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Super Group (SGHC) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Consumer Discretionary· Aug 5, 2026

Source: earnings call transcript

Executive summary

Super Group Q2 FY26 — Record Revenue and EBITDA Driven by World Cup and Operational Efficiencies

Super Group delivered record Q2 FY26 results, driven by strong World Cup engagement, operational efficiencies, and robust performance in Africa. The company raised its full-year guidance, highlighting disciplined execution and a focus on high-return markets. Management is actively evaluating capital allocation strategies given excess cash and a strong balance balance sheet, while also managing sequential MAU declines attributed to seasonality.

Highlights

5

  • Record total revenue of $684 million, up 18% year-over-year.

  • Adjusted EBITDA grew 30% to $204 million, with margin expanding to 30%.

  • New customer acquisition increased more than threefold compared with the prior World Cup period.

  • Africa revenue grew 36% year-over-year, and adjusted EBITDA increased 47% to $133 million.

  • Sports margin hit a record 17% for the quarter, reflecting improved pricing and risk management.

Concerns

2

  • Average monthly active customers (MAUs) reached 6.2 million, up 13% year-over-year, but were down sequentially due to seasonality and tax effects in smaller African markets.

  • G&A expenses stepped up sequentially from $90 million to $100 million, with 40% attributed to one-off audit alignment and infrastructure costs, as well as recent acquisitions.

Guidance & targets

CategoryTargetConfidence
Full-year 2026 total revenue
more than $2.6 billion
high materiality
High
Full-year 2026 adjusted EBITDA
greater than $710 million
high materiality
High
Marketing spend as % of revenue
around 21% to 22%
medium materiality
Medium
Combined sports margins
between 13% to 14%
medium materiality
Medium
New country launches per year
1 to 3 countries
low materiality
Medium
Namibia launch
expected launch
medium materiality
High
Adjusted EBITDA margin
closer to the 30%
high materiality
Medium

Segment performance

SegmentRevenueYoYQoQMargin
Africa
Delivered another outstanding quarter, driven by broad-based growth across the region.
Adjusted EBITDA growth: 47% YoYSports wages: up 5% YoYCasino wages: up 28% YoY
—36%—$133 million
International (ex-U.S.)
Strong underlying growth offset by U.K. tax and short-term cost of strategic generosity key campaigns.
—12%——
International (total)
Adjusted EBITDA held steady.
—7%—$84 million
Europe
Led by U.K. and Ireland.
—22%——
U.K.
Delivered record revenue in May, supported by significant product improvements and efficient marketing post-tax increase.
Record revenue in May
—34%——
Ireland
Revenue up year-over-year.
—18%——
North America (ex-U.S.)
Overall growth in the region.
—9%——
Canada (ex-Ontario)
Supported by strong retention and continued product enhancement.
—11%——
Alberta
Revenue up year-over-year, ahead of the province's regulated market launch on July 13.
—8%——
Rest of World
Led by strong performance in New Zealand.
—6%——
New Zealand
Grew despite reduced marketing spend; preparing for local licensing and seamless transition to a regulated market.
—14%——

SGHC operating KPIs by quarter

SGHC operating KPIs stated on its earnings calls, by fiscal quarter
KPI Dec 2025 Q4 FY25 Mar 2026 Q1 FY26This call Jun 2026 Q2 FY26Change vs prior quarter
Monthly active customers
6.1M In addition, average monthly active customers reached an all-time high of 6.1 million for the quarter, a 16% jump from the same period in 2024. Source: earnings call transcript
6.4M Our margin expanded to 25% compared with 22% in the prior year period, driven by strong acquisition and retention strategies, average monthly active customers reached a record $6.4 million, up 18% year-over-year, with March setting a new monthly high of 6.5 million customers. Source: earnings call transcript
6.2M Average monthly active customers reached 6.2 million, up 13% year-over-year. Source: earnings call transcript
-3.1%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

ProductTypeDetails
Slots in Germanylaunch

Deals & partnerships

Manchester United Principal partner and exclusive global betting partner

Partnership for the upcoming English Premier League season, enhancing Betway's profile across United's worldwide fan base, especially in Africa.

Apricot business Operational business acquisition

Acquisition of an operational business, integrating approximately 100 headcount into Super Group.

eMarket Small marketing company acquisition

Acquisition of a small marketing company.

