regarding remediation progress, governance reforms, financial crime initiatives, safer gambling measures and ongoing suitability-related matters. Queensland – OLGR Oversight The Star Gold Coast (TSGC) and The Star Brisbane (TSB) operate under the oversight of Queensland Office of Liquor and Gaming Regulation (OLGR) and are subject to ongoing regulatory monitoring and suitability assessments. Throughout FY26, TSGC and TSB continued to work closely with OLGR regarding remediation progress and risk management and governance reforms. Across both Queensland properties, The Star remained focused on demonstrating that reforms are not only implemented but embedded within day-to-day operations and capable of supporting sustainable and responsible business practices over the long-term. Remediation and Transformation In FY26, The Star has continued its significant, organisation-wide transformation and renewal program, to support close and direct supervision of The Star Sydney, The Star Gold Coast and The Star Brisbane. The Star continued to progress material reforms in response to historical regulatory findings, which are designed to strengthen governance, mitigate financial crime risks, minimise gambling harm and enhance operational integrity. This included ongoing investment in technology, risk management, compliance and financial crime capabilities, and governance arrangements that support responsible casino operations. These reforms have been implemented for each of The Star Sydney, The Star Gold Coast and The Star Brisbane in light of the needs of each property, as part of The Star’s broader remediation transformation program and support its ongoing commitment to operating with integrity, transparency and accountability. Pathway to suitability The Star’s Remediation Plan, overseen by the NICC and OLGR remained the primary mechanism through which The Star demonstrates delivery of its remediation commitments and supports its pathway to ongoing suitability. During FY26, the focus increasingly shifted from implementing foundational reforms to demonstrating operational effectiveness, sustainability and business ownership of outcomes. The Star continued to strengthen oversight arrangements, clarify accountability for regulatory obligations and further embed a decentralised governance operating model that supports increased property-level ownership of risk and compliance responsibilities. Governance uplift This includes embedding an uplifted Governance Framework which allocates oversight and corporate governance responsibilities across The Star including for the Company’s Board and its Committees, and more particularly for the Property Boards and management teams that operate the Company’s integrated resorts and casinos at The Star Sydney, The Star Gold Coast and The Star Brisbane. The Star’s Corporate Governance Statement contains more information about this uplift in governance arrangements and is available at www.starentertainmentgroup.com.au/ corporate-governance. Our operations continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 12
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CULTURE AND ACCOUNTABILITY Purpose, Values and Principles The Star’s Purpose, Values and Principles (PVP) sets out the expected culture and behaviour at The Star, to guide our team members to make decisions across our organisation that are consistent with The Star’s commitments to our stakeholders. The Star’s Purpose, Values and Principles are supported by our Code of Conduct which sets out the behavioural standards and expectations of our team members while employed by The Star. All team members are required to comply with our Code of Conduct. The Star’s Code of Conduct can be found at: www.starentertainmentgroup.com.au/ corporate-governance/. Our Purpose is to create fun at trusted destinations. Own it Every person plays a unique role in making The Star shine. We take responsibility and help each other grow. Take good care The wellbeing and safety of our team, customers and communities is deeply important to us. We protect, support and positively contribute to our communities. We are honest and ethical. We speak up and follow through to make sure the right thing is being done. Lead with integrity Relationships and fun are at the heart of who we are. We work together to create the best experience for anyone. Build memorable connections Our Values • Live our values • Respect the dignity of all • Never exploit vulnerability • Take actions that build trust Our Principles 13 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Culture Culture reform remains central to The Star’s remediation and sustainability agenda. In FY26, The Star continued to progress its culture reform strategy, with a focus on strengthening leadership accountability, embedding values-led behaviours and improving the systems that support ethical, responsible and sustainable business practices. The Year 1 focus was to establish a stronger climate for change, including leadership role-modelling, increased understanding by team members of the need for change and visible progress towards the organisation’s target culture. A key input into assessing progress was the Your Star Culture Survey conducted in April 2026. The survey provided a Group- wide view of culture reform progress and established a baseline for Year 2, supporting ongoing monitoring of whether systems, processes and leadership practices are reinforcing the desired behaviours. The survey was completed by 5,021 team members across The Star, representing 63% of the identified population. Results show progress in several areas and suggest that the foundations of a values-led and compliance-focused culture are continuing to strengthen. The results also highlighted the need for continued focus on leadership visibility and role-modelling, strategic clarity, speak-up confidence and consistent follow-through when concerns are raised. Culture reform is underpinned by a governance and accountability framework that supports oversight, transparency and continuous improvement. The TSEG Board and Property Boards oversee culture reform progress and culture-related risks. Accountability for culture outcomes is embedded within the business, with Property CEOs and Property Leadership Teams responsible for leading culture reform, delivering Culture Action Plans, monitoring cultural risks within their operations and reporting progress through governance forums. Culture reform is also incorporated into leadership balanced scorecards, reinforcing accountability for both the delivery of culture initiatives and cultural outcomes. The Star recognises that culture reform is a multi-year program requiring sustained leadership commitment, transparent measurement and ongoing course correction. In FY27 the focus will be on maintaining momentum, strengthening leadership accountability, embedding consistent behavioural reinforcement mechanisms, and ensuring that Team Members continue to experience the organisation’s values in day-to-day decision-making and ways of working. Leadership In FY26, The Star underwent significant leadership transformation and renewal for both the Board and The Star Group Leadership Team (GLT). These changes have accelerated the embedment of cultural change and supported increased Board and management accountability — driven by an ownership mindset, shaped by The Star’s journey and committed to a culture that prioritises a responsible customer experience, sustainable business operations, regulatory compliance, and ethical conduct. The Star Leadership Team comprises The Star Chief Executive Officer and Managing Director, The Star Chief Financial Officer and Interim Group Chief Risk Officer, the Interim Group Chief Legal Officer, The Star Chief People Officer and The Star Chief Information Officer, as well as the Chief Executive Officers of each of The Star Sydney, The Star Gold Coast and The Star Brisbane. It is accountable for and overseeing the execution of The Star’s strategy and business plans, as well as Group-wide cultural change program and Remediation Plan initiatives. The leadership teams at each Property have also been refreshed, with a focus on experience in gambling and related industries as well as risk and governance to strengthen direct oversight of each casino operation. More information on the TSEG Board and GLT can be found on pages 8 and 9 of this report. Accountability at the Properties In FY26 The Star continued with the embedment of its decentralised operating model, designed to clarify accountability, decision-making and operational ownership at each Property while maintaining alignment with Group-wide governance, risk management and strategic objectives. Accountabilities, ownership and resources have shifted to Property leadership teams. The Star functions have been refocused to support the Properties through consistent oversight, and governance. This supports local responsiveness and accountability so that key controls, risk management practices and strategic priorities are applied consistently across The Star. As part of this transition, The Star has reinforced property-level governance and oversight arrangements, including dedicated Risk and Compliance leadership and enhanced reporting mechanisms that improve visibility of key operational, conduct, risk and compliance matters. Close and direct supervision of each Property is provided by the Board of each of The Star Sydney, The Star Gold Coast and The Star Brisbane, which were implemented in FY26. More information on The Star’s Governance Framework, including the governance arrangements between TSEG and each Property, can be found in The Star’s FY26 Corporate Governance Statement which is available at www.starentertainmentgroup.com.au/ corporate-governance. Our operations continued Culture reform remains fundamental to building a safe, values-led and sustainable organisation, supporting regulatory compliance, employee engagement and long-term business performance. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 14
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Policies & procedures Systems & tools Risk Resourcing & capability ENABLERS Governance Perform ance & culture Accountability Regulatory Engagement M onitoring, Reporting change & Actions Breaches Risks, Obligations Risk Appetite & & Assurance RIsk in Issues & Incidents & & Controls Strategy PROCESSES PRINCIPLES RISK MANAGEMENT Risk management approach The Star’s embedded Enterprise Risk Management Framework (ERMF) supports The Star to identify, assess, manage and monitor risks across its operations, supporting sustainable business performance, regulatory compliance, long-term resilience and stakeholder confidence. The Star’s ERMF provides a structured and integrated approach to managing risk across all properties and corporate functions. It is underpinned by strong governance, clear accountability through the Three Lines of Accountability (3LOA) model, a values-led risk culture, and proactive regulatory engagement. It supports informed decision-making by aligning risk management with strategy, risk appetite and operational performance. The framework promotes early identification of emerging risks, timely escalation of incidents and breaches, disciplined remediation of issues, and continuous improvement of controls. By integrating risk considerations into strategic planning, operational decision-making and transformation initiatives, The Star seeks to balance risk and reward, operate within its risk appetite, meet its regulatory obligations and create sustainable value for its customers, team members, shareholders, regulators and the broader community. Management committees & embedment at property level In FY26, The Star introduced a decentralised operating model to support greater accountability within the Properties while maintaining appropriate Group oversight, standards and specialist support. The model was designed to ensure operational decisions, customer outcomes, risk management and regulatory obligations are owned and managed by those responsible for casino operations. At each Property, The Star maintains dedicated Property Risk & Compliance teams led by a General Manager Risk & Compliance. These Property teams are complemented by independent Group Risk and Compliance functions, with all functions operating with 3LOA Model. 15 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Risk appetite is considered on a Property-specific basis and integrated into operational decision-making. Property-level risk assessments support the identification and remediation of control weaknesses, with control ownership increasingly aligned to the appropriate Property or Group accountabilities. Enhanced risk metric reporting introduced in FY26 has further improved risk visibility, oversight and accountability across the Properties. We aim to continually review and improve our processes to address identified risks and control failures. Improving our compliance framework, systems and processes has been a key focus for us to help build a stronger and safer business. Internal control manuals, associated processes and other policies are reviewed on an ongoing basis in light of risk appetite and learnings. Risk Management Our Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) risk management frameworks, controls, and processes continued to be embedded in FY26. We enhanced our customer due diligence procedures to strengthen our ability to identify customers, verify the source of their funds, detect potential gaps, and escalate associated risks appropriately. In FY26 we continued to uplift our AML/CTF frameworks, processes and controls through several key initiatives, including: • Continued enhancement of AML/CTF program settings, frameworks, and governance arrangements to align with evolving regulatory requirements to support a sustainable and effective AML/CTF compliance environment. • Ongoing remediation and continuous improvement activities focused on controls automation, screening optimisation, and comprehensive customer risk reviews, to further enhance AML/CTF detection and prevention capabilities. • Commencing a strategic technology uplift program to enhance the systems supporting key AML/CTF processes, driving greater automation, improved consistency and scalability, and supporting a more sustainable AML/CTF Risk Management operating environment. • Improved patron experience implicated by our AML/CTF risk management responsibilities and associated regulatory obligations in order to offer a safe and secure gaming environment for our patrons. Collectively, these reforms have further strengthened The Star’s AML/CTF risk management framework and control environment. Our focus in FY27 will be the transition to a decentralised AML/CTF operating model, establishing clearer accountability within Property Risk while enhancing Group oversight, governance, and risk management capabilities across all properties. We will also continue to advance automation initiatives, optimise key controls and processes, and further strengthen our AML/CTF prevention and detection capabilities. Privacy At The Star, we recognise the importance of safeguarding the personal information of our customers, team members and partners. During FY26, we continued to strengthen our privacy and data protection framework through enhanced governance, privacy risk management, workforce awareness initiatives and ongoing compliance oversight, ensuring personal information is managed ethically, securely and in accordance with applicable legal and regulatory requirements. Our Privacy team leads the development and implementation of The Star’s privacy and data protection strategy, guided by our Privacy Compliance Policy and Privacy Management Framework. As regulatory expectations continue to evolve and the use of data and emerging technologies expands, we have maintained a strong focus on embedding privacy principles across our operations through robust governance, risk management processes, privacy impact assessments and controls designed to protect customer and employee information. We continue to evolve our approach to address emerging risks and changing stakeholder expectations while maintaining trust and supporting business resilience. Our operations continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 16
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Our operations continued SUSTAINABLE BUSINESS PERFORMANCE Focus on return to profitability Establishing a sustainable business model is key to the ongoing success of The Star for all its stakeholders. In addition to embedding enhanced governance and oversight, in FY26 The Star also acted to improve operating performance, including through: • securing long-term refinancing providing important support and stability for The Star’s liquidity and capital position; • strategic reinvestment of capital into The Star’s operations including revenue generating initiatives and technology uplift; • implementing technology to support better business decisions and enhance and automate business processes; and • maintaining cost discipline and an ongoing focus on identifying further opportunities for cost-outs. The initiatives go hand in hand with our renewed focus on our customers and their experience at The Star’s properties. The Board and leadership teams are conscious of the importance of The Star operating as a responsible and sustainable business, and that focus will continue in FY27. Technology opportunities Technology transformation and capability enhancement During FY26, The Star strengthened technology capabilities that support regulatory compliance, financial crime prevention, operational effectiveness and customer experience across The Star. Key initiatives improved platforms for customer due diligence, customer screening, transaction monitoring, compliance management, governance reporting, controls testing and data management. These investments reduced manual effort, improved data quality and strengthened management oversight across risk and compliance activities. They also established clearer, more consistent information flows between technology, risk, finance and property teams, helping business leaders make more timely and informed decisions. Cyber security and operational resilience The Star also improved cyber security and operational resilience through the Digital Threat Remediation Plan, 24/7 security monitoring, stronger vulnerability management, phishing awareness, third- party risk assessments and ongoing penetration testing. These actions improved visibility of technology risks, strengthened response capability and supported the secure and reliable operation of critical business services. The uplift also enhanced executive reporting on cyber posture, strengthened coordination for incident response and supported ongoing engagement with regulators, insurers and other assurance stakeholders. Technology governance and decentralisation The technology operating model continued to shift towards greater property accountability, with enterprise governance, risk, architecture and data oversight retained centrally. This places ownership closer to business operations while maintaining consistency, strategic direction and assurance through central governance forums, control testing and the Data Governance Framework. The approach supports clearer accountability for local delivery while preserving common standards, prioritisation discipline and enterprise-level oversight of material technology risks. Sustainable assets The Star is committed to reducing our environmental footprint and proactively managing performance across our operations and supply chain. Resource performance1 A reduction in resource use and improving environmental outcomes remain key priorities in the operation of our portfolio. In FY26, we observed a decrease in overall resource consumption and intensities across energy and water, alongside a decrease in recycling rates. The Star continued to monitor and manage electricity, water and gas consumption across its major properties. The following utility consumption data provides insight into resource savings at The Star Sydney and The Star Gold Coast during the reporting period. Energy The Star’s total energy consumption for FY26 was 655,670 gigajoules (GJ), marking a 5.9% decrease in consumption from FY25, and an energy intensity by area decrease of 5.5%. Sustainable operations THE STAR ENTERTAINMENT GROUP 2026 Annual Report 18
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Energy performance SOURCE FY25 FY26 Energy Consumption 697,112 655,670 Energy Intensity (MJ/visitor) 54.59 51.16 Energy Intensity (GJ/area) 2.15 2.03 Invoices unbilled at the time of reporting were equivalent to 0.99% for utilities based on consumption, equating to 0.95% (1,159MWh) for electricity, 6.56% (12,175 GJ) for gas, and 5.92% (47,974 kL) for water. Water The Star monitors water consumption across our portfolio to enhance water conservation efforts. The Star’s water consumption was 809,719 kL which was a decrease of 14.7% in FY26 compared to FY25, and a decrease by 17.6% in intensity by area. Water performance SOURCE FY25 FY26 Water Consumption (kL) 949,733 809,719 Water Intensity (L/visitor) 74.38 63.18 Water Intensity (kL/area) 2.94 2.50 Waste In FY26, the diversion rate was 33% waste as a total at our properties, representing an 8 percentage point decrease from FY25 recycling rates. The Star is committed to reducing total waste volumes, improving waste diversion from landfill, reducing food waste at the point of generation and organics recycling and increasing the number of recycling streams across its properties. We divert a number of waste streams from landfill Including styrofoam, e-waste, metal, textiles, green waste, paint, organics, soft plastics, oil, and cardboard. In FY26: • 1,241kg of soap was diverted from landfill and reprocessed into 12,410 bars of brand-new soap and distributed to vulnerable communities through Soap Aid (more than double the amount in FY25 of 543kg). • The Star has been a signatory to the Australian Packaging Covenant Organisation (APCO) since FY22. In FY26, we submitted our fourth APCO Action Plan and Annual Report. • Through our Dream Green sustainable bedding partnership, in FY26, The Star Group has avoided sending 22,924 plastic bottles to landfill, and 297,548 bottles to date. Recycling performance SOURCE FY25 FY26 Recycling Rate (%) 41% 33% Recycling Rate Intensity (kg/visitor) 0.25 0.17 Recycling Intensity (tonnes/area) 0.010 0.007 Climate resilience The Star recognises that climate change presents risks and opportunities that may affect The Star’s operations, supply chain, assets and long-term performance. As a Group 1 reporting entity under the Australian Sustainability Reporting Standards (ASRS), The Star has prepared its inaugural climate-related financial disclosures in accordance with AASB S2 Climate-related Disclosures for FY26. These disclosures provide further information on The Star’s climate-related governance, strategy, risk management, metrics and targets. The FY26 AASB S2 Sustainability Report is available on pages 64–79 of this Annual Report. As outlined on page 5 of this Annual Report, The Star remains focused on key strategic priorities, including its remediation program, rebuilding stakeholder confidence and supporting the long-term sustainability of the business. Consistent with this focus, The Star did not progress the planned review of its emissions baseline and net zero pathway during FY26. Accordingly, The Star is no longer pursuing its FY19 target to achieve net zero Scope 1 and 2 emissions across wholly owned and operated assets by 2030 and does not currently maintain a formal net zero commitment. The Star will continue to pursue environmental sustainability initiatives that align with its critical strategic and operational priorities. Sustainable supply chain Responsible Sourcing The Star is committed to conducting our procurement activities ethically, responsibly and with integrity. Guided by our internal Responsible Procurement Policy, we aim to promote ethical sourcing, equal opportunities for competition, and consider potential environmental sustainability and modern slavery risks. These principles serve as a foundation for informed decision-making, helping our team align their actions with our broader values and commitments. Our Supplier Code of Conduct establishes requirements for our suppliers. As part of the contracting process, suppliers are required to agree to comply with the Supplier Code of Conduct which covers: • Human Rights, labour practices, and anti-discrimination • Equal employment opportunity (EEO) and supplier diversity • Community involvement • Environmental sustainability • Workplace health and safety • Anti-corruption • Supply chain management • Privacy Modern Slavery As a major employer and a leading provider in hospitality and entertainment, The Star is committed to upholding and protecting the rights and freedoms of our customers, employees, and those working within our supply chain. We strive to protect and support the wellbeing of all individuals connected to our business, reinforcing our dedication to ethical and responsible practices across every level of our operations. The Star’s Modern Slavery Statement outlines our approach to identifying, assessing and addressing modern slavery risks within our operations. To read The Star’s most recent Modern Slavery Statement please visit: www.starentertainmentgroup.com.au/ reporting-assurance/. 1. The resource performance data presented in this section relates to assets under The Star’s day-to-day operational management. The Gold Coast Convention and Exhibition Centre is also included within the reporting boundary, despite not being under The Star’s day-to-day operational management. 2. FY25 data presented in the resource performance tables reflect the most current data available and may differ from the FY25 figures published in last year’s report. At the time of initial reporting, some data is estimated or accrued due to billing cycles (including delayed, quarterly, or reissued invoices) and periodic recalculations. As actual data becomes available, figures may be updated and restated. Any restated FY25 data presented in this report represents the most accurate information available at the time of publication. 3. Floor area is measured using Conditioned Floor Area (CFA). CFA values are estimated at the site level and should be considered indicative only, with potential limitations arising from data availability and estimation methodologies. 4. Visitation data is based on gaming floor attendance and may contain duplicate visits or include individuals transiting through properties. Visitor intensity metrics exclude Gold Coast Convention and Exhibition Centre (GCCEC) visitation. 19 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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People & Community OUR CUSTOMERS Customer experience At The Star, customer experience is our first and foremost priority. Everything we do is guided by a commitment to delighting our customers with world-class entertainment and hospitality, delivered responsibly in a safe and comfortable environment. We understand that exceptional experiences are built on trust, attention to detail, and a genuine desire to exceed expectations. Our team is focused on creating memorable moments that engage our customers and create a lasting connection. This is reflected in the quality of our venues, the calibre of our entertainment offerings, and the warmth of our people. Our approach to our customers also extends to operating in a respectful and responsible way, mindful of the need to prevent, detect and respond to potential financial crime and safer gambling risk, as well as operating in a socially responsible way. Our focus on customer experience is fundamental to the long-term sustainability of our business. When customers feel genuinely cared for, they return. This supports The Star’s financial strength so that we can continue investing in the experiences our customers deserve, deliver value for the people who choose to spend their time with us, as well as for the business that exists to serve them. Safer gambling During FY26, The Star continued to demonstrate the effectiveness and sustainability of its safer gambling framework, building on the substantial remediation and uplift activities completed in prior years. The focus throughout the year was on embedding a public health approach to harm prevention and minimisation, strengthening proactive intervention capabilities, enhancing customer support mechanisms, and evidencing sustainable outcomes across operations. The framework is supported by a mature governance and oversight model, underpinned by clearly defined accountabilities, structured assurance activities and regular performance monitoring. Ongoing reporting and assurance processes provide visibility of emerging risks, incidents and improvement opportunities, while reinforcing accountability for safer gambling outcomes across the business. The Star continued to enhance its data-driven monitoring capabilities, using predictive analytics alongside frontline observations to support earlier identification of potential indicators of gambling harm. This integrated approach enabled more timely customer engagement and intervention, strengthening the consistency and effectiveness of harm minimisation activities. Customers continued to have access to a broad range of safer gambling tools and support services, including pre-commitment options, activity statements, exclusion pathways, time-play management measures and dedicated specialist support. These resources were embedded across multiple touchpoints and integrated into the broader customer experience to create a supportive environment that promotes informed decision-making, strengthens gambling literacy, and helps minimise the risk of gambling-related harm. Ongoing training, leadership engagement and specialist capability development continued to strengthen organisational awareness and responsiveness to gambling-related risks. Engagement with regulators, industry participants, community stakeholders and subject matter experts remained an important component of The Star’s approach. Participation in industry forums and environmental scanning activities supported the continued evolution of practices and contribution to broader industry initiatives aimed at preventing and minimising gambling harm. Overall, FY26 demonstrated the continued maturity of The Star’s safer gambling framework. Established governance arrangements, proactive monitoring, data-driven insights, embedded operational practices and dedicated customer support services provide confidence that safer gambling obligations are being delivered consistently and effectively, while ongoing assurance and continuous improvement activities position the framework to respond to evolving regulatory, industry and community expectations. Harm minimisation Preventing entry of minors The Star maintains a zero-tolerance approach to minors entering designated gaming areas across its properties. To support this commitment, The Star operates a layered control framework incorporating access controls, surveillance monitoring, employee training, incident management processes and regulatory reporting requirements designed to prevent and detect underage access. Performance, incidents and emerging trends are monitored through property governance forums and management reporting processes to support ongoing improvement in the effectiveness of controls and compliance outcomes. The Star continues to work closely with regulators and relevant agencies to promote the safety and wellbeing of children across its properties. Our operations continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 20
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Responsible service of alcohol The Star’s Responsible Service of Alcohol (RSA) Program is designed to promote safe and responsible environments across its properties through comprehensive policies, controls, training and monitoring activities. The program includes mandatory RSA certification and refresher training for relevant team members, procedures for refusing service or entry where required, and protocols for identifying and managing signs of intoxication and other high-risk behaviours. RSA governance is overseen through property-based RSA Committees, which monitor incidents, compliance outcomes, regulatory developments and improvement initiatives. Compliance performance is supported by ongoing assurance activities, including periodic independent reviews and audits, which assess the effectiveness of RSA controls and identify opportunities for continuous improvement. The Star also engages with regulators, industry bodies and other stakeholders to support initiatives that promote responsible alcohol service, reduce alcohol-related harm and strengthen compliance with regulatory obligations. OUR COMMUNITIES Community engagement initiatives The Star strives to be a responsible corporate citizen as part of its purpose to ‘create fun at trusted destinations’ and prides itself in supporting a range of charities, not-for profits and community organisations in the Gold Coast, Sydney and Brisbane. Each of our three properties are committed to supporting a range of initiatives that contribute to the communities in which they operate and where team members live and work. National Partnerships In FY26, The Star continued its national community partnership with GIVIT , a charity that connects donations, whether money, goods, or time, with people and communities facing hardship, including those impacted by natural disasters. Through this collaboration, The Star supported a range of initiatives that benefited both GIVIT directly and its network of more than 4,500 partner organisations. The Star is also a member of Business Sydney and the Queensland Tourism Industry Council (QTIC). The Star Gold Coast The Star Gold Coast was proud to again support two longstanding and highly regarded organisations, Surf Life Saving Queensland and the Currumbin Wildlife Hospital. Demonstrating its ongoing commitment to the region’s tourism and visitor economy, The Star Gold Coast also supports a range of major events, sporting organisations and community partnerships, including the Magic Millions Carnival, Gold Coast Titans, Gold Coast Suns, GC500, Groundwater Country Music Festival and RizeUp Australia. The Star also holds the management rights for the Gold Coast Convention and Exhibition Centre (GCCEC), located adjacent to the resort. Owned by the Queensland Government, GCCEC is a significant asset for the city and broader region and has been managed by The Star since 2004. 21 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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The Star Sydney At The Star Sydney, we continued to invest in community groups and events in the local Pyrmont area. Our food and beverage teams volunteered their time at the Christmas in Pyrmont festival, helping raise funds and awareness for several local charities. This year, we also broadened opportunities for team member engagement in initiatives by contributing to the Harris Community Centre Christmas Food Drive. Additionally, we maintained over a decade of sponsorship of the Pyrmont Food and Wine Festival working with the Pyrmont Ultimo Chamber of Commerce to raise funds and showcase the best of NSW food, wine and local artists. The Star Brisbane The Star Brisbane was the Presenting Partner of The Brisbane Portrait Prize, which is dedicated to celebrating Brisbane portrait artists and is proud to support city icons and events including the Brisbane Broncos and Brisbane River Fire. OUR PEOPLE Developing our people Leadership We are committed to building the leadership and capability of our people as a foundation for a safer, more sustainable business. This year, both our Leadership and Capability workstreams reached 100% completion for Milestones submitted for assurance, and each has moved from a defined program of work into an embedded, business-as-usual capability that will continue to sustain outcomes over the long-term. Leadership development Our leadership development approach has been embedded through multiple reinforcement mechanisms, designed to support continuous learning well beyond a single program of work. Participants have access to workbooks, action plans, practical tools, revision activities and digital resources, supplemented by ongoing access to learning materials via the Leadership Hub. Continuous learning and application are supported through peer coaching, self-directed learning and leadership resources, including the Leadership Library, monthly Leadership Insights communications and planned Leadership Community of Practice activities. A sustainable Leadership Hub has been established as a central source of leadership development resources, providing access to learning content, capability framework materials, leadership tools, templates, dashboards and employee lifecycle resources. To ensure this capability is scalable and repeatable, our leadership content has been repackaged into a flexible New Leader Onboarding Program supported by facilitator guides, participant resources and adaptable delivery formats. We have also built internal capability through a Train-the- Trainer model, enabling facilitators across Group and Property teams to deliver leadership development programs locally and on an ongoing basis. Leadership development is now embedded into onboarding and ongoing capability processes, with properties able to schedule and deliver programs regularly to new and existing leaders based on local business needs. Governance and reporting mechanisms are in place to support ongoing participation and targeting, including Learning Management System (LMS) tracking, attendance reporting and visibility of leadership development completion across the organisation. Leadership development remains aligned to the TSEG Capability Framework and broader culture, values and ethics initiatives, reinforcing expected leadership behaviours and supporting organisational priorities. Ongoing engagement metrics demonstrate sustained utilisation and adoption, with increasing use of leadership learning resources, Leadership Hub content and curated development tools supporting long-term capability uplift. Collectively, these initiatives provide a sustainable and embedded leadership development framework, enabling continuous learning, practical application, consistent delivery and ongoing leadership capability development beyond the remediation program. Capability Our approach to mandatory learning is now fully embedded into business-as-usual operations, supported by LMS reporting, Power BI dashboards, monthly compliance reporting, leadership oversight, and completion rates consistently exceeding 98%. A sustainable training review and governance framework has been established, including annual content reviews, audience validation, regulatory engagement processes, approval controls, and forward-planned review cycles to ensure training remains current, compliant and role-relevant. Clear ownership and accountability sit with training owners, who are responsible for content, audience assignment and ongoing review through the Assignment Profile Governance Framework and annual mandatory training review process. Our operations continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 22
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Our Central Training Register and Master Training Register provide an auditable source of truth for training ownership, deployment, review cycles, version control and compliance reporting, ensuring ongoing governance and visibility across all mandatory and functional training. Enhanced reporting capabilities are embedded and actively utilised, with self- service dashboards and reporting tools providing leaders with real-time visibility of training compliance, onboarding requirements and outstanding actions. ELEV ATE, our foundational risk and compliance training, has been embedded within onboarding and ongoing learning processes, with all new team members completing foundational risk and compliance training as part of induction and quarterly sessions available to existing team members, ensuring ongoing organisational capability uplift. We also have automated Certificate of Competency processes and compliance monitoring, improving consistency, transparency and timely completion of licensing-related training obligations. Functional training management has been transitioned into the LMS, enabling business units to assign, manage and track training directly within the system, with pilot programs validated and priority business areas continuing to be onboarded. Ongoing support, training and continuous improvement mechanisms are established, including intranet resources, work instructions, user support, stakeholder feedback processes, annual reviews and dedicated resources to sustain adoption and drive optimisation. Collectively, these controls, governance processes and monitoring mechanisms provide a scalable and sustainable framework for ongoing embedment, continuous improvement and long-term maintenance of risk, compliance and capability outcomes beyond the remediation program. Employee health, safety, and wellbeing At The Star, we recognise that our people are integral to the success of our business and accordingly we place significant emphasis on attracting and retaining talent, ensuring the safety and wellbeing of our employees, and providing ongoing training and development. As our remediation program and decentralisation continue to advance, and we acknowledge that change can create uncertainty for our team members. We are conscious of the potential psychosocial impacts that may arise during periods of transition and remain committed to maintaining a workplace culture that is safe, inclusive and supportive. The wellbeing of our team members remains a key focus. Through ongoing communication across our intranet, email updates, and internal social channels, we continue to raise awareness of mental health resources and promote initiatives that support positive wellbeing outcomes. Number of employees by employment contract type Our safety and wellbeing initiatives include: Sonder Our Employee Assistance Program (EAP) supports the diverse wellbeing needs of our team members and their families. Available 24/7, the service provides immediate access to qualified health professionals through a range of channels, recognising that individuals prefer to seek support in different ways, whether via phone, chat, or other digital options. In addition to professional support, the platform offers personal safety features such as Check on Me and Track My Journey, alongside a broad range of self-guided wellbeing resources. Importantly, the service maintains the same high standards of confidentiality and security expected in a healthcare setting, giving team members confidence to access support whenever needed. Self-insurance licence As part of The Star’s self-insurance licence renewal for Queensland, an audit of the implementation of The Star’s safety management system was undertaken in April 2026 by an accredited and independent external auditor. The audit achieved a consolidated score of 86% (with a required pass mark of 70%). We continue to monitor our safety performance. Our Total Recordable Injury Frequency Rate (TRIFR), based on accepted workers’ compensation claims, was 19.6 in FY26, an increase from 15.4 in FY25. FY26 Total % Total (FY26) FY25 Total % Total (FY25) Permanent Full-time 3,529 47.4% 4,143 48.8% Part-time 2,083 28% 2,339 27.6% Fixed-term contract Full-time 42 0.6% 53 0.6% Part-time 6 0.1% 8 0.1% Casual Casual 1,791 24% 1,944 22.9% Total 7,451 100% 8,487 100% 23 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Diversity, equity and inclusion At The Star, our people come from a broad range of backgrounds, experiences and perspectives. We are committed to fostering an inclusive workplace where every team member feels respected, valued and supported to contribute and succeed. We continue to focus on building a workforce and leadership team that reflects the diversity of our employees, customers and communities. In FY26, The Star Entertainment Group was recognised as a Platinum Employer at the recent Australian LGBTQ+ Inclusion Awards for the second consecutive year. The platinum tier is awarded to organisations that have consistently achieved high benchmark results over the past five years. Workplace Gender Equality Agency Report The Star complies with its reporting obligations under the Workplace Gender Equality Act 2012 and annually reports to the Workplace Gender Equality Agency (WGEA). Through this reporting, we monitor and disclose key indicators of gender equality across our workforce, including gender representation, leadership composition and other workplace equality measures, helping to inform our ongoing efforts to promote an inclusive and equitable workplace. Our operations continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 24
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Corporate Reporting Directors’ Report 27 Remuneration Report 44 Sustainability Report 64 Financial Report 80 Additional information 136 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 26
