SGHC Limited (SGHC) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Super Group first quarter 2026 earnings webcast and conference call. (Operator Instructions) I'd now like to turn the call over to Nkem Ojougboh, Head of Investor Relations. You may begin.

感謝各位耐心等候，歡迎收聽 Super Group 2026 年第一季財報網路直播與電話會議。(接線員指示) 現在我將把電話交給投資人關係主管 Nkem Ojougboh。您可以開始。

Good morning, everyone, and thank you for joining us today to discuss Super Group's results for the first quarter 2026. During this call, Super Group may make comments of a forward-looking nature that are subject to risks, uncertainties and other factors discussed further in its SEC filings that could cause actual results to differ materially from historical results or from our forecast. We assume no responsibility to update forward-looking statements other than as required by law.

各位早安，感謝今天加入我們，一同討論 Super Group 2026 年第一季的業績表現。在本次電話會議中，Super Group 可能會發表前瞻性陳述，該等陳述受風險、不確定性及其他因素影響；相關內容已在公司向 SEC 提交的文件中進一步說明，且可能導致實際結果與歷史結果或我們的預測存在重大差異。除法律要求外，我們不承擔更新前瞻性陳述的任何責任。

On today's call, we 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. We have provided a 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 on our website. We recommend that investors refer to the supplementary presentation posted to our website.

在今天的電話會議中，我們可能會提及若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量指標的補充，而非替代。我們已在昨日發布的新聞稿中提供非 GAAP 財務衡量指標與最可比 GAAP 數字之調節表，並已上傳至本公司網站的投資人關係頁面。我們建議投資人參閱我們網站上發布的補充簡報。

Today, I'm joined by Neal Menashe, Chief Executive Officer; and Alinda Van Wyk, Chief Financial Officer. After our prepared remarks, we will open the call up for questions. And now, I'd like to turn the call over to Neal.

今天與我一同出席的有執行長 Neal Menashe，以及財務長 Alinda Van Wyk。在我們的準備發言結束後，將開放提問。現在，我想把電話交給 Neal。

Thank you, Ink, and good morning, everyone. The first quarter of 2026 marked a record-breaking start for Super Group. We delivered all-time high quarterly revenue and unprecedented monthly active customers. Deposits and wagering also reached peak levels, extending our Q4 momentum. These results reflect the strength of our strategy, our brand and our people.

謝謝你，Ink，各位早安。2026 年第一季為 Super Group 創下破紀錄的開局。我們達成歷史新高的單季營收，以及前所未有的月活躍客戶數。存款與投注額亦達到高峰，延續我們第四季的動能。這些成果反映了我們策略、品牌與團隊的實力。

As our business evolves, so does our reporting. We are introducing a new reporting structure consisting of two segments: Africa and International. Africa includes all revenue generated across the African continent, while International includes all revenue generated outside of Africa. This new approach highlights the distinct operating models across our core regions, providing shareholders with deeper insight into each unit's drivers and growth potential. The executives responsible for these segments remain unchanged.

隨著我們的業務演進，我們的揭露方式也隨之調整。我們將導入新的報導架構，分為兩個部門：非洲與國際。非洲部門包含在非洲大陸所產生的全部營收；國際部門則包含非洲以外地區所產生的全部營收。此一新方法凸顯我們核心區域間不同的營運模式，讓股東能更深入了解各單位的驅動因素與成長潛力。負責這些部門的主管維持不變。

Africa delivered an excellent Q1. Revenue for the quarter grew 33% year-over-year with adjusted EBITDA up 21% to USD98 million. Sports and Casino wagers were up 33% and 36%, respectively, year-over-year. Botswana continues to perform well. 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.

非洲部門在第一季表現出色。本季營收年增 33%，調整後 EBITDA 年增 21% 至 9,800 萬美元。運動博彩與娛樂場（Casino）投注額分別年增 33% 與 36%。波札那持續表現良好。我近期與我們在奈及利亞的團隊一同在當地工作，我們正在採取的行動將在加速執行的同時，強化我們的成長輪廓。

The phased rollout of our ZAR Supercoin consumer wallet began in mid-April with a soft beta launch for our Betway South Africa customers. Our goal is simple: expand utility and gradually increase customer engagement across our ecosystem. We will reach a key milestone late in the quarter with additional listings on OVEX and VALR, two of the largest exchanges in South Africa. These listings significantly enhance liquidity and accessibility and provide a solid foundation for broader adoption as we optimize engagement and unit economics.

我們以南非幣（ZAR）計價的 Supercoin 消費者錢包已於 4 月中旬開始分階段推出，並先以 Betway 南非客戶進行小規模 beta 測試上線。我們的目標很簡單：擴大使用場景，並逐步提升客戶在我們生態系中的參與度。本季稍晚，我們將達成一項重要里程碑：在 OVEX 與 VALR 進行額外上架，這兩者是南非最大的交易所之一。這些上架將大幅提升流動性與可及性，並在我們優化互動與單位經濟效益之際，為更廣泛的採用奠定堅實基礎。

For the International segment, revenue was up 9%, with adjusted EBITDA growing 26% to USD73 million. European revenue growth of 18% year-over-year was strongly driven by a 29% increase in the UK, where we are capturing market share, thanks to record customer acquisition off the back of continued product improvement and a successful Cheltenham Festival. We remain encouraged by Ireland's growth of 13% with local regulation expected in the second half of this year.

在國際部門方面，營收年增 9%，調整後 EBITDA 年增 26% 至 7,300 萬美元。歐洲營收年增 18%，主要由英國年增 29% 強力帶動；在持續的產品改善與成功的切爾滕納姆賽馬節（Cheltenham Festival）推動下，我們創下客戶獲取新高並持續取得市占。我們對愛爾蘭年增 13% 的成長仍感到鼓舞，且預期當地法規將於今年下半年落地。

In North America, Canada ex-Ontario delivered 16% revenue growth, supported by retention and product enhancements. Despite an increasingly competitive environment, Ontario achieved a post-regulation record for new customers. Alberta, up 22% year-over-year, remains on track for local regulation in July with a (inaudible) method brand rollout. Overall, North America, excluding the US, grew 15%.