Risks & headwinds

Sequential MAU decline Q2 2026

down sequentially

Mitigation:Attributed to normal seasonality and tax effects in smaller African markets; expectation of customer resumption in Q3 and Q4 with new EPL season and Man U partnership.

U.K. tax increase Q2 2026 onwards

impact on the EBITDA at this point in time in the international results

Mitigation:Optimizing marketing and operations to improve efficiency and deliver better margins in the jurisdiction.

Alberta regulated market launch July 2026 onwards

Alberta tax is from July onwards

Mitigation:Approaching rollout in a disciplined and phased manner to support sustainable long-term growth, expecting a more rational competitive environment than in Ontario.

G&A expense increase Q2 2026

step up this quarter sequentially from about $90 million to $100 million

Mitigation:40% of the increase due to one-off costs (audit, infrastructure) and recent acquisitions; expected to stabilize to low $90 million by end of Q3.

What to watch in Q3 FY26

MAU recovery

Q3 and Q4 FY26
Current 6.2 million (down sequentially)
Target Resumption of customer growth

Why it matters

Indicates effectiveness of World Cup acquisition and new EPL season in driving customer engagement.

Overall, we expect resumption of customers in Q3 and Q4, in line with prior quarters on the back of the new EPL season, of course, the Man U new partnership.

Find out whether SGHC delivers this. Inve re-checks your case every morning.

Q&A highlights

Why were MAUs down sequentially and marketing spend lower, given World Cup engagement?

Management explained MAU seasonality due to World Cup timing and tax effects in smaller African markets, emphasizing focus on profitable, persistent revenue per customer. Marketing spend was lower in Q2 due to seasonality, with expectations to return to 21-22% of revenue for the remainder of the year.

“Overall, we expect resumption of customers in Q3 and Q4, in line with prior quarters on the back of the new EPL season, of course, the Man U new partnership.”

asked by Jed Kelly · answered by Neal Menashe

2 min read 6 chapters

Detailed narrative

World Cup Impact & Customer Engagement

The FIFA World Cup drove exceptional customer acquisition, increasing more than threefold compared to the prior World Cup period, with over 166 million football bets placed. Approximately 60% (100 million) of these bets were on World Cup matches. The company achieved a 50% cross-sell rate into casino from new World Cup customers, a significant improvement from 23% in 2022, demonstrating effective customer ecosystem management despite non-ideal time zones for many customers.

Strategic Partnerships & Brand Strength

Super Group announced a landmark partnership with Manchester United, making Betway the club's principal partner and exclusive global betting partner for the upcoming English Premier League season. This strategic move, alongside existing partnerships with Arsenal and Man City, positions Betway as the exclusive global betting partner for the top three EPL teams. This enhances brand profile and supports sustainable customer growth, particularly in Africa where football is the number one bet-on sport.

Operational Efficiencies & Margin Expansion

The company realized significant operational efficiencies by consolidating call centers and tech stacks, which contributed to a record sports margin of 17% and an adjusted EBITDA margin expansion to 30%. These improvements are seen across trading, marketing, processing, and technology, enabling revenue to grow faster than the cost base. Management highlighted that these efficiencies are starting to kick in across the board, exceeding internal expectations.

Capital Allocation Strategy

With a strong balance sheet and $548 million in cash, management is actively evaluating capital allocation strategies to maximize long-term shareholder value. While committed to organic growth and high-return investments, they are also considering dividends, buybacks, and disciplined bolt-on M&A opportunities. The company emphasizes maintaining flexibility and avoiding excessive debt, contrasting its position with competitors burdened by large debt piles.

Regional Performance Highlights

Africa delivered outstanding results with revenue up 36% year-over-year and adjusted EBITDA up 47% to $133 million, driven by broad-based growth. Europe saw revenue growth of 22%, led by a 34% increase in the U.K. and 18% in Ireland. North America (excluding the U.S.) grew 9%, with Canada (excluding Ontario) up 11% and Alberta up 8% ahead of its regulated market launch.

New Market Expansion

Super Group remains on track for the expected launch of Namibia in Q4, leveraging existing brand recognition in bordering markets like Botswana and South Africa. The company aims to launch 1 to 3 new countries annually, focusing on markets where banking and operational conditions are favorable. These African market launches are described as efficient and low-cost due to the existing resonance of their trusted global brands.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.