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What were the key takeaways from Super Group's earnings call?

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- **Revenue Growth**: Q3 revenue up 26% YoY to $557 million, driven by 36% Africa growth and 46% Europe expansion.
- **Profitability**: EBITDA rose 65% to $152 million, margin 27%, supported by sports margin improvement to 12.8%.
- **Super Coin Launch**: ZAR-pegged stablecoin to reduce payment costs, with wallet launch in Q1 2026. Potential long-term efficiency gains.
- **Guidance Uptick**: FY25 revenue raised to $2.17-2.27 billion, EBITDA $555-565 million, reflecting customer engagement and diversification.
- **Regional Strength**: U.K. (+71%), Spain (+11%), Botswana (+6.5%), Canada (+14%) highlight global execution.

**【CEO Summary Section】**
- Q3 revenue reached $557 million, up 26% YoY, driven by 36% growth in Africa and 46% in Europe. Group EBITDA rose to $152 million (65% YoY), with a margin of 27%.
- Launched Super Coin (ZAR-pegged stablecoin) in Q4, targeting cost efficiencies and customer engagement. Wallet launch in Q1 2026, starting in South Africa.
- Raised FY25 guidance to $2.17-2.27 billion revenue and $555-565 million EBITDA, reflecting customer growth and diversification.
- Key regional highlights: U.K. (+71%), Spain (+11%), Botswana (+6.5%), and Canada (+14%).

**【CFO Financial Commentary】**
- GAAP net income $420 million; Non-GAAP EPS exceeded expectations at $1.08. Free cash flow $136 million over 12 months.
- Sports margin improved to 12.8% (from 11% Q3 2024), driven by parlay growth and cost control.
- Balanced sheet strong with $462 million cash, supporting reinvestment in AI and product innovation.

**【Q&A Key Highlights】**
- **Super Coin Cost Savings**: Africa payment costs 3-6% of deposits; Super Coin aims to reduce churn and fees. Implementation costs manageable, with long-term efficiency gains.
- **Sports Margin Outlook**: Q4 guidance assumes 14% sports hold (vs. 15.9% Q4 2024). Prudent outlook due to Champions League results, but casino mix (83% Q3) provides stability.
- **Africa Expansion**: Botswana leading growth, with Jackpot City launches in Ghana, Malawi, and Tanzania. Nigeria tech migration to improve scalability.
- **M&A Strategy**: Selective bolt-ons for synergies, e.g., Super Coin license acquisition. Focus on standalone value and operational fit.
- **Regulatory Risks**: U.K. tax increases mitigated by cost efficiencies; Zambia tax headwinds factored into Q4 guidance.

Super Group (SGHC) Limited (SGHC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SGHC

SGHC fundamentals

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