Super Group (SGHC) Q4 2025 Earnings Report

Super Group (SGHC) EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.14
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Super Group (SGHC) Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $485.21 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Super Group (SGHC) Announcement Details

• Quarter: Q4 2025
• Date: 2/23/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, February 24, 2026
• Conference Call Time: 8:00AM ET

Super Group (NYSE: SGHC) is a global sports betting and iGaming operator that offers online wagering and gaming solutions under well-known brands such as Betway and Spin. The company’s technology platform supports fixed-odds and in-play sports betting, virtual sports, eSports wagering and a diverse suite of casino games, including slots, table games and live dealer experiences. Super Group’s digital infrastructure is designed to deliver a seamless, secure user experience across desktop and mobile devices.

The company holds operating licenses in multiple regulated jurisdictions, including the United Kingdom, Malta, Italy, Spain and selected states in the United States. By adhering to strict regulatory standards, Super Group ensures responsible gaming practices, player protection and compliance with local requirements. Its global footprint spans Europe, Africa and North America, with targeted efforts to enter new markets and expand existing operations.

Founded in 2006 as an online sports betting venture, the business reorganized under the Super Group Holdings plc structure ahead of its public listing in October 2023 via a merger with a special purpose acquisition company. Headquartered in London, Super Group is led by Chief Executive Officer Anthony Werkman, who has overseen the company’s growth from a single-brand operator to a diversified digital gaming group. The management team continues to focus on product innovation, regulatory engagement and strategic partnerships.

Super Group’s product offering is complemented by a proprietary risk management system and data analytics tools that optimize pricing, enhance customer engagement and support responsible gaming initiatives. Looking ahead, the company aims to leverage its technology platform and regulatory licenses to pursue growth opportunities in regulated markets, while maintaining a commitment to operational excellence and player safety.

Super Group (SGHC) Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Super Group reported a strong 2025 — $2.2B revenue (+22%), $560M Adjusted EBITDA (+57%, ~25% margin), record 6.1M MAUs and $513M cash; it raised the minimum quarterly dividend to $0.05 and guided 2026 to at least $2.55B revenue and >$680M Adjusted EBITDA.
• Positive Sentiment: The company received final regulatory approval for the Apricot sportsbook acquisition, giving full control of its sportsbook technology and teams and targeting roughly $35M of annualized cost savings (savings are reflected in 2026 guidance).
• Positive Sentiment: Operational momentum is concentrated in Africa (FY +27%, sports wagers +31%, casino wagers +32% YoY) and Europe (Q4 revenue +23%, UK +37%), while AI-driven pricing, product improvements and the ZAR Supercoin rollout (wallet and exchange listings planned) are intended to boost engagement and trading efficiency.
• Negative Sentiment: Volatility in sports outcomes remains a material risk (management estimated a ~$20M EBITDA hit in December), and guidance factors in normalization; regulatory and tax changes (UK tax increase, Alberta regulation, potential SA measures) are additional downside risks.

Presentation

[Operator]

It is now my pleasure to hand over to your host, Nkem Ojougboh, Head of Investor Relations, to begin. Please go ahead.

[Nkem Ojougboh, Head of Investor Relations at Super Group]

Good morning, everyone, and thank you for joining us today to discuss Super Group's results for the fourth quarter and full year 2025. During this call, Super Group may make comments of a forward-looking nature that are subject to risks, uncertainties, and other factors discussed further in its SEC filings that could cause its actual results to differ materially from historical results or from the company's forecast. Super Group assumes no responsibility to update forward-looking statements other than as required by law. On today's call, Super Group may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with GAAP.

[Nkem Ojougboh, Head of Investor Relations at Super Group]

Super Group has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the Investor Relations page of Super Group's website. Super Group recommends that investors refer to its supplementary presentation posted to the company's website. Today, I am joined by Neal Menashe, Chief Executive Officer, and Alinda van Wyk, Chief Financial Officer. After our prepared remarks, we will open the call up for questions. Now I'd like to turn the call over to Neal.

[Neal Menashe, CEO at Super Group]

Thank you, Nkem. Good morning, everyone. 2025 was a standout year for Super Group. We refined our portfolio by exiting U.S. iGaming, allowing us to focus on markets where we expect clear, durable advantages and where we believe we can win decisively. Concentrating resources in our core regions in this manner has paved the way for the record growth and operating leverage that we continue to see today. Despite some unfavorable sport outcomes late in the year, Q4 was another record-breaking period. Monthly active customers exceeded 6 million, a new record, and deposits also reached new heights. In preparation for a strong 2026, we successfully launched the ZAR Supercoin in South Africa, the first step in our broader digital payments infrastructure.

