Sun International (SUIJ) said group revenue rose 7.4% year‑over‑year in the first half of 2026, driven by strong performance across its SunBet online gaming platform and a modest rebound in land‑based casino revenue.
Adjusted EBITDA increased 2% to roughly ZAR 1.6 bn, delivering a 24.1% margin. The interim dividend was lifted 7.6% to ZAR 1.85 per share. Net debt stood at 1.6 times adjusted EBITDA and interest coverage was 8.3 times. Available liquidity was ZAR 1.8 bn, while free‑cash‑flow conversion reached 47.1%, below the medium‑term target range of 55%–60%. Capital was deployed at ZAR 492 m during the period.
SunBet posted revenue of ZAR 1.2 bn, up 35.5% and contributing 18% of total group revenue and 24% of adjusted EBITDA. Adjusted EBITDA for SunBet climbed 42.1% to ZAR 415 m. Unique active player days rose 32.3% and first‑time depositors increased 17.5%.
Land‑based casino revenue grew 1.5% to ZAR 3.4 bn, marking the first growth in three years, with gross profit of ZAR 2 bn and the installation of 876 new slot machines and stadium‑gaming products.
Hospitality revenue rose 7.7% to ZAR 1.3 bn, with gross profit up 9.9% to ZAR 570 m. Net average daily rates increased 7.4% and Sun City income was up 9.9%.
SunSlots income slipped 0.4% to ZAR 698 m, and adjusted EBITDA fell 8.1% to ZAR 148 m, affected by anti‑illegal‑immigration protests, temporary site closures and weaker execution in the Western Cape.
The company's share price gained 2.85% to $4,939, though it closed the day at ZAR 4,647, down 3.23% in local trading. The price remains about 13.4% below its 52‑week high of $5,665 and roughly 36.3% above its 52‑week low of $3,619.
Management said H2 trading started strongly, with revenue already tracking ahead of the guidance range of 6%–8% growth. The firm is rolling out a new proprietary SunBet interface in South Africa and Botswana, the first in‑house technology component for the platform, and has made around 150 key appointments under the "The Sun Edge" program to bolster technology, data and operational execution.
CFO Norman Gilson announced he will step down on January 1, 2027, after overseeing the current capital deployment strategy.
