Super Group (SGHC) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue, with ex-US revenue at €408 million, up 9% year-over-year, and ex-US Adjusted EBITDA at €98 million, up 11% year-over-year, with a 24% margin.

• Exited US sportsbook operations to focus on profitable iGaming in New Jersey and Pennsylvania, maintaining two brands and a leaner operating base.

• Announced and paid first-ever cash dividend of $0.10 per share, with plans for regular annual dividends, reflecting strong cash generation and confidence in future cash flows.

• Monthly active customers increased 21% year-over-year to 4.5 million.

• Reported a net loss of €0.8 million in Q2 2024, including a €36.8 million non-cash impairment charge related to DGC assets.

Financial highlights

• Q2 2024 revenue reached €414.7 million, up from €380.8 million in Q2 2023; ex-US revenue was €408 million.

• Ex-US Adjusted EBITDA was €98 million, up 11% year-over-year, with a 24% margin; total Adjusted EBITDA was €81.9 million, up 8% year-over-year.

• Ended Q2 2024 with €307 million in unrestricted cash and no debt.

• Direct and marketing expenses were €299.2 million in Q2 2024, up from €277.3 million in Q2 2023.

• Net loss of €0.8 million in Q2 2024, mainly due to impairment charges.

Outlook and guidance

• Raised 2024 ex-US Adjusted EBITDA guidance to over €300 million, with a margin target above 20%.

• 2024 ex-US Total Revenue guidance set at €1.55 billion.

• Management expects continued strong performance and further margin optimization in H2 2024.