Sun International Limited · JSE:SUI
Sun International — FY2025 Earnings Presentation
28 slides from Sun International's earnings presentation, Mar 15, 2026
Slide 1: Annual results presentation 2025
2025 Annual results presentation For the year ended 31 December 2025
Slide 2: Agenda
Agenda 01 Key highlights 03 02 Operational overview 08 03 Financial overview 13 Lefika Villas, Sun City SUN INTERNATIONAL Annual results presentation 2025 | 2
Slide 3: Key highlights
Love Every Moment International Key highlights
Slide 4: Key highlights
Key highlights Key highlights Becoming a digitally-led market leading omnichannel gaming company of scale Group income Total dividend 100 cps up 7.1% to R12.9bn AHEPS up 6.5% special adjusted EBITDA up 6.4% to 424 cps dividend up 2.8% Reflecting strength of Strong balance sheet Delivering value for
Slide 5: Operational highlights
Key highlights Operational highlights Solid operational performance, with Sunbet delivering strong growth • Performance significantly ahead of market • H2 income increased with 79.8% compared to 2024 • Additional c1% of market share in the year Land-based Sunbet • Active player days increased by 72.
Slide 6: Capabilities
Key highlights Capabilities Key appointments in H2 to strengthen our capabilities MARK NOMZAMO LESLIE SERGEANT RADEBE PETERS COO: COO: Chief Technology Gaming Hospitality & Product Officer SUN INTERNATIONAL Annual results presentation 2025 | 6
Slide 7: Outlook
Key highlights Outlook Creating a digitally-led market-leading omnichannel gaming company of scale Value creation Focus is on plan Green shoots that our 2026 YTD execution • Growing income strategy is gaining (excl TBH) in line • Increasing margin traction with H2 2025 • Improving ROIC Sun Internati
Slide 8: Operational overview
> . Love Every Moment. | C _» International ao Operational overview
Slide 9: Sunbet overview of performance
Sunbet Overview of performance Momentum continues, driving income at scale Key drivers of results Total Adjusted • Income ▲ 75.9% to R2.1 billion driven by income EBITDA* − Volume growth in all key product verticals − Slots GGR ▲ 115.6% R2.1bn R744m − Strong deposit volumes ▲ 75.9% ▲ 109.6% • Adjust
Slide 10: Urban casinos overview of performance
Urban casinos Overview of performance Evolving our casino strategy to stay resilient and relevant Key drivers of results Total Adjusted • Casino income at R6.5bn income EBITDA* • Improved income and margins in H2 • Renewed approach to this business R6.5bn R2.1bn 2.7% 8.7% − Reporting alignment w
Slide 11: Sun Slots overview of performance
Sun Slots Overview of performance Sun Slots strategy delivers income improvement Key drivers of results Total Adjusted • Income ▲ 2.0% to R1.4bn income EBITDA • Improving average GGR/pm/pd R1.4bn R334m • Margins held steady through strategic initiatives ▲ 2.0% 2.3% • Good progress in rollout of Ty
Slide 12: Resorts and hotels overview of performance
Resorts and hotels^ Overview of performance Conference, events & leisure business sustaining income levels Key drivers of results Adjusted • Income growth supported by gaming and conferencing Total income EBITDA* • EBITDA* impacted by non-recurring, once off items R2.9bn R581m • Sun City FY income ▲
Slide 13: Financial overview
Love Every Moment International Financial overview
Slide 14: Segmental highlights excl. TBH
Financial overview Segmental highlights excl. TBH The 12-month period ended 31 December, reflects an increase in income of 7.1% and an increase in adjusted EBITDA of 2.8% compared to the prior year Income 7.1% R million 12 922 2.7% 12 069 4.7% 6 715 6 532 2.0% 75.9% 2 745 2 873 1 419 1 447
Slide 15: Group debt
Financial overview Group debt Ongoing degearing reflects our strong cash flow generation and disciplined capital allocation strategy Group debt Group debt: adjusted R5.0bn (excluding IFRS 16) (2024: R5.2bn) 1.5x EBITDA Bank covenant lesser than 2.5x Interest cover Available 7.9x Bank covenant greate
