Super Group (SGHC) Q2 Earnings Call Highlights

Super Group (SGHC) reported record second-quarter results for 2026, with revenue, adjusted EBITDA, deposits and wagering activity reaching new highs as customer engagement increased during the FIFA World Cup. Total revenue rose 18% year over year to $684 million, while adjusted EBITDA increased 30% to $204 million. The company’s adjusted EBITDA margin expanded to 30% from 27% in the prior-year period. Average monthly active customers reached 6.2 million, up 13% from a year earlier.

Chief Executive Officer Neal Menashe said the results reflected strong underlying momentum across the business, improved sports pricing and risk management, growth in parlay betting, and a focus on retaining customers that produce sustainable long-term value.

Menashe said the World Cup drove customer acquisition and engagement, with new customer acquisition more than tripling compared with the prior World Cup period. Customers placed more than $166 million in football bets during the tournament, including approximately $100 million wagered on World Cup matches. Super Group’s sports margin reached a record 17% in the quarter. Menashe attributed the performance to improvements in pricing and risk management, continued parlay growth, and the quality of the company’s customer base. He said the company expects combined sports margins across Africa and international operations to fall within a 13% to 14% range over time.

The company also reported strong casino cross-sell from World Cup-acquired customers. Menashe said nearly half of new sportsbook customers cross-sold into casino products, while later citing a 53% casino-wager participation rate for the World Cup cohort, compared with 23% for the 2022 cohort.

While the company reported a sequential decline in monthly active users, Menashe said management did not view that trend as a concern. He pointed to normal seasonality, including a period with little soccer activity before the World Cup, as well as tax effects in two smaller African markets that affected lower-value customer counts. Revenue continued to grow sequentially, he said.

Africa remained a major growth contributor. Revenue in the region increased 36% year over year, while adjusted EBITDA rose 47% to $133 million. Sports wagering increased 5% and casino wagering grew 28% from the prior-year period. Super Group expects to launch in Namibia during the fourth quarter and is continuing work to expand the functionality and accessibility of its ZAR Supercoin wallet. Menashe said the company is building toward broader adoption and remittance capabilities in key African markets.

International revenue increased 7% year over year, or 12% excluding the U.S., while adjusted EBITDA held steady at $84 million. Management said underlying growth was partially offset by U.K. tax effects and the ...