Slides
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Interim results for the six months ended 30 June 2026
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Agenda 01 Strategic overview Ulrik Bengtsson 02 Operational review Norman Basthdaw 03 Financial review 04 Looking ahead Ulrik Bengtsson Norman Basthdaw
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01 Strategic overview Lefika Villas, Sun City
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4SUN INTERNATIONAL Interim results presentation 2026 | In line with upper end of expectations Growth for the first time in three years Strategic overview Key highlights – H1 26 Strong execution underpinned by return-led investments 7.4%* to R6.6bn 1.5% to R3.4bn 7.6% to 185 cps Growth alongside deliberate investment Reflects deliberate investments made 2.0%* to R1.6bn 1.3pp to 24.1% * Excluding Table Bay Hotel 7.9% to 247 cents Income Land-based casino income Interim dividend Adjusted EBITDA Adjusted EBITDA margin Adjusted AHEPS 75% of AHEPS Strong performance by wholly owned subsidiaries
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5SUN INTERNATIONAL Interim results presentation 2026 | Consumers continue to spend and our businesses remains healthy: discipline, execution and resilience crucial Strategic overview Operating environment Remains constructive for our strategy Megatrends Digital engagement Real life experiences Online betting growth Macro-economic environment Geopolitical uncertainty Inflationary pressures Elevated cost of living Regulatory environment Collaboration with regulatory authorities and industry Online gaming framework is a key priority Responsible gambling mandate
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6SUN INTERNATIONAL Interim results presentation 2026 | Operational Execution • Online Gaming & Sportsbook • Marketing & Customer Acquisition • Hospitality • Customer Operations Regulatory and Governance • Senior leadership • Public Affairs • Responsible Gambling Data & Technology • Data and analytics • Software Engineering • IT Infrastructure • Cybersecurity Strategic overview Building strategic capabilities for future growth Capability-building to shape an advantaged organisation Skilled & experienced executive team | Improved execution Ranging from MBAs to specialised qualifications in technology, data analytics, software engineering and cybersecurity Broad cross-sector experience encompassing technology, digital platforms, online gaming, financial services, fintech, and hospitality Building internal capabilities through training, leadership development, promotions, coaching and cross -functional exposure Key qualifications Industries Internal capability building
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7SUN INTERNATIONAL Interim results presentation 2026 | Complete In progress Upcoming Strategic overview Technology investment is a key enabler for growth Sunbet interface launched in South Africa and Botswana - first component of proprietary in-house technology within Sunbet tech stack Loyalty program refresh Faster product development New customer journeys 2027 - 2029 Incremental omnichannel journeys expansion Initial data architecture update Sportsbook reimagined Player account management 2027 Connected omnichannel eco-system 2028 Complete new data architecture New Sunbet world-class UI/UX live 2026 - 2029 Organisation product and tech updated (with AI adoption). 2030 >> > < << < > > >> > 2026 New Sun International App world- class UI/UX live
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8SUN INTERNATIONAL Interim results presentation 2026 | Consistent with our disciplined capital allocation framework Strategic overview Value-accretive portfolio optimisation Disciplined portfolio management of non-core assets Casino Lite: Implementation of low-cost operating model at Meropa, Windmill and Golden Valley Aimed at improving profitability, positioning and returns Ongoing section 189A consultations
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02 Operational review Lefika Villas, Sun City
