Detailed Narrative
Strategic Portfolio Refinement and Core Market Focus
Super Group refined its portfolio by exiting U.S. iGaming, allowing a concentrated focus on markets with clear durable advantages. This strategy has driven record growth and operating leverage. The company continues to assess its strategy in Nigeria while exploring expansion into other African territories.
Strong Operational Performance Across Key Geographies
Europe saw strong revenue growth of 23% year-over-year, led by a 37% increase in the U.K. Spain revenue grew 5%, and Germany is preparing for an H1 slots launch. Africa grew 27% for the full year 2025, with Q4 revenue up 7% year-over-year, driven by 31% growth in sports wagers and 32% growth in casino wagers. North America (excluding the U.S.) grew 10%, with Canada ex-Ontario up 15%.
Technology and Product Innovation Driving Engagement
The company successfully launched the ZAR Supercoin in South Africa, the first step in a broader digital payments infrastructure, with a Supercoin wallet expected in H1 2026. Technology migration was completed in all African markets, enabling AI-driven hyper-personalized bet pricing. Product improvements, such as enhanced sports promotional mechanics for Betway ex-Africa, led to a 400 basis point sequential increase in sportsbook parlay wager mix.
Robust Financial Results and Cash Generation
For FY25, total revenue reached $2.2 billion (+22% YoY) and Adjusted EBITDA was $560 million (+57% YoY), achieving a 25% margin. Q4 FY25 revenue grew 8% to $578 million, with Adjusted EBITDA up 11% to $139 million. The business demonstrated strong cash generation with a 72% EBITDA to free cash flow conversion rate, closing the year with $513 million in cash, up 32% year-over-year.
Disciplined Capital Allocation and Shareholder Returns
Super Group returned $156 million to shareholders in FY25, including $20 million in Q4, and paid an additional special dividend exceeding $125 million in February 2026. The Board approved an increase in the minimum quarterly dividend target from $0.04 to $0.05 per share, reflecting confidence in robust cash generation while funding organic growth.
Regulatory Approvals and Market Expansion Readiness
The company received final regulatory approval for the Apricot transaction, which strengthens its sportsbook technology platform and is expected to generate $35 million in annualized EBITDA savings. Super Group is also preparing for regulation in Alberta, Canada, expected in Q2 2026, applying lessons learned from the Ontario transition to ensure a smooth migration and competitive market entry.