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Tsogo Sun (TSG) investor relations material
Tsogo Sun H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary26 Nov, 2025
Executive summary
Total income for the six months ended 30 September 2025 was R5.56 billion, down 1% year-over-year but slightly up sequentially.
Adjusted EBITDA declined 3% year-over-year to R1.72 billion at a 30.9% margin, but rose 1% sequentially.
Headline earnings increased 1% year-over-year to R769 million and 8% sequentially.
Interim dividend per share was reduced to 15 cents, down 50% year-over-year and sequentially.
Net interest-bearing debt and guarantees reduced by R386 million to R6.80 billion.
Financial highlights
Net gaming win was R4.60 billion, food and beverage revenue R331 million, and rooms revenue R280 million.
Operating profit was R1.27 billion, down from R1.38 billion year-over-year.
Profit for the period was R672 million, with basic EPS at 64.9 cents (down from 70.0 cents) and headline EPS at 73.9 cents (up from 73.1 cents).
Capex cash flow increased to R343 million from R205 million year-over-year.
Outlook and guidance
Focus remains on further reducing net debt, with a medium-term leverage target below 1.8x adjusted EBITDA.
Online betting division to prioritize growth and investment, potentially sacrificing short-term profits.
New casino development in Somerset West, Western Cape, expected to drive future growth.
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Frequently asked questions
Tsogo Sun Limited is a South African company specializing in gaming, hotels, and entertainment. It operates a diverse portfolio that includes 15 casinos and 24 Galaxy Bingo sites across nine provinces, offering a range of entertainment options such as limited payout machines (LPMs), bookmaker licenses, hotels, a theme park, theatres, movie cinemas, restaurants, bars, and conference facilities. Tsogo Sun is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange (JSE).
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