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1SUN INTERNATIONAL Interim results presentation 2025 | Interim results presentation for the six months ended 30 June 2025
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2SUN INTERNATIONAL Interim results presentation 2025 | 01 Introduction 3 02 Operational overview 5 03 Financial overview 10 04 Strategic focus and outlook 17 Agenda Lefika Villas, Sun City
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Introduction
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4SUN INTERNATIONAL Interim results presentation 2025 | A great gaming company with clear opportunities for growth and operational excellence Introduction A solid set of first half results despite a challenging macro environment Performance is underpinned by the strength of the group’s diversified portfolio and our increasing focus on an omnichannel approach Good overall income growth with continued strength in Sunbet and a resilient performance from Sun Slots Some challenges in land-based gaming with solutions being implemented to address operational inefficiencies Strong balance sheet provides optionality around capital allocation and investment opportunities Clear opportunity to create a leading omnichannel operator
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Operational overview
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6SUN INTERNATIONAL Interim results presentation 2025 | Sports betting Live casino games Crash games Slots 2024 2025 Momentum continues, driving income at scale * Pre-management fees Overview of performance Sunbet Group Key drivers of results Total income R874m ▲ 70.7% Adjusted EBITDA* R292m ▲ 75.9% Adjusted EBITDA* margin 33.4% (2024: 32.4%) Average cash deposits R23.4m per day ▲ 107.1% New sign ups 462k (2024: 228k) Gross gaming revenue (GGR) • Income up 70.7% to R874m driven by − Slots revenue up 128.7% − Volume growth in all key product verticals − Strong deposit volumes • Various opportunities to scale and invest in the business • Adjusted EBITDA* margin up at 33.4% 6.8% 9.1% 45.2% 128.7%
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7SUN INTERNATIONAL Interim results presentation 2025 | Evolving our casino strategy to stay resilient and relevant * Pre-management fees ** Major refurbishment and ongoing capex Overview of performance Urban Casinos Key drivers of results Adjusted EBITDA* margin 31.7% (2024: 33.1%) Total income R3.2bn 1.4% Capex** R87m 2.7% of income (2024: 4.4%) Adjusted EBITDA* R1.0bn 5.6% • Casino income down to R2.9bn • Decline in income driven by lower footfall conversion and operational shortfalls • Robust revenue growth in rooms, food and beverage, rentals and entertainment • Market share: KZN +0.7% to 40.2%; Gauteng +1.4% to 28.5%; Eastern Cape +3.8% to 89.3%; Western Cape -0.4% to 80.2% • Enhanced customer experience − Leverage non-gaming assets − VIP re-investment framework • Renewed approach to this business
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8SUN INTERNATIONAL Interim results presentation 2025 | Key drivers of results Sun Slots strategy delivers income improvement * Major refurbishment and ongoing capex • Optimised existing portfolio by removing low-performing machines and sites • Targeting of optimal sites in key locations drives improvement in GGR while maintaining leading market share at >50% • Margin held steady through strategic initiatives Sun Slots Overview of performance 170 217 55 243 175 222 60 242 Gauteng KwaZulu-Natal Mpumalanga Western Cape 2024 2025 Total income R701m ▲ 2.2% Adjusted EBITDA R161m 0.6% Adjusted EBITDA margin 23.0% (2024: 23.6%) Capex* R16m 2.3% of income (2024: 16.3%) Number of LPMs 4 950 (2024: 5 182) Gross gaming revenue (GGR) R million
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9SUN INTERNATIONAL Interim results presentation 2025 | Key drivers of results Conference, events & leisure business sustaining income levels Resorts and Hotels Overview of performance Total income^ R1.3bn 4.3% Adjusted EBITDA* ^ R221m 12.0% Capex** ^ R168m 12.8% of income (2024: 4.6%) Adjusted EBITDA* margin^ 16.8% (2024: 19.9%) * Pre-management fees ** Major refurbishment and ongoing capex ^ Excluding The Table Bay Hotel • Income growth supported by timing of holidays and boost in conferencing due to the G20 meetings – after low Q1 trading • Sun City income of R973m increasing 7.6%, with 6.1% rise in average daily rate • The Table Bay Hotel closed in February 2025 for a major refurbishment • The Maslow Sandton revenue up 3.9%, due to an increase in corporate demand, meetings and events and improved operating efficiencies
