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Tsogo Sun (TSG) investor relations material
Tsogo Sun H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Headline earnings per share (HEPS) rose 8% year-over-year to 153 cents, with headline earnings up 7% to R1.57 billion; total income was R11.13 billion, flat from the prior year, and adjusted EBITDA was R3.46 billion at a 31.1% margin.
Net debt reduced by R701 million to R6.49 billion, with net finance costs down 20% to R550 million; R904 million was returned to shareholders via dividends and share buy-backs.
The online betting division turned profitable, with NGR up 24% to R313 million and adjusted EBITDA of R50 million, compared to a loss previously.
Casino and hotel precincts generated strong cash flows, though revenue was flat at R8.2 billion and adjusted EBITDA declined 3% to R3.0 billion; LPMs grew revenue and EBITDA by 3%.
Financial highlights
HEPS: 153 cents (up 8% year-over-year); headline earnings: R1.57bn (up 7%).
Total income: R11.13bn (flat); adjusted EBITDA: R3.46bn (flat, 31.1% margin).
Net debt: R6.49bn (down from R7.19bn); net debt/EBITDA ratio: 1.92x (target 1.80x).
Dividends paid: R466m; share buy-backs: R438m; capex: R723m.
Outlook and guidance
Focus on further debt reduction and maintaining strong cash generation.
Continued investment in IT, gaming equipment, and expansion at Somerset West.
Online betting and LPM divisions expected to drive future growth.
- Headline earnings up, adjusted EBITDA down, net debt reduced, and dividend halved.TSG
H1 20262 Dec 2025 - Earnings and revenue fell, but debt reduction and digital growth support future prospects.TSG
H1 202513 Jun 2025 - Earnings and margins declined, but cash flow and debt reduction support future growth.TSG
H2 20259 Jun 2025
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