[Neal Menashe, CEO at Super Group]

We are also pleased that we've received the final regulatory approval of the Apricot transaction, which strengthens our sportsbook technology platform and begins the process of realized cost savings. Turning to operational performance, we closed the year with significant momentum across priority markets. Europe saw strong revenue growth this quarter, up 23% year-over-year, led by a 37% increase in the U.K. In Spain, revenue grew 5% on the back of strong retention and product improvements. In Germany, we remain encouraged by the upcoming H1 slots launch and the operational efficiencies we continue to implement across the market. Africa grew 27% for the full year against 2024, with Botswana outperforming since launch and South Africa delivering strong wagering growth and record casino volumes. Compared to fourth quarter 2024, Africa was up 7%.

[Neal Menashe, CEO at Super Group]

This was a very solid result, given last year's robust sports margin and this year's customer-friendly outcomes. The underlying strength of our Africa business is highlighted by 31% growth in sports wagers and 32% growth in casino wagers year-over-year. Overall, Africa remains a powerful growth engine, supported by continued customer momentum and high brand loyalty across the region. We continue to assess our strategy in Nigeria. In North America, Canada ex-Ontario increased 15%, supported by strong customer retention and acquisition, coupled with improved product rollout. In Ontario, product improvements also drove record engagement and deposits. Alberta continues to show solid growth. We are preparing for regulation in Q2. Overall, North America, excluding the U.S., grew 10%.

[Neal Menashe, CEO at Super Group]

APAC revenue rose 6% year-over-year, despite New Zealand's 5% dip, reflecting our disciplined wait on the sidelines ahead of the long-anticipated local regulations framework. We continue to undertake product innovations in support of future growth. During the quarter, we improved sports promotional mechanics for Betway ex Africa, leading to a 400 basis point sequential increase in the sportsbook parlay wager mix. In Africa, in the beginning of this year, we completed the technology migration in all our markets. We are now implementing AI-driven, hyper-personalized bet pricing to translate real-time liability analysis, market data, and customer behavior insights into dynamic odds. We are confident that this will improve our trading efficiency and help to mitigate volatility. These upgrades are all part of our broader focus on improving customer engagement, optimizing the efficiency of our promotional mechanics, and building scalable features that support long-term margin quality.

[Neal Menashe, CEO at Super Group]

In South Africa, ZAR Supercoin has two significant catalysts expected in the coming months. First, the launch of the Supercoin wallet, which will give customers a seamless way to acquire, hold, and redeem directly within our ecosystem. We expect this to increase engagement. Second, we are preparing additional exchange listings to broaden access, deepen liquidity, and expand distribution. We believe that together, these developments will position us well for this year. With that, I turn it over to Alinda.

[Alinda van Wyk, CFO at Super Group]

Thank you, Neal. 2025 was truly exceptional. Our total revenue for the year reached $2.2 billion, reflecting a 22% increase compared to the previous year. Adjusted EBITDA saw an increase of 57% year-over-year, amounting to $560 million. This represents an impressive margin of around 25%, compared with 9%-19% in the prior year. Despite the challenging year-over-year benchmark, total revenue grew 8% to $578 million during the fourth quarter, with Adjusted EBITDA up 11% to $139 million. Record deposits were driven by casino momentum and an active sports calendar. Total wagering activity remained robust, with an increase of 20% for sports and 17% for casino compared to last year.

[Alinda van Wyk, CFO at Super Group]

Average monthly active customers reached an all-time high of 6.1 million for the quarter, a 16% jump from the same period in 2024. Our results demonstrate a commitment to cost discipline, and we maintained operational and marketing efficiencies. This is supported by further AI-enabled improvements. Enhancements in customer support, product customization, and sports tradings are ongoing. The consistent strength of our business lies in our effective conversion of EBITDA to free cash flow, as shown by this year's impressive 72% conversion rate. We closed the year with $513 million in cash, up 32% year-over-year, an increase that underscores the resilience and durability of our business model. Our capital allocation strategy includes a commitment to rewarding our shareholders.

