Super Group CEO Neal Menashe announced the company’s focus on growth in Nigeria, aiming to build on its strong presence in Africa. On Tuesday, Super Group released its Q1 earnings report for the period ending March 31, showcasing record highs in revenue, monthly active customers, deposits, and wagers.
During a post-earnings analyst call, Menashe expressed confidence in Nigeria’s market potential due to his recent time spent with the team there. "I recently spent time on the ground with our team in Nigeria and the actions we are taking there will strengthen our growth profile as we ramp up execution," he stated. Menashe highlighted the improving economic conditions in Nigeria, noting, "I think what we have seen in the African continent, and maybe led by Nigeria, is that the country as a whole is doing much better, the free flow of the currency is improving. So we have to, listen, double, triple our business size there, at least, right?"
He indicated that Super Group might consider mergers and acquisitions (M&A) to enhance its market offerings in Nigeria. The region has long been a strategic priority for Super Group, which previously aimed for a top three position in the country’s gaming market. Currently, Nigeria is the only one of the company's eight African markets where it does not rank among the top three operators. "Nigeria has the largest population in Africa," Menashe noted. "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 clarified that while Super Group is open to M&A, it will proceed cautiously and only if it aligns with sound business principles. "We are not overpaying for stuff," he stated. "If it makes sense, we’ll do it. I think you’ve seen lots of our competitors have acquired over the last five or 10 years. And when you’re laden with debt after that, these businesses have to perform. So we’ve still got 75% free cash flow because that’s what we do. If we find the right one, we’ll do it. But we are not overpaying and that’s not how we’ve operated up until now."
CFO Alinda van Wyk added that M&A is not a necessity for reaching the company’s targets. "We’ve always been highly selective on what we pursue," she remarked. "[But] our plan is based on consistent organic growth. That will be just an added bonus if the right opportunity comes along and at the right price. In the long run, there’s always something on the table that we’re assessing. And we’ve got the right balance sheet for it. So we’ll just remain disciplined until the right opportunity at the right price comes."
Super Group’s dedication to the African market resulted in record-breaking Q1 results. Group revenue increased by 18.4% from $517 million to $612 million, while adjusted EBITDA rose by 36.9% to $152 million. The Q1 net profit reached $86 million, a significant rise from the $59 million reported for the same period in 2025. Additionally, the earnings marked the first instance where Super Group separated its revenue into Africa and International categories, revealing Africa as a cornerstone of success for the quarter. Revenue in Africa surged to $267 million from $201 million, propelled by a remarkable 40.7% growth in iGaming revenue to $190 million. Sportsbook revenue also grew from $66 million to $77 million.
Menashe remarked on Africa’s excellent performance in Q1, emphasizing that this reinforces the company’s strategic strength and brand power. "Our performance reflects the strength of our strategy, the power of our brands and the discipline of our team," he stated. Looking ahead, Menashe expressed optimism for continued success, particularly with the World Cup approaching, expecting a strong engagement from markets contributing to 88% of Super Group’s FY2025 revenue.
Super Group has made improvements to its product offerings ahead of the tournament, anticipating that cross-selling from sports betting into casino games during major events can typically range from 60% to 70%. Menashe pointed out that the number of World Cup matches would increase from 64 to 104 this year, and while the early rounds may present challenges due to mismatches, he remains optimistic. "It’s going to be interesting. We’ve never had this many teams, but I think on the plus side, you’ve got engagement with so many games. There’s 63% more matches. It’s actually unbelievable. I think the audience and what we’re going to have in our ecosystem should be really, really good."
After a robust Q1, Super Group reiterated its FY2026 guidance, projecting revenue to exceed $2.55 billion and adjusted EBITDA to surpass $680 million. When questioned about the decision to reaffirm guidance instead of raising it after a strong start, Menashe explained, "We were confident about those numbers when we told them to you in February. Now, after Q1, we remain confident. But this isn’t the first time we’ve outperformed like in Q1. We’ve never increased guidance at this stage of the year. It’s just not something we do so early on in the year."
