Super Group (SGHC) Ltd

The Betway segment’s Adjusted EBITDA increased by $168 million or 74% to $395 million for the year ended December 31, 2025 from $221.5 million for the year ended December 31, 2024. This is mainly due to strong performances in the Africa and Middle East and Europe markets as well as efficiencies in both marketing and operational expenditure achieved in 2025. Furthermore, ceasing sportsbook activities across the U.S. during the year ended December 31, 2024 resulted in a reported loss of $99.4 million recognized for the year ended December 31, 2024.

The Spin segment’s Adjusted EBITDA increased by $28 million or 15% to $212 million for the year ended December 31, 2025 from $185.0 million for the year ended December 31, 2024. While double digit revenue expansion was observed across the geographical markets for the year ending December 31, 2025, it was partially offset by elevated direct and marketing expenses, as well as losses incurred within the U.S. iGaming sector. Additionally, a one-time expense totaling $19 million was recognized in connection with the shutdown of the U.S. iGaming business during the 2025 fiscal period.

Depreciation and amortization expenditure decreased by $10.0 million or 12% to $74.0 million for the year ended December 31, 2025 compared to $84.0 million for the year ended December 31, 2024.

The decrease is mainly due to the diminished depreciation expense associated with right-of-use assets and older computer hardware reaching the end of its useful life as well as to certain intangible assets relating to historic acquisitions reaching the end of their useful lives.