[Alinda van Wyk, CFO at Super Group]

Over the course of 2025, we returned $156 million to shareholders, including $20 million in quarter four, with an additional special dividend in excess of $125 million paid this month. Our robust cash generation allows us to maintain this discipline while funding organic growth. Turning to guidance, 2026 is off to a strong start, aided by an impressive active customer numbers, even higher than last quarter. After an unusually high performance in January, sports hold has returned to levels typically the same as our trailing 12-month average of last year. For 2026, we are guiding to total revenue of at least $2.55 billion and Adjusted EBITDA of more than $680 million. This reflects purely organic growth, continued customer engagement, and a FIFA World Cup uplift.

[Alinda van Wyk, CFO at Super Group]

Notably, this guidance assumes ongoing marketing discipline at roughly 22% of revenue, U.K. tax increases taking effect from April, Alberta regulating locally from mid-year, and continued operating leverage supported by a strong balance sheet. We are really pleased to share that the board approved an increase of our minimum quarterly dividend target from $0.04 to $0.05 per share. The first payment will be made towards the end of March, with the board reviewing this on a quarterly basis thereafter. To conclude, we expect to release full financial statements in April, consistent with prior periods. I will now hand back to Neal for closing remarks.

[Neal Menashe, CEO at Super Group]

Thanks, Alinda. Looking ahead, we are really excited to continue scaling our strongest markets, exploring expansion into new African territories, and we believe that our teams are well prepared for upcoming regulation. The expanded World Cup schedule offers a driver for global engagement, setting the stage for a strong 2026. To our employees, thank you for an exceptional year, and to our shareholders, thank you for your ongoing support. I'll now hand over to the operator to open the call up for questions. Operator?

[Operator]

Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. The first question comes from Ryan Sigdahl of Craig-Hallum Capital Group. Your line is now open. Please go ahead.

[Ryan Sigdahl, Senior Research Analyst at Craig-Hallum Capital Group]

Neal, Alinda, good day. Congrats on the strong business trends. want to start with the customer-friendly outcomes in December. Curious how much that impacted results, if you can quantify that, and then secondly, how that's translated into potentially greater recycling of profits in play as you look at January and February, and if there's any notable trend differences to call out between sports and casino as we start the new year?

[Neal Menashe, CEO at Super Group]

Hi, Ryan. Great job. The quarter started off really great, but obviously in December, the sports outcomes were more customer-friendly, obviously, in Africa Cup of Nations, Champions League, and the English Premier League. You recall Q4 2024, we had a hard comp of like 16%, and we finished the quarter with sports at 11.4. December was meaningful, and given that we estimated it was probably about a $20 million EBITDA impact from these customers. Obviously, it did flow through on our side in January. As Alinda said, we really had a fantastic January. Again, you know, it's all about the favorites drawing or losing, but this is what we sell. We sell that the favorites obviously sometimes can win all the time.

[Neal Menashe, CEO at Super Group]

We've seen lots of, lots of activity, obviously, in our casino. If you compare our casino Q4 2025 to the prior period, it's up significantly.

[Ryan Sigdahl, Senior Research Analyst at Craig-Hallum Capital Group]

Great. Just given the strength of the business, and some recent, news, I guess, can you explain what the company is doing from a charitable standpoint with Betway Cares reinvestment in the community? I saw Jimmy Donaldson yesterday. Certainly seems like a lot of good—

[Neal Menashe, CEO at Super Group]

Yeah.

[Ryan Sigdahl, Senior Research Analyst at Craig-Hallum Capital Group]

—things you guys are working on. It's been spun a little bit negatively by certain people. Curious, just to level set what you guys are doing with your communities and reinvestment. Secondly, Alinda, if you can just explain at a high level all those expenses and the spending flows through the income statement.

[Neal Menashe, CEO at Super Group]

Perfect. Before I hand over to Alinda onto the accounting, let me give some context of Betway Cares. At high level, Betway Cares is our charitable trust in South Africa, dedicated to community initiatives, clean drinking water, sports development, arts, cultural access, and with obviously goal of driving long-term impact. We do vast amounts of charities across the spectrum. Alinda can now talk to covering how that flows through our income statement.

[Alinda van Wyk, CFO at Super Group]

Yes, thanks, Ryan. On the accounting side, IFRS require us to consolidate 100% of the earnings of the South African entity, as well as in 100% of the expenses of the minority, which is Betway Cares. The operating expenses of Betway Cares as it is expensed as general administrative expenses, and what we spend is shown as restricted cash on the balance sheet.

