Slide 1: Annual Results Presentation for the year ended 31 December 2023
um International ANNUAL RESULTS PRESENTATION for the year ended 31 December 2023
Slide 2: Agenda
? AGENDA Love Every Moment | & =‘ ©O®D@®©QOOGOOO Vv Vv Vv Vv Vv Vv Vv Vv Key Urban Sun Slots SunBet Resorts Financial Proposed Strategic highlights casinos and hotels review acquisition focus and of Peermont outlook
Slide 3: Key Highlights
KEY HIGHLIGHTS
Slide 4: Key Highlights
KEY HIGHLIGHTS Love Every Moment | eS Stellar results in a challenging trading environment Record SunBet adjusted EBITDA R221, exceeding 5-year targets Record SunBet income R733. exceeding 5-year targets Group income R12.1:, Group adjusted EBITDA R3.4b,, Record Sun City adjusted EBITDA* R455. 7.0% A
Slide 5: Urban Casinos
URBAN CASINOS Said Mig sae
Slide 6: Urban Casinos | Highlights
URBAN CASINOS | HIGHLIGHTS Love Every Moment | ee Continued to show resilience despite challenging trading environment * Casino income at R6.1bn * Double-digit income growth in food and beverage, rentals and entertainment * Successful tournaments and main floor CRM campaigns and promotions continue
Slide 7: Urban Casinos | Key Property Updates
URBAN CASINOS | KEY PROPERTY UPDATES Driving footfall to our properties by providing an enhanced customer experience Love Every Moment | C Uw Expansion of GrandWest Hotel from 39 keys to 103 keys completed to support out-of-town gaming demand Refurbishment of Sibaya Privé, Royal Sibaya Hotel, Ath fl
Slide 8: Urban Casinos | Focus Areas
2 URBAN CASINOS | FOCUS AREAS Love Every Moment | ~ till . ) Our focus will ensure that we maintain our strong cash generation + Focus on our VIP and CRM initiatives to drive footfall and stimulate play * Drive omnichannel offering with SunBet * Continue to drive non-gaming revenue, ensuring propert
Slide 9: Sun Slots
Slide 10: Sun Slots | Highlights
SUN SLOTS | HIGHLIGHTS Love Every Moment | C Topline fairly stable notwithstanding the significant impact on operations by worsened load shedding KEY ACHIEVEMENTS GROSS GAMING REVENUE . . ‘ R milli Profitability impacted by operating leverage as lower GGR million 493 473 545 507 is generated per sit
Slide 11: Sun Slots | Focus Areas
SUN SLOTS | FOCUS AREAS Love Every Moment & till Reposition business strategically to achieve operational recovery and drive growth + Collaborate with site operators on a load shedding solution and increasing footfall * Continue to rollout further LPMs with focus on maximising returns on capex * Enh
Slide 12: SunBet
Slide 13: South African Gaming Market Evolution | 2010-2023
SOUTH AFRICAN GAMING MARKET EVOLUTION | 2010-2023 Love Every Moment | Cone The South African gaming market has experienced robust growth over the last 13 years due to the exponential rise in online gaming, particularly during the pandemic lockdown period SOUTH AFRICAN REVENUE PER MARKET SEGMENT 55.8
Slide 14: SunBet | Highlights
SUNBET | HIGHLIGHTS Continued outperformance - driving revenues at scale KEY ACHIEVEMENTS * GGR up 125.3% to R926m driven by - 72.6% growth in income from live casino games - Full year income from online slots generating R523m Over 400k new sign-ups (2022: 172k) with 176k first time depositors (2022
Slide 15: SunBet | Performance Update
>) SUNBET | PERFORMANCE UPDATE Love Every Moment | pe Actively growing customer base and market share in a fast-growing market AVERAGE DAILY UNIQUE CUSTOMERS * Unique active players up 269% to 403 105 (2022: 109 122) * Driving slots and casino growth in line with Sun International heritage * Efficie
