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Trading Statement and Capital Markets Day
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")
TRADING STATEMENT AND CAPITAL MARKETS DAY
Sun International is currently finalising its financial results for the year ended 31 December 2025, which are
expected to be released on the Stock Exchange News Service ("SENS") of the JSE Limited ("JSE") on Monday, 16
March 2026.
Shareholders are advised that Sun International's businesses delivered a resilient performance for the year
ended 31 December 2025.
Trading statement
In accordance with paragraph 6.26 of the JSE Listings Requirements, Sun International is required to publish a
trading statement as soon as it is reasonably certain that its financial results for the year ended 31 December
2025 will differ by more than 20 percent when compared to the previous financial year (FY2024). Shareholders
are accordingly advised that the Company's headline earnings per share, adjusted headline earnings per share
and basic earnings per share for the year ended 31 December 2025 are expected to increase/decrease in
accordance with the ranges set out below: -
31 December 2024 31 December 2025 Expected range of
Reported Expected range (decrease)/increase
(cents) (cents) based on
31 December 2024 (%)
Headline earnings per 499 675 to 698 35.3 to 39.9
share
Adjusted headline 531 554 to 572 4.3 to 7.7
earnings per share
Basic earnings per share 764 655 to 674 (14.3) to (11.8)
The difference between headline earnings per share and basic earnings per share is mainly due to: -
- The revaluation of the carrying value of the contingent consideration arising from Sun International's
disposal of its equity interest in Dreams S.A., to Pacifico, which is recognised net of estimated taxes,
expenses and the effect of time value of money. The revaluation was performed following the receipt of
R154 million (CLP$13 billion) from Pacifico in both May and December 2025; and
- A R54 million impairment of goodwill relating to certain non-operational, online licences which
previously formed part of the Eazibet acquisition in 2022, for use in various African territories, identified
as part of the annual impairment assessment conducted during the 2025 financial year.
The primary difference between headline earnings per share and adjusted headline earnings per share relates
to, inter alia, a decrease in the estimated redemption value of the SunWest put option liability of R348 million,
due to the cessation of the Table Bay lease and general transaction related and other non-recurring costs
incurred during the 2025 financial year.
Sun International remains in a strong financial position as it continues to de-gear, with debt (excluding IFRS 16
lease liabilities) decreasing from R5.2 billion as at 31 December 2024 to R5.0 billion as at 31 December 2025.
The Company's debt to adjusted EBITDA ratio is at 1.5 times (FY 2024: 1.5 times) and interest cover is at 7.9
times (FY 2024: 6.5 times). The debt level takes into consideration the final 2024 dividend and the interim 2025
dividend of R1.0 billion in aggregate, as well as a general share repurchase of R100 million undertaken during
the 2025 financial year.
This trading statement has not been reviewed or reported on by Sun International's external auditor.
Capital Markets Day
Shareholders are advised that Sun International will host a capital markets day on Monday, 16 March 2025 at
13h00 and following the release of the group's 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.
Johannesburg
9 March 2026
Sponsor to Sun International
INVESTEC BANK LIMITED
Enquiries: Nwabisa Titus
Investor Relations
Mail: Investor.relations@suninternational.com
Mobile: 082 800 7721
Date: 09-03-2026 01:30:00
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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