Super Group (SGHC) Limited Q4 FY2025 earnings call

2025 was a standout year. Refined portfolio by exiting US iGaming. Q4 was record-breaking with monthly active customers over 6,000,000 and deposits at new highs. Launched ZAR Supercoin in South Africa. Received final regulatory approval of Apricot transaction. Europe saw strong revenue growth. Africa grew 27% full year. North America excluding US grew 10%. APAC revenue rose 6% despite New Zealand dip. Implemented AI-driven hyper-personalized bet pricing in Africa. ZAR Supercoin has catalysts like wallet launch and additional exchange listings

Europe saw strong revenue growth this quarter, up 23% year over year, led by a 37% increase in the UK. In Spain, revenue grew 5% on the back of strong retention and product improvements. In Germany, encouraged by upcoming H1 slots launch and operational efficiencies. Africa grew 27% for the full year against 2024, with Botswana outperforming since launch and South Africa delivering strong wagering growth and record casino volumes. Compared to fourth quarter 2024, Africa was up 7%. Underlying strength highlighted by 31% growth in sports wagers and 52% growth in casino wagers year over year. North America: Canada ex-Ontario increased 15%, supported by strong customer retention and acquisition coupled with improved product rollout. In Ontario, product improvements drove record engagement and deposits. Alberta continues to show solid growth, preparing for regulation in Q2. Overall, North America, excluding the US, grew 10%. APAC revenue rose 6% year over year despite New Zealand's 5% dip, reflecting disciplined wait on sidelines ahead of local regulations framework

2026 guidance: total revenue at least $2,550,000,000 and adjusted EBITDA more than $680,000,000. Board approved increase of minimum quarterly dividend target from $0.04 to $0.05 per share

Potential variance in sports results affecting financials. Regulatory changes in various markets. Execution risk with new product launches like ZAR Supercoin wallet

Q: Ryan Sigdahl asked about customer-friendly outcomes in December and translation into profits.

A: Neal Menashe said December had $20,000,000 EBITDA impact, January was strong, casino up.

Q: Jordan Bender asked about South Africa tax changes and 2028 targets.

A: Neal Menashe said waiting on February responses, Alinda Van Wyk said guidance built on customer momentum.

Q: Bernard McTernan asked about Nigeria plan and Apricot approval.

A: Neal Menashe said refining Nigeria strategy, Apricot gives full control over Sportsbook technology.

Q: Jason Tilchen asked about M&A and Alberta strategy.

A: Neal Menashe said selective M&A, learned from Ontario for Alberta.

Q: Clark Lampen asked about Africa expansion and Nigeria World Cup benefit.

A: Alinda Van Wyk said Namibia in guidance, Neal Menashe said low single-digit World Cup tailwind in Nigeria.

Q: Mike Hickey asked about Apricot EBITDA savings and Supercoin.

A: Alinda Van Wyk said $35,000,000 savings in guide, Supercoin already giving benefits.

Q: Jed Kelly asked about risks in guidance and outside Africa regions.

A: Alinda Van Wyk said variance risk, Neal Menashe said watching regions like UAE