Slide 16: SunBet | Retention Drives Value
— SUNBET | RETENTION DRIVES VALUE Love Every Moment | es p) Strong customer retention drives sustainability of income CUSTOMER RETENTION R million 300 250 200 150 100 50 SEs fo} = — —_ Qi 2021 Q2 2021 Q3 2021 Q4 2021 Qi 2022 Q2 2022 Q3 2022 Q4 2022 Ql 2023 Q2 2023 Q3 2023 Q4 2023 mPre2015 m2015 m201
Slide 17: SunBet | Focus Areas
SUNBET | FOCUS AREAS Love Every Moment Remain focused to scale the business and leverage off the group’s omnichannel strategy * Complete multi-provincial licence strategy and rollout backlog of games + Launch SunBet App * Move retail licences from the casino to a more profitable high street location
Slide 18: SunBet | Ambition
? SUNBET | AMBITION Love Every Moment | Se Ahead of plan - revised targets in line with last 2 years growth trajectories 2023 estimated online betting and racing market size: R25bn GGR R926m 2028 GGR AMBITION adjusted EBITDA R221m adjusted EBITD argin 30 adjusted EBITDA margin 30 R900m EBITDA targe
Slide 19: Resorts and Hotels
Slide 20: Resorts and Hotels | Highlights
? RESORTS AND HOTELS | HIGHLIGHTS Love Every Moment | Se ) Impressive recovery supported by domestic travel, conferences and events * Strong performance supported by resilient domestic leisure, conferencing * Increased occupancies and rates: The Table Bay Hotel and recovery in international travel -
Slide 21: Sun City | Sustained Recovery with Excellent Prospects
SUN CITY | SUSTAINED RECOVERY WITH EXCELLENT Love Every Moment | Cone PROSPECTS > R million 2017 2019 2023 Income 1734 1604 1878 Casino 581 505 549 Rooms 499 463 572 + Substantial opportunity Food and beverage 388 363 429 to further grow casino income Vacation Club 102 123 177 * Significant opportun
Slide 22: Sun City | Primed to Realise Its Full Potential
SUN CITY | PRIMED TO REALISE ITS FULL POTENTIAL * Income increase of 8.3% from 2017 to 2023 Rooms revenue increased 10.6% from 2017 to 2023, driven by - Improvement of 22.3% in rate - Increase in local leisure, conferencing/events demand Vacation Club revenue driven by: - Constant growth in sales of
Slide 23: Sun City | Capital Investment
SUN CITY | CAPITAL INVESTMENT Love Every Moment | C a = R million 2021 2022 2023 2024 THE RESORT IS PRIMED TO REALISE ITS FULL POTENTIAL Expansionary - 45 248 19 R2.0bn major capital investment over the last 10 years, Y which included the following projects: Lefka Vilas - * 248 * * Cabanas refurbish
Slide 24: Resorts and Hotels | Focus Areas
P) RESORTS AND HOTELS | FOCUS AREAS Love Every Moment | Ke ae Optimisation of properties to deliver consistent quality standards, improved customer experience and drive income growth * Targeted investments to maintain properties and improve customer experience + Drive initiatives to grow internation
Slide 25: Financial Review
FINANCIAL REVIEW
Slide 26: Financial Review | Segmental Highlights
FINANCIAL REVIEW | SEGMENTAL HIGHLIGHTS 2? Love Every Moment Cad . > The year ended 31 December 2023 reflects income growth of 7% and adjusted EBITDA up 2% compared to the prior year A73% R million 4 0.2% 02% 11155 11970 A 17.4% 6719 6731 V2% ‘100% a tos% 2572 3020 1506 a Urban casinos* Resorts and
Slide 27: Financial Review | Group Debt
FINANCIAL REVIEW | GROUP DEBT Love Every Moment | Cane South African targeted debt levels of <2.0x debt to adjusted EBITDA maintained since June 2022, allowing for significant distributions R2.3bn R985m Bene Available - Capital returned 5.7x South African interest cover bank covenant greater than 3.
