Super Group (SGHC) Ltd

SUPERGROUP JOINING US TODAY TO DISCUSS SUPERGROUP'S RESULTS FOR THE SECOND QUARTER OF 2025. DURING THIS CALL, SUPERGROUP MAY MAKE COMMENTS OF A FOREIGN-LOOKING NATURE THAT IS SUBJECT TO RISK, UNCERTAINTIES, AND OTHER FACTORS DISCUSSED FURTHER IN THIS SECTION OF VIOLENCE THAT WOULD CAUSE THE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE HISTORICAL RESULTS OF THE ACCOMPLISHED FORECAST. SUPERGROUP ASSUMES NO RECENT On today's call, Super Group may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. Super Group has provided reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the Investor Relations page of Super Group's website. Super Group recommends that investors refer to a supplementary presentation posted to the company's website. Today, I'm joined by Neil Munashi, Chief Executive Officer, and Linda von Weit, Chief Financial Officer. With our prepared remarks, we'll open the call for questions. And now, I'd like to turn the call over to Neil.

Thank you, Inc. Good morning, everyone, and welcome to Supergroup's second quarter 2025 earnings call. Today, we are thrilled to report another landmark quarter. Our success stems from our continued focus on product and cost. as well as momentum in key regions. We are reshaping our global presence by exiting the U.S. while growing in our full market. In addition, we are scaling our tech platforms and delivering top-tier products. Before we jump into the financial results, we'd like to share some important updates. First, we are excited to have hired Superview's first Group Chief Technology Officer. This appointment reflects our commitment to innovation, operating efficiencies, and synergies across all platforms. Second, on May the 13th, we announced the appointment of Deloitte as external auditor, a Big Four auditor that we expect Wollaston to produce through continued growth. Third, on July the 8th, we announced our intention to exit the US iGaming market. This move supports our ongoing focus on capital discipline and long-term profitability. We thank all Digital Gaming Corporation employees for their contributions over the past few years and for the professionalism throughout this transition. Turning now to our numbers for Q2, we exceeded our own expectations for both total revenue and adjusted EBITDA for Q2 2025, setting new quarterly records for SuperZoom. The group generated a record total revenue of $579 million, up 50% year-over-year. Group-adjusted EBITDA also reached an all-time high of $157 million, representing 78% year-over-year growth and a robust margin of approximately 27%. This demonstrates our significant operating leverage at scale. The exceptional quarter was driven by strong sports outcomes, smarter pricing, and continued traction of BetBuilder, our innocent parlay product, and robust casino acquisition and retention. Growth was further supported by strong wagering activity, with sports betting wages up 15% and casino wages up 24% year over year, largely due to prioritizing more profitable markets. Let's now explore our territories. Europe's revenue surged 53% year over year, with the UK leading the charge, up 83%. This incredible growth was supported by regulatory clarity, enhanced product and marketing experience, and solid contributions from both Bentway and Spin brands. Spain and Ireland also saw solid growth. In Spain, we expect the momentum to continue with the implementation of our new loyalty program, SuperClub. Germany was the primary headwind, with the revenue down due to tighter regulatory restrictions and our strategic pullback in marketing spend. Despite this, we successfully viewed Germany EBITDA year over year, reflecting our rigorous cost management and operating resilience. Moving on to Africa, we saw growth of 59% year over year, with broad-based strength across all markets except for Nigeria. Ghana stood out, growing a massive 63% year over year, thanks in part to our blessed influence of products and currency tales. South Africa grew 51% year-over-year. Botswana, which only launched in February, also delivered remarkable growth. Its contribution to Africa's revenue rose tenfold to 4.5% in the current quarter. Super Group maintains podium position in seven of the eight African markets that we are in. North America grew 23% year-over-year. Canada, not including Ontario, increased 22%. Growth was supported by an increase in the profit and strong customer retention, but the performance in June was negatively affected by gaming server consolidation. Ontario delivered 5% year-over-year growth, despite ongoing elevated marketing spend from competitors. Growth in the province, while still below expectations, was the result of better digital marketing and continued customer engagement. In the U.S., revenue was up 112% year-over-year. We will address our U.S. exit in a moment. APAC faced a challenging quarter, revenue down 6% year-over-year, but this was still an improvement from last quarter's 13% year-over-year decline. New Zealand was down 13% due to currency and broader macroeconomic headwinds. We also consolidated technology in May, which contributed negatively, but we believe we will ultimately save costs here. We are working to mitigate the impact of various marketing restrictions to position this business for long-term success. Zooming back out, we achieved the highest quarterly EBITDA in Superglue's history, underscoring