Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Q1 2026 Earnings Presentation
35 slides from Super Group (sghc)'s earnings presentation, May 12, 2026
Slide 1: 1Q 2026 Earnings Review
1Q 2026 Earnings Review May 11, 2026
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited
Slide 3: Business Update, Financial Highlights, Guidance, Appendix
01 Business Update 02 Financial Highlights 03 Guidance 04 Appendix
Slide 4: Business Update
Slide 5: Current Business Highlights
CURRENT BUSINESS HIGHLIGHTS Record-breaking start to the year: all-time highs in revenue, customers, deposits, and wagering Record quarterly Total Revenue of $612 million (+18% YoY); Group Adjusted 01 EBITDA of $152 million (+36% YoY; margin of 25%) Record Average Unique Monthly Active Customers of
Slide 6: 1Q-26 Key Financials
1Q-26 KEY FINANCIALS1,2,3,4 $612m $152m 25% 6.4m $422m Total Revenue1,3 Group Adjusted EBITDA2,3 Group Adjusted Average Unique Monthly Cash and Cash EBITDA2 Margin Active Customers Equivalents +18% YoY +36% YoY +324 bps YoY +18% YoY (As of March 31, 2026) 6 1 Total Revenue includes Net Revenue (Net
Slide 7: 1Q-26 Segmental Breakdown: Key Financials
1Q-26 SEGMENTAL BREAKDOWN: KEY FINANCIALS1,2,3,4 Diversified mix: Africa and International delivered strong revenue gains and EBITDA expansion +33% +21% +9% +26% YoY YoY YoY YoY $267m $98m $339m $73m Total Revenue1,3 Adjusted EBITDA2,3 Total Revenue1,3 Adjusted EBITDA2,3 Africa International 7 1 Tot
Slide 8: FIFA World Cup Opportunity: Core Markets Drive Growth
FIFA WORLD CUP OPPORTUNITY: CORE MARKETS DRIVE GROWTH Football fuels visibility and sustainability - GGR mix ~73% as of FY-25 +62.5% ~88% SOUTH AFRICA ENGLAND GERMANY more matches vs. prior FIFA World Cup FY-25 REVENUE1 ~5 billion global fans2 CANADA SPAIN GHANA NEW ZEALAND 8 1 Approximately 88% of
Slide 9: Continued Strong Growth in Monthly Active Customers
CONTINUED STRONG GROWTH IN MONTHLY ACTIVE CUSTOMERS Customer momentum continues ahead of the World Cup, with a record 6.5 million active customers in March Average Monthly Unique Active Customers (millions) 6.4 6.1 5.5 5.5 5.3 5.4 4.7 4.7 4.7 4.5 3.4 3.5 3.7 4.0 ~18% YoY INCREASE 2.6 2.7 2.6 1Q 2Q 3
Slide 10: Net Revenue by Geography: Continued Global Diversification
NET REVENUE BY GEOGRAPHY: CONTINUED GLOBAL DIVERSIFICATION1 Segmental reporting structure changed to Africa and International Key Highlights: 1Q 2025 1Q 2026 • Africa ◦ Excellent sports and casino wagering momentum ◦ Record month in January, offset slightly due to customer-friendly outcomes in Febru
Slide 11: Net Revenue by Segment and Product
NET REVENUE BY SEGMENT AND PRODUCT1: CONTINUED CASINO STRENGTH AND GROWING AFRICA CONTRIBUTION 1Q 2025 1Q 2026 1Q 2025 1Q 2026 79% 81% 61% 56% 44% 39% 21% 19% Africa International Sports Casino 11 1 Net Revenue after VAT & GST
Slide 12: Net Revenue by Segment
NET REVENUE BY SEGMENT1: GROUP REVENUE MOMENTUM UNDERPINNED BY STRONG GROWTH IN AFRICA 58% 58% 56% 63% 62% 61% 60% 59% 67% 63% 74% 70% 71% % Net Revenue 80% 81% 77% 78% 42% 42% 44% 38% 39% 40% 41% 37% 37% 33% 26% 30% 29% 20% 19% 23% 22% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2022 20
Slide 13: Net Revenue by Product