Slide 28: Financial Review | Capital Expenditure
FINANCIAL REVIEW | CAPITAL EXPENDITURE Love Every Moment | Cane Investment into several of our strategic priorities is critical in sustaining and growing our business and ultimately maximising shareholder returns EXPANSIONARY CAPEX MAJOR REFURBISHMENT AND ONGOING CAPEX R million 378 R million 855 77
Slide 29: Financial Review | Cash Flow
FINANCIAL REVIEW | CASH FLOW Love Every Moment um Strong cash generation R million 3649 88 (497) == 2385 (378) , | (4) 1446 (215) ia (985) a (149) (140) 326 283 = — me —— | Generated — Working Tax Majorand —-Free_~—_-Expansionary Interest Other Cashflow —Dividends.-—Dividends Repayment Movement Cash
Slide 30: Proposed Acquisition of Peermont
PROPOSED ACQUISITION OF PEERMONT
Slide 31: Sun International | Capital Allocation and Operational Efficiency Journey
SUN INTERNATIONAL | CAPITAL ALLOCATION AND OPERATIONAL EFFICIENCY JOURNEY Love Every Moment | C 444 ao Since 2017, Sun International has delivered shareholder value through deleveraging the balance sheet, simplifying the business and driving operational performance Highly leveraged balance sheet ob
Slide 32: Peermont Group | Overview of Proposed Acquisition
> PEERMONT GROUP | OVERVIEW OF PROPOSED ACQUISITION Love Every Moment | S a Unique opportunity to acquire the world-class Peermont business at an attractive valuation of 5.8x EV/EBITDA Attractive implied P/E and cash flow multiples Estimated 2023 EBITDA R1.36n Enterprise value Implied EV/EBITDA R7.3
Slide 33: Business Integration | Workstreams
BUSINESS INTEGRATION | WORKSTREAMS Love Every Moment | C TO FACILITATE EFFICIENCIES AND SIMPLICITY — Multiple workstreams underway Procurement, capital expenditure efficiencies Integrating the technology across the group Integrating PalaceBet’'s customer base and an increased offering to customers t
Slide 34: Strategic Rationale
STRATEGIC RATIONALE Land-based casinos, underpinned by Emperors Palace, will enhance quality of earnings and cash flow generation; driving operational, procurement and capex synergies Online strategy Acceleration of the Online and Sports betting business through an enlarged database and omnichannel
Slide 35: Strategic Focus and Outlook
Slide 36: Capital Allocation | Strategic Imperatives
CAPITAL ALLOCATION | STRATEGIC IMPERATIVES Love Every Moment | Cone Other Consistent Maintain Minority expansionary . Share dividend : and grow payout LMA existing assets buyouts = projects/ p buy-back 4 acquisition d 4 * Dividend pay-out ratio + Alternate renewable * Investment in GPI * Proposed ac
Slide 37: Capital Allocation | Non-Core Assets
> CAPITAL ALLOCATION | NON-CORE ASSETS Love Every Moment | pe Approximate value of R3.2 per share in non-core assets after taking into account estimated tax and minority interests Non-core assets available for sale R million eSwatini 73 Carousel land 80 Time Square land transaction 70 Sun Dreams ear
Slide 38: Investment Case
INVESTMENT CASE Love Every Moment Uw Compelling investment opportunity with significant potential for scale, growth and returns Sustainable growth + Group income shows sustained growth * Another record growth year for SunBet exceeding 5-year target * Protected strong urban casino market share Profit
Slide 39: Outlook
OUTLOOK P) Love Every Moment | MWe S _— We continue to prioritise increasing free cash flows and disciplined capital allocation to maximise stakeholder value within a set of fundamental capital allocation principles URBAN CASINOS * Grow market share and protect margins * Continue to generate strong