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10SUN INTERNATIONAL Interim results presentation 2026 | Key drivers of results • Income up 35.5%, driven by volume growth in online gaming and sportsbook functionality • Online gaming GGR up 43.2% • Increase in unique active player days to 32.3% • Increase in first time depositors to 17.5% Gross gaming revenue (R million) Sports betting Online gamingH1 2025 H1 2026 * Pre-management fees ^ Includes Sunbet South Africa and African entities 10.9% 43.2% Total income 35.5% R1.2bn Adjusted EBITDA* 42.1% R415m Unique active player days 32.3% 5.1m First-time depositors 330k Delivered another strong performance ahead of market growth Online gaming - Sunbet^ 17.5%
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11SUN INTERNATIONAL Interim results presentation 2026 | Land-based casinos Key drivers of results • GGR up 4.4% • 876 new slot machines and stadium games launched • Focused on table game execution • Improved capabilities, operational excellence and operational intensity • Costs impacted by customer acquisition bonuses Income (R million) 3 505 3 458 3 364 3 416 3 596 3 446 3 427 7 101 6 904 6 791 3 416 2023 2024 2025 2026 H1 H2 Total Total income 1.5% R3.4bn Gross profit 0.7% R2.0bn Market share 2.3 pp 49.0% Gaming capex >100% R255m Stand-out performance – returning to growth after three years
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12SUN INTERNATIONAL Interim results presentation 2026 | Hospitality^ Key drivers of results • Revenue growth supported by improved customer experience • Events and Entertainment and enhanced food and beverage offering supported • Costs impacted by higher than inflationary increases • Sun City benefited from refurbishment investments Revenue (R million) 1 008 1 106 1 193 1 285 1 237 1 377 1 423 2 245 2 483 2 616 1 285 2023 2024 2025 2026 H1 H2 Total ^ Excluding Table Bay Hotel Total revenue 7.7% R1.3bn Gross profit 9.9% R570m Sun City income 9.9% R1.1bn Net average daily rate 7.4% Solid performance despite lower international travel
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13SUN INTERNATIONAL Interim results presentation 2026 | LPM - Sun Slots Key drivers of results • Income impacted by illegal-immigration protests • Margins impacted by once-off restructuring costs • Continued rollout of Type B licences • Enhanced productivity through machine optimisation plan Gross gaming revenue (R million) 717 686 701 698 748 733 746 1 465 1 419 1 447 698 2023 2024 2025 2026 H1 H2 Total Adjusted EBITDA Total income 0.4% R698m Adjusted EBITDA 8.1% R148m Number of LPMs 2025: 5 095 5 079 Avg GGR per machine per day Under-performance identified and being addressed 0.2%
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03 Financial review Lefika Villas, Sun City
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15SUN INTERNATIONAL Interim results presentation 2026 | 3 364 874 1 193 701 0 6 132 3 416 1 184 1 285 698 1 6 584 Land-based casinos Online gaming (Sunbet) Hospitality LPM (Sun Slots) Other Total Group Income (R million) H1 2025 H1 2026 35.5% 7.7% 0.4% 100% 7.4% 1.5% Financial review Income highlights excluding Table Bay Hotel 19%Income contribution 21%18%14%52%54% 11% 11%
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16SUN INTERNATIONAL Interim results presentation 2026 | Financial review Adjusted EBITDA Operating leverage remains a priority; Sunbet now contributes 24.0% to the mix Operating leverage flowthrough impact • Group adjusted EBITDA up 2.0%*, driven by Sunbet which grew 42.1%, increasing Sunbet’s contribution to 24.0% of total adjusted EBITDA • Improved expected flowthrough expected towards the backend of the five-year value creation plan 25.4% 24.1% 4.5% (3.3%) (1.1%) (1.4%) (0.2%) (0.5%) 0.7% H1 2025 EBITDA margin Income Direct costs Employee costs Marketing costs IT costs Property costs Admin and general H1 2026 EBITDA margin decrease increase Total adjusted EBITDA 2.0%* * Excluding Table Bay Hotel R1.6bn
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17SUN INTERNATIONAL Interim results presentation 2026 | Financial review Disciplined capital allocation Focused on protecting the business, growing value and returning excess cash to shareholders Invest in organic growth • R492 million of capex invested Balance sheet resilience • Targeted net debt to adjusted EBITDA ratio of 2 times through the cycle maintained Consistent dividend payout • 7.6% increase in interim dividend to 185 cents per share– in line with guidance of 75% AHEPS payout ratio Returning excess capital to shareholders • Year 1 buyback programme of 2% of Dec 25 issued share capital completed for the year – R256 million • Exploring opportunities Inorganic opportunities