在北美方面，加拿大（不含安大略省）營收年增 16%，受惠於留存與產品強化。儘管競爭環境日益激烈，安大略省在法規上路後的新客數仍創下紀錄。亞伯達省年增 22%，預計 7 月將按計畫推進當地法規落地，並以（聽不清）方式進行品牌分階段推出。整體而言，北美（不含美國）成長 15%。

Rest of World saw revenue growth of 8% with New Zealand growing 6% year-over-year, which is particularly encouraging after last quarter's 5% decline. We remain disciplined while we await the anticipated local regulations framework. Overall, our sports business continues to enjoy strong margins.

世界其他地區營收成長 8%，其中紐西蘭年增 6%，在上一季下滑 5% 之後，這點尤其令人振奮。在等待預期中的當地監管架構期間，我們仍維持紀律。整體而言，我們的運動博彩業務持續享有強勁的利潤率。

We are fortifying our sports trading and risk management capabilities ahead of the World Cup. This quarter, we implemented targeted changes to materially improve margin resilience within our promotional mechanics, pricing and payout structures. These measures proved their value in February, which was a particularly challenging month for sports due to customer-friendly outcomes.

我們正於世界盃前強化運動交易與風險管理能力。本季我們實施了具針對性的調整，透過促銷機制、定價與派彩結構，實質提升利潤率的韌性。這些措施在 2 月證明其價值；由於賽果偏向客戶有利，2 月對運動博彩而言是特別具挑戰的一個月。

Meanwhile, our casino business remains the super reliable, steady and constant engine of Super Group. We don't take this for granted. We continue to innovate, extend and improve in numerous and meaningful ways. We have made it easier for our customers to discover content. We are personalizing their experiences, and we are stepping up gamification and engagement. The result is targeted product and incentive management that delivers strong retention and responsible, consistent and profitable customer behavior. Net effect, a business where 80% of our revenue is driven by predictable, high-quality and super persistent annuity revenue streams that offer shareholders unwavering reliability and confidence.

同時，我們的娛樂場（Casino）業務仍是 Super Group 極為可靠、穩健且持續的引擎。我們不會視此為理所當然。我們持續在多個重要面向進行創新、延伸與改善。我們讓客戶更容易發掘內容。我們為其體驗進行個人化，並加強遊戲化與互動。其結果是更具針對性的產品與獎勵管理，帶來強勁留存，以及負責任、穩定且具獲利性的客戶行為。整體效果是：我們有一項業務，其 80% 的營收來自可預測、高品質且極具持續性的年金型（annuity）營收來源，為股東提供堅定不移的可靠性與信心。

With that, I'll turn it over to Alinda.

接下來，我把電話交給 Alinda。

Thank you, Neal. Quarter one 2026 marked an outstanding start to the year for Super Group, and I couldn't be more pleased to share these results. We have delivered a record total revenue of USD612 million, up 18% year-over-year, while adjusted EBITDA grew 36% to USD152 million. Our margin expanded to 25% compared with 22% in the prior year period. Driven by strong acquisition and retention strategies, average monthly active customers reached a record 6.4 million, up 18% year-over-year, with March setting a new monthly high of 6.5 million customers.

謝謝你，Neal。2026 年第一季為 Super Group 帶來極為出色的年度開局，我非常高興與各位分享這些成果。我們創下 6.12 億美元的總營收新高，年增 18%；同時調整後 EBITDA 年增 36% 至 1.52 億美元。我們的利潤率擴張至 25%，相較去年同期為 22%。在強勁的獲客與留存策略帶動下，平均月活躍客戶數達到創紀錄的 640 萬，年增 18%；其中 3 月更創下單月新高，達 650 萬名客戶。

Total wagering increased 23% for sports and 20% for casino compared to last year. Disciplined cost management, controlled marketing spend and strong operating leverage are clearly reflected in our results. With continued focus on AI-driven efficiencies and high-return markets, we are well positioned to pursue sustainable long-term growth.

與去年相比，運動博彩總投注額增加 23%，娛樂場（Casino）增加 20%。嚴謹的成本管理、受控的行銷支出與強勁的營運槓桿，已清楚反映在我們的業績之中。隨著我們持續聚焦 AI 驅動的效率提升與高報酬市場，我們已具備良好條件以追求可持續的長期成長。

Our balance sheet remains really strong, supported by high-quality earnings and measured capital allocation. We ended the quarter with USD422 million in cash. This represents a 20% increase year-over-year despite returning USD152 million to shareholders, including the special dividend paid in February. Our free cash flow conversion of 75% remains strong, reinforcing the confidence that we showed when we recently increased our minimum quarterly dividend target to USD0.05 per share.

我們的資產負債表仍然非常強健，受高品質獲利與審慎的資本配置所支撐。本季末我們持有 4.22 億美元現金。儘管我們向股東返還 1.52 億美元（包括 2 月支付的特別股利），現金水位仍較去年同期增加 20%。我們 75% 的自由現金流轉換率依然強勁，進一步強化了我們近期將最低季度股利目標提高至每股 0.05 美元時所展現的信心。

Building on the strong momentum of quarter one, we are entering the rest of the year with confidence. Quarter two is tracking positively with growth opportunities ahead, bolstered by an action-packed World Cup calendar. Our focus on marketing and operational efficiencies remains unchanged. As a result, we are reaffirming our full year 2026 guidance with total revenue expected to reach at least USD2.55 billion and adjusted EBITDA to be more than USD680 million.

