Record Q1 Revenue and EBITDA
Total revenue of $612 million, up 18% year-over-year; adjusted EBITDA of $152 million, up 36% year-over-year; margin expanded to 25% from 22% a year ago.
All-time High Customer Activity
Average monthly active customers reached a record 6.4 million, up 18% year-over-year, with March setting a monthly high of 6.5 million.
Africa Segment Outperformance
Africa revenue grew 53% year-over-year with adjusted EBITDA up 21% to $98 million; sports and casino wagers increased ~33% and ~36% year-over-year respectively; strong country-level performance (e.g., Botswana) and ongoing ramp plans in Nigeria.
International Segment Momentum
International revenue grew 9% year-over-year with adjusted EBITDA up 26% to $73 million; Europe revenue +18% (U.K. +29%, Ireland +13%); North America ex-U.S. +15% (Canada ex-Ontario +16%, Alberta +22%); Rest of World +8% (New Zealand +6% recovery).
Strong Balance Sheet and Cash Returns
Ended quarter with $422 million in cash, a 20% increase year-over-year despite returning $152 million to shareholders (including a special dividend); free cash flow conversion of 75%; increased minimum quarterly dividend target to $0.05 per share.
Product, Trading and Technology Improvements
Closed Apricot sportsbook transaction (end of Feb), bringing IP and 100+ developers in-house to drive product speed and efficiency; implemented sports trading, pricing and promotion changes to improve margin resilience; AI being deployed for efficiencies across risk, development and finance.
Reaffirmed Guidance and World Cup Tailwind
Management reaffirmed full-year 2026 guidance: revenue >= $2.55 billion and adjusted EBITDA > $680 million. World Cup seen as a material catalyst: ~88% of 2025 revenue comes from participating markets, ~73% of GGR is football, and management cites 60-70% cross-sell rates from sportsbook to casino.