Sun International Limited · JSE:SUI
Sun International — Investor Day (March 2026)
77 slides from Sun International's investor day presentation, Mar 16, 2026
Slide 1: Capital Markets Day
Capital Markets Day 16 March 2026
Slide 2: Agenda
Agenda 01 02 03 04 05 Introduction Regulation Strategy Financial Closing of the industry in action overview remarks • Megatrends • Lessons from global more A. Technology as an enabler • Disciplined financial; • Key takeaways mature markets of our strategy capital allocation driving • Our right to wi
Slide 3: Introduction
Love Every Moment | International
Slide 4: Megatrends creating favourable operating environment
Introduction Megatrends creating favourable operating environment Digital Real life Underlying engagement1 experiences2 growing markets3 Some of the highest amounts Sports and events markets Online betting perpetual of time online in the world growing c.10% per annum growth in most international c.2
Slide 5: Our Vision is to be a…
Introduction Our Vision is to be a… Customer DIGITALLY LED, MARKET LEADING, People OMNICHANNEL GAMING COMPANY OF SCALE Execution SUN INTERNATIONAL Capital Markets Day 2026 | 5
Slide 6: Value Creation Logic
Introduction Value Creation Logic Drive market Resetting the Unlock Optimise share gains trajectory of sustainable Hospitality in Online Land-based LPM growth portfolio casinos Underpinned by our commitment to responsible gambling SUN INTERNATIONAL Capital Markets Day 2026 | 6
Slide 7: Economic goal
Introduction Economic goal Long term economic goal to unlock value Revenue growth Margin expansion Improve ROIC SUN INTERNATIONAL Capital Markets Day 2026 | 7
Slide 8: Our strategic initiatives
Introduction Our strategic initiatives Customer Customer Customer People Execution Execution S1 S2 S3 S4 S5 S6 Operational Customer-centric Sharpened value Fit for purpose People and Culture excellence, Financial discipline and product driven proposition & technology to power Evolution digitalisatio
Slide 9: The Sun Edge, our execution advantage
Introduction The Sun Edge, our execution advantage Re-invigorating how we do things Operating model Pace Capabilities The Sun Decision making Ways of working Edge Input oriented Communication Accountability SUN INTERNATIONAL Capital Markets Day 2026 | 9
Slide 10: Introduction to our speakers
Introduction Introduction to our speakers Experienced management team driving the strategy ULRIK NORMAN MARK NOMZAMO LESLIE FELIX SIMON BENGTSSON BASTHDAW SERGEANT RADEBE PETERS MTHEMBU GREGORY CE CFO COO: COO: Chief Technology CEO: CEO: Land-based Casinos Hospitality & Sales & Product Officer Sun S
Slide 11: Regulation of the industry
02 Regulation of the industry
Slide 12: Conclusion on regulatory environment
Industry regulation Conclusion on regulatory environment Balanced, robust and predictable regulation is the best way forward for this industry Regulation and managing regulation is normal and a core business for Sun International Survival of the fittest. Scale is key in absorbing and managing regula
Slide 13: Q&A CEO & MC
Q&A CEO & MC Love Every Moment | International
Slide 14: Strategy in action
> : Love Every Moment | C _. International a
Slide 15: 03A Technology as an enabler of our strategy
03A Technology as an enabler of our strategy Leslie Peters
Slide 16: Technology as an enabler of our strategy
Strategy in action Technology Technology as an enabler of our strategy What it means to be a digitally led, market-leading omnichannel gaming company of scale Our Enabled by Value strategy technology delivered • Digitally led • Owned products • Product led growth • Omnichannel • Scalable & resilient
Slide 17: What it means to be digitally led – in practice, across the group
Strategy in action Technology What it means to be digitally led – in practice, across the group Clear choices that improve execution, scalability and returns Being digitally led means we value: Trust Speed Habit Customer Funds, Customer Journeys Quality & Gaming & Our Execution Relevance Experiences
Slide 18: The technology foundation behind our strategy
Strategy in action Technology The technology foundation behind our strategy The target architecture we are building towards to enable disciplined execution and omnichannel growth. Enterprise Technology Architecture (target state – conceptual) Agile engineering & Business channels & enterprise system