在第一季強勁動能的基礎上，我們正以信心迎接今年剩餘時間。第二季進展正向，前方仍有成長機會，並受惠於賽事密集的世界盃賽程。我們對行銷與營運效率的聚焦維持不變。因此，我們重申2026全年指引：總營收預期至少達到25.5億美元，調整後EBITDA將超過6.8億美元。

I will now hand back to Neal for closing remarks.

我現在把時間交回Neal作結語。

Thank you, Alinda. This quarter underscores the effectiveness of Super Group's strategy and discipline. We are building momentum across regions, bolstering margin resilience and enhancing our product and customer experience. With a strong start to the year, strength in our casino business and attractive global sporting calendar ahead and a strengthened leadership team focused on execution and efficiencies, Super Group is well positioned for the remainder of 2026 and beyond.

謝謝你，Alinda。本季凸顯了Super Group策略與紀律的有效性。我們正在各區域累積動能，強化毛利韌性，並提升我們的產品與客戶體驗。在今年強勁開局、我們的賭場業務表現強勢、未來全球體育賽事日程具吸引力，以及強化後、專注於執行與效率的領導團隊帶領下，Super Group已為2026年剩餘期間及更長遠的未來做好充分準備。

Operator, please open the call up for questions.

接線員，請開放提問。

(Operator Instructions) Michael Hickey, StoneX.

(接線員指示) Michael Hickey，StoneX。

Neal, Alinda, Ink, congratulations, guys, on a great 1Q. Two questions from us. Neal, just -- Alinda, on your 1Q performance here, obviously, a strong beat versus expectations. And the MAU growth was exceptional, plus 18%. I think you hit a record of USD6.5 million in March. So I guess how are you thinking about the decision here, Alinda, Neal, to reaffirm your guidance versus raising for the full year at this stage?

Neal、Alinda、Ink，恭喜各位第一季表現非常出色。我們有兩個問題。Neal，還有——Alinda，關於你們第一季的表現，顯然大幅優於市場預期。而且MAU成長非常亮眼，年增18%。我記得你們在3月創下650萬美元的紀錄。所以我想問的是，Alinda、Neal，你們如何看待在此階段選擇重申而非上調全年指引的決策？

Okay. Mike, thanks. So our guidance, as you know, was for revenue greater than USD2.55 billion and very importantly, EBITDA greater than USD680 million. So we are confident about those numbers when we told them to you in February.

好的。Mike，謝謝。如你所知，我們的指引是營收高於25.5億美元，而且非常重要的是，EBITDA高於6.8億美元。因此，當我們在2月向各位說明時，我們就對這些數字有信心。

Now after Q1, we remain confident. But this isn't the first time that we've outperformed, Mike, 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. We obviously are focused, as you know, on executing and delivering growth, and we're not finessing projections and guidance. It's really this simple.

現在在第一季之後，我們仍然有信心。但這也不是我們第一次在第一季超預期表現，Mike。我們從未在一年這麼早的階段上調指引。這不是我們在年初就會做的事。如你所知，我們顯然專注於執行與交付成長，而不是去微調預測與指引。就是這麼簡單。

And just to add to that, I think it's important also to note, we're just not in that beat and raise treadmill game, as you all know. We are tracking ahead of our expectations, and we're very encouraged by what we're seeing in the momentum, but we're only 25% into the year.

另外補充一點，我認為也很重要的是，如各位所知，我們並不玩那種「超預期就上調」的跑步機遊戲。我們的進度確實領先於預期，看到這股動能我們也很受鼓舞，但今年才過了25%。

Next question from us, just on the World Cup. You gave some great data here in your deck. It looks like 80% -- 88%-plus of your revenue generated from World Cup participating markets and 73% of your GGR from football. So obviously, it looks like World Cup here is shaping up to be a significant catalyst for you guys Q2, Q3. So how should we think about the potential uplift to both player activity and revenue during the tournament period? And then the follow-up, how should we think about the timing and scale of the cross-sell of these incremental players to casino, which, of course, would make this World Cup catalyst durable?

我們的下一個問題是關於世界盃。你們在簡報裡提供了一些很棒的數據。看起來你們有80%——甚至超過88%的營收來自世界盃參賽市場，而你們的GGR有73%來自足球。所以很明顯，世界盃看起來將成為你們第二季、第三季的重要催化劑。那麼在賽事期間，玩家活躍度與營收可能帶來的提升，我們應該如何看待？以及追問一下，我們應該如何看待這些新增玩家交叉銷售到賭場的時點與規模？當然，這會讓世界盃這個催化劑更具持續性。

All right. So I mean, listen, I love this data point that basically, and I thought a lot about this, that 40% of the countries we operate in are participating in the World Cup, and that represents almost 88% of our 2025 revenue. So what we will get is we're super confident about the engagement of our customers in these markets. We've obviously got strong product stability and enhancements we've done ahead of the tournament, and we're focusing on the scale and the customer experience, a bit different this World Cup to the 2022 World Cup.

好。我的意思是，聽著，我很喜歡這個數據點——我也想了很多——我們營運的國家中有40%會參加世界盃，而這些市場幾乎占我們2025年營收的88%。因此，我們對這些市場客戶的參與度非常有信心。我們顯然已在賽事前完成了強健的產品穩定性與功能強化，並且聚焦於規模與客戶體驗；這屆世界盃與2022年那屆有些不同。

The 2022 World Cup was played as it was in the winter months. It was played in November and December and at 64 matches. Because there are more teams in this year, it's now, as you know, June and July, it's 104 matches. So literally 63% more matches with more engagement. So for us, it's all about it's giving us the content for our customers.

2022年世界盃是在冬季舉行。是在11月與12月進行，共64場比賽。由於今年參賽隊伍更多，如你所知，賽事改在6月與7月舉行，總共104場比賽。也就是比賽場次實際上多了63%，帶來更多參與。所以對我們而言，重點在於為客戶提供內容。

And the first half of the competition, because there are 48 teams, there might be -- in our business, it's all about the favorites drawing or losing. So hopefully, let's see how the first half goes. So obviously, as they get into the knockout stages, which will be at the beginning of July, we will see what happens there. But again, it's about engagement in the sports and then the cross-sell into our casinos. And the cross-sell normally is like 60% to 70% into casino.