our powerful operating leverage. As we scale in more markets, we are capturing greater margins on every bit of revenue, hence the record margin of 27%. This margin expansion is a direct result of our gameplay, aggressively reinvesting in high-performing markets, maintaining a disciplined cost base, improving our product and process efficiency, including the strategic implementation of AI, and driving marketing effectiveness. You can see this in our lower marketing ratio in the quarter, despite higher waging activity and customer growth. We expect these dynamics to continue into the second half of the year, reinforcing our ability to deliver super growth at scale. As part of our high-return investment philosophy, we have made the difficult but necessary decision to proactively exit the U.S. high gaming market. We are doing this despite delivering a record quarter, with EBITDA improving to a $5 million loss dollar loss in 2-2-2025 compared to nearly twice that in Q1-2025. Changing dynamics in the U.S. market, including the recent tax increase in New Jersey, led us to this decision. As part of this exit, we anticipate a one-pound restructuring cash spot of approximately $15 million, and we're actively working to reduce the cash in. We are incredibly pleased with the operating matrix performance this quarter. we hit a record $5.5 million average unique monthly active customers, representing 21% year-over-year growth. Total sports wagering was also exceptional, hitting $958 million for the quarter, up 15% year-over-year. Our sportsbook margin also improved from 12.6% in Q2 2024 to 13.9% in Q2 2025. Even more impressive, wages grew even though the Football Club World Cup was not expected to be as big a draw as last year's Euro and Copper America event. Our balance sheet remains strong. We ended the quarter with $393 million in unrestricted cash and no debt. As a reminder, we declared a regular cash dividend of $0.04 per share in June. bringing our total shareholder dividend for the first half of 2025 to $0.08 per share. In the last 12 months, we have returned $166 million to shareholders, including $20 million paid out in the past quarter, once again demonstrating our robust free cash flow generation and stringent capital allocation. Today, we are raising the full year 2025 ex-U.S. adjusted EBITDA guidance to between $500 to $510 million from our previous expectations of greater than $480 million. This $25 million midpoint uplift reflects focused cultivation of our market. Subject to the final date of U.S. closure, we expect group adjusted EBITDA of between $470 million and $480 million, inclusive of the U.S. adjusted EBITDA loss of $13 million. Looking ahead, we see several compelling drivers for future upside, including a full calendar of global sporting events and a focus on enhanced trading and pricing, increased traction from our best-builder products, calculated marketing efficiency, further strengthening casino, and a revenue mix designed to support long-term margin expansion. We're also investing in our technology platform, particularly in South Africa and Nigeria, and we're preparing to roll out Jackpot City in several markets. We're also actively implementing and seeking new opportunities in the crypto space. These initiatives aim to position us for long-term success as alternative payment methods and digital asset frameworks become more integrated into regulated gaming ecosystems. With a strong balance sheet, consistently cash flow, and in addition of a good CTR role to spearhead our technology initiatives, we remain confident that we are well positioned to reinvest in growth and pursue strategic opportunities across key areas of the business. In closing, Supergroup is powered by disciplined execution, scalable infrastructure, and a data-driven, customer-centric strategy. With strong financial, a clear plan, and an exciting second half ahead, we believe that Supergroup will be able to generate further profitable growth and deliver long-term value for our shareholders. All of this is made possible by our super employees. I want to thank everyone, all of them, for a superb Q2 achievement. I will now turn the call over to the operator to open the call up for questions. Operator?

Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If for any reason you'd like to remove your question, press star followed by two. Again, to ask a question, press star. And as a reminder, you're only allowed... If you are using a speakerphone, please remember to pick up your handset before asking a question. We'll pause here briefly as questions are registered. Our first question comes from Ryan Zigdo. with Craig Helen Capital Group.

You may proceed. Hey, good day. Hey, good day, Neil and Kalinda. Really nice results. Good to see the guidance raised again a month after you just raised it. So I want to stay kind on that topic. If I just flow through kind of the awesome results in Q2 with the new guidance, it implies revenue and EBITDA are lower year over year in the second half of this year. I guess Mike SanClements, Given the momentum in the business is there anything that besides conservatism that would cause for unusual compares anything else you're seeing in the business subsequent quarter end kind of how was July. Mike SanClements, But just I guess anything to be concerned about within the business, as you look and work your way through Q3 thus far.