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The Directors of The Star Entertainment Group Limited (the Company) submit their report for the consolidated entity comprising the Company and its controlled entities (collectively referred to as The Star) in respect of the financial year ended 30 June 2026. 1. DIRECTORS The names and titles of the Company’s Directors in office during the financial year ended 30 June 2026 and until the date of this report are set out below. Directors were in office for this entire period unless otherwise stated. Current Directors Soo Kim a Chairman, Non-Executive Director Bruce Mathieson Jnr b Group Chief Executive Officer and Managing Director George Papanier c Non-Executive Director Don Pasquariello d Non-Executive Director Former Directors Anne Ward e Chairman and Non-Executive Director Steve McCann f Group Chief Executive Officer and Managing Director Peter Hodgson g Independent Non-Executive Director Michael Issenberg h Independent Non-Executive Director Deborah Page AM i Independent Non-Executive Director Antonia Thornton j Independent Non-Executive Director In addition to the above, the following people were appointed as non-executive Directors of the Company, subject to necessary relevant regulatory and ministerial approvals to be appointed as a Director. As at the date of this report, they are Board Observers. Board Observers Brooke Lindsay k Board Observer Grant Bowie l Board Observer a. Appointed as Non-Executive Director on 28 November 2025. Appointed as Chairman on 16 December 2025. Nominee of Bally’s Corporation. b. Nominee of Investment Holdings Pty Ltd. Appointed as a Non-Executive Director on 10 October 2025. Appointed as Chairman on 28 November 2025, Executive Chairman on 16 December 2025 and then stepped down as Executive Chairman on 16 December 2025 (following the appointment of Soo Kim as Chairman on that day). Appointed as Chief Executive Officer on 16 December 2025 (following the resignation of Steve McCann on that day), subject to agreement of final documentation, with Mr Mathieson’s appointment as Group Chief Executive Officer and Managing Director being confirmed on 29 December 2025 (subject to regulatory and ministerial approvals being received, which have been received). c. Appointed as Non-Executive Director on 28 November 2025. Nominee of Bally’s Corporation. d. Appointed as Non-Executive Director on 30 April 2026 following the receipt of all necessary regulatory approvals. e. Ceased as Chairman and Independent Non-Executive Director on 28 November 2025. f. Ceased as Group Chief Executive Officer and Managing Director on 16 December 2025. g. Ceased as Independent Non-Executive Director on 16 December 2025. h. Ceased as Independent Non-Executive Director on 25 November 2025. i. Ceased as Independent Non-Executive Director on 28 November 2025. j. Ceased as Independent Non-Executive Director on 16 December 2025. k. On 1 April 2026, Brooke Lindsay commenced as an observer to the Company’s Board, with Ms Lindsay to join the Board as a Non-Executive Director following receipt of regulatory and ministerial approvals. The last of those approvals was obtained on 30 July 2026. For good governance, given the timing of the release of the FY26 results and to facilitate an orderly transition to the Board, it is anticipated that Ms Lindsay will be appointed a Non-Executive Director shortly after release of the FY26 results. In the interim, Ms Lindsay has been attending Board and Committee meetings as an observer. l. On 16 April 2026, Grant Bowie commenced as an observer to the Company’s Board, with Mr Bowie to join the Board as a Non-Executive Director following receipt of regulatory and ministerial approvals. The last of those approvals was obtained on 30 July 2026. For good governance, given the timing of the release of the FY26 results and to facilitate an orderly transition to the Board, it is anticipated that Mr Bowie will be appointed a Non-Executive Director shortly after release of the FY26 results. In the interim, Mr Bowie has been attending Board and Committee meetings as an observer. Directors’ Report 27 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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2. OPERATING AND FINANCIAL REVIEW The Operating and Financial Review for the year ended 30 June 2026 has been designed to provide shareholders with a clear and concise overview of The Star’s operations, financial position, business strategies and prospects. The review also discusses the impact of key transactions and events that have taken place during the reporting period and material business risks faced by The Star, to allow shareholders to make an informed assessment of the results and future prospects of the Company. The review complements the Financial Report and has been prepared in accordance with the guidance set out in Australian Securities and Investment Commission’s (ASIC) Regulatory Guide 247. 2.1 Principal activities The principal activities of The Star are the management of entertainment and leisure destinations with gaming, entertainment and hospitality services. The Star operates The Star Sydney (Sydney) and The Star Gold Coast (Gold Coast). The Star also manages The Star Brisbane, through an agreement with Destination Brisbane Consortium Queens Wharf Integrated Resort joint venture (DBC), and the Gold Coast Convention and Exhibition Centre, on behalf of the Queensland Government. The Star owns Broadbeach Island on which The Star Gold Coast is located and invests in a number of strategic joint ventures. The Star Sydney The Star Sydney’s casino licence has been suspended since 21 October 2022. On this date, the New South Wales Independent Casino Commission (NICC) also appointed a Manager. During the period of its licence suspension, The Star Sydney remains open and operating, and net earnings continue to be paid to The Star Sydney after payment of the Manager’s costs. On 31 March 2026, the NICC notified The Star Sydney that its casino licence will remain suspended and that the Manager’s term has been extended until 30 September 2026, unless terminated earlier by the NICC. The Star Gold Coast and The Star Brisbane The Star Gold Coast’s casino licence has been suspended (with suspension deferred) since 9 December 2022. A Special Manager was appointed on the same date. On 25 September 2025, the Queensland government confirmed that it had deferred the suspension of The Star Gold Coast’s casino licence and extended the Special Manager’s appointment to 30 September 2026. The Star Brisbane was issued an unconditional casino licence on 28 August 2024, subject to the appointment of an External Adviser and the adoption of The Star’s Remediation Plan. On 25 September 2025, the External Adviser’s appointment was extended to 30 September 2026. 2.2 Business strategies The Star’s strategic priorities fall under three categories: • Customer focus: Improving engagement with and understanding of our customers through: • a customer-first focus driven by product investment, enhanced customer engagement initiatives and loyalty offers and more user-friendly technology; • engaging directly with customers to better understand how they interact with The Star and opportunities to enhance customer experience; and • leveraging technology to better understand our customers, how they would like to engage with The Star and their risk profiles to support a responsible customer experience and sustainable business outcomes. • Sustainable business: Improving operating performance, particularly through: • strategic reinvestment of capital into The Star’s operations; • implementing technology to support better business decisions and enhance and automate business processes; and • maintaining cost discipline and identifying further opportunities for cost-outs. • Transformation: Continuing the cultural change, embedment of accountability and demonstrating a return to suitability to hold casino licences by: • continuing to strengthen relationships with key stakeholders through transparent and constructive engagement; • enhancing accountability of leadership and oversight of each Property, by embedding a decentralised operating model; and • continuing to deliver on our remediation plan and embed uplift in standards for governance, risk management, regulatory compliance and safer gambling. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 28 Directors’ Report continued
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2.3 Group performance EBITDA (excluding significant items and discontinued operations) was a loss of $16.1 million, favourable to the $76.2 million loss in the prior comparative period (pcp). Recent initiatives in 2H FY26 saw revenue growth achieved in the slots market, and reduced corporate overheads, including streamlining of the corporate office. The full impact of these initiatives will be reflected in FY27 once the benefits are in place for the entire year. These, and other initiatives with respect to administrative functions at each property and opportunities to reduce indirect costs and supplier expenses, continue to be explored to support the long term financial success of The Star. Revenue (excluding contracted cost recovery) was $1,101.0 million, down 2.2% on the pcp. Slots revenue was $412.7 million, up 3.5% on the pcp, reflecting recent initiatives to drive revenue growth, including customer loyalty incentives and targeted customer retention strategies. Tables revenue was $343.5 million, down 14.0% on the pcp, reflecting the ongoing softness in this market. Non-gaming revenue was $275.4 million, down 4.3% on the pcp, primarily driven by the sale of The Star Sydney Event Centre in the pcp. DBC operator fee revenue was $59.7 million, up 101.7% on the pcp, reflecting the higher fixed fee of $5.0 million per month charged from July 2025 to March 2026. Gaming taxes and levies were $256.7 million, down 3.9% on the pcp, broadly in line with the reduction in gaming revenues. Operating expenses were $860.4 million, down 7.9% on the pcp reflecting cost out initiatives including the streamlining of the corporate office and a reduction in volume related expenses. Significant expense items of $144.3 million (net of tax) relate to: settlement of the GST & withholding tax dispute with the Commissioner of Taxation; reorganisation and employment costs; regulatory, fines, penalties, duty, consultant, legal and other costs; debt refinancing costs and JVP Transaction costs. Depreciation and amortisation expense of $59.9 million was broadly in line with the pcp. Net funding costs (excluding significant items) of $83.8 million was up 73.5% on the pcp, reflecting higher levels of average debt and coupon rates and unfavourable movements in the AUD USD exchange rate used to revalue USD denominated net debt at 30 June 2026. Discontinued operations comprise the results of Treasury Brisbane, investment in Festival Carpark and Investment in DBC. The net loss of $4.1 million was favourable to the pcp primarily due to the share of DBC losses of $46.2 million and impairment of investment in DBC of $107.6 million in the pcp. Net loss after tax of $307.3 million was favourable to the $427.9 million loss in the pcp. Normalised net loss after tax, excluding significant items and discontinued operations, was $158.9 million. Basic and diluted loss per share from continuing operations were both 5.8 cents (both 9.3 cents in the pcp). 2.4 Group financial position The following transactions and events have had a material impact on The Star’s financial position and liquidity during the period: • On 9 October 2025, The Star received $66.7 million from Bally’s, being the final instalment of the $300 million Strategic Investment into The Star. • On 28 November 2025, Bally’s and Investment Holdings converted their convertible notes into 3.75 billion ordinary shares of the Company, completing the Strategic Investment into The Star. • On 31 March 2026, The Star completed Stage 1 of the Joint Venture Transaction by disposing of its 50% equity interest in DBC. Importantly, the guarantee provided by The Star under the Queen’s Wharf debt facilities has been fully released. • On 7 May 2026, The Star executed a binding credit facility agreement (USD Term Facility) for a 3 year, USD $390.0 million facility. The facility, which is fully drawn, was used to repay and extinguish the Syndicated Facility, create an Interest Reserve Account to fund the first twelve months of interest payments and provide the surplus cash required to operate the business while the initiatives to improve performance can be implemented. • In May 2026, The Star issued an irrevocable notice to settle the Payment-in-Kind liability of $11.4 million in ordinary shares of The Star (subject to shareholder approval at the October 2026 Annual General Meeting). • In 2H CY26, Destination Gold Coast Consortium (a joint venture entity of The Star) commenced settlement on the residential units in Tower 2. The Andaz Hotel is scheduled to open in 1H FY27. The remaining residential units are expected to be settled no later than 31 March 2027. Both components are conditions precedent to completion of Stage 2 of the Joint Venture Transaction (refer Section 2.6). • At 30 June 2026, The Star had cash, cash equivalents and restricted deposits of $367.6 million (2025: $363.8 million), comprising $267.1 million (2025: $267.0 million) of cash and cash equivalents and $100.5 million (2025: $96.8 million) of restricted deposits. Subsequent to year end, The Star: • On 7 July 2026, The Star announced it had settled disputes with the Commissioner of Taxation (Commissioner) in relation to the GST and withholding tax matters (refer Section 4). The Star had previously paid the Commissioner $88.3 million of the disputed amount. As part of the settlement, the Commissioner will refund $33.4 million to The Star. The Star’s ability to successfully execute its ongoing capital management strategy in the timeframe required will be impacted by the quantum and timing of the AUSTRAC judgement which remains outstanding (refer Section 2.6). 29 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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2.5 Segment operations The Star comprises the following operating segments: The Star Sydney; The Star Gold Coast; Treasury Brisbane and The Star Brisbane. Refer to note A1 for more details of the financial performance of the Company’s operating segments. The activities and drivers of the results for these operations are discussed below. The Star Sydney Revenue was $621.3 million, down 9.3% on the pcp and EBITDA (before significant items) was a loss of $32.7 million, favourable to a $47.7 million loss in the pcp. Gaming revenue was $499.8 million, down 9.1% on pcp, reflecting the ongoing softness in tables partially offset by growth in slots revenue. Non-Gaming revenue was $117.4 million, down 9.8% on pcp, primarily driven by disposal of The Star Sydney Event Centre in the pcp and a decline in restaurant and bar revenue, partially offset by growth in hotel revenue driven by strong occupancy rates. Gaming taxes and levies were down 7.5%, broadly in line with the reduction in gaming revenue. Operating expenses decreased 11.9%, reflecting the impact of the corporate cost out initiatives and a reduction in volume related expenses. The Star Gold Coast Revenue was $420.0 million, up 2.3% on the pcp and EBITDA (excluding significant items) was $37.0 million, up 69.7% on the pcp. Gold Coast’s gaming revenue was $256.4 million, up 3.2% on pcp, reflecting recent growth initiatives, particularly in slots. While table games remain soft, growth was achieved in Q4 FY26 on the back of the growth initiatives. Non-Gaming revenue was $158.0 million, broadly in line with the pcp. Gaming taxes and levies were up 5.0%, broadly in line with the increase in gaming revenue. Operating expenses decreased 3.1%, reflecting the impact of the corporate cost out initiatives. The Star Brisbane DBC operator fee revenue was $59.7 million, up 101.7% on the pcp. In FY26, operator fee revenue was charged at a fixed $5.0 million per month for July 2025 to March 2026, then a fixed $1.5 million per month fee with an additional performance based fee from April 2026, in accordance with the amended JVP Transaction. A further $10.2 million was recognised in FY26 relating to FY25 operator fees held in escrow pending completion of Stage 1 of the JVP Transaction, which occurred in March 2026. In the pcp, the Operator Fee revenue was calculated as a percentage of The Star Brisbane revenue and EBITDA for the 10 months of operations. Revenue excludes $205.2 million (2025: $174.8 million) of contracted cost recoveries, recognised as statutory revenue under the accounting standards. Contracted cost recoveries are made under an agreement with DBC and are at cost (no markup). Contracted costs include $191.8 million (2025: $164.2 million) of employment costs and $13.4 million (2025: $10.6 million) of other shared costs. Operating expenses of $80.1 million (excluding costs subject to contracted cost recoveries) were broadly in line with the pcp, reflecting a full year of operations compared to ten months in the pcp, partially offset by corporate cost out initiatives. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 30 Directors’ Report continued
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2.6 Significant changes in the state of affairs, regulatory matters and future developments Other than those matters stated within this report, there were no significant changes in the state of affairs of The Star during the financial year. The section below discusses the impact of key transactions, events and other matters relevant to the reporting period, that are not discussed elsewhere: Agreement to exit Destination Brisbane Consortium and consolidate The Star’s Gold Coast position On 12 August 2025, the Company announced to the ASX that it had entered into binding long form transaction documents with its joint venture partners, being Chow Tai Fook Enterprises Limited and Far East Consortium International Limited (the Joint Venture Partners) in respect of its stapled equity interest in Destination Brisbane Consortium Pty Ltd and the Destination Brisbane Consortium Integrated Resort Holding Trust (the JVP Transaction). The JVP Transaction was structured to complete in two separate stages: 1. Completion of the exit from DBC, being the first stage (Stage 1) and; 2. Completion of the remaining assets included in the JVP Transaction (including DGCC, the Treasury Brisbane Hotel and Car Park and a 50% interest in Charlotte Street Car Park) (Stage 2). On 31 March 2026, The Star completed Stage 1 by disposing of its 50% equity interest in DBC. Importantly, the guarantee provided by The Star under the Queen’s Wharf debt facilities has been fully released. In connection with completion of Stage 1, the parties have agreed to further vary the fixed operator fee arrangement, subject to receipt of applicable regulatory, lender and other approvals and consents, as follows: • From 1 April 2026, the DBC Casino Operator Fee will be a fixed annual fee of $18.0 million payable monthly and a performance based incentive fee based on EBITDAM. • A new termination right in favour of DBC as owner has been agreed which will allow DBC to terminate the CMA, in certain circumstances based on performance, on not less than 90 days’ written notice. Otherwise, the key terms of the JVP Transaction remain unchanged in all material respects. The completion of Stage 2 is subject to a separate set of conditions precedent. The parties continue to work towards completion for these remaining assets and currently expect to satisfy the conditions precedent no later than 31 March 2027. Significant Legal Matters AUSTRAC proceeding On 30 November 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC), commenced civil penalty proceedings in the Federal Court of Australia against The Star Pty Limited and The Star Entertainment QLD Limited (collectively The Star Entities). AUSTRAC alleges that The Star Entities contravened the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act 2006 (Cth) including by failing to conduct appropriate due diligence on customers who were higher risk and by failing to have an appropriate AML/CTF program. The parties resolved all factual issues in dispute prior to the penalty hearing being heard in June 2025. AUSTRAC submitted that a penalty of $400 million would be appropriate while The Star submitted that a penalty of greater than $100 million, payable in the 12 months following the hearing, would be challenging based on available liquidity options, including accessing equity markets. The Star is awaiting the court’s judgment. The determination of the Federal Court’s penalty (including where a penalty has been jointly proposed by AUSTRAC and the defendant to the Court) is specific to the facts of each case and arrived at after consideration of admissions made and evidence and submissions in relation to the appropriateness of the penalty. AUSTRAC alleged that the number of contraventions committed by The Star Entities is innumerable. The Star has determined a provision on the Balance Sheet at 30 June 2026. This provision was, and is, recognised at a time where there remains significant uncertainty as to the quantum of the penalty. Any actual penalty paid by The Star Entities may differ materially to the provision recorded at 30 June 2026. Underpaid casino duty The Bell Inquiry of The Star Pty Limited conducted in 2022 (Bell One Review) identified potential issues with the way in which The Star calculated rebate duty payable to the NSW Government. In April 2025, the NSW Treasury agreed the amount to be paid, with payment made subsequent to year end. The Star has recognised the amount payable as another creditor on the Balance Sheet as at 30 June 2026. 31 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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ASIC proceedings against former directors and officers of the Company In December 2022, the Australian Securities and Investment Commission (ASIC) commenced civil penalty proceedings in the Federal Court of Australia against 11 former directors and officers of the Company alleging contraventions of the Corporations Act 2001 (Cth). The proceedings were heard between February and May 2025. The Federal Court held in March 2026 that Mr Bekier (former Group Chief Executive Officer) and Ms Martin (former Group Chief Legal and Risk Officer) had contravened the Corporations Act 2001 (Cth). In June 2026, the Federal Court imposed penalties and disqualifications on Mr Bekier and Ms Martin. There were no findings of contravention against former non-executive directors. In July 2026, both Mr Bekier and Ms Martin lodged appeals against the Federal Court orders in the Full Federal Court. The Star has determined a provision on the Balance Sheet at 30 June 2026 relating to an estimate of legal costs incurred by the former directors and officers which The Star may be required to reimburse. In addition, should the two former executives be successful in their appeal against the findings of the court, there may be additional costs to The Star. The Star has assessed there is no present obligation in respect to these potential additional costs and it represents a contingent liability. Consequently, no provision has been recognised for these additional costs. Penalties for historical financial crime risk and other matters On 1 June 2026, the NICC issued The Star Sydney a penalty of $10 million in fines for historical financial crime risk and other matters and an enforceable undertaking to set aside a further $5 million to strengthen the technology surrounding its financial crime risk management operations. The Star has included another creditor on the Balance Sheet at 30 June 2026 relating to the penalties less any amounts paid. Class action On 30 March 2022, a shareholder class action was commenced in the Supreme Court of Victoria, alleging the Company failed to comply with its continuous disclosure obligations and engaged in misleading or deceptive conduct in relation to the Company’s systems, controls, operations and regulatory risks. The Company has filed its defence with no admissions of any contravention. The Company has filed an application for security of costs which was heard on 11 August 2026, and has complied with orders for discovery. At 30 June 2026, the Company has assessed there is no present obligation in respect of this matter and it represents a contingent liability and accordingly, no provision has been recognised. The outcome of the Class Action and any potential financial impacts are unknown, including the extent to which any amounts may be covered by The Star’s insurance policies. Other legal and regulatory matters There are outstanding legal proceedings between the Company and third parties as at 30 June 2026 as well as regulatory investigations by the Company’s regulators. In relation to legal proceedings, The Star has notified its insurance carrier of all relevant matters and currently anticipates that any damages (other than exemplary damages) that may be awarded against the Company, in addition to its costs incurred in connection with the proceedings, may be covered by its insurance policies where such policies are in place. Provisions are made for obligations where the existence of a liability is probable and can be reasonably estimated. The outcomes of these other matters, including the outcome of certain regulatory investigations, remain uncertain, and thus contingent liabilities exist for possible amounts eventually payable. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 32 Directors’ Report continued
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Significant regulatory matters NEW SOUTH WALES The Star Sydney’s casino licence has been suspended since 21 October 2022. On this date, the NICC also appointed a Manager. During the period of its licence suspension, The Star Sydney remains open and operating, and net earnings continue to be paid to The Star Sydney after payment of the Manager’s costs. On 31 March 2026, the NICC notified The Star Sydney that its casino licence will remain suspended and that the Manager’s term has been extended until 30 September 2026, unless terminated earlier by the NICC. Casino duty reform On 20 November 2023, an agreement was finalised between NSW Treasury and The Star Sydney in relation to changes to casino duty rates for casinos in New South Wales. The changes include rate increases for rebate duty (10% to 12.5%) and Table Games (17.91% to 20.25%) from 1 July 2023. Poker machine duty rates will remain as follows until 2030 (20.91% until 30 June 2024, 21.91% from 1 July 2024 and 22.91% from 1 July 2027). In the period 1 July 2023 to 30 June 2030 an additional levy will apply equal to 35% of The Star Sydney’s gaming revenue above $1.125 billion per financial year. From 1 July 2030 poker machines will be taxed based on average poker machine revenue using a progressive rate scale with a maximum of 51.6%. There is no change to the Responsible Gambling Levy rate. QUEENSLAND The Gold Coast’s casino licence has been suspended (with suspension deferred) since 9 December 2022. A Special Manager was appointed on the same date. On 25 September 2025, the Queensland government confirmed that it had deferred the suspension of The Star Gold Coast’s casino licence and extended the Special Manager’s appointment to 30 September 2026. The Star Brisbane was issued an unconditional casino licence on 28 August 2024, subject to the appointment of an External Adviser and the adoption of The Star’s Remediation Plan. The External Adviser’s appointment has been extended to 30 September 2026. Regulatory reforms On 28 March 2024, the Casino Control and Other Legislation Act 2024 was enacted to give effect to the balance of the recommendations of the Gotterson Report and certain other casino reforms. The proposed reforms include the introduction of mandatory carded play, restrictions on the use of cash, mandatory player pre-commitments including play and break limits, and a supervisory levy payable by casino licence holders. The supervisory levy payable by casino licence holders was introduced on 1 July 2024. The implementation of the remaining key measures noted above requires the introduction of regulations giving effect to those reforms. The timing of the remaining regulations remains uncertain. Future developments Future developments in The Star’s activities will be dependent on several factors outlined in this Directors’ Report, notably improving operating performance, the outcome of the AUSTRAC proceeding, and the demonstrating suitability for the reinstatement of the casino licenses of The Star in both New South Wales and Queensland. Refer to note G for more details on the factors and their impact on The Star’s ability to remain a going concern. The Star’s future performance and development will be influenced by a range of factors, including the operational performance of The Star Sydney, The Star Gold Coast and The Star Brisbane, the resolution of regulatory and legal matters and the continued transformation of The Star’s remediation in New South Wales and Queensland. The Star remains focused on delivering sustainable operations across its integrated resort properties, its governance and risk management frameworks, enhancing the customer experience and supporting long-term value creation for shareholders and other stakeholders. 33 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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2.7 Risk management Risk Management Framework Effective risk management is critical to The Star Entertainment Group’s ability to restore long-term value, maintain its licence to operate and deliver sustainable outcomes for customers, shareholders, regulators, team members and the communities in which it operates. The Star continues to operate in a period of significant transformation as it consolidates its decentralised operating model, embeds regulatory reforms, strengthens governance and compliance practices, improves financial sustainability and completes its strategic transactions. Following substantial remediation undertaken since 2022, The Star’s focus has increasingly shifted from implementing reforms to demonstrating their effectiveness, sustainability and integration into business-as-usual operations. The Star maintains an Enterprise Risk Management Framework aligned with ISO 31000 and supported by a Board-approved Risk Appetite Statement. The framework provides a structured and consistent approach to identifying, assessing, managing and reporting risks across The Star and is integrated into strategic planning, operational decision-making and performance management processes. Risk governance operates through 3LOA model: • Operational management owns and manages risks and internal controls. • Risk and compliance functions provide oversight, challenge and support. • Group Internal Audit provides independent assurance regarding the effectiveness of governance, risk management and internal controls. The Board has overall responsibility for overseeing The Star’s risk management framework and risk profile. The Board Risk and Compliance Committee supports the Board through ongoing oversight of principal risks, risk appetite, control effectiveness, emerging risks and remediation activities. Governance has also been strengthened through Property Boards, Compliance Committees and management forums that provide more direct oversight of operational, regulatory, risk and compliance outcomes. During FY26, The Star continued to strengthen its risk management capability, compliance frameworks and assurance activities while maintaining a strong focus on demonstrating the sustainability and effectiveness of reforms implemented across the business. This included further embedment of the decentralised operating model, enhancement of risk and compliance reporting through its Governance, Risk and Compliance Platform (GRC), expansion of controls testing and assurance activities, increased accountability for risk outcomes at both Group and property levels and ongoing uplift of governance and oversight arrangements. As The Star transitions from remediation delivery to business-as-usual operations, a key focus remains demonstrating that governance, risk management, compliance, financial crime, safer gambling, information management and control frameworks are not only implemented, but operating effectively, sustainably and with clear accountability across both Group and property operations. Risk Culture The Star’s Purpose, Values and Principles, Code of Conduct and Risk Appetite Statement provide the foundation for The Star’s risk culture. We are committed to fostering a culture of accountability, integrity and responsible decision-making. Our leaders are expected to lead by example, encourage constructive challenge and support open discussion of risks and emerging issues. As accountability has increasingly transitioned to the properties through the decentralised operating model, leaders and team members are expected to take ownership of risk, controls and compliance outcomes. We encourage our people to speak up when something does not seem right and provide confidential reporting channels, including our Whistleblower Program, to support the reporting of concerns. Risk culture is monitored through employee surveys, culture assessments, incident and breach reporting, assurance activities and governance oversight. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 34 Directors’ Report continued
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Principal Risks Licence to operate The Star’s ability to operate its casino businesses is dependent on maintaining regulatory confidence and continuing to demonstrate suitability to hold casino licences. The Star operates in a highly regulated environment and remains subject to ongoing regulatory oversight, licence conditions and reporting obligations. As a casino operator, The Star is exposed to heightened financial crime risk, including money laundering and other forms of criminal exploitation. Failure to maintain effective governance, risk management, compliance, financial crime controls, safer gambling practices, culture and accountability may adversely affect regulatory outcomes, licence conditions, financial performance, operations and stakeholder confidence. How we manage this risk • The Star continues to embed its multi-year transformation program across governance, risk management, compliance, financial crime, safer gambling, culture and accountability. • Governance has been strengthened through dedicated Property Boards, Compliance Committees, enhanced management forums and clear accountability within the decentralised operating model. Board and management oversight, independent assurance activities, internal controls testing, regulatory reporting and ongoing engagement with regulators support continuous assessment of the effectiveness and sustainability of reforms. • The Star maintains a comprehensive financial crime framework designed to prevent, detect and respond to money laundering and other financial crime risks. The framework is supported by Board oversight, specialist financial crime capability, risk-based customer due diligence processes, customer screening, transaction monitoring and regulatory reporting obligations. Financial crime risks are monitored through governance forums, performance reporting, internal controls testing and assurance activities to support ongoing effectiveness and continuous improvement. • During FY26, The Star continued to mature its financial crime operating model through enhanced customer risk assessment methodologies, improved customer screening capabilities, strengthened due diligence processes, increased automation and greater property-level ownership of financial crime obligations supported by central oversight and assurance. Technology investments continue to strengthen monitoring, governance reporting and risk management capabilities while reducing reliance on manual processes. • The Star also continued to strengthen its safer gambling framework through enhanced governance, oversight, assurance and operational accountability. Technology, analytics, dedicated safer gambling capability and a public-health-based approach support the delivery of safer gambling outcomes and customer protection measures across The Star. • The Star’s transformation has progressed beyond remediation delivery towards demonstrating sustained operational effectiveness, accountability and regulatory outcomes. Maintaining stakeholder confidence, continuing to rebuild trust and successfully transitioning to a mature business-as-usual operating model remain critical to ongoing suitability and long-term value creation. Financial sustainability and capital management The Star continues to operate in an environment of financial uncertainty arising from regulatory reform, customer behaviour changes associated with carded play and cash-limited gambling, operating performance, liquidity requirements, strategic transactions and regulatory outcomes. Failure to maintain adequate liquidity, access to funding or achieve sustainable earnings could adversely impact The Star’s ability to meet its obligations, execute its strategy and continue as a going concern. Financial sustainability also remains sensitive to the outcome of ongoing regulatory matters, including the AUSTRAC civil penalty proceedings. How we manage this risk • The Star actively manages liquidity, funding and capital requirements through forecasting, scenario analysis and stress testing. • During FY26, The Star strengthened its financial position through recapitalisation initiatives, strategic investment, refinancing activities and the disposal of its interest in Destination Brisbane Consortium, reducing financial obligations and improving liquidity and financial flexibility. • Management continues to pursue initiatives to strengthen the balance sheet, improve operational performance, optimise the asset portfolio, improve customer experience and diversify funding sources. • Capital management activities are subject to regular Board oversight and review. 35 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Strategic transactions and financial restructuring The Star’s future financial position and strategic flexibility remain dependent on the successful completion of key transactions, including completion of Stage 2 of the Joint Venture Partners transaction and associated financing arrangements. Failure to complete these transactions or satisfy relevant conditions precedent may adversely impact liquidity, financial viability and strategic objectives. How we manage this risk • The Star continues to work closely with Joint Venture Partners, financiers and regulators to satisfy required conditions and achieve transaction completion. • Execution risks are actively monitored through dedicated governance arrangements and regular Board oversight. People, culture and accountability Successful execution of The Star’s transformation is dependent on attracting, retaining and developing capable leaders and team members while maintaining a culture of accountability, integrity and responsible decision-making. Workforce attrition, leadership transitions, capability constraints and increased workload pressures may adversely impact strategic execution, control effectiveness and the sustainability of reform outcomes. How we manage this risk • The Star continues to invest in leadership capability, employee engagement, workforce planning and cultural transformation initiatives. • Risk awareness, accountability and speak-up behaviours are reinforced through performance frameworks, training programs and confidential reporting channels. • The Star continues to strengthen leadership capability, accountability and values-based behaviours through leadership development, culture action plans, mandatory learning, performance frameworks and governance oversight. Employee surveys continue to demonstrate improvements in awareness of risk, compliance obligations and expected behaviours, while further work remains underway to embed cultural change consistently across all levels of the organisation. Technology, cyber security and information management The Star relies on technology platforms, interconnected systems and customer information to operate its business. Cyber attacks, system failures, technology outages, data management failures or privacy breaches could result in operational disruption, regulatory action, financial loss, data compromise and reputational damage. Ongoing operating model changes also create the risk of fragmented accountability and inconsistent management of technology and information assets. How we manage this risk • The Star continues to invest in cyber resilience, threat detection, security monitoring, information governance and incident response capabilities. • Technology investment supports customer due diligence, transaction monitoring, governance reporting, controls testing, data management and enhanced risk oversight across The Star. • The Star continues to strengthen technology governance, cyber resilience, privacy compliance and data management practices as accountability transitions within the decentralised operating model. Cyber and information management risks remain subject to oversight through governance forums, assurance programs and regular reporting to management and the Board. Operational resilience The Star’s operations are exposed to risks arising from business interruption, technology failures, major incidents, third-party dependencies and external events. Significant disruptions may impact customer experience, regulatory obligations, business continuity and financial performance. Operational resilience may also be impacted where changes to operating models, technology environments or resource capacity affect continuity of critical business processes. How we manage this risk • The Star maintains business continuity, crisis management and incident response capabilities to support operational resilience. • Technology resilience, third-party risk management and operational control frameworks are regularly reviewed and tested to strengthen preparedness and response capability. • Ongoing assurance, controls testing, governance oversight and technology-enabled monitoring support the continued maturity and resilience of The Star’s operating environment. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 36 Directors’ Report continued
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Market position and competitive environment The Star operates in a competitive environment characterised by evolving customer preferences, economic uncertainty and differing regulatory requirements across the gambling industry. Changes in customer behaviour, adverse economic conditions or continued differences in regulatory settings between casinos and other gaming operators may adversely affect revenue, profitability and market position. How we manage this risk • The Star continues to focus on customer experience, diversification of its entertainment offering, operational efficiency and advocacy regarding competitive neutrality. • Market trends, customer insights and external developments are actively monitored to support strategic decision-making. • The Star continues to invest in technology, customer experience and operational capability to support sustainable performance, responsible operations and long-term competitiveness. 2.8 Environmental regulation and performance The Star’s environmental obligations are regulated under both state and federal laws. During FY26, no environmental breaches have been notified to The Star by any government agency and the Directors are not aware of any material non-compliance with environmental regulations pertaining to the operations or activities during the period covered by this report. In addition, The Star reports the annual performance of its operations under the requirements of the National Greenhouse and Energy Reporting Act 2007. 3. SHAREHOLDER RETURNS Basic and diluted loss per share for the financial year was (6.0) cents (2025: (14.9) cents). Loss per share is disclosed in note F2 of the Financial Report. No final dividend was declared. 4. SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEAR Settlement of disputes with the Australian Taxation Office On 7 July 2026, The Star announced it had settled disputes with the Commissioner of Taxation (Commissioner) in relation to the GST and withholding tax treatment of payments made by The Star to junket tour operators between October 2013 to August 2017 (in respect of GST treatment of rebates) and July 2014 to June 2020 (in respect of the appropriate method for calculating withholding tax). The Star had previously paid the Commissioner $88.3 million of the disputed amount. As part of the settlement, the Commissioner will refund $33.4 million. $30.5 million of the $33.4 million was received in August 2026. Other than those events disclosed elsewhere in these financial statements, there have been no other significant events occurring after the balance sheet date and up to the date of this report, which may materially affect either The Star’s operations or results of those operations or The Star’s state of affairs. 37 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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5. DIRECTORS’ QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES The details of the Company’s Directors in office as at the date of this report are set out below. Current Directors Soo Kim Bachelor of Arts Chairman (from 16 December 2025) Non-Independent Non-Executive Director (from 28 November 2025) Soo is the Chairman of Bally’s Corporation and has served as an independent Director since 2016. He is the founding partner of investment firm Standard General and is the firm’s Managing Partner and Chief Investment Officer. Soo has been investing in special situation strategies since 1997, starting at Bankers Trust Company, as a Principal at Och-Ziff Capital Management, and a Partner at Cyrus Capital Management. Soo is currently a Director of Bally’s Intralot SA (ATX:BYLOT), Pursuit (fka Coalition for Queens), Vice Chairman and Director of the Cary Institute of Ecosystem Studies and Director and former President of the Stuyvesant High School Alumni Association. In addition to this, Soo is a former member of the Board of Directors of Greektown Superholdings and Media General, Inc., and the Board of Managers of ALST Casino Holdco. Special Responsibilities: • Member of Risk and Compliance Committee • Member of the Audit Committee • Chair of the Nominations Committee Directorships of other Australian listed companies held during the last 3 years: N/A Bruce Mathieson Jnr Bachelor of Commerce Group Chief Executive Officer and Managing Director (from 16 December 2025) Non-Executive Director (from 10 October 2025) Bruce has over 30 years of experience in the hotel, hospitality and gaming industries. He is a Director of Ord Minnett Investment Limited. Bruce is a former Non-Executive Director of ASX listed Endeavour Group Limited and also, among other roles, was the CEO of ALH Group for over 11 years, during which he led the successful merger with Endeavour Drinks to form Endeavour Group in 2020 and the demerger of Endeavour Group and Woolworths in 2021. Special Responsibilities: • Member of the Nominations Committee Directorships of other Australian listed companies held during the last 3 years: Endeavour Group Limited George Papanier Bachelor of Business Administration and Accounting Certified Public Accountant Non-Independent Non-Executive Director (from 28 November 2025) George is President and CEO of Bally’s Corporation, beginning his association with Bally’s in 2004 as the Chief Operating Officer. He also is a member of the Bally’s Corporation Board of Directors. Prior to joining Bally’s, George served in the same capacity for Peninsula Gaming with properties in Iowa and Louisiana, from 2000–2004 and as Chief Operating Officer for Resorts Casino Hotel in Atlantic City, New Jersey from 1997–2000. Both positions involved strategic and tactical planning for the resorts and supervision of major renovation and construction projects. He was also active in evaluating potential acquisitions and development of projects for the two organizations. From 1995–1997 George was Chief Financial Officer for both Sun International Hotels Limited in the Bahamas and Mohegan Sun Casino in Uncasville, Connecticut. Earlier in his career he served in executive operations capacities of Hemmeter Enterprises in Denver, Colorado and in an executive financial capacity for Trump Plaza Hotel and Casino in Atlantic City. George served as Treasurer of the Casino Association in New Jersey in 1999–2000. Special Responsibilities: • Chair of Risk and Compliance Committee • Member of the Audit Committee • Chair of the Culture, People and Remuneration Committee • Member of the Nominations Committee Directorships of other Australian listed companies held during the last 3 years: N/A THE STAR ENTERTAINMENT GROUP 2026 Annual Report 38 Directors’ Report continued
