The following is a summary of the Super Group (SGHC) Limited Q4 2023 Earnings Call Transcript:

Financial Performance:

• Super Group recorded a record-breaking total revenue for 2023 at €1.406 billion, an increase of 8% YoY and 19% in constant currency.

• Total revenue for Q4 2023 was €352 million, up 7% YoY and 15% in constant currency.

• Operational EBITDA for 2023 was €255 million, surpassing expectations, while Q4 EBITDA grew to €54 million.

• The company's sports book revenue faced a decline, to €53 million, due to customer-friendly results in soccer and the closure of the Indian market.

• Casino net revenues increased by 22% YoY, reaching €289 million with growth in African, Canadian, and European markets.

• SGHC managed to reduce operating costs as a percentage of net revenue by 3%, attributing it to strategic cost cuts and efficiency improvements.

• The EBITDA margin for the year was 18%, an improvement of 200 basis points compared to 2022.

• The US operation's net EBITDA loss for the quarter was €18 million, and the full year investment rose to €57 million.

Business Progress:

• Super Group expanded its online sports betting and iGaming operator status, and customer numbers grew to an average of 4.7 million unique active monthly customers in 2023.

• The company launched its Jackpot City brand into its first African market and the UK, exhibiting growth in Europe, Italy, Spain, and the UK particularly.

• Super Group finalized agreements to take control of Betway global sports book technology and sold DGC's B2B assets to Games Global to focus on worldwide B2C business growth.

• The company is currently focusing on reassessing their geographical footprint, evaluating their US strategy on a state-by-state basis.

• Despite challenges in the sports book segment, the company exhibited strong growth in the casino market, and aims for a double-digit top line growth, increase in EBITDA, and meaningful free cash flow in 2024.

• By the end of 2023, the company held unrestricted cash of €242 million, with no debt.

• The company is upgrading their technology with AI and process enhancement in 7 out of their 9 states to drive long-term efficiency and innovation.

• The company continues to re-evaluate their US market strategy, aiming to maintain or reduce its 2024 adjusted EBITDA loss and is exploring M&A activities.

More details: Super Group IR

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