NET REVENUE BY PRODUCT1: CASINO REMAINS THE RELIABLE ENGINE OF SUPER GROUP 68% 68% 70% 73% 75% 74% % Net Revenue 80% 79% 78% 79% 80% 81% 81% 83% 83% 84% 83% 32% 32% 30% 27% 25% 26% 20% 21% 22% 21% 20% 19% 17% 17% 16% 17% 19% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2022 2022 2022 2023
Slide 14: Casino Wagers Remain Strong
CASINO WAGERS REMAIN STRONG1,2 Continued performance underscores the strength of our diversified business model $15,000 8% $12,500 6% $10,000 Millions (USD) Casino Gross Revenue +23% YoY Margin $7,500 Total Casino Wagered 4% +20% YoY $5,000 Gross Margin: 4.5% in 1Q-26 vs. 4.4% in 1Q-25 $2,500 2% $0
Slide 15: Sportsbook Wagers and Revenue Remain Strong
SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG1,2 Strong growth despite ~$28 million revenue (~$11 million EBITDA) impact from customer-friendly outcomes in February $1,200 18% $1,000 15% $800 Millions (USD) 13% Sports Gross Revenue Margin +10% YoY $600 Total Sports Wagered +23% YoY 10% $400 Gross Marg
Slide 16: The Rhythm of the Game: Sports Gross Margin
THE RHYTHM OF THE GAME: SPORTS GROSS MARGIN1 Exceptional January offset slightly by customer-friendly outcomes in February 19.3% 18.8% 20% 17.9% 18.5% 15% 13.1% 11.9% 12.7% 10% 7.3% 5% 7.1% 3.9% —% -5% (4.4)% 1/23 3/23 5/23 7/23 9/23 11/23 1/24 3/24 5/24 7/24 9/24 11/24 1/25 3/25 5/25 7/25 9/25 11/2
Slide 17: ZAR Supercoin Update: Consumer Wallet Launch
ZAR SUPERCOIN UPDATE: CONSUMER WALLET LAUNCH Soft launch - Foundational utility now, expanded payments and exchange reach next PHASE 1 PHASE 2 CONTINUED EXCHANGE EXPANSION LAUNCH, ACCESS & CORE UTILITY PAYMENTS EXPANSION & BALANCE RETENTION Scan-to-Pay Controlled rollout VIRTUAL Trading pair & brand
Slide 18: Financial Highlights
Slide 19: Total Group Revenue
TOTAL GROUP REVENUE1,2,3,4 Delivered record revenue, +18% year-over-year, with broad-based momentum $2,231m Africa • Revenue +33% $578m • Wagers: Casino +36%; Sports +33% $1,835m • South Africa +18% and Ghana +52%, driven by continued $1,556m casino momentum $534m • Botswana continues to perform wel
Slide 20: Total Group Adjusted EBITDA
TOTAL GROUP ADJUSTED EBITDA1,2,3,4 Cost optimization initiatives driving Group Adjusted EBITDA growth of +36% and margin of 25% Direct Expenses3 increased 20% to $231m: $560m • Elevated processing costs due to hold, higher deposits and geographic mix • Moderately offset by lower banking fees $139 •
Slide 21: 1Q-26 Group Financial KPIs
1Q-26 GROUP FINANCIAL KPIs1,2 Net Revenue 23% 15% 38% 19% Sports Betting Marketing costs as a % of Total Revenue G&A Expenses as a % of Total Revenue Direct Expenses as a % of Total Revenue 81% Online Casino 25% Group Adjusted EBITDA as a % of Total Revenue2 21 1 Total Revenue includes Net Revenue (
Slide 22: Marketing Costs as a % of Total Group Revenue
MARKETING COSTS AS A % OF TOTAL GROUP REVENUE1 Marketing as % of revenue naturally reduces as revenue from super-persistent long-duration cohorts increases FY-22 FY-23 FY-24 FY-25 26.6% 25.5% 24.3% 22.8% 29.2% 28.9% 28.7% 28.3% 28.0% 25.7% 25.5% 23.9% 23.4% 23.2% 23.4% 23.4% 22.9% 22.0% 21.8% 21.5%
Slide 23: G&A Expenses as a % of Total Group Revenue
G&A EXPENSES AS A % OF TOTAL GROUP REVENUE1 Leverage from centralized operations and automation driving long-term efficiency gains FY-22 FY-23 FY-24 FY-25 20.4% 22.6% 19.2% 14.7% 23.9% 23.0% 22.3% 22.0% 21.4% 21.6% 20.8% 20.8% 20.1% 19.6% 18.2% 16.4% 15.8% 15.1% 14.3% 14.6% 13.9% 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 24: Direct Expenses as a % of Total Group Revenue