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Current Directors Don Pasquariello Bachelor of Commerce Independent Non-Executive Director (from 30 April 2026) Don has over 40 years’ experience in audit, assurance and professional services, including as senior Client Service Partner with Deloitte and KPMG. Don has worked in geographically diverse and complex operating environments and partnered with some of Australia’s largest listed companies in the property, construction, infrastructure, entertainment, hospitality and healthcare sectors. Don is an experienced Director and is currently the Chair of the Oliver Hume Property Group of Companies and an Advisory Board Director of the Villawood Properties Group including being a Director of Villawood Management Pty Ltd. He is also a Director of St Vincents Institute of Medical Research Limited. Special Responsibilities: • Member of Risk and Compliance Committee • Chair of the Audit Committee • Member of the Culture, People and Remuneration Committee • Member of the Nominations Committee Directorships of other Australian listed companies held during the last 3 years: N/A Board Observers Brooke Lindsay Bachelor of Laws Bachelor of Commerce Board Observer Brooke Lindsay commenced as a Board Observer on 1 April 2026 and will be appointed as a Non-Executive Director of the Company . Brooke is an experienced global legal, risk and governance executive with more than 20 years’ international experience advising boards and executive leadership across the technology, telecommunications and investment sectors. She previously served as Group Chief Legal & Compliance Officer at e&, where she led significant enhancements to governance, risk and compliance frameworks and advised on complex cross-border mergers, acquisitions and strategic investments. Brooke brings deep expertise in regulatory engagement, compliance transformation and enterprise risk management, and has been recognised for consecutive years in the Chambers Global General Counsel rankings. Directorships of other Australian listed companies held during the last 3 years: N/A Grant Bowie Bachelor of Commerce Board Observer Grant Bowie commenced as a Board Observer on 16 April 2026 and will be appointed as a Non-Executive Director of the Company. Grant has over 40 years’ experience in tourism, gaming and hospitality. Starting his career in finance, he worked in a variety of roles in public accounting and consulting in New Zealand, the United States and Australia. He worked for Hilton Hotels Corporation in Australia for 16 years, in a number of Executive roles, the last five years of which he was responsible for overseeing their Australian Gaming and Hospitality operations on the Gold Coast and in Brisbane. In 2003, Grant moved to Macau, working firstly for Wynn Resorts and then MGM Resorts. In these roles, he was responsible for the overall leadership, management, strategic development and expansion of these companies. Directorships of other Australian listed companies held during the last 3 years: N/A 39 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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6. BOARD AND COMMITTEE MEETING ATTENDANCE During the financial year ended 30 June 2026, the Company held 27 meetings of the Board of Directors (including 10 out of cycle meetings and 3 Board sub-committee meetings). The numbers of Board and Committee meetings attended by each of the Directors during the year are set out in the table below. Board of directors Audit Committee Risk & Compliance Committee Culture, People and Remuneration Committee Nominations Committee Safer Gambling, Governance & Ethics CommitteeI DIRECTORS A B A B A B A B A B A B Soo Kimii 10 10 2 2 1 2 1 1 0 0 – – Bruce Mathieson Jnriii 15 15 2 2 1 1 0 0 0 0 – – George Papanieriv 10 10 1 2 2 2 1 1 0 0 – – Don Pasquariellov 3 3 0 0 2 2 1 1 0 0 – – FORMER DIRECTORS A B A B A B A B A B A B Anne Wardvi 18 18 – – 2 2 1 1 1 1 0 0 Steve McCannvii 18 18 – – – – – – – – 0 0 Peter Hodgsonviii 16 16 4 4 2 2 1 1 1 1 0 0 Michael Issenbergix 11 12 4 4 – – 1 1 1 1 0 0 Deborah Page AMx 16 17 4 4 2 2 – – 1 1 0 0 Antonia Thorntonxi 16 16 – – 1 2 1 1 1 1 0 0 A. Number of meetings attended as a Board or Committee member. B. Maximum number of meetings available for attendance as a Board or Committee member. i. The Safer Gambling, Governance & Ethics Committee was dissolved effective 24 September 2025 and its responsibilities allocated to the Board and its committees and to the Property Boards, following the Board resolving to approve the Governance Documents (including amended Board Charter, Governance Deed with the Properties, amended constitution for the Properties, Charters for the Compliance Committee for each Property) subject to all necessary regulatory, lender and investor approvals. ii. Appointed as Non-Executive Director on 28 November 2025. Appointed as Chairman on 16 December 2025. Nominee of Bally’s Corporation. Appointed to Committees effective 22 December 2025. iii. Nominee of Investment Holdings Pty Ltd. Appointed as Non-Executive Director on 10 October 2025. Appointed as Chairman on 28 November 2025, Executive Chairman on 16 December 2025 and then stepped down as Executive Chairman on 16 December 2025 (following the appointment of Soo Kim as Chairman on that day). Appointed as Chief Executive Officer on 16 December 2025 (following the resignation of Steve McCann on that day), subject to agreement of final documentation, with Mr Mathieson’s appointment as Group Chief Executive Officer and Managing Director being confirmed on 29 December 2025 (subject to regulatory and ministerial approvals being received, which have been received). Mr Mathieson Jnr was a member of the Audit Committee from 24 November 2025 until 27 May 2026 and a member of the Culture People & Remuneration Committee and the Risk & Compliance Committee from 22 December 2025 to 27 May 2026. There were no Culture People & Remuneration Committee meetings held during that time, nor Nominations Committee meetings. iv. Appointed as Non-Executive Director on 28 November 2025. Nominee of Bally’s Corporation. Appointed to Committees effective 22 December 2025. v. Appointed as Non-Executive Director on 30 April 2026 following the receipt of all necessary regulatory approvals. Appointed to Committees effective 27 May 2026. vi. Ceased as Chairman and Independent Non-Executive Director on 28 November 2025. vii. Ceased as Group Chief Executive Officer and Managing Director on 16 December 2025. viii. Ceased as Independent Non-Executive Director on 16 December 2025. ix. Ceased as Independent Non-Executive Director on 25 November 2025. x. Ceased as Independent Non-Executive Director on 28 November 2025. xi. Ceased as Independent Non-Executive Director on 16 December 2025. 7. DIRECTORS’ INTERESTS IN SECURITIES At the date of this report (except as otherwise stated), the Directors had the following relevant interests in the securities of the Company: Director Ordinary shares Performance rights Soo Kim 2,500,000,000i – Bruce Mathieson Jnr – – George Papanier – – Don Pasquariello – – i. Bally’s Star Holdings, LLC is the registered holder of 2,500,000,000 ordinary shares in The Star. Soo Kim is a deemed controller in these shares and has a relevant interest under section 608(3)(b) of the Corporations Act. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 40 Directors’ Report continued
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8. COMPANY SECRETARIES Eirene Garnsey Eirene holds the position of Group Company Secretary and was appointed company secretary on 28 November 2025. Eirene has over 20 years’ experience in legal and governance roles both in private practice and in-house, focusing on ASX listed entities, and the financial services and property sectors. Prior to joining The Star Entertainment Group in September 2025, Eirene held a number of roles with Scentre Group (formerly Westfield Group), most recently as Deputy General Counsel, Governance and Secretariat. Eirene holds a Bachelor of Arts and a Bachelor of Laws (Honours) and a Master of Laws from the University of Sydney. She is a member of the Law Society of New South Wales, a Fellow of the Governance Institute of Australia and a Member of the Australian Institute of Company Directors. Jennie Yuen Jennie holds the position of Group Manager Shareholder Relations and was appointed company secretary on 29 July 2021. Jennie has a commercial and corporate law background in private practice and over 19 years of company secretariat and corporate governance experience with ASX listed and public companies. Prior to joining The Star Entertainment Group, Jennie was employed as a solicitor and company secretary at Company Matters Pty Limited and was the outsourced company secretary of various ASX listed companies, including Analytica Limited, National Leisure and Gaming Limited and Oaks Hotels & Resorts Limited. Jennie holds a Bachelor of Laws and a Bachelor of Commerce. She is a member of the Queensland Law Society and a Fellow of the Governance Institute of Australia. 9. INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS The Directors and Officers of the Company are indemnified against liabilities pursuant to agreements with the Company. The Company has entered into insurance contracts with third party insurance providers, in accordance with normal commercial practices. Under the terms of the insurance contracts, the nature of the liabilities insured against and the amount of premiums paid are confidential. 10. INDEMNIFICATION OF AUDITORS To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young Australia, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young during or since the end of the financial year. 41 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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11. NON-AUDIT SERVICES Ernst & Young, the external auditor to the Company and The Star, did not provide any non-audit services to the Company during the financial year ended 30 June 2026. As such, it was not necessary for the Directors to satisfy themselves that the provision of non-audit services during this period was compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 (Cth). Nor that the nature and scope of each type of non-audit service provided did not compromise auditor independence. These statements are made in accordance with advice provided by the Audit Committee. The Audit Committee reviews the activities of the independent external auditor and reviews the auditor’s performance on an annual basis. Limited authority is delegated to The Star Chief Financial Officer for the pre-approval of audit and non-audit services proposed by the external auditor, limited to $50,000 per engagement and capped at 40% of the relevant year’s audit fee. Delegated authority is only exercised in relation to services that are not in conflict with the role of statutory auditors, where management does not consider the services to impair the independence of the external auditor and the external auditor has confirmed that the services would not impair their independence. Any other non-audit related work to be undertaken by the external auditor must be approved by the Chair of the Audit Committee. Further details relating to the Audit Committee and the engagement of auditors are available in the Corporate Governance Statement in the Corporate Governance section of the Company’s website. Ernst & Young, acting as the Company’s external auditor, received or is due to receive the following amounts in relation to the provision of non-audit services to the Company: Description of services $000 Fees for other assurance and agreed-upon-procedures services under contractual arrangements, where there is discretion as to whether the service is provided by the auditor – Fees for other advisory and compliance services – Total of all non-audit and other services – Amounts paid or payable by the Company for audit and non-audit services are disclosed in note F9 of the Financial Report. 12. ROUNDING OF AMOUNTS The Star Entertainment Group Limited is a company of the kind specified in the Australian Securities and Investments Commission’s ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183. In accordance with that Instrument, amounts in the Interim Financial Report and the Directors’ Report have been rounded to the nearest hundred thousand dollars unless specifically stated to be otherwise. 13. AUDITOR’S INDEPENDENCE DECLARATION Attached is a copy of the auditor’s independence declaration provided under section 307C of the Corporations Act 2001 (Cth) in relation to the audit of the Financial Report for the year ended 30 June 2026. The auditor’s independence declaration forms part of this Directors’ Report. This report has been signed in accordance with a resolution of Directors. Soo Kim Chairman 31 August 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 42 Directors’ Report continued
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s Independence Declaration to the Directors of The Star Entertainment Group Limited As lead auditor for the audit of the financial report of The Star Entertainment Group and for the review of the selective sustainability information in the sustainability report for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit and review; b. No contraventions of any applicable code of professional conduct in relation to the audit and review; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit and review. This declaration is in respect of The Star Entertainment Group Limited and the entities it controlled during the financial year. Ernst & Young Scott Jarrett Partner 31 August 2026 AUDITOR’S INDEPENDENCE DECLARATION 43 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Dear Shareholders, On behalf of the Board, I am pleased to present the Remuneration Report for the year ended 30 June 2026 (FY26). FY26 was a year of significant transition for The Star Entertainment Group Limited. The completion of the strategic investment by Bally’s and Investment Holdings introduced a new ownership phase and strengthened major shareholder support. The Star also progressed leadership, governance and operating model changes, including streamlining the corporate office, moving key support functions to the properties, and securing refinancing to stabilise liquidity. These actions provide a stronger foundation for recovery, while sustained turnaround will depend on disciplined execution, continued remediation, improved operating performance and the rebuilding of shareholder trust. While financial performance remained challenging in FY26, The Star made significant progress in stabilising the business. Total revenue (excluding contracted cost recovery) was $1,101 million, compared with $1,125 million in FY25, while EBITDA before significant items and discontinued operations improved to a loss of $16.1 million, from a loss of $76.2 million in FY25. The Star also continued to progress its remediation commitments, with approximately 96% of milestones due by 30 June 2026 being submitted on time to the Special Manager’s Team (SMT). These outcomes demonstrate progress, but also reinforced the need for continued cost discipline, operational focus and remuneration outcomes that align with shareholder experience. This informed the Board’s decision on FY26 Short Term Incentive (STI) outcomes. FY26 SHORT-TERM INCENTIVE OUTCOME The Board determined that no STI would be paid relating to FY26. This outcome reflects The Star’s financial performance and affordability constraints. While progress was made on remediation, governance and other non-financial priorities during the year, overall performance remained below the level required to support an STI payment. Separately, the Board approved one-off cash recognition awards of $90,000 for Jennifer Cronin, John Koster and Charles Diao. These awards were assessed outside the STI framework. In approving the awards, the Board considered the significant and specific contributions made by each executive during a period of substantial organisational change, leadership transition and business stabilisation. The Board considered the awards to be an appropriate and measured form of recognition in the circumstances. LEADERSHIP AND BOARD CHANGES DURING FY26 FY26 was a significant year of leadership renewal for The Star, with changes across both the Board and executive leadership team. These changes support The Star’s ongoing stabilisation and transformation priorities, and are intended to strengthen governance oversight, operational accountability and property-level execution. EXECUTIVE KMP CHANGES During the year, The Star made a number of appointments of key management personnel (KMP): Bruce Mathieson Jnr as Group Chief Executive Officer and Managing Director, Charles Diao as Group Chief Financial Officer, who later also took on the role of Interim Group Chief Risk Officer, John Koster as Chief Executive Officer, The Star Sydney, and Ameet Patel as Chief Executive Officer, The Star Gold Coast and The Star Brisbane. Mr Diao, Mr Koster and Mr Patel are experienced gaming executives from Bally’s Corporation in the United States who have relocated to Australia to support The Star’s stabilisation, operational turnaround and recovery. Dr Cronin completed her term as Chief Executive Officer, The Star Gold Coast, and continues to contribute through her role on the Gold Coast property Board. Further detail around the timing of the individual KMP changes, including departures, appears on page 45. NON-EXECUTIVE DIRECTOR CHANGES The Board was also renewed during FY26, with Soo Kim appointed Chairman, myself and Don Pasquariello appointed as Non-Executive Directors following receipt of the necessary approvals. Brooke Lindsay and Grant Bowie were appointed as Board observers while awaiting the necessary regulatory approvals prior to their appointment as Non-Executive Directors. FY27 REMUNERATION FRAMEWORK Looking ahead, the FY27 remuneration framework will be positioned as a reset for the next phase of recovery. The design will focus participants on the short-term priorities that matter most, while maintaining alignment with long-term sustainable performance and shareholder value. The Board’s continued discretion will ensure outcomes remain appropriate in the context of performance, conduct and affordability. On behalf of the Board, I invite you to read the Remuneration Report, and we welcome your feedback. Yours sincerely, George Papanier Culture, People and Remuneration Committee Chair Remuneration Report FOR THE YEAR ENDED 30 JUNE 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 44
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This Remuneration Report outlines the remuneration arrangements for the Key Management Personnel (KMP) of The Star Entertainment Group Limited (the Company) and its controlled entities (collectively referred to as The Star) for the year ended 30 June 2026. KMP are those persons with authority and responsibility for planning, directing and controlling the activities of The Star, directly or indirectly, including any Director. The report has been prepared in accordance with the Corporations Act 2001 (Cth), the Corporations Regulations and applicable Australian Accounting Standards. The information has been audited as required by section 308(3C) of the Corporations Act. 1. KEY MANAGEMENT PERSONNEL The names and titles of the Company’s KMP for the year ended 30 June 2026 are set out below. CURRENT NON-EXECUTIVE DIRECTORS Term as KMP Soo Kim1 Chairman Appointed 28 November 2025 George Papanier2 Director Appointed 28 November 2025 Don Pasquariello3 Director Appointed 30 April 2026 CURRENT EXECUTIVE KMP Bruce Mathieson Jnr4 Group Chief Executive Officer and Managing Director Appointed 16 December 2025 Charles Diao5 Group Chief Financial Officer and Interim Group Chief Risk Officer Appointed 16 May 2026 John Koster Chief Executive Officer, The Star Sydney Appointed 12 March 2026 Ameet Patel Chief Executive Officer, The Star Gold Coast & The Star Brisbane Appointed 16 June 2026 Jennifer Cronin6 Interim Chief Executive Officer, The Star Gold Coast Full Financial Year FORMER NON-EXECUTIVE DIRECTORS Anne Ward Chairman Ceased 28 November 2025 Deborah Page AM Director Ceased 28 November 2025 Michael Issenberg Director Ceased 25 November 2025 Peter Hodgson Director Ceased 16 December 2025 Antonia Thornton Director Ceased 16 December 2025 FORMER EXECUTIVE KMP Steve McCann Group Chief Executive Officer and Managing Director Ceased 16 December 2025 Frank Krile Group Chief Financial Officer Ceased 29 December 2025 Janelle Campbell Chief Executive Officer, The Star Sydney Ceased 27 February 2026 Daniel Finch Chief Executive Officer, The Star Brisbane Ceased 5 December 2025 1. Mr Kim was appointed as a Director on 28 November 2025, having received all required regulatory approvals, and appointed as Chairman on 16 December 2025. 2. Mr Papanier was appointed as a Director on 28 November 2025, having received all required regulatory approvals. 3. Mr Pasquariello commenced as a Board Observer on 11 November 2025 and appointed as a Director on 30 April 2026 having received all required regulatory approvals. 4. Mr Mathieson Jnr was appointed as a Director on 1 September 2025, subject to regulatory approval, which was received on 10 October 2025. He was appointed as Chairman on 28 November 2025 and ceased in that role on 16 December 2025, when he was appointed as Group CEO and Managing Director. 5. Mr Diao was appointed as Group Chief Financial Officer on 16 May 2026, and was also appointed Interim Group Chief Risk Officer on 10 June 2026. 6. Dr Cronin ceased as Interim CEO, The Star Gold Coast on 30 June 2026. 45 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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2. REMUNERATION GOVERNANCE The Culture, People & Remuneration Committee (the Committee) provides oversight and considers matters relating to the remuneration of KMP as well as the remuneration policies of The Star generally. This includes reviewing and making recommendations to the Board in respect of the remuneration of the Chairman and Non-Executive Directors (NEDs), Executive KMP and other direct reports to The Star CEO and Managing Director. The main responsibilities of the Committee are outlined in the Committee Charter available on the corporate governance page of the Company’s website at: www.starentertainmentgroup.com.au/corporate- governance/. The background of the Committee members is included in the Directors’ Report on pages 38 and 39. The following diagram represents The Star Entertainment Group’s remuneration decision-making structure BOARD • Reviews and approves remuneration outcomes, framework, strategy and policy • Exercises discretion in relation to targets, goals or funding of incentive pools CULTURE, PEOPLE AND REMUNERATION COMMITTEE • Reviews and recommends to the Board the remuneration framework, strategy and policy • Reviews and recommends to the Board remuneration review outcomes for Non-Executive Directors, Executive KMP and other direct reports to The Star Chief Executive Officer and Managing Director. SHAREHOLDERS • Feedback received through shareholder votes on the Remuneration Report at the Annual General Meeting (AGM) and consultation with key stakeholders MANAGEMENT • Proposals on executive remuneration outcomes • Implementing remuneration policies REMUNERATION ADVISORS • External and independent remuneration advice and information Use of Remuneration Advisors The Committee may seek external advice from time to time to ensure it is fully informed when making remuneration decisions. Remuneration advisors are engaged by, and report directly to, the Committee. No remuneration recommendations as defined by the Corporations Act were provided during FY26. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 46 Remuneration Report continued
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3. REMUNERATION STRATEGY AND PROGRAMS 3.1 Remuneration overview Remuneration Principles The following remuneration principles underpin and guide the design of remuneration programs: Reinforce Cultural Direction Market Competitive Pay Pay for Performance Pay Fairness Simple, Transparent and Consistent These principles are applied through The Star’s remuneration governance practices. Management develops proposals, independent advisers provide input where required, the Culture, People and Remuneration Committee reviews and recommends outcomes, and the Board approves final outcomes and applies discretion where appropriate. This ensures remuneration decisions are aligned with performance, conduct, affordability and shareholder experience. Remuneration Mix at Target The figure below shows the standard remuneration mix for most Executive KMP, where variable remuneration represents the majority of total remuneration at target. This approach supports alignment between executive reward, performance and shareholder experience. Figure 1: Remuneration Mix1 Fixed Remuneration STI Cash STI Restricted Shares LTI Group CEO and Managing Director Group CFO and Interim Group CRO CEO TSS and CEO TSGC 46% 40% 46% 18% 20% 18% 9% 10% 9% 27% 30% 27% 1. Mr Patel is the exception to this standard structure. As CEO of The Star Gold Coast and The Star Brisbane, he is employed on a maximum-term contract and has a cash incentive arrangement, with any incentive payable after the end of the contractual term. Refer to table 12. Remuneration Time Horizon The figure below illustrates how remuneration under the STI and Long Term Incentive (LTI) plans is delivered over time. Figure 2: FY26 Remuneration Time Horizon Fixed Remuneration STI Cash (66.6%) STI restricted shares (33.3%) LTI performance rights YEAR 1 YEAR 2 YEAR 3 Effective grant date End of deferral/performance period Date payable/eligible for vesting 47 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Table 1 below summarises the components of Executive KMP’s Total Annual Reward (TAR) and their link to the strategic objectives of The Star. Table 1: Components of Executive KMP’s TAR opportunity for FY26 Fixed Remuneration STI LTI Rationale Fixed remuneration is a core component of The Star’s employee value proposition, supporting the attraction and retention of the talent required to operate the business and deliver on The Star’s strategic priorities. The STI is designed to reward participants for executing the Company’s strategic priorities and achieving operational goals during the performance period. Company KPIs are reviewed annually and reflect the most critical priorities for the financial year. The LTI is designed to provide direct alignment with shareholders and reward participants for their contribution towards achieving The Star’s strategic priorities and are orientated around delivering long term sustainable shareholder value creation. Performance for FY26 is measured against Relative Total Shareholder Return (rTSR). Structure Base salary and superannuation. Two-thirds are paid in cash, with one-third delivered as restricted shares, deferred for one year. Performance rights with vesting subject to performance over a three-year period. Quantum Targeted around market median of a relevant external peer group, with flexibility based on role requirements, capability and critical skills. Group CEO and Managing Director and other Executive KMP: 60% of fixed remuneration at target; 90% at maximum. Group CFO: 75% of fixed remuneration at target; 112.5% at maximum. Group CEO and Managing Director and other Executive KMP: 60% of fixed remuneration at target and maximum. Group CFO: 75% of fixed remuneration at target and maximum. 3.2 Fixed remuneration Fixed remuneration for Executive KMP includes base salary, superannuation and non-monetary benefits. It is determined having regard to: • the scope and responsibilities of the role; • market remuneration for comparable ASX-listed companies and relevant gaming and entertainment peers; • the individual’s skills, experience and domestic and international gaming expertise; and • the strategic requirements of the business. Fixed remuneration is reviewed annually. The Star generally aims to position fixed remuneration at the market median, while retaining flexibility to reflect individual capability, market demand for talent and other business factors. 3.3 STI design The Company undertook a review of the design of its remuneration programs in FY26. The plan has been updated to provide clearer measures, stronger alignment to financial and cultural outcomes, and a deeper focus on risk and compliance. The summary below outlines the changes made to the STI plan as a result of this review. Changes to the FY26 STI plan design: • Increased weighting of financial measures to better align with business performance. • For properties, visitation has been introduced as a proxy for guest volume and potential revenue growth. • Strengthened plan governance by requiring positive Group EBITDA before property strategic measures can generate a payout. • Simplified the Remediation Gateway to improve clarity and transparency. • Expanded Cultural Transformation measures to provide a more comprehensive assessment of cultural progress. • Enhanced focus on Risk Management, with the inclusion of specific measures for Safer Gambling, Financial Crime, and the embedment of risk maturity at the property level. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 48 Remuneration Report continued
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Table 2 sets out the key features of the STI. Table 2: Key design features of the STI Purpose To reward participants for execution of The Star’s strategy and achievement of operational goals during the performance period. Remediation Gateway1 Delivery of FY26 Remediation Program milestones, per the timings in the remediation plan, evidenced by closure memos assured by KPMG and submitted to the Special Manager’s Team. A minimum of 90% of milestones must be delivered in order for the remediation gateway to open. Milestones that the Company is unable to deliver due to external factors will be excluded from the delivery count. Group Performance Metrics and weightings Metric Weighting Group EBITDA 40% Compliance of regulations and uplift risk management 10% Progressed Cultural Transformation 10% Individual Performance 40% Property Performance Metrics and weightings Metric Weighting Group EBITDA 10% Property EBITDA 30% Compliance of regulations and uplift risk management 10% Progressed Cultural Transformation 10% Individual Performance 40% Individual Gateway – Mandatory Training2 Completion of mandatory compliance training. Individual Performance Payment Scale Individual performance is determined by assessing performance against individual priorities to arrive at a performance rating. Individual ratings may then be modified by the individual behavioural assessment, if behaviours are either exceed or are misaligned with expectations. Performance ratings link to indicative payouts as follows: Rating 1 2 3 4 5 6 7 Performance Not met Below Target Low on Target On Target High on Target Exceeds Target Outstanding Payout Range (%) 0% 25% 50% 100% 110% 120% 150% Payment calculation Fixed Remuneration Individual Target STI % Performance Metrics Outcome % (0 – 150%) Individual STI award (capped at 150% x target) x x = Incentive opportunity levels Opportunities are based on the participant’s incentive target as set out in individual contracts of employment (refer Table 13). The payment range available is 0%–150% of the participant’s incentive target. Delivery of payments Two-thirds of payments are delivered in cash in September. One-third of all payments are held in restricted shares for a period of twelve months from the date of the award. These shares are forfeited in the event that the participant voluntarily terminates from The Star or is terminated with cause (refer Clawback below). Restricted shares may also be forfeited in part or in full in instances of fraud, dishonesty, breach of obligations including The Star’s Code of Conduct. Participants are entitled to receive dividends and have voting rights during the restriction period, however they are unable to vote on remuneration resolutions at the AGM. Clawback Incentives may be clawed back where there has been a material misrepresentation of the financial outcomes on which the payment had been assessed and/or the participant’s actions have been found to be fraudulent, dishonest or in breach of The Star’s Code of Conduct (e.g. misconduct). This provision may extend up to the prior three financial years of STI payments. 1. Remediation gateway is applicable to Group performance metrics only. 2. Mandatory compliance gateway is applicable to Individual Performance metrics only. 49 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Guiding Principles for informing discretion 1. Nature and timing of adjustments – adjustments, both positive and negative, will only be made to the performance/reward outcome (rather than the target) at the time of payment and/or vesting. 2. Transparency – the Company will provide a clear rationale and disclosure for any adjustments made (for example, providing a reconciliation to statutory results), especially in cases where, prima facie, performance has not been achieved. 3. Material or significant events – adjustments will only be made for events or items over the performance period that have a material impact on the outcome. Adjustments will also only be made where it has an impact on the result of the award. 4. Balancing short term and long term performance – adjustments will be made that balance the interests of short term performance outcomes with long term performance outcomes. For example, where a short term objective was not met because a strategic decision was taken to support a longer term objective. Adjustments will, where appropriate, be informed by the assumptions used in the business plan from which the target was set, to determine whether there has been a material deviation in the assumptions used and whether this was outside of management’s control. 5. Maintain plan integrity – adjustments will be carefully considered to ensure they maintain the plan’s integrity and purpose. 6. Assessing behavioural impacts on performance outcomes – the actions of participants will be considered in the achievement of performance metrics to assess adherence to the Company’s Code of Conduct. 7. Exercising discretion consistently and fairly – the use of discretion will be applied consistently both positively and negatively and information used will be sufficiently objective and free from bias to ensure decisions are arrived at fairly. 3.4 LTI design The FY26 LTI design remained largely unchanged from FY25, with the performance period reduced from four years to three years. Awards continue to be delivered as performance rights, with 100% of the award subject to a relative Total Shareholder Return (TSR) performance hurdle. Table 3 sets out the key features of the LTI. Table 3: Key design features of the FY26 LTI plan Purpose The LTI is designed to reward participants for their contributions towards achieving The Star’s strategic priorities orientated around delivering long term sustainable shareholder value. Type of Equity Award Performance rights are used for the LTI. Each performance right is a right to receive a number of fully paid ordinary shares in the Company, subject to the satisfaction of the Performance Condition. In general, upon satisfaction of Performance Condition and provided the holder is still employed on the Vesting Date, performance rights will Vest and will be automatically exercised. The holder will receive full voting and dividend rights corresponding to the rights of all other holders of ordinary shares in the Company. Determination of the number of rights The number of performance rights allocated to a participant is based on their Target LTI award, divided by the Face Value of a Performance Right as shown in the following calculation: Target LTI ($) Face Value of a performance right Number of performance rights allocated ÷ = The Face Value reflects the face value of the share at the effective Grant Date with reference to the volume weighted average price (VWAP) of the Company’s shares traded on the ASX on the 20 trading days prior to the Effective Grant Date. Details of annual grants to Executive KMP are set out in Table 10. Dividend entitlements Participants are not entitled to dividends until shares are allocated (based on meeting the relevant performance hurdles). At that time, dividends will either be paid by allocating dividend equalisation shares or by means of a cash equivalent payment, based on actual dividends paid to shareholders during the vesting period, the degree to which performance hurdles were met and the extent of vesting of the award. Test Date and Vesting date Performance rights are tested on the third anniversary of the Effective Grant Date and are not subject to retesting. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 50 Remuneration Report continued
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Vesting conditions – Performance Rights Relative Total Shareholder Return The Company’s TSR ranking against the peer group of companies (relative TSR) is used as a performance hurdle, as it directly aligns the interests of participants with the interests of shareholders, which is to maximise its TSR compared with the TSR for peer companies. The table below sets out the vesting scale for TSR. The Company’s TSR ranking, compared to its peer group, must be at least at the 50th percentile for any vesting to occur. TSR Percentile Ranking Percentage of awards vesting Below the 50th percentile 0% vesting At the 50th percentile 50% vesting Above the 50th and below the 75th percentile Pro-rata between 50% (at 50th percentile) and 100% (at 75th percentile) At or above the 75th percentile 100% vesting Cessation of employment, Change of Control and Clawback All unvested performance rights and options lapse immediately upon cessation of employment with The Star. However, the Board has discretion in special circumstances to determine the number of performance rights or options retained and the terms applicable. Special circumstances include events such as retirement, redundancy, death and permanent disability. If a Change of Control Event occurs, or the Board determines in its absolute discretion that a Change of Control Event may occur, the Board will determine in its absolute discretion appropriate treatment regarding any awards. Unvested rights or options may be forfeited where there has been a material misrepresentation of the financial outcomes on which the award had been assessed and/or the participant’s actions have been found to be fraudulent, dishonest or in breach of the Company’s Code of Conduct (e.g. misconduct). Guiding principles for informing discretion The Board has adopted a set of guiding principles when it considers adjustments to performance outcomes under the LTI. The process for adjustments and principles applied are outlined below: 1. Nature and timing of adjustments – adjustments, both positive and negative, will only be made to the performance/reward outcome (rather than the target) at the time of vesting. 2. Transparency – the Company will provide a clear rationale and disclosure, for any adjustments made (for example, providing a reconciliation to statutory results), especially in cases where, prima facie, performance has not been achieved. Where possible, advance disclosure of events that may give rise to adjustments will be disclosed to ensure early communication with shareholders. 3. Material or significant events – adjustments will only be made for events or items over the vesting period that have a material impact on the outcome. Adjustments will also only be made where it has an impact on the result of the award. Where possible, the item will be referenced back to the assumptions used in the business plan from which the target was set, to determine whether there has been a material deviation in the assumptions used and whether this was outside of management’s control. For example, if there has been a change to accounting policies resulting in the rTSR target being determined in a different way to how the outcome is determined at the time of vesting. 4. Balance interests of shareholders and management – adjustments will be made to balance the interests of shareholders and management, for example, if shareholders are experiencing poor results, then management should share in the burden, and vice versa (unless there are compelling reasons for this not being the case, in which event, details will be provided). 5. Maintain plan integrity – adjustments will be carefully considered to ensure they maintain the plan’s integrity and purpose (i.e. to incentivise and reward management for undertaking transactions that deliver long-term sustainable shareholder value). 6. Exercising discretion consistently and fairly – the use of discretion will be applied consistently (both positively and negatively) and information used will be sufficiently objective and free from bias to ensure decisions are arrived at fairly. 51 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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3.5 Remuneration Consequence Management Framework The Star’s Remuneration Consequence Management Framework continued to operate in FY26 and provides a structure for the review of remuneration consequences for significant risk and conduct events, including behaviours which contravene the Company’s Code of Conduct and Purpose, Values and Principles (PVP). The Remuneration Consequence Management Framework applies to all incentive programs offered by the Company. Consequences to remuneration under the framework are informed by inputs from The Star Risk, Legal and Employee Relations functions and are overseen by the Consequence Management Committee consisting of The Star CEO and Managing Director, Group Chief Risk Officer and Group Chief People Officer. Remuneration outcomes determined by the Consequence Management Committee are provided to the Culture, People & Remuneration Committee of the Board for oversight and approval (where required under the policy). Where a serious or egregious risk or misconduct issue is identified and raised to the Consequence Management Committee, variable remuneration may be impacted and in some cases, reduced to zero, or clawback may be sought in respect of variable remuneration already vested or paid. In each case, judgement will be applied to determine the appropriate remuneration consequence given the circumstances of the incident. There was no remuneration consequence applied to any of the Executive KMP for the FY26 period. 4. VARIABLE REWARD OUTCOMES FOR THE FINANCIAL YEAR ENDED 30 JUNE 2026 4.1 STI outcome for FY26 Group Performance Under the Company’s STI design, as detailed in Table 2, awards for eligible Executive KMP are generated by performance against three Company metrics, comprising 60% of the award, and individual performance comprising 40% of the award. Details of the Company’s targets and outcomes for FY26 are noted in Table 4 below. Table 4: FY26 performance outcomes against Key Performance Indicators for the STI Gateway Remediation Gateway Delivery of FY26 Remediation Program milestones, per the timings in the remediation plan, evidenced by closure memos assured by KPMG and submitted to the Special Manager’s Team (SMT). A minimum of 90% of milestones must be delivered in order for the remediation gateway to open. Milestones that the Company is unable to deliver due to external factors will be excluded from the delivery count. This gateway was met. STI Metric Outcome GROUP EBITDA – Deliver Budgeted Group EBITDA Financial performance improved relative to FY25, with Group EBITDA before significant items and discontinued operations improving from a loss of $76.2 million to a loss of $16.1 million. However, overall financial performance remained below expectations and The Star EBITDA budget was not met. PROPERTY EBITDA – Deliver Budgeted TSS EBITDA – Deliver Budgeted TSGC EBITDA – Deliver Budgeted TSB EBITDA Property performance reflected differing operating environments across the portfolio. The Star Gold Coast remained EBITDA positive, while Sydney continued to be impacted by regulatory reforms, remediation obligations and challenging trading conditions. The Star Brisbane completed its first full year of operations following its August 2024 opening, with management focused on operational establishment and stabilisation. Progressed Cultural Transformation – Cultural Survey outcomes – improvement in majority of survey questions (between surveys) Continued progress was made in The Star’s culture reform program during FY26, including embedding the Purpose, Values and Principles, strengthening leadership accountability and visibility, supporting employee voice, and progressing key people systems such as performance management, consequence management, and reward and recognition. Culture survey results indicated continued progress in establishing the foundations for sustained cultural change. Risk, Compliance, Regulation and Safer Gambling Progress was made in strengthening governance, risk management and regulatory compliance frameworks during the year. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 52 Remuneration Report continued
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FY26 STI Outcome For FY26, the Board recognised that progress was made against a number of the STI measures, including progressing cultural transformation and uplifting compliance and risk management. The remediation milestone, which acts as a gateway to the plan, was also achieved. Notwithstanding this progress, in light of The Star’s ongoing financial circumstances and the importance of maintaining stability, the Board determined that no STI would be paid for FY26. Accordingly, no STI pool was formed in respect of the Company-based STI metrics, and the Board exercised its discretion to reduce the individual component of the STI award to zero for all participants. This decision reflected a holistic assessment of performance, alignment with shareholder outcomes and the Company’s strategic priorities. Table 5: Individual KMP performance outcomes1 Executive Scorecard Key scorecard measures Outcome summary Bruce Mathieson Jnr Group CEO and Managing Director GLT Group EBITDA; Risk/Compliance; Cultural Transformation; Individual priorities Led The Star through ownership and leadership transition, organisational restructuring and business stabilisation. John Koster CEO TSS Property CEO Group EBITDA; Property EBITDA; Risk/Compliance; Team & Culture; Guest metrics; Individual priorities Led The Star Sydney during a period of operational and regulatory challenge, with a focus on property performance and operational execution. Jennifer Cronin CEO TSGC Property CEO Group EBITDA; Property EBITDA; Risk/Compliance; Team & Culture; Guest metrics; Individual priorities Provided continuity of leadership at The Star Gold Coast and supported delivery of financial, operational and strategic priorities during a challenging period. 1. Mr Mathieson Jnr commenced as Group CEO and Managing Director of The Star in December 2025, and Mr Koster commenced with The Star in March 2026, their outcomes reflect their time in role. Mr Diao and Mr Patel commenced in May and June 2026 respectively, no KPI outcomes are recorded for them individually. Board Discretion During a year of transition and significant challenges for The Star, the Board exercised its discretion to approve a cash recognition award of $90,000 each for Dr Cronin, Mr Koster and Mr Diao. These awards were made outside the FY26 STI outcome and were assessed separately by the Board, having regard to the specific nature and impact of each executive’s contribution during a period of significant disruption and transition. The Board recognised Dr Cronin’s leadership of The Star Gold Coast through challenging circumstances and the solid property result delivered during the year; Mr Koster’s leadership of The Star Sydney after joining The Star at short notice during a period of significant pressure; and Mr Diao’s leadership of the refinancing and reconstruction of the Finance function, together with his additional responsibilities as Interim Group Chief Risk Officer. 53 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Table 6 details the variable remuneration of Executive KMP under the STI during the period, which was nil. Table 6: Variable remuneration under the STI for the year ended 30 June 2026 Name Financial year Cash Award $ Restricted Share Grant $ STI outcome as a % of total remuneration STI not achieved, as a % of target Current Executive KMP Bruce Mathieson Jnr 2026 0 0 0% 100% 2025 – – – – Charles Diao 2026 – – – – 2025 – – – – John Koster 2026 0 0 0% 100% 2025 – – – – Ameet Patel 2026 – – – – 2025 – – – – Jennifer Cronin 2026 0 0 0% 100% 2025 – – – – Former Executive KMP Steve McCann1 2026 – – – – 2025 – – – – Frank Krile1 2026 – – – – 2025 – – – – Janelle Campbell 2026 0 0 0% 100% 2025 0 0 0% 100% Daniel Finch 2026 0 0 0% 100% 2025 0 0 0% 100% TOTAL FY26 – – TOTAL FY25 – – 1. Mr McCann and Mr Krile were not eligible to participate in the FY26 STI program. Table 7 outlines the performance of The Star and shareholder returns over the last five financial years. Table 7: Statutory Key Performance Indicators Performance metric FY22 FY23 FY24 FY25 FY26 Statutory NPAT $(202.5)m $(2,435.2)m $(1,684.6)m $(427.9)m $(307.3)m Group EBITDA1 $237.5m $317.4m $174.7m $(76.2)m $(16.1)m Basic EPS (statutory) (21.3)c (211.7)c (66.8)c (14.9)c (6.0)c Full year dividend (fully franked, cents per share) 0.0c 0.0c 0.0c 0.0c 0.0c Share price at year end $2.79 $1.16 $0.49 $0.14 $0.09 Increase/(decrease) in share price (24%) (59%) (58%) (72%) (32%) 1. FY26 EBITDA excludes The Star’s discontinued operations. FY25 EBITDA has been restated to account for The Star’s discontinued operations. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 54 Remuneration Report continued