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18SUN INTERNATIONAL Interim results presentation 2026 | R88m spent on major refurbishment • Sun City Hotel: R42m • Vacation Club Reserve: R45m R390m spent on ongoing capex • Gaming R255m • Technology R67m Going forward, the capex envelope will be between R900m and R1.2bn 154 88 121 390275 478 H1 2025 H2 2026 Ongoing Major Major refurbishment and ongoing capex (R million) Financial review Capital expenditure Targeted capital expenditure in our strategic priorities is essential to sustaining growth and maximising shareholder returns
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19SUN INTERNATIONAL Interim results presentation 2026 | R5.3bn Group debt (excl. IFRS 16) 2025: R5.0bn 1.6x Group net debt : adjusted EBITDA Bank covenant < 2.5x 8.3x Interest cover Bank covenant > 3.0x R1.8bn Available liquidity Financial review Group debt Leverage remains within the 2.0x through-cycle target, supported by R1.8bn of available liquidity
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20SUN INTERNATIONAL Interim results presentation 2026 | 1 633 748 734 227 336 (31) (376) (478) (14) (193) (69) (867) (256) (77) 265 354 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* Share buy back Repayment of capital leases Movement in borrowings Cash at beginning of period Cash at end of period Cash Flow movement (Rm) Financial review Group cash flow 47.1% adjusted EBITDA conversion to free cash expected to normalise between 55%-60% as current investments mature * Proceeds of R215 million received for the disposal of shareholding in Sibaya and R50 million received from Swaziland
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04 Looking ahead Lefika Villas, Sun City
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22SUN INTERNATIONAL Interim results presentation 2026 | Revenue growth Target: 6% - 8% Adjusted EBITDA margin Target: c.29% by 2030 Improve ROIC Target: 20%+ by 2030 Looking ahead Economic goals Progress against our long-term economic goals to unlock value H1 26: 7.4%* H1 26: 24.1% H1 26: 17.5% *. Excluding Table Bay Hotel
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23SUN INTERNATIONAL Interim results presentation 2026 | 6% - 8% Revenue CAGR c.29% Adjusted EBITDA margin improvement 55% - 60% Adjusted EBITDA to free cash conversion c.R800m Investment in value creation plan, funded by the value it creates 20%+ range ROIC improvement 2x Targeted net debt to adjusted EBITDA ratio through the cycle Our strategy is designed to deliver sustained returns and equity value accretion over the next five years * Assuming a stable regulatory environment Looking ahead What success looks like over the next 5 years*
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05 Supplementary information Lefika Villas, Sun City
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25SUN INTERNATIONAL Interim results presentation 2026 | Financial overview R million 2026 % 2025 Income 6 584 6.4 6 189 Adjusted EBITDA 1 589 1.0 1 574 Adjusted EBITDA margin 24.1% 1.3 pp 25.4% Depreciation and amortisation (443) (2.1) (434) Adjusted operating profit 1 146 0.5 1 140 Foreign exchange losses (2) (100) - Net interest (223) 13.6 (258) Adjusted profit before tax 921 4.4 882 Taxation (273) (8.8) (251) Adjusted profit after tax 648 2.7 631 Minorities (57) 25.0 (76) Continuing adjusted headline earnings 591 6.5 555 Discontinued adjusted headline loss - - - Group adjusted headline earnings 591 6.5 555 Adjusted headline earnings adjustments 86 (53.8) 186 Group headline earnings 677 (8.6) 741 Headline earnings adjustments 42 >100 4 Group basic earnings 719 (3.5) 745 The Maslow, Sun Time Square Supplementary Information
