Super Group (SGHC) Q4 2025 earnings summary

Executive summary

• Achieved record growth in 2025 after exiting U.S. iGaming to focus on core markets, driving operating leverage and customer engagement.

• Revenue reached $2.23 billion for 2025, up 22% year-over-year, with Q4 revenue at $578 million, an 8% increase from Q4 2024.

• Adjusted EBITDA surged 57% to $560 million for 2025, with Q4 Adjusted EBITDA at $139 million, up 11% year-over-year.

• Monthly active customers exceeded 6 million in Q4, up 16%-17% year-over-year, with record deposits and wagering activity.

• Received final regulatory approval for the Apricot transaction, making sportsbook technology fully owned and enabling cost savings.

Financial highlights

• Total revenue for 2025 reached $2.23 billion, up 22% year-over-year.

• Adjusted EBITDA grew 57% to $560 million, with a margin of 25%.

• Q4 revenue rose 8% to $578 million; Adjusted EBITDA up 11% to $139 million.

• Free cash flow conversion rate was strong, with year-end cash balance at $513 million, up 32%.

• $156 million returned to shareholders in 2025, plus a special dividend over $125 million paid in early 2026.

Outlook and guidance

• 2026 guidance: revenue of at least $2.55 billion and Adjusted EBITDA over $680 million, reflecting organic growth and World Cup uplift.

• Minimum quarterly dividend target raised from $0.04 to $0.05 per share, effective March 2026.

• Guidance assumes marketing spend at 22%-23% of revenue, U.K. tax increases from April, and Alberta regulation from mid-year.