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4.2 Vesting under the LTI Table 8 sets out the details of performance rights and premium exercise priced options issued under the Company’s LTI plan over the last five financial years. Table 8: Details of LTI awards active during the year Detail FY22 Award1 FY23 Award FY24 Performance Rights FY24 Premium Price Options FY25 Award FY26 Award Grant date 23 Sep 2021 26 Sep 2022 22 Dec 2023 22 Dec 2023 10 Dec 2024 4 Nov 2025 Test date 23 Sep 2025 26 Sep 2026 3 Oct 2027 Any time up to expiry date of 24 Nov 2027 1 Nov 2028 3 Oct 2028 Vesting hurdle(s) TSR, EPS & ROIC TSR, EPS & ROIC TSR Return to suitability TSR TSR Test result All Rights Lapsed N/A N/A N/A N/A N/A 1. The FY22 LTI Award was tested on 23 September 2025 and did not vest as performance hurdles were not met. The next test date will be September 2026, for performance rights granted in FY23. Table 9 summarises the unvested performance rights and options held by Executive KMP as at 30 June 2026. Table 9: Performance rights and options by award held by Executive KMP at 30 June 2026¹ Name FY26 Award Total Current Executive KMP Bruce Mathieson Jnr2 – – Charles Diao – – John Koster 3,377,031 3,377,031 Ameet Patel – – Jennifer Cronin3 4,232,184 4,232,184 Former Executive KMP Steve McCann – – Frank Krile – – Janelle Campbell – – Daniel Finch – – Total 7,609,215 7,609,215 1. FY23 to FY25 LTI remain subject to testing, however Current and Former Executive KMP reported only hold awards shown for FY26. 2. Mr Mathieson Jnr was eligible to participate in the FY26 LTI, however this is subject to shareholder approval which will be sought at the 2026 Annual General Meeting of the Company, which is expected to be held in October 2026. 3. Following cessation as CEO, The Star Gold Coast, 1,042,600 FY26 LTI Rights granted to Dr Cronin will remain on foot (having been pro-rated for her service period) and remain subject to the applicable FY26 LTI performance hurdles and test dates. Anti-dilution Adjustment Following the issue of securities to Bally’s Corporation and the Investment Holdings Group as part of the Strategic Investment, a change in control of the Company occurred. This triggered anti-dilution adjustments to eligible unvested performance rights held by participants employed at the relevant record date, in accordance with the applicable Employment Agreements and Employee Plan rules. The adjustment was made to preserve the intended value of outstanding awards and to ensure participants neither received a windfall gain nor suffered material detriment as a result of the transaction. The Board at the time approved the anti-dilution adjustment, which was calculated with the assistance of the Company’s external advisers and resulted in an increase of approximately 27.8% in the number of eligible awards. No changes were made to the applicable performance conditions, vesting dates or other award terms. The impacted awards are disclosed in the relevant tables. 55 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Table 10 shows movements in the variable remuneration of Executive KMP under the LTI (Performance Rights) during the period. Details of the number of performance rights granted, vested or lapsed during the period are also provided as required under the Corporations Act and its regulations, including the relevant Australian Accounting Standard principles. Table 10: Variable remuneration under the LTI (performance rights) for the year ended 30 June 2026 Name Financial year Number of Performance Rights Granted Fair Value of Performance Rights Granted Fair Value at Grant Date Grant Date Test Date Number of Performance Rights Vested Current Executive KMP Bruce Mathieson Jnr 2026 – – – – – – 2025 – – – – – – Charles Diao 2026 – – – – – – 2025 – – – – – – John Koster 2026 3,377,031 260,031 0.08 28/05/2026 3/10/2028 – 2025 – – – – – – Ameet Patel 2026 – – – – – – 2025 – – – – – – Jennifer Cronin 2026 anti-dilution 922,255 73,780 0.08 28/11/2025 3/10/2028 – 2026 3,309,929 208,526 0.06 4/11/2025 3/10/2028 – 2025 – – – – – – Former Executive KMP Steve McCann 2026 – – – – – – 2025 – – – – – – Frank Krile 2026 – – – – – – 2025 – – – – – – Janelle Campbell 2026 anti-dilution 1,425,304 114,024 0.08 28/11/2025 3/10/2028 – 2026 5,115,346 322,267 0.06 4/11/2025 3/10/2028 – 2026 (2025 anti- dilution) 544,454 21,778 0.04 28/11/2025 1/11/2028 – 2025 1,954,022 214,942 0.11 10/12/2024 1/11/2028 – Daniel Finch 2026 – – – – – – 2025 1,494,252 164,368 0.11 10/12/2024 1/11/2028 – TOTAL FY26 14,694,319 1,000,407 TOTAL FY25 3,448,274 379,310 4.3 Special awards Table 11 details the number of performance rights granted as a Special Award held by Former Executive KMP in FY26. During FY25 the Company issued a One-Off Grant of Performance Rights under the sign-on arrangements for the former Group Chief Executive Officer and Managing Director and former Group Chief Financial Officer. The issuance of the Bally’s and Investment Holdings Group Conversion Notice in November 2025 triggered a Change of Control, resulting in vesting of those rights. Table 11: Performance rights Special Awards Name Financial year Number of Performance Rights Granted Fair Value of Performance Rights Granted1 Fair Value at Grant Date Grant Date1 Number of Performance Rights Vested in FY26 Former Executive KMP Steve McCann 2026 (2025 anti-dilution) 2,930,509 307,410 0.10 28/11/2025 13,447,967 2025 10,517,458 2,050,904 0.20 28/11/2024 – Frank Krile 2026 (2025 anti-dilution) 690,405 72,423 0.10 28/11/2025 3,168,234 2025 2,477,829 475,000 0.19 17/12/2024 – TOTAL FY26 3,620,914 379,833 16,616,201 TOTAL FY25 12,995,287 2,525,904 – 1. The number of performance rights issued as part of the former CEO | MD sign-on bonus is determined using the 5 day VWAP of the company shares immediately before the ASX announced appointment date of 26 June 2024. The fair value of the performance rights is based on the share price at grant date of 28 November 2024, when AGM approval was obtained. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 56 Remuneration Report continued
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5. EXECUTIVE KMP CONTRACTS AND REMUNERATION Remuneration arrangements for Executive KMP are reviewed annually by the Board. Table 12 outlines the remuneration arrangements for Executive KMP in FY26 and their contracted employment details. Table 12: Executive KMP remuneration and employment contracts CURRENT EXECUTIVE KMP Bruce Mathieson Jnr Charles Diao John Koster2 Ameet Patel3 Jennifer Cronin Group Chief Executive Officer and Managing Director Group Chief Financial Officer and Interim Group Chief Risk Officer Chief Executive Officer, The Star Sydney Chief Executive Officer, The Star Gold Coast and The Star Brisbane Chief Executive Officer, The Star Gold Coast (to 30 June 2026) FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 Fixed remuneration¹ N/A $800,000 N/A $930,000 N/A $561,150 N/A $1,400,000 N/A $550,000 Short-term incentive target N/A $480,000 N/A $697,500 N/A $336,690 N/A $– N/A $330,000 Long-term incentive (annual award value) N/A $480,000 N/A $697,500 N/A $336,690 N/A $– N/A $330,000 Total Target Annual Reward N/A $1,760,000 N/A $2,325,000 N/A $1,234,530 N/A $1,400,000 N/A $1,210,000 Short-term incentive maximum value N/A $720,000 N/A $1,046,250 N/A $505,035 N/A $– N/A $495,000 Long-term incentive maximum value N/A $480,000 N/A $697,500 N/A $336,690 N/A $– N/A $330,000 Additional Items N/A $– N/A $– N/A $213,796 N/A $525,000 N/A $– Non-monetary benefits (including relocation arrangements)4 Access to office car parking. Access to office car parking. Relocation benefits comprising temporary accommodation, a one-off relocation allowance, relocation travel, insurance benefits (including private health, life, TPD and AD&D), tax support services, home leave travel and repatriation assistance. Access to office car parking. Relocation benefits comprising temporary accommodation, a one-off relocation allowance, relocation travel, insurance benefits (including private health, life, TPD and AD&D), tax support services, home leave travel and repatriation assistance. Access to office car parking. Relocation benefits comprising temporary and rental accommodation, a one-off relocation allowance, relocation travel, insurance benefits (including private health, life, TPD and AD&D), tax support services, home leave travel and repatriation assistance. Access to office car parking. Notice by the Executive 12 months 6 months 6 months 1 month 3 months Notice by the Group 12 months 6 months 6 months 1 month 3 months Restraint5 12 months 6 months 6 months 6 months 6 months Non solicitation 12 months 6 months 6 months 6 months 6 months Contract duration Open ended Open ended Open ended 12 months 12 months 1. The Star Entertainment Group deducts superannuation from the Executives’ fixed remuneration as per the Australian Taxation Office Superannuation Guarantee Cap, unless the Executive has an exemption. 2. Mr Koster’s fixed remuneration of AUD561,150 comprises USD395,000 base salary, paid in AUD and superannuation contributions in accordance with Australian legislative requirements (capped at the maximum contribution base). 3. Mr Patel’s cash incentive, listed under additional items, is payable under the terms of his maximum-term contract, subject to the achievement of Board- determined KPIs and payable at the conclusion of the current contractual term. 4. Relocation arrangements include a one-off payment to support executives relocating from the United States of America to Australia. The timing of the relocation payment differs for each Executive. In addition, Executives receive health insurance, life insurance, Total and Permanent Disability (TPD) insurance and Accidental Death and Dismemberment (AD&D) insurance. 5. Exclusion from being engaged in any business or activity in Australia which competes with or is substantially similar to the business of The Star Entertainment Group. 57 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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FORMER EXECUTIVE KMP Steve McCann Group Chief Executive Officer and Managing Director Frank Krile Group Chief Financial Officer Janelle Campbell Chief Executive Officer, The Star Sydney Daniel Finch Chief Executive Officer, The Star Brisbane FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 Fixed remuneration¹ $2,500,000 $2,500,000 $950,000 $950,000 $850,000 $850,000 $650,000 $650,000 Short-term incentive target $2,500,000 $2,500,000 $570,000 $570,000 $510,000 $510,000 $390,000 $390,000 Long-term incentive (annual award value) $2,500,000 $2,500,000 $– $– $510,000 $510,000 $390,000 $390,000 Total Target Annual Reward $7,500,000 $7,500,000 $1,520,000 $1,520,000 $1,870,000 $1,870,000 $1,430,000 $1,430,000 Short-term incentive maximum value $2,500,000 $2,500,000 $570,000 $570,000 $765,000 $765,000 $585,000 $585,000 Long-term incentive maximum value $2,500,000 $2,500,000 $– $– $510,000 $510,000 $390,000 $390,000 Additional Items2 $– $– $665,000 $– $– $– $– $– Non-monetary benefits (including relocation arrangements) Access to car parking and accommodation at The Star Sydney Access to office car parking Access to car parking and accommodation at The Star Sydney Access to car parking and accommodation at The Star Brisbane Notice by the Executive 12 months 12 months 12 months 12 months Notice by The Star 12 months 12 months 12 months 12 months Restraint3 12 months 12 months 12 months 12 months Non solicitation 12 months 12 months 12 months 12 months Contract duration Open ended Open ended Open ended Open ended 1. The Star Entertainment Group deducts superannuation from the Executives’ fixed remuneration as per the Australian Taxation Office Superannuation Guarantee Cap. 2. Mr Krile received a sign-on bonus of $665,000 upon joining in December 2024. 3. Exclusion from being engaged in any business or activity in Australia which competes with or is substantially similar to the business of The Star Entertainment Group. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 58 Remuneration Report continued
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6. STATUTORY EXECUTIVE KMP REMUNERATION Table 13 sets out Executive KMP remuneration as required by the Corporations Act and its regulations, including the relevant Australian Accounting Standard principles. Table 13: Statutory Executive KMP remuneration Short term Long term Post- employ- ment Charge for share based allocations Name Financial Year Salary¹ $ Other amounts paid² $ Non- mone- tary benefits³ $ Long service leave $ Super- annu- ation⁴ $ Perfor- mance rights⁵ $ Service rights6 $ Termi- nation pay- ments⁷ $ Total remu- neration $ Perfor- mance related8 % Current Executive KMP Bruce Mathieson Jnr 2026 499,650 – 259 578 22,500 – – – 522,987 0% 2025 – – – – – – – – – – Charles Diao 2026 124,178 90,000 46,213 157 – – – – 260,548 0% 2025 – – – – – – – – – – John Koster 2026 190,049 303,796 122,548 249 12,510 33,703 – – 662,855 0% 2025 – – – – – – – – – – Ameet Patel 2026 58,333 – 4,339 – – – – – 62,672 – 2025 – – – – – – – – – – Jennifer Cronin9 2026 520,000 90,000 3,164 – 30,000 67,321 – – 710,485 0% 2025 – – – – – – – – – – Former Executive KMP Steve McCann10 2026 2,521,913 3,833,563 4,786 (3,507) 15,000 1,674,680 – 1,088,514 9,134,949 19% 2025 2,640,985 6,166,437 91,337 3,507 29,932 727,387 – – 9,659,585 8% Frank Krile11 2026 1,344,121 1,099,496 2,803 (696) 22,500 418,778 – 30,978 2,917,980 15% 2025 512,073 705,504 2,203 696 22,449 136,879 – – 1,379,804 10% Janelle Campbell 2026 578,091 – 259,884 (2,752) 22,500 (35,824) 248,787 607,143 1,677,829 (2%) 2025 859,203 – 142,244 2,242 29,932 35,824 207,138 – 1,276,583 3% Daniel Finch 2026 275,481 – 4,572 (2,008) 15,000 (27,395) (72,081) 325,000 518,569 (5%) 2025 644,592 – 42,874 1,679 29,932 27,395 184,377 – 930,849 3% TOTAL FY26 6,111,816 5,146,855 448,568 (7,979) 140,010 2,131,263 176,706 2,051,635 16,468,874 TOTAL FY2512 4,656,853 6,871,941 278,658 8,124 112,245 927,485 391,515 – 13,246,821 1. Comprises salary, salary sacrificed benefits (including motor vehicle novated leases), annual leave expense and contractual salary paid under any Trigger Events. 2. During FY26, the Board approved one-off cash recognition awards of $90,000 for Dr Cronin, Mr Koster and Mr Diao. These awards were assessed separately from the FY26 STI framework. Mr Koster also received a one-off relocation allowance of US$80,000 net (A$213,796 gross) to support his relocation from the United States to Australia. 3. Comprises car parking, accommodation, airfares and travel costs where applicable. For Mr Diao and Mr Koster, their amounts include temporary accommodation, and insurance benefits (including private health, life, TPD and AD&D). For Mr Patel, the amount includes insurance benefits (including private health, life, TPD and AD&D). 4. Relocation arrangements include a one-off payment to support executives relocating from the United States of America to Australia. The timing of the relocation payment differs for each Executive. In addition, Executives receive health insurance, life insurance, Total and Permanent Disability (TPD) insurance and Accidental Death and Dismemberment (AD&D) insurance. 5. Represents the fair value of share based payments expensed/(credited) by The Star Entertainment Group in relation to LTI awards. Credits in FY26 are due to the forfeiture of rights on termination. 6. Service rights were issued in FY24 and vest in 3 tranches. Holding lock period is 12 month after vesting date. Credits in FY26 are due to the forfeiture of rights on termination. 7. Termination payments include any payment made in lieu of notice and salary incurred between the executives’ resignation date and termination date. Excludes any amount paid under Trigger Events. 8. Performance related is calculated as the charge for performance rights and restricted share based allocations divided by total remuneration 9. The Star’s properties are governed by separate property Boards, whose members may receive fees for their service. Dr Cronin was appointed to the TSGC Property Board on 29 May 2025 and as Interim Chief Executive Officer, The Star Gold Coast from 1 July 2025. The remuneration disclosed in this table relates solely to her executive role. Dr Cronin also received an annual fee of $100,000 in respect of her appointment to the TSGC Property Board. 10. The Other bonus awarded for Mr McCann of $3,833,563 relates to his contractual FY26 LTI (cash), FY26 STI (cash) arrangements and accrual for sign-on bonus. 11. The Other bonus awarded to Mr Krile of $1,099,496 relates to accruals for sign-on bonus and cash retention awards. 12. The total for FY25 of $13,246,821 differs to the total in the FY25 Remuneration Report of $15,825,517 as it does not include FY25 former executive KMPs Neale O’Connell ($1,913,491) and Scott Saunders ($665,204). 59 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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7. NON-EXECUTIVE DIRECTOR REMUNERATION 7.1 Remuneration Policy for Non-Executive Directors • Non-Executive Directors (excluding the Chairman) receive a Board fee and a Committee fee for their participation as Chair or member of each Committee. • The Chairman receives an all-inclusive fee as Chairman of the Board and as an ex-officio member of all Board Committees. • Non-Executive Directors do not receive any performance or incentive payments and are not eligible to participate in any of The Star’s remuneration programs. This policy aligns with the principle that Non-Executive Directors act independently and impartially. • Board fees are not paid to The Star Group CEO and Managing Director. • Executive KMPs do not receive fees for directorships of any subsidiaries. • Non-Executive Directors do not receive fees for participation in the Nominations Committee. • Non-Executive Directors do receive fees for participation in the Company’s other subsidiary Boards. 7.2 FY26 Non-Executive Director fees The aggregate fees payable to Non-Executive Directors for their services as directors are limited to the maximum annual amount approved by shareholders, currently set at $2,500,000 including superannuation contributions. There was no change to Committee fees in FY26. Table 14 sets out the annual Board and Committee fee structure for FY26. Table 14: Annual Non-Executive Director fees (inclusive of superannuation) Board Audit Risk & Compliance Culture, People & Remuneration Chair $501,458 $35,000 $35,000 $35,000 Member $168,912 $17,500 $17,500 $17,500 In addition to the fees disclosed in the table above, Non-Executive Directors (excluding the Chair) who reside outside Australia are eligible to receive an annual travel allowance of $15,000 where travel to Australia in connection with Board and Committee meetings and visits to The Star’s operations requires more than ten hours of travel time. Individuals invited to join the Board prior to receipt of all required regulatory approvals are appointed as Board observers (“Board Observers”) until such time as they are appointed to the Board as Non-Executive Director. Board Observers receive the equivalent of directors’ fees and committee fees as determined by the Board. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 60 Remuneration Report continued
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Table 15 sets out total remuneration received by each Non-Executive Director. Table 15: Non-Executive Director remuneration¹ Name Financial Year Board and Committee Fees² $ Super- annuation³ $ Total $ Current Non-Executive Directors4 Soo Kim 2026 279,967 0 279,967 2025 – – – George Papanier 2026 149,329 0 149,329 2025 – – – Don Pasquariello 2026 33,147 3,978 37,125 2025 – – – Former Non-Executive Directors Anne Ward 2026 193,941 15,000 208,941 2025 571,526 29,932 601,458 Deborah Page 2026 85,981 10,318 96,299 2025 214,271 24,641 238,912 Michael Issenberg 2026 83,510 10,021 93,531 2025 214,271 24,641 238,912 Antonia Thornton 2026 92,707 11,125 103,832 2025 214,271 24,641 238,912 Peter Hodgson 2026 106,090 12,731 118,821 2025 229,966 26,446 256,412 TOTAL FY26 2026 1,024,672 63,173 1,087,845 TOTAL FY25 2025 1,444,305 130,301 1,574,606 1. Non-Executive Directors may also serve on the Boards of The Star’s properties and receive additional fees for these roles. The annual fee for a TSEG Board member serving as a Property Board Chair is $100,000, while the annual fee for serving as a Property Board Member is $50,000. Property Board fees were paid to the following Non-Executive Directors in FY26: Mr Papanier ($12,500), Mr Pasquariello ($17,254), Ms Page ($12,500), Mr Issenberg ($35,625), Ms Thornton ($14,674) and Mr Hodgson ($6,014), reflecting their respective Property Board tenure during the year. These are inclusive of superannuation and in addition to the above TSEG Board fees. 2. Fees paid to Directors from the time they receive regulatory approval. Board Observer fees are not included. 3. Comprises superannuation contributions per Superannuation Guarantee legislation and salary sacrificed superannuation. 4. Ms Lindsay and Mr Bowie were appointed as Board Observers during FY26 pending receipt of all required regulatory approvals. As regulatory approval had not been received by 30 June 2026, they are not included in this report. Remuneration will be disclosed from the date regulatory approval is obtained. 61 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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8. EQUITY INTERESTS OF DIRECTORS AND KMP 8.1 Equity interests Tables 16 and 17 show the number of shares, options and performance rights held by Executive KMP and Non-Executive Directors at the beginning and end of the financial year unless otherwise stated. The Star has paused its minimum shareholding policy for both KMP and Non-Executive Directors, and the Board will determine the appropriate time to review. Table 16: Shares, options and rights held by Executive KMP at 30 June 2026 Name Holding type Balance at start of the year¹ Granted as Compen- sation Vested during the year² Disposed/ Lapsed/ Forfeit during the year Balance at the end of the year³ Current Executive KMP Bruce Mathieson Jnr⁴ Performance Rights – – – – – Ordinary Shares – – – – – Charles Diao Performance Rights – – – – – Ordinary Shares – – – – – John Koster Performance Rights – 3,377,031 – – 3,377,031 Ordinary Shares – – – – – Ameet Patel Performance Rights – – – – – Ordinary Shares – – – – – Jennifer Cronin Performance Rights – 4,232,184 – – 4,232,184 Ordinary Shares – – – – – Former Executive KMP Steve McCann Performance Rights 10,517,458 2,930,509 (13,447,967) – – Ordinary Shares – 13,447,967 – – 13,447,967 Frank Krile Performance Rights 2,477,829 690,405 (3,168,234) – – Ordinary Shares – 3,168,234 – – 3,168,234 Janelle Campbell⁵ Performance Rights 1,954,022 7,085,104 – (9,039,126) – Ordinary Shares 283,333 1,330,698 – – 1,614,031 Restricted Shares 425,000 – (425,000) – – Service Rights 708,333 197,365 (905,698) – – Daniel Finch6 Performance Rights 1,494,252 – – (1,494,252) – Ordinary Shares 208,928 313,393 – – 522,321 Restricted Shares 313,393 – (313,393) – – Service Rights 522,321 – – (522,321) – 1. For KMP who commenced in the role during the year, the balance disclosed is from the date they commenced as a KMP. 2. Restricted shares that are no longer subject to a holding lock are transferred into the ordinary shares category. Service rights for which the service period has been met are transferred to the restricted shares category and subject to a 12 month holding lock. 3. For KMP who ceased their role during the year, the balance is disclosed until the date they ceased as a KMP. 4. Investment Holdings Pty Ltd (Investment Holdings) as trustee for BMG Discretionary Trust is the registered holder of 1,537,154,955 Ordinary Shares in the Company. While Bruce Mathieson Jnr is a nominee director of Investment Holdings he does not control Investment Holdings Pty Ltd or the BMG Discretionary Trust and so has no relevant interest in these securities. 5. Performance Rights for Janelle Campbell lapsed on cessation of employment on 27 February 2026. 6. Performance Rights and unvested Service Rights for Daniel Finch lapsed on cessation of employment on 5 December 2025. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 62 Remuneration Report continued
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Table 17: Shares held by Non-Executive Directors at 30 June 2026 Name Balance at start of year¹ Number acquired Number divested Balance at the end of the year² Current Non-Executive Directors Soo Kim³ – 2,500,000,000 – 2,500,000,000 George Papanier – – – – Don Pasquariello – – – – Former Non-Executive Directors Anne Ward 100,000 – – 100,000 Deborah Page 57,016 – – 57,016 Michael Issenberg 32,122 – – 32,122 Antonia Thornton 170,000 – – 170,000 Peter Hodgson 95,000 – – 95,000 1. For Non-Executive Directors who commenced their role during the year, the balance disclosed is from the date they commenced as Non-Executive Director. 2. For Non-Executive Directors who ceased their role during the year, the balance disclosed is to the date they ceased as a Non-Executive Director. 3. Bally’s Star Holdings, LLC is the registered holder of Ordinary Shares. Soo Kim is deemed controller and has a relevant interest under section 608(3)(b) of the Corporations Act. 9. OTHER INFORMATION 9.1 Loans and other transactions with KMP There have been no loans or other transactions with KMP during the year. 63 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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SUSTAINABILITY REPORT Sustainability and climate FY26 marked The Star’s first year of climate‑related financial reporting as a Group 1 reporting entity under the AASB S2 reporting regime. Accordingly, a Sustainability Report prepared in accordance with AASB S2 has been included within this Annual Report. We recognise that the management of climate‑related risks and opportunities is an increasingly important consideration for businesses, investors and the broader community. Our approach to sustainability remains aligned with our broader objective of creating long‑term value for shareholders while supporting our communities and people. Our Boards and leadership teams are determined to build a responsible, sustainable business that our stakeholders can be proud of. Thank you for your support. Bruce Mathieson Jnr Group Chief Executive Officer & Managing Director The Star Entertainment Group THE STAR ENTERTAINMENT GROUP 2026 Annual Report 64
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Group CEO and Executive Management Group Sustainability Property Boards Property Management Risk & Compliance Committee TSEG Board Audit Committee 1. CLIMATE STATEMENT This Sustainability Report presents The Star Entertainment Group’s mandatory climate‑related disclosures for the reporting period 1 July 2025 to 30 June 2026. It forms part of The Star’s FY26 Annual Report and has been prepared in accordance with the requirements of Chapter 2M of the Corporations Act 2001, which requires the inclusion of a Sustainability Report containing climate‑related disclosures prepared in accordance with the Australian Accounting Standards Board (AASB) S2. This Sustainability Report should be read in conjunction with the Financial Report and other accompanying information contained in the Annual Report. 2. BASIS OF PREPARATION 2.1 Statement of compliance The Star has prepared its climate‑related financial disclosures in accordance with AASB S2 Climate‑related Disclosures and the Corporations Act 2001. The Star has early adopted the Amendments to AASB S2 Climate‑related Disclosures, issued by the Australian Accounting Standards Board in December 2025, for the reporting period ended 30 June 2026. The amendments are effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. As FY26 is The Star’s first reporting period under AASB S2, transitional relief has been applied and, accordingly, comparative information and Scope 3 greenhouse gas emissions have not been disclosed. The Sustainability Report has been prepared on the same reporting basis as the accompanying general‑purpose Financial Report and relates to The Group as the reporting entity. This Report uses the same presentation currency and is based on the same underlying data and assumptions used in preparing the Financial Report. 2.2 Key judgements, estimates & assumptions Judgement has been exercised in identifying climate‑related risks and opportunities (‘CRROs’) that could reasonably be expected to affect The Star’s prospects, together with the scope and level of related disclosure where data availability, methodology maturity or decision usefulness considerations apply. Significant judgements, estimates and assumptions have been disclosed within the relevant sections of this Report where applicable. The qualitative financial impacts of CRROs over the short, medium and long term, are outlined in Section 4.4. AASB S2 Climate Governance Framework 65 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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3. CLIMATE‑RELATED GOVERNANCE 3.1 Board oversight TSEG Board has ultimate oversight of environmental and sustainability matters, including CRROs. Climate‑related matters such as CRROs identification and management are governed through The Star’s existing sustainability, risk management and reporting frameworks and are considered as part of the Board’s broader oversight of business risks and opportunities. The Board’s responsibilities include: • approving strategies, objectives, initiatives and policies for environment, sustainability and corporate social responsibility matters for The Star; • reviewing reports from management about progress against goals, initiatives and strategies relating to environmental issues, sustainability and corporate social responsibility matters; and • monitoring The Star’s environmental and sustainability performance against approved objectives. Responsibilities for the oversight of CRROs are reflected in the Board Charter through the Board’s oversight (including through its Committees) of sustainability matters, corporate social responsibility matters and material non-financial risks. The Board approves The Star’s Enterprise Risk Management Framework (‘ERMF’) and Risk Appetite Statement (‘RAS’), which support the identification, assessment and escalation of material business risks. In overseeing The Star’s strategy, major transactions and key trade‑offs, CRROs may be considered alongside all other business risks and assessed in accordance with The Star’s risk management procedure. Management updates the Board on climate‑related matters where a climate‑ related risk or opportunity is assessed as having the potential to materially affect The Star’s strategy, business model, operations, financial position, financial performance, cash flows, access to finance, reputation or as otherwise deemed appropriate to support the Board in fulfilling their oversight role. Material climate‑related matters are escalated to the Board through The Star’s established governance and reporting processes to support oversight of significant risks and opportunities. In FY26, the Board received two updates relating to AASB S2. 3.2 Committee oversight The Risk & Compliance Committee (‘RCC’) and Audit Committee (‘AC’), as Board‑subcommittees, support the Board in overseeing CRROs and associated reporting. The RCC is responsible for monitoring The Star’s sustainability risks and opportunities and making recommendations to the Board about The Star’s sustainability policies, frameworks, objectives and initiatives, and the disclosure of, or relating to, them. Climate‑related risks and opportunities are considered, where appropriate, as part of the RCC’s broader oversight of sustainability, strategic and emerging risks. In FY26, the RCC received one update relating to oversight of CRROs. The AC supports the Board by overseeing the integrity of sustainability reporting and disclosures, including climate‑related disclosures prepared under AASB S2. In FY26, the AC received two updates relating to AASB S2. The AC reviews sustainability reporting processes, related internal controls and assurance activities, and may operate in conjunction with the RCC on matters relating to climate‑related risks, opportunities and disclosures. 3.3 Management’s role Management is responsible for the day-to-day identification, assessment and management of climate‑related risks and opportunities (CRROs) within the Board‑approved risk appetite. The Star Sustainability function, which reports to The Star Chief Executive Officer & Managing Director coordinates climate‑related activities across The Star, including climate‑related strategy, risk and opportunity assessments, scenario analysis and sustainability reporting, and supports the escalation of climate‑related matters through The Star’s governance framework. Operational management of CRROs is supported by property management. Management reports on material climate‑related risks, opportunities, initiatives and assessments to the Board and relevant Committees through established governance and reporting processes, enabling the Board and its Committees to maintain oversight of climate‑related responsibilities delegated to management. External professional advisers may be engaged by management to provide specialist technical advice on climate‑ related matters from time to time when appropriate. Management retains responsibility for reviewing the outputs of external engagements and for assessing the reasonableness of key assumptions, methodologies and conclusions. 3.4 Skills and competencies Under its Charter, the Board periodically assesses the mix of skills, experience, expertise and diversity on the Board to consider whether the composition of the Board remains appropriate to discharge its responsibilities. These responsibilities include oversight of The Star’s risks and strategic opportunities a subset of which is the CRROs. The Board’s capability is assessed through periodic reviews of the Board Skills Matrix, and Board and Committee performance evaluations. During FY26, the Board Skills Matrix was reviewed to support the Board’s oversight of The Star. The review considered the skills and experience required to oversee The Star’s strategy, risk profile and evolving regulatory obligations, including climate‑related matters. As part of this review, the Social and Sustainability competency was updated to explicitly include climate governance and disclosures. To support ongoing capability development, Board Directors, Property Board Directors and relevant members of management participated in a climate‑ related education session during FY26 covering CRROs, AASB S2 requirements and directors’ duties. Education materials are maintained within The Star’s Board resource centre and are available to current and future directors. Further information regarding the Board Skills Matrix is available in the Corporate Governance Statement under section 2.2, Board Skills, Experience and Attributes (page 7), available on The Star’s corporate website at: www.starentertainmentgroup.com.au/ corporate‑governance. 3.5 Remuneration Climate‑related performance measures were not incorporated into executive remuneration outcomes in FY26. As at the reporting date, the Board had not established any climate‑related targets linked to The Star’s identified CRROs. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 66 Sustainability Report continued
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4. CLIMATE‑RELATED STRATEGY This section of the Sustainability Report outlines The Star’s CRROs that could reasonably affect The Star’s prospects as identified and validated through the climate risk and opportunity assessment and review process described in the Risk Management section of this Report. To support The Star’s Sustainability Report, the following overview of The Star’s business model and value chain provides context for how CRROs may affect The Star’s operations, strategy and financial position. 4.1 Business model and value chain The Star’s business model is to attract local, domestic and international visitors to its destinations through an integrated mix of gaming and non gaming experiences, such as hospitality and entertainment offerings. The business operations aim to drive visitation, deepen customer engagement and generate cash flows across multiple customer touchpoints such as gaming, accommodation, food & beverage, and events. In FY26, The Star undertook a value chain assessment, with the support of an external adviser, to understand end‑to‑end activities, including joint ventures, key dependencies and emissions drivers, as part of the review and identification of CRROs. The assessment helped identify areas of potential climate‑related impact and CRRO concentration across the value chain. The activities in The Star’s value chain are categorised as follows: • Upstream: Inputs & Sourcing – The Star relies on a diverse supplier ecosystem spanning raw material extraction, manufacturing, capital development, procurement, logistics and distribution, leased assets, and sales and marketing activities. Key dependencies include suppliers, contractors, utilities, transport networks, technology providers and other service partners that support the delivery of The Star’s operations. Key supplier categories included property services and maintenance, food and beverage procurement, gaming operations, and information technology software and services. • Direct: Core Operations – The Star’s direct activities include gaming operations, hospitality and accommodation management, entertainment, events and conferencing, third‑party operator activities, and customer service and management. These activities depend on venues, technology systems, regulatory licences, utilities, infrastructure and a skilled workforce to deliver integrated resort experiences. • Downstream: Customer Markets & End‑use – The Star’s downstream activities include customer use of services and experiences, waste treatment and end‑of‑life management, downstream leased assets, and investment and capital allocation activities. These activities involve customer and tenant relationships, leased and invested assets, waste and recycling services, and broader market and regulatory factors that may influence long-term value creation. For its core operations, The Star relies on its integrated resort assets and employees with capabilities across The Star’s principal activities. Access to funding and capital is required to maintain and upgrade properties. 4.2 Time horizons When considering The Star’s CRROs, The Star has considered time horizons over which these risks are expected to impact The Star. The Star’s climate assessment horizons were selected for the purposes of the climate risk and scenario analysis assessment and reflect commonly adopted climate assessment timeframes, including 2030, 2040 and 2050, used to evaluate CRROs over the short, medium and long term. The short‑term horizon of up to five years broadly aligns with key business planning processes, including budgeting and capital planning, while the medium‑ and long‑term horizons extend beyond The Star’s formal planning timeframes and were selected to assess the potential impacts of climate‑related risks and opportunities over longer periods. The Star’s time horizons are defined as follows: Short term: next 5 years Medium term: 5–15 years Long term: 15+ years 4.3 Climate‑related risks and opportunities For each risk, the table provides information on the potential effects to The Star’s business model, strategy and decision making. Climate scenario analysis was used to assess the potential business impacts, potential financial impacts, time horizons and geographic concentration associated with these risks, but was not used to identify the risks themselves. 67 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Physical risk Extreme weather events impacting operations, assets and customer access (acute) Acute physical climate risks, including extreme rainfall, flooding, storms and cyclones, represent a climate-related risk to The Star’s site operations across NSW and QLD and may adversely affect financial performance. These events may disrupt access to The Star’s properties, impact employee and guest safety, damage assets and infrastructure, and affect the procurement of products and services required to operate The Star’s integrated resorts, hotels, restaurants and entertainment venues, resulting in reduced visitation, temporary operational closures and increased recovery costs. Current and anticipated effects Mitigation and adaptation efforts Business model and value chain exposure: All assets in NSW and QLD Current effects: • In FY26, The Star was not impacted materially by any acute physical climate‑related risks. Potential anticipated effects: • Reduced revenue from lower visitation, event cancellations and temporary site closures • Increased operating costs from emergency response, temporary operational arrangements and remediation activities • Increased capital expenditure for repairs and equipment replacement • Increased insurance premiums and potential reduction in insurance availability in high‑risk areas Current efforts: The Star maintains a range of operational practices that support preparedness for weather‑related disruptions, including emergency planning, staff training, evacuation exercises, severe weather response procedures, stormwater management activities where relevant, and ongoing maintenance of critical infrastructure across its properties. The Star undertakes maintenance and rectification activities, including drainage, waterproofing, roofing and water ingress repairs where required to maintain asset condition and operational reliability. Anticipated efforts: The Star periodically reviews emergency preparedness arrangements, operational response procedures and asset protection measures through its broader risk management, maintenance and capital planning processes. Consideration of potential adaptation and mitigation measures, and any associated investment requirements for acute physical climate risks, may form part of planning and capital allocation processes as required. Where considered appropriate, asset maintenance and improvement activities may be undertaken in response to operational requirements, asset condition assessments and business priorities. Physical risk Longer-term climate shifts impacting operating costs, asset performance and customer experience (chronic) Chronic physical climate‑related risks, including rising temperatures, sea level rise and drought, may increase operating costs and affect the performance of The Star’s properties over time. These conditions may increase energy and water consumption to maintain guest comfort and landscaping, reduce workforce productivity during heatwaves, and ultimately impact visitation across The Star’s properties. Current and anticipated effects Mitigation and adaptation efforts Business model and value chain exposure: The Star Sydney and The Star Corporate Office (NSW) Current effects: • In FY26, The Star did not experience any material impacts related to chronic physical climate‑related risks. Potential anticipated effects: • Increased utility and maintenance costs from higher cooling, water and energy requirements • Increased capital expenditure for infrastructure upgrades for energy efficiency and adaptation measures • Reduced revenue from lower visitation or shifts in customer preferences due to reduced comfort or climate exposure • Increased workforce costs and productivity impacts due to heat stress Current efforts: The Star manages asset performance through maintenance programs, building optimisation activities, environmental performance monitoring, and renewal of critical infrastructure where required. Existing infrastructure includes building management systems, cooling infrastructure, water management systems and stormwater drainage infrastructure across the portfolio. Anticipated efforts: Potential adaptation and mitigation measures, and any associated investment requirements for chronic physical climate risks, may be evaluated through future strategic planning and capital allocation processes as required. Where considered appropriate, maintenance, replacement and improvement activities may be undertaken in response to operational requirements, asset condition assessments and business priorities. Sustainability Report continued Time horizons: Short‑term Medium‑term Long‑term Assumptions & judgements The physical risks and transition risk presented have been aggregated in accordance with The Star’s Materiality and Prospects Framework and AASB aggregation principles, reflecting the common impacts and management responses identified across key transition risks, as well as The Star’s FY26 focus on compliance and organisational transformation. Management considered climate-related opportunities identified through the climate risk and opportunity assessment and scenario analysis process. However, none were assessed as being reasonably expected to affect The Star’s prospects or meet the threshold for disclosure in FY26. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 68