Slide 19: Owning what matters to compete and win
Strategy in action Technology Owning what matters to compete and win Control over product and platform quality, the foundation of differentiation What we Why ownership What this choose to own matters enables • Core platforms and • Control over roadmap • Execution excellence at product IP and pace sc
Slide 20: Setting the standard for world-class product and performance
Strategy in action Technology Setting the standard for world-class product and performance Access Instant, intuitive access across channels, & ease with no friction to get started or return Fast, predictable performance at every Speed interaction, even at peak demand Absolute confidence in customer
Slide 21: How product quality drives financial performance
Strategy in action Technology How product quality drives financial performance From product quality to repeatable returns Customers who choose to engage in a real, The frequency with which customers actively value-generating transaction engage with our products and experiences Online - Depositing Ac
Slide 22: Sunbet upgrade: a world-class digital experience
Strategy in action Technology Sunbet upgrade: a world-class digital experience Designed for trust, speed and habit Arrive Register Deposit Play Return Faster first impression Trust-building payments experience • Clear navigation and category structure • Clear, predictable deposit and withdrawal flow
Slide 23: New Sunbet designs – Arrival
Strategy in action Technology Current New Sunbet designs – Arrival New Faster from intent to action – Speed • Clear navigation, instant access to bets, search everywhere Designed for confidence and control – Trust • Balance, bets, safe play, support and credentials always visible Built for everyday
Slide 24: New Sunbet designs – Explore
Strategy in action Technology Current New Sunbet designs – Explore New Curated discovery • The best games, clearly organised and easy to find Relevant and dynamic • Trending, winners and promotions surfaced in real time Personalised exploration • Favourites, recommendations and cross-provider catego
Slide 25: New Sunbet designs – Register
Strategy in action Technology Current New Sunbet designs – Register New • Feels easy • Builds confidence • Converts SUN INTERNATIONAL Capital Markets Day 2026 | 25
Slide 26: New Sunbet designs – Deposit
Strategy in action Technology Current New Sunbet designs – Deposit New • Feels safe • Feels fast • Feels familiar SUN INTERNATIONAL Capital Markets Day 2026 | 26
Slide 27: New Sunbet designs – Safe Play
Strategy in action Technology New Sunbet designs – Safe Play Responsible gaming is a core product feature that underpins trust, sustainability and growth SUN INTERNATIONAL Capital Markets Day 2026 | 27
Slide 28: Connecting and enabling omnichannel
Strategy in action Technology Connecting and enabling omnichannel Unified wallet, loyalty and new journeys Turning omnichannel from concept into operational reality Sun Int. Sunbet App Unified wallet • A single wallet across casino floor and online • Instant movement of funds across channels • Found
Slide 29: One technology capability layer across the group
Strategy in action Technology One technology capability layer across the group Shared platforms that improve execution, experience and returns everywhere • Product-led growth at scale Online Gaming • World-class UI/UX on a scalable, resilient platform (Sunbet) • Drives higher ACD and DAC through tru
Slide 30: Disciplined delivery, compounding value. 2026 – 2030 Journey
Strategy in action Technology Disciplined delivery, compounding value. 2026 – 2030 Journey A clear, phased roadmap from near-term execution to scalable, omnichannel advantage 2026 New Sunbet LNW Engage Initial data world-class rollout architecture UI/UX live update Faster product development 2027 Sp
Slide 31: Value unlock through platform optimisation
Strategy in action Technology Value unlock through platform optimisation Product quality, scale and omnichannel execution drive sustainable returns What we What it What it optimise drives unlocks • Product experience • Higher ACD through habit and • Sustainable, product-led revenue • Platform scale,
Slide 32: 03B Re-setting the trajectory of our Land-based casinos
Strategy in action 03B Re-setting the trajectory of our Land-based casinos Mark Sergeant