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26SUN INTERNATIONAL Interim results presentation 2026 | # Boardwalk includes Boardwalk Mall ^ Units 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 comparable * Sunbet Africa has been re-presented to be included in the Sunbet Group. Segmental review Income Adjusted EBITDA^ Depreciation and amortisation Adjusted operating profit/(loss) R million 2026 % 2025 2026 % 2025 2026 % 2025 2026 % 2025 GrandWest 896 - 894 262 (12) 297 (63) (21) (52) 153 (23) 199 Sun Time Square 790 6 745 294 8 273 (70) 5 (74) 187 13 165 Sibaya 679 - 678 246 (10) 274 (39) (26) (31) 165 (17) 198 Carnival City 374 (4) 391 65 (32) 95 (26) 13 (30) 24 (49) 47 Boardwalk# 236 (2) 240 27 (37) 43 (21) 9 (23) 1 (93) 15 Meropa 115 7 108 27 29 21 (6) 14 (7) 14 75 8 Windmill 73 (9) 80 14 (26) 19 (7) - (7) 4 (50) 8 Flamingo 38 (21) 48 (5) <(100) 3 (4) - (4) (9) <(100) (3) Golden Valley 55 (4) 57 - <(100) 3 (6) - (6) (9) (50) (6) Sun City 1 069 10 973 199 10 181 (104) (14) (91) 51 2 50 Wild Coast Sun 288 9 264 27 (10) 30 (23) (10) (21) (2) <(100) 3 The Maslow Sandton 88 11 79 14 40 10 (3) - (3) 8 60 5 Sun Slots Group 698 - 701 148 (8) 161 (52) 2 (53) 96 (11) 108 Sunbet Group* 1 184 36 874 415 42 292 (5) (25) (4) 329 44 229 Management and corporate office 1 100 - (143) - (143) (14) (27) (11) 135 13 119 Sun Chile group - - - (1) - (1) - - - (1) - (1) Total group operations^^ 6 584 7 6 132 1 589 2 1 558 (443) (6) (417) 1 146 - 1 144 The Table Bay Hotel - (100) 57 - (100) 16 - 100 (17) - 100 (4) Total group operations 6 584 6 6 189 1 589 1 1 574 (443) (2) (434) 1 146 1 1 140 Supplementary Information
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27SUN INTERNATIONAL Interim results presentation 2026 | # Boardwalk includes Boardwalk Mall ^ Sunbet Africa has been re-presented to be included in the Sunbet Group. ^^ 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 comparable Segmental review Income Adjusted EBITDA Depreciation and amortisation Adjusted operating profit/(loss) R million 2026 % 2025 2026 % 2025 2026 % 2025 2026 % 2025 GrandWest 896 - 894 216 (14) 251 (63) (21) (52) 153 (23) 199 Sun Time Square 790 6 745 257 8 239 (70) 5 (74) 187 13 165 Sibaya 679 - 678 204 (11) 229 (39) (26) (31) 165 (17) 198 Carnival City 374 (4) 391 50 (35) 77 (26) 13 (30) 24 (49) 47 Boardwalk# 236 (2) 240 22 (42) 38 (21) 9 (23) 1 (93) 15 Meropa 115 7 108 20 33 15 (6) 14 (7) 14 75 8 Windmill 73 (9) 80 11 (27) 15 (7) - (7) 4 (50) 8 Flamingo 38 (21) 48 (5) <(100) 1 (4) - (4) (9) <(100) (3) Golden Valley 55 (4) 57 (3) <(100) - (6) - (6) (9) (50) (6) Sun City 1 069 10 973 155 10 141 (104) (14) (91) 51 2 50 Wild Coast Sun 288 9 264 21 (13) 24 (23) (10) (21) (2) <(100) 3 The Maslow Sandton 88 11 79 11 38 8 (3) - (3) 8 60 5 Sun Slots Group 698 - 701 148 (8) 161 (52) 2 (53) 96 (11) 108 Sunbet Group^ 1 184 36 874 334 43 233 (5) (25) (4) 329 44 229 Management and corporate office 1 100 - 149 17 127 (14) (27) (11) 135 13 119 Sun Chile group - - - (1) - (1) - - - (1) - (1) Total group operations^^ 6 584 7 6 132 1 589 2 1 558 (443) (6) (417) 1 146 - 1 144 The Table Bay Hotel - (100) 57 - (100) 16 - 100 (17) - 100 (4) Total group operations 6 584 6 6 189 1 589 1 1 574 (443) (2) (434) 1 146 1 1 140 Supplementary Information
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28SUN INTERNATIONAL Interim results presentation 2026 | R million 2026 2025 Basic earnings 719 745 Net loss on disposal of property, plant and equipment 6 5 Swaziland – proceeds from discontinued operations (50) - Dreams S.A. second contingent consideration - (52) Minorities’ interests in the above items 2 - Tax expense on above items - 43 Headline earnings 677 741 Change in estimated redemption value of put option (96) (197) Transaction costs 10 11 Adjusted headline earnings 591 555 Earnings reconciliation Cents per share 2026 2025 Earnings per share Basic 300 307 Diluted basic 299 306 Headline earnings per share 283 305 Adjusted headline earnings per share 247 229 Time Square, casino Supplementary Information
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29SUN INTERNATIONAL Interim results presentation 2026 | R million Continuing operations Discontinued operations Group Profit before tax 995 50 1 045 Depreciation on non-qualifying buildings 18 - 18 Non-deductible expenditure - expenses incurred to produce exempt income 5 - 5 Other non-deductible expenditure (note 1) 61 - 61 Change in estimate of redemption value of put option (96) - (96) Other non-taxable income (3) (50) (53) Tax incentives (10) - (10) Tax losses not meeting the recognition criteria 43 - 43 Taxable income 1 013 - 1 013 Statutory country tax rate 27.0% 27.0% Tax at standard rate (273) - (273) Withholding taxes (1) (1) Adjustments for current and deferred tax of prior periods 1 - 1 Tax expense per the statement of comprehensive income (272) (1) (273) * Other relates to the permanent portion of accounting loss on disposal Group effective tax rate Note 1: Other non-deductible expenses (R million) Amount CSI expenditure not qualifying under s18A 1 Non-deductible legal or professional costs 15 Employee dividend distributions 17 Other* 28 Total 61 Sun City Supplementary Information