DIRECT EXPENSES AS A % OF TOTAL GROUP REVENUE1 Direct expense tightly managed, demonstrating platform leverage and supporting strong unit economics FY-22 FY-23 FY-24 FY-25 36.6% 38.1% 37.0% 37.4% 39.1% 39.1% 38.7% 38.5% 37.8% 37.5% 37.7% 37.5% 37.7% 37.3% 37.2% 36.6% 36.7% 36.6% 36.3% 36.3% 33.9% 1Q
Slide 25: Group Adjusted EBITDA as a % of Total Revenue
GROUP ADJUSTED EBITDA AS A % OF TOTAL REVENUE1,2,3 Optimizing market mix to support margin expansion while continuing to grow FY-22 FY-23 FY-24 FY-25 16.4% 13.9% 19.4% 25.1% 27.0% 27.3% 24.8% 23.6% 24.0% 21.6% 20.9% 19.6% 19.9% 19.8% 16.8% 16.2% 14.7% 12.7% 12.2% 10.7% 9.5% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1
Slide 26: Free Cash Flow Generation
FREE CASH FLOW GENERATION1,2 High-quality earnings converting to cash: our asset-light model 70% 74% 69% 72% 75% FCF CONVERSION 2% 2% 2% 2% 2% CAPEX AS % REVENUE $394m $230m $228m $177m $157m $110m $95m $114m $69m $163m $119m $88m $82m 2022 2023 2024 2025 2026 H1 H2 Q1 26 1 2 Totals may not sum due
Slide 27: Guidance
Slide 28: Reaffirming 2026 Guidance
REAFFIRMING 2026 GUIDANCE Drivers and Assumptions: Organic growth, marketing and OPEX efficiencies; reinvestment into high growth markets; U.K. tax increase from April 2026; Alberta regulation mid-2026; FIFA World Cup tailwind TOTAL REVENUE GROUP ADJUSTED EBITDA >$2.55 >$680 billion million 28
Slide 29: Appendix
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Slide 30: Financial Results, Operating Basis (Group)
FINANCIAL RESULTS, OPERATING BASIS (Group)1,6,7 USD (Millions) 1Q-26 1Q-25 2Q-25 3Q-25 4Q-25 FY 2025 Net Revenue (Group) 604 511 570 550 568 2,198 Sports Betting 116 106 116 91 95 408 Online Casino 488 404 455 459 473 1,790 Other Revenue3 8 6 9 7 10 33 Total Revenue2 (Group) 612 517 579 557 578 2,23
Slide 31: Financial Results, Operating Basis (Africa)
FINANCIAL RESULTS, OPERATING BASIS (Africa)1,6,7 USD (Millions) 1Q-26 1Q-25 2Q-25 3Q-25 4Q-25 FY 2025 Net Revenue (Africa) 267 201 228 223 239 891 Sports Betting 77 66 72 55 54 247 Online Casino 189 134 156 169 185 644 Other Revenue3 — — — — — 0 Total Revenue2 (Africa) 267 201 228 224 239 892 Direct
Slide 32: Financial Results, Operating Basis (International)
FINANCIAL RESULTS, OPERATING BASIS (International)1,6,7 USD (Millions) 1Q-26 1Q-25 2Q-25 3Q-25 4Q-25 FY 2025 Net Revenue (International) 337 310 342 326 329 1,307 Sports Betting 38 40 44 36 41 161 Online Casino 299 270 299 290 288 1,147 Other Revenue3 2 1 2 2 2 7 Total Revenue2 (International) 339 3
Slide 33: Reconciliation to Financial Statements – Adjusted EBITDA
RECONCILIATION TO FINANCIAL STATEMENTS – ADJUSTED EBITDA USD (Millions) 1Q-26 Profit for the period 86 Income tax expense 36 Finance income (3) Finance expense 4 Depreciation and amortization expense 20 RSU expense 12 Gaming taxes recovered (4) Other adjustments 1 Adjusted EBITDA 152 Adjusted EBITDA
Slide 34: Detailed Share Count
DETAILED SHARE COUNT1 Shares (Millions) Shares Issued and Outstanding 508.1 Unvested Restricted stock units granted to employees 5.1 Fully Diluted Shares 513.2 34 1 As of March 31, 2026
Slide 35: Contact Us
CONTACT US: investors@supergroup.com