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.

• Announced a special dividend in December, bringing total 2024 dividends to 25.0 cents per share and over $125 million in shareholder returns.

• Increased minimum quarterly dividend target to 4.0 cents per share, with the first 2025 payment declared and payable in March.

• Positive 2025 outlook, anticipating double-digit growth in both Total Revenue and Adjusted EBITDA.

Financial highlights

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

• Adjusted EBITDA ex-U.S. grew 53% to €391 million (24% margin); Q4 ex-U.S. Adjusted EBITDA was €129 million, up 152% (26% margin).

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

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

• 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

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

• U.S. 2025 revenue projected at €85 million, with Adjusted EBITDA loss between €(30) and €(35) million.

• Combined 2025 revenue forecast above €1.9 billion and Adjusted EBITDA of at least €400 million (21% margin).

• 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.