Wrap Text
Audited Financial Results and Final Ordinary and Special Dividend Declarations for the year ended 31 December 2025
Sun International Limited
(Incorporated in the Republic of South Africa)
Registration number: 1967/007528/06
Share code: SUI
ISIN: ZAE000097580
LEI: 378900835F180983C60
("Sun International" or "the company" or "the group")
AUDITED ANNUAL FINANCIAL RESULTS AND FINAL CASH ORDINARY AND SPECIAL DIVIDEND DECLARATIONS FOR THE YEAR ENDED 31 DECEMBER 2025
2025 HIGHLIGHTS
SALIENT FEATURES
- Group income, excluding the Table Bay Hotel ("TBH"), up 7.1% to R12.9 billion.
- Group income, including TBH, up 3.2% to 13.0 billion.
- Robust balance sheet: net debt to adjusted EBITDA of 1.5x.
- Earnings per share ("EPS") down 12.7% to 667 cents per share (cps) (2024: 764 cps).
- Headline earnings per share ("HEPS") up 38.7% to 692 cps (2024: 499 cps).
- Adjusted headline earnings per share ("AHEPS") up 6.4% from 531 cps to 565 cps.
- Final cash ordinary dividend of 252 cps declared, bringing total cash ordinary dividend up 6.5% for the full year ("FY"), to 424 cps (2024: 398 cps).
- Cash special dividend of 100 cps, totalling R256 million (2024: Rnil).
OPERATIONAL HIGHLIGHTS
- Strengthened executive team through key senior appointments.
- Sunbet performance: fourth consecutive year of continuing strong income and growth across all key metrics.
- Continuing market share gains across our land-based casino portfolio following the launch of product, people and operational execution initiatives
in the second half of the year ("H2").
- Sun International land-based casino market share increased by 0.6% to 46.0%, with land-based casinos outperforming the broader market decline.
- Resorts and hotels improvement, excluding TBH: food & beverage and rooms revenues grew by 6.9% for FY2025.
- Sun Slots: successful rollout of Type B licence sites in the Western Cape, as business continued to grow, with income up 1.8% in H2.
- Responsible gambling leadership: Continued collaboration with South African Responsible Gambling Foundation (SARGF), and establishment
of the Betting Operator Council (BOC).
Statement from the Chief Executive, Ulrik Bengtsson:
PERFORMANCE
2025 was a transition year during which we made progress towards realising our ambition to become a digitally-led, market leading, omnichannel gaming
company of scale. During H2, we assessed the company's potential and operational capabilities and agreed a five-year value creation plan with the
board. This plan will be outlined at our Capital Markets Day event later today.
In H2, Sun International delivered a solid performance broadly in line with growth achieved in the first half of 2025 ("H1"). Sunbet saw robust growth,
with an increase in H2 income of 79.8% compared to 2024. Active player days increased by more than 70%, demonstrating that underlying customer
activity is supporting this growth momentum.
Our 2025 land-based casino performance was significantly ahead of the market as a result of optimisation initiatives implemented on Tables and Slots.
Our gross gaming revenue (GGR) on a comparable basis declined by 2.6%, but outperformed the rest of the market (which fell by 6.3%), resulting in a
0.6% increase in market share to 46.0%. In particular, we saw a positive performance in the last quarter of the year where we grew GGR by 4.0%, our
highest growth rate since Q2 2023 against a continued market decline.
Sun Slots delivered another strong half, with income growth of 1.8% again underscoring the long-term resilience of this business and product.
We are also starting to see a return on our investment at Sun City, and the resort had a good H2, benefiting from a material uplift in gaming and
hospitality revenues compared to H1.
CAPABILITIES
We made several key appointments during the second half of the year to strengthen our capabilities. Leslie Peters joined as Chief Technology and
Product Officer from Games Global, where he was Chief Technology Officer. Mark Sergeant, previously Group Managing Director at Genting Casinos in
the UK, was appointed Chief Operating Officer ("COO") for Gaming. Nomzamo Radebe joined us as COO of Hospitality from SA Corporate Real Estate
Ltd, where she served as COO. These new appointments significantly improve our capabilities as we embark on the next chapter of Sun International.