而在賽事前半段，因為有48支隊伍，可能會——在我們的業務裡，關鍵在於熱門隊伍是打平還是輸球。所以希望我們看看前半段會怎麼發展。當然，進入淘汰賽階段（將在7月初開始）後，我們會看到結果如何。但同樣地，重點在於體育端的參與度，然後再交叉銷售到我們的賭場。而交叉銷售到賭場的比例通常約為60%到70%。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

I want to stick just one follow-up on the guidance. Are you willing to comment on trends you've seen in April and May? I get the reason to reiterate this early in the year. But curious if you've seen any deceleration in the business or any trends or anything to really give you concern?

我想就指引再追問一個問題。你們願意評論一下4月與5月看到的趨勢嗎？我理解你們在年初這麼早重申的原因。但我好奇你們是否看到業務有任何放緩，或任何趨勢、任何事情會讓你們感到擔憂？

All right. So this quarter started off great. Obviously, in February, remember, quarter one had a big loss in February on one day when all the favorites basically won and our customers won. So -- but we haven't seen any deceleration. Remember, our guidance is greater than USD680 million. So we are confident about that. And remember, our business is 80% casino, stable, consistent, and we are annuity income on top of that every single day.

好。本季一開始表現就很強。顯然，記得在2月時，第一季在某一天出現了2月的大額虧損，因為幾乎所有熱門隊伍都贏了，我們的客戶也贏了。所以——但我們沒有看到任何放緩。記住，我們的指引是高於6.8億美元。因此我們對此有信心。而且記住，我們的業務有80%是賭場，穩定、一致，並且每天都能在此基礎上產生年金式收入。

Second question, just the UK tax effect went in effect recently here. What are you seeing in the market from your competitors? What have you done from a marketing, promotion, et cetera, standpoint and really nice quarter results and momentum, it seems like in that business despite that. But just curious for kind of an industry and company update there.

第二個問題，英國稅負影響最近已生效。你們從競爭對手那邊在市場上看到了什麼？你們在行銷、促銷等方面做了哪些調整？看起來儘管有這個影響，你們該業務本季的結果與動能仍然很不錯。但我想請你們就產業與公司層面提供一些最新情況。

Thanks for the question. We called out around 6% pre-mitigation of 2025 EBITDA as a hit is around a USD30 million hit. However, we are starting to pull multiple levers in order to mitigate that, as we said. We've obviously don't -- even with the April numbers already in effect, we haven't seen that massive impact because of operating leverage in the way we manage our marketing. So we feel in a confident position to see this through quarter two.

謝謝你的提問。我們提到過，若未採取緩解措施，2025年EBITDA約有6%會受到衝擊，約等於3,000萬美元的影響。不過，正如我們所說，我們正開始採取多項槓桿來加以緩解。顯然，即使4月的數據已經反映該措施生效，我們也沒有看到那麼巨大的影響，這得益於我們在行銷管理方式上的營運槓桿。因此，我們有信心在第二季把這件事處理好。

And also, we did call out that I would say it only kicked in on April 1, so we're only like a couple of weeks and five weeks in that the marketing rates will start coming down when everyone starts doing their numbers. They have to get used to this new world of taxes. And we -- and obviously, we have to be efficient. And that's part of our two segments being International and Africa and bringing International together has effectively given us this operating leverage.

另外，我們也提到過，我會說這項措施是從 4 月 1 日才開始生效，所以到現在我們大概才過了幾週、頂多五週；等大家開始做他們的數字時，行銷費率就會開始下來。他們必須適應這個新的稅務世界。而我們——顯然也必須提高效率。這也是我們把兩個分部定為「國際」與「非洲」，並將國際業務整合在一起後，實質上帶給我們的營運槓桿。

Bernie McTernan, Needham & Company.

Bernie McTernan，Needham & Company。

First, I just wanted to ask about the new breakdown in terms of EBITDA. Greatly appreciate being able to see Africa versus International. Alinda, can you just talk about the margin opportunity in Africa? Any -- maybe any thoughts on incremental margins just as the region continues to grow, how we should expect margins to scale with it? And then I have a follow-up.

首先，我想問一下關於 EBITDA 新拆分方式的問題。非常感謝能看到非洲與國際的區分。Alinda，你能談談非洲的利潤率機會嗎？是否——也許談談隨著該地區持續成長，增量利潤率方面的想法，我們應該如何預期利潤率隨之擴張？然後我還有一個追問。

Thanks for the question, Bernie. So it's -- I'm glad to be able to share that transparency now to the market to see what it brings us to Super Group, the difference between Africa and International. So it's not so heavily weighted. The expectation probably was that it's very heavily weighted towards Africa. Saying that that gives us the ability to have really strong possibility to still have that margin expansion.

謝謝你的問題，Bernie。所以——我很高興現在能把這樣的透明度分享給市場，讓大家看到這對 Super Group 的意義，以及非洲與國際之間的差異。因此它並不是那麼高度偏重。市場原本的預期可能是它非常偏向非洲。話雖如此，這也讓我們仍然有很強的可能性去實現利潤率擴張。

And we always do it in two kind of strategies. The one is our return on investment, how we make sure we -- the marketing that we spend in that jurisdiction is very localized. It's bespoke for that customers, and we see strong returns on that. And then secondly, our product mix is getting that product really fit for purpose for that local market, getting the pricing right. That really, really helps us with the expansion of not just in South Africa, but the rest of Africa, the margin, bottom line.

