EQS-News: ZEAL continues its path of success in the first half of 2025 and records growth in customer base and profitability
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EQS-News: ZEAL Network SE
/ Key word(s): Half Year Results
ZEAL continues its path of success in the first half of 2025 and records growth in customer base and profitability
Hamburg, 06 August 2025. ZEAL Network SE, Germany’s leading online provider of lottery products, recorded substantial and sustainable growth in key performance indicators in the first half of 2025. Group revenue increased by 32 percent to € 101.5 million in the first six months of the year (2024: € 76.8 million). EBITDA rose by 76 percent to € 35.4 million (2024: € 20.1 million).
“We once again achieved strong results in the first half of 2025. ZEAL’s continued growth path proves that our business model is highly robust and scalable over the long term,” commented Helmut Becker, CEO of ZEAL. “We are in an excellent position to further expand our market leadership in a growing industry.”
Andrea Behrendt, CFO of ZEAL, added: “Our half-year results are a true team success – especially given that the jackpot situation was rather weak compared to the previous year. Challenging market conditions particularly underscore our operational excellence. The significant increases in revenue and EBITDA were driven by further expansion of our customer base and profitability.”
Lottery Business Revenue Grows by 34 Percent The strong performance of the lottery business was the key driver of ZEAL’s significant revenue growth in the first half of the year. Despite lower average jackpot levels for LOTTO 6aus49 and Eurojackpot compared to the prior-year period, lottery billings increased by 4 percent to € 527.3 million (2024: € 507.1 million). Thanks to continued successful marketing initiatives, the average number of active customers per month (MAU) rose by 12 percent to 1,515 thousand (2024: 1,353 thousand). Additionally, ZEAL was able to improve the gross margin by 3.8 percentage points to 17.3 percent (2024: 13.4 percent), driven by a price increase implemented in the previous year and a changed product mix. The simultaneous increase in billings and gross margin resulted in a significant 34 percent rise in lottery business revenue to € 91.0 million (2024: € 68.0 million).
Games Segment Grows by 49 Percent The Games segment also continued its strong development in the first half of the year. ZEAL expanded its B2C games portfolio to more than 480 titles and increased revenue in the Games segment by 49 percent to € 6.7 million (2024: € 4.5 million).
Significant Increases in EBITDA and EBIT Challenging jackpot conditions in the first half of 2025 made new customer acquisition more difficult. Nonetheless, ZEAL continued to invest heavily in sustained growth, acquiring 499 thousand new customers (2024: 592 thousand). Intensive marketing efforts led to an increase in acquisition costs per new customer (Cost per Lead, CPL) by 41 percent to € 46.93 (2024: € 33.20).
Other operating expenses rose by 15 percent to € 49.4 million (2024: € 42.8 million). In addition to strategic marketing spend—which increased by 14 percent to € 29.1 million (2024: € 25.5 million)—this was primarily due to higher direct and indirect operating costs. The ongoing development of the product mix led to an increase in direct operating costs by 14 percent to € 9.8 million (2024: € 8.6 million). Indirect operating costs increased by 20 percent to € 10.4 million (2024: € 8.7 million), driven in particular by external consulting services, freelance personnel, and software expenses.
Through efficiency gains and the scalability of its business model, ZEAL was able to increase EBITDA disproportionately to revenue—by 76 percent to € 35.4 million (2024: € 20.1 million). EBIT nearly doubled year-on-year, reaching € 31.1 million (2024: € 16.1 million).
Based on the strong results of the first half of 2025, ZEAL confirms the forecast published on March 26, 2025.
About ZEAL
Press Contact:
06.08.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. |
| Language: | English |
| Company: | ZEAL Network SE |
| Straßenbahnring 11 | |
| 20251 Hamburg | |
| Germany | |
| Phone: | +49 (0)40 8090360-42 |
| Fax: | +49 (0)40 822239-77 |
| E-mail: | frank.hoffmann@zealnetwork.de |
| Internet: | www.zealnetwork.de |
| ISIN: | DE000ZEAL241 |
| WKN: | ZEAL24 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 2179858 |
| End of News | EQS News Service |
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2179858 06.08.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 113,48 | 87,02 | 83,33 | 105,20 | 116,05 | 188,20 | 210,00 | |
| EBITDA1,2 | 17,91 | 17,33 | 27,73 | 31,66 | 32,91 | 61,86 | 66,00 | |
| EBITDA-Margin3 | 15,78 | 19,92 | 33,28 | 30,10 | 28,36 | 32,87 | 31,43 | |
| EBIT1,4 | 9,07 | 5,38 | 19,05 | 22,93 | 23,65 | 53,66 | 65,00 | |
| EBIT-Margin5 | 7,99 | 6,18 | 22,86 | 21,80 | 20,38 | 28,51 | 30,95 | |
| Net Profit (Loss)1 | 1,72 | 7,89 | 11,40 | 16,57 | 13,72 | 59,44 | 43,00 | |
| Net-Margin6 | 1,52 | 9,07 | 13,68 | 15,75 | 11,82 | 31,58 | 20,48 | |
| Cashflow1,7 | 5,30 | 5,37 | 26,16 | 28,49 | 25,57 | 75,11 | 0,00 | |
| Earnings per share8 | 0,09 | 0,37 | 0,48 | 0,72 | 0,59 | 2,70 | 1,98 | |
| Dividend per share8 | 0,80 | 0,90 | 2,10 | 3,60 | 1,10 | 2,40 | 1,40 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Ernst & Young
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| ZEAL Network | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| ZEAL24 | DE000ZEAL241 | SE | 1.064,58 Mio € | 12.10.2005 | Kaufen | 9F5FHXJG+9R |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 23,49 | 18,56 | 1,27 | 32,63 | 5,71 | 14,17 | 5,66 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,10 | 2,40 | 1,40 | 2,85% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2025 | 07.05.2025 | 06.08.2025 | 05.11.2025 | 26.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,76% | +6,05% | -1,80% | +11,34% | +139,51% |
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