Super Group (SGHC) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with all-time highs in revenue ($612 million, up 18% YoY), adjusted EBITDA ($152 million, up 36% YoY, 25% margin), and monthly active customers (6.4 million, up 18% YoY), with deposits and wagering at all-time highs.

• Introduced a new reporting structure with two segments: Africa and International, reflecting strategic focus and providing deeper insight into regional performance.

• Strong performance in both Africa and International segments, with notable growth in Europe (U.K. up 29%) and North America.

• Cash and cash equivalents stood at $422 million as of March 31, 2026, after $152 million in dividends paid.

• Leadership team strengthened with key hires and reinforced operational excellence and growth strategy.

Financial highlights

• Total revenue reached $612 million in Q1 2026, up 18% year-over-year; adjusted EBITDA grew 36% to $152 million with a 25% margin.

• Average monthly active customers hit a record 6.4 million, up 18% year-over-year, with March at 6.5 million.

• Ended the quarter with $422 million in cash, a 20% increase year-over-year, despite returning $152 million to shareholders.

• Free cash flow conversion remained strong at above 70%, with capex at 2% of revenue.

• Profit for the period increased to $86 million from $59 million year-over-year.

Outlook and guidance

• Reaffirmed full year 2026 guidance: total revenue expected to reach at least $2.55 billion and adjusted EBITDA to exceed $680 million.

• Guidance supported by organic growth, marketing and OPEX efficiencies, reinvestment in high-growth markets, and FIFA World Cup tailwind.

• Q2 is tracking positively, with growth opportunities ahead, especially with the World Cup calendar.

• No deceleration seen in April and May; business remains stable and consistent.

• Confident in sustainability and scalability of business model and operating leverage.