Super Group (SGHC) Q4 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, surpassing ex-U.S. guidance for both revenue and Adjusted EBITDA, with Q4 marking the strongest quarter ever.

• Set new customer records, including a daily high of 2.2 million and an average of 5.3 million unique monthly active customers, up 12% year-over-year.

• Transitioned U.S. operations to an iGaming-only strategy, resulting in record U.S. revenue growth and migration to a second Spin brand expected in 1Q 2025.

• Announced and paid a special cash dividend, bringing total 2024 dividends to $0.25 per share and over $125 million to shareholders; minimum quarterly dividend target increased to $0.04 per share.

• Ended 2024 with €356 million in unrestricted cash and no debt.

Financial highlights

• Ex-U.S. total revenue reached €1.66 billion for 2024, up 18% year-over-year; Q4 ex-U.S. revenue grew 38% to €487 million.

• Ex-U.S. Adjusted EBITDA hit €391.1 million for 2024, up 53% year-over-year, with a 24% margin; Q4 ex-U.S. Adjusted EBITDA grew 152% to €129 million, margin 26%.

• U.S. Q4 revenue grew 64% year-over-year to €14 million; full-year U.S. investment was €61 million.

• Profit before tax reached €188.8 million for 2024, with €96.8 million in Q4, reversing a prior year Q4 loss.

• Monthly average customers in Q4 increased 12% year-over-year to 5.3 million; full-year average was 4.8 million, up 20%.

Outlook and guidance

• Ex-U.S. 2025 revenue expected to grow over 10% to at least €1.83 billion; Adjusted EBITDA to exceed €435 million, margin 24%.

• U.S. 2025 revenue projected at €85 million, with investment reduced to €30–35 million.

• Combined 2025 revenue forecast above €1.9 billion, Adjusted EBITDA at least €400 million, margin 21%.

• Annual dividend program target raised to minimum 16.0 cents per share for 2025, payable quarterly.

• Increased minimum quarterly dividend target to $0.04 per share, first payment in March.