Super Group (SGHC) Q4 2025 earnings summary

Executive summary

• Exited U.S. iGaming to focus on core markets, driving record growth and operating leverage in 2025.

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

• Launched ZAR Supercoin in South Africa, advancing digital payments infrastructure and planning further wallet and exchange expansion.

• Received final regulatory approval for the Apricot transaction, making Betway ex-Africa Sports tech fully owned.

• Cash and cash equivalents stood at $513 million at year-end, with a $100 million revolving credit facility entered in early 2026.

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.

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

• Adjusted EBITDA ex-US was $573.5 million, while the US segment posted a $14 million loss.

Outlook and guidance

• 2026 revenue guidance 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, with first payment in March.

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