Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Investor Day (September 2025)
155 slides from Super Group (sghc)'s investor day presentation, Sep 18, 2025
Slide 1: Management Presentation and Q&A
Management Presentation and Q&A 18 September, 2025 London, U.K. 1pm BST/8:00am EST
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements Certain statements made in this press release 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 limite
Slide 3: Welcome
WELCOME NEAL MENASHE Chief Executive Officer, Super Group
Slide 4: Introduction to Investor Day
INTRODUCTION TO INVESTOR DAY NKEM OJOUGBOH Head, Investor Relations
Slide 5: Agenda
01 Opening Remarks 02 What Makes Super Group Super 03 Super Data and Models 04 The Future is Spinning INTERMISSION 05 Scaling Smarter 06 Sizing Up the Opportunity 07 Our Financial Story 08 Conclusion INTERMISSION AND Q&A
Slide 6: Who You Will Hear From Today
WHO YOU WILL HEAR FROM TODAY: NEAL MENASHE ALINDA VAN WYK SPENCER MCNALLY LAURENCE MICHEL Chief Executive Officer Chief Financial Officer Chief Analytics & Chief Executive Officer, Modelling Officer Betway Africa KEVIN KOVARSKY CRAIG HOVEY NKEM OJOUGBOH Chief Operating Officer, Managing Director, He
Slide 7: What Makes Super Group Super
WHAT MAKES SUPER GROUP SUPER NEAL MENASHE Chief Executive Officer, Super Group
Slide 8: Timeline of Super Group
TIMELINE OF SUPER GROUP Super Group is led by a team of betting, gaming and technology pioneers with decades of industry experience. They are responsible for a diverse workforce of ~3,000 colleagues who are located in 16 countries. 1998 2022 2025 Jackpot 2020 JANUARY City 2010 SPAC transaction Our f
Slide 9: Operating Company Leadership Team - Decentralized Model
OPERATING COMPANY LEADERSHIP TEAM - DECENTRALIZED MODEL 2001 2000 1997 2023 2025 SPENCER MCNALLY NEAL MENASHE ALINDA VAN WYK Chief Analytics & KIRSTY ROSS ALON BEN-DAVID Chief Executive Officer Chief Financial Officer Chief People Officer Chief Technology Officer Modelling Officer 9
Slide 10: Brand Diversification: Product and Technology, Geography
BRAND DIVERSIFICATION: PRODUCT AND TECHNOLOGY GEOGRAPHY PRODUCT MANAGEMENT AND AND SCALE PEOPLE SPONSORSHIPS AND PARTNERSHIPS
Slide 11: Single Sports Brand and 20+ Casino Brands
betway Sip i|n SINGLE SPORTS BRAND 20+ CASINO BRANDS
Slide 12: Global Betway Brand
GLOBAL BETWAY BRAND1 Powering visibility and loyalty through world-class sports partnerships Football Basketball Tennis Ice Hockey Cricket Formula One Rugby 12 1 Includes a selection of Super Group’s partnerships and sponsorship agreements
Slide 13: Technology
TECHNOLOGY Evolving our technology stack Where are we Where Where have we NOW? are we BEEN? Africa: In-house tech stack GOING? • Quick-to-market adoption One of first to market Continuous evolution PAM (Player Account • Technology upgrade and innovation Management) RoW: • Acquisition of sportsbook -
Slide 14: AI & ML Powered, People Led: Unlocking Scalable Intelligence
AI & ML POWERED, PEOPLE LED: UNLOCKING SCALABLE INTELLIGENCE From smart marketing to risk management, AI is fueling the next chapter PERSONALIZED MARKETING AT SCALE FRAUD DETECTION AND RISK MANAGEMENT • Predictive targeting, smarter segmentation, • Real-time anomaly-detection across betting and auto
Slide 15: AI & ML Powered, People Led: Unlocking Scalable Intelligence
AI & ML POWERED, PEOPLE LED: UNLOCKING SCALABLE INTELLIGENCE From operation efficiency to product innovation, AI is fueling the next chapter OPERATIONAL EFFICIENCY PRODUCT INNOVATION • AI-powered automation in customer • AI-driven game recommendations, dynamic service - boosts response times and odd
Slide 16: Total Super Group Experience
SUPER GROUP EXPERIENCE Experience anchors. New voices accelerate. 47 ~3,000 36 >10 YEARS TOTAL <1 YEAR TENURE1 2 EMPLOYEES TENURE1 16 1 Heads of department and above only, numbers based on HRIS system as at 30 June 2025 2 Month of June 2025
Slide 17: Football - The Most Popular Sport Worldwide
FOOTBALL - THE MOST POPULAR SPORT WORLDWIDE 3.5 BN 76% SUPER GROUP SPORT MIX2 FOOTBALL FANS GLOBALLY1 17 1 Source: World Atlas (2025) 2 Data as of 1H 2025
Slide 18: Significant Visibility Through Global Sponsorships
FLAGSHIP SPONSORSHIPS GLOBAL SPONSORSHIP SPLIT Strategic sponsorships unlocking scaled exposure and efficient growth Significant visibility through global sponsorships Brand reach without redundancy Elevated brand equity = lower CPA La Liga Basketball F1 EPL Tennis Rugby Serie A PSL Cricket Ambassad
Slide 19: Flagship Sponsorships
FLAGSHIP SPONSORSHIPS Connecting with fans at scale - globally and locally 2500 250 Built-in fan 2000 200 loyalty and activation 1500 150 Millions Millions Consistent 1000 100 creative assets paired with localized 500 50 execution 0 0 24/25 Global Broadcast Viewership Social Audience across all chan
Slide 20: Our Product Innovation Strategy
PRODUCT Innovation with the CUSTOMER at the core 1 Personalization 5 2 OUR PRODUCT Feature-Rich Customer- INNOVATION First STRATEGY CENTERS ON A CUSTOMER FUNDAMENTAL INSIGHT OF THESE FIVE PRINCIPALS: 4 3 Cross-Vertical Gamification Engagement 20
Slide 21: Aim to Build to Scale
AIM TO BUILD TO SCALE Leveraging people, marketing and tech across markets MARKETING PEOPLE TECHNOLOGY 21
Slide 22: Product Diversification
PRODUCT DIVERSIFICATION Deliberate diversification: designed to achieve resilience and monetization CASINO • High engagement and frequency 80 % • Lower volatility • Better unit economics • Scalable with localization • Data-rich and personalizable SPORT • Brand visibility and engagement 20 % • Custom
