Super Group's Q3 Results Highlight Robust Profitability, Margin Expansion, and Upgraded Guidance
Q3 Performance Drives 65% Adjusted EBITDA Growth and Margin Expansion
Super Group (SGHC), parent company of Betway and Spin, reported a standout third quarter of 2025, fueled by an 18% jump in monthly active customers, robust revenue growth across major markets, and a sharp increase in profitability. Adjusted EBITDA rose 65% year-over-year to $152.1 million, outpacing revenue growth of 26%, which hit $556.9 million for the period.
Customer Growth and Regional Expansion Support Revenue Surge
The group reached a record six million monthly active customers in Q3, highlighting the impact of local execution and product innovation. Regionally, the Africa and Middle East segment delivered 40% of quarterly revenue, while North America followed at 33%. Europe contributed 19%, and other regions remained steady. The table below details revenue distribution by geography:
| Region | Betway ($m) | Spin ($m) | Total Revenue ($m) | % of Total |
|---|---|---|---|---|
| Africa and Middle East | 219 | 7 | 226 | 40% |
| Asia-Pacific | 6 | 32 | 38 | 7% |
| Europe | 81 | 27 | 108 | 19% |
| North America | 33 | 148 | 181 | 33% |
| South/Latin America | 2 | 2 | 4 | 1% |
Profitability Leaps as Margins Widen and Capital Allocation Stays Disciplined
Profit for Q3 2025 was $95.8 million—nearly ten times higher than Q3 2024’s $10.3 million, which had included one-time charges. This significant profit jump was coupled with healthy margin expansion. The group's operating discipline was evident in $461.9 million of cash on hand, achieved after $136.1 million of dividends were returned to shareholders in the past year. Cash flows remained strong, with $269.3 million from operations offsetting investments and capital returns.
| Key Financials (Q3 2025) | Q3 2025 ($m) | Q3 2024 ($m) | % Change |
|---|---|---|---|
| Revenue | 557 | 443 | +26% |
| Profit for the Period | 96 | 10 | +860% |
| Adjusted EBITDA | 152 | 92 | +65% |
| Cash and Equivalents (End Q3) | 462 | 388 | +19% |
| Monthly Active Customers (m) | 5.5 | 4.7 | +18% |
Online Casino Dominates, Sports Betting Delivers Growth
Online casino continues to be the primary revenue engine, accounting for 82% of Q3 sales. Sports betting made up 16%, with the remaining revenue from licensing and other sources. Year-over-year, both core product lines delivered meaningful increases, with online casino revenues rising to $459 million (from $363 million) and sports betting reaching $91 million (from $74 million).
| Product Line | Q3 2025 ($m) | Q3 2024 ($m) | % of Q3 2025 Revenue |
|---|---|---|---|
| Online Casino | 459 | 363 | 82% |
| Sports Betting | 91 | 74 | 16% |
| Brand Licensing & Other | 7 | 6 | 1% |
Full-Year Guidance Upgraded on the Back of Broad-Based Strength
Management increased full-year guidance, with expected group revenue raised to $2.17 - $2.27 billion (previously $2.125 - $2.20 billion) and adjusted EBITDA targeted at $555 - $565 million (up from $550 - $560 million). Leadership cited continued product innovation, the upcoming Super Coin launch, and strength across multiple regions as drivers of ongoing momentum into Q4 and 2026.
Takeaway: Sustained Growth, Operational Discipline, and Global Reach Define Super Group's Story
Super Group's Q3 report points to more than just quarterly success—it reveals a company growing in scale, efficiency, and customer engagement. With strong cash reserves, an increasingly global footprint, and improved profitability, SGHC appears well-positioned as it heads into the end of 2025 and looks ahead to product launches and potential market expansions. Investors and observers will be watching closely to see if this pace can be maintained, especially as the company pursues further operational leverage and digital innovation.
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