Mike SanClements, On the. No, we definitely don't see it as a deceleration. We obviously continue to maintain a disciplined approach to our football. July was off to a great start and ended really nicely. But maybe in our business, what happens, our new football season starts in August. And that's the biggest driver of our sports calendar, one of the biggest drivers. And in that, you've got all the new teams selecting their new players. So now what has to happen is we have to see how the rest of August goes and September, how the favourites perform. Because as you know, our business is all about when the favourites don't do so well, the sports results go our way. So from my point of view, that's it. And, and, and we superimpose the, you know, business retention or all the rates we've got. And that, and I think you can see that in the.

Very good. Then a us exit, you know, from my standpoint, smart move, reallocate resources where you have better structural advantages, but curious what made you make that decision now? I mean, I think you said 112% revenue growth. in Q2, but why now? And then I understand the write-off of assets, but is there anything of value that can be sold here? Thinking your player databases, possibly your market access licenses, et cetera. And then kind of last question, the cash costs are expected $50 million, I think, if I caught that right. You said $30 to $40 million previously, so just kind of bridge what's changed in those expectations. Thanks.

Okay. So I think on the US, obviously, it's always about the cost of revenue, the cost of doing business. It's not about just chasing the revenue. Can you make a profit on that revenue? So we've always said there'd be high costs in the US to make an operating profit, right? so obviously with some of the tax policy the the the regulation in those two states new jersey and pennsylvania we looked at it and said actually the opportunity cost of trying to support our product in that market to try to get to break even is actually much better to go into our other markets and that's why you see we can take take the whole deck team and and and it's offering on the canadian product the uk product the the new zealand product so i think from our point of view there's huge upside there we just couldn't see a path to to to profitability to able to to um feed it up and linda will will will comment on the cost obviously when it when it comes to the databases we're all over that trying trying trying to set us etc and and and to work out on on our onerous contracts we've got there who if and what we do with those skins thank you neil

The important thing also to note is that obviously post-2026, we will see some cost savings, which is also into our profile of making sure our margin where we don't see their cost profitability as Neil just referred to. So we do foresee that we can deploy our resources of development costs into more profitable jurisdictions. We foresee a saving of in half year two of 2025 of around $16 million and ongoing in 2026, which we've forecast already. And our general administrative costs also will have a momentous impact on cost savings. So just to recap what we reported on in 42, even though the financial impact is at this point well contained, they have impact on 42. We had a non-cash impairment adjustment of $63.9 million On the day one of the investment and then also some provisions on and with contracts of around 22.6 million dollars, which is mostly related to our market access agreement. And we do foresee that they will be a small leak into quarter three of around six million US dollars to to close the market out.

Very good, thanks guys good luck.

Thank you. Our next question comes from Jason Tillichun with Canaccord Genuizi. Please proceed.

Congrats on the strong results. Thanks for taking my questions. One thing I'm curious about as it relates to marketing, can you share a little bit more about some of the new channels that are driving strong returns? How much you would attribute that to the reacceleration of customer growth you've seen over the past few quarters? And maybe a little bit about what type of impact you're seeing from that Williams F1 deal specifically so far this year.

okay so as you know we we we've always looked at our marketing ratio to 23 24 so again it's not that we fixed on it it's now becoming what is the dollar amount of how we're deploying it so of course we've gone into to efficiency mode there to say which elements are we under where are we over and and we are redeploying some of the budget in into different areas if it's content etc and different different marketing channels and i think that's making making a great impact on on them on top of that is f1 was was just one of our sponsorships but the f1 isn't only about the sponsorship it's about the content it's about driving all all all this new traffic to us so i think we are spearheaded across the globe trying trying to deliver all of this So going forward, it's not that we want to stick at 23. Remember, I always say to people, when it comes to our marketing, as long as we are seeing the return of our marketing paying back, and so reinvesting into these core markets. So I think with that marketing, and we get even better at it and more effective at it, with the operating leverage that we get in all these countries, that every million extra of and revenue we bring in, we bring down 50%, 60% to the bottom line. This is, you see, this operating leverage coming into it.