Slide 23: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION Global diversification anchored by emerging market scale NORTH LATAM AFRICA EUROPE APAC AMERICA AND M.E. 23
Slide 24: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Clear strategy, strong fundamentals, and strategic discipline >$6bn 5.5m $2.1bn $486m $166m Market Average Unique LTM Revenue2 LTM Adjusted Dividends Capitalization Monthly Active EBITDA2 Paid3 Customers1 24 1 2 2Q 2025 July 2024 to June 2025 3 As of 2Q 2025
Slide 25: Market Opportunity
Expected 2030 MARKET OPPORTUNITY1 TAM Breakdown1 GLOBAL INTERACTIVE $38bn TAM ESTIMATES1: $158bn 2025 - $209 billion 2030 - $338 billion $142bn 10% CAGR2 Sports Betting Gaming Lottery 25 1 Source: H2GC Global TAM estimates - assumes regulatory status quo does not change. Interactive defined as activ
Slide 26: Delivering Long-Term Shareholder Value
TECHNOLOGY PEOPLE MARKETING PRODUCT SCALE DELIVERING LONG-TERM SHAREHOLDER VALUE 26
Slide 27: At the Heart of Safe Play
AT THE HEART OF SAFE PLAY Driving safer outcomes through action and accountability OUR VISION CUSTOMER ENGAGEMENT OUR FRAMEWORK Safe 56% Identify of our customers globally are using at least one of our Secure Responsible Gambling tools. Interact +21% Sustainable increase in engagement Evaluate rates
Slide 28: Super Data and Models
SUPER DATA AND MODELS SPENCER MCNALLY Chief Analytics & Modelling Officer
Slide 29: Sustained Growth in Monthly Active Customers
SUSTAINED GROWTH IN MONTHLY ACTIVE CUSTOMERS Average Unique Monthly Active Customers (millions) 6.0 5.5 ~57% 5.4 5.3 5.0 4.7 4.7 4.7 INCREASE SINCE 4.5 1Q-23 4.0 4.0 3.7 3.5 3.0 2.0 ~21% YoY INCREASE 1.0 0.0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 29
Slide 30: Continued Growth in Deposits and Net Revenue
CONTINUED GROWTH IN DEPOSITS AND NET REVENUE1 $1,800 $600 $500 $1,600 ~37% Net Revenue (Millions) INCREASE IN Deposits (Millions) $400 $1,400 DEPOSITS YoY $300 $1,200 $200 $100 $1,000 ~30% INCREASE IN NET $— $800 REVENUE1 YoY 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue Deposits (RH
Slide 31: Consistent Customer Value
CONSISTENT CUSTOMER VALUE: NET REVENUE1 PER ACTIVE CUSTOMER PER MONTH MAINTAINS STEADY TREND $40 $35 $30 $25 $20 $15 $10 $5 $— 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Average Monthly Net Revenue per Active Customer 31 1 Net Revenue (Net Revenue after VAT & GST)
Slide 32: Strong Acquisition Momentum: First Time Depositing Customers
STRONG ACQUISITION MOMENTUM: FIRST TIME DEPOSITING CUSTOMERS1 2023 2024 2025 ~1.5x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 32 1 Excluding the U.S. and closed markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Brazil, Netherlands, India, Denmark
Slide 33: Group Marketing ROI: Fast Payback, Strong Fundamentals
GROUP MARKETING ROI1,2: FAST PAYBACK, STRONG FUNDAMENTALS 2020 2021 2022 2023 2024 Marketing Spend 6M Payback 12M Payback 36M Payback 100% 33 1 Excludes revenue share affiliates 2 Excluding the U.S. and closed markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Brazil, Netherlands,
Slide 34: Under the Hood: Long-Term Revenue
UNDER THE HOOD: LONG-TERM REVENUE1,2 GROWTH SUPPORTED BY SUPER PERSISTENT ANNUITY REVENUE3 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Gaming Revenue 34 1 Net gaming revenue inclusive of VAT and GST 2 Excluding the U.S. and closed markets: Bulgaria, Portugal, France, BA City, Belgium, Swed
Slide 35: Under the Hood: Long-Term Revenue
UNDER THE HOOD: LONG-TERM REVENUE1,2 GROWTH SUPPORTED BY SUPER PERSISTENT ANNUITY REVENUE3 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 NGR from: 2025 Cohort 2024 Cohort 2023 Cohort 2021 - 2022 Cohort 1999 - 2020 Cohort 35 1 Net gaming revenue inclusive of VAT and GST 2 Excluding the U.S. and c
Slide 36: Under the Hood: Long-Term Revenue
UNDER THE HOOD: LONG-TERM REVENUE1,2 GROWTH SUPPORTED BY SUPER PERSISTENT ANNUITY REVENUE3 >2x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 NGR from customers acquired: 60 Months+ Prior to Quarter 36 1 Net gaming revenue inclusive of VAT and GST 2 Excluding the U.S. and closed markets: Bulgaria
Slide 37: Under the Hood: Long-Term Revenue
UNDER THE HOOD: LONG-TERM REVENUE1,2 GROWTH SUPPORTED BY SUPER PERSISTENT ANNUITY REVENUE3 >2.5x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 NGR from customers acquired: 36 to 59 Months Prior to Quarter 37 1 Net gaming revenue inclusive of VAT and GST 2 Excluding the U.S. and closed markets: B
Slide 38: Super Models: Pricing for Optimal Customer Value for Money
SUPER MODELS: PRICING FOR OPTIMAL CUSTOMER VALUE FOR MONEY SPORTS CASINO ODDS EXPECTED RETURN TO PLAYER (RTP) EXPECTED EXPECTED TRADING MARGIN GROSS MARGIN REWARDS / BONUS / REWARDS / BONUS / SUBSIDIES SUBSIDIES NET NET SPORTS MARGIN CASINO MARGIN 38
Slide 39: Super Models: Understanding Customers at a Per-Individual Level
SUPER MODELS: UNDERSTANDING CUSTOMERS AT A PER-INDIVIDUAL LEVEL1 SPECTRUM OF BEHAVIOUR SUB-OPTIMAL OPTIMAL 39 1 Determination of whether a customer is “Optimal” or otherwise is by reference to a proprietary Super Group model that incorporates a range of metrics evaluated over multiple time frames
Slide 40: Super Models: Real-Time Evaluation + Real-Time Reward