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Financial overview
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11SUN INTERNATIONAL Interim results presentation 2025 | Pleasing performance, with Sunbet key growth and a defensive Slots business * Excluding The Table Bay Hotel Key highlights Key Highlights Debt: adjusted EBITDA 1.5x (Dec 2024: 1.5x) Continuing group income R6.1bn* 6.7% Continuing group adjusted EBITDA R1.6bn* 1.1% adjusted EBITDA margin of 25.4% AHEPS 229cps 6.5% Strong Sunbet group income R874m 70.7% Interim dividend declared 172cps 6.8% Adjusted EBITDA of R1.6bn 106.7% Converted to cash generated by operations Cash generated from operations of R1.7bn 62.4% Converted to free cash
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12SUN INTERNATIONAL Interim results presentation 2025 | 3 288 1 262 686 512 5 748 3 241 1 316 701 874 6 132 Urban casinos* Resorts and hotels** Sun Slots Sunbet Group Total Group 2024 2025 The 6-month period ended 30 June, reflects an increase in income of 6.7% and an increase in adjusted EBITDA of 1.1% compared to the prior period * Urban casino operations comprise of GrandWest, Sibaya, Time Square, Carnival City, Boardwalk, Meropa, Windmill, Flamingo and Golden Valley ** Resorts and hotels operations comprise of Sun City, Wild Coast Sun and The Maslow Sandton ^ Pre-management fees Segmental highlights | Excluding The Table Bay Hotel Financial Overview 54 21 11 14 61 13 9 17 65 15 10 10Adjusted EBITDA^ contribution % per segment 57 22 12 9Income contribution % per segment Urban casinos Resorts and hotels Sun Slots Sunbet Group Prior period, inner circle 26.8 25.4 2024 2025 Adjusted EBITDA margin % Income R million 1.4% 4.3% 2.2% 70.7% 6.7%
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13SUN INTERNATIONAL Interim results presentation 2025 | Ongoing degearing reflects our strong cash flow generation and disciplined capital allocation strategy Group debt Financial Overview South African debt R5.0bn (excluding IFRS 16) Dec 2024: 5.2bn Debt-to- adjusted EBITDA 1.5x (June 2025) Interest cover 6.8x (June 2025) Available liquidity R2.4bn (June 2025)
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14SUN INTERNATIONAL Interim results presentation 2025 | 199 324 275 2023 2024 2025 Capex Targeted capital expenditure in our strategic priorities is essential to sustaining growth and maximising shareholder returns Capital expenditure Financial Overview Major refurbishment and ongoing capex R million 3.5% 5.4% 4.4% % of income 158 72 2 2023 2024 2025 Expansionary capex R million R121m spent on major refurbishment • Sun City Hotel: R94m • Vacation Club Reserve: R20m • Sibaya Privé: R5m R154m spent on ongoing capex • Slots: R37m • Gaming: R10m • Bally upgrade: R13m
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15SUN INTERNATIONAL Interim results presentation 2025 | Group cash flow Financial Overview 1 680 1 049 1 047 29880 364 (84) (272) (275) (2) (233) (70) (591) (76) (222) (1) Generated by operations Working capital Tax paid Major and ongoing capex Free cash Expansionary capex Cashflow attributable to funders of capital Interest paid Dividends to minority shareholders Dividends to Sun shareholders Disposal of subsidiaries* Repayment of capital leases Movement in borrowings FCTR Cash at beginning of period Cash at end of period R million Cash inflow Cash outflow * R80 million received from Dreams S.A. second contingent consideration, net of estimated taxes, expenses and translated to South African Rands at the prevailing exchange rates 62.4% conversion to free cash
