Sun International reported a 7.4% rise in group income to R6.6bn for the six months to 30 June 2026, with adjusted ebitda up 2% to R1.6bn. Chief executive Ulrik Bengtsson said the result sat at the upper end of internal expectations. Trading from 1 July to 31 August has run ahead of the group’s 6–8% full-year revenue guidance.
The main driver was SunBet. Online income rose 35.5% to about R1.18bn–R1.2bn, against national online gaming growth of roughly 19%. Analysts now put the platform at about 18% of group revenue and 24% of ebitda. Active player days increased 32.3% and first-time depositors 17.5%. Growth still comes mainly from slots and casino games among existing customers, though sports betting has begun to add volume.
Sun International Appoints New CFO
Land-based casinos returned to growth for the first time in three years. Income rose 1.5% to R3.4bn and the group’s share of the casino market climbed 2.3 percentage points to 49%, after spending on new slots, stadium games, tables and marketing. Those properties, including Sibaya, Carnival City, Meropa and Wild Coast Sun, still supplied 51.9% of group income. Gross gaming revenue across the group rose 4.4%.
| Measure (H1 to 30 June 2026) | Result |
|---|---|
| Group income | R6.6bn, +7.4% |
| Adjusted ebitda | R1.6bn, +2% |
| Adjusted HEPS | 247c, +7.9% |
| Interim dividend | 185c, +7.6% |
| SunBet income | about R1.2bn, +35.5% |
| Land-based casino income | R3.4bn, +1.5% |
| Casino market share | 49% (+2.3pp) |
| Sun City income | +9.9% |
| Hospitality revenue | about R1.3bn |
| H1 capex | R492m |
| Share buy-back | 5.1m shares for R256m |
Hospitality revenue was reported at about R1.3bn. Business Day cited 7.7% growth; iGaming Business put the comparable figure, excluding Table Bay Hotel now run for IHG, at 2.8%. Occupancy slipped 0.4% after cancellations linked to Middle East tension, costing about R20m, while net average daily rates rose 7.4%. Sun City income increased 9.9%. Sun Slots income was slightly lower.
The group is in the early years of a five-year value-creation plan. First-half capital spending of R492m went mainly to Sun City refurbishment, growth work at Time Square, GrandWest and Sibaya, and SunBet’s digital platform. Full-year capex is still framed at R900m–R1.2bn, weighted to the second half. Adjusted ebitda margin compressed to about 24.1% because of technology, customer acquisition and market-share spend. Free-cash-flow conversion was 47.1%, below a 55–60% target. Management said a more centralised, lower-cost operating model should lift margins from 2027.
Statutory net income fell to R719m from R745m and basic earnings per share to R3.00 from R3.07, even as adjusted headline earnings rose. The board still lifted the interim dividend by 7.6% to 185c, payable on 28 September to shareholders on the register on 25 September. Issued capital at declaration was 250.6 million shares. Independent director D Marole retired on 8 July.
Bengtsson said consumers were still spending despite inflation and high living costs, and that the group could grow ebitda while running one of its largest investment programmes in years. Second-half priorities are income growth and further share gains. The casino recovery matters because it had been the drag; SunBet’s outperformance versus a 19% market now carries more of the mix. The test for the rest of 2026 is whether August’s run-rate holds once the heavier capex is spent.