Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Q2 2026 Earnings Presentation
40 slides from Super Group (sghc)'s earnings presentation, Aug 5, 2026
Slide 1: 2Q 2026 Earnings Review
2Q 2026 Earnings Review August 4, 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 Momentum continues into second half of the year: all-time highs in revenue, deposits, and wagering Record quarterly Total Revenue of $684 million (+18% YoY; +22% YoY Ex- 01 U.S.); Adjusted EBITDA of $204 million (+30% YoY; margin of 30%) 02 Average Unique Monthly Active C
Slide 6: 2Q-26 Key Financials
2Q-26 KEY FINANCIALS1,2,3,4 Customer growth fuelling record revenue, expanding margins and balance sheet strength $684m $204m 30% 6.2m $548m Total Revenue1,3 Adjusted EBITDA2,3 Adjusted EBITDA2 Average Unique Monthly Cash and Cash Margin Active Customers Equivalents +18% YoY +30% YoY +279 bps YoY +1
Slide 7: 2Q-26 Segmental Breakdown: Key Financials
2Q-26 SEGMENTAL BREAKDOWN: KEY FINANCIALS1,2,3,4 Diversified mix: Africa and International delivered strong revenue gains and EBITDA expansion +36% +47% +7% -1% YoY YoY YoY YoY $310m $133m $368m $84m Total Revenue1,3 Adjusted EBITDA2,3 Total Revenue1,3 Adjusted EBITDA2,3 (+12% YoY Ex-U.S.) Africa In
Slide 8: Africa: Eight Markets, One Expanding Footprint
AFRICA: EIGHT MARKETS, ONE EXPANDING FOOTPRINT Driving the next phase of growth across Africa Global Total Addressable $537 billion1 Market: (10% CAGR2) Where we operate: 1. Botswana 2. Ghana Africa Total 3. Malawi Addressable $23 billion1 4. Mozambique 5 Market: (13% CAGR2) 5. Nigeria 2 ETHIOPIA 6.
Slide 9: Continued Strong Growth in Monthly Active Customers
CONTINUED STRONG GROWTH IN MONTHLY ACTIVE CUSTOMERS Engagement remained resilient through the FIFA World Cup, with sequential normalization reflecting expected seasonality 6.4m 6.1m 6.2m 5.5m 5.5m 5.3m 5.4m 4.7m 4.7m 4.7m 4.5m 4.0m ~13% 3.7m 3.5m 3.4m 2.7m YoY INCREASE 2.6m 2.6m 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 10: Long-Term Growth Supported by Super Persistent Annuity Revenue
LONG-TERM GROWTH SUPPORTED BY “SUPER PERSISTENT ANNUITY REVENUE” 1,2,3 Disciplined acquisition strategy prioritizes lifetime value over promotional volume 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 NGR from: 2026 Cohort 2025 Cohort 2023 - 2024 Cohort 2021 - 2022 Cohort 199
Slide 11: Net Revenue by Geography: Continued Global Diversification
NET REVENUE BY GEOGRAPHY: CONTINUED GLOBAL DIVERSIFICATION1,2 Africa leadership and International scale driving revenue growth Key Highlights: 2Q 2025 2Q 2026 • Africa ◦ Exceptional sports and casino momentum ◦ Trading and product efficiency improvements driving significant margin uplift ◦ Continued
Slide 12: Net Revenue by Segment and Product
NET REVENUE BY SEGMENT AND PRODUCT1: CONTINUED CASINO STRENGTH AND GROWING AFRICA CONTRIBUTION 2Q 2025 2Q 2026 2Q 2025 2Q 2026 80% 78% 60% 54% 46% 40% 20% 22% Africa International Sports Casino 12 1 Net Revenue after VAT & GST
Slide 13: Net Revenue by Segment
NET REVENUE BY SEGMENT1: GROUP REVENUE MOMENTUM UNDERPINNED BY STRONG GROWTH IN AFRICA 56% 54% 58% 61% 60% 59% 58% 63% 63% 62% 67% 74% 70% 71% % Net Revenue 80% 81% 77% 78% 44% 46% 42% 39% 40% 41% 42% 37% 37% 38% 33% 26% 30% 29% 20% 19% 23% 22% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2
Slide 14: Net Revenue by Product
NET REVENUE BY PRODUCT1: CASINO REMAINS THE RELIABLE ENGINE OF SUPER GROUP 68% 68% 70% 73% 75% 74% % Net Revenue 80% 79% 78% 79% 80% 81% 78% 81% 83% 83% 84% 83% 32% 32% 30% 27% 25% 26% 20% 21% 22% 21% 20% 22% 19% 17% 17% 16% 17% 19% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2022 202
Slide 15: Casino Wagers Remain Strong
