Super Group (SGHC) Limited

Q2 2026 total revenue was $684 million, up 18% year over year. Adjusted EBITDA was $204 million, up 30% year over year, and adjusted EBITDA margin was 30% versus 27% in the prior-year period. Average monthly active customers reached 6.2 million, up 13%, total wagering increased 8% for sports and 15% for casino, and free cash flow conversion was 68% in the first half of the year. Cash at quarter-end was $548 million, up 39% year over year. Management raised full-year 2026 guidance to more than $2.6 billion of revenue and greater than $710 million of adjusted EBITDA.

Neal Menashe framed the quarter as “another exceptional period,” highlighting record deposits, wagering, revenue and EBITDA, plus strong customer acquisition during the FIFA World Cup. He repeatedly emphasized the company’s focus on “super persistent annuity” revenue, saying the goal is to acquire and retain durable customers rather than chase low-quality growth. He also pointed to the Manchester United partnership, Africa expansion, and cross-pollination of products and operations as key strategic drivers, while sounding confident about momentum into Q3 and the second half.

Alinda Van Wyk said Q2 delivered record revenue of $684 million and adjusted EBITDA of $204 million, with margin expanding to 30%. She noted 6.2 million average monthly active customers, 68% free cash flow conversion in the first half, and $548 million in cash at quarter-end, even after $25 million returned to shareholders in the quarter and $218 million over the last 12 months. On costs, she said G&A stepped up due to one-off audit and infrastructure costs plus acquisitions, but should normalize toward the low-$90 million range; she also said full-year marketing should return to about 21% to 22% of revenue and confirmed raised 2026 guidance.

Analysts focused on the World Cup’s impact, the decline in MAUs, lower marketing spend, Alberta’s transition, Nigeria, and capital allocation. Management said the MAU decline was not a concern and reflected seasonality, timing of the World Cup, and tax effects in smaller African markets, while July started strong and the new football season should support re-acceleration. On Alberta, management said the rollout is being handled in a phased, disciplined way and should support retention, while on M&A and cash deployment they said they will stay selective, avoid overpaying, and continue evaluating buybacks, dividends and bolt-on deals.