Sun International H1 2026 slides: SunBet surges as casinos return to growth

Sun International, the South African gaming and hospitality company, announced its interim results for the first half of 2026 on September 7, as reported by the JSE. The company's total income amounted to R6.6 billion, a 7.4% increase when excluding the Table Bay Hotel. Shares experienced a 1.87% rise to $4,892 following the presentation of the results.

Sun International's strategic focus has shifted towards becoming a digitally led, market-leading omnichannel gaming company of scale. Management characterized the growth strategy as returning to growth for land-based casinos after a three-year decline, while digital operations continue to accelerate. The company's adjusted headline earnings per share climbed 7.9% to 247 cents, with an interim dividend of 185 cents per share, representing 75% of adjusted headline earnings.

Notably, Sun International reported a 2.0% growth in adjusted EBITDA, reaching R1.6 billion, but the adjusted EBITDA margin contracted by 1.3 percentage points to 24.1%. This margin pressure was deemed intentional, as investments in marketing, customer acquisition bonuses, and capability building were made to position the business for long-term growth rather than short-term profitability.

The company maintained a conservative financial position with a net debt to adjusted EBITDA ratio of 1.6 times, below its through-cycle target of 2.0 times, with R1.8 billion in available liquidity.