[Ryan Sigdahl, Senior Research Analyst at Craig-Hallum Capital Group]

Great. Thanks, guys. Good luck.

[Neal Menashe, CEO at Super Group]

Thank you.

[Operator]

The next question comes from Jordan Bender of Citizens. Your line is now open. Please go ahead.

[Jordan Bender, Senior Equity Research Analyst of Gaming and Leisure at Citizens]

Morning, everyone. Thanks for the question. Two for me. One on South Africa, we saw, you know, potential flare-up in tax changes towards the end of last year. Are you able to help us just better understand kind of what you're hearing and seeing on the ground and maybe the outlook for that? The second question. We have 2026 guidance. You guys gave us your 2028 targets at your Investor Day a couple of months ago or back in September. You know, from what the guidance range maybe tells us is you can potentially get to the low end of your 2028 targets by this year. Are you able to just help us understand, you know, what you're seeing might be running better than expected when you gave that outlook back in September? Thank you.

[Neal Menashe, CEO at Super Group]

I'll start with South Africa. There are obviously no new updates. All the operators in South Africa are expected to submit their responses at the end of February to the government paper, and then it goes through different committees, so we will see how that goes. From our perspective, when it comes to all these countries, it's all about operating efficiently, right? That's what you'll see in our guidance and our margins. It's all about this operating leverage, as we keep talking about in this business, all sits at that extra revenue coming in at almost 50%-60% to our bottom line.

[Neal Menashe, CEO at Super Group]

From the guidance for next year at $680 million, we hope by like 2027, 2028, we will increase that as the operating leverage kicks in and our marketing efficiencies across the world start playing out.

[Alinda van Wyk, CFO at Super Group]

Yeah, maybe just to add to that, we made specific reference to long-term goals more than guides. What we had to embed this quarter, for the guidance of 2026, and just when we put it all together, is just to keep in mind the effect of the U.K. tax that is in effect, in April of 2026, as well as the change over to a regulation in Alberta, which we embedded in the guidance of 2020, 2026, halfway through the year. The interesting thing as well is we build our guidance on our continuous customer momentum.

[Alinda van Wyk, CFO at Super Group]

I think we spoke a lot about our cohorts, and that is, even though we have a lot of confidence in what already exists within our business, we remain quite conservative in how we roll it out in the next couple of years.

[Jordan Bender, Senior Equity Research Analyst of Gaming and Leisure at Citizens]

Understood. Thank you very much.

[Operator]

Thank you. The next question comes from Bernie McTernan of Needham & Company. Your line is now open. Please go ahead.

[Bernie McTernan, Senior Analyst Internet and Consumer Tech at Needham & Company]

Great. Thanks for taking the questions. Maybe just to start, or I have two, just wanted to ask on Nigeria. The slide deck mentions assessing a new plan in Nigeria. Just wanted to get a sense in terms of what's contemplated in the guide and what's the timeline of the rollout of that new plan. Also discussion on the final regulatory approval for Apricot. I just wanted to make sure, was Apricot always treated arm's length, you know, since the original deal announcement, I think two years ago at this point? More importantly, what will you be able to do now with that final regulatory approval that you weren't able to do before? Thank you.

[Neal Menashe, CEO at Super Group]

Okay, so just obviously in Africa, we continue to operationalize in all the countries within Africa. We're still refining our strategy in Nigeria. We expect low single-digit World Cup tailwinds there, right? Nigeria, it's more to decide what we do, in which part of the market we are sitting, and we've got one or two other African countries we are looking at there. We see lots of low-hanging fruit in all our other African markets, operationalize it in the same way we've operationalized the other markets across the world. When it comes to Apricot, we purchased, as you know, we purchased the sportsbook technology, bringing it in-house. Just to explain that sportsbook technology is for Betway outside of Africa.

[Neal Menashe, CEO at Super Group]

We now have full control over it, so it means that all the staff, et cetera, come into our organization and then we can even do more product enhancements with the software because now we own that part of it.

[Alinda van Wyk, CFO at Super Group]

Maybe just to add to that, even though the transaction was reported on and details explained in the Form 20-F that we previously published last year, we only could complete the transaction now when we had regulatory approval to operate this product in different jurisdictions.

[Bernie McTernan, Senior Analyst Internet and Consumer Tech at Needham & Company]

Got it. Thank you both.

[Operator]

Thank you. The next question comes from Jason Tilchen of Canaccord. Your line is now open. Please go ahead.