Very helpful. And one follow-up, the 14% gross hold for sports, but curious how much of the year-over-year improvement you would attribute to sort of sport outcomes being favorable in the quarter versus sort of structural improvements and parlay mix, and how much more opportunity do you see for improvement on that area going forward?

We are basically across the world all over the sports margin, right? And again, if you've got better parlay misses, parlay bets, that goes to the sports margin, right? We've obviously got a now full calendar of sporting events. We have obviously improved the product, so that helps, and we'll keep working. So I think, yes, in the past few months, there obviously was some better sports results. You did see that coming into the mix, but our new best-seller product, all of that is starting to take effect. So we are constantly trying to improve those margins. But yes, when they all come together, when the favourites aren't winning and the good ones aren't giving up, this is where we see the opportunity.

Great. Thank you very much.

Our next question comes from Jordan Venter with Citizens. You may proceed.

Hi, everyone. Good morning. Maybe to just follow up on that prior question, you know, it's a topic of discussion we have a lot here in the U.S. with some of the books of how high your gaming margins can get to over time. I guess, do you have any sense of, like, where that level might be, where the ceiling might be in terms of where you can get gaming margins, you know, just given some of the parlay penetration you have across some of your markets? Thank you.

The way that When it comes to the pilot products, you can definitely get closer to the 20% level, right? But again, it all depends on how many bets are in there. So between our bet builder, our bet influencer, our risk management software we've implemented across the board, we are hoping to increase it and offer more of these type of bets in our systems, right? We want to be smart here. You can't just buy all of that. You've got to balance between the single bits and the parlay bits, et cetera. But that's what we're working on. You understand, in the casino business, it's a much more constant model. So we've learned how to do that really well. So now we add some other color in difficult sports science.

Great, thank you. And I want to follow up on the crypto comment and implementation in some of your markets. Outside of bringing in just incremental customers who want to leverage that, how should we be thinking about that from a cost structure benefit? I'm thinking in terms of what does that help you with your payment processing costs? Thank you.

So I think especially in the equity side of our business, we sort of have a banking with the crypto and points. can make a huge difference there. Because remember, banking is a really big cost in Africa, especially for us onboarding our customers and in the payments across the continent. So, for us, I think crypto then also brings a different customer. As more regulation has come into the regulated market we operate in, that allows crypto to be a different kind of customer. Again, a different genre. The same way in the casinos, we have different genres of casino. Crypto is a different kind of customer. So, obviously, that, I think, helps us. And that's what we are actively looking at and have got great ideas coming. So, long-term play. It's a long-term play. I think a lot of our our strategy, and especially on the processing side, if we can do something clever there, which we've got some ideas on, then effectively that will bring peer profits to the bottom line.

Great. Thank you. The next quarter.

Thank you. Our next question comes from Bernie with Needham. You may proceed.

Great. Thanks for taking the questions. Maybe just to start, could you, Neil, you mentioned your prepared remarks, the competitive pressures in Ontario. Can you describe, you know, exactly what those are, who they're coming from, and is this ahead of the, like, do you think it's related to the Alberta launches coming up or unrelated?

Now, I think, again, it's all about the marketing returns we see and the customer acquisition in that market. But again, we have now got the extra resource because of the US closure to focus on the product in that region. You can see the rest of Canada is doing doing really well. And again, we don't want to overspend and just overspend on the customers, but I think with the gamification stuff we've got coming, et cetera, that we'll start seeing good growth there. But again, as the rest of Canada shown it, we are then and can now start implementing in Ontario.

Understood. And you also mentioned hiring a new group CTO. Can you just talk about some of the benefits Is this more about bringing products and capabilities, or is this signaling another replatforming of the tech architecture? Just how should we think about it?

I think it's a disciplined approach. It's looking across the board, you know, what we do. Remember, our big thing is all about cost efficiency. Cost efficiency, come out of the process efficiency, come out of the test set, come out of our hosting costs, and all of these are what we view as cost sensors that, oh, how do we get the best value? then for our back in those. And that's what he's here to do. And how to integrate all our platforms, et cetera, and understanding how we can scale. And as we scale, not scaling, but scaling properly and tie it to our long-term margin leverage on these platforms, working on these platforms and getting it done. So I think on our side, it's taken us a long time to get this role. But I think it's super important for where we are heading. Understood. Thanks for taking the questions.

Thank you. Our next question comes from Ted Kelly with Oppenheimer. You may proceed.

