Super Group Reports Financial Results for Third Quarter of 2026

Customer-friendly sports outcomes weighed on quarterly results, while the board authorized up to $150 million in share repurchases.

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• Revenue of $611 million for the third quarter of 2026
• Profit for the period of $142 million for the third quarter of 2026
• Non-GAAP Adjusted EBITDA of $165 million for the third quarter of 2026
• Cash and cash equivalents of $602 million as at September 30, 2026
• Board of Directors approves $150 million share repurchase program through December 2027
• Revising FY2026 guidance: Total Revenue between $2.525 and $2.575 billion and Adjusted EBITDA between $700 and $720 million

NEW YORK--(BUSINESS WIRE)-- Super Group (SGHC) Limited (NYSE: SGHC) (“SGHC”, the "Company" or “Super Group”), the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced its third quarter 2026 unaudited consolidated financial results.

Neal Menashe, Chief Executive Officer of Super Group, commented: “Q3 once again demonstrated the strength and resilience of our casino-led business model. Despite customer-friendly sports results, we continued to grow revenue and Adjusted EBITDA. Casino provides a durable earnings base that allows us to absorb short-term sports volatility. We also delivered strong profitability across Africa, and International made meaningful progress across product, pricing and technology. We believe that our underlying business remains strong, and we look forward to the opportunities ahead.”

Alinda van Wyk, Chief Financial Officer of Super Group, stated: “Revenue increased 10% to $611 million and Adjusted EBITDA increased to $165 million with a margin of 27%. Customer-friendly sports outcomes impacted revenue by approximately $40 million and Adjusted EBITDA by around $25 million. Casino gross revenue increased 16%, while our long-term sports margin remains within our expected structural range. Our revised guidance reflects customer-friendly sports outcomes. With over $600 million of cash and a robust balance sheet, the Board has authorized a share repurchase program of up to $150 million, reflecting our confidence in the long-term value of Super Group while preserving flexibility to continue investing in attractive organic and strategic opportunities."

Financial Highlights:

• Revenue for the Group increased by 10% to $611 million for the third quarter of 2026 from $557 million in the same period of the prior year, driven by growth from Africa, America, Europe and Rest of World.
• Profit for the period was $142 million for the third quarter of 2026. In comparison, profit for the period for the third quarter of 2025 was $96 million.
• Adjusted EBITDA, a non-GAAP financial measure, increased by 8% to $165 million for the third quarter of 2026 compared to $152 million in the third quarter of 2025.
• Monthly Active Customers increased by 9% to 6.0 million for the third quarter of 2026, compared to 5.5 million in the third quarter of 2025.
• Cash and cash equivalents were $602 million as of September 30, 2026 compared to $513 million at December 31, 2025.
  • Inflows from operating activities of $377 million.
  • Outflows from investing activities of $67 million. An amount of $28 million (€24 million) was paid on March 31, 2026 in respect of the Apricot sportsbook acquisition. The Group owns the software from February 28, 2026, following the receipt of the final regulatory approvals in February 2026. The remaining outflows relate to the capitalization of costs relating to internally developed intangible assets as well as cash extended for financial assets.
  • Outflows from financing activities of $215 million, mainly due to payment of dividends of $203 million during the nine months ended September 30, 2026, bringing the 12-month capital returns to $223 million. This was partially offset by proceeds of $25 million from a drawdown on the revolving credit facility during Q1 2026 which was repaid in September 2026 along with the installment of the RMB loan.
  • A loss of $6 million as a result of foreign currency fluctuations on foreign cash balances held over this period.

Guidance:

• Super Group is revising its full-year 2026 Total Revenue and Adjusted EBITDA guidance.
  • Total Revenue is now expected to be between $2.525 and $2.575 billion.
  • Adjusted EBITDA is now expected to be between $700 and $720 million.

Stock Repurchase Authorization:

• On October 30, 2026, Super Group's Board of Directors authorized the repurchase of up to $150 million of Super Group ordinary shares during the period up to end December 2027.
• The time frame can be extended, shortened or terminated by the Board of Directors and Super Group is not obligated to repurchase any shares.
• Where Super Group elects to make repurchases, if any, these will be made on the open market from time to time at prevailing prices or in negotiated transactions off market.