TECHNOLOGY
As part of our vision to be a digitally-led organisation, significant work has gone into building our digital and technology capabilities. Leslie Peters has
made several key appointments in this area, and we have started to build our next generation technology stack. This technology will unlock value,
improve decision-making, and support strategic priorities across the organisation.
OUTLOOK
2026 has started well across the group and we are making good progress on our value creation plan, and green shoots have emerged which confirm
that our strategy is gaining traction. The 2026 year-to-date income growth for the group, excluding TBH, is in line with H2 2025.
Overview
The group's continuing income increased by 3.2% to R13.0 billion compared to the financial year ended 31 December 2024 ("the prior year" or "the
comparative year"). Excluding the impact of the TBH lease cessation, group continuing income increased by 7.1%. Group adjusted EBITDA declined by
1.7% to R3.4 billion. Excluding the impact of the TBH lease cessation, group continuing adjusted EBITDA rose by 2.8%. The group's adjusted headline
earnings grew by 6.0% to R1.4 billion, translating to adjusted headline earnings of 565 cents per share, a 6.4% increase on the prior year.
The group has continued to demonstrate strong cash generation capability across its diversified portfolio and remains in a strong financial position. Net
debt (excluding IFRS 16 lease liabilities) reduced to R5.0 billion from R5.2 billion at 31 December 2024. This is after taking into account the payment of
the 2024 final net dividend, the 2025 interim net dividend and the share buybacks, all totalling R1.1 billion. Net interest costs declined by 19.0%
year-on-year, reflecting both lower average debt levels and a more favourable interest rate environment. During the year, the group successfully
refinanced its debt facilities, achieving a pleasing 2 times oversubscription from lenders at attractive pricing. As part of this refinancing, covenant
headroom was maintained at prudent levels, with agreed thresholds of net debt to adjusted EBITDA below 2.5 times and interest cover in excess of 3.0
times, reinforcing the group's balance sheet strength and financial flexibility.
Sun International's approach to capital allocation involves carefully balancing investment in the business, returns to shareholders, and prudent capital
management:
- Prudent balance sheet management: The group targets a net debt to adjusted EBITDA ratio below 2.0 times, preserving financial flexibility and
balance sheet resilience.
- Share buybacks: during the prior year, a share buyback programme was implemented as part of the group's capital allocation framework. In line with
this programme, the group repurchased 2.5 million ordinary shares for a total consideration of R100 million, at an average repurchase price of
R40.65 per share. The repurchased shares were cancelled and restored to authorised share capital. The buyback was executed within the group's
solvency and liquidity parameters and reflects management's disciplined approach to capital allocation and commitment to enhancing
shareholder value.
- Favourable returns to shareholders: A consistent dividend policy of distributing 75% of adjusted headline earnings per share to shareholders.
The board has in respect of the financial year ended 31 December 2025 declared a final gross cash ordinary dividend of 252 cents per share,
totalling R644 million.
In addition to the final gross cash ordinary dividend, the board has declared a gross cash special dividend of 100 cents per share, totalling R256 million.
Final cash ordinary and special dividend declarations
Notice is hereby given that the board has declared a final gross cash ordinary dividend of 252 cents (201.60000 cents net of dividend withholding tax)
for the year ended 31 December 2025 being a 6.3% increase on the prior year's 237 cents, payable to shareholders recorded in the register of the
company at the close of business on the record date appearing below. The ordinary dividend has been declared from cash reserves and therefore does
not constitute a distribution of 'contributed tax capital' as defined in the Income Tax Act, 58 of 1962. A dividend withholding tax of 20% will be
applicable to all shareholders who are not exempt.
In addition to the final gross cash ordinary dividend referred to above, the board has declared a gross cash special dividend of 100 cents (80.00000
cents net of dividend withholding tax) (2024: nil) for the year ended 31 December 2025, payable to shareholders recorded in the register of the
company at the close of business on the record date appearing below. The special dividend has been declared from cash reserves and therefore does
not constitute a distribution of 'contributed tax capital' as defined in the Income Tax Act, 58 of 1962. A dividend withholding tax of 20% will be
applicable to all shareholders who are not exempt. Application has been made to the exchange control division of the South African Reserve Bank
("SARB") for approval of the cash special dividend. Once received, the finalisation information pertaining to the payment of the cash special dividend will
be communicated to shareholders.
