The Q1 beat across all key metrics (revenue, profit, EBITDA, customers) with reaffirmed FY guidance suggests strong operational momentum. The Africa segment's 33% revenue growth and margin expansion are key drivers. Watch for the Q2 2026 earnings to see if the 18% revenue growth rate sustains and whether the new segment reporting provides better visibility into regional performance ahead of the World Cup catalyst.
Price Chart
Executive Summary
Super Group (SGHC) reported a strong Q1 2026 with record revenue of $612M (+18% YoY), profit of $86M (+46% YoY), and Adjusted EBITDA of $152M (+36% YoY), while reaffirming FY2026 guidance of $2.55B revenue and $680M Adjusted EBITDA. The company also announced a segment reporting change from Betway/Spin to Africa/International. This follows a bullish 20-F annual report filed 24 days ago that raised 2026 guidance and increased the dividend.
Key Facts
- Q1 2026 revenue of $612M, up 18% from $517M in Q1 2025
- Q1 2026 profit of $86M, up 46% from $59M in Q1 2025
- Q1 2026 Adjusted EBITDA of $152M, up 36% from $111M in Q1 2025
- Adjusted EBITDA margin expanded to 25% from 21% in Q1 2025
- Average monthly active customers reached 6.4M, up 18% YoY from 5.4M
- Cash and cash equivalents of $422M as of March 31, 2026, down from $513M at year-end 2025 due to $152M in dividends paid
- FY2026 guidance reaffirmed: minimum revenue of $2.55B and Adjusted EBITDA exceeding $680M
- Segment reporting changed from Betway/Spin to Africa/International effective FY2026
- Africa segment revenue grew 33% YoY to $267M; International segment revenue grew 9% YoY to $339M
- Diluted EPS of 17.06 cents, up 47% from 11.63 cents in Q1 2025
Financial Impact
Revenue +$95M YoY (+18%), profit +$27M YoY (+46%), Adjusted EBITDA +$41M YoY (+36%)
Risk Factors
- Cash declined $91M from year-end 2025 to $422M, partly due to $152M in dividends paid
- Foreign currency translation loss of $21M in Q1 2026 vs a gain of $17M in Q1 2025
- Intangible assets jumped from $157M to $337M, partly from the sportsbook software acquisition
- Interest-bearing loans and borrowings increased from $17M to $42M, including a $25M drawdown on the revolving credit facility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-033409 |
| Document: form6-kq12026.htm | 0001628280-26-033409 |
| Document: 0001628280-26-033409-index-headers.html | 0001628280-26-033409 |
| Document: 0001628280-26-033409-index.html | 0001628280-26-033409 |
| Document: 0001628280-26-033409.txt | 0001628280-26-033409 |
Track record builds as more directional reports settle.
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Sep 17, 2026 5w ago | SC 13D/A | $12.75 $11.26 | ▼ −11.68% | ▼ −13.13% | $10.55 (−17.25%) |
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