SUPER MODELS: REAL-TIME EVALUATION + REAL-TIME REWARD = MAXIMUM VALUE FOR MONEY REAL-TIME REAL-TIME EVALUATION HUNDREDS OF REWARDS MILLIONS OF CALCULATIONS PROCESSED DAILY BASED ON GAMING EXPERIENCE AND BEHAVIORAL CHARACTERISTICS MAXIMUM VALUE FOR MONEY 40
Slide 41: Super Models: Predictive Accuracy Is Winning the Race
SUPER MODELS: SUPER GROUP PREDICTIVE ACCURACY IS WINNING THE RACE INDUSTRY STANDARD 41
Slide 42: Jackpot City U.S. Case Study
JACKPOT CITY U.S. CASE STUDY1,2: SUCCESSFUL EVOLUTION OF THE CUSTOMER BASE GENERATES HIGH QUALITY REVENUE 3. Revenues4 from “Optimal”3 1. "Optimal"3 customers grew segment grew ~2.5x the rest5 from <25% of MACs to >35% 5.6x 4.6x 2. "Sub-Optimal"3 reduced as % of MACs 2.1x 2Q24 3Q24 4Q24 1Q25 2Q25 Op
Slide 43: The Rhythm of the Game: Seasonality in Sports Betting
THE RHYTHM OF THE GAME: SEASONALITY IN SPORTS BETTING1,2 150% 100% 50% Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2022 - 2024 2025 43 1 By count of wagers 2 Excludes Botswana
Slide 44: Sport Mix: We Lead with Football
SPORT MIX: WE LEAD WITH FOOTBALL1 Super Group GGR sports split 2022 57% 17% 11% 5% 6% 2023 58% 15% 11% 6% 6% 2024 76% 4% 8% 4% 4% H1 2025 76% 4% 7% 4% 4% Football/Soccer Cricket U.S. Sports Horse Racing Tennis Other 44 1 U.S. Sports includes: Ice Hockey, American Football, Baseball, Basketball
Slide 45: Parlay Mix
PARLAY MIX1 PARLAYS Optimizing wagers for profitability and engagement SINGLES PARLAYS SINGLES 55% 45% 77% of Gross of Wager of Wager 23% Win Amount Amount of Gross Win 45 1 As of H1 2025
Slide 46: The Rhythm of the Game: Sports Gross Margin
THE RHYTHM OF THE GAME: SPORTS GROSS MARGIN1 Ups and downs are the game - margin is the goal 20% 15% 10% 5% —% -5% 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 Sports Gross Margin 12MMA 46 1 Excluding the U.S. and closed markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Br
Slide 47: Casino Mix
CASINO MIX Super Group GGR casino split 2022 85% 14% 2023 87% 12% 2024 89% 9% H1 2025 89% 9% Slots & Similar Tables (incl. Live Dealer) Other 47
Slide 48: Casino Margin by CGU
CASINO MARGIN BY CGU1: SMART MARGIN STRATEGY STARTS WITH MARKET AND CUSTOMER UNDERSTANDING 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 CGU 1 CGU 2 CGU 3 48 1 Excluding the U.S. and closed markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Brazil, Netherlands, India, Denmar
Slide 49: Group Casino Margin
GROUP CASINO MARGIN1 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 Total Casino Margin 49 1 Excluding the U.S. and closed markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Brazil, Netherlands, India, Denmark
Slide 50: Super Group's Superpower
SUPER GROUP’S SUPERPOWER Super High quality, Persistent Super visibility highly persistent Annuity of future revenues historic cohorts Revenue1 and profits 50 1 “Super Persistent Annuity Revenue” (or “SPAR”) refers to a set of Super Group internal metrics for measuring the performance of historic cu
Slide 51: The Future Is Spinning
THE FUTURE IS SPINNING CRAIG HOVEY Managing Director, DigiOutsource
Slide 52: Where Are We?
WHERE ARE WE? REST OF CANADA NEW ZEALAND ONTARIO TOP 101 52 1 Source: Internal Estimates
Slide 53: Total Addressable Market: Global iGaming
TOTAL ADDRESSABLE MARKET: GLOBAL IGAMING1 iGaming market projected to have sustained double-digit growth $142 $132 $120 $120 $106 $94 $90 Billions (USD) $84 $72 iGAMING $58 FIVE-YEAR CAGR2: $60 ~11% $30 $0 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 53 1 Source: H2GC Global TAM estimates for int
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Slide 55: Casino-First Specialists
CASINO-FIRST SPECIALISTS Deep expertise driving scalable margin efficiency ABILITY TO CONTINUOUSLY DECADES OF ADAPT ANY RUNNING CASINO STRATEGIC EXPERIMENTAL EXPERIENCE LEVERS TESTS AT SCALE 55
Slide 56: Multi-Brand Capability: Grizzly's Quest Product Launch
MULTI-BRAND CAPABILITY: GRIZZLY’S QUEST PRODUCT LAUNCH Speed to market, regionalization, brand diversification Two Full brand Multi-brand Impact ~8,000 Gamification identity architecture ready brand months with tailored to Proven operational New Canadian speed to New brand customers customers effici
Slide 57: Smart Promotional Engine
SMART PROMOTIONAL ENGINE Personalized engagement powered by data science and CRM 1 2 3 Data science-driven Real-time engine Strong CRM support, customer evaluation adapting to offering delights at key models individual customer moments of truth in- experiences product ~40m ~11m In-session messages s
Slide 58: Smart Promotional Engine: Persistency Rates
SMART PROMOTIONAL ENGINE: PERSISTENCY RATES1 GGR BY ACQUISITION YEAR 25% 12% 15% 23% 29% 35% 23% 30% 14% 35% 28% 27% 21% 22% 24% 19% 18% 16% 16% 14% 13% 14% 12% 11% 11% 16% 10% 18% 15% 14% 13% 9% 8% 12% 11% 11% 9% 9% 44% 41% 39% 37% 34% 32% 31% 29% 26% 25% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 59: Product Marketing Evolution
PRODUCT MARKETING EVOLUTION: Customer Feedback "I loooove the Product characters and the Autonomy theme of the website” Strategically-Focused Roadmap “I like the daily wheel because it reminds me to log in every day” Guided by Customer Feedback “It would be cool to get Continuous badges and awards f
Slide 60: Product Marketing Evolution: Seasonality Reimagined
PRODUCT MARKETING EVOLUTION: SEASONALITY REIMAGINED PROBLEM STATEMENT: Summer seasonal downturn Wagering Customers SOLUTION: Compelling, value-for- money engagement Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 60
Slide 61: Product Marketing Evolution: Future Product Roadmap