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Transition risk Increasing climate-related regulation, policy, and stakeholder expectations driving cost and compliance pressures The Star operates in an evolving regulatory and stakeholder environment, carbon policy obligations, and rising expectations for climate risk management, emissions reduction targets, and sustainable asset performance, including environmental certifications. This may increase compliance costs and the cost of procuring goods and services due to changes in energy prices and carbon pricing, require additional capital investment for The Star’s property upgrades (e.g. deploying energy-efficient technologies and decarbonisation retrofits), and create legal, reputational and funding risks if expectations are not met. Current and anticipated effects Mitigation and adaptation efforts Business model and value chain exposure: All operations Current effects: • In FY26, The Star did not experience any material impacts arising from climate‑related regulation or stakeholder expectations. Potential anticipated effects: • Increased operating costs (procurement, compliance) • Increased capital expenditure on infrastructure upgrades to support resource efficiency, decarbonisation, and climate resilience, including compliance with property sector sustainability requirements • Increased risk of penalties, fines and legal exposure due to non‑compliance • Increased asset impairment • Reduced access to or increased cost of financing if climate expectations are not met Current efforts: Internal capability was uplifted during FY26 through climate‑related education for Board Directors and Property Board Directors, supporting understanding of CRROs. The Star also maintains environmental performance monitoring and reporting processes, including quarterly tracking of energy consumption, greenhouse gas emissions, water consumption, waste and recycling metrics across the portfolio. Existing governance, sustainability and property management functions support ongoing monitoring of environmental performance and climate‑related reporting requirements. The Star also monitors emerging climate‑related regulatory developments and stakeholder expectations and assesses their potential implications for operations, reporting obligations, asset management activities and compliance requirements. Anticipated efforts: Scope 3 emissions accounting has been identified as an area of focus for FY27 to support The Star’s climate reporting. In addition, The Star will continue to monitor regulatory developments and stakeholder expectations and assess any response actions as they arise. Where relevant, The Star may update policies, processes and asset management activities to respond to evolving regulatory requirements, industry standards and climate‑related compliance obligations. 4.4 Financial effects on The Star’s financial position, financial performance and cash flows Consistent with the climate‑related risks disclosed in Section 4.3, The Star assessed the current and anticipated financial effects of identified physical and transition climate‑related risks across its asset portfolio and operations. Through this assessment, The Star identified that climate‑related risk exposure is primarily concentrated within its asset portfolio and associated revenue‑generating activities. For physical risks, The Star considered the impacts of extreme weather events over the short to medium term, including operational disruptions, asset damage and associated revenue impacts arising from facility closure, reduced visitation, and event cancellations. During the reporting period, The Star did not experience any material financial effects as a result of these risks. Given the limited impact of acute climate‑related events to date, The Star was unable to quantify the anticipated future financial effects associated with these risks. Quantification would require assumptions regarding the frequency and severity of extreme weather events, associated operational disruptions, changes in visitation patterns, insurance market responses, and related repair and asset replacement costs. As these factors remain uncertain and cannot currently be separated from broader operational, commercial and economic influences on financial performance, or forecasted with sufficient reliability, The Star has not quantified the anticipated financial effects of these risks. The Star also considered the potential effects of longer‑term physical climate-related risks across the defined assessment horizons. The Star Sydney and The Star Corporate Office (NSW) were identified as having the greatest exposure to chronic physical risks associated with rising temperatures, while other long‑term risks, such as sea level rise, may affect assets across both NSW and QLD. Although chronic physical climate‑related risks may increase operating, maintenance and workforce‑related costs over time, uncertainty regarding the timing and severity of impacts across The Star’s assets, together with limited forward‑looking business assumptions beyond the short term, means The Star is currently unable to reliably quantify the anticipated financial effects without significant measurement uncertainty. For transition risks, The Star considered the potential impacts of increasing climate‑related regulatory requirements, including carbon pricing and energy cost pressures under increased operating costs. To assess these risks, The Star reviewed operating expenses, including energy and water consumption, and capital expenditure supporting efficiency improvements across its Brisbane, Sydney and Gold Coast properties. However, no material financial impacts from these risks were identified during the reporting period. 69 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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The climate scenario analysis incorporates assumptions regarding future electricity price movements; however, significant uncertainty remains regarding future energy costs due to changes in market conditions, network charges, procurement arrangements, energy demand, regulatory settings and future energy consumption patterns. The Star also assessed the potential financial impacts of renewable energy procurement and determined these were not material at the reporting date. Given this uncertainty, and the inability to isolate climate‑related effects from broader supplier, contractual and market changes, The Star is currently unable to reliably quantify the anticipated financial effects of transition-related risks, including changes in energy costs and potential carbon pricing impacts. Accordingly, quantitative information Sustainability Report continued Very Low Emissions Scenario Aligns with NGFS’ Net Zero 2050 Scenario and AEMO’s Green Energy Exports Scenario. This scenario assumes rapid, globally coordinated climate action to achieve net zero emissions by 2050 and limit warming to around 1.5°C (1.0°C–1.8°C) above pre‑industrial levels by 2100. Strong collaboration between governments, industry and society accelerates renewable energy deployment, electrification and restrictions on fossil fuel use, driving economy‑wide decarbonisation. Assessment of this scenario supports resilience testing, particularly in relation to transition risks, under a low‑warming pathway consistent with the climate resilience assessment requirements of the Corporations Act 2001. Key Assumptions: • Climate Policy: Coordinated global climate action supports net zero emissions by 2050, driving significant emissions reductions across the commercial building sector with commercial building emissions expected to reduce by approximately 100% from 2024 levels by 2050. • Macroeconomic Trends: Carbon prices increase significantly, reaching approximately $488/tCO2e in 2030 and $2,027/tCO2e by 2050, while electricity prices are projected to be 29% lower than 2024 levels by 2050, reflecting the shift to a low-carbon economy1. • National Variable(s): Low population growth, moderate migration, reduced inequality, high GDP per capita growth and lower material consumption. Physical climate impacts are moderated, with lower exposure to extreme heat, flooding and coastal hazards relative to higher warming pathways. • Energy Usage and Mix: Renewable energy dominates the electricity grid, reaching approximately 93% renewable generation by 2030 and 95% by 2050. • Technology: Rapid deployment of renewable energy, electrification, battery storage and low‑carbon infrastructure supports economy‑wide decarbonisation. Low Emissions Scenario Aligns with the IPCC’s “Taking the green road” scenario SSP1 ‑2.6, NGFS Below 2°C Scenario and AEMO’s Step Change Scenario. This scenario assumes gradually more stringent climate policies that limit global warming to well below 2°C (1.3°C–2.4°C) by 2100, supported by partial collaboration between governments, industry and society. Accelerating renewable energy deployment, electrification and emissions reduction efforts drive a progressive low‑carbon transition. Assessment of this scenario alongside a higher‑warming pathway helps demonstrate how climate‑related risks may change under different climate futures and highlights the potential benefits of climate action. It also provides a credible and plausible transition pathway to support resilience planning. Key Assumptions: • Climate Policy: Coordinated global climate action supports net zero emissions by 2050, with commercial building emissions projected to decline by approximately 85% from 2024 levels by 2050. • Macroeconomic Trends: Strong GDP per capita growth is accompanied by increasing carbon prices, reaching $17/tCO2e in 2030 and $1,397/tCO2e by 2050, while electricity prices are projected to decline by 31% by 2050 relative to 2024 levels. • National Variable(s): Low population growth, moderate migration, reduced inequality and lower material consumption. Moderate increases in extreme heat, drought, rainfall intensity and coastal hazards occur, requiring ongoing adaptation and resilience measures. • Energy Usage and Mix: Renewable energy uptake increases significantly, reaching approximately 87% by 2030 and remaining broadly stable through to 2050. • Technology: Continued adoption of renewable energy, electrification and energy-efficiency technologies supports gradual decarbonisation and operational improvement. relating to these anticipated financial effects has not been disclosed. 4.5 Climate resilience 4.5.1. Scenario analysis In FY25, The Star completed a climate‑related scenario analysis to assess the resilience of its strategy, business model, operations and assets under three potential climate futures: a Very Low Emissions Scenario, Low Emissions Scenario and High Emissions Scenario. The assessment considered a range of climate‑related physical and transition risks relevant to the hospitality, tourism and entertainment sectors, including energy transition, physical climate hazards, carbon policy, and stakeholder expectations. Finalised in May 2025, the assessment remained relevant to The Star’s operations and assets during FY26 and, through a review by management during FY26, the scenarios and associated findings were determined to remain relevant and appropriate for use in this Report. The analysis was informed by recognised national and international climate scenarios and data sources, including the Intergovernmental Panel on Climate Change (IPCC), the Network for Greening the Financial System (NGFS), the Australian Energy Market Operator (AEMO), climate model projections associated with the IPCC Sixth Assessment Report (AR6), and other publicly available physical climate and transition datasets. A summary of the climate scenarios and key assumptions from the assessment is provided below. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 70
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1. AEMO retail electricity price indices are projected to be approximately 29% lower than 2024 levels by 2050 under this scenario. These projections represent modelled scenario outputs used for climate resilience assessment and should not be interpreted as forecasts of future electricity costs incurred by The Star. The assumptions above were applied across four key themes: acute and chronic physical climate impacts, emerging carbon reduction policies, the pace of the clean energy transition and associated energy price changes and increasing stakeholder expectations relating to climate. As emissions reduction expectations within the services sector increase, The Star may face heightened reputational and compliance‑related risks if it does not demonstrate continued progress in managing CRROs. Under the Very Low and Low Emissions Scenarios, increasing renewable energy uptake and broader energy system transformation may influence energy market outcomes over time. The scenario analysis incorporates modelled AEMO National Electricity Market (NEM) retail electricity price indices as inputs to support climate resilience testing; however, these assumptions should not be interpreted as forecasts of future electricity prices or energy costs incurred by The Star. Actual electricity costs may differ from these modelled outcomes due to changes in market conditions, network charges, regulatory settings, transmission infrastructure investment, procurement arrangements and future energy demand. Increasing renewable energy uptake under these scenarios is also expected to contribute to lower grid emissions intensity over time, supporting reductions in The Star’s Scope 2 emissions and providing opportunities to review future energy procurement strategies as Australia’s energy transition continues. Under the High Emissions Scenario, The Star faces increasing exposure to acute and chronic physical climate hazards, particularly extreme heat, flooding and storm surge events. Rising temperatures, more intense rainfall and more frequent storm surge events may disrupt operations, damage assets and infrastructure, reduce customer visitation, and increase maintenance, adaptation and insurance costs. By 2050, extreme rainfall intensity is projected to increase by up to 23%, while 1‑in‑100‑year storm surge events may occur up to four times more frequently. Temperatures across The Star’s asset portfolio are also projected to increase by up to 2.9°C, increasing energy demand and placing additional pressure on operational resilience and asset performance. Collectively, these impacts may adversely affect revenue generation and increase operating and capital expenditure over time. High Emissions Scenario Aligns with the IPCC’s “Fossil‑fuelled Development” scenario SSP5‑8.5. This scenario represents a business‑as‑usual future in which governments and markets make limited changes to existing policies and investments in low‑carbon technologies, resulting in warming of more than 4°C (3.3°C–5.7°C) by 2100. Continued reliance on fossil fuels, energy‑intensive economic growth and limited global coordination on climate action drive increasing climate impacts. Assessment of this scenario helps evaluate the potential impacts of limited climate action on The Star’s identified climate-related risks, particularly physical risks. It also supports climate resilience assessment by considering a higher‑warming future in which global average temperatures substantially exceed 2°C, as required by the Corporations Act 2001. Key Assumptions: • Climate Policy: Emissions reduction efforts remain largely limited to existing policies, with limited global coordination and ongoing reliance on fossil fuels. • Macroeconomic Trends: Strong GDP per capita growth and high material consumption continue to drive demand for energy‑intensive activities and infrastructure. • National Variable(s): Low population growth, high migration and reduced inequality coincide with escalating physical climate impacts, including more frequent and severe extreme heat, bushfires, drought, extreme rainfall and coastal hazards. Sea levels rise by approximately 18 cm by 2050, 1‑in‑100‑year storm surge events occur up to 2.6 times more frequently, and annual temperatures increase, with around six additional days above 35°C. • Energy Usage and Mix: Energy systems remain more emissions‑intensive for longer, with slower decarbonisation and increasing demand for cooling and climate adaptation measures. • Technology: Slower deployment of low‑carbon technologies results in greater reliance on adaptation measures, resilience investments and asset protection initiatives to manage escalating physical risks. 71 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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4.5.2 Climate Resilience The Star’s climate resilience is assessed against its ability to continue delivering its integrated resort strategy, and its ability to adapt its strategy, while maintaining regulatory compliance, customer visitation, asset performance and financial sustainability under the three identified emissions scenarios. The following mechanisms support The Star’s resilience and adaptive capacity under the assessed climate scenarios: Financial flexibility: The scenario analysis indicates that climate-related financial impacts are likely to emerge progressively over time, allowing The Star to respond through established operational planning, capital allocation, and site-specific asset management processes. The Star’s climate resilience is supported by its ability to assess and allocate financial resources through established budgeting, capital allocation and asset management processes. As the potential financial impacts identified through the scenario analysis are expected to emerge progressively over time, management considers there is flexibility to adjust operational priorities and capital expenditure plans in response to emerging climate‑related risks and opportunities. The Star did not deploy capital specifically towards climate‑related risks and opportunities during the reporting period. Under the Very Low and Low Emissions Scenarios, increasing renewable energy uptake, changes in grid emissions intensity and other transition‑related factors may influence The Star’s operating environment and cost profile over time. Actual financial outcomes will depend on a range of factors, including future energy market conditions, regulatory settings, infrastructure investment and procurement arrangements. Under the High Emissions Scenario, additional expenditure may be required to strengthen asset resilience, respond to extreme weather impacts and manage increasing insurance and maintenance costs to prevent impacts on revenue caused by operational downtime or asset damage. Current and anticipated climate‑related investments: The Star undertakes capital expenditure and maintenance activities across its asset portfolio to support operational performance, asset reliability and resilience. Consistent with the mitigation and adaptation efforts described in Section 4.3, these activities may include building optimisation initiatives, energy and water performance improvements, cooling infrastructure upgrades, stormwater and drainage works, flood resilience measures, and the renewal of critical plant and equipment where required. The Star did not deploy capital specifically towards climate‑related risks and opportunities during FY26. While certain maintenance and infrastructure projects may contribute to resilience and environmental outcomes, they were not undertaken as climate‑related investments and have therefore not been classified as climate‑related capital expenditure. Climate‑related risks may be considered as part of future asset management capital allocation, investment and disposal decision‑making processes across the short, medium and long term; however, The Star has not committed to any specific future climate‑related investments or disposal activities as at the reporting date. Ability to adapt to assets: The Star’s resilience is supported by its ability to adapt its strategy and assets in response to evolving market conditions and climate‑related risks. This includes the implementation of site-specific adaptation and mitigation measures, and asset upgrades where appropriate, to manage climate risk exposure. Assumptions and uncertainties: The analysis is subject to limitations relating to the availability, quality and granularity of climate‑related data and assumptions, particularly across the value chain. The resilience assessment also assumes that The Star can allocate sufficient capital to implement climate- related adaptation and mitigation measures and support relevant response strategies when required. While the scenario analysis was finalised in May 2025, the outcomes remain relevant to assets that continue to be owned or operated by The Star in FY26. Management reviewed the applicability of the scenario analysis outcomes across The Star’s FY26 reporting boundary and determined that the findings remain applicable to the Gold Coast Convention and Exhibition Centre, reflecting its operational connection to The Star Gold Coast and the comparable nature of its hospitality, events and entertainment activities. Accordingly, management considers it to be exposed to similar CRROs. Sustainability Report continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 72
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5. CLIMATE‑RELATED RISK MANAGEMENT The Star manages broader business risks through the ERMF, which is applicable across The Star’s three main properties. The ERMF, together with The Star’s Risk Appetite Statement, provides the framework for managing organisational risk, including risk assessment and escalation processes, and supports the successful implementation of strategy by guiding risk‑informed decision‑making. Climate‑related risks are considered as an Environmental and Social sustainability risk under The Star’s Strategic Risk Taxonomy. The Star manages these risks in line with its ‘3LOA model’ to identify and manage risks and to provide assurance that critical controls are effective in managing those risks. Risks are reported to The Star Leadership Team and Property Risk Committees on an ongoing basis and updates are provided to the Risk & Compliance Committee quarterly. 5.1 Climate risk and opportunity assessment process The process outlined below was used to identify, assess, review and monitor CRROs. 1. Identification In FY25, an initial list of CRROs relevant to The Star’s business environment and operations was developed through a review of internal data and documentation, past climate‑related impacts, stakeholder inputs, regulatory developments and external research. Consideration was given to both physical and transition climate‑related risks across The Star’s operations and value chain, including assets, employees, suppliers and customers. 2. Assessment Identified CRROs were assessed to understand their potential effects on The Star’s business model, strategy, operations and financial position. The assessment considered potential business and financial impacts, existing management responses, and mitigation and adaptation activities. As addressed in Section 4.5.1., Climate‑related scenario analysis was used to support assessment of the potential impacts, financial effects and resilience of identified CRROs under different climate futures. The outcomes of this assessment informed the CRROs selected for further consideration and disclosure. 3. Review In FY26, management reviewed the CRROs identified through the FY25 assessment to determine which risks and opportunities could reasonably be expected to affect The Star’s prospects and should be disclosed in this Report. The review included value chain mapping to identify activities, assets, suppliers and value chain participants potentially exposed to climate‑related impacts and considered the outcomes of the climate scenario analysis. The outcomes of the assessment were reviewed against The Star’s Materiality and Prospects Framework, which was developed to support The Star’s assessment of climate‑related risks and opportunities under AASB S2. The Framework considers the nature, likelihood and potential magnitude of climate‑related impacts on The Star’s cash flows, access to finance and cost of capital over the short, medium and long term. Management applies both quantitative and qualitative criteria, potential financial and operational impacts, regulatory and licence‑to‑operate considerations, implications for financing and liquidity, and potential effects on business resilience and strategic objectives. Where CRROs shared common drivers, potential impacts or management responses, they were aggregated to support concise and decision‑useful disclosures. Climate‑related risks identified through the assessment are considered alongside other strategic risks and, where appropriate, may be incorporated into The Star’s Enterprise Risk Management Framework and ongoing risk management processes. 4. Monitoring The RCC monitors sustainability risks and provides recommendations to the Board on sustainability‑related policies, frameworks, objectives and initiatives. CRROs are monitored through The Star’s governance, sustainability and risk management processes and are considered alongside other strategic and emerging risks. Management periodically reviews CRROs to reflect changes in The Star’s operations, asset portfolio, regulatory environment and emerging climate‑related developments. The outcomes of these reviews support ongoing risk management activities and future climate‑related disclosures. 73 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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6. CLIMATE‑RELATED METRICS 6.1 GHG emissions overview The Star has applied the jurisdictional relief available under AASB S2 and has utilised greenhouse gas emissions data prepared in accordance with the National Greenhouse and Energy Reporting Act 2007 (NGER Act) and the National Greenhouse and Energy Reporting (Measurement) Determination. Accordingly, The Star’s Scope 1 and Scope 2 greenhouse gas (GHG) emissions have been measured using methodologies, assumptions and emission factors prescribed under the NGER framework. 6.1.1 Measurement of greenhouse gas emissions The table below provides an overview of The Star’s greenhouse gas emissions. In FY25, to support Destination Brisbane Consortium’s (DBC) sustainability certifications, The Star Brisbane, in its capacity as operator of designated areas within the Queen’s Wharf Brisbane precinct, acquired Large‑scale Generation Certificates (LGCs) under a five-year contractual arrangement to cover electricity consumption at the site. The certificates acquired for the first year of electricity consumption under the arrangement were surrendered during FY26, which was subsequently accepted by the Clean Energy Regulator. Following The Star’s exit from the DBC joint venture on 1 April, responsibility for the remaining rights and obligations under the five-year LGC arrangement was transferred to DBC. Accordingly, The Star did not acquire any LGCs under this arrangement during FY26 and is no longer a party to the contract. 6.1.2 Emissions boundary The Star measures greenhouse gas (GHG) emissions in accordance with the National Greenhouse and Energy Reporting (NGER) Act 2007 and applies an operational control approach to define its reporting boundary. For the purpose of this Report, this includes operations where The Star has authority to introduce and implement operations policies, consistent with the Greenhouse Gas Protocol. This approach enables The Star to measure and report emissions from operations over which it has the authority to implement environmental and operational policies and climate‑related risk management actions, providing information that is most relevant to the management of climate‑related risks and opportunities. The approach is also consistent with The Star’s existing NGER reporting processes and governance framework. 6.1.3 Measurement of scope 1 emissions The Group’s emissions boundary includes operations over which The Star has operational control, regardless of ownership interest. According, emissions associated with assets managed by The Star have been included within the Group’s emissions inventory for FY26. The Star’s Scope 1 emissions represent direct greenhouse gas emissions arising from sources owned or controlled by The Star. These primarily comprise emissions that result from the stationary combustion of on‑site natural gas for heating across The Star’s facilities. These emissions were calculated using a fuel‑based method, whereby natural gas consumption was multiplied by relevant emission factors from the Australian National Greenhouse Accounts 2025 (NGA). The activity data for natural gas was obtained from utility invoices for all properties over which The Star has operational control. Assumptions & Estimation Natural gas consumption represented approximately 96.5% of The Star’s Scope 1 greenhouse gas emissions in FY25 under NGER. The remaining Scope 1 emissions primarily relate to refrigerant leakage and stationary diesel consumption. Given the relatively small contribution of these sources to The Star’s overall Scope 1 emissions profile, actual activity data was obtained for the principal emission sources, being natural gas, fleet fuel and LPG consumption, while refrigerant and stationary diesel emissions were estimated based on FY25 usage data. 6.1.4 Measurement of scope 2 emissions The Star’s Scope 2 emissions represent indirect greenhouse gas emissions arising from the generation of electricity purchased and consumed across The Star’s property portfolio in Australia. These were calculated using the location-based method, which reflects the average emissions intensity of the electricity grid in each state or territory in which The Star operates. Electricity consumption data (kWh) for the reporting period was obtained from invoiced and metered data compiled by The Star’s property management systems. The emissions were calculated by multiplying electricity consumption by state-specific emission factors sourced from the Australian NGA Factors for the reporting year. Sustainability Report continued FY26 total greenhouse gas emissions Emissions t‑CO2e Scope 1 Scope 2 (location‑ based method) Total Consolidated Accounting Group 7,875 56,412 64,287 Equity Accounted Investments 1,410 19,675 21,085 Managed Assets 688 10,013 10,701 Total 9,973 86,100 96,073 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 74
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Climate-related vulnerability metrics2 Climate‑related physical risk Vulnerability metric Percentage of assessed assets exposed1 Extreme weather events impacting operations, assets and customer access (acute) Assets with large exposure to bushfire risk (2050, high emissions scenario) 100% Extreme weather events impacting operations, assets and customer access (acute) Assets with large exposure to extreme rainfall intensity (2050, high emissions scenario) 50% Extreme weather events impacting operations, assets and customer access (acute) Assets with large exposure to storm surge events (2050, low emissions scenario) 100% Longer‑term climate shifts impacting operating costs, asset performance and customer experience (chronic) Assets with large exposure to increases in highest annual temperatures (2050, low emissions scenario) 86% Longer‑term climate shifts impacting operating costs, asset performance and customer experience (chronic) Assets with large exposure to prolonged drought conditions (2050, low emissions scenario) 21% Longer‑term climate shifts impacting operating costs, asset performance and customer experience (chronic) Assets with large exposure to sea level rise (2050) 100% Assumptions & estimation The following assumptions and estimation techniques were applied in calculating Scope 2 emissions: • Electricity consumption includes both actual and accrual data for the reporting period. Where invoices had not been issued at the reporting date or did not cover the full reporting period, consumption was estimated using historical usage patterns in accordance with The Star’s environmental data management process. 6.2 Internal carbon price The Star does not currently apply an internal carbon price in decision‑making and therefore does not use a carbon price per tonne of CO2‑e when assessing climate‑related risks, opportunities or investment decisions. 6.3 Additional metrics 6.3.1 Emissions intensity The Star monitors carbon emissions intensity across its portfolio to assess operational efficiency and track performance over time. Emissions intensity metrics1 Metrics FY26 Emissions intensity (MJ/visitor) 6.96 Emissions intensity (tCO2e/area) 0.24 Assumptions & estimation • Visitation data is based on gaming floor attendance at The Star Sydney, The Star Gold Coast and The Star Brisbane and may contain duplicate visits or include individuals transiting through properties. • Floor area is measured using Conditioned Floor Area (CFA). CFA values are estimated at the site level and should be considered indicative, with potential limitations arising from estimation methodologies. 6.3.2 Vulnerability metrics The Star monitors climate‑related vulnerability metrics to understand the extent to which its assets are exposed to material climate‑related physical risks. Vulnerability metrics are based on the FY25 climate scenario analysis and represent the proportion of assets assessed as having large exposure to each climate hazard under the assessed scenarios and time horizons. The Star does not currently disclose transition‑risk vulnerability metrics as no internally developed transition vulnerability measure is used for management purposes. 6.4 Climate-related targets As at the reporting date, The Star has not established any quantitative or qualitative climate‑related targets, including greenhouse gas emissions reduction targets. 7. DIRECTORS’ DECLARATION In the opinion of the directors of The Star Entertainment Group Limited (the Company), I state that the Company has taken reasonable steps to ensure that the substantive provisions of the Sustainability Report of the Company and its subsidiaries (collectively The Star) for the year ended 30 June 2026, as presented on pages 64–79, are in accordance with the Corporations Act 2001, including: a) Complying with Australian Sustainability Reporting Standard AASB S2 Climate‑related Disclosures and any further requirements determined under section 296C(2) of the Corporations Act 2001; and b) Containing the climate statement disclosures required by section 296D of the Corporations Act 2001. Made in accordance with a resolution of the directors of The Star Entertainment Group pursuant to section 296A(6) of the Corporations Act 2001, as modified by section 1707C(2) of the Corporations Act 2001. Signed in accordance with a resolution of Directors. Soo Kim Chairman The Star Entertainment Group Limited Board 31 August 2026 1. Information presented in this table has not been subject to external assurance. 2. Vulnerability metrics are based on the FY25 climate scenario analysis undertaken across The Star's operational asset portfolio. Since the assessment was completed, portfolio changes have been limited to asset divestments. 75 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s review report to the members of The Star Entertainment Group Limited Conclusion We have conducted a review of the following information in the Sustainability Report of The Star Entertainment Group Limited (the Company) and its subsidiaries (collectively the Group) for the year ended 30 June 2026 (the ‘selective sustainability information’) as required by Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 issued by the Auditing and Assurance Standards Board (AUASB): Selective sustainability information Criteria: Reporting requirement of AASB S2 Climate-related Disclosures (AASB S2) (including related general disclosures required by Appendix D) Location in Sustainability Report Governance Paragraph 6 ‘Climate-related governance’ section on Page 66 Strategy (risk and opportunities) Subparagraphs 9(a), 10(a) and 10(b) Description of Physical risk 1 and 2 on Page 68 Description of Transition risk 1 on Page 69 Scope 1 and 2 emissions Subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) ‘GHG emissions overview’ section on Pages 74 to 75 The requirements of AASB S2 identified in the table above form the criteria relevant to the selective sustainability information and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the Act). We have not become aware of any matter in the course of our review that makes us believe that the selective sustainability information specified in the table above does not comply with Division 1 of Part 2M.3 of the Corporations Act 2001. Basis for conclusion Our review has been conducted in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements (ASSA 5000) issued by the AUASB. Our review includes obtaining limited assurance about whether the selective sustainability information is free from material misstatement. In applying the relevant criteria, we note that subsection 296C(1) of the Act includes a requirement to comply with AASB S2. Our conclusion is based on the procedures we have performed and the evidence we have obtained in accordance with ASSA 5000. The procedures in a review vary in nature and timing from, and are less in extent than for, an audit. INDEPENDENT AUDITOR’S REVIEW REPORT THE STAR ENTERTAINMENT GROUP 2026 Annual Report 76
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 Consequently, the level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an audit been performed. See the Summary of the Work performed section of our report. Our responsibilities under ASSA 5000 are further described in the Auditor’s responsibilities section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Act and the ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (November 2018 incorporating all amendments to June 2024) (the Code) that are relevant to reviews of the selective sustainability information of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the Code. Our firm applies Australian Standard on Quality Management ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information or Other Assurance or Related Services Engagements, which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Emphasis of matter The Group’s financial report for the year ended 30 June 2026 was issued on 31 August 2026, being the same date as this Sustainability Report. The audit report on the Group’s financial report for the year ended 30 June 2026 included a paragraph on material uncertainties related to going concern. Our conclusion on this Sustainability Report is not modified in respect of this matter. Other information The directors of the Company are responsible for the other information. The other information comprises the Group’s Annual Report, including the Financial Report and the Sustainability Report, but does not include the selective sustainability information and our review report thereon. Our conclusion on the selective sustainability information does not cover the other information and we do not express any form of assurance conclusion thereon. We have issued a separate auditor’s report on the Financial Report and the Remuneration Report. In connection with our review of the selective sustainability information, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the selective sustainability information, or our knowledge obtained when conducting the review, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard . 77 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 3 Responsibilities for the selective sustainability information The directors of the Company are responsible for: ▪ The preparation of the selective sustainability information in accordance with the Act; and ▪ Designing, implementing and maintaining such internal control necessary to enable the preparation of the selective sustainability information, in accordance with the Act that is free from material misstatement, whether due to fraud or error. Inherent limitations As discussed on page 65 of the Report, climate-related risk management is an emerging area, and often uses data and methodologies that are developing and uncertain. The Report contains forward looking statements, including climate-related scenarios, assumptions, climate projections, forecasts, statements of future intentions and estimates and judgements that have not yet occurred and may never occur. We do not provide assurance on the achievability of this prospective information. Greenhouse gas emissions quantification is subject to significant measurement uncertainty, which arises because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. The comparability of sustainability information between entities and over time may be affected by inconsistencies in the methods to estimate or measure those emissions, due to different, but acceptable, methods applied. Auditor’s responsibilities Our objectives are to plan and perform the review to obtain limited assurance about whether the selective sustainability information, defined in the Conclusion section of our report, is free from material misstatement, whether due to fraud or error, and to issue a review report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the selective sustainability information. As part of a review in accordance with ASSA 5000, we exercise professional judgement and maintain professional scepticism throughout the engagement. We also: ▪ Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for the purpose of providing a conclusion on the effectiveness of the entity’s internal control. ▪ Design and perform procedures responsive to assessed risks of material misstatement at the disclosure level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Independent auditor’s review report continued THE STAR ENTERTAINMENT GROUP 2026 Annual Report 78
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[Independent ESG Assurance Report] continued A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 4 Summary of the work performed A review is a limited assurance engagement and involves performing procedures to obtain evidence about the selective sustainability information. The nature, timing and extent of procedures selected depend on professional judgement, including the assessed risks of material misstatement at the disclosure level, whether due to fraud or error. In conducting our review, the procedures we performed included, but were not limited to: ▪ Considered the completeness of The Star Entertainment Group Limited’s assessment of climate- related risks and opportunities ▪ Conducted interviews with key personnel to understand the process for collecting, collating and reporting the selective sustainability information during the reporting period ▪ Read minutes of relevant committees to understand matters discussed and decisions made with respect to climate-related disclosures ▪ Assessed the appropriateness of the reporting boundaries applied ▪ Undertook analytical review procedures to support the reasonableness of the selective sustainability information ▪ Evaluated the appropriateness of emission factors applied in the greenhouse gas emission processes ▪ Agreed the selective sustainability information disclosures made in the report with the underlying records ▪ Evaluated the presentation and disclosure of the selective sustainability information against the requirements of AASB S2 Ernst & Young Scott Jarrett Partner 31 August 2026 79 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Financial Report Financial Report 80 Consolidated Income Statement 81 Consolidated Balance Sheet 82 Consolidated Statement of Cash Flows 83 Consolidated Statement of Changes in Equity 84 Notes to the Financial Statements 85 Consolidated Entity Disclosure Statement 127 Directors’ Declaration 128 Independent Auditor’s Report 129 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 80
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CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2026 2026 2025 Note $m $m Continuing operations RESTATED Revenue A2 1,306.2 1,300.0 Other income A3 1.0 4.4 Government taxes and levies A3 (256.7) (267.2) Employment costs A3 (798.7) (801.8) Depreciation and amortisation A4 (59.9) (59.1) Cost of sales (61.0) (63.6) Property costs (64.5) (67.5) Settlement of tax dispute A7 (55.9) - Advertising and promotions (35.7) (43.8) Regulatory and legal costs A7 (25.4) (20.0) Other expenses (152.4) (150.4) Share of net loss of associate and joint venture entities accounted for using the equity method D4 (1.2) (1.7) Loss before interest and tax (LBIT) from continuing operations (204.2) (170.7) Net finance costs A5 (101.1) (119.4) Loss before income tax (LBT) from continuing operations (305.3) (290.1) Income tax benefit F1 2.1 23.8 Net loss after tax (NLAT) from continuing operations (303.2) (266.3) Discontinued operations Loss after tax for the year from discontinued operations A9 (4.1) (161.6) Net loss after tax (NLAT) (307.3) (427.9) Other comprehensive loss - - Total comprehensive loss for the period (307.3) (427.9) Loss per share: Basic loss per share F2 (6.0) cents (14.9) cents Diluted loss per share F2 (6.0) cents (14.9) cents Loss per share for continuing operations: Basic loss per share F2 (5.8) cents (9.3) cents Diluted loss per share F2 (5.8) cents (9.3) cents The above income statement should be read in conjunction with accompanying notes. Comparatives have been restated to reflect the Group’s discontinued operations (refer to note A9). Consolidated Income Statement For the year ended 30 June 2026 81 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2026 2026 2025 Note $m $m ASSETS Cash and cash equivalents B1 267.1 267.0 Trade and other receivables B2 17.2 21.1 Inventories 10.8 10.7 Assets held for sale A9 83.1 - Restricted deposits B1 68.8 - Other assets F3 86.5 42.6 Total current assets 533.5 341.4 Restricted deposits B1 31.7 96.8 Property, plant and equipment B3 909.5 1,007.5 Intangible assets B4 87.8 89.9 Investment in associates and joint venture entities D4 136.6 153.9 Income tax receivable F1 - 41.2 Other assets F3 20.8 91.6 Total non current assets 1,186.4 1,480.9 TOTAL ASSETS 1,719.9 1,822.3 LIABILITIES Trade and other payables F4 159.4 170.8 Interest bearing liabilities B7 7.6 7.8 Provisions and regulatory matters B6 462.3 463.2 Liabilities held for sale A9 5.3 - Other liabilities F5 129.2 125.9 Total current liabilities 763.8 767.7 Interest bearing liabilities B7 564.0 590.5 Provisions B6 8.0 8.3 Other liabilities F5 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 EQUITY Share capital F6 4,980.0 4,697.1 Accumulated losses (4,607.2) (4,299.9) Reserves F6 4.7 49.6 TOTAL EQUITY 377.5 446.8 The above balance sheet should be read in conjunction with the accompanying notes. Consolidated Balance Sheet As at 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 82
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2026 2026 2025 Note $m $m Cash flows from operating activities Net cash receipts from customers (inclusive of GST) 1,392.9 1,416.0 Payments to suppliers and employees (inclusive of GST) (1,176.0) (1,241.3) Payment of government levies, gaming taxes and GST (272.5) (270.5) Interest received 7.8 7.2 Income taxes received F1 18.1 - Regulatory fines, penalties, duty, consultant, legal and other costs B6 (14.0) (55.5) Net cash inflow from operating activities F7 (43.7) (144.1) Cash flows from investing activities Payments for property, plant, equipment and intangibles (33.6) (68.9) Loans to joint venture entities (28.4) (6.8) Loans from joint venture entities 7.5 44.4 Loans from joint venture partners - 10.0 Payments for investment in associate and joint venture entities - (153.7) Distributions received from joint venture entities 3.0 6.0 Proceeds from sale of property, plant, equipment 0.4 138.7 Net cash inflow/(outflow) from investing activities (51.1) (30.3) Cash flows from financing activities Proceeds from interest bearing liabilities E2 468.5 100.0 Proceeds from issue of convertible debt securities E2 66.7 233.3 Repayment of interest bearing liabilities E2 (407.8) - Payment of restricted deposits B1 (63.6) (96.8) Drawdown of restricted deposits B1 129.3 - Transaction costs related to issues of equity securities or convertible debt securities F6 - (5.7) Finance costs (98.0) (78.5) Interest payment on lease liabilities (1.9) (2.6) Principal payment of lease liabilities (6.0) (7.9) Net cash outflow from financing activities 87.2 141.8 Net decrease in cash and cash equivalents (7.6) (32.6) Net foreign exchange difference 7.7 - Cash and cash equivalents at beginning of the year 267.0 299.6 Cash and cash equivalents at end of the period B1 267.1 267.0 The above statement of cashfllows should be read in conjunction with the accompanying notes. Consolidated Statement of Cash Flows For the year ended 30 June 2026 83 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2026 Ordinary shares Treasury shares Accumulated losses Convertible notes reserve Shared based payment reserve Total Note $m $m $m $m $m $m 2026 Balance at 1 July 2025 4,702.1 (5.0) (4,299.9) 39.8 9.8 446.8 Loss for the year - - (307.3) - - (307.3) Other comprehensive loss - - - - - - Total comprehensive income - - (307.3) - - (307.3) Convertible notes (net of tax) - - - 11.1 - 11.1 Issue of share capital (net of tax) - 26 November 2025 F6 276.2 - - (50.9) - 225.3 Shares purchased for future employee share programs F6 - (1.7) - - - (1.7) Shares issued to settle employee share programs F6 - 6.7 - - (6.7) - Employee share based payments F8 1.7 - - - 1.6 3.3 Balance at 30 June 2026 4,980.0 - (4,607.2) - 4.7 377.5 2025 Balance at 1 July 2024 4,702.1 (6.4) (3,872.0) - 9.6 833.3 Loss for the year - - (427.9) - - (427.9) Other comprehensive loss - - - - - - Total comprehensive income - - (427.9) - - (427.9) Shares issued to settle employee share programs F6 - 1.4 - - - 1.4 Convertible notes (net of tax) - - - 39.8 - 39.8 Employee share based payments F8 - - - - 0.2 0.2 Balance at 30 June 2025 4,702.1 (5.0) (4,299.9) 39.8 9.8 446.8 The above statement of changes in equity should be read in conjunction with the accompanying notes. Consolidated Statement of Changes in Equity For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 84