Slide 33: Our market leading casino portfolio
Strategy in action Land-based casinos Our market leading casino portfolio Gauteng Limpopo 4 Eastern Cape 1 Time Square 6 Boardwalk 2 Carnival City 11 7 Wild Coast Sun 1 2 Mpumalanga North West Free State Gauteng Northern Cape 3 Windmill 8 Flamingo Free State 3 KwaZulu-Natal Limpopo 8 Western Cape 5
Slide 34: Where we foresee SA’s Land-based casino market
Strategy in action Land-based casinos Where we foresee SA’s Land-based casino market Our outlook • Market forecasted to be 20 Outlook 49% worth R16bn in 2026 18 48.4% 48% • Sun International is 16 the market leader with 14 47% 46% share Market size (‘000) 12 46.0% 46% • Market is forecasted to 10 45
Slide 35: Re-setting the trajectory of Land-based casinos
Strategy in action Land-based casinos Re-setting the trajectory of Land-based casinos Strong foundations to drive performance • High-quality portfolio with leading positions in key markets Customer • Market-leading share with continuing gains • Clear value creation drivers underway across: − Custome
Slide 36: Customer: Transforming our loyalty programme
Strategy in action Land-based casinos Customer Transforming our loyalty programme • Evolving from a points programme to personalised engagement platform • Tier optimisation to drive behaviour • Cross-channel earning and redemption – key to omnichannel strategy • Enabling ‘tap to play’ at machines &
Slide 37: Customer: Market-leading investment in our product offer
Strategy in action Land-based casinos Customer Market-leading investment in our product offer • 600 new slot machines across our five flagship properties – investing at twice the pace of our competitors • Introduction of 250 new Electronic Table Games • Capitalising on our scale with cross-property
Slide 38: People: Enhancing capabilities to meet international benchmarks
Strategy in action Land-based casinos People Enhancing capabilities to meet international benchmarks • Training delivered to 1,000 dealers on new dealing standards to improve game speed • Enhanced scheduling to optimise table availability • Defining ‘acquisition’ and ‘retention’ roles within the VIP
Slide 39: Execution: Driving operational intensity
Strategy in action Land-based casinos Execution Driving operational intensity • Redefining our KPIs – from ‘footfall’ to ‘slots occupancy’ • Maximising slot floor profitability through product, pricing and placement • Driving table productivity – dealing procedures and game speed • Table gaming yiel
Slide 40: Unlocking value from our Land-based casinos
Strategy in action Land-based casinos Unlocking value from our Land-based casinos Revenue Growth Margin Optimisation Capital Discipline • Product investment in • Higher slot occupancy • Targeted high-return slots and electronic table and floor productivity gaming investments games • Table gaming yie
Slide 41: 03C Sunbet: Driving market share gains in online
03C Sunbet: Driving market share gains in online Simon Gregory
Slide 42: SA’s online market
Strategy in action Online gaming - Sunbet SA’s online market Sunbet as a significant player in SA’s online gaming market • Product deregulation has expanded Online Gaming Outlook 120 9.0% mass markets appeal Outlook 8.0% 8.0% • Market now valued at R50bn+ 100 7.0% • Sunbet at 4.5% market share, rank
Slide 43: Where are we focussing our efforts?
Strategy in action Online gaming - Sunbet Where are we focussing our efforts? Product leader will ultimately be category winner Online Heavily End to End Product switching focused on rebuild leaders costs are tech to drive over next will win low product 2 years • Global evidence that • All tech choi
Slide 44: Here’s the how!
Strategy in action Online gaming - Sunbet Here’s the how! What are we doing internally? CRM • Underrepresented • Constant comms with instant offers – customer • Brand voice increased intensity Sportsbook relationship • Increased personalisation management • New software and systems • Enhanced use jo
Slide 45: Expanding our available market
Strategy in action Online gaming - Sunbet Expanding our available market Focusing on geographic expansion within the greater Africa region Near Neighbours Geographic expansion • Botswana live from January 2025 • Namibia live from March 2026 • Zambia planning and research – end of 2026 Rest of Africa
Slide 46: Here’s the why!
