Super Group Limited (SGHC) reported fourth‑quarter and full‑year 2025 results that exceeded expectations, with revenue of $2.2 billion, up 22% from $1.8 billion in 2024, and adjusted EBITDA of $560 million, a 25% margin that represents a 57% increase from the prior year’s $356.8 million and 19% margin.
The jump in revenue was driven by robust growth in high‑margin markets, particularly Europe and Africa, where revenue rose 23% and 27% respectively. The company’s strategic exit from the U.S. iGaming market freed resources that were previously tied to a capital‑intensive, lower‑margin segment, allowing SGHC to focus on its core casino and sports‑betting operations, which together account for roughly 80% of total revenue.
SGHC closed 2025 with $513 million in cash, a 32% year‑over‑year increase, and returned $156 million to shareholders, in addition to a special dividend of $125 million paid in February. The company’s debt‑free balance sheet and strong liquidity position support its ability to fund growth initiatives and maintain shareholder returns.
Management raised 2026 guidance, projecting revenue of at least $2.55 billion and adjusted EBITDA exceeding $680 million, while announcing a quarterly dividend of 5.0 cents per share, up 25% from the prior year. The guidance reflects confidence in continued demand in high‑margin markets, but also acknowledges headwinds such as UK tax increases and Alberta regulatory changes that could impact profitability.
CEO Neal Menashe called 2025 a "standout year," noting that the U.S. exit and focus on high‑margin markets had "driven record growth and operating leverage." CFO Alinda van Wyk highlighted the "impressive margin of around 25%" and emphasized the company’s strong balance sheet and cash position.
Analysts responded positively: Benchmark raised its price target to $18.00 from $17.00 and maintained a Buy rating, citing the margin expansion, guidance beat, and strategic execution. The market reaction underscores the importance of SGHC’s shift to more profitable markets and its disciplined capital allocation.
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