PRODUCT MARKETING EVOLUTION: FUTURE PRODUCT ROADMAP APP-FIRST ITERATIVE PRODUCT FEATURE GAMIFICATION EVOLUTION ENHANCEMENT Central to long- Unlocking native Longer sessions, term strategy experiences deeper engagement, and higher revenue Dual-track Enhance per customer approach (both build performan
Slide 62: Regulation Readiness
REGULATION READINESS ▪ Scalable single code base technology ▪ Proven ability to enter complicated regulated markets ▪ Strong lessons learned in Ontario ▪ Relevant for Alberta and New Zealand’s imminent regulatory frameworks ▪ Podium position in Alberta and New Zealand with strong market entry strate
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Slide 64: Spin Over Time: Driving Efficiencies Through Key Hires, Technologies and Structures
SPIN OVER TIME: DRIVING EFFICIENCIES THROUGH KEY HIRES, TECHNOLOGIES AND STRUCTURES Call Centre and Risk & Fraud +45% contacting customers1 +70% customers attended to1 +45% host productivity1 KEY HIRES AND FULL FULL RESET, TECHNOLOGY Genesys (Multi-Channel -60% Support and AI), Lexis Nexis, abandon
Slide 65: Spin Over Time: Driving Efficiencies Through Key Hires, Technologies and Structures
SPIN OVER TIME: DRIVING EFFICIENCIES THROUGH KEY HIRES, TECHNOLOGIES AND STRUCTURES Software Engineering -80% reduction in no. of gaming servers1 -20% reduction in headcount2 -40% reduction in SQL servers3 +200% RESTRUCTURE ADOPTION OF SCALED TECHNOLOGY in delivery velocity4 Reduce technical debt, r
Slide 66: Spin Over Time: Driving Efficiencies Through Key Hires, Technologies and Structures
SPIN OVER TIME: DRIVING EFFICIENCIES THROUGH KEY HIRES, TECHNOLOGIES AND STRUCTURES 20231 20241 20252 HEADCOUNT 978 849 765 OPEX % NET REVENUE 11.2%3 10.7%3 9.5%4 66 1 2 Month of December Month of June 3 December YTD 4 June YTD
Slide 67: Focus Market: Rest of Canada
FOCUS MARKET: REST OF CANADA1,2 TOTAL ADDRESSABLE MARKET Market expansion with significant TAM upside: expected five-year CAGR3 ~4% $2.5 $2.3 $2.2 $2.2 $2.1 $2.0 $2 $1.7 Billions (CAD$) $1.4 $1 Established brand awareness through years of above-the-line and affiliate marketing Fit-for-purpose produc
Slide 68: Rest of Canada: Scaling Spend with Consistent Effectiveness
REST OF CANADA1,2,3: SCALING SPEND WITH CONSISTENT EFFECTIVENESS Driving growth with disciplined investment 200% 175% 150% 125% 100% 75% 50% 25% —% 1Q24 2Q24 3Q24 4Q24 1Q25 Marketing Spend 3M Payback (LHS) 100% 68 1 Canada excluding Ontario 2 Marketing excluding affiliate spend 3 3 month payback def
Slide 69: Focus Market: Ontario
FOCUS MARKET: ONTARIO1,2 We are committed to the long-haul 40% 35% • Highly competitive market driving longer payback 30% periods 25% 20% 15% 10% 5% —% 1Q24 2Q24 3Q24 4Q24 1Q25 Marketing Spend 3M Payback (LHS) 69 1 Marketing excluding affiliate spend 2 3 month payback defined as gross contribution a
Slide 70: Focus Market: Ontario
FOCUS MARKET: ONTARIO Deposit Values (CAD$) 15% • Highly competitive market 14% driving longer payback periods • Steady and sustainable growth trajectory with 12% improved focus on high-value customers 11% 9% Jan Feb Mar Apr May Jun 2024 2025 YoY Growth 70
Slide 71: Focus Market: Ontario
FOCUS MARKET: ONTARIO SPIN Ontario’s EBITDA View • Highly competitive market driving longer payback periods • Steady and sustainable growth trajectory with improved focus on high-value customers • Profitable regulated revenue leveraging operational efficiencies gained within SPIN’s existing multi-br
Slide 72: Focus Market: Ontario
FOCUS MARKET: ONTARIO OFFERING SUPERCLASS CUSTOMER EXPERIENCES • Highly competitive market driving longer payback periods • Steady and sustainable growth trajectory with improved focus on high-value customers • Profitable regulated revenue leveraging operational efficiencies gained within SPIN’s exi
Slide 73: Total Addressable Market: New Zealand
TOTAL ADDRESSABLE MARKET: NEW ZEALAND1 Strong TAM outlook as regulatory environment evolves $1.5 $2 $1.4 $1.3 $1.2 $1.1 $1.0 Billions (USD) $0.9 $0.6 FIVE-YEAR EXPECTED CAGR2 ~8% $0 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030E 73 1 Source: H2GC Global TAM estimates for interactive gaming - assume
Slide 74: Spin New Zealand: Regulation Readiness
SPIN NEW ZEALAND: REGULATION READINESS A volumes game • Well-positioned to capture regulated market share • Restricted recent growth Customer Count through heightened focus on marketing regulatory compliance • Shaping regulation in partnership with the regulator • No significant tax headwinds expect
Slide 75: Regulated Crypto in Action
REGULATED CRYPTO IN ACTION Proof of concept delivered: regulated crypto rollout driving efficiency and engagement 1Q -> 2Q 2025: • +426% - Deposit Value • +51% - Depositing Customer • +116% - Increase in Transaction Count • Crypto processing fees ~1% vs. traditionally ~5%1 01/25 02/25 03/25 04/25 05
Slide 76: Scaling Smarter
SCALING SMARTER KEVIN KOVARSKY Chief Operating Officer, Betway Global
Slide 77: Where We Are Now
WHERE WE ARE NOW UNITED GERMANY KINGDOM Sports only - Four brands live slots license (Betway, Jackpot City, application Spin, Hippodrome) progressing ONTARIO REST OF CANADA SPAIN MALTA MEXICO LICENSED One brand live (Betway) 77
Slide 78: How We Got Here: Timeline of Betway Global
HOW WE GOT HERE: TIMELINE OF BETWAY GLOBAL Betway Group is led by a team of betting, gaming and technology pioneers with decades of industry experience 2022 Q3 2024 2010 to Q2 2025 2015 Betway obtained Betway brand Ontario License Through strategic acquired Betway rebrand to 2024 decisions and a be