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 CONTENTS A KEY INCOME STATEMENT DISCLOSURES A1 SEGMENT INFORMATION .......................................................................................................................................... 86 A2 REVENUE....................................................................................................................................................................................... 87 A3 OTHER INCOME AND EXPENSES ............................................................................................................................................... 87 A4 DEPRECIATION AND AMORTISATION...................................................................................................................................... 88 A5 NET FINANCE COSTS ................................................................................................................................................................. 88 A6 DIVIDENDS ................................................................................................................................................................................... 88 A7 SIGNIFICANT ITEMS .................................................................................................................................................................... 89 A8 LEASES ......................................................................................................................................................................................... 89 A9 DISCONTINUED OPERATIONS .................................................................................................................................................. 90 B KEY BALANCE SHEET DISCLOSURES B1 CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS .............................................................................. 91 B2 TRADE AND OTHER RECEIVABLES .......................................................................................................................... 91 B3 PROPERTY, PLANT AND EQUIPMENT .........................................................................................................................92 B4 INTANGIBLE ASSETS ................................................................................................................................................. 93 B5 IMPAIRMENT TESTING ............................................................................................................................................... 94 B6 PROVISIONS, CONTINGENT LIABILITIES AND REGULATORY MATTERS ............................................................................ 95 B7 INTEREST BEARING LIABILITIES ............................................................................................................................. 98 C COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS C1 CAPITAL COMMITMENTS ........................................................................................................................................ 100 C2 SUBSEQUENT EVENTS ............................................................................................................................................ 100 D GROUP STRUCTURES D1 RELATED PARTY DISCLOSURE ............................................................................................................................... 101 D2 PARENT ENTITY DISCLOSURES ............................................................................................................................. 103 D3 KEY MANAGEMENT PERSONNEL DISCLOSURES .................................................................................................. 104 D4 INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES ............................................................................. 104 E RISK MANAGEMENT E1 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES ............................................................................. 106 E2 ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES ....................................................................................... 110 F OTHER DISCLOSURES F1 INCOME TAX .............................................................................................................................................................. 111 F2 LOSS PER SHARE ..................................................................................................................................................... 113 F3 OTHER ASSETS .......................................................................................................................................................... 114 F4 TRADE AND OTHER PAYABLES................................................................................................................................................ 114 F5 OTHER LIABILITIES ................................................................................................................................................... 115 F6 SHARE CAPITAL AND RESERVES ............................................................................................................................ 115 F7 RECONCILIATION OF NET LOSS AFTER TAX TO NET CASH INFLOWS FROM OPERATIONS ........................................... 116 F8 EMPLOYEE SHARE PLANS ....................................................................................................................................... 117 F9 AUDITOR’S REMUNERATION ................................................................................................................................... 119 G ACCOUNTING POLICIES AND CORPORATE INFORMATION............................................................................................. 120 Notes to the Financial Statements For the year ended 30 June 2026 85 OverviewOperating and 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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 A KEY INCOME STATEMENT DISCLOSURES A1 SEGMENT INFORMATION The Group’s operating segments have been determined based on the internal management reporting structure and the nature of products and services provided by the Group. They reflect the business level at which financial information is provided to those in the roles of executive decision makers, being the Group Chief Executive Officer and Managing Director and the Group Chief Financial Officer, for decision making regarding resource allocation and performance assessment. The Group has three reportable segments: Sydney Comprises The Star Sydney’s casino operations, including hotels, restaurants, bars and other entertainment facilities. Gold Coast Comprises The Star Gold Coast’s casino operations, including hotels, restaurants, bars and other entertainment facilities. The Star Brisbane Comprises management of The Star Brisbane, including casino operations, hotel, restaurants, bars and other entertainment facilities, in exchange for an operator fee. Sydney Gold Coast The Star Brisbane Un- allocated Total 2026 Note $m $m $m $m $m Segment revenue a 621.3 420.0 264.9 - 1,306.2 Segment (loss)/earnings before interest, tax, depreciation, amortisation and significant items ((LBITDA)/EBITDA) b (32.7) 37.0 (20.4) - (16.1) Share of associate/joint venture results b D2 - - - (1.2) (1.2) Depreciation and amortisation b A4 (35.7) (19.8) (4.4) - (59.9) Significant items A7 (144.3) (144.3) Net finance costs b (67.2) (67.2) Loss before income tax from continuing operations (305.3) Capital expenditure 14.2 16.7 - - 30.9 a The Star Brisbane segment revenue includes $59.7 million in operator fees and $205.2 million in contracted revenue (refer to note A2). b These items are before significant items (refer to note A7). Sydney Gold Coast The Star Brisbane Un- allocated Total 2025 $m $m $m $m $m Segment revenue a 685.0 410.6 204.4 - 1,300.0 Segment (loss)/earnings before interest, tax, depreciation, amortisation and significant items ((LBITDA)/EBITDA) b (47.7) 21.8 (50.3) - (76.2) Share of associate/joint venture results b - - (1.7) (1.7) Depreciation and amortisation b A4 (38.6) (19.5) (1.0) - (59.1) Significant items A7 (104.8) (104.8) Net finance costs b (48.3) (48.3) Loss before income tax from continuing operations (290.1) Capital expenditure 30.0 17.3 8.8 - 56.1 a The Star Brisbane segment revenue includes $29.6 million in operator fees and $174.8 million in contracted revenue (refer to note A2). b These items are before significant items (refer to note A7). NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 86
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 A2 REVENUE 2026 2025 $m $m Gaming 611.3 661.8 Non-gaming 430.0 433.8 Operator fee a 59.7 29.6 1,101.0 1,125.2 Contracted cost recovery b 205.2 174.8 Total Revenue 1,306.2 1,300.0 a Operator Fee revenue is charged at a fixed $1.5 million per month fee from 1 April 2026, in accordance with the amended JVP Transaction. Between 1 July 2025 and 31 March 2026, Operator Fee revenue was charged at a fixed $5.0 million per month (2025: the Operator Fee revenue was calculated as a percentage of The Star Brisbane revenue and EBITDA). Of the $59.7 million, $10.2 million relates to FY25 operator fees held in escrow pending completion of Stage 1 of the JVP Transaction, which occurred in March 2026 (refer to note C1). b The Group has a contracted cost recovery agreement with the DBC Integrated Resort joint venture (refer to note G). Contracted costs include $191.8 million (2025: $164.2 million) of employment and $13.4 million (2025: $10.6 million) of other shared costs. Revenue Revenue is recognised when the Group satisfies its obligations in relation to the provision of goods and services to its customers in the ordinary course of business. Revenue is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for performing these obligations, including any discounts, rebates, price concessions, incentives or performance bonuses. Revenue is constrained such that the significant reversal of revenue in a future period is not highly probable. Revenue comprises net gaming win, less player and gaming promoter rebates and promotional allowances, other non-gaming revenue from hotels, restaurants and bars, the DBC operator fee and the DBC contracted cost recovery. The Group has a contract with the DBC Integrated Resort joint venture to supply labour and other shared costs in relation to the components of the DBC Integrated Resort for which the Group is operator (Contracted Costs). Revenue is recognised when the Group satisfies its obligations in relation to the provision of the goods and services associated with the Contracted Costs. The recovery of costs is at cost with no margin. A3 OTHER INCOME AND EXPENSES Loss before income tax is stated after accounting for the following expenses and significant items: 2026 2025 OTHER INCOME: $m $m Net foreign exchange gain 0.1 - Gain on disposal of assets 0.7 4.4 Other 0.2 - 1.0 4.4 GOVERNMENT TAXES AND LEVIES (INCLUDING GAMING GST): New South Wales 176.8 191.1 Queensland 79.9 76.1 256.7 267.2 EMPLOYMENT COSTS: Salaries, wages, bonuses, redundancies and other benefits 728.5 734.5 Defined contribution plan expense (superannuation guarantee charges) 68.6 65.8 Shared based payment expense (refer to note F8) 1.6 1.5 798.7 801.8 Employment costs includes $30.9 million of reorganisation and employment costs (2025: $12.6 million) (refer to note A7). Total employment costs for the year includes $191.8 million (2025: $164.2 million) of labour contracted for The Star Brisbane, recovered through the contracted cost recovery (refer to note A2). 87 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 A4 DEPRECIATION AND AMORTISATION 2026 2025 $m $m Property, plant and equipment (refer to note B3) 46.5 49.8 Intangible assets (refer to note B4) 12.8 8.5 Other 0.6 0.8 Total depreciation and amortisation 59.9 59.1 Depreciation is calculated using a straight line method. The useful lives over which the assets are depreciated are as follows: Freehold and leasehold buildings 10 - 95 years Leasehold improvements 4 - 75 years Plant and equipment 5 – 20 years Software 3 – 10 years Licences Until expiry Operating equipment (which includes uniforms, kitchen utensils, crockery, cutlery and linen) is recognised as a depreciation expense based on usage. The period of usage depends on the nature of the operating equipment. Right of use assets, which includes plant, equipment and property, is depreciated on a straight line basis over the shorter of its estimated useful life and the lease term. The Group's lease portfolio includes assets with lease terms between 1 and 99 years. The residual values and useful lives are reviewed annually, and adjusted if appropriate, at each financial reporting date. A5 NET FINANCE COSTS 2026 2025 $m $m Interest on borrowings 70.5 48.6 Group funding costs 17.3 71.1 Revaluation of foreign currency funding 16.6 - Borrowing costs 5.5 5.0 Leases interest 1.1 1.3 Interest income (9.9) (6.6) Net finance costs recognised in the income statement a 101.1 119.4 a Net finance costs include the following significant items (refer to note A7): $17.3 million of costs including amendment of the Syndicated Facility Agreement ( SFA) and other funding costs. In the prior period, $71.1 million including debt refinancing, release of previously unamortised borrowing costs on amendment of debt and costs incurred for the amendment of debt. A6 DIVIDENDS No final dividend was declared. 2026 2025 Franking credit balance $m $m Amount of franking credits available to shareholders 35.9 77.1 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 88
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 A7 SIGNIFICANT ITEMS Loss before income tax (LBT) is stated after accounting for the following significant items: 2026 2025 Continuing operations $m $m Dispute settlements a 55.9 - Reorganisation and employment costs b 36.2 13.2 Regulatory, fines, penalties, duty, consultant, legal and other costs c 25.4 20.0 Debt refinancing costs d 17.3 71.1 JVP Transaction costs e 9.5 1.8 Profit on sale of assets f - (1.3) Net significant items 144.3 104.8 Tax on significant items - - Significant items net of tax 144.3 104.8 Discontinued operations Impairment g - 107.6 Net significant items - 107.6 Tax on significant items - - Significant items net of tax - 107.6 Total significant items net of tax 144.3 212.4 a Settlement with the Commissioner of Taxation (Commissioner) of disputes in relation to GST and withholding tax treatment of payments made to junket operators. The Group had previously paid the Commissioner $88.3 million of the disputed amount. As part of the settlement, the Commissioner will refund $33.4 million to the Group. The remaining $54.9 million, along with $1.0 million of prepaid withholding taxes, has been written off (refer to note F3). b Reorganisation and employment costs incurred to streamline the Group operations. Costs were incurred in relation to consultancy services relating to the efficacy of the Group’s processes, employee redundancies and executive termination payments. In the prior period, redundancy costs associated with the Group’s reorganisation. c Regulatory, fines, penalties, underpaid casino duty, consultant, legal, Manager, Special Manager and other costs, including movements in regulatory and legal provisions. d Group funding costs include costs incurred for the amendment of the SFA in September 2025 of $10.6 million, and debt and other funding costs of $6.7 million. The prior period included previously unamortised borrowing costs associated with the SFA, released on amendment in November 2024 of $26.9 million, costs incurred for the amendment of the SFA in November 2024 of $20.5 million, and debt refinancing costs in 2H FY25 of $23.7 million. e Costs associated with the agreement to exit DBC and consolidate the Group’s Gold Coast position (refer to note C1). f Gain on sale of The Star Sydney Event Centre and other additional spaces within The Star Sydney complex to Foundation Theatres in the prior period. g Impairment of investment in DBC joint venture in the prior period. A8 LEASES 2026 2025 $m $m Depreciation expense of right-of-use assets (refer to note B3) 0.6 0.6 Interest expense on lease liabilities (refer to note A5) 1.1 1.3 1.7 1.9 89 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 A9 DISCONTINUED OPERATIONS On 12 August 2025, the Company announced to the ASX that it had entered into binding long form transaction documents with its joint venture partners, being Chow Tai Fook Enterprises Limited and Far East Consortium International Limited (the Joint Venture Partners ) in respect of its stapled equity interest in Destination Brisbane Consortium Pty Ltd and the Destination Brisbane Consortium Integrated Resort Holding Trust (the JVP Transaction). The JVP Transaction involves the Group disposing of its 50% equity interest in DBC, the Treasury Brisbane Hotel and Car Park and 50% interest in Charlotte Street Car Park, and acquiring the equity interests of the Joint Venture Partners in DGCC. The JVP Transaction was structured to complete in two separate stages: 1. Completion of the exit from DBC, being the first stage (Stage 1) and; 2. Completion of the remaining assets included in the JVP Transaction (including DGCC, the Treasury Brisbane Hotel and Car Park and a 50% interest in Charlotte Street Car Park) (Stage 2). On 31 March 2026, the Group completed Stage 1 by disposing of its 50% equity interest in DBC. The completion of Stage 2 is subject to a separate set of conditions precedent. The parties continue to work towards completion for these remaining assets and currently expect to satisfy the conditions precedent no later than 31 March 2027. At 31 March 2026, the Treasury Brisbane Hotel and Car Park and investment in Charlotte Street Car Park were also classified as assets held for sale and as discontinued operations. The business of Treasury Brisbane Hotel and Car Park represented the entirety of the Group’s Treasury Brisbane operating segment until 31 March 2026. The investment in DBC formed part of The Star Brisbane segment, also until 31 March 2026. Following their classification as discontinued operations, both components are no longer presented in the segment note (refer to note A1). The results of the discontinued operations are presented below: 2026 2025 $m $m Revenue 15.0 62.3 Expenses a (18.3) (176.5) Share of net loss of entities accounted for using the equity method - (46.2) Finance costs (0.8) (1.2) Loss before tax (LBT) from discontinued operations (4.1) (161.6) Income tax expense/(benefit) related to current pre-tax profit/(loss) - - Post-tax profit/(loss) of discontinued operations (4.1) (161.6) Profit/(loss) after tax for the period from discontinued operations (4.1) (161.6) Loss per share Basic loss per share (0.2) cents (5.6) cents Diluted loss per share (0.2) cents (5.6) cents a Expenses in the pcp includes $107.6 million related to the impairment of the investment in DBC (refer to note A7). The net cash flows (incurred by Treasury Brisbane, DBC and Festival Carpark are, as follows: Operating (0.6) (0.9) Investing - (153.7) Financing (0.7) (1.8) Net cash outflow (1.3) (156.4) The major classes of assets and liabilities classified as held for sale at 30 June 2026 are as follows: Assets Investment in Festival Carpark 14.0 Treasury Brisbane Hotel and Carpark property, plant, equipment and intangibles 69.1 Liabilities Treasury Brisbane Hotel and Carpark lease liabilities (5.3) Assets held for sale 77.8 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 90
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 B KEY BALANCE SHEET DISCLOSURES B1 CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS 2026 2025 $m $m CURRENT Cage cash 16.9 32.7 Bank balances 227.6 23.3 Short term deposits - unrestricted 22.6 211.0 Cash and cash equivalent 267.1 267.0 Restricted deposits – current 68.8 - Restricted deposits – non current 31.7 96.8 Cash and cash equivalents and restricted deposits 367.6 363.8 At 30 June 2026, the Group had total cash and cash deposits of $367.6 million (2025: $363.8 million), comprising $267.1 million (2025: $267.0 million) of cash and cash equivalents and $100.5 million (2025: $96.8 million) of restricted deposits. Restricted deposits comprises $68.8 million (2025: nil) held in an Interest Reserve Account ( IRA) to fund the first year of interest payments on the USD Term Facility, cash backed bank guarantees (property leases and transactional banking facilities) and security relating to workers compensation cover. Cage cash includes monies held physically on the gaming floor for the day-to-day operation of the casino gaming floor activities. B2 TRADE AND OTHER RECEIVABLES 2026 2025* $m $m Trade receivables 34.1 38.1 Less provision for impairment (30.8) (30.1) Net trade receivables 3.3 8.0 Other receivables - DBC 4.1 4.1 Other receivables 9.8 9.0 17.2 21.1 * Comparatives have been re-presented to match the current year presentation. Trade receivables are non-interest bearing and are generally on 30 day terms. (i) PROVISIONS FOR IMPAIRMENT RECONCILIATION 2026 2025 $m $m Balance at beginning of year (30.1) (32.9) Increase in bad and doubtful debts a (0.9) (0.5) Less amounts written off during the year 0.2 3.3 (30.8) (30.1) a These amounts are included in other expenses in the income statement. OTHER RECEIVABLES Other receivables are not past due or considered impaired. It is expected that these balances will be received as they fall due. Impairment of trade receivables The Group impairment analysis is performed at each reporting date to measure expected credit losses. The provision reflects the probability-weighted outcome of reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Debtor balances have been individually assessed based on criteria, including: patron's financial circumstances; payment history; relationship with the Group; international gambling activity; and whether a legal claim has commenced to collect the balance. 91 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 B3 PROPERTY, PLANT AND EQUIPMENT 2026 Freehold land Freehold and leasehold buildings Leasehold improve- ments Plant and equipment Right of use asset Total Cost Note $m $m $m $m $m $m Opening balance 72.6 2,598.9 153.4 1,028.1 52.0 3,905.0 Additions - 3.2 - 15.8 - 19.0 Disposals / write offs - (0.1) - (13.3) (0.2) (13.6) Transferred to assets held for sale A9 - (0.5) (137.8) (0.9) (5.0) (144.2) Reclassifications / transfer - 0.1 - 0.4 - 0.5 Closing balance 72.6 2,601.6 15.6 1,030.1 46.8 3,766.7 Accumulated depreciation Opening balance - 1,818.3 89.2 949.6 40.4 2,897.5 Depreciation expense A4 - 30.4 - 15.5 0.6 46.5 Depreciation expense (discontinued operations) A9 - - 1.7 0.9 0.5 3.1 Disposals / write offs - - - (13.2) (0.3) (13.5) Transferred to assets held for sale A9 - (0.5) (75.5) - (0.1) (76.1) Reclassifications - (0.3) - - - (0.3) Closing balance - 1,847.9 15.4 952.8 41.1 2,857.2 Carrying Amount Opening balance 72.6 780.6 64.2 78.5 11.6 1,007.5 Closing balance 72.6 753.7 0.2 77.3 5.7 909.5 2025 Cost Opening balance 72.6 2,741.4 301.6 1,220.4 56.4 4,392.4 Additions - 13.4 - 18.8 10.0 42.2 Disposals / write offs - (144.3) (154.4) (220.1) (14.4) (533.2) Reclassifications / transfer - (11.6) 6.2 9.0 - 3.6 Closing balance 72.6 2,598.9 153.4 1,028.1 52.0 3,905.0 Accumulated depreciation Opening balance - 1,868.4 188.9 1,130.6 47.1 3,235.0 Depreciation expense A4 - 29.8 - 19.4 0.6 49.8 Depreciation expense (discontinued operations) A9 - - 3.1 2.0 0.2 5.3 Disposals / transfers - (79.9) (102.8) (202.4) (7.5) (392.6) Closing balance - 1,818.3 89.2 949.6 40.4 2,897.5 Carrying Amount Opening balance 72.6 873.0 112.7 89.8 9.3 1,157.4 Closing balance 72.6 780.6 64.2 78.5 11.6 1,007.5 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 92
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Property, plant and equipment is comprised of the following assets: Freehold land - Gold Coast property; Freehold and leasehold buildings - Brisbane, Gold Coast and Sydney properties; Leasehold improvements - Brisbane and Sydney properties; Plant and equipment - operational and other equipment: and Right-of-Use assets - Property and other equipment. Asset useful lives and residual values For the accounting policy on depreciation and useful lives of property, plant and equipment refer to note A4. Impairment Refer to note B5 for details of the assessment of impairment at 30 June 2026. B4 INTANGIBLE ASSETS 2026 Sydney casino licences Sydney casino concessions Software a Other Total Cost Note $m $m $m $m $m Opening balance 256.0 100.0 382.2 20.2 758.4 Additions - - 12.2 - 12.2 Disposals / write offs - - (5.5) - (5.5) Transferred to assets held for sale B8 - - (13.9) - (13.9) Reclassifications / transfer - - (0.5) - (0.5) Closing balance a 256.0 100.0 374.5 20.2 750.7 Accumulated amortisation Opening balance 222.0 87.4 344.0 15.1 668.5 Amortisation expense A4 0.4 0.3 11.8 0.3 12.8 Transferred to assets held for sale B8 - - (13.1) - (13.1) Disposals - - (5.3) - (5.3) Closing balance a 222.4 87.7 337.4 15.4 662.9 Carrying Amount Opening balance 34.0 12.6 38.2 5.1 89.9 Closing balance 33.6 12.3 37.1 4.8 87.8 93 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 2025 Sydney and Brisbane casino licences Sydney casino concessions Software a Other Total Cost $m $m $m $m $m Opening balance 294.7 100.0 373.1 20.2 788.0 Additions - - 31.5 - 31.5 Disposals / write offs (38.7) - (18.8) - (57.5) Reclassifications / transfer - - (3.6) - (3.6) Closing balance a 256.0 100.0 382.2 20.2 758.4 Accumulated amortisation Opening balance 260.2 87.2 353.0 15.0 715.4 Amortisation expense A4 0.5 0.2 7.7 0.1 8.5 Amortisation expense (discontinued operations) - - 0.4 - 0.4 Disposals / transfers (38.7) - (17.1) - (55.8) Closing balance a 222.0 87.4 344.0 15.1 668.5 Carrying Amount Opening balance 34.5 12.8 20.1 5.2 72.6 Closing balance 34.0 12.6 38.2 5.1 89.9 a Includes capital works in progress of $6.5 million (2025: $10.0 million). Intangible asset additions relate predominantly to software as the Group strives to maximise value from technology, including developing technologies to enable compliance with regulatory requirements as well as delivering new integrated IT platforms. Asset useful lives and residual values Intangible assets are amortised using the straight line method as follows: The Sydney casino licence (currently suspended) is amortised from its date of issue until expiry in 2093 (refer note B6). The Sydney casino concessions granted by the New South Wales government include product concessions in New South Wales which are amortised over the period of expected benefits. The Brisbane casino licence was amortised over the remaining life of the lease to which the licence was linked. The Group continued to amortise the casino licence over its current term up until its surrender, on 23 October 2024. Software is amortised over useful lives of 3 to 10 years. Other assets include the contribution to the construction costs of the state government owned Gold Coast Convention and Exhibition Centre. The Group's Gold Coast casino is deriving future benefits from the contribution, which is being amortised over a period of 50 years. B5 IMPAIRMENT TESTING Indicators of impairment testing has been performed over the Sydney and Gold Coast cash generating units at 30 June 2026. No indicators of impairment were identified and no additional impairment was recognised during the year. The assets in these cash generating units continue to carry material accumulated impairment, following impairments recognised in December 2022, June 2023 and June 2024. Should the operating conditions affecting these cash generating units improve substantially in future years, accumulated impairment held against property, plant, equipment, intangibles and other non- current assets may be reversed. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 94
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 B6 PROVISIONS, CONTINGENT LIABILITIES AND REGULATORY MATTERS 2026 2025 CURRENT $m $m Regulatory and legal provisions and other creditors a 375.4 364.0 Employee benefits 76.0 82.8 Worker's compensation 9.6 9.6 Other 1.3 6.8 462.3 463.2 NON CURRENT Employee benefits 6.4 6.8 Other 1.6 1.5 8.0 8.3 a The Group recognised provisions and other creditors relating to various regulatory and legal matters including fines issued by the New South Wales Independent Casino Commission ( NICC), AUSTRAC proceeding, underpaid casino duty in NSW, consultants, Manager, Special Manager, External Adviser, legal and other costs. Disclosing individual amounts would seriously prejudice these matters considering the present status and range of potential outcomes. Reconciliations of each class, except for employee benefits, at the end of each financial year are set out below: Regulatory and legal provisions and other creditors Workers compensation (current) Other (current) Other (non- current) 2026 $m $m $m $m Carrying amount at beginning of the year 364.0 9.6 6.8 1.5 Increase during the year 25.4 7.1 1.1 0.1 Utilised during the year (14.0) (7.1) (6.6) - 375.4 9.6 1.3 1.6 2025 Carrying amount at beginning of the year 399.5 8.4 - 1.4 Increase during the year 20.0 6.0 6.8 0.1 Utilised during the year (55.5) (4.8) - - 364.0 9.6 6.8 1.5 PROVISIONS AND CONTINGENT LIABILITIES AUSTRAC proceeding On 30 November 2022, the Australian Transaction Reports and Analysis Centre ( AUSTRAC), commenced civil penalty proceedings in the Federal Court of Australia against The Star Pty Limited and The Star Entertainment QLD Limited (collectively The Star Entities ). AUSTRAC alleges that The Star Entities contravened the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act 2006 (Cth) by failing to conduct appropriate due diligence on customers who were higher risk and by failing to have an appropriate AML/CTF program. The parties resolved all factual issues in dispute prior to the penalty hearing being heard in June 2025. AUSTRAC submitted that a fine of $400 million would be appropriate while the Group submitted that a fine of greater than $100 million, payable in the next 12 months following the hearing, would be challenging based on available liquidity options, including accessing equity markets. The Group is awaiting the court’s judgment. The determination of the Federal Court’s penalty (including where a penalty has been jointly proposed by AUSTRAC and the defendant to the Court) is specific to the facts of each case and arrived at after consideration of admissions made and evidence and submissions in relation to the appropriateness of the penalty. AUSTRAC alleged that the number of contraventions committed by The Star Entities is innumerable. The Group has determined a provision on the Balance Sheet at 30 June 2026. This provision was, and is, recognised at a time where there remains significant uncertainty as to the quantum of the penalty. Any actual penalty paid by The Star Entities may differ materially to the provision recorded at 30 June 2026. 95 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Underpaid casino duty The Bell Inquiry of The Star Pty Limited conducted in 2022 ( Bell One Review ) identified potential issues with the way in which the Group calculated rebate duty payable to the NSW Government. In April 2025, the NSW Treasury agreed the amount to be paid, with payment made subsequent to year end. The Group has recognised the amount payable as an other creditor on the Balance Sheet as at 30 June 2026. ASIC proceedings against former directors and officers of the Company In December 2022, the Australian Securities and Investment Commission ( ASIC) commenced civil penalty proceedings in the Federal Court of Australia against 11 former directors and officers of the Company alleging contraventions of the Corporations Act 2001 (Cth). The proceeding was heard between February and May 2025. The Federal Court held in March 2026 that Mr Bekier (ex-Group Chief Executive Officer) and Ms Martin (ex-Group Chief Legal and Risk Officer) had contravened the Corporations Act 2001 (Cth). In June 2026, the Federal Court imposed penalties and disqualifications on Mr Bekier and Ms Martin. There were no findings of contravention against former non-executive directors. In July 2026, both Mr Bekier and Ms Martin lodged appeals against the Federal Court orders in the Full Federal Court. The Group has determined a provision on the Balance Sheet at 30 June 2026 relating to an estimate of legal costs incurred by the former directors and officers which the Group may be required to reimburse. In addition, should the two former executives be successful in their appeal against the findings of the court, there may be additional costs to the Group. The Group has assessed there is no present obligation in respect to these potential additional costs and it represents a contingent liability. Consequently, no provision has been recognised for these additional costs. Penalties for historical financial crime risk and other matters On 1 June 2026, the NICC issued The Star Sydney a penalty of $10 million in fines for historical financial crime risk and other matters and an enforceable undertaking to set aside a further $5 million to strengthen the technology surrounding its financial crime risk management operations. The Group has included an other creditor on the Balance Sheet at 30 June 2026 relating to the penalties less any amounts paid. Class Action On 30 March 2022, a shareholder class action was commenced in the Supreme Court of Victoria, alleging the Company failed to comply with its continuous disclosure obligations and engaged in misleading or deceptive conduct in relation to the Company’s systems, controls, operations and regulatory risks. The Company has filed its defence with no admissions of any contravention. The Company has filed an application for security of costs which was heard on 11 August 2026, and has complied with orders for discovery. At 30 June 2026, the Company has assessed there is no present obligation in respect of this matter and it represents a contingent liability and accordingly, no provision has been recognised. The outcome of the Class Action and any potential financial impacts are unknown, including the extent to which any amounts may be covered by the Group’s insurance policies. Financial guarantees The Group had the following guarantees at 30 June 2026: Destination Gold Coast Consortium: the Tower 2 guarantee covers up to 46.6% of the $338.5 million in facilities. At 30 June 2026, $207.7 million of the facility is drawn and $42.4 million has been utilised for bank guarantees. Under the JVP Transaction (refer to note C2), the residential sale proceeds will be used to repay the construction facility and cash back the drawn bank guarantees. Consequently, the Group expects, in time, to be solely responsible for the Andaz Hotel operating loan (the draw down of which remains subject to a number of conditions). The construction facility matures in December 2026. USD Term Facility: the security package comprises a first-ranking secured lending structure over the Group’s assets, excluding gaming and regulatory carve-outs that are subject to various State authority approvals. These approvals are still pending. Security also includes the Interest Reserve Account (refer to note B1). Bank guarantees and other security: $31.7 million (2025: $41.3 million) of bank guarantees and other security in relation to workers compensation cover, property leases and transactional banking security. A portion of these bank guarantees are cash backed and the transactional banking security is fully cash backed (refer to note B1). Certain controlled entities of the Group have entered into a guarantee and indemnity agreement in favour of the Independent Liquor and Gaming Authority (ILGA). whereby all parties to the agreement are jointly and severally liable for the performance of the obligations and liabilities of each company participating in the agreement with respect to agreements entered into and guarantees given. The expected loss of each of the financial guarantees above has been assessed as nil (2025: nil) and are disclosed as contingent liabilities as a result of the above risks. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 96
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Legal and regulatory challenges There are outstanding legal proceedings between the Company and its controlled entities and third parties as at 30 June 2026 as well as regulatory investigations by the Group's regulators. In relation to legal proceedings, the Group has notified its insurance carrier of all relevant matters and currently anticipates that any damages (other than exemplary damages) that may be awarded against the Group, in addition to its costs incurred in connection with the proceedings, may be covered by its insurance policies where such policies are in place. Provisions are made for obligations where the existence of a liability is probable and can be reasonably estimated. The outcomes of these other matters, including the outcome of certain regulatory investigations, remain uncertain, and thus contingent liabilities exist for possible amounts eventually payable. REGULATORY MATTERS NEW SOUTH WALES Disciplinary action The Star Sydney’s casino licence has been suspended since 21 October 2022. On this date, the NICC also appointed a Manager. During the period of its licence suspension, The Star Sydney remains open and operating, and net earnings continue to be paid to The Star Sydney after payment of the Manager's costs. On 31 March 2026, the NICC notified The Star Sydney that its casino licence will remain suspended and that the Manager’s term has been extended until 30 September 2026, unless terminated earlier by the NICC (previously extended to 31 March 2026 as notified on 24 September 2025). Casino duty reforms On 20 November 2023, an agreement was finalised between NSW Treasury and The Star Sydney in relation to changes to casino duty rates for casinos in New South Wales. The changes include rate increases for rebate duty (10% to 12.5%) and Table Games (17.91% to 20.25%) from 1 July 2023. Poker machine duty rates will remain as follows until 2030 (20.91% until 30 June 2024, 21.91% from 1 July 2024 and 22.91% from 1 July 2027). In the period 1 July 2023 to 30 June 2030 an additional levy will apply equal to 35% of The Star Sydney’s gaming revenue above $1.125 billion per financial year. From 1 July 2030 poker machines will be taxed based on average poker machine revenue using a progressive rate scale with a maximum of 51.6%. There is no change to the Responsible Gambling Levy rate. QUEENSLAND Disciplinary action The Star Gold Coast's casino licence has been suspended (with suspension deferred) since 9 December 2022. A Special Manager was appointed on the same date. On 25 September 2025, the Queensland government confirmed that it had deferred the suspension of The Star Gold Coast’s casino licence and extended the Special Manager’s appointment to 30 September 2026 (previously extended to 30 September 2025 as notified on 27 March 2025). The Star Brisbane was issued an unconditional casino licence on 28 August 2024, subject to the appointment of an External Adviser and the adoption of the Group’s Remediation Plan. The External Adviser’s appointment has been extended to 30 September 2026 (previously 30 September 2025). Regulatory reforms On 28 March 2024, the Casino Control and Other Legislation Act 2024 was enacted to give effect to the balance of the recommendations of the Gotterson Report and certain other casino reforms. The proposed reforms include the introduction of mandatory carded play, restrictions on the use of cash, mandatory player pre-commitments including play and break limits, and a supervisory levy payable by casino licence holders. The supervisory levy payable by casino licence holders was introduced on 1 July 2024. The implementation of the remaining key measures noted above requires the introduction of regulations giving effect to those reforms. The timing of the remaining regulations remains uncertain. 97 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 B7 INTEREST BEARING LIABILITIES 2026 2025 CURRENT $m $m Lease liabilities 7.6 7.0 Other loans - 0.8 7.6 7.8 NON CURRENT Loans (net of unamortised borrowing costs) 544.9 403.5 Convertible notes and subordinated debt (net of unamortised borrowing costs) 11.4 167.4 Lease liabilities 7.7 19.6 564.0 590.5 Bank loans On 7 May 2026, the Group executed a binding credit facility agreement (USD Term Facility). The key terms include: 3-year term; US$390 million (A$540.3 million equivalent on execution); Annual interest rate of Term SOFR plus a 10% margin; Quarterly amortisation commencing from 31 March 2027; Minimum liquidity covenant of A$50 million for the first 12 months after financial close, increasing to A$75 million between 12 months and 18 months and A$100 million thereafter; Minimum asset coverage ratio of 1.40x, based on fair market value of secured assets relative to principal amount outstanding, with the first testing date being 31 December 2026; Maximum capital expenditure of $100 million in any 12 month period; Minimum EBITDA covenant commencing from 31 March 2027; Interest reserve account funded with the first 12 months of interest; and Customary covenants, representations, undertakings, events of default and review events, including customary financial covenants and reporting obligations. At 30 June 2026, the USD Term Facility was revalued to AUD using the spot rate of 0.69, resulting in an unrealised FX loss of $27.6 million (FY25: nil). The unrealised FX loss has been recognised in net finance costs in the income statement and is partially offset by the revaluation of USD denominated cash and other deposits (refer to note B1). Borrowing costs of $34.7 million were capitalised (FY25: nil), of which $24.1 million relates to the USD Term Facility and $10.6 million related to the now extinguished Syndicated Facility Agreement (SFA). $11.7 million has been amortised to the income statement (FY25: $47.4 million), of which $1.1 million relates to the USD Term Facility. At 30 June 2026, $23.0 million of unamortised borrowing costs are capitalised (FY25: nil). Interest on the bank guarantee facility were maintained at 9.15%. The USD Term Facility security package comprises a first-ranking secured lending structure over the Group’s assets, excluding gaming and regulatory carve-outs that are subject to various State authority approvals. These approvals are still pending. Security also includes the Interest Reserve Account (refer to note B1). The SFA was extinguished in May 2026 using proceeds from the USD Term Facility. Termination costs of $3.4 million were incurred on termination and recognised in net finance costs in the income statement (FY25: nil). At 30 June 2026, $9.3 million (2025: $30.8 million) of bank guarantees are drawn against the bank guarantee facility. A portion of these bank guarantees are cash backed (refer to note B1). The Group passed the minimum liquidity covenant (A$50 million) at 30 June 2026. The minimum asset coverage ratio and the minimum EBITDA covenant are not tested until 31 December 2026 and 31 March 2027 respectively. The Group anticipates that it will be compliant with all covenants for the term. The USD Term Facility matures in May 2029. The Group has the option to voluntarily prepay the whole or any part of the facility before the maturity, subject to: before the first anniversary, a ‘make whole amount’ plus 3% of the aggregate amount prepaid; between the first and second anniversaries, 2% of the aggregate amount prepaid; or after the second anniversary, 1% of the aggregate amount prepaid. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 98
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Convertible Notes and Subordinated Debt On 9 October 2025, the Group received $66.7 million from Bally’s, being the final instalment of the $300 million Strategic Investment into the Group. The $66.7 million convertible notes and subordinated debt was treated as a compound financial instrument on initial recognition. The liability component was $50.8 million. On 21 November 2025, the NICC and OLGR provided the relevant necessary regulatory approvals to permit the Strategic Investment to be implemented, enabling conversion of the convertible notes into share capital. On 28 November 2025, Bally’s and Investment Holdings executed their convertible notes, receiving 3,750,000,000 shares in settlement of the convertible notes and subordinated debt (excluding any capitalised payment-in-kind balances). On conversion of the notes into shares, $222.1 million of convertible notes and subordinated debt was transferred to equity. At 30 June 2026, the balance of $11.4 million relates to capitalised payment-in-kind interest ( PIK Liability). This continues to accrue interest at 9.0% per annum, payable quarterly in arrears, and has a maturity of 2 July 2029. In May 2026, the Group made the irrevocable election to settle the PIK Liability in shares of the Company, using a 15 day volume weighted average price. The Company intends to issue new shares in October 2026 to settle the liability, pending approval from shareholders at the 2026 AGM. During the period, $0.7 million of borrowing costs were expensed (FY25: $0.3 million). Facilities Type Facility amount Unutilised at 30 June Maturity date 2026 $m $m $m Bank guarantee 15.3 6.0 December 2027 USD Term loan a 567.9 - May 2029 Payment-in-Kind liability 11.4 - July 2029 Total 594.6 6.0 2025 Bank guarantee 34.5 3.7 December 2027 Syndicated facility 403.5 - December 2027 Subordinated debt and convertible notes 233.3 - July 2029 Total 671.3 3.7 a USD $390.0 million converted at the 30 June 2026 spot rate. 99 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 C COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS C1 CAPITAL COMMITMENTS 2026 2025 CAPITAL COMMITMENTS $m $m Not later than one year 5.2 4.6 Later than one year but not later than five years 0.8 - Later than five years - - 6.0 4.6 DGCC The Group assumed responsibility for funding DGCC as part of the JV Transaction. DGCC currently has a $227.6 million construction loan which is expected to fund the majority of remaining construction costs. At 30 June 2026, the Group estimates approximately $20.5 million in contributions will be payable in FY27 and FY28 combined to complete construction (including rectification of FY25 water leak damages), complete the all-day dining precinct, and fund the hotel pre-opening costs and finance costs through maturity of the construction loan. AGREEMENT TO EXIT DESTINATION BRISBANE CONSORTIUM AND CONSOLIDATE THE GROUP’S GOLD COAST POSITION On 12 August 2025, the Company announced to the ASX that it had entered into binding long form transaction documents with its joint venture partners, being Chow Tai Fook Enterprises Limited and Far East Consortium International Limited (the Joint Venture Partners ) in respect of its stapled equity interest in Destination Brisbane Consortium Pty Ltd and the Destination Brisbane Consortium Integrated Resort Holding Trust (the JVP Transaction). The JVP Transaction was structured to complete in two separate stages: 1. Completion of the exit from DBC, being the first stage (Stage 1) and; 2. Completion of the remaining assets included in the JVP Transaction (including DGCC, the Treasury Brisbane Hotel and Car Park and a 50% interest in Charlotte Street Car Park) (Stage 2). On 31 March 2026, the Group completed Stage 1 by disposing of its 50% equity interest in DBC. Importantly, the guarantee provided by the Group under the Queen’s Wharf debt facilities has been fully released. The completion of Stage 2 is subject to a separate set of conditions precedent. The parties continue to work towards completion for these remaining assets and currently expect to satisfy the conditions precedent no later than 31 March 2027. C2 SUBSEQUENT EVENTS The following events occurred after balance date: Settlement of disputes with the Australian Taxation Office On 7 July 2026, the Group announced it had settled disputes with the Commissioner of Taxation (Commissioner) in relation to the GST and withholding tax treatment of payments made by the Group to junket tour operators between October 2013 to August 2017 (in respect of GST treatment of rebates) and July 2014 to 2020 (in respect of the appropriate method for calculating withholding tax). The Group had previously paid the Commissioner $88.3 million of the disputed amount. As part of the settlement, the Commissioner will refund $33.4 million (refer to note A7 and note F3). $30.5 million of the $33.4 million was received in August 2026. Other than those events disclosed elsewhere in these financial statements, there have been no other significant events occurring after the balance sheet date and up to the date of this report, which may materially affect either the Group’s operations of results of those operations of the Group’s state of affairs. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 100