[Jason Tilchen, Director and Senior Equity Research Analyst at Canaccord]

Good afternoon, where you guys are. Good morning from here in New York. Just wanted to start with a question. You obviously provided some extra balance sheet flexibility. Wondering if you could just remind us a little bit of what some of the key considerations as you contemplate potential M&A opportunities are? What would be sort of the type of acquisition you'd be focused on here in the near term? Is there any sort of country or region in particular you feel you could be strengthened via M&A?

[Neal Menashe, CEO at Super Group]

Okay, as you know, when it comes to M&A, we always are highly selective. We don't really need M&A to hit our plans. Obviously, the bolt-on improves tech, our product or market position with attractive returns, we will engage. I think the real key for us is we're not overpaying. You know, we've seen lots of our competitors overpay, and that's not what we do. It has to make strategic sense for us, and the businesses we acquire have to either be standalone or if they're coming into our world, we can then take them to another level. That's always been how we've looked at it.

[Alinda van Wyk, CFO at Super Group]

Yes, Jason, you made reference to a nice amount of cash on the balance sheet. How we deploy that is discipline first and flexibility next. Organic growth has always been important to us, with a clear eye on ROI. Then you've noticed we pay regular and special dividends. As Neal said, we'll only select bolt-on opportunities that strengthen our core.

[Jason Tilchen, Director and Senior Equity Research Analyst at Canaccord]

Great. Very helpful. Just one quick follow-up. I'm wondering if you could share a little bit more on the strategy in Alberta? and how you're taking learnings from the Ontario transition and applying them to sort of improve the performance here this time around.

[Neal Menashe, CEO at Super Group]

As we know, Alberta is now expected to regulate in Q2 2026. I mean, I'll say this, we are ready. We've learned our lessons from Ontario of how to migrate the customers from our dot-com product to now Alberta. We've also obviously enhanced our rest of Canada products and our Ontario products. All those features will now come into Alberta product. I think we saw lots of heavy marketing activity early on in Ontario. I'm not sure that all the competitors can keep spending as they have been spending, we think that'll be a more rational, competitive environment. As you know, we've already got the revenue. When we spend X percentage of our marketing on revenue, we already have that revenue. We waiting to see.

[Neal Menashe, CEO at Super Group]

As soon as all the regs come and we're ready to go, we go for Alberta.

[Jason Tilchen, Director and Senior Equity Research Analyst at Canaccord]

Very helpful. Thank you very much.

[Neal Menashe, CEO at Super Group]

Okay.

[Operator]

The next question comes from Clark Lampen of BTIG. Your line is now open. Please go ahead.

[Clark Lampen, Managing Director at BTIG]

Thank you. Good morning, everyone. I wanted to follow up on Bernie's question before around Nigeria, but maybe in sort of a broader context. If I think back to what you laid out for us in September, I think there were up to four markets that were targeted potentially for expansion.

[Neal Menashe, CEO at Super Group]

Hmm.

[Clark Lampen, Managing Director at BTIG]

Are any of those encompassed in the plan for 2026 or embedded in guidance? Whether yes or no, maybe you could give us an update on which of them seem, you know, most addressable or I guess sort of most actionable near term. Thanks.

[Alinda van Wyk, CFO at Super Group]

Yes, thank you for your question. The only market in expansion into Africa that is included in the guidance is Namibia at this point in time. We did call out one or two other markets as well in Investors Day, like you've mentioned, but we also remain disciplined to have a strategic rollout plan and make sure that how we operate in Africa is 100% effective, and we're also obtaining that operating leverage there.

[Neal Menashe, CEO at Super Group]

I'll just add to that is remember, besides that one country, we're obviously rolling out our Jackpot City brand as a pure-play casino into more African markets, and we've got a few of them coming online. At the same time, operationalize the existing products and teams that we've got in those regions.

[Clark Lampen, Managing Director at BTIG]

Understood. A very quick follow-up, if I may. Neal, I think you called out a low single-digit benefit in Nigeria from the World Cup. Would it be possible to quantify? How big the tournament could be for your sports business in 2026 from a handle standpoint? Yeah, go ahead. Sorry.

