Super Group (sghc) Limited · NYSE:SGHC
Super Group (sghc) — Q3 2025 Earnings Presentation
31 slides from Super Group (sghc)'s earnings presentation, Nov 4, 2025
Slide 1: 3Q 2025 Earnings Review
3Q 2025 Earnings Review November 3, 2025
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
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Slide 5: 3Q-25 Highlights
3Q-25 HIGHLIGHTS 01 Total Group Revenue of $557 million (26% YoY growth) 02 Group Adjusted EBITDA of $152 million (65% YoY growth and margin of 27%) 03 New all-time high for Average Unique Monthly Active Customers of 5.5 million (18% YoY growth), reaching a record of ~6 million in September 04 Hoste
Slide 6: 3Q-25 Key Financials
3Q-25 KEY FINANCIALS $557m $152m 5.5m Business 27% Group Average Unique Monthly Total Revenue1,3 Adjusted EBITDA2,3 Adjusted EBITDA2 Active Customers +26% YoY Margin +18% YoY +65% YoY $462m Unrestricted Cash $545m $149m $11m $2.9m (September 30, 2025) Adjusted EBITDA2,3 Adjusted EBITDA 4 Total Reven
Slide 7: Continued Strong Engagement in Monthly Active Customers
CONTINUED STRONG ENGAGEMENT IN MONTHLY ACTIVE CUSTOMERS Average Unique Monthly Active Customers (millions) 6.0 5.5 5.5 ~114% 5.3 5.4 5.0 4.7 4.7 4.7 4.5 INCREASE SINCE 1Q-22 4.0 4.0 3.7 3.5 3.4 3.0 2.7 2.6 2.6 2.0 ~18% YoY INCREASE 1.0 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2022 2022 2022
Slide 8: Net Revenue by Geography: Continued Global Diversification
NET REVENUE BY GEOGRAPHY: CONTINUED GLOBAL DIVERSIFICATION1,2 Key Highlights: 3Q 2024 3Q 2025 • Europe ◦ Strong sports and casino growth in the U.K. ◦ Solid casino performance in Spain ◦ Germany facing tighter regulations ◦ Significant product improvements • Africa +17% +26% ◦ Robust growth across b
Slide 9: Net Revenue by Brand and Product
NET REVENUE BY BRAND AND PRODUCT 1, 2: UNDERPINNED BY STRONG CASINO OFFERING 3Q 2024 3Q 2025 3Q 2024 3Q 2025 83% 84% 61% 59% 39% 41% 17% 16% Spin Betway Sports Casino 9 1 Charts include U.S. operations 2 Net Revenue after VAT & GST
Slide 10: Net Revenue by Product
NET REVENUE BY PRODUCT 1, 2: UNDERPINNED BY STRONG CASINO OFFERING 100% 80% 68% 68% 70% 73% 75% 74% % Net Revenue 60% 81% 80% 79% 78% 79% 80% 83% 83% 84% 40% 20% 32% 32% 30% 27% 25% 26% 19% 20% 21% 22% 21% 20% 17% 17% 16% —% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2022 2022 2022 2022 2023 2023
Slide 11: Sportsbook Wagers and Revenue Remain Strong
SPORTSBOOK WAGERS AND REVENUE REMAIN STRONG1,2,3 Solid revenue growth even amid customer-friendly outcomes to end the quarter $1,200 18% $1,000 15% $800 Millions (USD) 13% Sports Gross Revenue Margin +30% YoY $600 Total Sports Wagered +12% YoY 10% $400 3Q25 12.8% vs 3Q24 11.0% Gross Margin 8% $200 $
Slide 12: The Rhythm of the Game: Sports Gross Margin
THE RHYTHM OF THE GAME: SPORTS GROSS MARGIN1 Customer-friendly outcomes in September mark the third softest margin month since January 2023 19.3% 18.8% 20% 15% 11.9% 14.2% 10% 9.2% 7.3% 5% —% -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 Sports Gro
Slide 13: Casino Wagers Remain Strong
CASINO WAGERS REMAIN STRONG1,2,3 Continued performance highlights strength of customer retention engine 8% $12,500 $10,000 6% Millions (USD) Casino Gross Revenue +21% YoY Margin $7,500 Total Casino Wagered 4% +20% YoY $5,000 3Q25 4.34% vs 3Q24 4.31% Margin $2,500 2% $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Slide 14: ZAR Supercoin (ZARSC): Exploring the Future of Payments
EXPLORING THE FUTURE OF PAYMENTS November 2025 Launch of South African Rand (ZAR) Pegged Stablecoin On Solana Blockchain ZAR Supercoin (ZARSC) Strategic partnership Cat. I & II CASP license with Luno1, as preferred obtained, enabling exchange for launch of issuance of stablecoin in coin to market So
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Slide 16: Total Group Revenue (Millions)
TOTAL GROUP REVENUE (MILLIONS)1,2,3,4 Revenue Exceeded Expectations, +26% Year-over-Year $1,835 • Europe's revenue surged +46% year-over-year, $1,653 with the U.K. (+71%) and Spain (+11%) $1,556 $534 $1,363 • Africa delivered +36% year-over-year growth, $389 $557 driven by strong performance across