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 D GROUP STRUCTURES D1 RELATED PARTY DISCLOSURE i. PARENT ENTITY The ultimate parent entity within the Group is The Star Entertainment Group Limited. ii. INVESTMENT IN CONTROLLED ENTITIES The consolidated financial statements incorporate the assets, liabilities and results of the following controlled entities in accordance with the accounting policy described in note G. The financial years of all controlled entities are the same as that of the Company (unless stated otherwise below). Name of controlled entity Not e Country of tax residence Country of incorporatio n Equity type* Equity interest at 30 June 2026 Equity interest at 30 June 2025 PARENT ENTITY The Star Entertainment Group Limited Australia Australia OS 0.0 0.0 CONTROLLED ENTITIES The Star Entertainment Sydney Holdings Limited a b Australia Australia OS 100.0 100.0 The Star Pty Limited a b Australia Australia OS 100.0 100.0 The Star Entertainment Pty Ltd a Australia Australia OS 100.0 100.0 The Star Entertainment Sydney Properties Pty Ltd a b Australia Australia OS 100.0 100.0 The Star Entertainment Sydney Apartments Pty Ltd a Australia Australia OS 100.0 100.0 Star City Investments Pty Limited a Australia Australia OS 100.0 100.0 Star City Share Plan Company Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment QLD Limited Australia Australia OS 100.0 100.0 The Star Entertainment QLD Custodian Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Gold Coast Trust Australia Australia units 100.0 100.0 The Star Entertainment International No.1 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment International No.2 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment International No.3 Pty Ltd Australia Australia OS 100.0 100.0 EEI Services (Hong Kong) Holdings Limited Australia Hong Kong OS 100.0 100.0 EEI Services (Hong Kong) Limited Australia Hong Kong OS 100.0 100.0 EEI C&C Services Pte Ltd c Singapore Singapore OS - 100.0 The Star Entertainment RTO Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Finance Limited Australia Australia OS 100.0 100.0 Destination Cairns Consortium Pty Limited Australia Australia OS 100.0 100.0 The Star Entertainment Technology Services Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Training Company Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Letting Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Online Holdings Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Online Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Brisbane Holdings Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Brisbane Operations Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment DBC Holdings Pty Ltd Australia Australia OS 100.0 100.0 101 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 The Star Brisbane Car Park Holdings Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Gold Coast Holdings Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment GC Investments Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment GC Investments No.1 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment International No.5 Pty Ltd Australia Australia OS 100.0 100.0 EEI Services Holdings No.1 Pty Ltd Australia Australia OS 100.0 100.0 EEI Services Holdings No.2 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment International Tourism Pty Ltd Australia Australia OS 100.0 100.0 Destination Sydney Consortium Pty Limited Australia Australia OS 100.0 100.0 The Star Entertainment Pyrmont Investments No.1 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment GC No.1 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment GC No.2 Pty Ltd Australia Australia OS 100.0 100.0 The Star Entertainment Group Limited Employee Share Trust Australia Australia units 0.0 0.0 *OS = ordinary shares a.These companies entered into a deed of cross guarantee with The Star Entertainment Sydney Holdings Limited on 31 May 2011, and as such are members of the closed group as defined in Australian Securities and Investments Commission Instrument 2016/785. b These companies have provided a charge over their assets and undertakings to ILGA, as explained in note B6. c This company was deregistered in FY26. iii. TRANSACTIONS WITH CONTROLLED ENTITIES The Star Entertainment Group Limited During the period, the Company entered into the following transactions with controlled entities: loans of $87.8 million were repaid by controlled entities (2025: $169.1 million); and income tax and GST paid on behalf of controlled entities was $91.7 million (2025: $86.4 million). The amount receivable by the Company from controlled entities at year end is $1,227.8 million (2025: $1,315.6 million). All the transactions were undertaken on normal commercial terms and conditions. iv. TRANSACTIONS WITH OTHER RELATED PARTIES Other transactions During the period, in addition to equity contributions (refer to note D4), the Group entered into the following transactions with related parties (NB: disclosures for DBC relate to the period for which they were a related party only, being up to and including 31 March 2026): DBC Operator Fee The Group manages The Star Brisbane on behalf of the DBC Integrated Resort joint venture, in exchange for an operator fee. For the period to 31 March 2026, the operator fee charged was $45.0 million (2025: $29.6 million). DBC Contracted Revenue The Group has a contracted cost recovery agreement with the DBC Integrated Resort joint venture (at cost, with no margin) in relation to the supply of labour and other shared costs in respect of the portion of the DBC Integrated Resort operated by the Group. For the period to 31 March 2026, the contracted revenue charged was $158.0 million (2025: $174.8 million). DGCC labour supply and building management services The amount recharged to DGCC was $9.8 million (2025: $9.9 million) in relation to labour supply and building management services provided to the Dorsett Hotel. At 30 June 2026, $0.3 million was receivable (2025: $0.2 million). DGCC amounts loaned The Group loaned $28.4 million (2025: $4.9 million) to DGCC in relation to the delivery of Tower 2 on the Gold Coast. DGCC repaid $7.5 million (2025: nil) of this loan during the year. At 30 June 2026, $25.8 million was receivable (2025: $4.9 million). DGCC loaned Tower 2 residential proceeds At 30 June 2026, the Group has an other payable of $35.0 million (2025: $35.0 million) to DGCC in relation to amounts loaned from the Joint Venture Partners for the upcoming residential apartment sales, as agreed under the long form documentation. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 102
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 DGCC Tower 2 development The Group paid $1.9 million (2025: $9.9 million) associated with the development of Tower 2. At 30 June 2026, nil (2025: $1.1 million) was payable. DGCI loaned sale proceeds At 30 June 2026, the Group has a payable to DGCI of $65.3 million (2025 $65.3 million) in relation to a loan of sale proceeds from the sale of the Sheraton Grand Mirage. The loan is expected to be settled in 1HFY27 using proceeds from the final distribution from DGCI. Security over former Group CEO and MD remuneration In November 2025, the Group paid the former Group CEO and MD $6.5 million due to the ‘change in control trigger event’ that occurred in relation to the Strategic Investment into the Group by Bally’s and Investment Holdings. This represented the balance held in the escrow account at that time, and covered the former Group CEO & MD’s FY26 salary, FY26 short term incentive and FY26 Retention bonus. At 30 June 2026, there was no security held over the former Group CEO and MD’s remuneration (30 June 2025: $5.2 million held in current other assets and $5.0 million held in non current other assets). D2 PARENT ENTITY DISCLOSURES 2026 2025 $m $m Result of the parent entity Loss for the year a (309.0) (426.5) Total comprehensive loss for the year b (309.0) (426.5) a.The Company’s investments and intercompany loan were impaired $38.2 million (2025: $131.5 million). b No final dividend was declared (refer to note A6). 2026 2025 $m $m Financial position of the parent entity Current assets 411.5 1,502.1 Non current assets 36.2 215.1 Total assets 447.7 1,717.2 Current liabilities 56.8 60.1 Non current liabilities 13.4 1,210.3 Total liabilities 70.2 1,270.4 Net assets 377.5 446.8 Total equity of the parent entity Issued capital 4,980.0 4,695.4 Retained earnings 110.6 110.6 Loss reserve (4,718.0) (4,408.8) Share based payments reserve 4.9 9.8 Convertible notes reserve - 39.8 Total equity 377.5 446.8 CONTINGENT LIABILITIES Class Action On 30 March 2022, a shareholder class action was commenced in the Supreme Court of Victoria, alleging the Company failed to comply with its continuous disclosure obligations and engaged in misleading or deceptive conduct in relation to the Company systems, controls, operations and regulatory risks. The Company has filed its defence with no admissions of any contravention. A mediation occurred on 18 December 2024, at which the matter was not resolved. The parties are currently considering appropriate timetabling orders for the advancement of the matter. At 30 June 2026, the Company has assessed there is no present obligation in respect of this matter and it represents a contingent liability and accordingly, no provision has been recognised. The outcome of the Class Action and any potential financial impacts are unknown, including the extent to which any amounts may be covered by the Group’s insurance policies. 103 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Financial Guarantees The Company had the following guarantees and securities at 30 June 2026: Destination Gold Coast Consortium: the Tower 2 guarantee covers up to 46.6% of the $338.5 million in facilities. At 30 June 2026, $207.7 million of the facility is drawn and $42.4 million has been utilised for bank guarantees. Under the JVP Transaction (refer to note C2), the residential sale proceeds will be used to repay the construction facility and cash back the drawn bank guarantees. Consequently, the Group expects, in time, to be solely responsible for the Andaz Hotel operating loan (the draw down of which remains subject to a number of conditions). The construction facility matures in December 2026. USD Term Facility: the security package comprises a first-ranking secured lending structure over the Group’s assets, excluding gaming and regulatory carve-outs that are subject to various State authority approvals. These approvals are still pending. Security also includes the Interest Reserve Account (refer to note B1). Bank guarantees and other security: $31.7 million (2025: $41.3 million) of bank guarantees and other security in relation to workers compensation cover, property leases and transactional banking security. A portion of these bank guarantees are cash backed and the transactional banking security is fully cash backed (refer to note B1). The Parent has no other contingent liabilities at 30 June 2026. CAPITAL EXPENDITURE The parent entity has $0.2 million of capital expenditure commitments related to the acquisition of intangibles contracted but not provided for at 30 June 2026 (2025: nil). ACCOUNTING POLICY FOR INVESTMENTS IN CONTROLLED ENTITIES All investments are initially recognised at cost, being the fair value of the consideration given. Subsequently, investments are carried at cost less any impairment losses. D3 KEY MANAGEMENT PERSONNEL DISCLOSURES 2026 2025 Compensation to Key Management Personnel $000 $000 Short term 13,200 15,720 Long term 195 292 Share based payments 2,308 1,328 Termination benefits 2,052 59 Total compensation 17,755 17,399 The above reflects the compensation for individuals who are Key Management Personnel of the Group. The note should be read in conjunction with the Remuneration Report. D4 INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES Set out below are the investments of the Group as at 30 June 2026. The entities listed below have share capital consisting solely of ordinary shares, which are held by the Group. The country of incorporation is also their principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held. All investments listed below are measured using the equity accounting method. 2026 Name of joint venture entity Country of incorporation % of ownership Share of loss $m Carrying amount $m Material Destination Gold Coast Consortium Pty Ltd Australia 33.3 (1.2) 68.7 Non Material Destination Gold Coast Investments Pty Ltd a Australia 50 - 65.6 Festival Car Park Pty Ltd b Australia 50 - - Destination Sydney Consortium Investments Pty Ltd Australia 50 - 1.4 Hua Restaurant QWB Pty Ltd Australia 50 - 0.9 Total equity accounted investments (1.2) 136.6 a.The Investment in Destination Gold Coast Investments Pty Ltd will be recovered through offset against the sale proceeds loaned from DGCI (refer to note F5) when the investment declares its final dividend. This is expected to occur in 1H FY27. b.The Investment in Festival Car Park Pty Ltd is held as an asset held for sale since 31 March 2026 (refer to note A9). NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 104
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Parent Company Guarantees over associate and joint venture entity debt facilities The Group has guaranteed debt facilities held by Destination Gold Coast Consortium (refer to note E1). For those investments considered material to the Group, further information is provided below: (i) DESTINATION GOLD COAST CONSORTIUM PTY LTD On 22 November 2016, a 33.3% interest was acquired in Destination Gold Coast Consortium Pty Ltd (DGCC). DGCC is a joint venture with CTFE and FECI for the purpose of constructing a new residential and hotel tower in Gold Coast. The Group's interest is accounted for using the equity method. Commitments and contingent liabilities DGCC has current capital commitments of $24.8 million (2025: $40.7 million) in relation to Tower 2. There were no other contingent liabilities. At 30 June 2026, the Group estimated approximately $20.5 million in contributions will be payable in FY27 and FY28 combined. DGCC executed a $309.5 million facility in April 2024, revised to $335.8 million in July 2025, which is expected to fund the remaining construction costs (construction loan component represents $227.6 million). On 12 August 2025, the Group entered into long form documentation to acquire the Joint Venture Partners share of DGCC. Under the long form documentation, the Group will assume responsibility for certain remaining Tower 2 hotel development costs that are specifically excluded from the construction loan in addition to certain net unfunded claims, damages and variations from the Tower 2 principal contractor. Summarised financial information The financial statements of the joint venture are prepared for the same reporting period as the Group and follow the same accounting policies of the Group. 2026 2025 $m $m Balance sheet Cash and cash equivalents 24.7 28.7 Total current assets excluding cash and cash equivalents 363.1 355.4 Total non current assets 526.4 479.7 Total current liabilities (389.4) (345.1) Total non current liabilities (286.0) (267.0) Net assets 238.8 251.7 Reconciliation to investment carrying amount: Carrying amount at the beginning of the year 73.0 75.6 Share of loss for the period (1.2) (2.1) Distributions received (3.0) (0.5) Other (0.1) - Carrying amount at the end of the year 68.7 73.0 2026 2025 $m $m Income statement Revenue and other income 45.3 53.1 Operating expenses (40.9) (47.4) Depreciation and amortisation expense (4.6) (5.2) Net finance costs (3.5) (6.9) Loss before tax (3.7) (6.4) Income tax expense - - Loss for the year (continuing operations) (3.7) (6.4) Total comprehensive loss for the year (continuing operations) (3.7) (6.4) Group's share of loss for the year (1.2) (2.1) 105 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 E RISK MANAGEMENT E1 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group's principal financial instruments comprise cash, short-term deposits, US Dollar denominated loans and PIK Liability. The main purpose of these financial instruments is to provide funding for the Group's operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations, and financial guarantee contracts, which support the ongoing viability of associates and joint ventures. Derivative transactions can also be entered into by the Group, being interest rate swaps, cross currency swaps and forward currency contracts, the purpose being to manage interest rate and currency risks arising from the Group's operations and sources of finance. The Group's risk management policy is carried out by the Group Treasury function under the Group Treasury Policy approved by the Board. Group Treasury reports regularly to the Board on the Group's risk management activities and compliance with policies. It is, and has been throughout the period, the Group's policy that no speculative trading in financial instruments shall be undertaken. The main risks arising from the Group's financial instruments are interest rate, foreign currency, credit and liquidity. Details of significant accounting policies and methods adopted, including criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument, are disclosed in note G. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s USD Term Facility with a floating rate of interest. The Group manages interest rate risk by using a floating versus fixed rate debt framework. The relative mix of fixed and floating interest rate exposure is managed through: utilising assets which receive a floating rate of interest to provide a natural hedge; the issuance of both fixed rate and floating rate debt; or by using interest rate swap (IRS) contracts. At 30 June 2026, 2.1% of the Group's borrowings are at fixed rates of interest (2025: 100%) while 52.6% were naturally hedged by cash in bank, short term deposits and restricted cash (excluding the Interest Reserve Account, which does not accrue interest). Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s USD Term Facility, Interest Reserve Account and cash balances that are denominated in USD. The Group manages its foreign currency risk by utilising assets and liabilities of the same denomination to reduce the net exposure to fluctuations in the exchange rate. At 30 June 2026, the Group had a net USD $248.3 million exposure, comprising the USD Term Facility (USD $390.0 million), partially offset by US cash deposits (USD $94.4 million) and the Interest Reserve Account (USD $47.3 million). Credit risk Credit risk on financial assets which have been recognised on the balance sheet, is the carrying amount less any allowance for non recovery. The Group minimises credit risk via adherence to a strict credit risk management policy. Collateral is not held as security. Customer credit risk Credit risk in trade receivables is managed in the following ways: The provision of non gaming credit is covered by a risk assessment process for customers using the Credit Reference Association of Australia, bank opinions and trade references; and The provision of cheque cashing facilities for casino gaming patrons was ceased on 7 December 2022. Gaming patron cheque cashing facilities issued prior to this date remain, however have been fully provided for (refer to note B2). Receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is carefully managed and controlled. Financial institution credit risk Credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, is reduced by transacting with relationship banks that have acceptable credit ratings, as determined by a recognised ratings agency. Cash investments, bank guarantees, and other contingent instruments create credit risk in relation to the relevant counterparties, which are principally large relationship banks. As such, there is a low level of credit risk. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 106
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Credit risk includes liabilities under financial guarantees For financial guarantee contract liabilities, the fair value at initial recognition is determined using a probability weighted discounted cash flow approach. The fair value of financial guarantee contract liabilities has been assessed as nil (2025: nil). Details of the financial guarantee contracts are outlined below. Fixed and floating charges The controlled entities denoted (b) in note D1 have provided the ILGA with a fixed and floating charge over all of the assets and undertakings of each company to secure payment of all monies and the performance of all obligations which they have to the ILGA. Guarantees and indemnities The Group had the following guarantees and securities at 30 June 2026: Destination Gold Coast Consortium: the Tower 2 guarantee covers up to 46.6% of the $338.5 million in facilities. At 30 June 2026, $207.7 million of the facility is drawn and $42.4 million has been utilised for bank guarantees. Under the JVP Transaction (refer to note C2), the residential sale proceeds will be used to repay the construction facility and cash back the drawn bank guarantees. Consequently, the Group expects, in time, to be solely responsible for the Andaz Hotel operating loan (the draw down of which remains subject to a number of conditions). The construction facility matures in December 2026. USD Term Facility: the security package comprises a first-ranking secured lending structure over the Group’s assets, excluding gaming and regulatory carve-outs that are subject to various State authority approvals. These approvals are still pending. Security also includes the Interest Reserve Account (refer to note B1). Bank guarantees and other security: $31.7 million (2025: $41.3 million) of bank guarantees and other security in relation to workers compensation cover, property leases and transactional banking security. A portion of these bank guarantees are cash backed and the transactional banking security is fully cash backed (refer to note B1). The controlled entities denoted (b) in note D1 have entered into a guarantee and indemnity agreement in favour of ILGA whereby all parties to the agreement are jointly and severally liable for the performance of the obligations and liabilities of each company participating in the agreement with respect to agreements entered into and guarantees given. Liquidity risk Liquidity risk arises from the financial liabilities of the Group and the Group's subsequent ability to meet its obligations to repay its financial liabilities as and when they fall due. At 30 June 2026, the Group faces significant near-term liquidity requirements (refer to note G), including: funding of the Group's operations at current trading levels; ongoing transformation and remediation related activities; and anticipated outflows associated with ongoing regulatory matters (refer to note B6). A range of initiatives and other measures have been implemented to improve the liquidity outlook for the Group, including the execution of the long form documentation to exit the DBC investment and the Strategic Investment. The Group manages liquidity risk through maintaining sufficient cash and available debt facilities above the forecast requirements of the business. The debt portfolio is periodically reviewed to ensure there is funding flexibility across an appropriate maturity profile. Refer to notes B7 and E2 for maturity of financial liabilities. The contractual timing of cash flows on derivatives and non-derivative financial assets and liabilities at the reporting date, including drawn borrowings and estimated interest, are set out in the tables below: 107 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 NON-DERIVATIVE FINANCIAL INSTRUMENTS 2026 2025 <1 year 1-5 years >5 years <1 year 1-5 years >5 years Financial assets $m $m $m $m $m $m Available cash 244.5 - - 56.0 - - Short term deposits (unrestricted) 22.6 - - 211.0 - - Short term deposits (restricted) 68.8 - - - - - Long term deposits (restricted) - 31.7 - - 96.8 - Trade and other receivables 17.2 - - 21.1 - - 353.1 31.7 - 288.1 96.8 - Financial liabilities Trade and other payables 154.0 - - 158.7 - - Syndicated Facility - - - 44.3 502.3 - USD Term Facility 88.3 650.5 - - - - Convertible note and subordinated debt - 11.4 - - 233.3 - Lease liabilities 7.7 8.3 17.5 7.4 15.0 18.7 Lease liabilities - held for sale (note A9) 0.7 3.1 397.4 0.7 3.0 398.2 250.7 673.3 414.9 211.1 753.6 416.9 Net inflow/(outflow) 102.4 (641.6) (414.9) 77.0 (656.8) (416.9) FINANCIAL INSTRUMENTS - SENSITIVITY ANALYSIS Interest rates - AUD The following sensitivity analysis is based on interest rate risk exposures in existence at year end. At 30 June, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post tax profit and other comprehensive income would have been affected as follows: Net profit after tax higher/(lower) Other comprehensive income higher/(lower) 2026 $m $m AUD +0.5% (50 basis points) 0.5 - - 0.5% (50 basis points) (0.5) - 2025 AUD +0.5% (50 basis points) 0.1 - - 0.5% (50 basis points) (0.1) - NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 108
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Interest rates - USD The following sensitivity analysis is based on interest rate risk exposures in existence at year end. At 30 June, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post tax profit and other comprehensive income would have been affected as follows: Net profit after tax higher/(lower) Other comprehensive income higher/(lower) 2026 $m $m USD +0.5% (50 basis points) (0.3) - - 0.5% (50 basis points) 0.3 - 2025 USD +0.5% (50 basis points) - - - 0.5% (50 basis points) - - Foreign currency – AUD to USD The following sensitivity analysis is based on foreign currency exchange risk exposures in existence at year end. At 30 June, if the AUD to USD exchange rate had moved, as illustrated in the table below, with all other variables held constant, post tax profit and other comprehensive income would have been affected as follows: Net profit after tax higher/(lower) Other comprehensive income higher/(lower) 2026 $m $m AUD/USD +10c 46.0 - -10c (61.6) - 2025 AUD/USD +10c - - -10c - - 109 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 E2 ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES FAIR VALUES The fair value of the Group's financial assets and financial liabilities approximates their carrying value as at the balance sheet date. There are various methods available in estimating the fair value of a financial instrument. The methods comprise: Level 1 The fair value is calculated using quoted prices in active markets. Level 2 The fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 The fair value is estimated using inputs for the asset or liability that are not based on observable market data. The USD Term Facility was initially measured at fair value using the level 2 valuation techniques, being observable inputs. There have been no transfers between levels during the year. RECONCILIATION OF MOVEMENT IN FINANCING ACTIVITIES Opening Cash flows FX revaluation Convertible notes transferred to equity Funding of the Interest Reserve Account Capitalised interest and unwinding of discount Net movement in borrowing costs Closing $m $m $m $m $m $m $m $m 2026 Interest bearing liabilities (excluding significant items) (refer to note B7) (571.7) (127.4) (27.6) 244.4 (71.8) (19.6) 17.4 (556.3) 2025 Interest bearing liabilities (excluding significant items) (refer to note B7) (269.6) (333.3) - 60.2 - (4.2) (24.8) (571.7) Opening Cash flows Interest Interest on Discont. Operations Additions Transfer to Assets Held for Sale Disposals Closing $m $m $m $m $m $m $m $m 2026 Lease liabilities (refer to note B7) (26.6) 7.9 (1.1) (0.8) - 5.3 - (15.3) 2025 Lease liabilities (refer to note B7) (32.2) 10.5 (2.6) - (10.0) - 7.7 (26.6) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 110
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 F OTHER DISCLOSURES F1 INCOME TAX (i) INCOME TAX BENEFIT 2026 2025 $m $m The major components of income tax benefit is: Current tax benefit - 6.9 Adjustments in respect of current income tax of previous years - (1.2) Deferred income tax benefit 2.1 18.1 Income tax benefit reported in the income statement 2.1 23.8 Aggregate of current and deferred tax relating to items charged or credited to equity: Current tax expense reported in equity 0.1 - Deferred tax benefit reported in equity (2.1) (18.1) Income tax benefit reported in equity (2.1) (18.1) Income tax benefit A reconciliation between income tax benefit and the product of accounting profit before income tax multiplied by the income tax rate is as follows: Accounting loss before income tax benefit (309.4) (451.7) At the Group's statutory income tax rate of 30% 92.8 135.5 - Recognition / (derecognition) of temporary differences 129.5 (98.8) - Deductible expenses 21.2 - - Disposal of investment in DBC (233.4) - - Non deductible expenses (5.6) (11.0) - Other (2.4) - - Under provision in prior years - (1.9) Income tax benefit 2.1 23.8 Effective income tax rate (0.7%) 5.2% (ii) DEFERRED TAX BALANCES The balance comprises temporary differences attributable to: Balance 1 July 2025 Recognised in the income statement Recognised directly in equity Other Balance 30 June 2026 2026 $m $m $m $m $m Property, plant and equipment 195.9 (10.9) - - 185.0 Intangible assets 23.6 (3.0) - - 20.6 Employee provisions 27.9 (2.7) - - 25.2 Other provisions and accruals 33.8 (2.8) - - 31.0 Impairment of trade receivables 9.1 0.1 - - 9.2 Unrealised financial liabilities 9.9 (9.9) - - - Finance leases 8.3 (3.4) - - 4.9 Other 261.0 (231.5) - - 29.5 Tax losses 139.7 106.6 2.6 - 248.9 Deferred tax assets (DTA) set off 709.2 (157.5) 2.6 - 554.3 111 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Balance 1 July 2025 Recognised in the income statement Recognised directly in equity Other Balance 30 June 2026 2026 $m $m $m $m $m Property, plant and equipment (3.5) 1.8 - - (1.7) Unrealised financial assets - - - - - Other (32.3) 28.3 (4.7) - (8.7) (35.8) 30.1 (4.7) - (10.4) Derecognition of DTA balances a (673.4) 129.5 - - (543.9) Net deferred tax assets/(liabilities) - 2.1 (2.1) - - 2025 Property, plant and equipment 235.1 (39.2) - - 195.9 Intangible assets 37.7 (14.1) - - 23.6 Employee provisions 25.1 2.8 - - 27.9 Other provisions and accruals 36.9 (3.1) - - 33.8 Impairment of trade receivables 9.9 (0.8) - - 9.1 Unrealised financial liabilities (0.1) 9.9 - 0.1 9.9 Finance leases 10.0 (1.7) - - 8.3 Other 207.6 53.4 - - 261.0 Tax losses 31.3 108.4 - - 139.7 Deferred tax assets (DTA) set off 593.5 115.6 - 0.1 709.2 Intangible assets (10.4) - - - (10.4) Property, plant and equipment (2.8) (0.7) - - (3.5) Unrealised financial assets 0.1 - - (0.1) - Other (16.2) 2.0 (18.1) - (32.3) (29.3) 1.3 (18.1) (0.1) (46.2) Derecognition of DTA balances a (564.2) (98.8) - - (663.0) Net deferred tax assets/(liabilities) - 18.1 (18.1) - - a. DTAs, including tax losses, have not been recognised as they no longer meet the recognition criteria. (iii) TAX CONSOLIDATION Effective June 2011, The Star Entertainment Group Limited (the Head Company) and its 100% owned subsidiaries formed an income tax consolidation group. Members of the tax consolidation group entered into a tax sharing arrangement that provides for the allocation of income tax liabilities between the entities should the Head Company default on its tax payment obligations. At balance date, the possibility of default is remote. Tax effect accounting by members of the tax consolidation group Members of the tax consolidation group have entered into a tax funding agreement effective June 2011. Under the terms of the tax funding agreement, the Head Company and each of the members in the tax consolidation group have agreed to make a tax equivalent payment to or from the Head Company, based on the current tax liability or current tax asset of the member. Deferred taxes are recorded by members of the tax consolidation group in accordance with the principles of AASB 112 'Income Taxes'. Calculations under the tax funding agreement are undertaken for statutory reporting purposes. The allocation of taxes under the tax funding agreement is recognised as either an increase or decrease in the subsidiaries' intercompany accounts with the Head Company. The Group has chosen to adopt the Group Allocation method as outlined in Interpretation 1052 'Tax Consolidation Accounting' as the basis to determine each members' current and deferred taxes. The Group Allocation method as adopted by the Group will not give rise to any contribution or distribution of the subsidiaries' equity accounts as there will not be any differences between the current tax amount that is allocated under the tax funding agreement and the amount that is allocated under the Group Allocation method. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 112
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 (iv) INCOME TAX PAYABLE The balance of income tax payable is the net of current tax and tax instalments/refunds during the year. A current tax liability arises where current tax exceeds tax instalments paid and a current tax receivable arises where tax instalments paid exceed current tax. The income tax receivable/(payable) balance is attributable to: Receivable opening Increase in tax receivable Tax instalment refunded Under provision of tax Other Receivable closing 2026 $m $m $m $m $m $m Tax consolidated group - year ended 30 June 2026 a - - - - - - Tax consolidated group - year ended 30 June 2025 a - - - - - - Prior years b 41.2 - (18.1) - (23.1) - Total Australia 41.2 - (18.1) - (23.1) - Overseas subsidiaries - - - - - - Total 41.2 - (18.1) - (23.1) - 2025 Tax consolidated group - year ended 30 June 2025 a - - - - - - Tax consolidated group - year ended 30 June 2024 a - - - - - - Prior years b 56.0 6.8 (20.5) (1.2) 0.1 41.2 Total Australia 56.0 6.8 (20.5) (1.2) 0.1 41.2 Overseas subsidiaries - - - - - - Total 56.0 6.8 (20.5) (1.2) 0.1 41.2 a. No instalments paid due to carried forward losses. b. Prior year refunds. F2 LOSS PER SHARE 2026 2025 Net loss after tax attributable to ordinary shareholders $m $m Continuing operations (303.2) (266.3) Discontinued operations (4.1) (161.6) Weighted average number of shares used as the denominator Number Number Number of ordinary shares issued at the beginning of the year 2,867,723,963 2,866,535,978 Issue of share capital (net of tax) - 26 November 2025 2,219,178,082 - Shares purchased for future employee share programs (10,415,698) - Shares issued for future employee share programs 10,321,119 - Movement in treasury shares 10,876,082 672,741 Weighted average number of shares used as the denominator 5,097,683,549 2,867,208,719 Adjustment for calculation of diluted earnings per share: Adjustment for Performance Rights - - Weighted average number of ordinary shares and potential ordinary shares as used as the denominator in calculating diluted earnings per share at the end of the year 5,097,683,549 2,867,208,719 113 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 There were no performance rights that could potentially dilute basic earnings per share in the future (2025: 1,543,137 performance rights and 701,910,611 convertible notes that could potentially dilute basic earnings per share in the future were not included in the calculation above because they are antidilutive for the period presented). The continuing operations and discontinued operations loss per share calculation uses the same weighted average number of ordinary shares for both the basic and diluted loss per share. F3 OTHER ASSETS 2026 2025 $m $m Current Dispute settlement a 33.4 - Prepayments 25.2 30.1 Amounts loaned to DGCC (refer to note D1 (iv)) 25.8 4.9 Other assets 2.1 2.4 Security over former Group CEO and MD remuneration (refer to note D1 (iv)) - 5.2 86.5 42.6 Non current Contributions towards DGCC Tower 2 (refer to note D1 (iv)) 19.6 17.1 ATO deposits a - 64.7 Security over former Group CEO and MD remuneration (refer to note D1 (iv)) - 5.0 Amounts loaned to related parties (refer to note D1 (iv)) - 1.9 Rental paid in advance 0.8 0.8 Other assets 0.4 2.1 20.8 91.6 a. Settlement with the Commissioner of Taxation of disputes in relation to GST and withholding tax treatment of payments made to junket operators (refer to note A7). F4 TRADE AND OTHER PAYABLES 2026 2025 $m $m Trade creditors and accrued expenses 154.0 158.7 Interest payable 5.4 12.1 159.4 170.8 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 114
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 F5 OTHER LIABILITIES 2026 2025 $m $m Current Customer loyalty deferred revenue a 17.4 14.0 Sale proceeds loaned from DGCI (refer to note D1 (iv)) 65.3 65.3 Residential sale proceeds loaned from DGCC (refer to note D1 (iv)) 35.0 35.0 Upfront payment from the joint venture partners 10.0 10.0 Other deferred revenue 1.5 1.1 Other - 0.5 129.2 125.9 Non current Other 6.6 9.0 6.6 9.0 a The Group operates loyalty programs enabling customers to accumulate award credits for gaming and on-property spend. A portion of the spend, equal to the fair value of the award credits earned, is treated as deferred revenue, and recognised in the income statement when the award is redeemed or expires. F6 SHARE CAPITAL AND RESERVES SHARE CAPITAL There is only one class of shares (ordinary shares) on issue. These ordinary shares entitle the holder to participate in dividends and proceeds on winding up of the Company, in proportion to the number and amounts paid on the shares held. On a show of hands, every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. The Company does not have authorised capital nor par value in respect of its issued shares. Share capital Treasury shares Net outstanding 2026 Shares $m Shares $m Shares $m Opening balance 1 July 2,868,680,877 4,702.1 (956,914) (5.0) 2,867,723,963 4,697.1 Issue share capital (net of tax)a 3,750,000,000 276.2 - - 3,750,000,000 276.2 Shares purchased for future employee share programs - - (17,664,875) (1.7) (17,664,875) (1.7) Shares issued to settle employee share programs 17,521,899 1.7 18,621,789 6.7 36,143,688 8.4 Closing balance 30 June 6,636,202,776 4,980.0 - - 6,636,202,776 4,980.0 2025 Opening balance 1 July 2,868,680,877 4,702.1 (2,144,899) (6.4) 2,866,535,978 4,695.7 Shares issued to settle employee share programs - - 1,187,985 1.4 1,187,985 1.4 Closing balance 30 June 2,868,680,877 4,702.1 (956,914) (5.0) 2,867,723,963 4,697.1 a On 26 November 2025, the Group issued 3,750,000,000 shares for the conversion of convertible notes issued under the Strategic Investment into the Group. RESERVES (NET OF TAX) 2026 2025 $m $m Share based payment reserve a 4.7 9.8 Convertible Notes Reserve b - 39.8 Total reserves 4.7 49.6 115 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Nature and purpose of reserves a The share based payments reserve is used to recognise the value of equity settled share based payment transactions provided to employees, including Key Management Personnel as part of their remuneration. Refer to note F8 for further details on these plans. b The Convertible Notes Reserve covered the equity component of the convertible notes and subordinated debt (net of transaction costs) in the prior period. The liability component was included in Interest-bearing loans and borrowings (refer to note B7). An additional $11.1 million was recognised during the year in relation to the final instalment of $66.7 million. The balance was transferred to ordinary shares on conversion of the notes. CAPITAL MANAGEMENT For the purposes of the Group’s capital management, capital includes ordinary shares, convertible notes and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group’s capital management is to ensure the Group continues as a going concern and maintain optimal returns to shareholders. The Group may seek to access capital via the share market where additional funding is required above the existing debt facilities (refer to note B7). F7 RECONCILIATION OF NET LOSS AFTER TAX TO NET CASH INFLOWS FROM OPERATIONS 2026 2025 Note $m $m Net loss after tax from continuing operations (303.2) (266.3) Net loss after tax from discontinued operations (4.1) (161.6) - Depreciation and amortisation A4 59.9 59.1 - Employee share based payments expense A3 1.6 1.5 - Gain on disposal of property, plant and equipment (0.3) (4.1) - Finance costs A5 111.0 126.0 - Share of net loss of associate and joint ventures D4 1.2 1.7 - non-cash expense items from discontinued operations 3.5 160.7 Working capital changes - Decrease/(increase) in trade and other receivables and other assets 51.1 50.1 - (Increase)/decrease in inventories (0.2) 2.9 - Decrease in trade and other payables, accruals and provisions (5.4) (90.3) - (Decrease)/increase in tax provisions 41.2 (23.8) Net cash outflow from operating activities (43.7) (144.1) NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 116
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 F8 EMPLOYEE SHARE PLANS Long Term incentive plan During the current and prior periods, the Company issued Performance Rights and Premium Exercised Price Options under the long term incentive plan to eligible employees. The share based payment expense of $0.3 million (2025: nil) in respect of the equity instruments granted is recognised in the income statement. The number of Performance Rights granted to employees and forfeited or lapsed during the year are set out below. 2026 Grant date Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year a Vested during the year Balance at end of year 23 September 2021 162,216 - - 162,216 - - 26 September 2022 327,121 40,156 157,675 - - 209,602 22 December 2023 1,860,843 340,434 869,093 - - 1,332,184 10 December 2024 6,379,308 1,361,136 7,740,444 - - - 4 November 2025 - 33,464,013 17,505,854 - - 15,958,159 8,729,488 35,205,739 26,273,066 162,216 - 17,499,945 2025 Grant date Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year a Vested during the year Balance at end of year 24 September 2020 392,854 - - 392,854 - - 23 September 2021 361,599 - 199,383 - - 162,216 26 September 2022 745,330 - 418,209 - - 327,121 22 December 2023 4,214,345 - 2,353,502 - - 1,860,843 10 December 2024 - 7,586,204 1,206,896 - - 6,379,308 5,714,128 7,586,204 4,177,990 392,854 - 8,729,488 Grants in FY26 and FY25 include a market based hurdle only (relative total shareholder return (rTSR)). Grants in FY24 and prior included some combination of market based hurdles (rTSR), an earnings per share ( EPS) component, a return on investment capital ( ROIC) component and a premium exercised price option ( PEP) (FY24 only). The Performance Rights have been independently valued. For the rTSR and PEP components, valuation was based on a Monte-Carlo simulation model. For the EPS and ROIC components, a discounted cash flow technique was utilised. The EPS and ROIC value does not contain any specific discount for forfeiture if the employee leaves the Group during the vesting period. This adjustment, if required, is based on the number of equity instruments expected to vest at the end of each reporting period. 117 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 The key assumptions underlying the Performance Rights valuations are set out below: Share price at date of grant Expected volatility in share price Expected dividend yield Risk free interest rate Average Fair Value per Performance Right Effective grant date Test and vesting date $ % % % $ 23 September 2021 23 September 2025 4.35 31.00% 0.00% 0.41% 3.78 26 September 2022 26 September 2026 2.63 32.00% 0.00% 3.80% 2.33 22 December 2023 3 October 2027 0.51 37.00% 0.00% 3.67% 0.26 10 December 2024 1 November 2028 0.18 56.00% 0.00% 3.74% 0.11 4 November 2025 3 October 2028 0.09 61.00% 0.00% 3.66% 0.06 Premium exercise price options a 22 December 2023 24 November 2027 0.51 36.00% 0.00% 3.74% 0.04 a The exercise price on options is 81.59c. Special performance rights In FY25, the Board approved one-off grants of special performance rights to certain members of the Group Leadership Team. The share based payment expense of $1.1 million (2025: $1.8 million) in respect of the equity instruments granted is recognised in the income statement. The number of restricted shares granted to employees and forfeited during the year are set out below: 2026 Program Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year Vested during the year Balance at end of year Special performance rights 12,995,287 3,620,914 - - 16,616,201 - 2025 Program Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year Vested during the year Balance at end of year Special performance rights - 12,995,287 - - - 12,995,287 The awards are issued at no cost to participants and are subject to a service condition of two or three years. Participants are entitled to dividends and may benefit from share price growth over the vesting period. Executive service rights grant In July 2023, the Board approved a once-off grant of service rights to each member of the Group Leadership Team. The share based payment expense of $0.2 million (2025: $0.2 million) in respect of the equity instruments granted is recognised in the income statement. The number of restricted shares granted to employees and forfeited during the year are set out below. 2026 Program Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year Vested during the year Balance at end of year Executive service rights grant 1,230,654 197,365 522,321 - 905,698 - 2025 Program Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year Vested during the year Balance at end of year Executive service rights plan 3,343,523 - 1,374,476 - 738,393 1,230,654 The awards are issued at no cost to participants and are in three tranches: Tranche 1, comprising 20% of the award vested 30 June 2024; Tranche 2, comprising 30% of the award vested 30 June 2025; and Tranche 3, comprising 50% of the award vested 30 June 2026. On vesting, all rights are subject to a 12 month holding lock. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 118
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Service rights do not attract dividends until shares have been allocated following vesting. Participants will receive any dividends which accrued during the plan period once the vesting conditions have been met. Participants may benefit from share price growth over the vesting period. Equity retention plan (ERP) Since FY19, the Board has approved the granting of restricted shares under the equity retention plan to eligible employees. The share based payment expense of nil (2025: $0.5 million) in respect of the equity instruments granted is recognised in the income statement. The number of restricted shares granted to employees and forfeited during the year are set out below. 2026 Program Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year Vested during the year Balance at end of year ERP 361,497 - - - 361,497 - 2025 Program Balance at start of the year Granted during the year Forfeited during the year Lapsed during the year Vested during the year Balance at end of year ERP 1,096,910 - 383,307 - 352,106 361,497 The awards are granted at no cost to participants and are subject to a service condition of three years. Participants are entitled to dividends and may benefit from share price growth over the vesting period. F9 AUDITOR’S REMUNERATION 2026 2025 $ $ Fees to Ernst & Young (Australia): Fees for auditing the statutory financial report of the parent and consolidated group 2,782,317 3,134,790 Fees for other assurance and agreed-upon-procedures services under contractual arrangements where there is discretion as to whether the service is provided by the auditor - - Fees for other advisory and compliance services - - 2,782,317 3,134,790 The auditor of the Company and its controlled entities is Ernst & Young. From time to time, Ernst & Young provides other services to the Group, which are subject to strict corporate governance procedures encompassing the selection of service providers and the setting of their remuneration. The Chair of the Audit Committee (or authorised delegate) must approve any other services provided by Ernst & Young to the Group. The Company's Group Chief Financial Officer has limited delegated authority for the pre-approval of audit and non-audit services proposed by the external auditors, limited to $50,000 per engagement and capped at 40% of the relevant year's audit fee. 119 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 G ACCOUNTING POLICIES AND CORPORATE INFORMATION Significant accounting policies are contained within the financial statement notes to which they relate and are not detailed in this section. CORPORATE INFORMATION The Star Entertainment Group Limited (the Company) is a company incorporated and domiciled in Australia. The Financial Report of the Company for the year ended 30 June 2026 comprises the Company and its controlled entities (collectively referred to as the Group). The Company's registered office is Level 3, 159 William Street, Brisbane QLD 4000. The Company is of the kind specified in Australian Securities and Investments Commission (ASIC) Instrument 2026/183. In accordance with that Instrument, amounts in the Financial Report and the Directors Report have been rounded to the nearest hundred thousand dollars, unless specifically stated to be otherwise. All amounts are in Australian dollars ($). The Company is a for profit organisation. The Financial Report was authorised for issue by the Directors on 31 August 2026. BASIS OF PREPARATION The Financial Report is a general purpose Financial Report which has been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and other mandatory Financial Reporting requirements in Australia. The financial statements comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below and elsewhere in this report. The policies used in preparing the financial statements are consistent with those of the previous year except as indicated under 'Changes in accounting policies and disclosures'. GOING CONCERN At 30 June 2026, the Group had a net current liability position of $222.3 million and further contingent liabilities relating to guarantees, legal and regulatory matters (refer to note B6 for details). The current liabilities include a provision for the Directors’ estimate of the outcome of AUSTRAC proceeding (heard in June 2025) where the Group is awaiting the court’s judgment and the outcome is highly uncertain. AUSTRAC submitted to the Court that a fine of $400 million would be appropriate while the Group submitted that a fine of greater than $100 million, payable in the next 12 months, would be challenging based on available liquidity options, including accessing capital markets. The Group had $192.4 million of cash and cash equivalents at 31 July 2026, which is insufficient to meet the net current liabilities and accordingly, the Group may be required to source and access additional capital and successfully execute on planned initiatives to remain a going concern. Whilst the Group 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 significant doubt as to the Group’s ability to remain a going concern. Currently, in the Directors' opinion, there are reasonable grounds to believe the Group will be able to meet its liabilities as and when they fall due over the next twelve months and to continue to remain a going concern, provided that: AUSTRAC fine and other provisions and contingencies: the payments of any monies ultimately required to settle the provisions and contingent liabilities outlined in note B6 are not of such a magnitude, nor of such timing, that would render the Group unable to pay its debts as and when they fall due. The Group currently has insufficient funding to meet all existing provisions and potential contingent liabilities and in respect of the AUSTRAC Proceeding is reliant on the judgment of the Court as to quantum and timing being within the Groups’ capacity to pay, given its existing liquidity and ability to access any additional funding required. Were this not to be possible, an unfavourable Court judgment may result in the Group not being able to continue as a going concern; Performance improvement and cost out: the business successfully executes initiatives in FY27 relating to the generation of revenue and further reductions in cost that returns the Group to a level of profitability that is sufficient to satisfy its external debt covenants (see Section 2.2 of the Directors Report and to note B7); Return to suitability: the Group continues to meet the milestones as set out in the Remediation Plan and has its casino licences reinstated by the regulatory bodies (see Sections 2.2 and 2.6 of the Directors Report). Maintenance of transactional banking services: Transactional banking facilities are presently in place with the current provider until 30 September 2026. Discussions with the current provider on an extension are in progress. At the date of this report, there is no certainty that each of the matters noted above can be satisfactorily resolved and in a sufficiently timely manner. If the Group is unable to successfully address or resolve the matters outlined above, there is significant doubt as to the Group’s ability to remain a going concern and in its ability to pay its debts as and when they fall due in the next 12 months. The financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classifications of liabilities that might be necessary should the entity not continue as a going concern. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 120