Slide 79: Betway Global Operating Efficiencies
Slide 80: Betway Global Over Time: Driving Efficiencies Through Strategic Restructuring
BETWAY GLOBAL OVER TIME: DRIVING EFFICIENCIES THROUGH STRATEGIC RESTRUCTURING 20231,2 20241,2 20252,3 HEADCOUNT 985 770 726 OPEX % NET REVENUE 36%4 26%4 19%5 1 Month of December 80 2 3 Excluding Closed Markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Brazil, Netherlands, India,
Slide 81: Growing Net Revenue Year-over-Year
GROWING NET REVENUE YEAR-OVER-YEAR1,2 Millions (USD) +42% NET REVENUE1,2,3 INCREASE YoY 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Casino Sports 81 1 Net Revenue (Net Revenue after VAT & GST) 2 Excluding Closed Markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden,
Slide 82: Net Revenue Split per Product
NET REVENUE SPLIT PER PRODUCT1,2,3 2023 2024 2025 Casino 57% Casino 63% Casino 65% Sports 43% Sports 37% Sports 35% 82 1 2 2025 data up to H1 Net Revenue (Net Revenue after VAT & GST) 3 Excluding Closed Markets: Bulgaria, Portugal, France, BA City, Belgium, Sweden, Japan, Brazil, Netherlands, India,
Slide 83: Betway Global Sportsbook Wagers and Gross Margin
BETWAY GLOBAL SPORTSBOOK WAGERS AND GROSS MARGIN1,2 20% 15% Gross Margin 10% ~13% WAGERING INCREASE YoY2,3 5% —% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Sports Wagers Sports Gross Margin (RHS) 83 1 Margin = Gross Revenue as a % of Total Wagered 2 Excluding Closed Market
Slide 84: Annual Marketing Payback: Betway Global
ANNUAL MARKETING PAYBACK: BETWAY GLOBAL1,2 200% 150% 100% 50% —% 2017 2018 2019 2020 2021 2022 2023 2024 Marketing Spend 6M Payback 12M Payback 36M Payback 100% 84 1 Excluding closed markets 2 Total marketing expenditure
Slide 85: Betway Global: Value Beyond the First Bet
BETWAY GLOBAL: VALUE BEYOND THE FIRST BET1,2 GGR BY ACQUISITION YEAR 19% 33% 51% 37% 36% 21% 45% 19% 22% 26% 38% 33% 51% 46% 61% 37% 47% 27% 19% 42% 22% 17% 15% 31% 81% 25% 22% 12% 18% 15% 10% 10% 67% 13% 53% 39% 36% 31% 16% 29% 27% 24% 21% 20% 18% 18% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q
Slide 86: Betway Global Market Focus
Slide 87: United Kingdom: A Remarkable Rise
UNITED KINGDOM: A REMARKABLE RISE1 Proactive regulatory alignment and casino product optimization Average Monthly Deposits & NGR Average Monthly UDCs & NDCs 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 Casino Unique Depositing Customers Sports Unique Depositing Customers Deposits NGR New Depositing
Slide 88: Spain: Staying Strong
SPAIN: STAYING STRONG1 Capitalizing on regulatory easing with a casino-focused growth strategy Average Monthly Deposits & NGR Average Monthly UDCs & NDCs 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 Casino Unique Depositing Customers Sports Unique Depositing Customers Deposits NGR New Depositing Cu
Slide 89: Canada: Playing the Long Game
CANADA: PLAYING THE LONG GAME1 Focused brand strategy with client-facing innovation Average Monthly Deposits & NGR Average Monthly UDCs & NDCs 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 Casino Unique Depositing Customers Sports Unique Depositing Customers Deposits NGR New Depositing Customers 89
Slide 90: Betway Global Product Showcase
Slide 91: SuperClient Platform - The Foundation of Our Competitive Advantage
SUPERCLIENT PLATFORM - THE FOUNDATION OF OUR COMPETITIVE ADVANTAGE: ODDS BET CASINO SELECTION BUILDER HOMEPAGE BEFORE AFTER BEFORE AFTER BEFORE AFTER Our proprietary SuperClient platform represents a fundamental architectural advantage, enabling product innovations not possible with legacy technolog
Slide 92: Casino Innovation in Action
CASINO INNOVATION IN ACTION PRODUCT FREE SPINS IMPROVEMENTS • Improvement of surfacing • Engaging main page Free Spins • Animated game tiles • Higher retention and spend • Variability of tiles from Free Spins Users • Personalized content • Navigation: – Cross-channel ACHIEVEMENTS navigation • First
Slide 93: Casino Innovation in Action
CASINO INNOVATION IN ACTION FIRST RELEASE STATS: GAME CHANGER: • Recommendations • Click-to-play ratio +~10% based on behaviours • Active playing time +~5% • Vertical ordering based on game preferences 93
Slide 94: A Winning Sports Product
A WINNING SPORTS PRODUCT PAY OUT BOOSTS • Promotional concept into sportsbook RECOMMENDED BETS: • Promoting higher- value bet construction • Increased BetBuilder share FREE BET from ~11% of bets TOKENS to ~15%1 • Reduce cost to • Pre-Built return ratio of Free Accumulators: Bets awarded ▪ Increased
Slide 95: Breakthrough Achievement: Horse Racing Transformation
BREAKTHROUGH ACHIEVEMENT: HORSE RACING TRANSFORMATION Tech-enabled growth in a competitive vertical Our SuperClient- Business The Challenge Enabled Solution Performance Horse racing Enhancing the racing Volume growth1: demands smart experience through +16.3% take backend pricing new platform and a s
Slide 96: Launch Slots 4Q 2025
GERMANY SPAIN IRELAND ALBERTA LAUNCH LAUNCH LAUNCH LAUNCH SLOTS JACKPOT H2 H2 4Q 2025 CITY 2026 2026 1Q 2026 96
Slide 97: Sizing Up the Opportunity
SIZING UP THE OPPORTUNITY LAURENCE MICHEL Chief Executive Officer, Betway Africa
Slide 98: How We Got Here: Timeline of Betway Africa
HOW WE GOT HERE: TIMELINE OF BETWAY AFRICA Decade of discipline: how Betway Africa became a local hero and leader 2015 2018 2025 2025 2023 1Q 3Q 1Q 4Q Launched in Launched in Betway Launched in Technology Kenya Zambia 2021 Summer Cup upgrade in Botswana Nigeria Springbok Rugby 2Q 2023-2025 Jackpot C