而我們一向是用兩種策略來做。第一是投資報酬率（ROI）：我們如何確保——我們在該司法管轄區的行銷支出非常在地化。它是為那些客戶量身打造的，我們也看到很強的回報。第二，我們的產品組合正在讓產品真正符合當地市場用途，把定價做對。這確實、確實幫助我們不僅在南非，也在非洲其他地區，在利潤率與最終獲利上實現擴張。

And then I can add, we've got huge cross-pollination between the international side of the business and the African side. And I think we really, in the last six months, have scaled that up from the call centers, same software to the risk and fraud to all of that. So we really are seeing super efficient costs coming through there. And also in Africa, we've been pushing on different sports, e-soccer, cricket, tennis, et cetera. So it's all coming together. And we also mentioned our trading. We are really getting stuck into the trading of all the various sports.

我再補充一下，國際端與非洲端之間有很大的交叉導入效益。我認為在過去六個月，我們已把這件事大幅擴大：從客服中心、同一套軟體，到風控與反詐欺，以及所有這些。所以我們確實看到非常高效率的成本效益在那裡顯現。另外在非洲，我們也在推不同的運動項目，像是電子足球、板球、網球等等。所以一切都正在整合到位。我們也提到我們的交易（trading）。我們真的在各種運動的交易上全力投入。

Understood. And then in the slide deck, it references Nigeria ramp-up underway to strengthen growth profile. What would success look like this year in Nigeria for you guys?

了解。另外，在簡報中提到「奈及利亞加速推進中，以強化成長輪廓」。對你們來說，今年在奈及利亞什麼樣才算成功？

I think that Nigeria is an interesting one. We've been on the ground there. It's super interesting. 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?

我認為奈及利亞是一個很有意思的市場。我們已經在當地落地運作。非常有趣。我想我們在非洲大陸看到的情況——也許以奈及利亞為代表——是整個國家表現好很多，貨幣的自由流通正在改善。所以我們必須——聽著——至少把那裡的業務規模翻倍、翻三倍，對吧？

So Nigeria, as you know, it's the largest population in Africa. 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.

奈及利亞如你所知，是非洲人口最多的國家。它的 TAM（可服務總市場）在成長，我們正在把產品做到位，而且同樣地，我們可以透過建置或併購來擴張，我們兩者都能做。所以這確實是我們最關注的重點之一。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Another great quarter. Just on the margin cadence between the two segments, how should we be thinking about that, particularly in the international margins? I know you have -- you've got the UK taxes and then you're launching Canada in July. So can you just give us a sense how we should be thinking about that? And then with Africa, should we expect revenue to grow faster than EBITDA over the medium term?

又是一個很棒的季度。關於兩個分部之間的利潤率節奏，我們應該怎麼看，特別是國際業務的利潤率？我知道你們——有英國稅負，然後你們會在 7 月於加拿大上線。所以你能否給我們一些方向，讓我們知道應該如何看待這件事？另外在非洲，中期來看，我們是否應該預期營收成長會快於 EBITDA？

Jed, great question. First of all, on the International side, the -- how we look at International is the continued customer momentum. So we -- our assumptions in the guide is definitely on organic growth assumption. There's no aggressive persistency assumptions made in there. But we're also making sure that we remain -- have that marketing discipline of around 22%.

Jed，問得很好。首先，在國際業務方面——我們看國際的方式是持續的客戶動能。所以——我們在指引中的假設，確實是以有機成長為前提。裡面沒有做任何激進的留存（persistency）假設。但我們也確保維持——行銷紀律大約在 22% 左右。

And then if we caveat then to Africa, that 22% of marketing as a guide towards the spend of revenue is much lower in Africa because of the jurisdiction and the localization of marketing. So that gives that ability for the EBITDA margin to grow as strong as the revenue market targets that we set for Africa. But the interesting thing here is that it's a very equal business. You have -- even though you have probably most of the scale of the growth of the customer base out of Africa, the revenue and the market -- the revenue and the EBITDA margin growth is very similar.

然後如果我們再補充到非洲，作為指引的行銷占營收支出 22% 在非洲會低很多，因為該司法管轄區的特性以及行銷在地化。因此，這讓 EBITDA 利潤率有能力隨著我們為非洲設定的營收市場目標一樣強勁地成長。但有趣的是，這是一個非常均衡的業務。你會看到——即使客戶基礎的成長規模可能大多來自非洲，但營收與——營收與 EBITDA 利潤率的成長其實非常相近。

And I could just add, and this is probably a point on Alberta. It's very different Alberta regulation to Ontario. Ontario was what we call the big bang approach. You had to move all your existing customers over on to the new software on day one before you could even market the new software.

我再補充一下，這可能是關於亞伯達省（Alberta）的一點。亞伯達省的監管與安大略省（Ontario）非常不同。安大略省採取的是我們所謂的「大爆炸」方式。你必須在第一天就把所有既有客戶移轉到新軟體上，之後你才能開始行銷新軟體。

In Alberta, you can market to the new software first and have a period of three months or so to be able to move your existing customers over. So that for us is a massive, massive difference. We tried for that in Ontario, but it didn't happen at the time, but now it can happen in Alberta.

在亞伯達省，你可以先行銷新軟體，並有大約三個月左右的期間，把既有客戶移轉過去。所以對我們來說，這是非常、非常大的差異。我們在安大略省曾嘗試爭取這樣的安排，但當時沒有成功；不過現在在亞伯達省可以做到。

And just as a quick follow-up. How should we view World Cup net win margins relative to your historical net win margins?

再快速追問一下。我們應該如何看待世界盃的淨贏率（net win margins）相對於你們歷史淨贏率的表現？

You've got to hope that the smaller teams like Haiti, et cetera, just draw with the bigger teams in the early rounds. Like, the early rounds might be a little bit hairy, but it doesn't matter because remember, it's all about if they win on those games, what happens on the next games and most importantly, what happens in our casino, so let's see.