Revenue by product line in $ millions:
	Three Months Ended September 30		Nine Months Ended September 30
	2026	2025	2026	2025
Africa
iGaming1	205	169	596	459
Sportsbook1	57	55	243	193
Africa Segment Revenue	262	224	839	652
International
iGaming1	310	290	933	859
Sportsbook1	33	36	114	119
Other2	1	2	5	5
International Segment Revenue	344	328	1,052	983
Total Reportable Segment Revenue3	606	552	1,891	1,635

1 Sports betting and online casino revenues are not within the scope of IFRS 15 ‘Revenue from Contracts with Customers’ and are treated as derivatives under IFRS 9 ‘Financial Instruments’.

2 Other relates to profit share.

3 Total reportable segment revenue excludes revenue relating to brand license fees amounting to $5 million for the three months ended September 30, 2026 (2025: $5 million) that cannot be allocated to a reportable segment. Brand license fees for the nine months ended September 30, 2026 amounted to $17 million (2025: $18 million)

Totals may not sum due to rounding

Revenue by geographical region in $ millions:
	Three Months Ended September 30		Nine Months Ended September 30
	2026	2025	2026	2025
Africa	262	224	839	652
International	344	328	1,052	983
America	193	186	588	575
Europe	115	108	360	312
Rest of World	36	34	104	96
Total Reportable Segment Revenue1	606	552	1,891	1,635
	%	%	%	%
Africa	43 %	41 %	44 %	40 %
International	57 %	59 %	56 %	60 %
America	32 %	34 %	31 %	35 %
Europe	19 %	20 %	19 %	19 %
Rest of World	6 %	5 %	6 %	6 %

1 Total reportable segment revenue excludes revenue relating to brand license fees amounting to $5 million for the three months ended September 30, 2026 (2025: $5 million) that cannot be allocated to a reportable segment. Brand license fees for the nine months ended September 30, 2026 amounted to $17 million (2025: $18 million).

Totals may not sum due to rounding

Non-GAAP Financial Information

This press release includes non-GAAP financial information not presented in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

Adjusted EBITDA is a non-GAAP company-specific performance measure that Super Group ("the Group") uses to supplement the Company’s results presented in accordance with IFRS. EBITDA is defined as profit before depreciation, amortization, finance income, finance expense and income tax expense. Adjusted EBITDA is EBITDA adjusted for unrealized foreign exchange, RSU expense, impairment of assets, provision for remote gaming duty, provision for penalties, gaming taxes recovered, change in fair value of earnout liability and other adjustments.

Super Group believes that these non-GAAP measures are useful in evaluating the Group's operating performance as they provide additional perspective on the financial performance of the Group's core business, are similar to measures reported by the Company’s public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by IFRS to be recorded in Super Group’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with IFRS results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results.

Reconciliation tables of the most comparable IFRS financial measure to the non-GAAP financial measures used in this press release, and supplemental materials are included below. Super Group urges investors to review the reconciliation and not to rely on any single financial measure to evaluate its business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs.

This press release also includes certain projections of certain financial measures not presented in accordance with IFRS. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in the most directly comparable IFRS financial measures without unreasonable effort.

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 limited to, Super Group’s intention to pay a dividend, including the expected timing of such dividend, expectations and projections of market opportunity, growth and profitability.