Slide 99: Africa: Major Untapped Global Gaming Opportunity
AFRICA: MAJOR UNTAPPED GLOBAL GAMING OPPORTUNITY Fully regulated with significant upside potential, requiring local knowledge, operations and expertise Africa is a significant opportunity... ...where Super Group has a head start $12bn Locally licensed >10 8 markets Years local experience in Regulate
Slide 100: Africa: Where We Operate
AFRICA: WHERE WE OPERATE • Population1: 235m (2.1% Growth Rate1) • Population1: 69.5m • GDP Growth2: 3.4% (2.9% Growth Rate1) • GDP Per Capita2: $0.8k • GDP Growth2: 5.5% • TAM3: $2,620m • GDP Per Capita2: $1.2k • TAM3: $775.3m * • Population1: 21.9m (2.6% Growth Rate1) • GDP Growth2: 1.8% • GDP Per
Slide 101: Local Teams, Local Voices, Local Wins
LOCAL TEAMS, LOCAL VOICES, LOCAL WINS Winning with local knowledge and local execution Local sport Local Localized, Mobile money sponsorships language data-driven integrations Local offices support with every (Springboks, marketing PSL, ZPL, Simba FC) and teams across telco meeting execution the beh
Slide 102: ull Sroup
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Slide 103: Key Success Factors: Product Platform Migration from Vuvuzela to Synapse
KEY SUCCESS FACTORS: PRODUCT PLATFORM MIGRATION FROM VUVUZELA TO SYNAPSE Synapse: driving Betway Africa into the future Vuvuzela Synapse KEY Homepage Homepage DIFFERENCES: Monolith vs. Microservices Rapid Development and Deployment on New Framework Improved Performance Improved Navigation Vuvuzela C
Slide 104: Key Success Factors: Product
KEY SUCCESS FACTORS: PRODUCT THE PLAYBOOK FOR BETWAY AFRICA’S CONTINENTAL SUCCESS A market-leading feature set, world-first products RAPID DEVELOPMENT THROUGH SYNAPSE: • Bet Influencer • Bet Saver • Early settlement • In-House Jackpot • World leading data-free offering • Booking codes • Exclusive ca
Slide 105: Key Success Factors: Customer Value Management
KEY SUCCESS FACTORS: CUSTOMER VALUE MANAGEMENT A Multi-pillar strategy powering our Pan-African advantage OWN DEVELOPED MARTECH STRONG FOCUS LAUNCH OF WITH CRM INTEGRATED ON CUSTOMER RETENTION BETWAY PREMIUM INTO PLATFORM 105
Slide 106: Key Success Factors: Banking
KEY SUCCESS FACTORS: BANKING REDEFINING FINANCE Innovation transforming the Betway Africa customer’s banking experience • Developed and branded methods: ◦ Betway Bucks ◦ Betway Pay ◦ Betway Top-up ◦ Betway Crypto pay • 150+ Banking integrations 106
Slide 107: Betway Africa Sponsorship Portfolio
BETWAY AFRICA SPONSORSHIP PORTFOLIO: PROUDLY SUPPORTING AFRICAN LEAGUES, LEGENDS, AND TEAMS SIMPHIWE THSABALALA VICTOR MATFIELD FOOTBALL RUGBY 107
Slide 108: Betway Africa Operating Efficiencies
Slide 109: Betway Africa: Driving Efficiencies Through Platform Innovation
BETWAY AFRICA: DRIVING EFFICIENCIES THROUGH PLATFORM INNOVATION AND INTELLIGENT INFRASTRUCTURE PLATFORM MIGRATION: PLATFORM Scalable, agile, 3x faster bet settlement FRAGILE TO RESILIENT: TECHNOLOGY & >99.9% uptime & INFRASTRUCTURE ~5000 avg. transactions per second 109
Slide 110: Betway Africa: Driving Efficiencies Through Smart Data and Intelligent Operations
BETWAY AFRICA: DRIVING EFFICIENCIES THROUGH SMART DATA AND INTELLIGENT OPERATIONS COMPLEXITY TO CLARITY: Real-time insights, DATA LANDSCAPE anomaly detection, self- service BI MANUAL TO INTELLIGENT OPS: AI-driven support, immediate 85% OPERATIONS reduction in manual KYC checks, real-time risk detect
Slide 111: Betway Africa Growth Drivers
BETWAY AFRICA GROWTH DRIVERS Expected to unlock exceptional growth across the continent CASINO GROWING NEW MARKET ADDRESSABLE DEVELOPMENT Focus on casino MARKET customer - extract Identifying growth & retain value opportunities Mobile and internet penetration throughout the Roll out of Jackpot conti
Slide 112: Growing Mobile and Internet Penetration in Africa
GROWING MOBILE AND INTERNET PENETRATION IN AFRICA Online Internet Penetration3: 45.4% Online Internet Penetration3: 29.1% Online Internet Penetration3: 18.0% INTERNET PENETRATION Online Internet • Sub-Saharan Africa1: 27% Penetration3: 69.9% (6.2% expected CAGR3) • Global Average2: 68% Online Intern
Slide 113: Total Addressable Market: Africa
TOTAL ADDRESSABLE MARKET: AFRICA1 INTERACTIVE GROSS WIN 11.9 12.0 10.7 10.0 9.5 8.8 * +15.8% 8.5 Billions (USD) 8.0 7.5 * +14.6% 7.4 * 6.4 6.4 Interactive +10.9% 6.0 5.4 5.5 five-year CAGR2 4.7 from 2025 4.2 4.0 3.8 ~13% 2.0 2023 2024 2025 2026 2027 2028 2029 2030 Actual 2023 Estimate 2025 Estimate
Slide 114: Excellent Net Revenue Growth in Africa
EXCELLENT NET REVENUE1 GROWTH IN AFRICA +40% NET REVENUE1 INCREASE YoY2 Millions (USD) PRODUCT SPLIT2: CASINO - 68% SPORT - 32% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Casino Sports 114 1 Net Revenue (Net Revenue after VAT & GST) 2 As of 2Q 2025
Slide 115: Sportsbook Wagers and Revenue Remain Strong in Africa
SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG IN AFRICA1 25% 20% 15% ~52% Gross Margin WAGERING INCREASE SINCE 10% 1Q-22 5% —% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Sports Wagers Sports Gross Margin (LHS) 115 1 Margin = Gross Revenue as a % of Total Wagered
Slide 116: Exceptional Growth in Casino Wagers in Africa with Steady Margins
EXCEPTIONAL GROWTH IN CASINO WAGERS IN AFRICA WITH STEADY MARGINS1 Gross Margin ~757% WAGERING INCREASE SINCE 1Q-22 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Casino Wagers Casino Gross Margin (LHS) 116 1 Margin = Gross Revenue as a % of Total Wagered