你得希望像海地之類的小球隊，在前幾輪能跟大球隊踢成平手。像是前幾輪可能會有點驚險，但其實沒關係，因為記住，重點在於如果他們在那些比賽贏了，接下來的比賽會發生什麼，以及最重要的是，我們的賭場（casino）會發生什麼，所以就看看吧。

I think it's going to be interesting. We've never had these many teams. But I think on the plus side, you've got engagement with so many games. I said there's like 63% more games -- matches. It's actually unbelievable. So I think the audience and what we're going to have in our ecosystem should be really, really, really good.

我覺得會很有意思。我們從來沒有遇過這麼多支球隊。但我想正面的一點是，你會看到非常多比賽帶來的參與度。我說過大概多了 63% 的比賽——場次。這真的難以置信。所以我認為觀眾規模，以及我們生態系裡會出現的互動，應該會非常、非常、非常好。

On the cross-sell of 60% that you called out earlier, I think that's a big benefit as well.

關於你先前提到的 60% 交叉銷售，我認為這也是一個很大的好處。

Absolutely.

完全同意。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

Maybe I can start with a little bit of a follow-up on Jed's last question. I think in the past, your sportsbook margins have basically peaked at sort of an 18% to 19%-ish level, maybe a little bit higher. But I guess what I'm wondering is after you sort of fortified the sports trading and I think pricing, I'm paraphrasing, I guess, from the language in the presentation. But what I'm curious is, are book-friendly months potentially going to produce higher structural sports margins now on a go-forward basis?

或許我可以先針對 Jed 最後一個問題做個小小的追問。我認為過去你們的體育博彩毛利率基本上已經在大約 18% 到 19% 左右見頂，可能略高一些。但我想問的是，在你們強化了體育交易能力以及我理解為定價（我是在轉述簡報中的措辭）之後，我好奇的是，對莊家有利的月份，未來是否可能在結構上帶來更高的體育博彩毛利率？

A quick follow-up question would be on the leadership team comments that you guys put in the release. Sorry if you've already elaborated on this in the release or in the presentation. But if not, could you give us an update on sort of where you've made hires and where you believe you're sort of strengthening the overall business now?

另一個快速追問是關於你們在新聞稿中提到的管理團隊相關評論。如果你們已經在新聞稿或簡報中說明過，先說聲抱歉。但如果還沒有，能否請你們更新一下目前大致在哪些領域完成了招募，以及你們認為現在正在哪些方面強化整體業務？

All right. Okay. So firstly, on the sports margin, we obviously put out there that, that's the average of the two sportsbooks, International and Africa. But yes, as we fortify our pricing and the promotions we give in the sportsbook, we would think in months where favorites are not winning or drawing that we are seeing increased margin. That's absolutely -- that's for us, but our trailing 24-month average is almost at like 13% -- 13.1%. And that means Africa is higher and then international is a bit lower, but we've seen increases in international.

好。好的。首先，關於體育博彩毛利率，我們當然也已經說明，那是兩個體育博彩業務（國際與非洲）的平均值。不過是的，隨著我們強化體育博彩的定價與促銷策略，我們認為在熱門隊伍未能獲勝或打平的月份，我們確實會看到毛利率提升。這點完全正確——就我們而言，我們過去 24 個月的平均值接近約 13%——13.1%。這代表非洲較高、國際稍低，但我們也看到國際業務的毛利率有所提升。

When it comes to our leadership team, listen, for me and Alinda and actually all of us, even our Board, it's all about having the right people in the right seats and then you will create a super team. So we've appointed Kirsty Ross as our Chief Operating Officer. I mean, she was our Chief of Staff, but as Operations Officer, I think we are seeing huge, huge efficiencies. And then we've hired Justin Stock, who's been our external counsel and helped us deliver the business to where it is today. We've finally taken him in-house, and he is our Group Head of Commercial and M&A. So -- and of course, as you know, we've got Alon Ben-David as our CTO. So we really have a great team at the C-suite level of Super Group.

至於我們的領導團隊，聽著，對我、Alinda，以及其實我們所有人，甚至董事會而言，重點就是把對的人放在對的位置上，然後你就能打造一支超級團隊。我們已任命 Kirsty Ross 擔任營運長（COO）。她原本是幕僚長，但作為營運長，我認為我們看到了非常、非常大的效率提升。另外我們也聘請了 Justin Stock，他一直是我們的外部法律顧問，並協助我們把業務推進到今天的狀態。我們終於把他延攬到內部，他現在是集團商務與併購（M&A）主管。當然，如你所知，我們也有 Alon Ben-David 擔任 CTO。因此在 Super Group 的 C-level 層級，我們確實擁有一個很棒的團隊。

But then when you go into the rest of our companies, we are absolutely got great people there. And with the International and Africa being these two segments, we're bolstering all of this. But in order to grow and keep growing, it's about our people, it's about our platforms. It's about the tech that we're going to use, and we need the best of the best to help us make these decisions. And that's what we have done up till now and will take to the next level.

但再往下看我們其他公司，我們那裡也確實有很優秀的人才。而國際與非洲作為兩個業務分部，我們正在全面強化這些面向。不過要成長並持續成長，關鍵在於我們的人才、我們的平台，以及我們將使用的技術；我們需要最頂尖的人才來協助我們做出這些決策。這就是我們迄今所做的，也會把它提升到下一個層級。

Neal, if I can just follow up quickly. It's the goal of, I guess, some of that hiring activity to continue driving your corporate costs and the sort of corporate EBITDA that you've now itemized for us down? Or maybe it's something different? I guess I'm just curious what you're driving at.

Neal，如果我可以很快再追問一下。我想問的是，這些招募活動的目標，是否是為了持續推動你們的公司層級成本，以及你們現在已為我們拆分列示的公司層級 EBITDA 下降？還是其實是不同的目的？我只是好奇你們的著力點是什麼。

Both. I think it's definitely always to centralize the cost, not to go to so many third parties. Remember, our legal fees can be a lot, especially if you do M&A and other things. But with AI, et cetera, it's to definitely bring it down and be able to do much more volume based on our current cost base. So it's everything.