Hey, great. Thanks for taking my questions. I think recently you did a platform upgrade or iGaming upgrade in South Africa and a couple other countries. Can you give us a progress on how that's going? And then circling back to your cash balance, how do you plan to deploy that capital? Is it still maybe special dividends or is there any areas of M&A that might look attractive given some surrounding areas where you're making nice progress? Thanks.

On product, and thanks, Jade, for your question. On product in Africa, I think it was just an upscale of what they currently have. The benefit we had always in Africa is that end-to-end software, so they control the entire ecosystem. It was just a change over to a new version of that software. And we've seen with doing that, you obviously can say, a brace of all the enhancements that Neil alluded to, such as pet influence, et cetera, which becomes a plug-and-play scenario and a faster rollout to other African countries, which is really a big benefit for the business. On cash, with a strong balance sheet of unrestricted cash of $393 million, It gives us obviously the ability to operate and act very fast in case we need to do something. But our strategy remains consistent. We invest in high return opportunities. We return our capital via dividends and we will remain to do that for the remainder of the year. As the declared dividend at the moment is 4 cents a quarter. And we maintain flexible to make sure that when the opportunity does arise that we will act fast.

And I'll just add on the product in Africa. Remember, you have the product across every jurisdiction. And remember, we've launched our Christina product. It's in South Africa now launching in other markets. So that's another whole growth opportunity. So it's all about the scale and having the best product on the continent. That's what we have to keep doing. And in the rest of the world, we've got to keep building our products to be the best it can be. And that's why over the past year, as we keep telling you guys, we have over the past year stopped certain markets across the world and now the U.S. So the ones we are in, we are all in on and can deliver a great product, great marketing, and obviously great profitability. And I look forward to seeing you in Boston. Yeah, thank you.

Our next question comes from Mike Hickey with Benchmark Company. You may proceed.

Hey, Neal, Linda, Spencer, Inc. Thanks for taking our questions. Great quarter, guys. Nice to see another bump in your 25 guide as well. Neal, just on the EBITDA, extremely impressive. Obviously, you mentioned 27. You look at your ex-U.S. business, it's 29% in Q2. Maybe there's some one-time tailwinds, but doesn't seem to be anything maybe outside of a better hold, really driving sort of a one-off here. So I guess as your business continues this rapid growth and yield, Even reflecting back on the second half of last year, you had sort of 25% average plus you just need, but the margins, how should we think about your margin growth over time? I think your last guide long-term was plus 24. Now it's 25. Can we see 30% margins sort of over the long-term? Thanks, guys.

Yes, sir. Of course, we can try and get to 30% margins. Again, it's all about the scale. It's the extra revenue. Remember, every bit of extra revenue is dropping at 50%, 60%. So that's bringing this margin up. But again, it's about the sports results. Obviously, they make up 20% of our business, but 80% is casino. As we get more gamification into the product, that helps. So all these things are helping. And I think you've seen this, this margin being 27%, all the cost savings, the cost efficiency are all starting to come through, right? We still have some redundancy costs in H1, but as we get through that and get the right people in the right seat in our organization, and it's all about the growth, and it's customer-centric. So I think over time, listen, We would love to get to 30%. It's possible depending on the revenue here. But again, 25%, 26% is where I think we got. And with all the sports results go our way, with the casino, then you get Q2 looking like it's looking.

Nice. Thanks, Neil. And then obviously, Africa is a real important country. continent for you guys, and you have podium position in a lot of markets there. Botswana is sort of newish. Can you talk about your success there? It seems like you guys, right from the start, have been doing incredibly well. And then I guess on the flip side, you're doing, you know, rolling up your sleeves in Nigeria, I guess, and trying to recalibrate and build share there. So I guess you can kind of compare and contrast those two markets for us.

