Sun International (SUI) H2 2025 earnings summary

Executive summary

• Income grew 7.1% to ZAR 12.9 billion for 2025, with adjusted headline earnings up 6.4% to ZAR 1.4 billion and adjusted EPS rising 6% to ZAR 5.65 per share.

• Adjusted EBITDA rose 2.8% year-over-year, reflecting strong operational execution and portfolio diversification.

• Total dividend increased 6.5% to ZAR 4.24 per share, including a special dividend of ZAR 1.00 per share due to non-recurring cash inflows.

• Strengthened leadership team and digital capabilities through key appointments and technology investments.

• Strong balance sheet and cash flow generation enabled continued investment and capital returns.

Financial highlights

• Group income reached ZAR 12.9 billion, up 7.1% year-over-year; adjusted EBITDA at ZAR 3.45 billion, up 2.8%.

• Adjusted EBITDA margin was 26.6%, down from 27.9% in 2024.

• Adjusted operating profit was ZAR 2.64 billion, down 3% year-over-year.

• Basic EPS was 667c, headline EPS 692c, and adjusted headline EPS 565c.

• Free cash flow conversion was 54.7%.

Outlook and guidance

• 2026 started well, with year-to-date revenue in line with H2 2025, supporting confidence in the value creation plan.

• Focus remains on execution, margin improvement, and ROIC growth.

• CapEx discipline targeted, with a cycle envelope of ZAR 900 million to ZAR 1.2 billion.

• Strategy centers on becoming a digitally-led, market-leading omnichannel gaming company.