兩者都有。我認為確實一直都是要把成本集中化，不要依賴那麼多第三方。記住，我們的法律費用可能很高，尤其是在做併購（M&A）和其他事情時。但透過 AI 等等，確實是要把成本降下來，並在現有成本基礎上能夠處理更大的業務量。所以是全方位的。

But again, we've got to make the right decisions, and we have to make them with the best information we have. And for that, I need the best people around.

但再說一次，我們必須做出正確的決策，而且要用我們所掌握的最佳資訊來做決策。為此，我需要身邊有最優秀的人才。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Neal and Alinda, nice quarter. I wanted to start with the ZAR Supercoin adoption rate, kind of where this is, how it compares to your expectations? I know that you said in the slide deck, you have plans to roll it out further in the back half, but I just wanted to test your temperature on how this is going thus far.

Neal 和 Alinda，本季表現不錯。我想先從 ZAR Supercoin 的採用率談起，想了解目前進展如何、與你們的預期相比如何？我知道你們在簡報中提到，下半年計畫進一步推廣，但我想了解一下目前推進到現在的感受如何。

Okay. So remember, we did call out, we said it's going to take adoption. It's going to take time. And so obviously, we've done a beta now in South Africa. So it's gone quite well in terms of our beta, but it's only a beta. We are obviously getting the utility of the coin in there. But what we have to do is it's going to be a slow process to get them adopted.

好的。請記得，我們確實有提到，採用需要時間。這會需要時間。因此我們目前在南非已經做了 beta 測試。就 beta 的表現而言進展相當不錯，但它畢竟只是 beta。我們當然也在其中導入這個幣的使用場景（utility）。但我們必須做的是：要讓它被採用，會是一個緩慢的過程。

But for us, it's not only about the Supercoin, it's also about the processing fees. Remember, to remind everyone in Africa, our single biggest after-tax expense are these processing fees, especially on the sportsbook where depositing in, cashing out, redepositing in, this in and out of the same money costs a lot of money. So that ecosystem, we are getting right. And we're just going to be patient with the ZAR Supercoin and see how it goes.

但對我們而言，不只是 Supercoin 本身，也關乎處理手續費。提醒大家，在非洲，我們稅後最大的單一費用就是這些處理手續費，尤其是在體育博彩上，入金、出金、再入金，同一筆資金這樣進進出出會花很多錢。所以我們正在把那個生態系建構到位。而對於 ZAR Supercoin，我們會保持耐心，看看進展如何。

In other markets, we obviously will bring it there once we've seen how it works in South Africa and there's different legislations. Obviously, we also have the legislations in other 7 markets in Africa, and we hope to bring it there as soon as we get this part right in South Africa. That's very encouraging. It's something new. It's new for the consumer. So let's see how we go. But something that was new a year ago is normal now. So that's kind of what we base it on.

在其他市場，一旦我們看到它在南非的運作方式，我們當然也會把它帶到那些市場；而且各地法規不同。顯然，我們在非洲另外 7 個市場也有各自的法規，我們希望一旦把南非這部分做好，就能盡快推廣到那些市場。這是非常令人鼓舞的。這是新事物。對消費者而言也是新的。所以讓我們看看進展如何。但一年前還很新的事，現在就已經變得很正常了。所以我們大致是以此作為判斷基礎。

That's great. And then with respect to the M&A environment, obviously, strong Q1. You're tracking at least ahead of expectations for the year, USD400-plus million of cash on the balance sheet. How are you thinking about M&A opportunities given your position of strength?

很好。接著關於併購（M&A）環境，第一季表現強勁。你們目前的進度至少領先全年預期，資產負債表上有超過 4 億美元的現金。在你們具備優勢地位的情況下，你們如何看待併購機會？

Thanks for the question. We still -- as we've always been highly selective on what we pursue, we don't need M&A to hit our plan. 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. And it's supposed to be a bolt-on to improve our business overall if we pull the trigger on something.

謝謝你的問題。我們仍然——一如既往——對我們要追求的標的非常挑剔；我們不需要靠併購來達成我們的計畫。我們的計畫是建立在持續的有機成長之上。如果有合適的機會、而且價格也合適，那就只是額外的加分。如果我們決定出手，它應該是一個補強型（bolt-on）的交易，用來整體提升我們的業務。

We're also looking at vertical opportunities such as improving technology product or maybe marketing efficiencies. But 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.

我們也在尋找垂直領域的機會，例如提升科技產品或許還有行銷效率。但從長期來看，總是會有一些我們正在評估的選項。而且我們的資產負債表也具備相應的條件。所以在以合適的價格出現合適的機會之前，我們會保持紀律。

And I said -- and I always say to Alinda, we always say to each other, we are not overpaying for stuff. If it makes sense, we'll do it. And I think as we've got a facility, I think you've seen lots of our competitors have acquired over the last 5 or 10 years. And when you laden with debt after that, these businesses have to perform. So we still got 75% free cash flow because that's what we do. So 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.

我說過——而且我也一直跟 Alinda 說，我們彼此也常這麼說：我們不會為任何東西付出過高的價格。如果合理，我們就會做。而且我想，既然我們有融資額度，你也看到過去 5 到 10 年很多競爭對手都做了收購。而當你在那之後背負大量債務時，這些業務就必須得表現出色。所以我們仍然有 75% 的自由現金流，因為這就是我們一貫的做法。所以如果我們找到合適的標的，我們會做。但我們不會付出過高的價格，這也不是我們一直以來的經營方式。

Matt Weber, Canaccord Genuity.

Matt Weber，Canaccord Genuity。

Congrats on the strong quarter. I just wanted to ask if there was any update you could share on the Apricot transaction and just maybe more broadly how that transaction is framing your key product initiatives for the balance of the year? And then relatedly, could you, just given AI is the topic du jour of every earnings call, could you maybe just touch on what you're doing there in that space?