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS Preparation of the financial statements in conformity with Australian Accounting Standards and IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the process of applying the Group's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the interim financial statements: Going concern (refer note above); Asset useful lives and residual values (refer to note A4); Significant items (refer to note A7); Assets held for sale fair value less costs to sell (refer to note A9); Impairment of assets (refer to note B5); and Provisions, contingent liabilities and regulatory matters (refer to note B6). Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability in future periods. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following new accounting standards, which became applicable from 1 July 2025: Reference Title AASB 2023-5 Amendments to AASB 121 – Lack of Exchangeability Amendments to AASB 121: Lack of Exchangeability The amendments to AASB 121 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity cannot restate comparative information. The amendments did not have a material impact on the consolidated financial statements of the Group. STANDARDS AND AMENDMENTS ISSUED BUT NOT YET EFFECTIVE The Group has not applied Australian Accounting Standards and IFRS that were issued or amended but not yet effective. The standards are: Reference Title Application date AASB 18 Presentation and Disclosure in Financial Statements 1 January 2027 AASB 2024-2 Amendments to the Classification and Measurement of Financial Instruments – Amendments to AASB 9 and AASB 7 1 January 2026 Annual Improvements to IFRS Accounting Standards – Volume 11 1 January 2026 AASB 2025-1 Contracts Referencing Nature-dependent Electricity – Amendments to AASB 9 and AASB 7 1 January 2026 AASB 2014-10 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 1 January 2028 The impact of the above standards on the Group is still being assessed. BASIS OF CONSOLIDATION Controlled entities The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Controlled entities are consolidated from the date control is transferred to the Group and are no longer consolidated from the date control ceases. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Foreign currency The consolidated financial statements are presented in Australian dollars ($) which is the Group's functional and presentation currency. 121 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Transactions and balances Transactions denominated in foreign currencies are translated at the rate of exchange ruling on the transaction date. Monetary items denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting period. Gains and losses arising from the translation are credited or charged to the income statement, with the exception of differences on foreign currency borrowings that are in an effective hedge relationship. These are taken directly to equity until the liability is extinguished, at which time they are recognised in the income statement. Contracted revenue The Group has a contract with the DBC Integrated Resort joint venture to supply labour and other shared costs in relation to the components of the DBC Integrated Resort for which the Group is operator ( Contracted Costs). Revenue is recognised when the Group satisfies its obligations in relation to the provision of the goods and services associated with the Contracted Costs. The recovery of costs is at cost with no margin. GOVERNMENT GRANTS Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense, it is recognised net of the related expense for which it is intended to compensate. There are no unfilled conditions or other contingencies attached to the grants. NET FINANCE COSTS Finance income is recognised as the interest accrues, using the effective interest method. Finance costs consist of interest and other borrowing costs incurred in connection with the borrowing of funds. Finance costs directly associated with qualifying assets are capitalised, all other finance costs are expensed, in the period in which they occur. TAXATION Income tax Income tax comprises current and deferred income tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the period, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill; and the initial recognition of an asset or liability in a transaction which at the time of the transaction, affects neither accounting nor taxable profit (loss) and does not give rise to equal taxable and deductible temporary differences. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. GOODS AND SERVICES TAX (GST) Revenues, expenses, assets and liabilities are recognised net of the amount of GST except: when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; casino revenues, due to the GST being offset against government taxes; and receivables and payables, which are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet. Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 122
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 CASH AND CASH EQUIVALENTS Cash and cash equivalents are carried in the balance sheet at face value. Cash and cash equivalents include cash balances and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included as a component of cash for the purpose of the statement of cash flows. TRADE AND OTHER RECEIVABLES Trade receivables are recognised and carried at original settlement amount less a provision for expected credit loss impaired, where applicable. Bad debts are written off when they are known to be uncollectible. Subsequent recoveries of amounts previously written off are credited to the income statement. Other receivables are carried at amortised cost less impairment. INVENTORIES Inventories include consumable stores, food and beverage and are carried at the lower of cost and net realisable value. Inventories are costed on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business. PROPERTY, PLANT AND EQUIPMENT Refer to notes A4 and B3 for further details of the accounting policy, including useful lives of property, plant and equipment. Freehold land is included at cost and is not depreciated. All other items of property, plant and equipment are stated at historical cost net of depreciation, amortisation and impairment, and depreciated over periods deemed appropriate to reduce carrying values to estimated residual values over their useful lives. Historical cost includes expenditure that is directly attributable to the acquisition of these items. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement. When the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Costs arising subsequent to the acquisition of an asset are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial year in which they are incurred. Costs relating to development projects are recognised as an asset when it is probable that any future economic benefit associated with the item will flow to the entity and it can be measured reliably. If it becomes apparent that the development will not occur, the amount is expensed to the income statement. INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed. Goodwill is assessed for impairment on an annual basis and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. Other intangible assets Indefinite life intangible assets are not amortised and are assessed annually for impairment. Expenditure on gaming licences acquired, casino concessions acquired, computer software and other intangibles are capitalised and amortised using the straight line method as described in note B4. Software (excluding SaaS arrangements) Costs associated with developing or maintaining computer software programs are recognised as expenses as incurred. However, costs that are directly associated with identifiable and unique software products controlled by the Group and which have probable economic benefits exceeding the costs beyond one year are recognised as intangible assets. Direct costs include staff costs of the software development team and an appropriate portion of the relevant overheads. Expenditure meeting the definition of an asset is recognised as a capital improvement and added to the original cost of the asset. These costs are amortised using the straight line method, as described in note B4. Casino licences and concessions Refer to note B4 for details and accounting policy. 123 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 IMPAIRMENT OF ASSETS Assets that have an indefinite useful life are not subject to depreciation or amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Refer to note B5 for further details of key assumptions included in the impairment calculation. PROVISIONS A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES Associates are all entities over which the Group has significant influence but not control or joint control. Joint control is the contractually agreed sharing of the joint arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. A joint venture is a type of arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. The Group's investments in associate and joint venture entities are accounted for using the equity method of accounting, after initially being recognised at cost. Under the equity method of accounting, the investments are initially recognised at cost and are subsequently adjusted to recognise the Group's share of the post-acquisition profits or losses of the investee in the income statement, and the Group's share of movements in other comprehensive income of the investee in other comprehensive income. Distributions received are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment in accordance with the Group's policy. INTEREST BEARING LIABILITIES Interest bearing liabilities are recognised initially at fair value and include transaction costs. Subsequent to initial recognition, interest bearing liabilities are recognised at amortised cost using the effective interest rate method. Any difference between proceeds and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest rate method. Interest bearing liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. LEASES Right-of-use assets The Group recognises right-of-use ( ROU) at the commencement date of the lease (i.e. the date the underlying asset is available for use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognised ROU assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. ROU assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 124
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 IMPAIRMENT OF ASSETS Assets that have an indefinite useful life are not subject to depreciation or amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Refer to note B5 for further details of key assumptions included in the impairment calculation. PROVISIONS A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES Associates are all entities over which the Group has significant influence but not control or joint control. Joint control is the contractually agreed sharing of the joint arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. A joint venture is a type of arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. The Group's investments in associate and joint venture entities are accounted for using the equity method of accounting, after initially being recognised at cost. Under the equity method of accounting, the investments are initially recognised at cost and are subsequently adjusted to recognise the Group's share of the post-acquisition profits or losses of the investee in the income statement, and the Group's share of movements in other comprehensive income of the investee in other comprehensive income. Distributions received are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment in accordance with the Group's policy. INTEREST BEARING LIABILITIES Interest bearing liabilities are recognised initially at fair value and include transaction costs. Subsequent to initial recognition, interest bearing liabilities are recognised at amortised cost using the effective interest rate method. Any difference between proceeds and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest rate method. Interest bearing liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. LEASES Right-of-use assets The Group recognises right-of-use ( ROU) at the commencement date of the lease (i.e. the date the underlying asset is available for use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The recognised ROU assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. ROU assets are subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of buildings, leasehold improvements and plant and equipment. (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e. below $10,000). Lease payments on short-term leases and leases of low- value assets are recognised as expense on a straight-line basis over the lease term. Lessor As lessor, leases of assets under which substantially all the risks and benefits of ownership are effectively retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease. EMPLOYEE BENEFITS Post-employment benefits The Group's commitment to defined contribution plans is limited to making the contributions in accordance with the minimum statutory requirements. There is no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees relating to current and past employee services. Superannuation guarantee charges are recognised as expenses in the income statement as the contributions become payable. A liability is recognised when the Group is required to make future payments as a result of employees' services provided. Long service leave The Group's net obligation in respect of long term service benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the expected future increases in wage and salary rates including related on-costs and expected settlement dates, and is discounted using rates attached to bonds with sufficiently long maturities at the balance sheet date, which have maturity dates approximating to the terms of the Group's obligations. Annual leave Liabilities for annual leave are calculated at discounted amounts based on remuneration rates the Group expects to pay, including related on-costs when the liability is expected to be settled. Annual leave is another long term benefit and is measured using the projected credit unit method. Share based payment transactions The Company operates a number of share based payment plans, whereby employees render services in exchange for equity instruments. These plans include the long term incentive plan (LTI), Equity Retention Plan, Service Rights Plan and a portion of the short term incentive plan (for senior executives). The cost of share based payment plans are determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognised in employee benefits expense, together with a corresponding increase in equity (share based payment reserves), over the period in which the service, and where applicable, the performance conditions are fulfilled. The cumulative expense recognised for these transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. 125 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026 DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from operational, financing and investment activities. In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Derivative financial instruments are recognised initially at fair value at the date the derivative contract is entered into and are subsequently remeasured to fair value at the end of each reporting period. The resulting gain or loss is recognised immediately in the income statement. The fair value of interest rate swap, cross currency swap and forward currency contracts is determined by reference to market values for similar instruments. Refer to note E2 for details of fair value determination. Derivative assets and liabilities are offset and the net amount reported in the consolidated balance sheet if, and only if: there is a currently enforceable legal right to offset the recognised amount; and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. ISSUED CAPITAL Issued and paid up capital is recognised at the fair value of the consideration received. Issued capital comprises ordinary shares. Any transaction costs directly attributable to the issue of ordinary shares are recognised directly in equity, net of tax, as a reduction of the share proceeds received. OPERATING SEGMENT An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose operating results are regularly reviewed by the entity's executive decision makers to allocate resources and assess its performance. The Group aggregates two or more operating segments when they have similar economic characteristics, and the segments are similar in each of the following respects: nature of the products and services; type or class of customer for the products and services; methods used to distribute the products or provide the services; and nature of the regulatory environment. Segment results include revenue and expenses directly attributable to a segment and exclude significant items. Capital expenditure represents the total costs incurred during the period to acquire segment assets, including capitalised interest. DIVIDEND DISTRIBUTIONS Dividend distributions to the Company's shareholders are recognised as a liability in the Group's financial statements in the period in which the dividends are declared. BASIC EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net earnings after tax for the period by the weighted average number of ordinary shares outstanding during the period. DILUTED EARNINGS PER SHARE Diluted earnings per share is calculated by dividing the net earnings attributable to ordinary equity holders adjusted by the after tax effect of: any dividends or other items related to dilutive potential ordinary shares deducted in arriving at profit or loss attributable to ordinary equity holders; any interest recognised in the period related to dilutive potential ordinary shares; and any other changes in income or expense that would result from the conversion of the dilutive potential ordinary shares; by the weighted average number of issued ordinary shares plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. ASSETS HELD FOR SALE Non-current assets are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction, rather than through continuing use, and a sale is considered highly probable. They are measured at the lower of their carrying value and fair value less costs to sell. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its fair value less costs to sell. NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2026 THE STAR ENTERTAINMENT GROUP 2026 Annual Report 126
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CONSOLIDATED ENTITY DISCLOSURE STATEMENT FOR THE YEAR ENDED 30 JUNE 2026 INVESTMENT IN CONTROLLED ENTITIES Name of entity Type of entity Trustee, partner or participant in Joint Venture % of share capital Place of incorporation Country of tax residence The Star Entertainment Group Limited BC 100.0 Australia Australia The Star Entertainment Sydney Holdings Limited BC 100.0 Australia Australia The Star Pty Limited BC 100.0 Australia Australia The Star Entertainment Pty Ltd BC 100.0 Australia Australia The Star Entertainment Sydney Properties Pty Ltd BC 100.0 Australia Australia The Star Entertainment Sydney Apartments Pty Ltd BC 100.0 Australia Australia Star City Investments Pty Limited BC 100.0 Australia Australia Star City Share Plan Company Pty Ltd BC 100.0 Australia Australia The Star Entertainment QLD Limited BC 100.0 Australia Australia The Star Entertainment QLD Custodian Pty Ltd BC Trustee 100.0 Australia Australia The Star Entertainment Gold Coast Trust Trust 100.0 Australia Australia The Star Entertainment International No.1 Pty Ltd BC 100.0 Australia Australia The Star Entertainment International No.2 Pty Ltd BC 100.0 Australia Australia The Star Entertainment International No.3 Pty Ltd BC 100.0 Australia Australia EEI Services (Hong Kong) Holdings Limited BC 100.0 Hong Kong Hong Kong EEI Services (Hong Kong) Limited BC 100.0 Hong Kong See below a The Star Entertainment RTO Pty Ltd BC 100.0 Australia Australia The Star Entertainment Finance Limited BC 100.0 Australia Australia Destination Cairns Consortium Pty Limited BC 100.0 Australia Australia The Star Entertainment Technology Services Pty Ltd BC 100.0 Australia Australia The Star Entertainment Training Company Pty Ltd BC 100.0 Australia Australia The Star Entertainment Letting Pty Ltd BC 100.0 Australia Australia The Star Entertainment Online Holdings Pty Ltd BC 100.0 Australia Australia The Star Entertainment Online Pty Ltd BC 100.0 Australia Australia The Star Entertainment Brisbane Holdings Pty Ltd BC 100.0 Australia Australia The Star Entertainment Brisbane Operations Pty Ltd BC 100.0 Australia Australia The Star Entertainment DBC Holdings Pty Ltd BC 100.0 Australia Australia The Star Brisbane Car Park Holdings Pty Ltd BC Participant in JV 100.0 Australia Australia The Star Entertainment Gold Coast Holdings Pty Ltd BC 100.0 Australia Australia The Star Entertainment GC Investments Pty Ltd BC Participant in JV 100.0 Australia Australia The Star Entertainment GC Investments No.1 Pty Ltd BC Participant in JV 100.0 Australia Australia The Star Entertainment International No.5 Pty Ltd BC 100.0 Australia Australia EEI Services Holdings No.1 Pty Ltd BC 100.0 Australia Australia EEI Services Holdings No.2 Pty Ltd BC 100.0 Australia Australia The Star Entertainment International Tourism Pty Ltd BC Participant in JV 100.0 Australia Australia Destination Sydney Consortium Pty Limited BC 100.0 Australia Australia The Star Entertainment Pyrmont Investments No.1 Pty Ltd BC Participant in JV 100.0 Australia Australia The Star Entertainment GC No.1 Pty Ltd BC 100.0 Australia Australia The Star Entertainment GC No.2 Pty Ltd BC 100.0 Australia Australia The Star Entertainment Group Limited Employee Share Trust Unit - Australia Australia BC: Body corporate JV: Joint venture a This entity is classified as an Australian resident under the Income Tax Assessment Act 1997 but is a tax resident of Hong Kong in Hong Kong. Pillar Two income taxes The Group has performed an assessment of its potential exposure to Pillar Two income taxes. The Group has determined it meets the Routine Profits Test with respect to Australia and the transitional safe harbour De minimis Test applies (based on the 2025 country-by-country reporting and 2026 financial information) for the constituent entities in the Group. As such, no top-up tax adjustments are required. The Group continues to follow Pillar Two legislative developments to evaluate the potential future impact. Consolidated Entity Disclosure Statement For the year ended 30 June 2026 127 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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DIRECTORS’ DECLARATION In the opinion of the Directors of The Star Entertainment Group Limited (the Company): (a) the financial statements and notes of the Group are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Group's consolidated financial position as at 30 June 2026 and of its performance for the year ended on that date; and (ii) complying with the Accounting Standards and the Corporations Regulations 2001; (b) the consolidated entity disclosure statement required by section 295(3A) of the Corporation Act is true and correct; (c) the Financial Report also complies with International Financial Reporting Standards as disclosed in note G; and (d) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable. This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A of the Corporations Act 2001. Signed in accordance with a resolution of Directors. Soo Kim Chairman The Star Entertainment Group Limited 31 August 2026 Directors’ Declaration THE STAR ENTERTAINMENT GROUP 2026 Annual Report 128
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[PLACEHOLDER FOR AUDITOR'S REPORT] A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent Auditor’s report to the Members of The Star Entertainment Group Limited Report on the Audit of the Financial Report Opinion We have audited the financial report of The Star Entertainment Group Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated balance sheet as at 30 June 2026, the consolidated income statement , consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the year ended on that date; and b. complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board ’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainties Relating to Going Concern We draw attention to Note G of the financial report which outlines the Directors’ assessment of the ability of the Group to continue as a going concern. Note G indicates the existence of material uncertainties that cast significant doubt on the Group’s ability to continue as a going concern, including in respect of the AUSTRAC proceeding, where the Group is reliant on the judgement of the Court as to quantum and timing being within the Groups’ capacity to pay, given its existing liquidity and ability to access any additional funding required. If the Group is unable to successfully address the matters outlined in Note G, there is significant doubt as to the Group’s ability to continue as a going concern. Note G describes the basis for the Directors’ assessment that the Group has the ability to continue as a going concern and the actions they are planning to take to respond to these uncertainties. Our opinion is not modified in respect of this matter. INDEPENDENT AUDITOR’S REPORT 129 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Independent Auditor’s report continued A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 Emphasis of Matter – Regulatory and Legal Matters We draw attention to the uncertainties relating to regulatory and legal matters recorded as provisions or contingent liabilities disclosed in Note B6 of the financial report. Our opinion is not modified in respect of this matter. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. In addition to the matter described in the Material Uncertainties Relating to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit proc edures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. Joint Venture Partners (‘JVP’) Transaction Why significant How our audit addressed the key audit matter On 31 March 2026, the Group completed Stage 1 of its transaction with its JVPs, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited (‘JVP Transaction’). Stage 1 involved the disposal of the Group’s 50% interest in Destination Brisbane Consortium Integrated Resort Holdings Pty Ltd (‘DBC’). Stage 2 of the JVP Transaction includes the proposed disposal of the Treasury Brisbane Hotel and Car Park and the Group’s investment in Charlotte Street Car Park (together, the Brisbane Operations) in exchange for acquiring the remaining 66.7% interest in Destination Gold Coast Consortium Pty Ltd (‘DGCC’). At 30 June 2026, completion of Stage 2 remained subject to outstanding conditions precedent. Management concluded it was highly probable that the remaining Brisbane Operations assets would be sold within 12 months and, accordingly, classified the assets as held for sale and, together with DBC, presented the relevant results as discontinued operations in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. This required the relevant assets to be measured at Our audit procedures included the following: - Read the executed transaction agreements and assessed the key terms and commercial substance of the transaction; - Assessed the appropriateness of the classification of the Brisbane Operations assets as held for sale and the presentation of the relevant results, together with DBC, as discontinued operations under AASB 5; - Tested the carrying values of the relevant assets and investments included in the transaction; - Evaluated management’s assessment of fair value less costs to sell, including consideration of independent valuation reports, with the assistance of our valuation specialists where relevant; - Assessed management’s consideration of impairment indicators; and THE STAR ENTERTAINMENT GROUP 2026 Annual Report 130
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 3 Why significant How our audit addressed the key audit matter the lower of carrying amount and fair value less costs to sell and resulted in changes to the presentation of the Group’s financial report. The accounting for the transaction was complex and involved significant judgement, including assessing whether the relevant assets met the criteria for classification as held for sale and presentation as discontinued operations under AASB 5 and evaluating whether any impairment indicators existed for the Group’s existing 33.3% interest in DGCC. Given the significance of the transaction to the Group, the judgement involved in applying AASB 5, assessing impairment indicators and the related financial report disclosures, this matter was considered to be a Key Audit Matter. - Assessed the adequacy of the related disclosures included in Note A9 of the financial report. Regulatory and Legal Matters Why significant How our audit addressed the key audit matter As disclosed in Note B6, the Group is subject to a number of uncertain significant pending and ongoing regulatory and legal matters, including the AUSTRAC proceeding. There is complexity in relation to the assessment of these matters and uncertainty as to the outcome and quantification of any future economic outflow associated with a number of these matters. Australian Accounting Standards (accounting standards) provide criteria for the recognition of liabilities and disclosure of contingent liabilities for such matters. The application of these accounting standards required significant judgement in determining whether present obligations existed at balance date, whether it was probable a future outflow of funds will occur and whether the provisions could be reliably measured and the extent of required contingent liability disclosures where these conditions were considered not to be met. As disclosed in Note B6, there was significant judgement required in estimating the provisions related to a number of these matters. Our audit procedures included the following: - Evaluated the Group’s assessment as to whether present obligations exist arising from past events based on the available facts and circumstances in relation to these matters. In order to assess the facts and circumstances, we considered the underlying documentation prepared by the Group’s internal and external solicitors, and other relevant documents; - Held discussions with senior management, reviewed Board of Directors and Board Committee minutes, reviewed correspondence with regulators (where applicable) and attended Audit Committee and Risk and Compliance Committee meetings to understand key regulatory, compliance, and legal matters; - Inspected legal correspondence and legal opinions and considered their content together with the information we obtained from our other procedures. Where required, we held inquiries with the Group’s internal and external legal counsel; 131 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Independent Auditor’s report continued A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 4 Why significant How our audit addressed the key audit matter - Where the Group determined that a present obligation existed, we assessed the basis for reliable measurement of the provision in accordance with accounting standards, including matters such as probability of outflow, amounts and timing, and our understanding of the matter from our procedures; - Where a provision was recognised, we assessed the basis for the estimate and the calculation of the provisions; and - Assessed the disclosures within the financial report related to the significant uncertainty on the quantum of the AUSTRAC penalty and range of potential outcomes, and the disclosures related to contingent liabilities. Information Other than the Financial Report and Auditor’s Report Thereon The directors are responsible for the other information. The other information comprises the information included in the Group’s 2026 annual report other than the financial report and our auditor’s report thereon. We obtained the directors’ report and the Sustainability report that are to be included in the annual report, prior to the date of this auditor ’s report, and we expect to obtain the remaining sections of the Annual Report after the date of this auditor’s report. Our opinion on the financial report does not cover the other information and we do not and will not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. We have issued a separate auditor’s report on selective sustainability information included in the Sustainability Report. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 132
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 5 Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of: a) The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and b) The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: i. The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii. The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group ’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and accordance appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. 133 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Independent Auditor’s report continued A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 6 • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 134
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 7 Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 44 to 63 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of The Star Entertainment Group Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young Scott Jarrett Partner 31 August 2026 135 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Shareholder Information ADDITIONAL INFORMATION ORDINARY SHARE CAPITAL The Star Entertainment Group Limited has 6,636,202,776 fully paid ordinary shares on issue. SHAREHOLDING RESTRICTIONS The Star Entertainment Group’s Constitution, as well as certain legislation, and agreements entered into with the New South Wales and Queensland gaming regulators, contain certain restrictions prohibiting an individual from having a voting power of more than 10% in The Star Entertainment Group without prior written approval. The Star Entertainment Group may refuse to register any transfer of shares which would contravene these shareholding restrictions or require divestiture of the shares that cause an individual to exceed the shareholding restrictions. In July 2012, written consent was granted by the New South Wales Independent Liquor and Gaming Authority and the relevant Queensland Minister for Perpetual Investment Management Limited to increase its shareholding in The Star Entertainment Group from 10% up to a maximum of 15% of issued shares. In June 2024, approvals were granted by the NICC and the Queensland Attorney‑General and Minister for Justice for Investment Holdings Pty Ltd as trustee for BMG Discretionary Trust (Investment Holdings) to acquire in excess of 10% of the total issued share capital in The Star Entertainment Group. VOTING RIGHTS All ordinary shares issued by The Star Entertainment Group carry one vote per share. Performance rights do not carry any voting rights. Gambling legislation in New South Wales and Queensland and The Star Entertainment Group’s Constitution contain provisions regulating the exercise of voting rights by persons with prohibited shareholding interests, as well as the regulation of shareholding interests. The NICC, the relevant Queensland Minister, and the Board of The Star Entertainment Group have the power to request information or undertake investigations (as applicable) in certain circumstances. If a person fails to furnish any of the information requested by the Board of The Star Entertainment Group within the time specified, then the voting rights attaching to that person’s shares will be suspended. It is also an offence to fail to comply with a relevant information request from the NICC or the relevant Queensland Minister, or give false or misleading information to the NICC or the relevant Queensland Minister. Failure to comply with gambling legislation in New South Wales and Queensland or The Star Entertainment Group’s Constitution, including the shareholder restrictions mentioned above, may also result in the divestiture of shares. FUTURE EQUITY RAISES Under a Strategic Alliance Agreement with Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC) entered into in 2018, if The Star Entertainment Group undertakes an equity raising during the term of the Strategic Alliance which would result in The Star Entertainment Group issuing 1% or more of its share capital (or would have such an effect in the case of an issue of convertible securities) (Equity Raising), then (subject to any applicable laws, rules or regulations) it must consider making (but is not obliged to make) an offer to CTFE and FEC (or their respective nominees) to participate in the Equity Raising on a basis that allows them to maintain their pre‑Equity Raising shareholding percentage. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 136
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SUBSTANTIAL SHAREHOLDERS The following is a summary of the substantial shareholders as at 18 August 2026 pursuant to notices lodged with ASX in accordance with section 671B of the Corporations Act 2001 (Cth): NAME DATE OF INTEREST NUMBER OF ORDINARY SHARES1 % OF ISSUED CAPITAL2 Firmament Investment Pte. Ltd. and its associated entities 6/10/2023 161,107,816 2.43% Far East Consortium International Limited and its controlled entities 6/10/2023 161,107,816 2.43% Mr Xingchun Wang 13/01/2025 186,986,332 2.82% Investment Holdings Pty Ltd ATF BMG Discretionary Trust and Bruce Lawrance Mathieson 28/11/2025 1,537,154,955 23.16% Bally’s Corporation, Bally’s Media, LLC, Bally’s Star Holdings, LLC and Mr Soohyung Kim and their associates 28/11/2025 2,500,000,000 37.67% 1. As disclosed in the last notice lodged with the ASX by the substantial shareholder. 2. The percentage is based on the total issued share capital of The Star Entertainment Group Limited at 18 August 2026. LESS THAN MARKETABLE PARCELS As at 18 August 2026, there were 54,309 shareholders holding less than a marketable parcel of 3,572 ordinary shares (based on a market price of $0.14 at the close of trading on 18 August 2026) and they hold a total of 40,801,656 ordinary shares. SECURITIES PURCHASED ON-MARKET No shares were purchased on-market during the financial year. Twenty Largest Registered Shareholders — Ordinary Shares* RANK NAME NUMBER OF SHARES HELD % OF ISSUED CAPITAL 1 BALLY’S STAR HOLDINGS LLC 2,500,000,000 37.67% 2 INVESTMENT HOLDINGS PTY LTD <BMG DISCRETIONARY A/C> 1,537,154,955 23.16% 3 CITICORP NOMINEES PTY LIMITED 377,857,342 5.69% 4 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 341,429,924 5.14% 5 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 96,106,605 1.45% 6 CONTANGO NOMINEES PTY LIMITED 69,869,801 1.05% 7 MR QINGNAN WEN 48,400,000 0.73% 8 COLBERN FIDUCIARY NOMINEES PTY LTD 38,128,469 0.57% 9 MR GARY MAURIC 30,000,000 0.45% 10 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 26,228,596 0.40% 11 INVIA CUSTODIAN PTY LIMITED <FOUNDATION ENT FINANCE A/C> 20,152,864 0.30% 12 MR KAI CHEN 17,000,000 0.26% 13 K & J INTERNATIONAL PTY LTD <LINS FAMILY SUPER FUND A/C> 13,000,000 0.20% 14 TOFU HOLDINGS LLC 11,562,026 0.17% 15 MR MICHAEL ANTONI TUREK 11,450,000 0.17% 16 HISHENK PTY LTD 10,500,000 0.16% 17 MISS I POH LAU 9,211,940 0.14% 18 GLENN HARGRA VES INVESTMENTS PTY LTD 9,200,000 0.14% 19 PENGTON NO 3 PTY LTD <PENGTON NO 3 UNIT A/C> 9,200,000 0.14% 20 MR PHILLIP STEWART MAHON + MS SHANNYN AMIE MAHON + MS JACQUELINE LEE MAHON <MAHON SUPERANNUATION A/C> 9,000,000 0.14% Total of top 20 registered shareholders 5,185,452,522 78.13% * On a grouped basis. 137 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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Additional information continued DISTRIBUTION OF SECURITIES HELD ORDINARY SHARES PERFORMANCE RIGHTS Range of Holding No. of Holders No. of Ordinary Shares % of total Ordinary Shares No. of Holders No. of Performance Rights % of total Performance Rights 1 to 1,000 39,868 13,157,964 0.20% 0 0 0% 1,001 to 5,000 18,415 44,868,656 0.68% 1 4,971 0.03% 5,001 to 10,000 5,615 43,432,970 0.66% 1 8,990 0.06% 10,001 to 100,000 8,730 297,530,247 4.48% 4 284,856 1.99% 100,001 and over 2,053 6,237,212,939 93.98% 10 14,011,544 97.91% Total 74,681 6,636,202,776 100.00% 16 14,310,361 100.00% PREMIUM EXERCISE PRICED OPTIONS Range of Holding No. of Holders No. of Options % of Total Options 1 to 1,000 0 0 0% 1,001 to 5,000 0 0 0% 5,001 to 10,000 0 0 0% 10,001 to 100,000 0 0 0% 100,001 and over 9 2,801,910 100% Total 9 2,801,910 100% VOLUNTARY ESCROW There are no securities under voluntary escrow. SHARE BUY-BACKS There is no current or planned buy‑back of The Star Entertainment Group’s shares. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 138
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Corporate Information ANNUAL REPORT This Annual Report is available on‑line from The Star Entertainment Group’s website at www.starentertainmentgroup. com.au/annual reports. Annual Reports will only be sent to those shareholders who have requested to receive a copy. Shareholders who no longer wish to receive a hard copy of the Annual Report or wish to receive the Annual Report electronically are encouraged to contact the Share Registry, the details of which are set out below. This will assist with reducing the costs of production of the hard copy of the Annual Report. WEBSITE The Star Entertainment Group’s website at www.starentertainmentgroup.com.au offers investors a wide range of information regarding its activities and performance, including Annual Reports, interim and full year financial results, webcasts of results and Annual General Meeting presentations, major news releases and other Company statements. SHAREHOLDER RELATIONS Investors seeking more information about the Company are invited to contact The Star Entertainment Group’s Shareholder Relations Team: Address: PO Box 13348 George Street Post Shop Brisbane QLD 4003 Telephone: +61 7 3228 0000 Facsimile: +61 7 3228 0099 Email: investor@star.com.au SHAREHOLDER ENQUIRIES Investors seeking information about their shares in The Star Entertainment Group should contact The Star Entertainment Group’s Share Registry. Investors should have their Shareholder Reference Number (SRN) or Holder Identification Number (HIN) available to assist the Share Registry in responding to their enquiries. SHARE REGISTRY MUFG Corporate Markets (AU) Limited Address: Liberty Place Level 41, 161 Castlereagh Street Sydney, NSW 2000 Postal address: The Star Entertainment Group Limited C/‑ MUFG Corporate Markets (AU) Limited Locked Bag A14 Sydney South NSW 1235 Australia Telephone: +61 1300 880 923 (toll free within Australia) Facsimile: +61 2 9287 0303 E-mail: starentertainment@cm.mpms. mufg.com Website: mpms.mufg.com GENERAL ENQUIRIES Investor information is available on The Star Entertainment Group’s website at www.starentertainmentgroup.com. au, including major announcements, Annual Reports, and general Company information. 2026 CORPORATE GOVERNANCE STATEMENT The 2026 Corporate Governance Statement can be found on The Star Entertainment Group’s website at www.starentertainmentgroup.com.au/ corporate‑governance. 2026 ANNUAL GENERAL MEETING The Annual General Meeting of The Star Entertainment Group Limited will be held on 27 October 2026 at the Sydney Lyric Theatre (located within The Star Sydney), 55 Pirrama Road, Pyrmont, New South Wales. Information and guidance on how to join the Annual General Meeting will be made available within the Notice of Meeting and on The Star Entertainment Group’s website at www.starentertainmentgroup. com.au/annual‑general‑meetings. Indicative key dates for FY27* FY27 Half Year Results Announcement: 26 February 2027 FY27 Full Year Results Announcement: 27 August 2027 * Dates are subject to change. 139 OverviewOperating and Financial ReviewDirectors’ ReportSustainability ReportFinancial ReportAdditional Information
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COMPANY DIRECTORY Registered Office The Star Entertainment Group Limited Level 3, 159 William Street Brisbane QLD 4000 Telephone: + 61 7 3228 0000 Facsimile: + 61 7 3228 0099 Email: investor@star.com.au www.starentertainmentgroup.com.au New South Wales Office Level 3, 60 Union Street Pyrmont NSW 2009 Telephone: + 61 2 9657 7600 Queensland Office Level 3, 159 William Street Brisbane QLD 4000 Telephone: + 61 7 3228 0000 Securities Exchange Listing The Star Entertainment Group’s securities are quoted on the Australian Securities Exchange (ASX) under the share code “SGR”. The Star Sydney 80 Pyrmont Street Pyrmont NSW 2009 Reservations: 1800 700 700 Telephone: + 61 2 9777 9000 www.thestarsydney.com.au The Star Gold Coast Broadbeach Island Broadbeach QLD 4218 Reservations: 1800 074 344 Telephone: + 61 7 5592 8100 www.thestargoldcoast.com.au The Star Brisbane 33 William Street Brisbane QLD 4000 General enquiries: 1800 888 899 The Star Grand Reception: +61 7 3308 0300 www.star.com.au/brisbane Queen’s Wharf Brisbane General Enquiries Telephone: 1800 104 535 Email: qwbenquiries@ destinationbrisbane.com.au www.queenswharfbrisbane.com.au Auditor Ernst & Young ABOUT THIS ANNUAL REPORT Currency References to currency in this Annual Report are in Australian Dollars unless otherwise stated. Copyright Information in this report has been prepared by The Star Entertainment Group Limited, unless otherwise indicated. Information may be reproduced provided it is reproduced accurately and not in a misleading context. Where the material is being published or issued to others, the sources and copyright status should be acknowledged. Investment Warning This Annual Report may include forward looking statements and references which, by their very nature, involve inherent risks and uncertainties. These risks and uncertainties may be matters beyond The Star Entertainment Group’s control and could cause actual results to vary (including materially) from those predicted. Forward looking statements are not guarantees of future performance. Past performance of shares is not indicative of future performance and should not be relied upon as such. The value of investments and any income from them is not guaranteed and can fall as well as rise. The Star Entertainment Group recommends that investors make their own assessments and seek independent professional advice before making investment decisions. Privacy The Star Entertainment Group respects the privacy of its stakeholders. The Star Entertainment Group’s Privacy Policy Statement is available on The Star Entertainment Group’s website at www.starentertainmentgroup.com.au. THE STAR ENTERTAINMENT GROUP 2026 Annual Report 140
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