Slide 17: Total Revenue (Ex-U.S.) (Millions)
TOTAL REVENUE (EX-U.S.) (MILLIONS)1,2,3 Revenue Exceeded Expectations, +26% Year-over-Year Sports Betting (Ex-U.S.) Online Casino (Ex-U.S.) $1,798 Revenue4 increased +23% to Revenue4 increased +26% to $91m $448m $1,610 $1,523 $519 $1,363 • Strong growth in Europe • Significant growth in Europe $545
Slide 18: Total Group Adjusted EBITDA (Millions)
Total Group Adjusted EBITDA (MILLIONS)1,2,3,4,5 Adjusted EBITDA +65% Year-over-Year; Margin of 27% $420 $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 1 Totals may not sum due to rounding 18 2 The Group has adopted a change in presentat
Slide 19: Adjusted EBITDA (Ex-U.S.) (Millions)
Adjusted EBITDA (EX-U.S.) (MILLIONS)1,2,4 Adjusted EBITDA +42% Year-over-Year; Margin of 27% Direct Expenses3 increased 25% to $201m: • Increase attributed to new taxes Botswana $432 • Offset by efficiencies in royalties and processing cost $423 • Continued focus on optimizing direct cost margins •
Slide 20: 3Q-25 Group Financial KPIs
3Q-25 GROUP FINANCIAL KPIs1 Net Revenue 21% 14% 37% 16% Sports Betting Marketing costs as a % of Total Revenue G&A Expenses as a % of Total Revenue Direct Expenses as a % of Total Revenue 84% 27% Online Casino Adjusted EBITDA as a % of Total Revenue2 20 1 Total Revenue includes Net Revenue (Net Reve
Slide 21: 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 35% Marketing as a % of Total Revenue down -0.9%2 YoY 30% 29.2% 2025 Guide: ~22% of 28.7% 28.9% Total Revenue 28.3% 28.0% 25.7% 25.5% 25% 23.9% 23.4% 23.
Slide 22: 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 30% G&A as a % of Total Revenue down -5.3%2 YoY 3Q Average (2022 - 2025): 25% 19.7% 23.9% 23.0% 22.3% 22.0% 21.4% 21.6% 20.8% 20.8% 20.1% 20% 19.6% 18.2% 16.4% 15.8% 15.1% 15%
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Slide 24: 2025 Guidance Update: Drivers and Assumptions
2025 GUIDANCE UPDATE: DRIVERS AND ASSUMPTIONS (USD) Organic growth from key markets; strong growth in monthly active customers; marketing and OPEX efficiencies; reinvestment into high growth markets OLD NEW TOTAL REVENUE TOTAL REVENUE $2.125 - $2.200 $2.17 - $2.27 billion billion ADJUSTED EBITDA ADJ
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Slide 26: Financial Results, Operating Basis (Group) - USD
FINANCIAL RESULTS, OPERATING BASIS (Group)1,4 - USD USD (Millions) 1Q-25 2Q-25 3Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (Group) 511 570 550 401 439 437 531 1,808 Sports Betting 106 116 91 79 91 74 119 363 Online Casino 404 455 459 322 348 363 412 1,445 Other Revenue 6 9 7 11 8 6 3 28 Total
Slide 27: Financial Results, Operating Basis (Ex-U.S.) - USD
FINANCIAL RESULTS, OPERATING BASIS (EX-U.S.)1,4 - USD USD (Millions) 1Q-25 2Q-25 3Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (Ex-U.S.) 495 554 538 397 431 428 516 1,772 Sports Betting 106 116 91 79 89 74 119 361 Online Casino 389 438 448 318 342 354 398 1,412 Other Revenue 6 9 7 9 8 6 3 26 Tot
Slide 28: Financial Results, Operating Basis (U.S.) - USD
FINANCIAL RESULTS, OPERATING BASIS (U.S.)1,4 - USD USD (Millions) 1Q-25 2Q-25 3Q-25 1Q-24 2Q-24 3Q-24 4Q-24 FY 2024 Net Revenue (U.S.) 15 17 11 4 8 9 14 35 Sports Betting — — — 0 1 0 0 1 Online Casino 15 17 11 3 6 9 14 32 Other Revenue — — — 2 0 0 0 2 Total Revenue2 (U.S.) 15 17 11 6 8 9 14 36 Direc
Slide 29: Reconciliation to Financial Statements – EBITDA (USD)
RECONCILIATION TO FINANCIAL STATEMENTS – EBITDA (USD) USD (Millions) 3Q-25 Adjusted EBITDA, Ex-U.S. 149 Adjusted EBITDA, U.S. 3 Adjusted EBITDA 152 Income tax expense (37) Finance income 3 Finance expense (1) Depreciation and amortization expense (17) RSU expense (3) Unrealized foreign exchange (1)
Slide 30: Detailed Share Count
DETAILED SHARE COUNT1 Shares (Millions) Shares Issued and Outstanding 505.8 Unvested Restricted stock units granted to employees 3.9 Fully Diluted Shares 509.7 30 1 As of September 30, 2025
Slide 31: Contact
CONTACT US: investors@sghc.com