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Super Group (SGHC) (NYSE:SGHC) executives used the company’s fourth-quarter and full-year 2025 earnings call to highlight a year of record customer activity, sharp profitability gains, and a more focused geographic strategy following its exit from U.S. iGaming. Management also introduced 2026 guidance calling for continued organic growth and higher Adjusted EBITDA, supported by operating leverage and anticipated benefits from the expanded FIFA World Cup schedule.
Portfolio focus and operational momentum
Chief Executive Officer Neal Menashe described 2025 as a “standout year,” emphasizing that the company refined its portfolio by exiting U.S. iGaming to concentrate on markets where it believes it has “clear, durable advantages.” He said that approach has helped drive record growth and operating leverage, even as the company experienced “customer-friendly” sports outcomes late in the year.
- Launch of the ZAR Supercoin in South Africa as an early step in building a broader digital payments infrastructure.
- Receipt of final regulatory approval for the Apricot transaction, which management said strengthens its sportsbook technology platform and enables cost savings.
- Completion of a technology migration across African markets, alongside planned AI-driven pricing enhancements intended to improve trading efficiency and reduce volatility.
Regional performance highlights
Management outlined growth across several operating regions. In Europe, the company reported fourth-quarter revenue up 23% year-over-year, led by a 37% increase in the U.K. Spain revenue rose 5% on retention and product improvements, and Menashe said the company remained encouraged in Germany, citing an upcoming first-half slots launch and continued operational efficiencies.
In Africa, Menashe said revenue grew 27% for the full year versus 2024, with Botswana outperforming since launch and South Africa delivering strong wagering growth and record casino volumes. For the fourth quarter compared with the prior-year period, Africa revenue was up 7%, which he called “very solid” given last year’s stronger sports margin and the current year’s more customer-friendly outcomes. He added that underlying strength was reflected in 31% growth in sports wagers and 32% growth in casino wagers year-over-year. Management also said it continues to assess its strategy in Nigeria.
Outside Africa, executives pointed to continued growth in North America excluding the U.S. Canada ex-Ontario increased 15%, supported by retention, acquisition, and improved product rollout. Ontario saw record engagement and deposits tied to product improvements, while Alberta continued to show growth ahead of expected regulation in the second quarter of 2026. Overall, North America excluding the U.S. grew 10%.
In APAC, revenue increased 6% year-over-year, despite a 5% dip in New Zealand. Menashe said the company is remaining disciplined as it waits for a local regulatory framework there.
Financial results: revenue, profitability, and cash generation
Chief Financial Officer Alinda van Wyk reported full-year 2025 revenue of $2.2 billion, up 22% from the prior year. Adjusted EBITDA increased 57% year-over-year to $560 million, which she said represented a margin of around 25% compared with 9% to 19% in the prior year.
For the fourth quarter, total revenue rose 8% year-over-year to $578 million, while Adjusted EBITDA increased 11% to $139 million. Van Wyk said record deposits were driven by casino momentum and an active sports calendar. Total wagering activity increased 20% for sports and 17% for casino versus last year, while average monthly active customers reached a quarterly record of 6.1 million, up 16% year-over-year.
Van Wyk also emphasized cost discipline and operational and marketing efficiencies, supported by continued AI-enabled improvements across customer support, product customization, and sports trading. She highlighted “effective conversion of EBITDA to free cash flow,” citing a 72% conversion rate for the year. The company ended 2025 with $513 million in cash, up 32% year-over-year.
Capital returns, Apricot integration, and Supercoin rollout
Management reiterated its commitment to returning capital to shareholders. Van Wyk said the company returned $156 million to shareholders during 2025, including $20 million in the fourth quarter, and noted an additional special dividend in excess of $125 million paid in the current month.
The board also approved an increase in the minimum quarterly dividend target from $0.04 to $0.05 per share, with the first payment expected toward the end of March and reviewed quarterly thereafter.
On Apricot, executives said the transaction brings sportsbook technology in-house for Betway outside of Africa, providing “full control” and the ability to integrate staff and accelerate product enhancements. In response to an analyst question, van Wyk reiterated that the company previously cited $35 million of annualized EBITDA savings from Apricot, noting it is not a “day one” benefit but an annual run-rate projection. She said savings expected to be realized in 2026 were included in the company’s guidance.
On Supercoin, management said upcoming catalysts include a Supercoin wallet expected in the first half of the year and additional exchange listings. Van Wyk said the initiative is already helping reduce certain banking fees, and that some of the benefit is embedded in guidance, though adoption will take time.
2026 guidance and key assumptions
Van Wyk said 2026 started strongly, with active customer numbers “even higher than last quarter.” She noted that after an unusually strong January, sports hold returned to levels consistent with the trailing 12-month average.
For 2026, Super Group guided to total revenue of at least $2.55 billion and Adjusted EBITDA of more than $680 million. Management characterized the outlook as purely organic growth and cited continued engagement and a FIFA World Cup uplift. The guidance assumes:
- Marketing discipline of roughly 22% of revenue
- U.K. tax increases taking effect from April
- Alberta regulation beginning mid-year
- Continued operating leverage supported by a strong balance sheet
In Q&A, executives also addressed December’s customer-friendly outcomes, estimating an approximately $20 million EBITDA impact from those results. Menashe said outcomes later “flowed through” in January, which he described as a “fantastic” month.
Looking ahead on geographic expansion, management said the only African market expansion embedded in 2026 guidance is Namibia, while the company continues to explore additional African territories. Menashe added that World Cup tailwinds were budgeted as “low single-digit” across the business, and he reiterated that the company’s mix—about 20% sports and 80% casino, as described on the call—helps it navigate sports volatility.
About Super Group (SGHC) (NYSE:SGHC)
Super Group (NYSE: SGHC) is a global sports betting and iGaming operator that offers online wagering and gaming solutions under well-known brands such as Betway and Spin. The company’s technology platform supports fixed-odds and in-play sports betting, virtual sports, eSports wagering and a diverse suite of casino games, including slots, table games and live dealer experiences. Super Group’s digital infrastructure is designed to deliver a seamless, secure user experience across desktop and mobile devices.
The company holds operating licenses in multiple regulated jurisdictions, including the United Kingdom, Malta, Italy, Spain and selected states in the United States.