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30SUN INTERNATIONAL Interim results presentation 2026 | Economic interest %* Number of Slots Tables Rooms Gauteng Carnival City 91.2 983 42 105 The Maslow Sandton 100.0 - - 281 Sun Time Square 96.5 1 450 54 238 Western Cape GrandWest 61.6 1 992 60 103 Golden Valley 61.4 179 4 97 Sunbet 100.0 - - - KwaZulu-Natal Sibaya 78.2 1 233 50 154 Limpopo Meropa 67.6 329 18 58 North West Sun City (incl. Vacation Club) 100.0 606 34 1 287 Northern Cape Flamingo 71.4 250 7 - Eastern Cape Boardwalk 61.2 625 22 140 Wild Coast Sun 50.1 500 17 396 Free State Windmill 70.0 308 11 - Management activities Sun International Management 100.0 - - - Sunbet Africa 70.0 - - - Economic interest %* Number of South Africa LPMs Sites Sun Slots 70.0 5 079 885 * Excluding employee share scheme shareholding percentage Group and operational structure Supplementary Information
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31SUN INTERNATIONAL Interim results presentation 2026 | Adjusted profit after tax % SIL shareholding Minority portion in profit after tax** R million 2026 2025 2026 2025 2026 2025 South African operations with minorities/SIEST 232 318 - - (62) (80) SunWest 84 122 61.6 61.6 (31) (46) Sibaya 113 139 78.2 87.2 (25) (18) Carnival City 8 22 91.2 91.2 (1) (2) Boardwalk (19) (7) 61.2 61.2 7 2 Wild Coast Sun (8) (5) 50.1 50.1 4 3 Meropa 10 6 67.6 67.6 (1) (1) Windmill 2 5 70.0 70.0 (1) (2) Flamingo (13) (5) 71.4 71.4 4 2 Golden Valley (8) (5) 61.4 61.4 3 2 Sun Slots Group 70 70 70.0 70.0 (21) (21) Sun Time Square (7) (24) 96.5 96.5 - 1 Management companies with minorities 427 323 - - 1 - Management and corporate companies 3 4 * * - (1) Dinokana (5) (6) 93.2 93.2 1 1 SIEST (12) (7) - - - - Management companies and wholly owned subsidiaries 441 332 100.0 100.0 - - Sunbet and Sun Slots Africa (10) (9) 70.0 70.0 4 4 Sun Chile group (1) (1) 100.0 100.0 - - Total group 648 631 (57) (76) * Various shareholding percentages ** Excluding SIEST Analysis of minority interest in adjusted profit after tax Supplementary Information
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32SUN INTERNATIONAL Interim results presentation 2026 | This presentation contains forward-looking statements. All statements, other than statements of historical facts, including, among others, statements regarding our strategy, future financial position and plans, objectives, projected costs, anticipated cost savings, financing plans and projected levels of growth in the markets, are forward looking statements. Forward-looking statements can be identified by terminology such as “may”, “might”, “should”, “expect”, “envisage”, “intend”, “plan”, “project”, “estimate”, “anticipate”, “believe”, “hope”, “can”, “is designed to”, or similar phrases. However, the absence of such words does not necessarily mean a statement is not forward-looking. Forward-looking statements involve several known and unknown risks, uncertainties and other factors that could cause our actual results and outcomes to be materially different from historical results or any future results expressed or implied by such forward-looking statements. Factors that could cause our actual results or outcomes to differ materially from our expectations include, but are not limited to, those risks identified in Sun International financial reports available at www.suninternational.com. Sun International cautions readers not to place undue reliance on these forward-looking statements. All written and verbal forward-looking statements attributable to Sun International, or persons acting on behalf of Sun International, are qualified in their entirety by these cautionary statements. Unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of publication of this document so that they conform either to the actual results or to changes in our expectations. Any forward-looking information disclosed in this presentation has not been reviewed, audited, or otherwise reported on by our independent external auditors. Disclaimer
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