Sun International Limited (SVUFF) Q2 2026 Earnings Call Prepared Remarks Transcript

Ulrik Bengtsson
CEO & Executive Director

Good morning, everyone, and welcome to the beautiful and transformed Table Bay Hotel and Sun International’s 2026 Interim Results Presentation. In the first half of 2026, we delivered results at the upper end of our expectations with 7.4% revenue growth. This was driven by a standout performance from our land-based casinos, which returned to growth for the first time in 3 years, together with over 35% growth from our Sunbet business. We are very encouraged by the trajectory we’re on, particularly in our land-based casino business, reflecting strong execution and sound investment decisions.

While we remain early in the stages of our 5-year value creation plan, and there is now clear evidence that our initiatives and operational improvements we have put in place are working and are delivering tangible results, we also recognize that there is more work to be done, and we have initiated multiple productivity initiatives, which we expect to see results from in 2027.

Importantly, adjusted EBITDA growth accelerated in the seasonally weaker first half relative to the first half of 2025, even with the deliberate investment we have made in technology, capabilities, customer acquisition and market share gains. The near-term EBITDA margin impact reflects our current investment phase, while the initiatives are intended to support stronger operating leverage over time. The strong performance in the period has enabled us to increase our interim dividend by 7.6% to ZAR 1.85.

The operating environment was challenging in the period. Geopolitical uncertainty, together with inflationary pressures and elevated cost of living, means that discipline and execution remain crucial for the business. However, megatrends such as digitalization, demand