[Neal Menashe, CEO at Super Group]

Yeah. Okay, now what we said is genuinely in our budget, we've got low single-digit World Cup tailwinds across. I mean, just to put in perspective, 40% of the countries we operate in are participating in the World Cup. The World Cup's obviously an expanded format. What it can mean, in the beginning part of the World Cup, you'll have really good teams against not such good teams. I mean, that we might have more favorites winning in this World Cup, but it's a longer tournament with a lot more games. We believe the engagement, et cetera, over time is gonna be really good. Obviously, the World Cup is at that time, and it is, we normally wouldn't have any sporting events, so it's really gonna fill the, the calendar for us from a, from a macro perspective.

[Clark Lampen, Managing Director at BTIG]

Thank you very much.

[Neal Menashe, CEO at Super Group]

Great.

[Operator]

Thank you. The next question comes from Mike Hickey of StoneX. Your line is now open. Please go ahead.

[Mike Hickey, Equity Research Analyst at StoneX]

Hey, Neal, Alinda. Great job, guys, on a stellar 25. Just a few questions from us. First, on Apricot. I think, Alinda, you were sort of penciling out $35 million in EBITDA savings from the deal and integration. Is that still the number you're thinking about in 2026? How much have you baked into your guidance now that you've completed or have the official approval to complete this deal?

[Alinda van Wyk, CFO at Super Group]

Yeah. Thanks, Mike. During Investor Day, we called out $35 million. This is not a day one saving, this is an annual life saving projection. These savings will come from reduced royalty fees, infrastructure enhancements, and most importantly, bringing staff closer to Super Group. We're starting to bring the teams together, and the savings definitely already started, but this is the annualized number that we called out, and we will update you on progress as we continue and execute according to our plans.

[Mike Hickey, Equity Research Analyst at StoneX]

Alinda, just to confirm, you've put the presumed savings now into your guide, correct?

[Alinda van Wyk, CFO at Super Group]

That's correct. The savings that we will realize in 2026 is in the guide, correct.

[Mike Hickey, Equity Research Analyst at StoneX]

Awesome. I guess just to stay on the guide, Alinda, did you also bake in presumed savings on the Supercoin initiative as well, or is that something that, you know, you look to just earn as you sort of continue to roll out the product? I guess the next big step would be the wallet.

[Neal Menashe, CEO at Super Group]

Yeah. Obviously, the Super Group launch in South Africa, and obviously it's a step towards broader payment and engagement. It's yet to, it'll take us time. Obviously, you can't just switch the lights on and it just happens. The customers have to adapt it. One, is we have the customer base. Two, is we have the product that our African customers love, we're going to start as soon as the wallet comes in in the first half of this year, be able to incentivize to that. It's already helping us save on other banking fees, from the different suppliers we use. We are really seeing a benefit. Some of that is obviously put into our guidance.

[Mike Hickey, Equity Research Analyst at StoneX]

Okay. Last question. On the World Cup, I mean, it's pretty obvious to see how strong of a catalyst that's gonna be for you guys. Onboarding players here and the cross-sell, the iGaming is significant. I think you said 60%+. Just, I guess, reflecting on the Africa Cup and the pressure on hold that you experienced at the beginning of that event, given that the World Cup this year has expanded significantly, how do you sort of assess sort of early tournament risk on hold, and what you would do to mitigate that if that's a factor that we should be thinking about?

[Neal Menashe, CEO at Super Group]

Yeah.

[Mike Hickey, Equity Research Analyst at StoneX]

Thank you.

[Neal Menashe, CEO at Super Group]

Yeah, yeah. Listen, I think it is better that there are more teams, right? 'Cause listen, in all the past World Cups, we've always found in the early rounds, some of the favorites don't win, either win or draw, sometimes don't even qualify for the next round. What we have done and will do is that we are all over our incentives and our boosts that we give the customers in the tournament, especially in the early rounds. This is all a mass exercise of working out where the volatility lies. As you can imagine, basically from Africa Cup of Nations, we've learned some clever lessons there.

[Neal Menashe, CEO at Super Group]

Also, what does happen is, you saw what happened in December, and then it all flowed through in January, where the sports results went the other way. You get nirvana, you get brilliant sports margin, and you get your constant casino. So together, that helps us. Also, we've got all the new AI pricing, new initiatives we are then embedding from our traders, et cetera. We are all over this. Listen, the World Cup, I think is gonna be a real catalyst for—it's all about the customer engagement. Remember, it's not about the customer just in that first week or two of the World Cup, it's his engagement, his or her engagement going forward, and that's what our whole business is about.

[Neal Menashe, CEO at Super Group]

The cohorts analysis that Spencer kept on showing on our Investor Day is how the cake is layering. This just helps layering the cake even more.