Thanks, guys. Okay, so I think Foxconn is a great example of what happens when we enter with the right product, really treat tailwind and operational focus. High ROI market entry. Obviously, it's not a one-stop. It's all those factors coming together. Smart deployment of our strategy. It's got proximity to South Africa, so the brand awareness from one country blends into the other, and that's all about our global branding. Again, the only one that keeps underperforming for us is Nigeria, but that we've got some ideas for and we've got implementing. Our price is not right. We are a key focus area again, but the rest of the countries are all starting to show more growth. But remember, very importantly, our Jackpot City Casino is now coming to most of those markets. It just takes time to be able to implement this across the continent, you know. So Jakarta is going to Ghana, Zambia, Botswana, Nigeria. So that's a huge another revenue stream. Plus you take the crypto that we talked about before, the moving of the money, the processing fees. We are looking at everything under the hood across the world with all our expenses and how we become super efficient. And with AI and our full sense of the extent of the volume of customers we are getting through our product, how do we get to all of them? How do we give them the best service? That is how we keep them. Remember, it's all great to get these customers into your ecosystem. If you don't involve them in the ecosystem and they go out the back door, there's no point getting them in the front door. You don't get the value. And with AI, we can get to more of them. And that's what we think in our RISC software and our full sense of software. So for us, it's a volume game, but it's trying to treat every customer as if they are our own business.

Neil, last one from us. Nigeria, staying on that country, obviously a tremendous amount of citizens there. I would imagine the TAM is significant. As you continue to sort of rewrite your script there and product, do you think you would be in a position for that to be an area of growth, maybe outlier growth for you in 26? Thanks, guys.

We would hope so. Again, it's got all our focus. Here's our product rights, here's our offering rights, different methods of payment there, et cetera. So that's what we have to do. So I think if we've got to step elsewhere, and we've got the other countries still thinking, I would say Nigeria for us is one that we really would like to get it on the same court as Botswana. Because as you said, the populations are far more than any other one. Nice. Thanks, Neil. Good luck, guys.

Thank you. Our next question comes from the line of Clark Lumpen with BTIG. You may proceed.

Thanks for taking the questions. First one that I have is on the iGaming exit, more of a follow-up, I guess. But in terms of resource allocation, does this have – a substantial sort of derivative impact on your plans, I guess, whether that's in Europe or UK, or you've talked for a while about expansion in Africa. Does that accelerate, I guess, your sort of plans in either continent? And then I guess this is a little bit more of a expense question if he's on, but in terms of retention, excuse me, retention dynamics, Have you guys seen any downtick, I guess, in sessions or engagement patterns in this sort of handoff period between football season and the Club World Cup? Or has it sort of been in July and early August where you guys want it to be? Thanks a lot.

Okay. So I'll let Spencer go on the call, but then we'll answer Paul and Spencer. Basically, in the U.S., when we've got, so now we've got the team who can work on our product. So what happens in our business? The Africa product is by itself. So it is separate. So what the U.S. exists allows us to do is to work on the rest of the world. This is Canada, UK, Germany, Spain, Ireland, et cetera, New Zealand, Mexico. It's those markets where we've now got the resource that can now add in the product. And remember, in those markets, We're all profitable. So all the extra revenue that our product, extra revenue we get in, we are super profitable on. So that's really what the key is, right? So it doesn't affect the African model at all, totally separate. Their case is they can't open up in every African market straight away either because you have to get your product right for each market. But again, when it comes to the data that you're referring to and what we've seen is obviously, I think we were pleasantly surprised by the Club World Cup. And again, the Club World Cup, it wasn't expected to be a big betting event. but it happens to be, and I think that just shows, because there was nothing else on, and this is probably why FIFA pulled it in there. For us, the good news is you have the Club World Cup, then you've got the Euros, then you've got World Cup next year. We are seeing more and more of these competitions in our down season, which is effectively when there isn't sporting results. I think it's helping there, and it definitely helped our July. But remember, what normally happens is that the team has also stopped starts kicking in. But depending on which countries you are, there's also the holiday season. So all of these things add up. So the more sports events there are, the more engagement we land up getting. So across the board, I think that's helped. And I think the more events I'm giving F1 now, the more F1, the more people are engaging in that. So across the world, it's all about the sports events. And then, of course, most importantly, our casinos. Thank you.

Thank you. There are currently no questions, so I'll pass the conference back over to speaker Anton Ojibwe after this, for additional remarks. Thank you.

Okay. Thanks, everyone, for joining today's call, and we're looking forward to meeting everyone at our invest today on September 18th in London. and by webcast to present Supergroup's ongoing strategic initiatives as well as key growth opportunities. Thanks again to all our staff at Supergroup for a fantastic quarter two, and on with the next.

Thank you, ladies and gentlemen. That concludes the Supergroup's second quarter 2025 earnings webcast and conference call. Thank you for your participation. You may now disconnect your lines.