Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Q4 2025 Earnings Presentation
36 slides from Super Group (sghc)'s earnings presentation, Feb 24, 2026
Slide 1: 4Q 2025 Earnings Review
4Q 2025 Earnings Review February 23, 2026
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements Certain statements made in this presentation 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 limited
Slide 3: Business Update, Financial Highlights, Guidance, Appendix
01 Business Update 02 Financial Highlights 03 Guidance 04 Appendix
Slide 4: Business Update
Slide 5: Current Business Highlights
CURRENT BUSINESS HIGHLIGHTS 01 4Q25 Total Revenue of $578 million (+8% YoY); Adjusted EBITDA of $139 million (+11% YoY; margin of 24%) 02 4Q25 Record Average Unique Monthly Active Customers of 6.1 million (+16% YoY); Record deposits and wagering 03 Final regulatory approval for Apricot transaction;
Slide 6: FY-25 Key Financials
FY-25 KEY FINANCIALS $2.23bn $560m 5.6m Business 25% Group Average Unique Monthly Total Revenue1,3 Adjusted EBITDA2,3 Adjusted EBITDA2 Active Customers +22% YoY Margin +17% YoY +57% YoY $513m Cash and Cash Equivalents $2.19bn $141m $574m $43m $(14)m (December 31, 2025) Adjusted EBITDA2,3 Adjusted EB
Slide 7: 4Q-25 Key Financials
4Q-25 KEY FINANCIALS $578m $139m 6.1m Business 24% Group Average Unique Monthly Total Revenue1,3 Adjusted EBITDA2,3 Adjusted EBITDA2 Active Customers +8% YoY Margin +16% YoY +11% YoY $513m Cash and Cash Equivalents $578m $141m $0m $(1.7)m (December 31, 2025) Adjusted EBITDA2,3 Adjusted EBITDA 4 Tota
Slide 8: Continued Strong Growth in Monthly Active Customers
CONTINUED STRONG GROWTH IN MONTHLY ACTIVE CUSTOMERS Closed the year with four consecutive months above 6-million active customers Average Monthly Unique Active Customers (millions) 6.1 5.5 5.5 5.3 5.4 4.7 4.7 4.7 4.5 3.4 3.5 3.7 4.0 ~16% YoY INCREASE 2.6 2.7 2.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1
Slide 9: Net Revenue by Geography: Continued Global Diversification
NET REVENUE BY GEOGRAPHY: CONTINUED GLOBAL DIVERSIFICATION1 Solid result on the back of customer-friendly sports outcomes and a 4Q24 hard comp Key Highlights: 4Q 2024 4Q 2025 • Europe ◦ Continued growth in sports and casino in the U.K. ◦ Solid casino performance in Spain ◦ Germany slots launch expec
Slide 10: Net Revenue by Brand and Product
NET REVENUE BY BRAND AND PRODUCT1: UNDERPINNED BY STRONG CASINO OFFERING 4Q 2024 4Q 2025 4Q 2024 4Q 2025 83% 78% 63% 63% 37% 37% 22% 17% Spin Betway Sports Casino 10 1 Net Revenue after VAT & GST
Slide 11: Net Revenue by Product
NET REVENUE BY PRODUCT1: UNDERPINNED BY STRONG CASINO OFFERING 68% 68% 70% 73% 75% 74% % Net Revenue 81% 80% 79% 78% 79% 80% 83% 83% 84% 83% 32% 32% 30% 27% 25% 26% 19% 20% 21% 22% 21% 20% 17% 17% 16% 17% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022 2022 2022 2022 2023 2023 2023 2023 2024 20
Slide 12: Sportsbook Wagers and Revenue Remain Strong
SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG1,2 Customer-friendly outcomes to end the quarter drove lower revenue growth; Full year 2025 wagers up 13% $1,200 18% $1,000 15% $800 Millions (USD) 13% Sports Gross Revenue Margin -14% YoY $600 Total Sports Wagered +20% YoY 10% $400 Gross Margin: 11.4% in
Slide 13: The Rhythm of the Game: Sports Gross Margin