Strategy in action Online gaming - Sunbet Here’s the why! Active Player Days +78% How we measure internally YoY Activity Trust Results Value January February March April May June July August September October November December Activity: Active customer days Sum of daily unique players for a period (
Slide 47: Building long term value
Strategy in action Online gaming - Sunbet Building long term value Customer retention driven by product quality Quarterly revenue split by date of signup Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 Pre 2020 2020 2021 2022 2023 2024 2025 SUN INTERNATIONAL Capital Markets Day 2
Slide 48: Model scalability
Strategy in action Online gaming - Sunbet Model scalability How do the finances stack up? Variable with volumes Variable with volumes Manageable costs GGR Bonuses Income Gaming taxes NGR Software + banking Marketing/HR/Admin Profit • Income stated after bonuses/loyalty costs – c.15% of Gross Revenue
Slide 49: Technology investment
Strategy in action Online gaming - Sunbet Technology investment Increased scalability by increasing fixed cost base • Historical opex model with high level of variable cost Annual • Target R100-R150m investment p.a. in tech and product R100-150m Greater • Greater ownership of real estate investment
Slide 50: Responsible gambling
Strategy in action Online gaming - Sunbet Responsible gambling The most responsible of operators 1 Health and welfare of our 2 Long-term value of 3 New tools to aid us and customers is customers is customers critical key 4 AI to identify ‘markers of harm’ and 5 Education is 6 Lessons from case studi
Slide 51: Summary
Strategy in action Online gaming - Sunbet Summary Driving market share gains in Online Product-led Attractive economics Large and fast Technology-driven Material returns growing market Highly scalable Long growth runway SUN INTERNATIONAL Capital Markets Day 2026 | 51
Slide 52: 03E Unlock Sustainable LPM growth
03E Unlock Sustainable LPM growth Felix Mthembu
Slide 53: Dominant LPM operator
Strategy in action Sun Slots Dominant LPM operator Six route-operators in four strategically selected provinces Gauteng Mpumalanga Limpopo Gauteng Mpumalanga North West Free State KwaZulu-Natal Western Cape Kwazulu-Natal Northern Cape Eastern Cape Western Cape SUN INTERNATIONAL Capital Markets Day 2
Slide 54: Sun Slots LPM gaming market evolution
Strategy in action Sun Slots Sun Slots LPM gaming market evolution The resilient LPM market to grow as it expands its products and presence R billion 6 000 60% Value Creation Outlook 5 000 50% 49% 4 000 40% 35% 1 447 3 000 30% 2 000 20% 2 702 1 000 10% 0 0% 2023 2024 2025 2026 2027 2028 2029 2030 LP
Slide 55: Stable, cash generative business
Strategy in action Sun Slots Stable, cash generative business Established, well distributed network with strong local market presence Unique gaming customer base Success through meticulous site selection, strong partnerships with site owners and a service driven Sun Slots team Stable margins with op
Slide 56: Unlocking growth of LPM business
Strategy in action Sun Slots Unlocking growth of LPM business Remain as a cash generative and stable business Revenue Growth Margin Optimisation New Technology • Site retention and • Refine machine • Deploy innovative increased penetration deployment and product technology to support mix the busines
Slide 57: Increased revenues and value creation
Strategy in action Sun Slots Increased revenues and value creation Milestones Remain a Achieve top line Improve market Achieved Invest in new stable and cash and margin share growth targeted value adding generative growth through IRR on new digital solutions business competitor invested capex conver
Slide 58: 03D Optimise hospitality portfolio
03D Optimise hospitality portfolio Nomzamo Radebe
Slide 59: A leading iconic hotel and resort portfolio
Strategy in action Hospitality Gauteng A leading iconic hotel and resort portfolio 1 The Maslow Hotel 2 Times Square Hotel 3 Carnival City 4 • Well established Limpopo Limpopo leisure brands 4 Meropa KwaZulu-Natal • Stable demand base and 1 5 Sibaya lucrative market potential North West 10 2 3 Mpuma
Slide 60: South Africa’s improved tourism performance
Strategy in action Hospitality South Africa’s improved tourism performance Y-o-Y 2025 • Tourism contribution of 8.8% of total GDP in 2024 vs 6.8% in 2023 Resilient tourism sector • Domestic visitor spend =6% y/y growth • Air connectivity improvement Rising international arrivals • 27.6% y/y growth i
Slide 61: Optimise the hospitality portfolio
Strategy in action Hospitality Optimise the hospitality portfolio Improve efficiency of the operations 1 Invest in core properties to enhance revenue • Targeted refurbishments and developments • Leverage leisure resorts (Sun City, 2 Change business model to improve operating margins • Improve usage
