ZEAL Network SE 9M 2025: Key Takeaways

ZEAL Network SE 9M 2025 Update: Profitable Growth and Upgraded Guidance

Presented by Andrea Behrendt, CFO of ZEAL Network SE

In this update, Andrea Behrendt, CFO of ZEAL Network SE, presents the highlights of the first nine months of 2025, reflecting another strong period of profitable growth and the confirmation of ZEAL’s upgraded full-year guidance.

Continued Profitable Growth

ZEAL Network — Germany’s leading online lottery platform — once again demonstrated its resilient business model and scalable profitability in 2025.

The group’s key financial metrics show steady improvement across all areas:

- Billings: Increased further year-on-year, driven by sustained player activity and product expansion.

- Revenue: Rose in line with higher customer demand and strong cross-selling into instant games.

- EBITDA: Significantly above last year’s level, confirming continued operational leverage.

- Cash Generation: Robust, reflecting ZEAL’s high-margin digital model.

This performance underlines ZEAL’s remarkable resilience and ability to achieve profitable growth even in a fiercely competitive online entertainment landscape.

Customer and Product Momentum

ZEAL continues to strengthen its position in the German online lottery market through continuous innovation, data-driven marketing, and customer retention initiatives.

- Customer numbers grew steadily, with an increasing share of mobile app users.

- Average billings per active user remained healthy, highlighting high engagement and trust.

- Instant Games continued to expand as a second growth pillar, attracting new audiences beyond traditional lottery players.

Upgraded Full-Year Guidance

On the back of strong 9M results, ZEAL raised its full-year guidance for 2025, now expecting:

- Higher revenue and EBITDA ranges than previous forecasts.

- Sustained positive cash flow and further margin improvement.

- Continued disciplined cost management alongside marketing efficiency gains.

This upgrade confirms ZEAL’s long-term growth trajectory and reflects both the scalability of its digital platform and the effectiveness of its strategic initiatives.

Strategic Focus: Innovation and Sustainability

ZEAL continues to focus on product innovation, responsible gaming, and sustainable growth:

- Expansion of social and charity lotteries that support community causes.

- Strong adherence to regulatory compliance and player protection standards.

- Increased investment in AI-based customer analytics and personalization tools.

CFO Andrea Behrendt Concludes

“ZEAL continues to deliver on its promise of profitable, sustainable growth.

Our upgraded outlook reflects strong customer trust, operational efficiency, and strategic clarity.”

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