Super Group (SGHC) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $579 million, up 30–50% year-over-year, and record adjusted EBITDA of $157 million, up 78% year-over-year, with a 27% margin.

• Exited the U.S. iGaming market to focus on core, more profitable regions and long-term capital efficiency.

• Appointed first Group CTO and Deloitte as external auditor to drive innovation and support growth.

• Maintained a debt-free balance sheet with $393 million in unrestricted cash as of June 30, 2025.

• Paid $20 million in dividends during the quarter, totaling $166 million over the trailing twelve months.

Financial highlights

• Sports betting wagers rose 15% and casino wagers 24% year-over-year; online casino revenue (ex-U.S.) rose 28% to $438 million, sports betting revenue (ex-U.S.) up 29% to $116 million.

• Average unique monthly active customers reached 5.5 million, up 21% year-over-year.

• Adjusted EBITDA for the group was $157 million (+78% YoY); ex-U.S. Adjusted EBITDA was $162 million (+53% YoY).

• Ended quarter with $393 million in unrestricted cash and no debt.

• Returned $166 million to shareholders in the last 12 months, including $20 million in Q2.

Outlook and guidance

• Raised full-year 2025 ex-U.S. adjusted EBITDA target to $500–$510 million.

• Group adjusted EBITDA expected between $470–$480 million, inclusive of a $30–$50 million U.S. loss.

• 2025 total group revenue guidance set at over $2.04 billion.

• Anticipates continued margin expansion and strong performance in H2 2025, with July off to a strong start.

• Focus on organic growth in key markets, marketing and opex efficiencies, and reinvestment into high-growth regions.