THE RHYTHM OF THE GAME: SPORTS GROSS MARGIN1 Lowest margin month since October 2023 19.3% 18.8% 20% 17.9% 15% 11.9% 13.1% 10% 7.3% 5% 3.9% —% -5% (4.4)% 1/23 3/23 5/23 7/23 9/23 11/23 1/24 3/24 5/24 7/24 9/24 11/24 1/25 3/25 5/25 7/25 9/25 11/25 Sports Gross Margin 12MMA 13 1 Excluding the U.S. and
Slide 14: Casino Wagers Remain Strong
CASINO WAGERS REMAIN STRONG1,2 Continued casino performance underscores the strength of our diversified business model $15,000 8% $12,500 6% $10,000 Millions (USD) Casino Gross Revenue +16% YoY Margin $7,500 Total Casino Wagered 4% +17% YoY $5,000 Gross Margin: 4.39% in 4Q25 vs. 4.43% in 4Q24 $2,500
Slide 15: ZAR Supercoin Update
ZAR SUPERCOIN UPDATE Building the rails - traction first, utility and additional exchange listings to follow LOCAL EXCHANGE EXPANSION THIRD-PARTY PAYMENT PROVIDER CONSUMER WALLET LAUNCH EXPANSION SUPER COIN Deposit & VIRTUAL LAUNCH IN Withdraw MASTERCARD SOUTH AFRICA Scan-to-Pay P2P Send & Receive V
Slide 16: Financial Highlights: Revenue and Profitability
Slide 17: Total Group Revenue (Millions)
TOTAL GROUP REVENUE (MILLIONS)1,2,3,4 4Q25 revenue below expectations, +8% year-over-year $2,231 $1,835 $578 • Europe's revenue surged +23% year-over-year, with the U.K. +37% and Spain +5% $1,556 $534 $1,363 • Africa delivered +7% year-over-year growth $389 $557 (+27% for the full year 2025), with B
Slide 18: Total Revenue (Ex-U.S.) (Millions)
TOTAL REVENUE (EX-U.S.) (MILLIONS)1,2,3,4 4Q25 revenue below expectations, +11% year-over-year Sports Betting (Ex-U.S.) Online Casino (Ex-U.S.) $2,188 Revenue4 decreased -20% to Revenue4 increased +19% to $95m $473m $1,798 $578 • Europe (-0.2%), Africa (-30%), • Significant growth in Europe Canada (
Slide 19: Total Group Adjusted EBITDA (Millions)
Total Group Adjusted EBITDA (MILLIONS)1,2,3,4 4Q25 adjusted EBITDA +11% year-over-year; margin of 24% $560 $139 $357 $152 $126 $224 $216 $43 $37 $92 $157 $50 $57 $58 $88 $83 $111 $74 $39 $50 2022 2023 2024 2025 1Q 2Q 3Q 4Q 19 1 2 3 Total Revenue includes Net Revenue (Net Revenue after VAT & GST) and
Slide 20: Adjusted EBITDA (Ex-U.S.) (Millions)
Adjusted EBITDA (EX-U.S.) (MILLIONS)1,2,3,4 4Q25 adjusted EBITDA +3% year-over-Year; margin of 24% Direct Expenses3 increased 19% to $224m: • Increase attributed to new Botswana taxes • Elevated processing costs due to hold, higher deposits and geographic mix $573 • Moderately offset by negotiating
Slide 21: FY-25 Group Financial KPIs
FY-25 GROUP FINANCIAL KPIs1 Net Revenue 23% 15% 37% 19% Sports Betting Marketing costs as a % of Total Revenue G&A Expenses as a % of Total Revenue Direct Expenses as a % of Total Revenue 81% 25% Online Casino Adjusted EBITDA as a % of Total Revenue2 21 1 Total Revenue includes Net Revenue (Net Reve
Slide 22: 4Q-25 Group Financial KPIs
4Q-25 GROUP FINANCIAL KPIs1 Net Revenue 23% 14% 39% 17% Sports Betting Marketing costs as a % of Total Revenue G&A Expenses as a % of Total Revenue Direct Expenses as a % of Total Revenue 83% 24% Online Casino Adjusted EBITDA as a % of Total Revenue2 22 1 Total Revenue includes Net Revenue (Net Reve
Slide 23: Marketing Costs as a % of Total Group Revenue
MARKETING COSTS AS A % OF TOTAL GROUP REVENUE1 Significant expected room to reduce marketing spend in markets moving from acquisition to retention FY-22 FY-23 FY-24 FY-25 26.6% 25.5% 24.3% 22.8% 29.2% 28.9% 28.7% 28.3% 28.0% 25.7% 25.5% 23.9% 23.4% 23.2% 23.4% 23.4% 22.0% 21.8% 21.5% 20.9% 1Q 2Q 3Q
