SUPER GROUP LIMITED - Unaudited Interim Results for the six months ended 31 December 2025
What this filing means
Super Group reported a strong 28% increase in interim HEPS and robust cash flow, though a slight decline in NAV and poor share price momentum suggest market skepticism.
Super Group made 28% more profit per share than last year and collected 39% more cash from its operations. However, the total value of the company's assets (NAV) dropped slightly, and the stock price has been falling lately, suggesting investors might be worried about the future or the quality of these accounting numbers.
Bull case
- Headline earnings per share (HEPS) from continuing operations surged 28.0% to 155.4 cents.
- Cash generation from operating activities increased significantly by 39.4% to R710.9 million.
- Diversified operations showed resilience, particularly in SA supply chain and the Spanish Ader business.
- Management provided positive forward guidance for the full financial year ending June 2026.
Bear case
- Net Asset Value (NAV) per share decreased by 1.1% to R37.65, indicating equity erosion despite high earnings.
- The interim results are unaudited and have not been reviewed by KPMG, increasing reporting risk.
- Severe technical downtrend with the stock trading below 50-day and 200-day moving averages.
- The market has shown significant negative momentum (-9.89% over 30 days) despite the reported growth.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
Super Group delivered a robust operational performance for the half-year, characterized by high double-digit HEPS growth and exceptional cash conversion. While the bear analyst highlights a 1.1% decline in NAV and the unaudited nature of the results, the fundamental trajectory remains positive with strong contributions from the Spanish Ader unit and SA dealerships. The discrepancy between the 28% earnings growth and the negative 30-day price momentum suggests an oversold position or concerns regarding the R37.65 NAV relative to the current low share price. Investor Takeaway: At a 155.4c half-year HEPS and a low single-digit P/E, the fundamental value is compelling, provided the NAV erosion is stabilized in the second half. Signal-to-Price Note: The price is down 9.89% over 30 days despite 28% HEPS growth, which is most likely a 'Liquidity Event' or 'Overhang Clearing' as the market digests the recent DIG Group acquisition and technical weakness.
Fundamentals are strong but technicals are broken. Monitor for price stabilization above moving averages before adding to positions.
Evidence from the filing
Headline earnings per share from continuing operations increased by 28.0% to 155.4 cents.
“Headline earnings per share from continuing operations increased by 28.0% to 155.4 cents (December 2024: 121.4 cents*)”
Cash generated from operating activities rose by 39.4% to R710.9 million.
“Cash generated from operating activities increased by 39.4% to R710.9 million (December 2024: R510.1 million)”
Management expects improved earnings for the full financial year.
“Notwithstanding challenging trading conditions, the Group expects improved earnings from continuing operations for the financial year ending June 2026.”
Resilience in SA supply chain and stellar Spanish performance.
“Strong growth in the South African supply chain and dealership operations underpinned the Group's robust performance, reinforcing the resilience of a diversified business model and a capacity to adapt despite continued global uncertainty. The Spanish distribution business, Ader, delivered a stellar performance, with strong demand across the home delivery, commercial and logistics customer segments.”
The interim results have not been reviewed or audited.
“The unaudited interim results for the six months ended 31 December 2025 have not been reviewed nor audited by KPMG Inc. (Super Group's auditor).”
Net asset value per share decreased by 1.1%.
“Net asset value per share for the period decreased by 1.1% to R37.65 (June 2025: R38.05)”
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