Neal Menashe believes Super Group can continue to prove City analysts wrong by becoming the first listed igaming Plc to generate an “organic $1 billion in EBITDA”.
The statement of intent led the presentation of Super Group’s inaugural Investor Summit, as Menashe, alongside CFO Alinda Van Wyk, laid out the NYSE-listed firm’s economic and strategic roadmap for 2025–2028.
Irrespective of regulatory headwinds across core markets, Menashe told investors that Super Group continues its enterprise strategy built on the growth of its flagship brands Betway and Spin – a proven “cash generation strategy” that has created the foundations of “the most resilient, cost-disciplined, asset-light business in iGaming”.
2025 sparks the fuse for 2028 targets
Thus far in 2025, Super Group raised its guidance to $2.125bn–$2.2bn in revenues and $550m–$560m in adjusted EBITDA, highlighting that disciplined execution in core territories is already delivering robust earnings.
CFO Van Wyk reinforced the message of cost discipline: “We’ve scaled revenues by more than a third since 2021, while keeping our cost of revenue broadly flat despite higher gaming taxes. That efficiency is what allows us to generate strong free cash flow and return capital to shareholders.”
The balance sheet remains unlevered, with $393m in unrestricted cash, no debt, and $166m in dividends returned over the past 12 months.
Leadership zooms in on 2028, as Super Group sets out a clear high-performance marker, aiming to deliver compound revenues by around 10% annually through 2028. The group expects to see EBITDA margins rise towards the 30% mark, underpinned by operating leverage and tighter cost controls.
Management highlighted the business’s ability to maintain free cash flow conversion at 60–70%, thanks to its asset-light model and disciplined capital allocation. A central pillar of this strategy is the integration of AI across operations – from strengthening localised models to automating fraud detection and customer support – which is expected to reduce overheads while deepening customer engagement.
Van Wyk framed the strategy as “a roadmap for capital-efficient growth and sustainable earnings,” while Neal Menashe underlined the end-goal: “$1bn in EBITDA delivered organically, not bought.”
Menashe made the comparison with peer PLCs clear: “Too many of our competitors are over-leveraged and chasing scale through debt-fuelled M&A. We’re proving you can deliver growth, returns and resilience without gimmicks. Our €1bn EBITDA target will be 100% organic.”
Scars to prove it….
Africa serves as Super Group’s fastest-growing territory, posting a 59% CAGR since 2021, with Europe close behind at 34% CAGR, supported by the UK, Spain and Ireland.
Van Wyk pointed to the value of regulatory adaptation: “Four years ago, just 24% of our revenue came from regulated markets. Today it’s 65%. That shift has strengthened our quality of earnings and improved long-term sustainability.”
Super Group’s retreat from North America (except Canada) has freed up $185m in capital to help growth in new and established geographies. Menashe reflected: “We’ve learned from Germany and the US that the key is fast localisation and compliance discipline. Those experiences make us sharper and better prepared for the next wave of regulated markets.”
Apricot fuels healthy cost savings
The Apricot sportsbook integration is delivering $35m in recurring annual savings by internalising technology and cutting royalty fees. This tech base now supports multi-market investment, scalability and reduced reliance on third parties.
Meanwhile, Betway continues to invest in a market-leading sponsorship strategy, spanning football, basketball and esports, designed to deliver brand equity and customer retention across key regions.
Van Wyk reminded investors of the financial discipline behind the headlines: “Every cost line is tied to return on investment. That’s why our general expenses (G&A) as a share of revenue keeps declining, and why we’re able to deliver year-on-year cash generation.”
Investors know – Cash is king
Menashe suggested that equity markets were yet to fully appreciate the group’s fundamentals: “We believe Super Group is undervalued compared to our peers. Look at the cash, the margins, the balance sheet – very few in this sector can match that consistency. Cash generation is our proof point.”
Closing the summit, he emphasised discipline: “The model works, and our upside is real. We are not chasing M&A gimmicks. We’re focused on scaling the business we know works, delivering recurring free cash flow, and creating sustainable shareholder value.”