Slide 16: Capital expenditure
Financial overview Capital expenditure Targeted capital expenditure in our strategic priorities is essential to sustaining growth and maximising shareholder returns Major refurbishment and ongoing capex R million R439m spent on major refurbishment • Sun City Hotel: R280m 131 • Vacation Club Reserve:
Slide 17: Group cash flow
Financial overview Group cash flow R million Cash inflow Cash outflow 54.7% conversion to free cash 132 (532) 3 485 (1 178) 1 907 (13) 1 894 (446) (132) (1 017) 154 (151) 364 (100) (253) 336 23 Generated Working Tax Major and Free Expansionary Cashflow Interest Dividends Dividends Disposal of Repaym
Slide 18: Update on key matters
Financial overview Update on key matters Tobacco Products and Relocation in the Electronic Delivery Impairment Western Cape Systems Control Bill Non-core assets • Impairment of goodwill • Decision of WCGRB taken • SIL continues to monitor • Dreams S.A. contingent relates to Eazibet (now review devel
Slide 19: Thank you
Thank you www.suninternational.com
Slide 20: Supplementary information
Supplementary information SUN INTERNATIONAL Annual results presentation 2025 | 20
Slide 21: Financial overview
Supplementary information Financial overview R million 2025 % 2024 Income 12 979 3 12 575 Adjusted EBITDA 3 447 (2) 3 507 Adjusted EBITDA margin 26.6% (1) 27.9% Depreciation and amortisation (807) (1) (796) Adjusted operating profit 2 640 (3) 2 711 Foreign exchange (loss)/gain (1) <(100) 10 Net inte
Slide 22: Segmental review
Supplementary information Segmental review Income Adjusted EBITDA^ Depreciation and amortisation Adjusted operating profit/(loss) R million 2025 % 2024 2025 % 2024 2025 % 2024 2025 % 2024 Urban casinos 6 532 (3) 6 715 2 069 (9) 2 265 (427) (2) (418) 1 316 (13) 1 504 GrandWest 1 848 (6) 1 958 625 (13
Slide 23: Segmental review
Supplementary information Segmental review Income Adjusted EBITDA Depreciation and amortisation Adjusted operating profit/(loss) R million 2025 % 2024 2025 % 2024 2025 % 2024 2025 % 2024 Urban casinos 6 532 (3) 6 715 1 743 (9) 1 922 (427) (2) (418) 1 316 (13) 1 504 GrandWest 1 848 (6) 1 958 530 (14)
Slide 24: Earnings reconciliation
Supplementary information Earnings reconciliation R million 2025 2024 Basic earnings 1 616 1 858 Net loss on disposal of property, 30 2 plant and equipment and intangible assets Dreams S.A. first contingent consideration - (53) Dreams S.A. second contingent consideration (99) (344) Gain on disposal
Slide 25: Group effective tax rate
Supplementary information Group effective tax rate Sun Latam, Sun Chile and R million South Africa African Entities Group Profit before tax 2 432 32 2 464 Depreciation on non-qualifying buildings 38 - 38 Non-deductible expenditure 5 - 5 - expenses incurred to produce exempt income Other non-deductib
Slide 26: Capital expenditure
Supplementary information Capital expenditure Major refurbishment R million Expansionary and ongoing 2025 2024 Urban casinos 8 516 524 518 GrandWest 163 163 183 Sun Time Square 88 88 69 Sibaya 89 89 112 Carnival City 70 70 84 Boardwalk Mall – Solar 5 - 5 2 Group capex Boardwalk Mall 3 - 3 3 Boardwal
Slide 27: Group and operational structure
Supplementary information Group and operational structure Economic interest Number of %* Slots Tables Rooms Gauteng Carnival City 91.2 1 014 42 105 The Maslow Sandton 100.0 - - 281 Sun Time Square 96.5 1 550 54 238 Western Cape GrandWest 61.6 2 095 58 103 Golden Valley 61.4 173 4 97 Sunbet 100.0 - -
Slide 28: Analysis of minority interest in adjusted profit after tax
Supplementary information Analysis of minority interest in adjusted profit after tax Profit/(Loss) after tax % SIL shareholding Minority portion in profit after tax** R million 2025 2024 2025 2024 2025 2024 South Africa 1 562 1 583 (185) (277) SunWest 274 438 61.6 61.6 (104) (168) Sibaya 263 290 87.