Slide 117: Parlay Mix
PARLAY MIX1 PARLAYS Elevated parlay contribution brings enhanced margins (~18%) and revenue quality to Betway Africa SINGLES PARLAYS SINGLES 33% OF WAGER AMOUNT 67% OF GROSS WIN OF GROSS OF WAGER WIN AMOUNT 117 1 TTM Average
Slide 118: Sports Mix: Betway Africa GGR Sports Split
SPORTS MIX1: BETWAY AFRICA GGR SPORTS SPLIT Football at the core: high-engagement, high-yield 91% 90% 93% 94% Football/Soccer Cricket U.S. Sports Horse Racing Tennis Other 118 1 U.S. Sports include: Ice Hockey, American Football, Baseball, Basketball
Slide 119: Annual Marketing Payback: Betway Africa
ANNUAL MARKETING PAYBACK1,2: BETWAY AFRICA Improved ROI through efficient marketing 2017 2018 2019 2020 2021 2022 2023 2024 Marketing Spend 6M Gross Contribution 12M Gross Contribution 24M Gross Contribution 36M Gross Contribution 119 1 Marketing spend excluding affiliate spend and Bet Influencer pa
Slide 120: Betway Africa: Growth Rooted in Loyalty
BETWAY AFRICA: GROWTH ROOTED IN LOYALTY1 GGR BY ACQUISITION YEAR 19% 12% 19% 16% 23% 11% 15% 22% 21% 30% 28% 25% 17% 18% 33% 17% 26% 15% 24% 19% 18% 18% 29% 21% 19% 22% 31% 23% 18% 17% 25% 21% 20% 20% 41% 33% 35% 30% 27% 22% 22% 22% 21% 54% 45% 33% 24% 23% 22% 20% 49% 39% 35% 29% 24% 1Q22 2Q22 3Q22
Slide 121: South Africa: Loyal to Betway
SOUTH AFRICA: LOYAL TO BETWAY A case study for excellent market growth Market-leader Major sponsorship “Always on” position in 8 Assembled Strict ROI culture every channel years (vs. 20- deals with strong strong leadership and marketing marketing year renewal terms team spend discipline approach com
Slide 122: Jackpot City's Rapid Rise in South Africa
JACKPOT CITY’S RAPID RISE IN SOUTH AFRICA Strong revenue growth; customer uniqueness; the country’s 7th biggest brand1 NET REVENUE GROWTH SINCE LAUNCH +658% 97% 94% NET REVENUE 72% INCREASE YoY2 60% 38% 70% UNIQUE CUSTOMERS 2Q24 3Q24 4Q24 1Q25 2Q25 Net Revenue Marketing % NGR 122 1 Source: Blask.com
Slide 123: Botswana: A Highly Successful Launch
BOTSWANA: A HIGHLY SUCCESSFUL LAUNCH Best-in-class go to market execution • Strong acquisition and retention • 95% market share1 2025 AVERAGE UNIQUE MONTHLY ACTIVE CUSTOMERS February March April May June 123 1 Based on May 2025 BGA tax returns
Slide 124: Botswana: A Highly Successful Launch
BOTSWANA: A HIGHLY SUCCESSFUL LAUNCH Best-in-class go to market execution 2025 GGR GROWTH February March April May June Casino Sports 124
Slide 125: Nigeria: Seizing the Opportunity
NIGERIA: SEIZING THE OPPORTUNITY Africa’s largest market: positioning to scale with purpose DEMOGRAPHIC ADVANTAGE POPULATION2 POPULATION UNDER 44 YEARS3 TAM1 235+ million ~86% $2.6 billion (Largest in Africa, 6th in (20% Projected CAGR - world) 2025 to 2030) GROWTH DRIVERS SMARTPHONES INTERNET MOBIL
Slide 126: Betway Cares Foundation: Our Core Pillars
BETWAY CARES FOUNDATION: OUR CORE PILLARS Empowering Communities Across South Africa and Beyond EDUCATION SPORTS DEVELOPMENT COMMUNITY DEVELOPMENT CREATIVE INDUSTRIES HEALTH AND WELLNESS 126
Slide 127: Africa: Future Prospects
AFRICA: FUTURE PROSPECTS Unlocking the next chapter of growth across the continent • Population1: 134m (2.6% Growth Rate1) • GDP Growth2: 7.3% • GDP Per Capita2: $1.0k • TAM3: $60.0m • Population1: 32.3m (2.4% Growth Rate1) • GDP Growth2: 6.0% • GDP Per Capita2: $2.7k • Population1: 38.5m (3.1% Grow
Slide 128: Our Super Financial Story
OUR SUPER FINANCIAL STORY ALINDA VAN WYK Chief Financial Officer, Super Group
Slide 129: Value Creation Model
VALUE CREATION MODEL Leveraging global infrastructure to compound value across markets COST EFFICIENCIES ENHANCE CORE DISCIPLINED DRIVING CAPITAL FREE CASH NEW MARKETS SUSTAINABLE, MARKET ALLOCATION FLOW STABLE GENERATION EXPANSION MARGINS 129
Slide 130: Diversified Global Footprint
DIVERSIFIED GLOBAL FOOTPRINT1,2 One platform, multiple geographies, decentralized business model, shared global value NET REVENUE3 BY GEOGRAPHY (MILLIONS USD) 59% 5% 34% (29%) CAGR CAGR CAGR CAGR $703 $274 $669 $603 $592 $299 $213 $443 $429 $244 $387 $204 $136 $167 $278 $61 2022 2023 2024 2025 2022
Slide 131: Organic Growth Markets Drive Visibility and Sustainability
ORGANIC GROWTH MARKETS DRIVE VISIBILITY AND SUSTAINABILITY High visibility fueled by well-understood geographies and customer behavior 1 131 1 Exit in progress
Slide 132: Efficiency Drivers
Slide 133: Cost Structure Breakdown
COST STRUCTURE BREAKDOWN Disciplined cost structure geared to scale profitability COST OF REVENUE MARKETING G&A 40% VARIABLE 40% VARIABLE & 20% FIXED FIXED 133
Slide 134: Cost of Revenue as a % of Total Group Revenue
COST OF REVENUE AS A % OF TOTAL GROUP REVENUE1 Direct expense tightly managed, demonstrating strong unit economics and platform leverage Cost of Revenue as a % of Total Revenue growth flat (—%)2 YoY 40% 1H 2025 Average: 36.7% of 39.1% Total Revenue 39.1% 39% 2Q Average (2022 - 2025): 38.5% 36.5% 38%
Slide 135: Efficiency Drivers: Cost of Revenue Split as % of Revenue
EFFICIENCY DRIVERS: COST OF REVENUE SPLIT AS % OF REVENUE Optimized expense mix enables margin expansion TOTAL REVENUE COST OF REVENUE AS % OF REVENUE Total cost of revenue as % of revenue remains stable $1,096 40.0% (despite paying higher 36.7% POC1 taxes) 34.4% $1,000 $812 30.0% Millions (USD) $75
Slide 136: Efficiency Drivers: Regulated vs. Regulating Markets