[Alinda van Wyk, CFO at Super Group]

Just to conclude, remember, our sport is 20% of our business—

[Neal Menashe, CEO at Super Group]

Yeah.

[Alinda van Wyk, CFO at Super Group]

—80% is casino. We like to believe that the 80% casino, being casino-focused, gives us the ability to navigate the ups and downs of sports, yeah.

[Mike Hickey, Equity Research Analyst at StoneX]

Absolutely. Good luck, guys. Thank you.

[Neal Menashe, CEO at Super Group]

Thanks, Mike.

[Alinda van Wyk, CFO at Super Group]

Thank you.

[Operator]

The next question comes from Jed Kelly of Oppenheimer. The line is now open. Please go ahead.

[Jed Kelly, Managing Director and Senior Analyst at Oppenheimer]

Great. Thanks for taking my question. Just looking into your guidance, can you just talk about, you know, some of the risks which have been occurring with them, their aspect, you know, [audio distortion], you know, anything we should be contemplating? Thank you.

[Neal Menashe, CEO at Super Group]

Jed, you're just breaking up. We got some of it, not all of it. Do you want to just sorry, just repeat that? Sorry. We just, we heard every second word.

[Jed Kelly, Managing Director and Senior Analyst at Oppenheimer]

Yeah. Could you just talk about some of the risk in terms of potentially not, you know, some of the risk you've got guidance on why it could come in under your, you know, under stations?

[Alinda van Wyk, CFO at Super Group]

I think the risk around any guidance is usually the variance, that the variance would cut both ways. Over time, hopefully, like we just mentioned, the sports results will normalize, and we feel comfortable that that will even be the effect of our 2026 guide. And we've already started to see that because January was exceptional, more than we've ever seen, but it's already normalized to our trailing 12-month average, after the results in February. We just have to make sure that we like Neal made references to launch more of the Jackpot City in different countries, so we have that uplift in growth.

[Neal Menashe, CEO at Super Group]

I think to answer some of your questions, I think we got was in the guide, we've done a normalized sports—

[Alinda van Wyk, CFO at Super Group]

Yeah.

[Neal Menashe, CEO at Super Group]

—sports margin is how is embedded into the guide. Yeah.

[Alinda van Wyk, CFO at Super Group]

And maybe there's always that risk of sudden regulatory shifts like taxes and, but that we have been navigating for the last 20 years. We take a conservative approach around including that in the guide.

[Jed Kelly, Managing Director and Senior Analyst at Oppenheimer]

Great. Thanks. If you can hear me all right, I'll sneak one more in. Any regions outside of Africa—

[Neal Menashe, CEO at Super Group]

Yeah.

[Jed Kelly, Managing Director and Senior Analyst at Oppenheimer]

—we should be watching that could potentially open up?

[Neal Menashe, CEO at Super Group]

There, listen, I mean, obviously, Brazil was last year or the year before. There's talk of UAE, et cetera, coming. Again, it's all about the numbers. It's all about what are the taxes, what you can do in those markets, what product, is it sports, is it casino? From that perspective, that's probably only the other one, right? Most of the European countries, as you know, are all regulated today, and there are some one or two African countries that are starting to regulate over time, we're all over it.

[Jed Kelly, Managing Director and Senior Analyst at Oppenheimer]

Thank you, and good luck.

[Neal Menashe, CEO at Super Group]

Thanks. Are any more questions from anyone?

[Operator]

We have no further questions.

[Neal Menashe, CEO at Super Group]

Okay. Again, thank you everyone for joining today's call. We are really super proud of our performance in 2025 and the start of the new year, and we'll speak to you again soon. Thank you.

Participants

Executives

• Neal Menashe, CEO

Analysts

• Alinda van Wyk, CFO at Super Group
• Bernie McTernan, Senior Analyst Internet and Consumer Tech at Needham & Company
• Clark Lampen, Managing Director at BTIG
• Jason Tilchen, Director and Senior Equity Research Analyst at Canaccord
• Jed Kelly, Managing Director and Senior Analyst at Oppenheimer
• Jordan Bender, Senior Equity Research Analyst of Gaming and Leisure at Citizens
• Mike Hickey, Equity Research Analyst at StoneX
• Nkem Ojougboh, Head of Investor Relations at Super Group
• Ryan Sigdahl, Senior Research Analyst at Craig-Hallum Capital Group