CASINO WAGERS REMAIN STRONG1,2 Continued performance underscores the strength of our diversified business model $15,000 8% $12,500 6% $10,000 Millions (USD) Casino Gross Revenue +15% YoY (+19% YoY Ex-U.S.) Margin $7,500 Total Casino Wagers +15% 4% YoY (+19% YoY Ex-U.S.) $5,000 Gross Margin: 4.5% in
Slide 16: Casino Mix
CASINO MIX Super Group GGR casino split 2022 85% 14% 2023 87% 12% 2024 89% 9% 2025 87% 9% H1 2026 90% 6% Slots & Similar Tables (incl. Live Dealer) Other 16
Slide 17: Sportsbook Wagers and Revenue Remain Strong
SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG1,2,3 Continued trading efficiencies and diversification driving continued margin uplift $1,200 18% $1,000 15% $800 Millions (USD) 13% Sports Gross Revenue Margin +29% YoY $600 Total Sports Wagers +8% YoY 10% $400 Gross Margin: 16.8% in 2Q-26 vs. 13.9% in 2
Slide 18: The Rhythm of the Game: Monthly Sports Gross Margin
THE RHYTHM OF THE GAME: MONTHLY SPORTS GROSS MARGIN1,2 Continued trading efficiencies and diversification driving continued margin uplift 19.3% 18.8% 20% 17.9% 17.7% 18.5% 15% 15.7% 11.9% 13.6% 13.4% 10% 7.3% 5% 7.1% 3.9% —% -5% (4.4)% 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 7/25 10/25 1
Slide 19: Sport Mix: We Lead with Football
SPORT MIX: WE LEAD WITH FOOTBALL1 Super Group GGR sports split 2022 57% 17% 11% 3% 5% 6% 2023 58% 15% 11% 4% 6% 6% 2024 76% 4% 8% 4% 4% 4% 2025 76% 4% 7% 5% 4% 4% H1 2026 77% 5% 6% 5% 3% 4% Football/Soccer Cricket U.S. Sports Horse Racing Tennis Other 19 1 U.S. Sports includes: Ice Hockey, American
Slide 20: Super Group Parlay Mix
SUPER GROUP PARLAY MIX1 PARLAYS Optimizing wagers for profitability and engagement SINGLES PARLAYS SINGLES 52% 48% 77% of Gross of Wager of Wager 23% Win Amount Amount of Gross Win 20 1 As of H1 2026
Slide 21: 2026 FIFA World Cup Impact: Unpacking the Event
2026 FIFA WORLD CUP IMPACT: UNPACKING THE EVENT Record engagement and casino cross-sell opportunities fuelling long-term returns 4.1x 70% 2x 57% Gross Revenue World Cup Wagers World Cup wagers vs. prior World Cup Gross Revenue vs. prior World Cup vs. Rest of Soccer1 generated by Parlays WORLD CUP CA
Slide 22: ZAR Supercoin Update: Consumer Wallet
ZAR SUPERCOIN UPDATE: CONSUMER WALLET Phased launch - Foundational utility now, expanded payments and exchange reach next PHASE 1 PHASE 2 SOFT LAUNCH, ACCESS, EXCHANGE PAYMENTS EXPANSION & BALANCE RETENTION CORE UTILITY, & EXPANSION FEATURE TESTING Trading pair Country Rewards & yield expansion expa
Slide 23: Financial Highlights
Slide 24: Total Revenue
TOTAL REVENUE1,2,3,4 Delivered record revenue, +18% year-over-year (+22% year-over-year Ex-U.S.), with sustained momentum $2,231m Africa • Revenue +36% $578m • Wagers: Casino +28%; Sports +5% $1,835m • Broad-based growth across all markets: South Africa +23%, $1,556m Ghana +6%, Nigeria +15%, Tanzani
Slide 25: Adjusted EBITDA
ADJUSTED EBITDA1,2,3,4 Cost optimization initiatives driving Adjusted EBITDA growth of +30% and margin of 30% Direct Expenses3 increased 23% to $258m: $560m • Elevated processing costs due to World Cup campaigns and hold • Increased taxes in the U.K. and Botswana • Moderately offset by negotiating l
Slide 26: 2Q-26 Group Financial KPIs
2Q-26 GROUP FINANCIAL KPIs1,2 Net Revenue 18% 14% 38% 22% Sports Betting Marketing costs as a % of Total Revenue G&A Expenses as a % of Total Revenue Direct Expenses as a % of Total Revenue 78% Online Casino 30% Adjusted EBITDA as a % of Total Revenue2 26 1 Total Revenue includes Net Revenue (Net Re
Slide 27: Marketing Costs as a % of Total Revenue