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16SUN INTERNATIONAL Interim results presentation 2025 | Capital allocation: a strategic imperative Financial Overview Total capital returned of R3.5 billion since resumption of dividends in June 2022 - dividends of R3.3 billion paid out to shareholders - share buy-backs of R199 million Dividend pay-out ratio of 75% of AHEPS maintained Dividends paid since June 2022, including 2025 interim dividend declared, totals R3.3bn Consistent dividend payout Alternative energy strategy implementation Targeting major refurbishment and ongoing capex of 7% Maintain and grow existing assets Sunbet and Sun Slots expansion in the rest of Africa Minority buyouts when opportune Other expansionary projects / acquisition Share buy-back program initiated in 2022 Ability to buy back our shares where valuation allows Share buy-back
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Strategic focus and outlook
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18SUN INTERNATIONAL Interim results presentation 2025 | Ambition to create a market-leading, digitally-led omnichannel gaming company of scale enabled by competitive products, smart omnichannel solutions, engaged teams, and improved execution Outlook Strategic Focus and Outlook Sun International – a great gaming company with clear opportunities for growth Strong portfolio of assets with all four businesses possessing distinct opportunities We support a responsible regulatory framework aligning the interests of all stakeholders Capital allocation framework will balance investment in our existing portfolio, selective M&A to support growth in online gaming and continued returns to shareholders
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19SUN INTERNATIONAL Interim results presentation 2025 | Supplementary information
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20SUN INTERNATIONAL Interim results presentation 2025 | Update on key matters Supplementary Information • First contingent consideration of CLP$10.6bn (R154m net of estimated taxes and expenses, translated to South African rands) received in 2024 • First payment of CLP$7.0bn (R80m net of estimated taxes and expenses, translated to South African rands) of the first instalment relating to the second contingent consideration was received, with the balance of the first instalment expected in November 2025 • Objected to the application of Tsogo Sun Caledon (Pty) Ltd to relocate to Somerset West in the Helderberg area of the Cape Town Metropole • Public hearings completed and now awaiting decision of gaming board • Sun International, through its legal team, made detailed submissions to Parliament on 3 June 2025 • The Parliamentary Committee welcomed the company’s input and invited further collaboration • A detailed follow-up submission is being prepared • Our ESG strategy aims to embed the principles of ESG across all facets of our business to ensure that we deliver sustained value creation Dreams S.A. contingent consideration Relocation in the Western Cape Tobacco Products and Electronic Delivery Systems Control Bill ESG
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21SUN INTERNATIONAL Interim results presentation 2025 | Financial overview Supplementary Information R million 2025 % 2024 Income 6 189 3 5 999 Adjusted EBITDA 1 574 (4) 1 636 Adjusted EBITDA margin 25.4% (2) 27.3% Depreciation and amortisation (434) (3) (422) Adjusted operating profit 1 140 (6) 1 214 Foreign exchange losses - 100 (1) Net interest (258) 15 (304) Adjusted profit before tax 882 (3) 909 Taxation (251) - (251) Adjusted profit after tax 631 (4) 658 Minorities (76) 40 (127) Continuing adjusted headline earnings 555 5 531 Discontinued adjusted headline loss - 100 (7) Group adjusted headline earnings 555 6 524 Adjusted headline earnings adjustments 186 >100 (61) Group headline earnings 741 60 463 Headline earnings adjustments 4 (99) 359 Group basic earnings 745 (9) 822 The Maslow, Sun Time Square
