Super Group (SGHC) Ltd

Net cash flows from operating activities increased by $54.5 million or 17.8% to $360.1 million for the year ended December 31, 2025, compared to $305.6 million for the year ended December 31, 2024.

Cash generated from operating activities grew primarily as a result of a $95.0 million increase in profit from 2024 to 2025. This growth was further modified by adjustments for income tax expenses, non-cash transactions, and other items excluded from operating activities. These adjustments totaled $85 million, which included $56.7 million in income tax expenses. Additionally, the previous year featured a $42.6 million gain from the sale of the DGC B2B business unit, a transaction not reflected in the current period.

The increase in working capital, amounting to $87.2 million, was mainly attributable to a significant growth in processor receivables for the year ended December 31, 2025. This was largely influenced by the timing of processor settlements. Additionally, there was a substantial increase in player liabilities for the year ended December 31, 2025, increasing to $72.0 million from $54.2 million for the year ended December 31, 2024, driven predominantly by the expanding customer base and higher revenues originating from the Europe markets, where clients typically keep more funds in their accounts between transactions.

These increases were partially offset by operating activity cash outflows, which relate to a $38.0 million increase in taxes paid from 2024 to 2025. The increase is attributable to an increase of $14.1 million in corporate taxes and an increase of $15.5 million in withholding taxes, relating to dividends, that were paid in 2025 as compared to 2024.

Net cash flows from operating activities increased by $161.8 million for the year ended December 31, 2024, to $305.6 million, compared to $143.8 million for the year ended December 31, 2023.

Cash generated from operating activities increased due to the $131.0 million rise in profit from 2023 to 2024, adjusted for non-cash items and other income statement items not relating to operating activities, which grew by $18.6 million.

Working capital also contributed with the increase of $52.6 million, primarily driven by a decrease in trade and other receivables due to a large progressive winner in December 2023, paid in January 2024, an increase in trade and other payables resulting from the U.S. sportsbook closure and a change in bonus policy, deferring employee bonus payments to the first quarter of 2025.

The above increases are offset by cash outflows from operating activities relating to the increase of taxes paid of $40.8 million from 2023 to 2024. This increase is linked to the increase in profit.