These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “pipeline,” “possible,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities; (ii) changes in the competitive and regulated industries in which Super Group operates; (iii) variations in operating performance across competitors; (iv) changes in laws and regulations affecting Super Group’s business; (v) Super Group’s inability to meet or exceed its financial projections; (vi) changes in general economic conditions; (vii) changes in domestic and foreign business, market, financial, political and legal conditions, including abrupt or unexpected changes in interest rates or increases in inflation or inflationary expectations and reductions in discretionary consumer spending; (viii) the ability of Super Group’s customers to deposit funds in order to participate in Super Group’s gaming products; (ix) Super Group’s ability, and the ability of Super Group’s key executives, certain employees, significant shareholders or other applicable individuals, to comply with regulatory requirements or successfully obtain a license or permit required in a particular regulated jurisdiction, or maintain, renew or expand existing licenses; (x) the effectiveness of technological solutions Super Group has in place to block customers in certain jurisdictions, including jurisdictions where Super Group’s business is illegal, or which are sanctioned by countries in which Super Group operates from accessing its offerings; (xi) Super Group’s ability to restrict and manage betting limits at the individual customer level based on individual customer profiles and risk level to the enterprise; (xii) Super Group’s ability to protect or enforce its intellectual property rights, the confidentiality of its trade secrets and confidential information, or the costs involved in protecting or enforcing Super Group’s intellectual property rights and confidential information, and Super Group’s ability to obtain new licenses and maintain, renew or expand existing licenses to use the intellectual property of third parties; (xiii) compliance with applicable data protection and privacy laws in Super Group’s collection, storage and use, including sharing and international transfers, of personal data; (xiv) failures, errors, defects or disruptions in Super Group’s information technology and other systems and platforms; (xv) Super Group’s ability to develop new products, services, and solutions, bring them to market in a timely manner, and make enhancements to its platform; (xvi) Super Group’s ability to maintain and grow its market share, including its ability to enter new markets and acquire and retain paying customers; (xvii) the success, including win or hold rates, of existing and future online betting and gaming products; (xviii) competition within the broader entertainment industry; (xix) Super Group’s reliance on strategic relationships with land based casinos, sports teams, event planners, local licensing partners and advertisers; (xx) events or media coverage relating to, or the popularity of, online betting and gaming industry; (xxi) trading, liability management and pricing risk related to Super Group’s participation in the sports betting and gaming industry; (xxii) accessibility to the services of banks, credit card issuers and payment processing services providers due to the nature of Super Group’s business; (xxiii) the regulatory approvals related to proposed acquisitions and the integration of the acquired businesses; and (xxiv) other risks and uncertainties indicated from time to time for Super Group including those under the heading “Risk Factors” in our Annual Report on Form 20-F filed with the SEC on April 17, 2026, and in Super Group’s other filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in other documents filed or that may be filed by Super Group from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Super Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Super Group does not give any assurance, representation or warranty that it will achieve its expectations in any specified time frame or at all.

Reconciliation of profit for the period to Adjusted EBITDA in $ millions:
	Three Months Ended September 30				Nine Months Ended September 30
	2026		2025		2026		2025
Profit for the period	142		96		350		151
Income tax expense	37		37		117		109
Finance income	(12	)	(3	)	(18	)	(7	)
Finance expense	2		1		14		5
Depreciation and amortization expense	26		17		73		54
Unrealized foreign exchange	(2	)	1		(1	)	3
RSU expense	11		3		28		12
Impairment of assets	1		—		3		66
US iGaming Closure	—		(1	)	—		22
Provision for remote gaming duty1	(17	)	—		(17	)	—
Provision for penalties1	(5	)	—		(4	)	—
Gaming taxes recovered 2	(17	)	—		(21	)	—
Change in fair value of earnout liability	(1	)	—		(6	)	—
Other adjustments	—		1		2		5
Adjusted EBITDA	165		152		521		420
Adjusted EBITDA, Africa	88		72		319		243
Adjusted EBITDA, International	93		75		249		217
Adjusted EBITDA, Unallocated costs3	(16	)	6		(48	)	(39	)

1 Following a favorable tribunal decision during the quarter, a provision previously recognized in respect of a tax matter for the periods 2018 - 2022 has been released; the matter may be subject to further proceedings.

2 During the period, the Group recovered Austrian gaming taxes previously paid following a reassessment of amounts due for the periods 2014 - 2022.

3 Unallocated costs represent head office costs and other net costs that cannot practically be allocated to an operating segment. It includes immaterial income relating to brand license fees and rental income earned on the letting of property owned by the Group.

