Super Group (NYSE: SGHC) revenue climbs 10% but sports results prompt guidance revision

What happened

Super Group (SGHC) Limited (NYSE: SGHC) grew third-quarter revenue 10% to $611 million and revised its 2026 guidance.

The new ranges are total revenue of $2.52 billion to $2.58 billion and Adjusted EBITDA of $700 million to $720 million. Chief Financial Officer Alinda van Wyk said the revision reflects customer-friendly sports outcomes. Van Wyk said they affected revenue by about $40 million and Adjusted EBITDA by about $25 million.

The board also authorized a share buyback. The company reported its cash position alongside the results.

Key numbers

Metric	Latest	Change	Source
Q3 2026 revenue	$611 million	from $557 million, +10%	SEC 6-K, Exhibit 99.1
Q3 2026 Adjusted EBITDA (non-GAAP)	$165 million	from $152 million, +8%	SEC 6-K, Exhibit 99.1
Q3 2026 profit for the period	$142 million	from $96 million	SEC 6-K, Exhibit 99.1
Monthly Active Customers, Q3 2026	6.0 million	from 5.5 million, +9%	SEC 6-K, Exhibit 99.1
Cash and cash equivalents, Sept. 30, 2026 (Dec. 31, 2025: $513 million)	$602 million		SEC 6-K, Exhibit 99.1
Share repurchase authorization through December 2027 (cap)	up to $150 million		SEC 6-K, Exhibit 99.1

Read more: Super Group (SGHC) (SGHC) company research

The quarter in numbers

Growth reached well beyond the sports drag. Profit for the period rose to $142 million from $96 million in the third quarter of 2025. Adjusted EBITDA, a non-GAAP measure, rose 8% to $165 million from $152 million, a 27% margin.

Customers and casino carried the volume. Monthly Active Customers rose 9% to 6.0 million from 5.5 million. The CFO said casino gross revenue rose 16%.

Both segments grew. Africa revenue was $262 million against $224 million. International was $344 million against $328 million. Africa Adjusted EBITDA reached $88 million from $72 million, and International reached $93 million from $75 million. Unallocated costs of $16 million, against a positive $6 million a year earlier, offset part of those gains.

Profit is a looser guide to operations than Adjusted EBITDA. The reconciliation between them removes several tax items. One is a provision for a 2018 to 2022 tax matter, released after a favorable tribunal decision during the quarter. Another is Austrian gaming taxes recovered for 2014 to 2022.

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Cash and the buyback

Cash and cash equivalents were $602 million at Sept. 30, up from $513 million at Dec. 31, 2025. Operating activities brought in $377 million in the nine months. Dividends of $203 million were paid over the same period, bringing 12-month capital returns to $223 million.

On Oct. 30 the board authorized repurchases of up to $150 million of ordinary shares through the end of December 2027. The board can extend, shorten or end the program. Super Group does not have to buy any shares. Purchases would be made on the open market at prevailing prices or in negotiated off-market deals.

Why it matters

OptimistFi's arithmetic shows what the revised ranges ask of the fourth quarter. Nine-month revenue was $1.91 billion and Adjusted EBITDA was $521 million. The ranges imply fourth-quarter revenue of $618 million to $668 million. They imply Adjusted EBITDA of $179 million to $199 million. Even the low end of each is above the third-quarter result.

OptimistFi has argued the stock works only if the 2023 profit collapse proves cyclical. The alternative is lasting damage from regulation, taxes and customer-acquisition competition. Customer growth and nine-month profit of $350 million, against $151 million a year earlier, lean toward cyclical. The guidance revision keeps the case mixed.

The caveats are specific. Management says the casino business absorbs short-term sports volatility, and that volatility drove the revision. The buyback is only an authorization. Reported profit also benefits from tax items that the reconciliation removes from Adjusted EBITDA.

What's next

Super Group hosts a webcast at 7:00 a.m. ET on Nov. 4 to discuss the quarter. The first test is whether management repeats the revised ranges.

The second is the fourth-quarter report. Results inside the implied ranges would support the cyclical view. A shortfall would put sports volatility, not the buyback, at the center of the case.

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