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22SUN INTERNATIONAL Interim results presentation 2025 | Segmental review Income Adjusted EBITDA^ Depreciation and amortisation Adjusted operating profit/(loss) R million 2025 % 2024 2025 % 2024 2025 % 2024 2025 % 2024 Urban casinos 3 241 (1) 3 288 1 028 (6) 1 089 (234) - (235) 631 (8) 687 GrandWest 894 (7) 961 297 (15) 349 (52) (11) (47) 199 (21) 253 Sun Time Square 745 5 712 273 2 267 (74) 16 (88) 165 13 146 Sibaya 678 2 666 274 2 269 (31) (24) (25) 198 (1) 199 Carnival City 391 (3) 403 95 (6) 101 (30) (11) (27) 47 (15) 55 Boardwalk# 240 (5) 253 43 (22) 55 (23) (10) (21) 15 (46) 28 Meropa 108 1 107 21 (9) 23 (7) 13 (8) 8 (11) 9 Windmill 80 3 78 19 12 17 (7) - (7) 8 33 6 Flamingo 48 (4) 50 3 - 3 (4) 33 (6) (3) 40 (5) Golden Valley 57 (2) 58 3 (40) 5 (6) - (6) (6) (50) (4) Resorts and hotels^^ 1 316 4 1 262 221 (12) 251 (115) (12) (103) 58 (41) 99 Sun City 973 8 904 181 (6) 193 (91) (8) (84) 50 (28) 69 Wild Coast Sun 264 (6) 282 30 (40) 50 (21) (11) (19) 3 (88) 24 The Maslow Sandton 79 4 76 10 25 8 (3) - - 5 (17) 6 Sun Slots 701 2 686 161 (1) 162 (53) - (53) 108 (1) 109 Sunbet 871 70 512 301 77 170 (3) <(100) (1) 239 77 135 Management and corporate office - - - (143) (14) (125) (11) 24 (14) 119 (4) 124 Total South African operations^^ 6 129 7 5 748 1 568 1 1 547 (416) (2) (406) 1 155 - 1 154 Sun Chile group and Sunbet Africa 3 100 - (10) (67) (6) (1) - (1) (11) (57) (7) Total group operations^^ 6 132 7 5 748 1 558 1 1 541 (417) (2) (407) 1 144 - 1 147 The Table Bay Hotel 57 (77) 251 16 (83) 95 (17) (13) (15) (4) <(100) 67 Total group operations 6 189 3 5 999 1 574 (4) 1 636 (434) (3) (422) 1 140 (6) 1 214 # Boardwalk includes Boardwalk Mall ^ All units disclosed under urban casinos, resorts and hotels and Sunbet are reported pre-management fees ^^ This has been re-presented in order to disclose the amounts excluding the impact of the Table Bay Hotel lease cessation, for the results to be comparabl e Supplementary Information
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23SUN INTERNATIONAL Interim results presentation 2025 | Segmental review Income Adjusted EBITDA Depreciation and amortisation Adjusted operating profit/(loss) R million 2025 % 2024 2025 % 2024 2025 % 2024 2025 % 2024 Urban casinos 3 241 (1) 3 288 865 (6) 922 (234) - (235) 631 (8) 687 GrandWest 894 (7) 961 251 (16) 300 (52) (11) (47) 199 (21) 253 Sun Time Square 745 5 712 239 2 234 (74) 16 (88) 165 13 146 Sibaya 678 2 666 229 2 224 (31) (24) (25) 198 (1) 199 Carnival City 391 (3) 403 77 (6) 82 (30) (11) (27) 47 (15) 55 Boardwalk# 240 (5) 253 38 (22) 49 (23) (10) (21) 15 (46) 28 Meropa 108 1 107 15 (12) 17 (7) 13 (8) 8 (11) 9 Windmill 80 3 78 15 15 13 (7) - (7) 8 33 6 Flamingo 48 (4) 50 1 - 1 (4) 33 (6) (3) 40 (5) Golden Valley 57 (2) 58 - (100) 2 (6) - (6) (6) (50) (4) Resorts and hotels^^ 1 316 4 1 262 173 (14) 202 (115) (12) (103) 58 (41) 99 Sun City 973 8 904 141 (8) 153 (91) (8) (84) 50 (28) 69 Wild Coast Sun 264 (6) 282 24 (44) 43 (21) (11) (19) 3 (88) 24 The Maslow Sandton 79 4 76 8 33 6 (3) - - 5 (17) 6 Sun Slots 701 2 686 161 (1) 162 (53) - (53) 108 (1) 109 Sunbet 871 70 512 242 78 136 (3) <(100) (1) 239 77 135 Management and corporate office^^ - - - 127 2 125 (11) 24 (14) 119 (4) 124 Total South African operations^^ 6 129 7 5 748 1 568 1 1 547 (416) (2) (406) 1 155 - 1 154 Sun Chile group and Sunbet Africa 3 100 - (10) (67) (6) (1) - (1) (11) (57) (7) Total group operations^^ 6 132 7 5 748 1 558 1 1 541 (417) (2) (407) 1 144 - 1 147 The Table Bay Hotel 57 (77) 251 16 (83) 95 (17) (13) (15) (4) <(100) 67 Total group operations 6 189 3 5 999 1 574 (4) 1 636 (434) (3) (422) 1 140 (6) 1 214 # Boardwalk includes Boardwalk Mall ^^ This has been re-presented in order to disclose the amounts excluding the impact of the Table Bay Hotel lease cessation, for the results to be comparabl e Supplementary Information
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24SUN INTERNATIONAL Interim results presentation 2025 | R million 2025 2024 Basic earnings 745 822 Net loss/(profit) on disposal of property, plant and equipment 5 (5) Dreams S.A. first contingent consideration - (54) Dreams S.A. second contingent consideration (52) (348) Tax expense on above items 43 48 Headline earnings 741 463 Change in estimated redemption value of put option (197) 48 Foreign exchange profit - (3) Peermont transaction costs 11 14 Minorities’ interests in the above items - 2 Adjusted headline earnings 555 524 Earnings reconciliation Supplementary Information Cents per share 2025 2024 Earnings per share Basic 307 337 Diluted 306 335 Headline earnings per share 305 190 Adjusted headline earnings per share 229 215 Sun City, casino
