Super Group (SGHC) Q1 2025 earnings summary

Executive summary

• Achieved record first quarter revenue of $517 million, up 25% year-over-year, and adjusted EBITDA of $111 million, up 120% year-over-year, with a 22% margin.

• Net profit reached $59.4 million, compared to $44.6 million in Q1 2024, with monthly active customers at a record 5.4 million, up 14–15% year-over-year.

• Maintained a debt-free balance sheet with $351 million in unrestricted cash as of March 31, 2025, and paid $95.7 million in dividends during the quarter.

• U.S. iGaming business improved, with EBITDA loss narrowing to $9.8–$10 million and new brand launches in New Jersey and Pennsylvania.

• Transitioned financial reporting to U.S. dollars for enhanced comparability effective January 1, 2025.

Financial highlights

• Total revenue ex-U.S. reached $502 million, up 24% year-over-year; adjusted EBITDA ex-U.S. grew 62% to $121 million (24% margin).

• Sports betting revenue (ex-US) increased 35% year-over-year to $106 million; online casino revenue (ex-US) rose 22% to $389 million.

• Marketing spend held at 25–26% of net revenue, supporting customer acquisition and retention.

• Paid $95.7 million in dividends in Q1 2025, totaling $145.8 million over the last 12 months.

• Cash and cash equivalents stood at $351 million as of March 31, 2025.

Outlook and guidance

• Fiscal year 2025 guidance maintained: revenue expected to exceed $2.014 billion and adjusted EBITDA to exceed $421 million.

• US Adjusted EBITDA loss projected at $32–38 million for 2025.

• Noted seasonality in Q2 due to end of major sports leagues, with marketing budgets adjusted accordingly.

• Focus on organic growth in key markets and reinvestment into high-growth regions.

• Ongoing assessment of performance, with updates expected after Q2.