EFFICIENCY DRIVERS: REGULATED VS. REGULATING MARKETS Profitability improves with regulation Local regulation 76% coming into effect 65% Markets we operate in 35% have shifted dramatically 24% Regulated markets increase stability and LOCALLY REGULATING LOCALLY REGULATING value REGULATED REGULATED H1
Slide 137: Efficiency Drivers: Cost of Revenue Split as % of Revenue
EFFICIENCY DRIVERS: COST OF REVENUE SPLIT AS % OF REVENUE Disciplined levers at work - deliberate efforts to optimize costs despite elevated taxes 3% 32% H1 2021: 12% 2% POC1 (local) taxes 12% of cost of revenue 33% H1 2025: POC1 (local) taxes 32% of 28% cost of revenue 52% 38% Processing costs: dow
Slide 138: Marketing Costs as a % of Total Group Revenue
MARKETING COSTS AS A % OF TOTAL GROUP REVENUE1,3,4,5,6 Significant room to reduce marketing spend in markets moving from acquisition to retention Marketing as a % of Total Revenue down -2.3%2 YoY H1 2025 Average: 23.5% 40% of Total Revenue 2025 Guide: 23% of Total Revenue 30% 28.7% 29.2% 28.9% 28.3%
Slide 139: 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 G&A as a % of Total Revenue down 5.0%2 YoY H1 2025 Average: 15.4% 25% of Total Revenue 23.9% 2Q Average (2022 - 23.0% 2025): 19.4% 23% 22.3% 22.0% 21.4% 21.6% 20.8% 20.8% 20.1
Slide 140: Revenue per Employee
REVENUE PER EMPLOYEE1,2 Leaner, stronger, more focused 2022 EMPLOYEE HEADCOUNT3 ~4,000 CURRENT EMPLOYEE HEADCOUNT4 ~3,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 140 1 2 Total Revenue Headcount as a quarterly average 3 Month of January 2022 4 Month of June 2025
Slide 141: Efficiency Drivers: Apricot Acquisition and North American Closure
EFFICIENCY DRIVERS: APRICOT ACQUISITION AND NORTH AMERICAN CLOSURE Smart capital decisions driving structural efficiency; DGC expected to shut down early October SPORTSBOOK ACQUISITION CLOSURE OF U.S. BUSINESS Royalty Fees - 10% of chargeable NGR Marketing Expense Infrastructure - Hosting and cloud
Slide 142: Cost Management Approach Driven by Measurable ROI
COST MANAGEMENT APPROACH DRIVEN BY MEASURABLE ROI Every dollar spent is tied to measurable performance and disciplined financial return 5 4 3 OPTIMIZED CAPEX DISCIPLINED 2 APPROACH TO DEPLOYMENT ROBUST SPORTS 1 RIGHTS ACROSS MARKETING DRIVE GEOGRAPHIES OPERATIONAL OPTIMIZE EFFICIENCIES SUPPORTS LONG
Slide 143: Disciplined Capital Deployment to Drive Long-Term Value
DISCIPLINED CAPITAL DEPLOYMENT TO DRIVE LONG-TERM VALUE Deliberate allocation framework: invest, return, preserve 4 3 2 PRESERVE BALANCE SHEET STRENGTH 1 CONSIDER STRATEGIC DECLARE MERGERS DIVIDENDS AND AND ACQUISITIONS SPECIAL (BOLT-ON) INVEST IN DIVIDENDS HIGH-RETURN OPPORTUNITIES 143
Slide 144: Unrestricted Cash
UNRESTRICTED CASH Significant cash resources to execute on strategic priorities $450 $80 $400 $70 Dividends Declaration Date (Millions USD) $350 Unrestricted Cash (Millions USD) $60 $300 $50 $250 $40 $200 $30 $150 $20 $100 $50 $10 $0 $0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 145: Free Cash Flow Generation
FREE CASH FLOW GENERATION High-quality earnings converting to cash: our asset-light model 70% 74% 69% 62% FCF CONVERSION $300 CAPEX AS % 2% 2% 2% 4% REVENUE $250 $200 Millions (USD) $110 $150 $95 $69 $100 $163 $119 $50 $88 $82 $0 2022 2023 2024 2025 H1 H2 145
Slide 146: Multi-Year Outlook: Our Path Forward
Slide 147: Previously Raised Guidance: August 6th, 2025
PREVIOUSLY RAISED GUIDANCE: AUGUST 6TH, 2025 (USD)1 Combined Ex-U.S. U.S. Total Revenue Total Revenue Total Revenue >$2.04 >$2.0 >$40 billion billion million Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA $470-$480 $500-$510 $(30) million million million 147 1 Guidance provided for 2Q 2025, August
Slide 148: Raising 2025 Guidance: Drivers and Assumptions
RAISING 2025 GUIDANCE: DRIVERS AND ASSUMPTIONS (USD) Organic growth from key markets; marketing and OPEX efficiencies; reinvestment into high growth markets; U.S. closure expected in 4Q 2025 Combined Ex-U.S. U.S. Total Revenue Total Revenue Total Revenue $2.125 - $2.20 $2.085 - $2.16 >$40 billion bi
Slide 149: Growth Targets
GROWTH TARGETS ORGANIC EBITDA FREE CASH CAPITAL MARKET MARGIN >29% FLOW RETURNS REVENUE CONVERSION ANNUAL CAGR FLOW- DIVIDENDS THROUGH 60-70% - 10% - 40-50% - 2025E-2028 >16 CENTS 2025E-2028 2025E-2028 149
Slide 150: Conclusion
CONCLUSION NEAL MENASHE Chief Executive Officer, Super Group
Slide 151: Attractive Medium-Term Goals
ATTRACTIVE MEDIUM-TERM GOALS Potential value creation driven by organic growth, growing margin, and capital discipline 3-YEAR 2028 2025E GOALS GOALS GROUP REVENUE $2.125 - $2.200bn 8-12% CAGR $2.6 - $3.0bn ADJUSTED EBITDA1 $550 - $560m 8-18% CAGR $700 - 930m ADJUSTED EBITDA 25.6% ~+340bps 27-31% MAR
Slide 152: 2028 Medium-Term Illustrations
2028 MEDIUM-TERM ILLUSTRATIONS1 What we aim to achieve without changing the map EBITDA Revenue Goals1 Margin2 Adjusted EBITDA Goals1,2 27% $700 8% CAGR $2,600 31% ASSUMPTIONS: $800 • Driven by organic growth and no M&A • Marketing at ~22% of $750 revenue 27% • Alberta and New 10% $2,800 Zealand regu
Slide 153: Customer Lifetime Value
CUSTOMER THROUGH LIFETIME VALUE PERSONALIZATION FEATURE VIA STRATEGIC ADOPTION POSITIONING RETENTION THROUGH RATE GAMIFICATION CROSS-VERTICAL VIA UNIFIED ENGAGEMENT EXPERIENCE 153
Slide 154: Technology, Pricing, Sponsorships, Diversification
TECHNOLOGY TOP CLASS MANAGEMENT PRICING AND TEAM TRADING EXPERIENCE SPONSORSHIPS & PARTNERSHIPS LOCALIZATION PRIORITIZING DIVERSIFICATION OUR - PRODUCT AND BRAND AND CUSTOMERS GEOGRAPHY SCALE 154
Slide 155: Contact Us
CONTACT US: investors@sghc.com