Record Q1 Revenue and EBITDA
Total revenue of $612 million, up 18% year-over-year; adjusted EBITDA of $152 million, up 36% year-over-year; margin expanded to 25% from 22% a year ago.
Super Group (SGHC)
· SGHC
May 11th, 2026
Summary
- Earnings Call Date:
- 2026-05-11
- Change Since:
- +1.45%
- Next Earnings Date:
- 2026-08-12
Earnings Call Sentiment
PositiveThe call conveyed a strongly positive operational and financial quarter: record revenue and EBITDA, robust MAU growth, significant outperformance in Africa, improving international momentum, a strengthened balance sheet, and clear product/tech initiatives (Apricot integration, AI, Super Coin) combined with an expected World Cup uplift. Key headwinds include a near-term U.K. tax EBITDA impact (~$30M), inherent sportsbook volatility and lower trailing sports margins, early-stage adoption risks for Super Coin, and regulatory complexities in select markets. Overall, the positive results, balance-sheet strength and event catalysts materially outweigh the challenges.
Company Guidance
Super Group reaffirmed full‑year 2026 guidance of total revenue of at least $2.55 billion and adjusted EBITDA of more than $680 million, supported by a strong Q1 that delivered $612 million revenue (+18% YoY), $152 million adjusted EBITDA (+36%) and a 25% margin (vs 22% prior), record average monthly active customers of 6.4 million (+18% YoY; March 6.5m), segment strength (Africa revenue +53% YoY with adj. EBITDA $98m, +21%; International revenue +9% with adj. EBITDA $73m, +26%), healthy liquidity and returns (ending cash $422m, +20% YoY despite $152m returned to shareholders including a special dividend; free cash flow conversion 75%; minimum quarterly dividend target raised to $0.05/share), resilient business mix (≈80% of revenue annuity; trailing 24‑month sportsbook net win ~13.1%; historical peaks ~18–19%), significant World Cup exposure (≈40% of countries participating representing ~88% of 2025 revenue; football ≈73% of GGR) and positive Q2 early trends.
All-time High Customer Activity
Average monthly active customers reached a record 6.4 million, up 18% year-over-year, with March setting a monthly high of 6.5 million.
Africa Segment Outperformance
Africa revenue grew 53% year-over-year with adjusted EBITDA up 21% to $98 million; sports and casino wagers increased ~33% and ~36% year-over-year respectively; strong country-level performance (e.g., Botswana) and ongoing ramp plans in Nigeria.
International Segment Momentum
International revenue grew 9% year-over-year with adjusted EBITDA up 26% to $73 million; Europe revenue +18% (U.K. +29%, Ireland +13%); North America ex-U.S. +15% (Canada ex-Ontario +16%, Alberta +22%); Rest of World +8% (New Zealand +6% recovery).
Strong Balance Sheet and Cash Returns
Ended quarter with $422 million in cash, a 20% increase year-over-year despite returning $152 million to shareholders (including a special dividend); free cash flow conversion of 75%; increased minimum quarterly dividend target to $0.05 per share.
Product, Trading and Technology Improvements
Closed Apricot sportsbook transaction (end of Feb), bringing IP and 100+ developers in-house to drive product speed and efficiency; implemented sports trading, pricing and promotion changes to improve margin resilience; AI being deployed for efficiencies across risk, development and finance.
Reaffirmed Guidance and World Cup Tailwind
Management reaffirmed full-year 2026 guidance: revenue >= $2.55 billion and adjusted EBITDA > $680 million. World Cup seen as a material catalyst: ~88% of 2025 revenue comes from participating markets, ~73% of GGR is football, and management cites 60-70% cross-sell rates from sportsbook to casino.
Operator
Thank you for standing by, and welcome to the Super Group First Quarter 2026 Earnings Webcast and Conference Call. [Operator Instructions] I'd now like to turn the call over to Nkem Ojougboh, Head of Investor Relations. You may begin.
Nkem Ojougboh
Good morning, everyone, and thank you for joining us today to discuss Super Group's results for the first quarter 2026. During this call, Super Group may make comments of a forward-looking nature that are subject to risks, uncertainties and other factors discussed further in its SEC filings that could cause the actual results to differ materially from historical results or from our forecast. We assume no responsibility to update forward-looking statements other than as required by law. On today's call, we may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. We have provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the Investor Relations page on our website. We recommend that investors refer to the supplementary presentation posted to our website. Today, I'm joined by Neal Menashe, Chief Executive Officer; and Alinda Van Wyk, Chief Financial Officer.
After our prepared remarks, we will open the call up for questions. And now I'd like to turn the call over to Neal.
Neal Menashe
Thank you, Ink, and good morning, everyone. The first quarter of 2026 marked a record-breaking start for Super Group. We delivered all-time hig...
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