MARKETING COSTS AS A % OF TOTAL REVENUE1 Marketing as % of revenue naturally reduces as revenue from super-persistent long-duration cohorts increases FY-22 FY-23 FY-24 FY-25 H1-26 26.6% 25.5% 24.3% 22.8% 20.3% 28.7% 29.2% 28.9% 28.3% 28.0% 25.7% 25.5% 23.9% 23.4% 23.2% 23.4% 23.4% 22.9% 22.0% 21.8%
Slide 28: G&A Expenses as a % of Total Revenue
G&A EXPENSES AS A % OF TOTAL REVENUE1 Leverage from centralized operations and automation driving long-term efficiency gains FY-22 FY-23 FY-24 FY-25 H1-26 20.4% 22.6% 19.2% 14.7% 14.5% 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% 14.6% 14.5% 13.9% 1Q 2Q 3
Slide 29: Direct Expenses as a % of Total Revenue
DIRECT EXPENSES AS A % OF TOTAL REVENUE1 Direct expense tightly managed, demonstrating platform leverage and supporting strong unit economics FY-22 FY-23 FY-24 FY-25 H1-26 36.6% 38.1% 37.0% 37.4% 37.8% 39.1% 39.1% 38.7% 38.5% 37.8% 37.5% 37.7% 37.5% 37.7% 37.8% 37.3% 37.2% 36.6% 36.7% 36.6% 36.3% 36
Slide 30: Adjusted EBITDA as a % of Total Revenue
ADJUSTED EBITDA AS A % OF TOTAL REVENUE1,2,3 Optimizing market mix to support margin expansion while continuing to grow FY-22 FY-23 FY-24 FY-25 H1-26 16.4% 13.9% 19.4% 25.1% 27.5% 29.8% 27.0% 27.3% 24.8% 23.6% 24.0% 20.9% 21.6% 19.6% 19.9% 19.8% 16.8% 16.2% 14.7% 12.7% 12.2% 10.7% 9.5% 1Q 2Q 3Q 4Q 1
Slide 31: Free Cash Flow Generation
FREE CASH FLOW GENERATION1,2 High-quality earnings converting to cash: our asset-light model 70% 74% 69% 72% 68% FCF CONVERSION 2% 2% 2% 2% 2% CAPEX AS % REVENUE $394m $230m $245m $228m $177m $157m $110m $69m $95m $245m $163m $119m $88m $82m 2022 2023 2024 2025 2026 H1 H2 31 1 2 Totals may not sum d
Slide 32: Guidance
Slide 33: Raising 2026 Guidance: Drivers and Assumptions
RAISING 2026 GUIDANCE: DRIVERS AND ASSUMPTIONS Strong organic growth, marketing and OPEX efficiencies; reinvestment into high growth markets; FIFA World Cup tailwind; new Manchester United partnership OLD NEW TOTAL REVENUE TOTAL REVENUE >$2.55 billion >$2.6 billion ADJUSTED EBITDA ADJUSTED EBITDA >$
Slide 34: Appendix
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Slide 35: Financial Results, Operating Basis (Group)
FINANCIAL RESULTS, OPERATING BASIS (Group)1,6 USD (Millions) 1Q-26 2Q-26 1Q-25 2Q-25 Net Revenue (Group) 604 676 511 570 Sports Betting 116 150 106 116 Online Casino 488 526 404 455 Other Revenue3 8 8 6 9 Total Revenue2 (Group) 612 684 517 579 Direct Expenses4 (231) (258) (192) (210) Marketing Costs
Slide 36: Financial Results, Operating Basis (Africa)
FINANCIAL RESULTS, OPERATING BASIS (Africa)1,6 USD (Millions) 1Q-26 2Q-26 1Q-25 2Q-25 Net Revenue (Africa) 267 310 201 228 Sports Betting 77 108 66 72 Online Casino 189 202 134 156 Other Revenue3 — — — — Total Revenue2 (Africa) 267 310 201 228 Direct Expenses4 (101) (109) (68) (78) Marketing Costs4
Slide 37: Financial Results, Operating Basis (International)
FINANCIAL RESULTS, OPERATING BASIS (International)1,6,7 USD (Millions) 1Q-26 2Q-26 1Q-25 2Q-25 Net Revenue (International) 337 366 310 342 Sports Betting 38 42 40 44 Online Casino 299 325 270 299 Other Revenue3 2 2 1 2 Total Revenue2 (International) 339 368 311 344 Direct Expenses4 (131) (155) (121)
Slide 38: Reconciliation to Financial Statements – Adjusted EBITDA
RECONCILIATION TO FINANCIAL STATEMENTS – ADJUSTED EBITDA USD (Millions) 2Q-26 Profit for the period 123 Income tax expense 45 Finance income (3) Finance expense 8 Depreciation and amortization expense 27 Unrealized foreign exchange 1 RSU expense 5 Provision for Gaming VAT — Provision for fines and p
Slide 39: Detailed Share Count
DETAILED SHARE COUNT1 Shares (Millions) Shares Issued and Outstanding 508.2 Unvested Restricted stock units granted to employees 5.2 Fully Diluted Shares 513.3 39 1 As of June 30, 2026
Slide 40: Contact Us
CONTACT US: investors@supergroup.com