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  "documentTitle": "Super Group (SGHC) Limited (SGHC)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-02-12 00:00:00",
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  "notes": "Includes a detailed financial table and a specific callout box highlighting the $30.7M adjustment.",
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      "kind": "callout",
      "text": "For 2025, 10.71% of Raging River’s projected $287.3 million of EBITDA (i.e. $30.7 million) represents the Betway Cares Foundation’s minority stake...",
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      "text": "For 2025, 10.71% of Raging River’s projected $287.3 million of EBITDA (i.e. $30.7 million) represents the Betway Cares Foundation’s minority stake and we believe is therefore not attributable to SGHC’s group EBITDA.",
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      "text": "EBITDA: $30.7 million",
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      "text": "We believe Raging River is one of SGHC’s crown-jewel assets... we estimate the non-controlling (minority) interest to be approximately $30.7 million of 2025E EBITDA that is not economically attributable to common shareholders.",
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      "text": "Source: SGHC FY22 20F... (1) Raging River’s EBITDA margin is derived... (2) Raging River is the only South African subsidiary...",
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      "text": "Raging River EBITDA Margin calculation table",
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      "text": "South Africa “Raging River” Financial Detail table",
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      "text": "Minority Interest Appears To Be 5.5% of 2025E Consensus EBITDA",
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