The issued share capital at the declaration date of both the final cash ordinary and special dividends is 255 720 883 ordinary shares. The expected
salient dates in respect of the final cash ordinary and special dividends will be as follows:
Declaration date Monday, 16 March 2026
Last date for finalisation announcement to be published on SENS by 11:00* Friday, 27 March 2026
Last day to trade cum dividend Tuesday, 7 April 2026
Shares commence trading 'ex' dividend Wednesday, 8 April 2026
Record date Friday, 10 April 2026
Payment date Monday, 13 April 2026
*Salient dates and times pertaining to the special dividend are subject to change depending on the receipt of SARB approval.
Share certificates may not be dematerialised or re-materialised between Wednesday, 8 April 2026 and Friday, 10 April 2026, both days inclusive.
Ordinary shareholders who hold dematerialised shares will have their accounts at their CSDP or broker credited or updated on Monday, 13 April 2026.
Where applicable, dividends in respect of certificated shares will be transferred electronically to shareholders' bank accounts on the payment date.
Where the transfer secretaries do not have the banking details of any certificated shareholders, the cash dividend will be held in trust by the transfer
secretaries pending receipt of the relevant certificated shareholder's banking details after which the cash dividend will be paid via electronic transfer into
the personal bank account of the certificated shareholder.
Sun International's tax reference number is 9875/186/71/1.
Directors' responsibility
This short-form announcement has been prepared in compliance with the JSE Limited Listings Requirements and is the responsibility of the board of
directors of Sun International.
This short form announcement is a summarised version of the full announcement in respect of the annual results for the year ended 31 December 2025
and as such, it does not contain full details pertaining to the company's annual results. The full announcement can be found on the company's website:
www.suninternational.com/investors and on the JSE's website at: https://senspdf.jse.co.za/documents/2026/jse/isse/SUI/FY2025.pdf
Any investment decisions should be made based on the full announcement.
This announcement is extracted from audited results but is itself not audited. The auditors, Deloitte & Touche, have audited the group financial
statements and their unmodified audit opinion along with the group audited financial statements are available for inspection at the company's registered
office and are also available on Sun International's website at www.suninternational.com/investors. Alternatively, a copy can be obtained from N Titus at
investor.relations@suninternational.com.
The company's external auditor has not audited or reported on any forecasts included in the audited summary group financial results or this
announcement.
Presentation
There will be an investor presentation pertaining to Sun International's annual financial results made available on the Company's website at
https://corporate.suninternational.com/investors. This will be uploaded on the Company's website at around 08h00 this morning.
Capital Markets Day
Sun International will host a capital markets day, today, Monday, 16 March 2026 at 13h00 and following the release of the group's annual financial
results. All queries related to the event can be directed to investor.relations@suninternational.com. The investor presentation pertaining to the capital
markets day will be made available on Sun International's website https://corporate.suninternational.com/investors/presentations/ immediately prior to
the start of the event.
Forward Looking Statements
This announcement and/or any other documents forming part of the year end results presentations contain forward-looking statements. All statements,
other than statements of historical facts, including, among others, statements regarding our strategy, future financial position and plans, objectives,
projected costs, anticipated cost savings, financing plans and projected levels of growth in the communications markets, are forward-looking statements.
Factors that could cause our actual results or outcomes to differ materially from our expectations include, but are not limited to, those risks identified in
Sun International financial reports available at www.suninternational.com.
Sun International cautions readers not to place undue reliance on these forward-looking statements. Any forward-looking information disclosed in this
announcement and/or any other documents forming part of the 31 December 2025 year end results presentations have not been reviewed, audited, or
otherwise reported on by our independent external auditors.
Directors
Non-executive
S Sithole (Chairman), GW Dempster (Lead Independent Director), CM Henry, SN Mabaso-Koyana, MLD Marole, TR Ngara, NT Payne*, ZP Zatu Moloi
*British
Executive
RU Bengtsson# (Chief Executive), N Basthdaw (Chief Financial Officer)
#Swedish
Group Company Secretary
AG Johnston
Enquiries
Investor Relations
Nwabisa Titus
Tel: +27 82 800 7721
Email: investor.relations@suninternational.com
16 March 2026
Sponsor
Investec Bank Limited
Date: 16-03-2026 07:55:00
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