Super Group (SGHC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 10% YoY to $611M and Adjusted EBITDA increased 8% to $165M, despite customer-friendly sports results; casino growth partly offset the impact.

• Average monthly active customers rose 9% YoY to 6.0M, rebounding as major football leagues returned and reaching 6.2M in September.

• Africa led growth, with Adjusted EBITDA expanding in both Africa and International; management cited strong Q4 momentum and October sports margin at its 2026 high to date.

Financial highlights

• Total revenue was $611M versus $557M; net revenue was $605M versus $550M. Adjusted EBITDA was $165M versus $152M, with a 26.9% margin.

• Q3 sports margin was 12.1% versus a trailing 24-month average of 13.7%; customer-friendly outcomes reduced revenue by ~$40M and Adjusted EBITDA by ~$25M.

• Casino wagers rose 11% YoY, or 14% excluding the U.S.; record iCasino wagers grew 11%, while sports wagers increased 4%.

• Cash and cash equivalents were $602M at September 30, 2026, up 30% YoY; YTD free cash flow conversion was 70%.

• Profit for the period was $142M versus $96M; basic EPS was 27.92 cents versus 18.98 cents.

Outlook and guidance

• FY2026 guidance was revised to revenue of $2.525B–$2.575B and Adjusted EBITDA of $700M–$720M, reflecting Q3 sports results rather than iGaming weakness.

• Guidance assumes Q4 sports margin within its normal range; October sports margin was the highest of 2026 to date.

• 2027 guidance is expected to assume organic growth, sports margin within range, disciplined marketing and no aggressive customer-persistency assumptions; Alberta operations would be included.

• Namibia launch is expected in 2027 subject to policy adoption; New Zealand regulation is expected in 2027, with a possible Kenya return subject to relaunch requirements.