Totals may not sum due to rounding

Webcast Details

The Company will host a webcast at 7:00 a.m. ET tomorrow to discuss the third quarter 2026 financial results. Participants may access the live webcast and supplemental earnings presentation on the events & presentations page of the Super Group Investor Relations website at: https://investors.supergroup.com/events-and-presentations/default.aspx.

About Super Group (SGHC) Limited

Super Group (SGHC) Limited is the holding company for leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering. The group is licensed in multiple jurisdictions, with leading positions in key markets throughout Europe, North America and Africa. The group’s sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling agile operation and execution in a diverse range of markets. Its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and personalized customer experience. Super Group was placed at number 5 in the latest EGR Power 50 rankings. For more information, visit www.supergroup.com.

Super Group (SGHC) Limited Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income for the three and nine months ended September 30, 2026 and 2025 ($ millions, except for shares and earnings per share)
	Three Months Ended September 30					Nine Months Ended September 30
	2026		2025			2026		2025
Revenue	611		557			1,907		1,653
Direct and marketing expenses	(361	)	(371	)		(1,221	)	(1,147	)
General and administrative expenses	(56	)	(45	)		(154	)	(136	)
Depreciation and amortization expense	(26	)	(17	)		(73	)	(54	)
Impairment of assets	(1	)	—			(3	)	(66	)
Other operating income	1		7			3		8
Finance income	12		3			18		7
Finance expense	(2	)	(1	)		(14	)	(5	)
Share of post-tax loss of equity accounted associate	—		—			(2	)	—
Change in fair value of earnout liability	1		—			6		—
Profit before taxation	179		133			467		260
Income tax expense	(37	)	(37	)		(117	)	(109	)
Profit for the period	142		96			350		151
Profit for the period attributable to:
Owners of the parent	142		96			346		150
Non-controlling interest	—		—			4		1
	142		96			350		151
Other comprehensive income/(loss)
Other comprehensive income/(loss) that may be reclassified subsequently to profit or loss, net of tax
Foreign currency translation	(6	)	1			(20	)	60
Other comprehensive (loss)/income for the period	(6	)	1			(20	)	60
Total comprehensive income for the period	136		97			330		211
Total comprehensive income for the period attributable to:
Owners of the parent	136		97			326		210
Non-controlling interest	—		—			4		1
	136		97			330		211
Weighted average shares outstanding, basic	508,517,656		505,728,590			507,632,739		505,186,727
Weighted average shares outstanding, diluted	511,720,990		508,465,305			510,365,859		507,366,241
Profit/(loss) per share, basic (cents)	27.92		18.98			68.16		29.69
Profit/(loss) per share, diluted (cents)	27.75		18.88			67.79		29.56

Super Group (SGHC) Limited Unaudited Consolidated Statements of Financial Position as at September 30, 2026 and December 31, 2025 in $ millions
	2026			2025
ASSETS
Non‐current assets
Intangible assets	306			157
Goodwill	83			84
Property, plant and equipment	55			58
Investment Property	3			3
Right-of-use assets	53			58
Deferred tax assets	12			19
Regulatory deposits	22			17
Loans receivable	7			4
Investment in equity instruments	8			5
Advance for sportsbook software	—			120
Finance lease receivable	4			—
	553			525
Current assets
Trade and other receivables	233			181
Income tax receivables	3			12
Amounts segregated for users	11			6
Cash and cash equivalents	602			513
Loans receivable	8			11
Fixed term deposits	16			16
Finance lease receivable	1			—
Derivative financial assets	3			3
	877			742
TOTAL ASSETS	1,430			1,267
Non-current liabilities
Lease liabilities	56			59
Provisions	2			2
Income tax payables	8			6
Contingent consideration	20			—
Interest-bearing loans and borrowings	17			17
	103			84
Current liabilities
Lease liabilities	5			5
Trade and other payables	259			261
Customer liabilities	59			72
Provisions	10			35
Income tax payables	41			9
	374			382
TOTAL LIABILITIES	477			466
EQUITY
Issued capital	344			344
Treasury shares	(3	)		(3	)
Accumulated other comprehensive income	4			24
Retained profit	609			438
Equity attributable to owners of the parent	954			803
Non-controlling interest	(1	)		(2	)
EQUITY	953			801
TOTAL LIABILITIES AND EQUITY	1,430			1,267

