Super Group (SGHC) Ltd

Hello, everyone, and thank you for joining the Supergroup fourth quarter and full year 2025 earnings webcast and conference call. My name is Lucy, and I'll be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. It is now my pleasure to hand over to your host, Inka Mojabo, Head of Investor Relations, to begin. Please go ahead.

Good morning, everyone. And thank you for joining us today to discuss Supergroup's results for the fourth quarter and full year 2025. During this call, Supergroup may make comments of a forward-looking nature that is subject to risk, uncertainties, and other factors discussed further in its SEC filings that would cause its actual results to differ materially from historical results or from the company's forecasts. Supergroup assumes no responsibility to update forward-looking statements other than is required by law. On today's call, Supergroup 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. Supergroup has provided a reconciliation of the non-GAAP financial measures to the most comparable GAAP figures in the press release issued yesterday and available and the investor relations page of Supergroup's website. Supergroup recommends that investors refer to its supplementary presentation posted to the company's website. Today, I'm joined by Neil Menashe, Chief Executive Officer, and Alinda Fon-Bake, Chief Financial Officer. After our prepared remarks, we'll open the call-up for questions. And now, I'd like to turn the call over to Neil.

Thank you, Ig. Good morning, everyone. 2025 was a standout year for Supergroup. We refined our portfolio by exiting USI gaming, allowing us to focus on markets where we expect clear, durable advantages and where we believe we can win decisively. Concentrating resources in our core regions in this manner has paved the way for the record growth and operating leverage that we continue to see today. Despite some unfavorable sports outcomes late in the year, Q4 was another record-breaking period. Monthly active customers exceeded 6 million, a new record, and deposits also reached new heights. In preparation for a strong 2026, we successfully launched Bazaar Supercoin in South Africa, the first step in our broader digital payments infrastructure. We are also pleased that we've received the final regulatory approval of the Apricot transaction, which strengthens our sportsbook technology platform and begins the process of realized cost savings. Turning to operational performance, we closed the year with significant momentum across poverty markets. Europe saw strong revenue growth this quarter, up 23% year over year, led by a 37% increase in the UK. In Spain, revenue grew 5% on the back of strong retention and product improvements. In Germany, we remain encouraged by the upcoming H1 slots launch and the operational efficiencies we continue to implement across the market. Africa grew 27% for the full year against 2024, with Botswana outperforming since launch and South Africa delivering strong wagering growth and record casino volume. Compared to fourth quarter 2024, Africa was up 7%. This was a very solid result given last year's robust sports margin and this year's customer-friendly outcomes. The underlying strength of our Africa business is highlighted by 31% growth in sports wages and 32% growth in casino wages year over year. Overall, Africa remains a powerful growth engine supported by continued customer momentum and high brand loyalty across the region. And we continue to assess our strategy in Nigeria. In North America, Canada x Ontario increased 15%, supported by strong customer retention and acquisition, coupled with improved product rollout. In Ontario, product improvements also drove record engagement and deposits. Alberta continues to show solid growth, and we are preparing for regulation in Q2. Overall, North America, excluding the U.S., grew 10%. APAC revenue rose 6% year over year, despite New Zealand's 5% dip, reflecting our disciplined weight on the sidelines ahead of the long-anticipated local regulations framework. We continue to undertake product innovations in support of future growth. During the quarter, we improved sports promotional mechanics for Betway X Africa, leading to a 400 basis point sequential increase in the sports book parlay wager mix. In Africa, in the beginning of this year, we completed the technology migration in all our markets. We are now implementing AI-driven hyper-personalized bet pricing to translate real-time liability analysis. market data, and customer behavior insights into dynamic odds. We are confident that this will improve our trading efficiency and help to mitigate volatility. These upgrades are all part of our broader focus on improving customer engagement, optimizing the efficiency of our promotional mechanics, and building scalable features that support long-term margin quality. In South Africa, ZAR Supercoin has two significant catalysts expected in the coming months. First, the launch of the Supercoin wallet, which will give customers a seamless way to acquire, hold, and redeem directly within our ecosystem. We expect this to increase engagement. Second, we're preparing additional exchange listings to broaden access, deepen liquidity, and expand distribution. We believe that together, these developments will position us well for this year. With that, I turn it over to Linda.