ZEAL achieves double-digit growth in 2025 and continues to drive diversification of its business model

• Record customer base as a foundation for long-term growth
• Traumhausverlosung (Dream House Raffle) and Games as additional growth areas
• Revenue: +16 percent, EBITDA: +11 percent
• Forecast 2026: Revenue: € 250–260 million, EBITDA: € 70–75 million

ZEAL Network SE, the leading German online provider of lottery products, achieved strong growth again in the 2025 financial year despite a weaker jackpot environment compared to the previous year.

Group revenue increased by 16 percent to € 218.5 million (2024: € 188.2 million). EBITDA rose by 11 percent to € 68.8 million (2024: € 61.9 million). EBIT increased even more significantly, by 12 percent to € 60.1 million (2024: € 53.7 million).

“The strong results in the 2025 financial year show that our strategy is working: we are successfully developing our core business while simultaneously building new growth pillars with scalable products. This diversification makes ZEAL more resilient and gives us the freedom to continue growing ambitiously in the future,” commented Dr. Stefan Tweraser, CEO of ZEAL Network SE.

Andrea Behrendt, CFO of ZEAL Network SE, added: “We are consistently investing in the further development of our offerings, reducing our dependence on external factors such as jackpot cycles, and thereby creating the foundation for sustainable, profitable growth.”

Core lottery business remains the foundation for growth

ZEAL’s significant revenue growth in 2025 was primarily driven by the strong performance of its core lottery brokerage business. Despite a significantly weaker jackpot situation compared to the previous year, the average number of active lottery customers per month (MAU) increased by 8 percent to a record high of 1,558 thousand (2024: 1,436 thousand). Billings from lotteries grew by 2 percent to € 1,100.5 million (2024: € 1,080.4 million). At the same time, the gross margin from lotteries increased by 2.1 percentage points to 17.7 percent (2024: 15.6 percent). As a result, lottery revenue rose by 16 percent to € 195.3 million (2024: € 168.3 million).

Traumhausverlosung (Dream House Raffle) firmly established in the market

The charity lottery Traumhausverlosung (Dream House Raffle) has developed into an important growth driver for ZEAL since its market launch in 2024. The raffle of attractive houses with a guaranteed winner is very popular among both new and existing customers. With four draws in 2025, billings of € 38.9 million were achieved. This positive development confirms the strategy of establishing proprietary lottery products as a complement to the brokerage business.

Games business further expanded through a larger portfolio

The Games business continued to develop positively in the 2025 financial year. ZEAL expanded its games portfolio by an additional 400 titles to more than 650 and further increased the attractiveness of its offering through partnerships with renowned game developers. The number of active users increased significantly and contributed decisively to revenue growth in the games business of 46 percent to € 14.4 million (2024: € 9.9 million). Player protection remains ZEAL’s top priority at all times. As part of its responsible gaming strategy, ZEAL uses, among other things, state-of-the-art AI-based technologies to protect players.

Expansion of the customer base as a key lever of the growth strategy

In the 2025 financial year, ZEAL made targeted investments in expanding its customer base as a key driver for achieving its strategic objectives in the coming years. As a result, 1,171 thousand new registered customers were acquired last year. Customer acquisition costs (CPL) amounted to € 46.47 (2024: € 35.16). Accordingly, marketing expenses increased by 20 percent to € 68.6 million (2024: € 56.9 million).

Outlook for 2026

In the 2026 financial year, ZEAL plans to expand its market leadership in Germany as an online provider of lottery products and transforming its business model through targeted investments in the charity lotteries freiheit+ and Traumhausverlosung (Dream House Raffle) as well as in its Games offering. Based on the framework conditions known at the time of preparing the annual report and assuming an average jackpot development, ZEAL expects revenue in the range of € 250 million to € 260 million for the 2026 financial year. EBITDA is expected to be in the range of € 70 million to € 75 million and already includes increased investments compared to the previous year for further diversification of the company’s offerings.