Super Group (SGHC) Limited Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and twelve months ended December 31, 20251 in $ millions
	2026		2025
Profit for the period	350		218
Add back:
Income tax expense	117		138
Depreciation and amortization expense	73		74
Change in fair value of loans receivable	—		2
RSU expense	28		15
Gain on lease termination	—		(6	)
Loss on disposal of assets	—		6
Impairment of goodwill	—		18
Impairment of assets	3		50
Change in fair value of earnout liability	(6	)	—
(Decrease) / increase in provisions	(15	)	27
Other non-cash adjustments	(4	)	(3	)
Changes in working capital:
(Increase) in trade and other receivables	(68	)	(33	)
(Decrease) in trade and other payables	(9	)	(15	)
(Decrease) / increase in customer liabilities	(13	)	19
(Increase) / decrease in amounts segregated for users	(6	)	3
Net foreign currency movement on working capital	(1	)	(27	)
Cash from operating activities	449		486
Withholding taxes paid on subsidiaries dividends	(9	)	(12	)
Other withholdings taxes paid	(9	)	(11	)
Corporation tax rebates/refunds received	12		3
Corporation tax paid	(66	)	(106	)
Net cash flows from operating activities	377		360
Cash flows from investing activities
Cash received in interest	11		10
Acquisition of intangible assets	(31	)	(73	)
Acquisition of property, plant and equipment	(4	)	(41	)
Acquisition of investment property	—		(3	)
Cash received from sale of assets	—		2
Cash extended for financial assets	(13	)	(20	)
Cash advanced for sportsbook software	(28	)	(5	)
Cash received from loans receivable	1		2
Cash received for sale of DGC B2B	—		3
Cash paid for investment in entities	(1	)	(4	)
Acquisition of businesses, net of cash acquired	(2	)	—
Dividends received from investment in associate	—		1
Net cash flows used in investing activities	(67	)	(128	)
Cash flows from financing activities
Repayment of lease liabilities - interest	(3	)	(3	)
Repayment of lease liabilities - principal	(4	)	(5	)
Cash paid for acquisition of non controlling interest	—		(3	)
Proceeds from interest-bearing loans and borrowings	25		16
Repayment of interest-bearing loans and borrowings	(27	)	(1	)
Dividends paid to non-controlling interests	(3	)	—
Dividends paid to parent equity holders	(203	)	(156	)
Net cash flows used in financing activities	(215	)	(152	)
Increase / (decrease) in cash and cash equivalents	95		80
Cash and cash equivalents at the beginning of the year	513		388
Effects of exchange rate fluctuations on cash held	(6	)	45
Cash and cash equivalents at the end of the year	602		513

1 The amounts for the nine months ended September 30, 2026 are interim, unaudited, and presented in U.S. dollars. The interim period and the full fiscal year differ in length and nature, and may be affected by seasonality, as a result the figures are not directly comparable; accordingly, the full‑year 2025 amounts are furnished for context only and do not constitute a like‑for‑like comparative to amounts for the nine months ended September 30, 2026.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261103188686/en/

Investors:
investors@supergroup.com

Media:
media@supergroup.com

Source: Super Group

Key Terms

non-gaap financial measure financial

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

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IFRS 9 is an international accounting rule for how companies record and report financial instruments such as loans, bonds and derivatives. It sets standards for how assets are classified and measured, how expected credit losses are estimated and when hedge protections can be shown, which affects reported profits and balance-sheet strength. For investors, it matters because it changes when and how quickly credit problems or market risks appear in financial statements—like updating a household budget to reflect likely future bills sooner.

ifrs 15 regulatory

IFRS 15 is an international accounting rule that tells companies when and how to record revenue from contracts with customers, covering sales, services, subscriptions and multi-part deals. It matters to investors because it determines the timing and amount of revenue shown in financial reports, affecting profit figures, comparisons between companies, and valuation models — think of it like rules for deciding when to count partial payments for a long project as income.

revolving credit facility financial

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.