恭喜本季表現強勁。我想問一下，關於 Apricot 交易是否有任何最新進展可以分享？以及更廣泛地說，這筆交易如何影響你們今年剩餘時間的核心產品推進方向？另外，既然 AI 是每場財報電話會議的當紅話題，你能否也談談你們在這個領域正在做些什麼？

Okay. So the Apricot, we finally closed the transaction at the end of February. We've got all the IP. So the sportsbook finally is owned by us. So we're very happy about it. We've done the progress of moving all the development resources that support the sportsbook. They're now becoming part of our team. Expect over 100 people or even more to move over to Super Group, be part of our structures, how we work, what we do. So we're really starting to see overall realized cost savings will obviously come over time.

好的。關於 Apricot，我們終於在 2 月底完成交易交割。我們已取得所有 IP。因此，體育博彩平台最終由我們持有。所以我們非常高興。我們已推進將所有支援體育博彩平台的開發資源移轉。他們現在正成為我們團隊的一部分。預計會有超過 100 人甚至更多轉到 Super Group，納入我們的組織架構、工作方式與流程。因此，我們確實開始看到整體已實現的成本節省，當然會隨時間逐步體現。

But for us, it's about the product. That's near our product teams here. The teams are together. And I think we've seen that with the global Betway Sportsbook. We've improved speed, flexibility, efficiencies. So there's lots to come there. We really are pushing, pushing hard. And since we've exited the US, I've got these teams not having to worry about the 8 states in the US, we can worry about all the markets that we're currently in.

但對我們而言，重點在產品。這與我們這裡的產品團隊密切相關。團隊已經整合在一起。我想我們在全球 Betway Sportsbook 上已經看到成果。我們提升了速度、彈性與效率。所以後續還有很多可期待的。我們確實在推進、非常用力地推進。而且自從我們退出美國後，我讓這些團隊不必再為美國 8 個州分心，我們可以專注於目前所在的所有市場。

And then just on your follow-on question on AI, I think it's front of mind for everyone. It's definitely at the moment for us to tools that initiatives that we use for risk and fraud management. There is definitely some elements being used in development and allowing us to be more efficient and more faster in deploying certain parts of our development in our businesses. It's definitely starting to have a big impact even on my world in finance and how we reconcile and look at accounts and disclosures. So it's definitely all in all, enhancing efficiencies, but we have to be disciplined.

至於你後續關於 AI 的問題，我想這是大家都非常關注的。就我們目前而言，AI 主要用於風險與詐欺管理的工具與專案。在開發方面也確實有一些元素正在使用，讓我們在部署業務中某些開發部分時更有效率、速度更快。它甚至也開始對我在財務領域的工作產生很大影響，例如我們如何對帳、檢視帳戶與揭露資訊。所以整體而言，它確實在提升效率，但我們必須保持紀律。

We are working closely with Alon, our CTO, is taking the lead on making sure there's a custodian that creates the boundaries around this so that we are disciplined around it. But major impacts, I think the only thing we know is that it's changing fast.

我們正與 Alon 密切合作，我們的 CTO 由他主導，確保有一個管理機制來建立相關邊界，讓我們在這方面保持紀律。但就重大影響而言，我想我們唯一確定的是：它變化非常快。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

This is Isabelle Slavin on for Jordan Bender. We just want to ask about Europe. What drove the outperformance there? And do you expect this to continue throughout the year?

我是代替 Jordan Bender 的 Isabelle Slavin。我們想問一下歐洲的情況。是什麼驅動了那邊的超預期表現？你們預期這種趨勢會在全年持續嗎？

So I think Europe, again, as we exited the country that we didn't see a path to profitability, US being one, Belgium, Italy, et cetera, we focus on the UK, Spain, Ireland. And so if you take the UK as an example, as we're dropping more product enhancement, the brand is well known.

我想歐洲方面，同樣地，當我們退出那些看不到獲利路徑的國家——美國是一個例子，還有比利時、義大利等等——我們就把重心放在英國、西班牙、愛爾蘭。以英國為例，隨著我們推出更多產品強化，品牌也已廣為人知。

We are seeing the stickiness of our customers. Our marketing has been really driving record acquisitions because finally, the Betway product is now competing head on with our major competitors there. Same with Spain. We've got focus to casino. We've got new stuff happening there, Ireland as well. So it's all about the front office being the product and our brilliant back office coming together.

我們看到客戶黏著度提升。我們的行銷也在推動創紀錄的新增獲客，因為 Betway 產品終於能在當地與主要競爭對手正面競爭。西班牙也是一樣。我們聚焦在賭場業務。那邊也有一些新進展，愛爾蘭亦然。所以這一切都在於前台的產品與我們出色的後台整合到一起。

And then in Africa, we have got a brilliant product, and we've got a back office, and we're improving the back office to make it as good as the international side. And if we get all of those two worlds working, that's when you see nirvana. And that's where you see our retention rates, et cetera, going -- increasing.

而在非洲，我們有很棒的產品，也有後台系統；我們正在改善後台，讓它能達到與國際業務同樣的水準。當這兩個世界能夠協同運作時，你就會看到理想狀態。也就是你會看到我們的留存率等等持續——提升。

And there are no further questions. I will now turn the call back over to Neal Menashe for closing remarks.

目前沒有其他問題。我現在把電話交回 Neal Menashe 作結語。

So thank you, everyone, for joining today's call. We are really proud of our teams across the globe and their super performance this quarter. We are very encouraged by the momentum we have built early in the year, and we will speak to you again soon. Thank you.

所以謝謝各位參加今天的電話會議。我們為全球各地團隊以及他們本季的卓越表現感到非常自豪。我們對年初建立起來的動能感到非常振奮，也會很快再與各位交流。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。