Super Group (NYSE: SGHC) delivered record first-quarter results in 2026, with all-time highs across revenue, monthly active customers, deposits and wagers, as the Betway and Spin parent company signalled an intent to significantly grow its Nigerian operation, including through potential acquisitions.
Super Group’s Q1 2026 financial results showed group revenue rising 18.4% year-on-year to $612 million for the three months ended 31 March 2026, up from $517 million in the same period of 2025. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) climbed 36.9% to $152 million, pushing the adjusted EBITDA margin to 25%. Net profit for the quarter reached $86 million, compared with $59 million in Q1 2025.
Monthly active customers increased 18% year-on-year to 6.4 million. The company closed the quarter with $422 million in cash and cash equivalents, after distributing $152 million to shareholders during the period.
Africa the standout performer
Q1 2026 marked the first quarter in which Super Group reported under a restructured two-segment framework, Africa and International, replacing the previous Betway and Spin delineation. The change, approved by the company’s Chief Operating Decision Maker, is intended to better reflect how Super Group manages operations and evaluates performance on a regional basis.
Africa was the primary growth engine in the quarter, with segment revenue rising 33% to $267 million from $201 million. iGaming within the Africa segment was particularly strong, growing 40.7% to $190 million, while sportsbook revenue increased to $77 million from $66 million. International segment revenue grew 9% to $339 million, with Americas contributing $195 million and Europe $113 million.
Chief Executive Officer Neal Menashe described Africa as having delivered “another excellent quarter,” and credited the performance to the strength of Super Group’s brands and the discipline of its operations.
Nigeria targeted for significant expansion
Despite leading positions in seven of its eight African markets, Super Group does not currently rank in the top three operators in Nigeria — the continent’s most populous country. Menashe stated the company intends to address that position materially, indicating an ambition to at least double or triple its Nigerian business.
“Nigeria has the largest population in Africa,” Menashe said on a post-earnings analyst call. “It’s a growing TAM, and we’re getting our product right and, again, we can build or buy across the ways, and we can do both. So it’s really top of our mind.”
Menashe said currency conditions in Nigeria have been improving, adding confidence to the company’s growth projections for the market. M&A has been identified as one potential route to accelerating Super Group’s position, though Chief Financial Officer Alinda van Wyk was clear that acquisition activity would only proceed on disciplined terms.
“Our plan is based on consistent organic growth,” Van Wyk said. “That will be just an added bonus if the right opportunity comes along and at the right price.”
Menashe echoed that position, stating the company would not overpay for assets, noting that competitors which have taken on significant debt through acquisitions have faced ongoing performance pressures as a result.
World Cup positioned as cross-sell catalyst
With the FIFA World Cup commencing in June, Super Group enters the tournament with what it describes as fortified sports trading capabilities. Menashe noted that 88% of the company’s FY2025 revenue was generated from markets whose national teams will compete in this year’s expanded 48-team tournament, which features 104 matches, 63% more than the previous format.
Menashe highlighted the cross-sell opportunity from sportsbook into casino during major tournaments as a key commercial lever, noting that historical cross-sell rates during comparable events have ranged between 60% and 70%.
“I think the audience and what we’re going to have in our ecosystem should be really, really good,” Menashe said, while acknowledging that the early rounds of an expanded tournament could present more unpredictable results.
Guidance reaffirmed
Following a record-breaking first quarter, Super Group reiterated its full-year 2026 guidance: revenue exceeding $2.55 billion and adjusted EBITDA above $680 million. Menashe declined to raise the guidance at this stage of the year, noting the company has consistently maintained that practice regardless of Q1 performance.
“We were confident about those numbers when we told them to you in February,” Menashe said. “Now, after Q1, we remain confident.”