Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Q1 2025 Earnings Presentation
33 slides from Super Group (sghc)'s earnings presentation, May 9, 2025
Slide 1: 1Q 2025 Earnings Review
1Q 2025 Earnings Review May 8, 2025 1
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: Business Update, Financial Highlights, Guidance, Appendix
01 Business Update 02 Financial Highlights 03 Guidance 04 Appendix 3
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Slide 5: 1Q-25 Highlights
1Q-25 HIGHLIGHTS 01 Highest ever Total Group Revenue for a first quarter of $517 million (25% YoY growth) 02 Record Group Adjusted EBITDA for a first quarter of $111 million (120% YoY growth and margin of 22%) 03 Successfully completed the migration to Spin Palace Casino from Betway in the US (Sport
Slide 6: 1Q-25 Key Financials
1Q-25 KEY FINANCIALS $517m $111m 5.4m Business 22% Group 1 Average Unique Monthly 2 2 Total Revenue Adjusted EBITDA Adjusted EBITDA Active Customers +25% YoY Margin +120% YoY +15% YoY $351m Unrestricted Cash $502m $121m 42 $15m $(9.8)m (March 31, 2025) 1 Adjusted Adjusted EBITDA EBITDA 1 Total Reven
Slide 7: Outstanding Growth in Active Customers in Recent Years
OUTSTANDING GROWTH IN ACTIVE CUSTOMERS IN RECENT YEARS Average Unique Monthly Active Customers (millions) 6.0 5.4 5.3 5.0 4.7 4.7 4.7 4.5 4.0 4.0 3.7 3.5 3.4 3.0 2.6 2.6 2.7 ~108% INCREASE SINCE 2.0 1Q-22 1.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2022 2022 2022 2023 2023 2023 2023 2024 202
Slide 8: Net Revenue by Geography: Continued Global Diversification
1 NET REVENUE BY GEOGRAPHY: CONTINUED GLOBAL DIVERSIFICATION 1Q 2024 1Q 2025 Key Highlights: • Americas ◦ Significant casino growth in Canada and US • Africa +15% +27% ◦ Exceptional growth across both sports and casino ◦ Eight countries, all locally 1Q 2024 NET REVENUE 1Q 2025 NET REVENUE regulated
Slide 9: Betway Africa: Market Leadership
BETWAY AFRICA: MARKET LEADERSHIP South Africa Ghana Zambia Mozambique 01 Purpose-built platform and product offering, including both sports betting and iGaming 02 Podium positions in key markets. Pan-African brand approach Market 03 Deep relationships with Position 2 key regulators, and telco Malawi
Slide 10: Net Revenue by Brand and Product Underpinned by Strong Casino Offering
1, 2 NET REVENUE BY BRAND AND PRODUCT : UNDERPINNED BY STRONG CASINO OFFERING 1Q 2024 1Q 2025 1Q 2024 1Q 2025 80% 79% 61% 57% 43% 39% 20% 21% Spin Betway Sports Casino 10 1 Charts include US operations 2 The Group has adopted a change in presentation currency from Euros to USD effective as at Januar
Slide 11: Sportsbook Wagers and Revenue Remain Strong
1 SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG 1Q 2025 Gross Revenue +32% Y/Y; +38% Y/Y (Ex-US) $1,200 1Q 2025 Total Wagered +7% Y/Y; +14% Y/Y (Ex-US) 17.5 1Q 2025 Margin +270bps Y/Y (1Q25: 13.8% vs 1Q24: 11.1%) $1,000 15.0 $800 Millions (USD) Margin (%) 12.5 $600 10.0 $400 7.5 $200 $0 5.0 1Q 2Q 3Q 4
Slide 12: Casino Wagers Remain Strong
CASINO WAGERS REMAIN STRONG 1Q 2025 Total Wagered +23% YOY $15,000 $12,500 $10,000 Millions (USD) $7,500 $5,000 $2,500 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 Casino Wagered 12 Note: Exit of India September 2023
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Slide 14: Total Group Revenue
1,2,3,4 TOTAL GROUP REVENUE Revenue Exceeded Expectations, +25% Year-over-Year $1,835 $1,556 $534 $1,363 $389 $336 $443 $388 $310 $447 $517 $342 $415 $517 $375 $363 $412 2022 2023 2024 2025 1Q 2Q 3Q 4Q 1 Total Revenue includes Net Revenue (Net Revenue after VAT & GST) and Other Revenue (including Br
Slide 15: Total Revenue (Ex-US)
1,2,3 TOTAL REVENUE (EX-US) First Quarter Revenue +24% Year-over-Year Sports Betting Revenue Online Casino Revenue $1,798 increased +35% to $106m increased +22% to $389m $1,523 Increased due to: Increased due to: $519 $1,363 • Strong growth in Africa • Significant growth in Africa $380 (+38%), U.K.