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25SUN INTERNATIONAL Interim results presentation 2025 | R million Continuing operations Discontinued operations Group Profit before tax 1 055 52 1 107 Depreciation on non-qualifying buildings 19 - 19 Non-deductible expenditure - expenses incurred to produce exempt income 5 - 5 Other non-deductible expenditure (note 1) 30 - 30 Change in estimate of redemption value of put option (197) - (197) Other non-taxable income - (52) (52) Tax incentives (12) - (12) Tax losses not meeting the recognition criteria 13 - 13 Taxable income 913 - 913 Statutory country tax rate 27.0% 27.0% Tax at standard rate (247) - (247) Withholding taxes (44) (44) Adjustments for current and deferred tax of prior periods (4) - (4) Tax expense per the statement of comprehensive income (251) (44) (295) * Other relates to the permanent portion of accounting loss on disposal Group effective tax rate Supplementary Information Note 1: Other non-deductible expenses (R million) Amount CSI expenditure not qualifying under s18A 2 Non-deductible legal or professional costs 12 Employee dividend distributions 15 Other* 1 Total 30 The Palace, Sun City
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26SUN INTERNATIONAL Interim results presentation 2025 | 3.5% 5.4% 4.4% 2023 2024 2025 Group capex Major refurbishment and ongoing capex as a percentage of income R million Expansionary Major refurbishment and ongoing 2025 2024 Urban casinos - 87 87 205 GrandWest - Electrical - - 43 GrandWest 10 10 19 Sun Time Square 17 17 22 Sibaya 7 7 43 Carnival City 19 19 48 Boardwalk 13 13 4 Meropa 5 5 9 Windmill 4 4 6 Flamingo 4 4 2 Golden Valley 3 3 2 Other** 5 5 7 Resorts and hotels - 168 168 73 Sun City - Vacation Club (Lefika Villas) - - 13 Sun City - Vacation Club (Reserve) 20 20 - Sun City - Cabanas and Entertainment Centre - - 13 Sun City - Main hotel 94 94 - Sun City 42 42 34 Wild Coast Sun 10 10 9 The Table Bay Hotel - - 2 The Maslow Sandton 2 2 2 Sun Slots - 16 16 112 Sunbet - 4 4 6 Total South Africa - 275 275 396 Sunbet Africa and other 2 - 2 - Total group capital expenditure* 2 275 277 396 * Excluding goodwill, contract assets and right of use assets ** Including management and corporate office Capital expenditure Supplementary Information
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27SUN INTERNATIONAL Interim results presentation 2025 | Economic interest %* Number of Slots Tables Rooms Gauteng Carnival City 91.2 1 078 37 105 The Maslow Sandton 100.0 - - 281 Sun Time Square 96.5 1 550 54 238 Western Cape GrandWest 61.6 2 100 53 103 Golden Valley 61.4 173 4 97 Sunbet 100.0 - - - KwaZulu-Natal Sibaya 87.2 1 207 52 154 Limpopo Meropa 67.6 339 18 58 North West Sun City (incl. Vacation Club) 100.0 600 32 1 729 Northern Cape Flamingo 71.4 250 7 - Eastern Cape Boardwalk 61.2 700 21 140 Wild Coast Sun 50.1 500 17 396 Free State Windmill 70.0 332 11 - Management activities Sun International Management 100.0 - - - Other Africa Sunbet Africa 70.0 - - - Economic interest %* Number of South Africa LPMs Sites Sun Slots 70.0 4 950 924 * Excluding employee share scheme shareholding percentage Group and operational structure Supplementary Information
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28SUN INTERNATIONAL Interim results presentation 2025 | Adjusted profit after tax % SIL shareholding Minority portion in profit after tax** R million 2025 2024 2025 2024 2025 2024 South Africa 641 664 (80) (128) SunWest 122 216 61.6 61.6 (46) (83) Sibaya 139 139 87.2 87.2 (18) (18) Carnival City 22 29 91.2 91.2 (2) (3) Boardwalk (7) (2) 61.2 76.2 2 - Wild Coast Sun (5) 9 50.1 50.1 3 (4) Meropa 6 8 67.6 67.6 (1) (3) Windmill 5 3 70.0 70.0 (2) (1) Flamingo (5) (6) 71.4 71.4 2 2 Golden Valley (5) (4) 61.4 61.4 2 2 Sun Time Square (24) (49) 96.5 96.5 1 2 South African operations with minorities/SIEST 248 343 - - (59) (106) Sun Slots 70 70 70.0 70.0 (21) (21) Management companies with minorities 323 251 - - - (1) Management and corporate companies 4 3 * * (1) (2) Dinokana (6) (9) 93.2 93.2 1 1 SIEST (7) (6) - - - - Management companies and wholly owned subsidiaries 332 263 100 100 - - Sunbet Africa (9) (3) 70 70.0 4 1 Sun Chile group (1) (3) 100 100 - - Total group 631 658 (76) (127) * Various shareholding percentages ** Excluding SIEST Analysis of minority interest in adjusted profit after tax Supplementary Information