Slide 62: Sun City update and way forward
Strategy in action Hospitality Sun City update and way forward Sun City RoI driven by capital investment initiatives and optimal product mix Gaming Hospitality Optimal Capital revenue revenue product mix investment Continued benefit of gaming Continued RevPAR* growth Diverse mix of Targeted refurbis
Slide 63: Hospitality value creation
Strategy in action Hospitality Hospitality value creation Customer Cost & Yield Capital loyalty & operational optimisation investment retention efficiency • Higher ADR & RevPar • Higher frequency and • Improved EBITDA • Return on capital Strategic spend per customer margins above WACC • GP margin ex
Slide 64: Disciplined Financial and Capital Allocation Driving Sustainable Returns
04 Disciplined Financial and Capital Allocation Driving Sustainable Returns Norman Basthdaw
Slide 65: Managing a diversified portfolio for sustainable returns
Financial overview Managing a diversified portfolio for sustainable returns Balancing growth, cash generation and returns across our portfolio of businesses Land-based Casinos Sunbet Sun Slots Hospitality • Reset the trajectory of the • Drive market share gains • Deliver stable, annuity- • Reshape a
Slide 66: Quality revenue growth
Financial overview Quality revenue growth Focused on growth that expands EBITDA and margins Revenue Target Quality growth EBITDA EBITDA revenue drives EBITDA margin margin growth growth uplift Quality revenue growth is Operating leverage EBITDA growth Target EBITDA margin the foundation — portfolio
Slide 67: Converting operating performance into cash flows
Financial overview Converting operating performance into cash flows Cash conversion underpins financial flexibility Strong Capex Maintenance Disciplined 55%–60% EBITDA conversion of decisions tightly capex tightly working capital conversion EBITDA into free linked to cash controlled and management t
Slide 68: Returns metrics
Financial overview Returns metrics Sustainable returns above the cost of capital Disciplined capital Capital deployed to ROIC to expand allocation ensures ROIC is a key highest-return from the high returns remain above measure of opportunities, teens toward the the cost of capital value creation wit
Slide 69: Investment in technology
Financial overview Investment in technology Enabling scalable growth, operational resilience and sustainable returns Core Technology Capital Allocation Business Value Delivered Focus Principle Sustains revenue, protects Land-based Gaming systems, Protect the core margins, improves uptime and casinos
Slide 70: Disciplined capital allocation
Financial overview Disciplined capital allocation Focused on protecting the business, growing value and returning excess cash to shareholders Invest in Inorganic Balance Consistent Returning organic opportunities sheet dividend excess capital growth resilience payout to shareholders • Technology inv
Slide 71: Framework for returning excess capital to shareholders
Financial overview Framework for returning excess capital to shareholders Delivering total shareholder returns Share buybacks Executing our capital allocation framework • Executed when the share price trades 2025 - maintain the ordinary dividend R1 per share special dividend at a material discount t
Slide 72: Compounding value through disciplined execution
Financial overview Compounding value through disciplined execution Sustained earnings growth, returns discipline and cash generation translate into long term equity value Execution Strong Medium delivering Improving cash generation Earnings quality to long-term higher-quality returns underpins capit
Slide 73: What success looks like over the next 5 years
Financial overview What success looks like over the next 5 years* Revenue CAGR: EBITDA margins 6% - 8% improving to c.29% 55% - 60% of c.R800m investment in EBITDA to free cash value creation plan, funded conversion by the value it creates Our strategy ROIC improvement Targeted debt to is designed t
Slide 74: Why invest in Sun International?
05 Why invest in Sun International? Ulrik Bengtsson
Slide 75: Investment case
Closing Investment case Market leader with scale, operating a diversified portfolio Rapidly growing online gaming business Product and technology led omnichannel growth platform Strong cash generation and steady earnings Disciplined capital allocation with strong shareholder returns Advantaged organ
Slide 76: Thank you
Thank you Contact: Nwabisa Titus Director Investor Relations Investor.relations@suninternational.com +2782 800 7721
Slide 77: DISCLAIMER
DISCLAIMER DISCLAIMER This presentation contains forward-looking statements. All statements, other than statements of historical facts, including, among others, statements regarding our strategy, future financial position and plans, objectives, projected costs, anticipated cost savings, financing pl