Sun International (JSE: SUI) posted a 7.9% increase in adjusted headline earnings per share to 247 cents for the six months ended 30 June 2026. Total income rose 7.4% to R6.6 billion, excluding the Table Bay Hotel, and the interim dividend was kept at 185 cents per share, representing 75% of earnings.
Adjusted EBITDA grew 2.0% to R1.6 billion, though the margin fell 1.3 percentage points to 24.1%. Net debt stood at 1.6 times adjusted EBITDA, within the company’s 2.0‑times target, while available liquidity was R1.8 billion. Capital expenditure reached R478 million, of which R88 million went to major refurbishments and R390 million to gaming equipment and technology. The firm completed the first year of its share‑buyback programme, repurchasing 2% of its December 2025 issued share capital for R256 million.
Online gaming under the Sunbet brand delivered the strongest performance. Income from Sunbet climbed 35.5% to R1.2 billion and adjusted EBITDA surged 42.1% to R415 million, accounting for 24% of group EBITDA. Unique active player days rose 32.3% to 5.1 million and first‑time depositors increased 17.5% to 330,000. Gross gaming revenue from online operations grew 43.2%, lifting Sunbet’s share of total group income to 18% from 14%.
Land‑based casino income edged up 1.5% to R3.4 billion, with gross gaming revenue up 4.4%. The segment invested R255 million in gaming capital, more than double the prior year, and added 876 new slot and stadium games, raising its market‑share to 49.0%. Casino operations contributed 52% of total income, down from 54%.
The hospitality arm recorded a 7.7% rise in revenue to R1.3 billion and a 9.9% increase in gross profit to R570 million. Sun City’s income grew 9.9% to R1.1 billion and average daily room rates rose 7.4%. Hospitality’s share of total income fell to 19% from 21%.
Sun Slots, the limited‑payout machine business, posted R698 million in revenue, a marginal 0.4% decline, and adjusted EBITDA fell 8.1% to R148 million, maintaining an 11% contribution to group income across 5,079 machines at 885 sites.
Cash flow from operations reached R1.6 billion, but free‑cash‑flow conversion was 47.1%, below the 55‑60% target range. The company recorded R265 million in proceeds from non‑core asset disposals, including the sale of its Sibaya shareholding and Swaziland operations.
Looking ahead, Sun International reaffirmed its 2030 strategic targets: 6‑8% revenue CAGR, an adjusted EBITDA margin of about 29%, ROIC above 20% (17.5% in H1), and free‑cash‑flow conversion of 55‑60%. The firm projects full‑year capital spending of R900 million to R1.2 billion and plans to invest roughly R800 million in its value‑creation plan.
Following the results presentation on 7 September 2026, Sun International’s share price rose 1.87% to 4,892 rand, within a 52‑week range of 3,619 to 5,665 rand.
