Super Group CEO Neal Menashe revealed the company plans to target growth in Nigeria as it looks to continue its strong performance in Africa.
On Tuesday, Super Group released its Q1 earnings for the three-month period ending 31 March, with all-time highs across revenue, monthly active customers, deposits and wagers.
On a post-earnings analyst call, Menashe said he had recently spent time working with the operator’s team in Nigeria, giving him confidence in Super Group’s plans for the market.
“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,” Menashe said.
“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?”
According to Menashe, Super Group could look to conduct M&A to strengthen its offering in Nigeria.
Nigeria has for some time been a priority market for Super Group, with the company last year outlining plans to secure a podium position in the market. Of its eight African markets, Nigeria is currently the only one in which Super Group doesn’t sit within the top three operators.
“Nigeria has the largest population in Africa,” Menashe continued. “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.”
M&A only at the right price for Super Group
At the close of Q1, Super Group held cash and cash equivalents of $422 million, raising the question of whether the company could look to get involved in M&A activity.
But while Super Group is open to M&A, Menashe said the company will only take steps to do so if it makes business sense.
“We are not overpaying for stuff,” Menashe explained. “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 Super Group doesn’t necessarily need M&A to achieve its targets.
“We’ve always been highly selective on what we pursue,” Van Wyk commented. “[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 posts record Q1 as Africa delivers ‘excellent’ quarter
Super Group’s Africa focus led it to a record-breaking quarter in Q1.
Group revenue rose 18.4% year-on-year from $517 million to $612 million, while adjusted EBITDA rocketed 36.9% to $152 million.
Those record results left Super Group with a Q1 net profit of $86 million, again a significant increase on the $59 million posted in the same quarter of 2025.
Q1 earnings also marked the first in which Super Group split out its revenue into Africa and International segments, the former of which was the company’s key success story in the first quarter of 2026.
Africa revenue soared to $267 million from $201 million, with iGaming performance particularly strong as revenue rose 40.7% to $190 million. Meanwhile, sportsbook revenue increased to $77 million from $66 million.
Menashe said Africa had “delivered another excellent quarter” in Q1, with the company’s overall performance laying the groundwork for continued success.
“Our performance reflects the strength of our strategy, the power of our brands and the discipline of our team,” Menashe said.
“With a highly stable casino business, fortified sports trading capabilities ahead of the World Cup and strong momentum across regions, we believe that Super Group is well positioned for the remainder of 2026.”
World Cup a key opportunity to cross-sell
Menashe’s expectation of a strong World Cup comes with 88% of Super Group’s FY2025 revenue coming from markets with national teams playing at the World Cup.
Super Group is “super confident” about the engagement from those markets with the tournament, especially with the product improvements made ahead of it getting underway in June.
Menashe revealed the cross-sell from sports betting into casino during major tournaments is typically between 60% and 70%, providing a major opportunity with the number of World Cup games increasing from 64 games to 104 for this year’s edition.
With the rise in the number of teams, Menashe warned the early rounds could be tricky for Super Group due to potential mismatches, although he said it should ease later on.
“The early rounds might be a little bit hairy, but it doesn’t matter, because it’s all about if they win on those games, what happens on the next games and, more importantly, what happens in our casino,” Menashe said.
“I think 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.”
Super Group reiterates FY2026 guidance
After a strong Q1, Super Group reiterated its FY2026 guidance of revenue exceeding $2.55 billion and an adjusted EBITDA over $680 million.
On the post-Q1 earnings call, Menashe was asked about the decision to reaffirm, rather than raise, the FY2026 guidance after Super Group’s strong start to the year.
Menashe backed the decision to reaffirm the guidance, stating: “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.”
Kyle Goldsmith
Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.
Original article: https://igamingbusiness.com/finance/quarterly-results/super-group-prioritising-nigeria-growth-strong-q1/