Slide 40: Thank You
um International by = Cen Slots > THANK YOU OnOOn www.suninternational.com 2024 © Sun International
Slide 41: Supplementary Information
SUPPLEMENTARY INFORMATION ey’
Slide 42: Update on Key Matters
UPDATE ON KEY MATTERS Dreams S.A. contingent earnouts * Discussions with Dreams S.A shareholder around terms + First contingent payment, net of costs and taxes, of R173m is scheduled for 2024 * Subsequent payments of the remaining amount of CLP31.8bn earnout (R655m) - being finalised Relocation in t
Slide 43: Financial Overview
> FINANCIAL OVERVIEW Love Every Moment | cs. 2023 % 2022* Income 12096 7 11302 Adjusted EBITDA 3401 2 3321 Adjusted EBITDA margin 281% 1 29.4% Depreciation and amortisation (800) 3 (828) Adjusted operating profit 2601 4 2 493 Foreign exchange losses (19) <(100) (1) Net interest (633) (28) (495) Adju
Slide 44: Segmental Review
SEGMENTAL REVIEW Love Every Moment Uw % 2022* % 2022* Urban casinos 6731 - 6719 2370 (6) 2516 (447) 9 (490) 1540 (5) 1627 GrandWest 1884 3 1830 692 (2) 706 (82) 29 (116) 515 4 497 Time Square 1506 4 1453 610 - 609 (170) 9 (186) 338 5 323 Sibaya 1287 (5) 1355 514 (12) 585 (44) 2 (45) 384 (14) 446 Car
Slide 45: Segmental Review
SEGMENTAL REVIEW Love Every Moment Uw % 2022* % 2022* Urban casinos 6731 - 6719 1987 (6) 2117 (447) 9 (490) 1540 (5) 1627 GrandWest 1884 3 1830 597 (3) 613 (82) 29 (116) 515 4 497 Time Square 1506 4 1453 508 - 509 (170) 9 (186) 338 5 323 Sibaya 1287 (5) 1355 428 (13) 491 (44) 2 (45) 384 (14) 446 Car
Slide 46: Earnings Reconciliation
EARNINGS RECONCILIATION R millior 2023 2022* Basic earnings 1205 555 Net loss on disposal of property, plant and equipment and intangible asset ot 6 Dreams S.A. first contingent consideration (173) - Property damage insurance claims received (25) - Tax relief on above items (1) (9) Minorities’ inter
Slide 47: Group Effective Tax Rate
GROUP EFFECTIVE TAX RATE Love Every Moment | C ox South Nigeria Rmi Africa and other Group Profit before tax/(loss} from continuing operations 1875 (105) 1770 Profit before tax from discontinued operations - 173 173 Profit before tax 1875 68 1943 Depreciation on non-qualifying buildings 39 - 39 Non-
Slide 48: Borrowings
BORROWINGS Love Every Moment GROUP DEBT (excluding IFRS 16 lease liabilities) Total Minority Sun R million debt share share [ae 13 327 South Africa 5901 805 6706 1304 5.402 11079 Nigeria 746 - 746 378 368 Total debt as at 31 December 2022 6647 805 7452 1682 5770 7630 7556 7089 6618 6647 6540 South A
Slide 49: Capital Expenditure
CAPITAL EXPENDITURE Major refurbishment Love Every Moment Uw SOUTH AFRICAN CAPEX Major refurbishment and ongoing capex as a percentage of income R million and ongoing 31 December 2023 31 December 2022 Urban casinos 118 513 631 494 GrandWest - Hotel 114 - 114 19 GrandWest - Electrical - 117 117 12 Gr
Slide 50: Group Structure
GROUP STRUCTURE Love Every Moment | Economic interest % Slots Tables Gauteng Carnival City 91.2 1100 37 The Maslow Sandton 100 - - Time Square 96.5 1550 55 Western Cape GrandWest 61.6 2500 82 The Table Bay Hotel 61.6 - - Golden Valley 61.4 197 4 SunBet 100 = = = KwaZulu-Natal Sibaya 87.2 1213 50 154
Slide 51: Analysis of Minority Interest in Profit After Tax
ANALYSIS OF MINORITY INTEREST IN PROFIT AFTER TAX Profit after tax % SIL shareholdi Love Every Moment South Africa 1420 1410 (256) (295) SunWest 408 381 61.6 616 (143) (133) Sibaya 269 317 87.2 87.2 (25) (30) Carnival City 79 98 91.2 91.2 (4) (6) Boardwalk 8 21 76.2 816 (2) (4) Wild Coast Sun (2) 32