Slide 16: Total Group Adjusted EBITDA
1,2,3,4,5 Total Group Adjusted EBITDA Adjusted EBITDA +120% Year-over-Year; margin of 22% $357 $126 $224 $216 $43 $37 $92 $50 $57 $111 $58 $88 $83 $111 $74 $39 $50 2022 2023 2024 2025 1Q 2Q 3Q 4Q 1 Totals may not sum due to rounding 2 16 The Group has adopted a change in presentation currency from E
Slide 17: Adjusted EBITDA (Ex-US)
1,2,4 Adjusted EBITDA (EX-US) Adjusted EBITDA +62% year over year; margin of 24% $423 3 Direct Expenses increased 21% to $182m: • Continued focus on optimizing direct cost margins $137 • Driven by growth in regulated markets (i.e., processing and usage/royalty fees) and localized operations $277 3 M
Slide 18: US Update: Super Group's US iGaming Footprint
1 US UPDATE SUPER GROUP’S US iGAMING FOOTPRINT Active States (iGaming only) iGaming footprint consisting of two brands from the Spin portfolio (including Jackpot City) in both New Jersey and Pennsylvania • The migration from Betway Casino to Spin Palace Casino completed in 1Q-25 • What’s next? Ongoi
Slide 19: 1Q-25 Group Financial KPIs
1Q-25 GROUP FINANCIAL KPIs Net Revenue 26% 16% 38% 21% Sports Betting Marketing costs as a % of Net Revenue G&A Expenses as a % of Net Revenue Direct Expenses as a % of Net Revenue 79% 22% Online Casino Adjusted EBITDA as a % of Total Revenue 19
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Slide 21: 2025 Guidance, Drivers and Assumptions (USD)
1 2025 GUIDANCE, DRIVERS AND ASSUMPTIONS (USD) Organic growth from key markets; Ongoing refinement of marketing budget and Opex; Reinvestment into high growth markets Combined Ex-US US Total Revenue >$2.014 >$1.925 >$89 billion billion million Adjusted EBITDA >$421 >$457 $(32-38) million million mil
Slide 22: 2025 Guidance, Drivers and Assumptions (EUR)
2025 GUIDANCE, DRIVERS AND ASSUMPTIONS (EUR) Organic growth from key markets; Ongoing refinement of marketing budget and Opex; Reinvestment into high growth markets Combined Ex-US US Total Revenue >€1.915 >€1.830 >€85 billion billion million Adjusted EBITDA >€400 >€435 €(30-35) million million milli
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Slide 24: Financial Results, Operating Basis (Group) - USD
1,4 FINANCIAL RESULTS, OPERATING BASIS (Group) - USD USD (Millions) 1Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (Group) 511 401 439 437 531 1,808 Sports Betting 106 79 91 74 119 363 Online Casino 404 322 348 363 412 1,445 Other Revenue 6 11 8 6 3 28 2 Total Revenue (Group) 517 412 447 443 534
Slide 25: Financial Results, Operating Basis (Ex-US) - USD
1,4 FINANCIAL RESULTS, OPERATING BASIS (EX-US) - USD USD (Millions) 1Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (Ex-US) 495 397 431 428 516 1,772 Sports Betting 106 79 89 74 119 361 Online Casino 389 318 342 354 398 1,412 Other Revenue 6 9 8 6 3 26 2 Total Revenue (Ex-US) 502 406 439 434 519 1
Slide 26: Financial Results, Operating Basis (US) - USD
1,4 FINANCIAL RESULTS, OPERATING BASIS (US) - USD USD (Millions) 1Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (US) 15 4 8 9 14 35 Sports Betting — — 1 — — 1 Online Casino 15 3 6 9 14 32 Other Revenue — 2 — — — 2 2 Total Revenue (US) 15 6 8 9 14 36 3 Direct Expenses (10) (4) (5) (6) (8) (23) 3 M
Slide 27: Reconciliation to Financial Statements in Form 6-K – EBITDA (USD)
RECONCILIATION TO FINANCIAL STATEMENTS IN FORM 6-K – EBITDA (USD) USD (Millions) 1Q-25 EBITDA 107.0 RSU expense 7.0 Unrealized foreign exchange (2.0) Adjusted EBITDA 111.1 Adjusted EBITDA, ex-US 121.0 Adjusted EBITDA, US (9.8) 27
Slide 28: Reconciliation to EBITDA (EUR)
RECONCILIATION TO EBITDA (EUR) EUR (Millions) 1Q-25 EBITDA 100.9 RSU expense 6.3 Unrealized foreign exchange (1.7) Adjusted EBITDA 105.6 Adjusted EBITDA, ex-US 114.9 Adjusted EBITDA, US (9.4) 28
Slide 29: Detailed Share Count
1 DETAILED SHARE COUNT Shares (Millions) Shares Issued and Outstanding 505.6 Unvested Restricted stock units granted to employees 4.1 Fully Diluted Shares 509.7 29 1 As of March 31, 2025
Slide 30: Total (Ex-US) Revenue - EUR
1,2 TOTAL (EX-US) REVENUE - EUR Total revenue +28% Year-over-Year €1,663 Sports Betting Revenue Online Casino Revenue €1,406 increased +39% to €101m increased +26% to €370m €487 €1,296 Increased due to: Increased due to: €352 €329 • Strong growth in Africa • Significant growth in Africa (+43%), U.K.
Slide 31: Adjusted EBITDA (Ex-US) - EUR
1,2 Adjusted EBITDA (EX-US) - EUR Adjusted EBITDA +67% Year-over-Year (Margin of 24%) €391 3 Direct Expenses increased 25% to €173m: • Continued focus on optimizing direct cost margins • Driven by growth in regulated markets (i.e., processing and usage/royalty €129 fees) and localized operations 3 €
Slide 32: Financial Results, Operating Basis (Ex-US) - EUR
1 FINANCIAL RESULTS, OPERATING BASIS (EX-US) - EUR EUR (Millions) 1Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (Ex-US) 471 366 400 389 484 1,639 Sports Betting 101 73 83 67 111 334 Online Casino 370 293 317 322 373 1,305 Other Revenue 6 8 7 5 3 23 2 Total Revenue (Ex-US) 477 374 408 395 487 1,6
Slide 33: Contact Us: investors@sghc.com
CONTACT US: investors@sghc.com 33