Super Group (SGHC) Limited Q3 2026 Earnings Recap

Super Group’s shares rose 3.2% after earnings, with investors seemingly taking comfort in continued casino growth and a strong October sports margin despite a softer Q3 sports quarter. The company lowered full-year 2026 revenue and adjusted EBITDA guidance to account for customer-friendly sports results.

Key Takeaways

• Q3 revenue rose 10% year over year to $611 million; adjusted EBITDA increased 8% to $165 million, with a 27% margin.
• Sports margin fell to 12.1%, below the trailing 24-month average of 13.7%; management said this reduced revenue by about $14 million and adjusted EBITDA by about $25 million. Year-to-date sports margin was 13.8%.
• Casino wages reached a record, up 11% year over year and 14% excluding the U.S.; total wagering increased 11% for casino and 4% for sports.
• Full-year 2026 guidance was revised to revenue of $2.525–$2.575 billion and adjusted EBITDA of $707–$720 million, assuming Q4 sports margins remain within the normal range.
• Africa revenue grew 17% to $262 million and adjusted EBITDA rose 23% to $88 million. International revenue excluding the U.S. increased 9% to $344 million, with adjusted EBITDA up 24% to $93 million.