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Trading Statement
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
Sun International is currently finalising its interim financial results for the six-month period ended 30 June 2025,
which are expected to be released on the Stock Exchange News Service ("SENS") of the JSE Limited ("JSE") on
Monday, 8 September 2025.
Shareholders are advised that Sun International's business units delivered a solid performance for the six-
month period ended 30 June 2025. In accordance with section 3.4(b) of the JSE Listings Requirements, Sun
International is required to publish a trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that its financial results for the six-month period ended 30 June 2025 will differ by more than
20 percent when compared to the prior corresponding period (HY2024). Shareholders are accordingly advised
that the Company's headline, adjusted headline and basic earnings per share for the period ended 30 June
2025 are expected to increase / (decrease) in accordance with the ranges set out below:
30 June 2024 30 June 2025 Expected range of
Reported Expected range (decrease)/increase
(cents) (cents) based on 30 June 2024
(%)
Headline earnings per 190 298 to 307 56.8% to 61.6%
share
Adjusted headline 215 227 to 231 5.6% to 7.4%
earnings per share
Basic earnings per share 337 300 to 310 (8.0%) to (11.0%)
The difference between basic earnings per share and headline earnings per share is mainly due to the
revaluation of the carrying value of the contingent consideration relating to Dreams S.A. which amount is
carried net of estimated taxes, expenses and the effect of time value of money. This revaluation was performed
subsequent to the receipt of CLP$7 billion (R80million net of estimated taxes, expenses and translated to South
African Rands at prevailing exchange rates) from Pacifico in May 2025.
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 R197 million,
due to the cessation of the Table Bay lease, and transaction costs of R11 million relating to the recent, mutual
termination, of the Peermont transaction.
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 30 June 2025. The
Company's debt to adjusted EBITDA is at 1.5 times (FY 2024: 1.5 times) and interest cover is at 6.8 times (FY
2024: 6.5 times).
This trading statement has not been reviewed or reported on by Sun International's external auditor.
By order of the board.
Johannesburg
1 September 2025
Sponsor to Sun International
INVESTEC BANK LIMITED
Enquiries: Nwabisa Titus
Investor Relations Officer
Mail: Investor.relations@suninternational.com
Mobile: 082 800 7721
Date: 01-09-2025 09:00:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
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,
information disseminated through SENS.