Slide 24: 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 FY-22 FY-23 FY-24 FY-25 20.4% 22.6% 19.2% 14.7% 23.9% 23.0% 22.3% 22.0% 21.4% 21.6% 20.8% 20.8% 20.1% 19.6% 18.2% 16.4% 15.8% 15.1% 14.3% 13.8% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 25: Direct Expenses as a % of Total Group Revenue
DIRECT EXPENSES AS A % OF TOTAL GROUP REVENUE1 Direct expense tightly managed, demonstrating strong unit economics and platform leverage FY-22 FY-23 FY-24 FY-25 36.6% 38.1% 37.0% 37.4% 39.1% 39.1% 38.5% 38.7% 37.8% 37.5% 37.7% 37.5% 37.3% 37.2% 36.6% 36.7% 36.6% 36.3% 36.3% 33.9% 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 26: Adjusted EBITDA as a % of Total Revenue
ADJUSTED EBITDA AS A % OF TOTAL REVENUE1,2,3 Optimized market mix continues to support margin expansion FY-22 FY-23 FY-24 FY-25 16.4% 13.9% 19.4% 25.1% 27.0% 27.3% 23.6% 24.1% 21.6% 20.9% 19.6% 19.9% 19.8% 16.8% 16.2% 14.7% 12.7% 12.2% 10.7% 9.5% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2022
Slide 27: Free Cash Flow Generation
FREE CASH FLOW GENERATION1,2 High-quality earnings converting to cash: our asset-light model 70% 74% 69% 72% FCF CONVERSION CAPEX AS % 2% 2% 2% 2% REVENUE $394 Millions (USD) $230 $228 $177 $157 $110 $69 $95 $163 $119 $88 $82 2022 2023 2024 2025 H1 H2 27 1 2 Totals may not sum due to rounding Free c
Slide 28: Guidance
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Slide 29: 2026 Guidance: Drivers and Assumptions
2026 GUIDANCE: DRIVERS AND ASSUMPTIONS Organic growth, marketing and OPEX efficiencies; reinvestment into high growth markets; U.K. tax increase from April 2026; Alberta regulated Q2 2026; World Cup tailwind 2025A 2026E TOTAL REVENUE TOTAL REVENUE $2.23 >$2.55 billion billion ADJUSTED EBITDA ADJUSTE
Slide 30: Appendix
Slide 31: Financial Results, Operating Basis (Group)
FINANCIAL RESULTS, OPERATING BASIS (Group)1,4 USD (Millions) 1Q25 2Q25 3Q25 4Q25 FY 2025 1Q24 2Q24 3Q24 4Q24 FY 2024 Net Revenue (Group) 511 570 550 568 2,198 401 439 437 531 1,808 Sports Betting 106 116 91 95 408 79 91 74 119 363 Online Casino 404 455 459 473 1,790 322 348 363 412 1,445 Other Reven
Slide 32: Financial Results, Operating Basis (Ex-U.S.)
FINANCIAL RESULTS, OPERATING BASIS (EX-U.S.)1,4 USD (Millions) 1Q25 2Q25 3Q25 4Q25 FY 2025 1Q24 2Q24 3Q24 4Q24 FY 2024 Net Revenue (Ex-U.S.) 495 554 538 568 2,155 397 431 428 516 1,772 Sports Betting 106 116 91 95 408 79 89 74 119 361 Online Casino 389 438 448 473 1,748 318 342 354 398 1,412 Other R
Slide 33: Financial Results, Operating Basis (U.S.)
FINANCIAL RESULTS, OPERATING BASIS (U.S.)1,4 USD (Millions) 1Q25 2Q25 3Q25 4Q25 FY 2025 1Q24 2Q24 3Q24 4Q24 FY 2024 Net Revenue (U.S.) 15 17 11 — 43 4 8 9 14 35 Sports Betting — — — — — 0 1 0 0 1 Online Casino 15 17 11 — 43 3 6 9 14 32 Other Revenue — — — — — 2 0 0 0 2 Total Revenue2 (U.S.) 15 17 11
Slide 34: Reconciliation to Financial Statements – EBITDA
RECONCILIATION TO FINANCIAL STATEMENTS – EBITDA USD (Millions) 4Q25 Adjusted EBITDA, Ex-U.S. 141 Adjusted EBITDA, U.S. (2) Adjusted EBITDA 139 Finance income 4 Finance expense (7) Depreciation and amortization expense (20) RSU expense (3) Unrealized foreign exchange 3 Impairment of assets (3) U.S. i
Slide 35: Detailed Share Count
DETAILED SHARE COUNT1 Shares (Millions) Shares Issued and Outstanding 505.9 Unvested Restricted stock units granted to employees 3.9 Fully Diluted Shares 509.7 35 1 As of December 31, 2025
Slide 36: Contact Us: investors@supergroup.com
CONTACT US: investors@supergroup.com